Liechtenstein Group Annual Review 2022

Annual Review

Annual Review 2022

Our vision

We aim to achieve the resource-efficient production of high-quality food, active management of climateadapted and biodiverse forests, the production of clean energy, and sustainable real estate management

Our values

We are passionate about our work.

We are curious and explore new ways of doing things. We act transparently and with respect. Our activities have a long-term focus.

Our sectors

AGRICULTURE & FOOD

FORESTRY RENEWABLE ENERGY

Our principles

INNOVATION

Constant innovation is needed to meet the challenges in our business sectors.

SUSTAINABILITY

Commercial success must always be aligned with environmental and social objectives.

Growing in lockstep and taking responsibility

Thewar in Ukraine, inflation, high energy prices, concerns around supply chain bottlenecks, and the tail end of the coronavirus pandemic are still keeping us on edge, on top of the tangible impacts of climate change.

Nevertheless, on behalf of the Liechtenstein Group, we can look back on a successful and productive year, thanks to the tireless commitment of our dedicated staff. May we take this opportunity to express our sincere gratitude to all of you for your hard work!

In 2022, we saw how the Liechtenstein Group is growing ever more unified as exciting and future-oriented synergies arise between our portfolio companies. There are plans to build photovoltaic plants on our estates in Wilfersdorf and Kalwang. In addition, TESVOLT battery storage systems will be installed alongside the PV plants, so that solar energy can be used when the sun is not shining. We are also looking forward to implementing the irrigation solutions of Israeli company N-Drip – one of our most recent investments – on our existing agricultural estates and at RiceTec.

Johannes Meran (l.) and Constantin Liechtenstein (r.)

With the new investments that we concluded towards the end of 2022, and others currently in the pipeline, we are creating yet more potential synergies, further refining the profile of the corporate group, strengthening our network, and consolidating our expertise in our four core sectors.

This is also being achieved through expanding our team of great, innovative and experienced minds. At RiceTec, for example, we have succeeded in recruiting two seed-sector experts: Karsten Neuffer became Global CEO, succeeding Mike Gumina, and Lisa Safarian from Pivot Bio joins the Board of Directors. You can read more about them in this Annual Review.

For 2023 and 2024, we have set ourselves the aim of strategically embedding our sustainability ambitions across the Group. In so doing, we are fulfilling our entrepreneurial responsibility towards both the environment and society. Naturally, this project can only succeed with the support and commitment of our workforce. We know full well that this also means extra effort on their part, and so we wish to thank all those involved in helping us grow the Liechtenstein Group into a sustainable forward-looking enterprise!

We look forward to many exciting projects in 2023, and wish you all good health and every success for the coming year!

CONSTANTIN LIECHTENSTEIN JOHANNES MERAN Chairman of the Supervisory Board CEO Liechtenstein Group Liechtenstein Group

THE LIECHTENSTEIN GROUP

Austrian heritage, global presence

The Liechtenstein Group is a corporate group owned by the Foundation Prince Liechtenstein and headquartered in Vienna. We operate globally in the sectors of agriculture & food, forestry, renewable energy, and real estate.

→ RICETEC

→ US SENIOR LIVING HOUSTON, USA

→ HUNTER REAL ESTATE

→ ELV ASSOCIATES BOSTON, USA

→ PARELMO URUGUAY

→ RICETEC BRAZIL

→ L-RENEWABLES FINLAND

→ LÜRSSEN (LIECO)

→ TESVOLT GERMANY

→ RHONE REAL ESTATE SWITZERLAND

→ GREEN UNIVERSE AGROGROUP SPAIN

→ AGRITASK

→ N-DRIP ISRAEL

→ RICETEC INDIA

→ ESTATE AND FORESTRY OPERATIONS

→ ORGANIC ESTATE OPERATIONS

→ RENEWABLE ENERGY

WIND POWER

→ PRINCELY WINERY

WILFERSDORF, LOWER AUSTRIA

→ FMM (LIECO) SALZBURG

→ PRINCELY WINERY VADUZ, LIECHTENSTEIN

→ KALWANG FOREST

→ RENEWABLE ENERGY

HYDRO POWER

→ LIECO

KALWANG, STYRIA

→ LIECHTENSTEIN GROUP

→ REAL ESTATE VIENNA

→ L-RECYCLING VIENNA

→ PV-INVEST KLAGENFURT, CARINTHIA

Our portfolio of companies and investments

The Group‘s aim is to drive forward the energy transition, operate sustainable agriculture and forestry, sustainably produce high-quality food, as well as make sustainable use of real estate and preserve valuable cultural assets.

WINDKRAFT

WASSERKRAFT

New to our portfolio: FMM offers digital forest management

Our investment strategy

W e pursue a long-term investment strategy with an international orientation, focused on the core sectors that we know and understand well.

We see ourselves as a provider of capital and a longterm partner with both operating experience and strategic expertise in our sectors.

INTERVIEW WITH CEO JOHANNES MERAN

New investments also create added value for existing companies

Two years ago, the strategic development of the Liechtenstein Group’s four business segments and the Group‘s adopted growth path were two of the reasons for reorganizing the Group. How satisfied are you with progress to date?

JOHANNES MERAN: The group has evolved very positively in a short time. We can now show some good examples of how our companies are making better use of their strategic options – acquisitions, new products and technologies – and developing them further. One example of this is the LIECO Group which, through the acquisition of FMM, has expanded its services to include a digital forest management solution.

Our new investments and the further strategic development of our companies often go hand in hand, enabling synergies between businesses. One example of this is our rice-seed company RiceTec. Our investments in N-Drip (irrigation solutions), as well as in Green Universe Agrogroup (organic additions) have created an interplay between these operations, opening up new possibilities in ricegrowing. Thus, we are aiming to create a “system” around the core product of rice seeds that will strengthen the core product and at the same time, through access to our RiceTec customers, open up growth opportunities for the new companies. This form of “systemic investing” creates added value for both our new and existing companies.

How has the Liechtenstein Group’s investment strategy evolved over the past two years?

JOHANNES MERAN: With every investment we make, or indeed every investment we decide not to make, our investment strategy becomes more finely tuned. For every investment we ask ourselves how we can add value for the target company above and beyond the provision of capital? We therefore focus on those areas in which we have the greatest expertise. In the

agriculture value chain, for example, this revolves around farming technologies, inputs, farming services, etc.

With future investments, what do you intend to focus on, and why?

JOHANNES MERAN: We focus on creating and utilizing synergies between companies. For this reason, in all our sectors, we will continue to focus on real assets, such as agricultural land and real estate, as well as related technologies and services.

In the next phase, we intend to focus more on investing in the real estate sector, since we expect market conditions to improve, particularly in Europe. For this reason, we are also developing socalled “platforms”, meaning that we are launching partnerships through which, following our initial investment, and backed by experienced management teams, we can hopefully make further follow-on investments. Strong partnerships help us scale investments more easily. And scalability is a very important aspect of our work as we need to be able to manage our portfolio effectively. If we want to actively develop the companies in which we invest, this takes time and effort. Therefore we want to keep the number of our investments manageable. Each investment needs to reach a critical size, and smallscale investments are not the right way forward.

We aim to invest in selected sectors and sub-sectors where we can build strong companies that we will either retain or sell when the time is right – but they should be entities of critical size. My feeling is that in this regard, over time, our investment focus has changed somewhat.

For each of our portfolio companies, we develop an investment strategy. How much have we invested? Does it make sense to continue investing in the company? How long do we want to keep the investment? Does the investment make long-term

strategic sense for us? As investors, we have to answer these questions to take the right decisions for our investment portfolio.

What challenges do you think the Liechtenstein Group faces in terms of investment strategy orientation?

JOHANNES MERAN: As I have said, scalability almost always presents a challenge. Usually, we invest in companies that already have a good product, a good service. After that, the task is to develop this further, to focus on the customer, to find new distribution channels, and so on. That is not always easy, particularly in agriculture, where distribution channels can sometimes be very rigid. It is often very difficult to acquire new customers.

A further challenge is undoubtedly the climate crisis. As a result of extremely erratic weather events, unpredictability has increased dramatically. On the one hand, this presents opportunities for new technologies, but on the other hand, it also puts many aspects of traditional practices into question. A lot of long-established practices will end up on the “scrap heap”, and replacing them with new standards will either be difficult or indeed impossible. For example, how do we deal with such volatility in an industry like forestry, in which we only find out decades later whether the decisions we have made today were the right ones? Taking informed forward-looking decisions in a time of unprecedented change will be the biggest challenge in our industries.

How sustainable is your investment strategy?

JOHANNES MERAN: I believe the Liechtenstein Group – and this also stems from the history of the Princely Family of Liechtenstein – stands for responsible investment and responsible management. Sustainability in everything we do is an imperative based on the long-term orientation of our investment strategy and thus, in a sense, it is anchored in our DNA. Our owner thinks across generations and encourages us to do the same.

We therefore focus in our work on the different aspects of sustainability, which we believe have to go hand in hand. Firstly, sustainability means “economically stable”. With young companies in particular, this aspect is often difficult to assess. Great ideas do not automatically generate good business models. Over the long term, we will put a lot of effort into turning our portfolio companies into successful companies.

Moreover, sustainability also means “futureoriented”. In general, when making investments, we will place a strong focus on environmental and ecological sustainability. Here, I believe we are already very well placed. We invest exclusively in companies with ecologically sustainable operations, and this helps to make the industry in question even more “future-proof”. ¶

Where we invest ...

AGRICULTURE & FOOD FORESTRY

OUR FOCUS: Sustainable products and services along the agricultural value chain

• Agricultural assets, focusing on sustainable cultivation methods for high-grade crops (e.g. cereals, oilseeds, etc.), organic viniculture, and pasture-fed beef production

• Premium food processors and distributors (ideally with integrated agricultural operation)

• Biological inputs (e.g. biostimulants)

• Next-generation seeds (e.g. high-performance hybrid seed)

• Intelligent solutions for water management

• Agtech & foodtech sustainability technologies (e.g. traceability, certification)

• Solutions for carbon capture

OUR FOCUS: Afforestation and forestry service companies plus forest technology companies

• Nurseries with annual turnover of over EUR 2 million; geographical focus: western Europe

• Forestry service companies operating in the fields of planting, fencing and maintenance; geographical focus: western Europe

• (Digital) solutions for nurseries, forestry service companies and forest owners/managers (e.g. data management, forest fire prevention, etc.)

• Solutions for measuring and monetizing carbon sequestration

OUR FOCUS: Infrastructure investment and energy technology companies

INFRASTRUCTURE INVESTMENT

• Focus on photovoltaics and onshore wind power in Europe

• Development and construction projects, as well as operational facilities

• Development of extensive project pipelines with local partners

ENERGY TECHNOLOGY COMPANIES

• Energy storage technology companies in connection with renewable-energy applications

• Battery recycling/second-life technologies

• (Digital) services and products for plants generating renewable energy

• Digital grid and platform solutions for more efficient power transmission

• Waste-to-energy technologies for converting organic and inorganic waste into usable energy

• Waste recycling technologies for the recovery of scarce resources

OUR FOCUS: Bricks-and-mortar real estate and building technology

• Real estate at various stages of development and of varying asset classes (portfolio real estate, development projects, special-purpose properties such as warehouses or senior living)

• Building technology companies, preferably with solutions for optimizing the environmental impact of buildings

• Effective operation: e.g. IoT/sensor technology, analytics platforms, energy sources and storage, robotics, etc.

• Modern construction materials: e.g. (modular) timber construction, smart glass, self-healing cement, etc.

• Intelligent construction: e.g. serial building renovation, 3D/4D printing, project management software, etc.

23,000 TONNES OF CROPS HARVESTED AGRICULTURE & FOOD

18,000 HECTARES OF AGRICULTURAL LAND

150,000 BOTTLES OF WINE PRODUCED

Agriculture & Food

By 2050, the global population will have climbed from 7.8 billion to just under 10 billion, and an additional 2 billion people will need to be fed. This must be achieved as resource-efficiently as possible. In view of this, we consider water management, regenerative agriculture, lower use of chemical pesticides and increased use of biologicals, as well as the promotion of biodiversity, to be particularly important.

In the sector of agriculture and food, we focus our global activities on the production of high-grade food as well as on resource-saving production and cultivation methods with a promising future.

We invest along the food value chain, particularly in production and technology companies.

AGRICULTURE & FOOD

RiceTec is a world-leading agricultural technology business operating in rice-seed production.

Locations: Houston, USA (headquarters), Uruguay, Brazil, India

CEO: Karsten Neuffer

Employees: 450 permanent, 280 occasional

Production area: 1.5 million hectares commercial rice seed

Markets: USA, Mercosur, India; export markets include Belize, Colombia, Italy, Spain, Bangladesh, Vietnam

www.ricetec.com

Liechtenstein Organic Estate Operations are currently in a conversion phase, and will begin producing highquality organic food from 2023.

Locations: Katzelsdorf and Niederabsdorf-Ringelsdorf, Austria

Managing Director: Markus Fassler

Employees: 1-3, seasonally dependent

Production area: 460 hectares

Markets: Austria, Germany

Wilfersdorf Estate Operations is the largest owner-operated arable farm in Austria.

Location: Wilfersdorf, Austria

Director: Hans Jörg Damm

Employees: 14-22, seasonally dependent

Production area: 2.500 hectares

Markets: Austria, Italy, Germany

www.liechtenstein-wilfersdorf.at

The Princely Winery comprises vineyards in Austria and Liechtenstein, as well as the Restaurant Torkel, which have been in the ownership of the Princely Family for over 500 years.

Locations: Vienna and Wilfersdorf, Austria

Vaduz, Liechtenstein

Managing Director: Stefan Tscheppe

Employees: 30-45, seasonally dependent

Production area: 44 hectares

Markets: Europe, Asia

www.hofkellerei.com

Parelmo is an agricultural business specializing in the production of high-quality pasture-fed beef, maize, soya beans and merino wool

Locations: Santa Maria Farm in Flores, Uruguay

La Esperanza Farm in Durazno, Uruguay

Paso del Horno Farm in Salto, Uruguay

Director: Ronald Beare

Employees: 22

Production area: 15,000 hectares

Markets: China, Europe, Israel, USA and others

Agritask is a digital platform for the management of agricultural supply chains from field to consumer.

Locations: Tel Aviv, Israel (headquarters), Brazil and Bulgaria

Management: Ofir Ardon, Maor Harush

Employees: 90

Markets: Global www.agritask.com

N-Drip is developer of a micro irrigation system powered only by gravity.

Location: Kfar Saba, Israel

CEO: Eran Pollak

Employees: 75

Markets: Australia, USA, India and southern Africa

www.ndrip.com

Green Universe Agrogroup is a platform for research and development as well as the production and distribution of high-tech bio-organic solutions targeted at increasing the production, quality and growth of all types of crops.

Locations: Madrid, Spain (headquarters), Chile, Mexico, Colombia, Peru

CEO: Ignacio Horche

Employees: 73

Markets: Spain, Morocco, Egypt, Colombia, Peru, Chile, Mexico, Italy, United Kingdom, Portugal

www.greenuniverse.es

Revolutionary field irrigation from Israel

Why we are investing in N-Drip

At the end of 2022, the Liechtenstein Group acquired a stake in Israeli company N-Drip. N-Drip has developed a revolutionary drip irrigation system that brings huge savings in water, fertilizer and emissions.

N-Drip was founded by Professor Uri Shani, one of the world’s top water management experts, with the aim of revolutionizing the global flood irrigation market.

The company has developed a micro irrigation system that uses clog-resistant proprietary drippers. As a result, water does not need to be pumped through the pipes under pressure, but is powered by gravity alone. Thus, N-Drip’s solution does not require any pumping stations, filters or an external energy supply, delivering a significant cost benefit (up to 80% cheaper) compared with conventional drip solutions. The technical advantages, as well as the cost savings, provide N-Drip with a unique opportunity to revolutionize the flood irrigation market, which comprises approximately 630 million hectares worldwide. Water scarcity and global concerns over food security are forcing governments and farmers to seek efficient and much-needed alternatives for field irrigation. This investment round will enable the company to significantly expand its operations in Australia, the USA and India.

Performance of the N-Drip system is impressive with all crop types, saving water by up to 60% and cutting fertilizer use by up to 50%, while yields are up to 30% higher than with comparable flooded fields. Since the results with rice cultivation are also consistent with those for other crops, we are currently working together with Group company RiceTec to test large-scale application of N-Drip’s irrigation system on our rice fields.

We are excited about N-Drip’s potential, and look forward to working with the company over the coming years. ¶

According to the UN, agriculture (including irrigation, livestock farming and aquaculture) accounts for the biggest share of global water consumption by far, at 69% of annual water withdrawals worldwide.

JORGE FERNÁNDEZ VIDAL Investment Director Liechtenstein Invest GmbH

Resource-saving irrigation

Agricultural data analysis in the

21 st century

Why we are investing in Agritask

At the beginning of 2022, the Liechtenstein Group invested in the company Agritask, which operates a digital platform for data management of agricultural supply chains, addressing key aspects of modern agriculture.

Agritask was founded in 2010 and is headquartered in Tel Aviv, Israel. The company focuses on integration of data from different sources (e.g. agricultural machinery, satellites, soil samples, etc.), which is then aggregated and analyzed using artificial intelligence. Agritask‘s clients include farmers on every continent, global food and beverage corporations, and some of the world’s biggest insurance companies.

With around 90 employees, the company has now set up two further locations in Brazil and Bulgaria.

SOLUTIONS FOR SUSTAINABLE AGRICULTURE

The solutions offered by Agritask address key issues in modern agriculture, such as fertilizer use, pest control and product traceability. They enable farmers to increase yields through optimizing resource use, one of Agritask’s particular aims being to promote the use of sustainable farming practices.

Moreover, the company can be very effectively linked with our existing agricultural enterprises. As a result, on top of the positive social and environmental impacts of this investment, we also expect to achieve a satisfactory financial return.

The Liechtenstein Group will support the company’s management in further accelerating its growth path and acquiring new clients and markets. Agritask will also be investing substantially in expanding its research and development work in order to maintain its position as a technology leader. ¶

ALEXANDER WINKLER Investment Manager Liechtenstein Invest GmbH

The digital transformation in agriculture

If the global population reaches 9.6 billion people by 2050, then according to the UN, in order to satisfy current levels of food consumption, three times more resources will be needed as are actually available on the planet. At the same time, the value chain of the agricultural and food industry is responsible for one third of all greenhouse gas emissions. Pressure on the industry is immense, but this also presents multiple opportunities.

Key transformation factors are the digitalization and use of innovative technologies, through which food production has the potential to become more efficient, more sustainable and more environmentally friendly. Robotics, artificial intelligence (AI) and big data have indeed already long been incorporated into agricultural practices; nowadays, for instance, combine harvesters are equipped with high-precision control mechanisms. Pest and disease infestation can be closely monitored using digital instruments and drones, while the use of fertilizer, bioprotection products and water can be specifically targeted and limited to the smallest possible quantities. The entire supply chain can be fully documented and tracked at all times.

Opportunities and challenges on the way to “Farming 4.0”

SUPPLY CHAIN POTENTIAL

According to a recent study by PwC, besides production, supply chains present the greatest untapped potential for dramatic efficiency improvements. One third of all food produced (corresponding to approximately 1.3 billion tonnes) has to be discarded due to delays and inefficiencies during harvesting and storage, in logistics and retail. This quantity would be enough to meet the entire additional food needs arising from the increase in global population anticipated by 2050. The majority of these losses could be avoided through the traceability of food in supply chains. Moreover, transportation facilities could be better coordinated. Consumers are now demanding such traceability, and legislators too are increasing pressure on the industry to create a more sustainable, transparent value chain.

HOW FARMERS ARE BENEFITING FROM DIGITALIZATION

“In our Wilfersdorf Estate Operations, we have been relying on so-called “precision farming” for twelve years already. This enables us to manage our land in a highly targeted and digitally measurable way. Through regular soil scans and samples, for instance, we measure the nutrient storage capacity of the soil and the soil content in terms of key plant nutrients such as nitrogen, phosphorus, potassium and magnesium, as well as the pH value. Combined with high-tech GPS-controlled machinery, this enables fertilizer and bioprotection products to be used only where they are actually needed for the production of high-quality food. As a result, the soil is protected, there is less pressure on the workforce, and even energy is saved since, for instance, fewer tractor journeys are needed,” explains Hans

Jörg Damm, Director

of Wilfersdorf Estate and Forestry Operations, setting out the advantages of digital support. “As digitalization increases, the task is to bundle data efficiently and analyze it in line with our objectives. The opportunities to deploy AI and robotics will increase significantly, enabling the production of high-quality food at the same time as ensuring biodiversity, wildlife conservation and climate protection.”

The increased use of sensors, satellite data and digital weather forecasting has the capacity to help farms adjust sowing times to weather conditions and climate change, as well as to make more efficient use of irrigation systems. Auto-steering systems for tractors significantly increase the efficiency of operations by minimizing travel distances.

Digital control also enables the application of fertilizers and bioprotection products to be undertaken in a much more environmentally friendly way and also in line with the requirements of particular soils and crops. Even drones could be used for this purpose. However, there may be consequences in terms of liability if products are carried by the wind onto neighboring fields (which may be organically farmed). In any event, despite all the advantages, the inherent risks must also be considered.

Organic farming presents great potential for innovative technologies. Through mechanical weed control, microrobotics can take the place of herbicides. In order to reduce the incidence of crop failures, for organic farms in particular it will also make economic sense over the long term to invest in new technologies. In this context, equipment sharing across farms, e.g. through a machinery ring, offers the opportunity to cut costs.

PRECISE, SMART AND DIGITAL

With precision farming, growth potential is optimized through the use of sensors and precise GPS-controlled product applications.

Smart farming takes this development a stage further, principally assisting in the decision-making process; indeed, information processing has become ever more complex, and can now only be managed with the support of partial or full automation.

Digital farming, or „Farming 4.0“, complements the existing processes of precision farming and smart farming, adding technologies such as AI, robotics and cloud computing.

RESEARCH, DEVELOPMENT AND SALES

It is not only the farmers themselves who can benefit from using new technologies and digitalization; in other areas of agriculture too, data plays a huge role. Examples of this may be found at RiceTec, a leading global agtech company in the field of rice-seed production: “In research and development, the use of big data, statistical models and artificial intelligence enables us to make better breeding choices and better predict crossbreeding outcomes in order to obtain desired plant characteristics such as improved nitrogen uptake,” explains Karsten Neuffer, Global CEO of RiceTec. He also offers further examples: “In the area of finance and insurance, FinTech solutions for lending to farmers and digitally-supported parametric crop insurance present new opportunities. In sales, online marketplaces are becoming increasingly relevant, and new business models, such as the creation of carbon certificates in agriculture, are also based on complex data models.”

The use of data from different areas of production presents great potential for savings, simplification of documentation, and improvements in decision-making.

wide range of measurement data can now be transferred onto digital platforms and analyzed

THE PROBLEM OF DATA VOLUME

However, the compilation and storage of such huge data volumes may not work in the absence of standardized, non-proprietary interfaces and data standards.

Digital solutions to this already exist, but for many farmers, and above all smallholder farmers who need them the most, they are not readily available. Here, companies in the food and beverage sector with the relevant resources at their disposal could provide the technologies, thereby supporting the farmers.

The Israeli company Agritask, which has been part of the Liechtenstein Group’s investment portfolio since the beginning of 2022, operates a digital platform for the management, monitoring and documentation of agricultural supply chains. Here, Agritask relies on the integration of data from various sources, which is then aggregated and analyzed using AI and embedded best practices and protocols.

Measurement data from sensors recording humidity, temperature, fertilizer use, etc. soil samples, aerial photographs, GPS and automated photographic images of crop development are transferred via WiFi, mobile data or even satellite technology to a cloud-based data storage facility and integrated into an agronomic data platform for purposes of detailed analysis.

ROBOTS MEAN GREATER BIODIVERSITY

It is already becoming apparent that independent robots are mostly small and electric-powered, which leads to reduced investment costs. The devices are light and therefore gentle on the soil. Scaling up to larger farmland areas is not achieved by using larger and faster machines, but by using a number of small robots of the same type working together in a coordinated fashion. In this way, account can be also taken of specific requirements in localized areas, enabling the biodiversity of farmland to be increased.

“Ideally, data for farmers needs to be recorded as simply as possible and deliver findings that can be immediately acted upon with the aim of improving yields and profitability. In addition, it ensures a stable, profitable and economical supply chain by supporting the communication between farmers and global food producers,” explains Ofir Ardon, CEO of Agritask. “Our system supports dozens of integrations – from hardware and sensors to information systems – and if such integration is not possible, it uses the GPS functions provided by smartphones to deliver precise local information.”

SMALL

Control and transparency along the whole supply chain are increasingly becoming a matter of risk and regulatory compliance, as well as an operational issue. “With the new statutory requirements, such as the Corporate Sustainability Reporting Directive (see also page 85), which will enter into force as early as 2024, companies are obliged to define and report their sustainability Key Performance Indicators along the entire value chain,” adds Ardon. “Being able to report accurate information in a sector such as agricultural production, which is so significant from both a social and an environmental perspective, is of vital importance, and the only way to achieve this is through the inclusion of farmers and advanced systems for agronomic analysis.”

LACK OF DATA SECURITY A MAJOR CONCERN

Numerous position papers published by various interest groupings reveal how the agricultural industry, having recognized the benefits of digitalization, nevertheless perceives digitalization as presenting multiple risks and challenges. Data security is a major concern, as are the issues around “transparent operations” and dependency on networks and infrastructure.

Targeted use of innovative technologies makes farming more efficient

The effective functioning of agriculture, a part of critical infrastructure, must be fail-safe, no matter what. “Digitalization in agriculture presents many opportunities, but the creation of extensive networking and systems also comes with risks. For this reason, digitalization must be implemented cautiously, so that agricultural production – an essential basis of “food as part of critical infrastructure” as anchored in law under the German Food Security Act – is also assured in the event of short or long-term outages of digital systems, for instance due to sabotage,” warns the German Agricultural Society (DLG).

Digitalization in agriculture thus continues to be a double-edged sword. The problem is that many different parties have an interest in valuable data - not just the farmers themselves, but politicians, business operators, insurance companies, public authorities, agricultural machinery manufacturers, contractors, and others. Who ultimately owns the data that farmers provide, not always voluntarily? To what extent must farmers pay for use of their own data? And who ultimately has control?

On the way to sustainable, comprehensive “Farming 4.0”, numerous challenges still remain to be overcome. Close cooperation between farms, research institutions, and providers of digital solutions may help to deal with these and exploit the huge potential of digitalization to optimum effect.

The Liechtenstein Group has set itself the objective of investing at the interfaces situated close to our core sectors and of optimizing our agricultural operations through the targeted use of innovative technologies, thereby acting as a role model. ¶

SUMMARY

• Digitalization and new technologies have the capacity to make food production more efficient and more environmentally friendly

• Digital traceability and efficiency of supply chains prevents food wastage

• GPS, artificial intelligence, and robotics promote the precise and economical use of fertilizers and bioprotection products, as well as supporting wildlife conservation and climate protection

• Digital data plays a key role in research, development, sales, finance and insurance, as well as in relation to future mandatory sustainability reports

• Efficient data processing offers enormous savings potential for farmers

• Concerns about data security are inhibiting the process of digitalization in agriculture

• Solutions for the aggregation and secure processing of large data volumes must be easily accessible to farmers

How RiceTec is benefiting from modern biotech trends

By José Ré, Caleb Knepper and Joshua Cobb

Even in a best-case scenario, global warming is expected to make the planet a less hospitable place in future for those plants that provide us with the majority of our calories. While the clock is ticking, companies such as RiceTec are accelerating the development of new climate-resistant, disease-resistant and adaptable seed varieties with the aid of modern technologies such as gene editing.

Plant breeding has harnessed the powerful force of evolution to create the foods we know and love, such as large watermelons, sticky rice and juicy tomatoes.

Every year, using the same biological process, RiceTec produces thousands of new rice lines. With the help of so-called “genomic prediction” technology, the potentially best-performing lines are identified at an early stage without the need to wait for years in order to test them in the field. This accelerates the evolution process, and biological outcomes can be better controlled.

CLIMATE CHANGE POSES CHALLENGES FOR RICE SEED

As a result of the climate crisis, requirements in terms of seed characteristics are also changing; for example, plants will need to be more tolerant of heat, drought, disease and insects. RiceTec is researching the use of gene editing in order to accelerate the adaptation process. The aim is to reduce the environmental footprint of rice and develop climate-adapted crops without introducing foreign DNA and thereby creating the stigma attached to GMO technologies.

NOT ALL GENE TECHNOLOGY IS THE SAME

In many countries, genome-edited plants containing genetic alterations that could also arise naturally – since they do not carry any foreign genetic material – now have the same status as conventionally-bred plants and are not considered genetically modified organisms (GMOs). However, in 2018, the EU ruled that the new gene editing processes should be categorized as gene technology and must be subject to the same authorization and labelling requirements as GMOs. The EU Commission is currently discussing proposals for exemptions covering the use of so-called “new genomic techniques” such as CRISPR/Cas. A decision on the future of “green gene technology” in the EU is expected in mid 2023. ¶

JOSÉ RÉ Vice President, Global New Products Development, RiceTec

CRISPR/CAS GENE SCISSORS:

Plant breeding – Conventional and using the new gene-scissors method

CONVENTIONAL BREEDING:

Plants are treated with radiation or chemicals to produce mutations in the genome (untargeted). Desired genetic changes have to be obtained through crossbreeding over several generations.

BREEDING USING GENE SCISSORS (CRISPR/CAS):

Mutations can be achieved using a targeted approach, by making a cut at a specific location in the DNA. This dramatically shortens the time needed for breeding

CRISPR/CAS – NOBEL PRIZE FOR NEW HIGH-PRECISION PROCESS

“Clustered Regularly Interspaced Short Palindromic Repeats” refers to a new process for altering DNA building blocks in genetic material in a simple and precise manner. These so-called “gene scissors” promise new opportunities in plant breeding. The new process earned molecular biologists Emmanuelle Charpentier and Jennifer Doudna the Nobel Prize for Chemistry in 2020.

The basic mechanism – cutting DNA using enzymes, followed by DNA repair, which leads to an altered DNA sequence – is the same as with any random natural mutation. Traditional mutation breeding also uses such processes, the difference being that radiation or chemicals are used to trigger large numbers of uncontrolled breaks in the DNA. The key difference here is that with gene editing using gene scissors, the editing takes place in a precise and controlled manner only at a single predefined location in the genome – the exact location of the characteristic to be changed. Unlike with genetically modified plants, the new plants are verifiably transgene-free.

HYBRID RICE

Technology brings higher incomes and higher earnings

For over 20 years, RiceTec has been driving higher agricultural incomes in the US rice market through higher-yielding hybrid crops and technological advances.

RiceTec was the first company to extensively mechanize the rice hybridization process and has been continuously enhancing the process ever since. Hybrid rice is the result of crossbreeding between two genetically different parent varieties, leading to better characteristics (e.g. higher grain yield, stress tolerance, etc.).

The first hybrid cross-breeding took place in 1988, and the first commercial product was sold in 2000. RiceTec now offers 18 commercial hybrids and varieties; in 2022, over 68% of long-grain rice grown in the USA was developed and sold from RiceTec seed.

The advantages of RiceTec hybrids, such as higher yields, disease tolerance, stress tolerance, etc., enable farmers not only to achieve higher incomes, but also to introduce sustainable systems such as furrow irrigation. This brings benefits including water savings and lower greenhouse gas emissions. ¶

Pollen from anthers on the male plant fall on the stigma of the female plant where hybrid seed is produced

Hybrid seed harvested

VAN MCNEELY Vice President of Sales & Technical Service, RiceTec

Female (Male-sterile) plant produces hybrid seed

Male (Male-fertile) plant supplies pollen

THE TRANSFORMATION IN INDIAN

RICE-GROWING:

Farmers suffering from water and labor shortages

RiceTec’s Indian subsidiary, Savannah, is committed to more sustainable rice production. Direct seeding of rice (DSR), which is more climate-friendly, could solve problems such as water scarcity and labor shortages.

Rice is one of the most important food crops in India and is cultivated over a total area of 45 million hectares. However, farmers are finding rice production increasingly difficult. The reasons are multiple: unpredictable monsoon rains, falling groundwater levels, a shortage of workers for transplanting, rising fuel prices leading to higher growing costs, and a reduction in farmers’ incomes.

Since rice is normally grown under flooded conditions, the resulting anaerobic environment also generates increased emissions of harmful greenhouse gases such as methane, CO2 and nitrous oxide. Mechanical rice-sowing could solve these problems, at the same time boosting farmers’ incomes, since manual transplantation work is replaced by mechanized row-sowing, saving water and fuel costs, as well as cutting greenhouse gas emissions.

In order to promote the practice of DSR, the Indian states of Punjab and Haryana have announced incentives totaling up to USD 125 per hectare. Savannah is supporting this initiative by offering training to rice farmers through field demonstrations. The seed used comes from the range developed with FullPage® technology, which is particularly suited for this purpose and is designed to generate water savings of up to 30%, representing a saving of almost 1 million liters of fresh water per hectare. Savannah is convinced that converting to mechanical rice sowing has the potential to bring about a lasting change in India’s rice production. ¶

AJAI RANA CEO Savannah (RiceTec India)

Good for the climate: row sowing in place of flooding

Parelmo expands cattle and merino sheep business

Why we have invested in a third Uruguayan farm

With the acquisition of Paso del Horno, our third farm in Uruguay, the Liechtenstein Group is continuing to expand its operations in the country.

Paso del Horno is a well-developed, 7,400-hectare farm in the north of the country. Along with the farm itself, approximately 3,700 beef cattle and a large herd of merino sheep were also acquired, enabling the significant expansion of our pasture-fed cattle business as well as diversification into merino wool.

Paso del Horno has a full Aberdeen Angus herd with high-quality genetics that have been consistently improved over the past 20 years. The business is highly synergistic with the existing Parelmo farms of La Esperanza and Santa Maria. The acquisition of the new farm enables us to vertically integrate our operations in Uruguay by incorporating a cattle breeding farm that enhances the resilience and competitiveness of our farming operations. The farm has a strong team that complements and strengthens our internal capacities at Parelmo.

In addition, the diversification into the merino wool business opens up new growth opportunities for the company, without compromising the focus on cattle breeding.

Thanks to this takeover, Parelmo is a more diversified, sustainable and robust company. We are delighted to add Paso del Horno to our portfolio! ¶

JORGE FERNÁNDEZ VIDAL Investment Director Liechtenstein Invest GmbH

BRAZIL ARGENTINA

Fine wool

7,600 merino sheep take up residence on Parelmo farms

In the past, La Esperanza farm in Uruguay was known for having one of the best merino sheep herds in the country but, unfortunately, the global collapse in the wool market put an end to the business. Now, thanks to the herd of 7,600 sheep that has now been acquired, the breed will be farmed once again at both Paso del Horno and La Esperanza. ¶

“We have high expectations of this new business line. This special merino breed is characterized by particularly fine wool, less than 20 micrometers in diameter. In the fashion industry, this wool is principally used for producing premium clothing for brands including Gucci.”

Fine handling

Parelmo granted animal welfare certification

More and more consumers are starting to care about where their food comes from and, in light of this, the international markets have become more discriminating about the nature and conditions of the production process for sold products. In its continual efforts to position the meat value chain in Uruguay as high quality, the Uruguayan National Meat Institute (INAC) has developed Meat Certification Programs.

RONALD BEARE Managing Director

For the first time, Parelmo has now received certification for the welfare of cattle on its own farms. This certification attests to the company’s commitment to and interest in all aspects of animal welfare, which undergo detailed analysis:

• Workforce skills and training

• Facilities

• Environmental aspects

• Handling of animals

• No growth promoters (hormones) or antibiotics used

• No feed containing ingredients of animal origin used

Parelmo

Extra soft: Merino wool

Biostimulants

A key solution for sustainable agriculture

Due to climate change and increasing political pressure, biostimulants are becoming increasingly important in conventional agriculture as either an alternative or addition to chemical bioprotection products and fertilizers.

Just like the human body, the harmonious balance of our planet depends on numerous organisms that live in the water, soil and air. Today, humans are disrupting that balance; as a result of climate change and the use of chemicals in conventional agriculture, the number of microorganisms in the soil has fallen dramatically, along with all the natural benefits that they bring.

A single cubic centimeter of soil normally contains billions of bacteria, fungi and unicellular organisms.

BIOSTIMULANTS OFFER A HELPING HAND TO BOTH SOIL AND PLANTS

Green Universe Agrogroup (GUA), a Spanish alliance that has been part of the Liechtenstein Group since 2021, engages in research and development as well as the licensing, production and distribution of high-tech bio-organic solutions that increase crop production, quality and growth. GUA’s mission is clear: to protect and preserve the health of our planet and the environment using “biologicals”.

The product portfolio focuses on bionutrients and covers a broad range of nutrients and soil improvers, also including high-tech microbial biostimulants, seed treatments, pheromones and other biocontrol solutions.

The company is in the process of applying for a patent aimed at reducing the water consumption of plants by 25%. In addition, microbial biostimulants can also reduce the consumption of nitrogen, phosphorus and potassium by 25%, thereby helping to save on synthetic fertilizers.

SEED TREATMENT

Legume Technology offers self-developed seed treatments that improve yield and crop quality specifically for legumes and at the same time reduce fertilizer use. The formation of tubers and hence nitrogen supply is supported, promoting characteristics including stronger and broader root systems for better access to water and nutrients.

All of Green Universe Agrogroup’s products are suitable not only for conventional agriculture but also organic farming, and are certified by the leading organic produce organizations such as the United States Department of Agriculture (USDA) and the European Biostimulants Industry Council (EBIC). ¶

MEMBERS OF GREEN UNIVERSE AGROGROUP

• Green Universe Agriculture

• Biobab

• Legume Technology

Microbial biostimulants are products containing living or inactive cells of efficient bacteria, fungi or algae. They promote plant growth by improving the uptake of primary nutrients, and can be applied to soil, seeds or plant surface.

THE EFFECT OF BIOSTIMULANTS

environmentally-friendly, yield-enhancing, growth-inducing

WATER

stimulation of natural processes in the soil and in the plant: nutrient uptake and utilization, increased root surface area, better plant quality, soil improvement

Green Universe Agriculture

IGNACIO HORCHE CEO

MICROBIAL BIOSTIMULANTS

Preserving both cultural heritage and vital pollinators

Organic beekeeper with 1,000 beehives in Wilfersdorf

F or World Bee Day on May 20 th and World

Biodiversity Day on May 22 nd , we showcased one of the estate’s longstanding and key cooperation partners.

Organic beekeeper Stefan Mandl has been caring for the hives for Wilfersdorf Estate and Forestry Operations since 2018. In fact, the relationship between landowner and beekeeper (known historically in German as a “Zeidler”, or “tree beekeeper”) has existed for hundreds of years, although of course, historically, the bee populations were housed in trees. Currently, Stefan Mandl has up to 1,000 hives placed in various locations on the estate.

Bees are vitally important for human food security. 75% of food grown worldwide depends on pollination, especially by bees.

Wilfersdorf Estate and Forestry Operations are therefore committed to sustainable agriculture, biodiversity areas and projects, reduced fertilizer volumes, and the minimal use of bioprotection products. In the long term, protecting bees and beekeeping can help to reduce poverty and hunger, as well as preserve a healthy environment and preserve biodiversity. ¶

Video can be found here:

Beehives at Wilfersdorf

Wilfersdorf Estate Operations achieve positive carbon footprint

For the first time, Wilfersdorf Estate Operations commissioned a carbon footprint analysis for the Estate’s agricultural operations. Overall, carbon sequestration and storage of c. 6,500 kg per hectare, or around 17,400 tonnes, was calculated for 2022.

The use of technology, seed, fertilizer and bioprotection products yielded CO2 emissions of c. 2,800 tonnes over the Estate’s arable land, including fallow areas, consisting of over 2,500 hectares. At the same time, however, through careful management (e.g. minimal tillage, use of cover crops, etc.) humus was able to accumulate in the soil, meaning that in fact more carbon was captured than released. In addition, carbon is also temporarily captured in harvested crops. As a result, the business achieved a positive balance overall of 17,400 tonnes of carbon for 2022. ¶

HANS JÖRG DAMM Director, Wilfersdorf Estate and Forestry Operations

Products containing a piece of Wilfersdorf

INNVIERTLER TEIGWAREN GMBH/ AIGNER FAMILY

Every year, Innviertler Teigwaren GmbH uses 50 to 100 tonnes of Wilfersdorf durum wheat in the production of highquality pasta products of guaranteed Austrian provenance. Durum wheat from the Weinviertel region is known for its high, dependable quality (typically “glassy”).

WEIZLI

Weizli is a company based in Upper Austria. Our cooperation with Weizli goes back many years. Between 200 and 300 tonnes of durum wheat are used annually for the production of Weizli (pre-cooked whole wheat grains, the Austrian version of the French Ebly products).

RAPSO

Cooperation with the Austrian company Rapso began in 2021. Last year, of the rapeseed harvest in Wilfersdorf, around 937,000 kg was sold to Rapso. From this, almost 400,000 liters of rapeseed oil was produced. In addition, attractive flower strips are planted on every “Rapso field”, enhancing biodiversity.

BARILLA

Cooperation with the Italian firm Barilla began in 2019. Of the estate’s 2022 winter wheat harvest, 1,500 tonnes went to Barilla in Italy, a well known manufacturer of pasta and cookies. Our wheat is used in particular for production of the “Mulino Bianco” range of baked goods.

We’re going organic!

Two Liechtenstein companies make the change

At the Wilfersdorf Estate, 460 hectares of the entire 3,000-hectare estate are currently undergoing conversion to organic agriculture. From 2023 onwards, organically-certified products will be produced and sold by the new Liechtenstein Organic Estate Operations. The Winery of the Prince of Liechtenstein is also making the transition to organic viniculture, and the 2024 vintage will be eligible for organic certification.

At both locations of the Winery of the Prince of Liechtenstein, in Austria and Liechtenstein, cultivation and production are already 100% organic. In some aspects, our standards exceed those required for organic certification. No chemical bioprotection products are used, and bioprotection is undertaken using recycling sprayers that cut product use by up to 35%. Yield, which averages up to 30% lower due to the high quality of the grapes planted, does not require any synthetic fertilizer input. The distinctive soils are activated and strengthened over the long term based on precise analysis of soil and plant health, as well as biodiversity.

At Wilfersdorf Estate Operations, ensuring a clear separation between the new organic farm and the existing conventional farming operation has been essential as part of the conversion process. This has been achieved not only through clearlyseparated areas, a separate farmyard and separate storage facilities, but a separate limited company has also been formed for Liechtenstein Organic Estate Operations. The new Managing Director, Markus Fassler, is an expert in organic agriculture. Besides grain and soybeans, the organic estate operations focus on specialty crops such as pumpkin and potatoes.

We spoke to both Managing Directors, Markus Fassler and Stefan Tscheppe, about the challenges and opportunities presented by the transition to organic.

Work in the organic vineyard requires specially trained staff

What were the reasons for converting your business operations to organic, and what were your expectations?

MARKUS FASSLER: Demand for organically-produced food has steadily increased over the past few years, and will continue to grow. With our organic estate operations, we aim to respond to this trend and become a recognized supplier of organic products. Conventional and organic farmers can learn and benefit from one another, not only in terms of the strategies used in tillage, sowing and weed control, but also in relation to saving costs and increasing revenues, as well as having machines that can be used across different estates.

Is organic agriculture worth it?

STEFAN TSCHEPPE: Most definitely, from our perspective, because in the long term, in viniculturewhich often leads the way in agricultural production - there is no way around it. Indeed in premium and ultra premium categories of wine, organic certification is already virtually a prerequisite.

MARKUS FASSLER: The switch to organic should not only be evaluated in monetary terms; rather, it expresses a fundamental attitude towards agriculture and the orientation of agricultural production, although it does of course also have to be economically attractive. Organic production is a niche enterprise and, with the use of a number of special crops, it is certainly profitable. In any event, organic agriculture is worthwhile from various perspectives.

In brief, how does the conversion process work?

MARKUS FASSLER: There is a two-year conversion period from conventional farming to organic farming. During this time, transitional crops are produced which are largely used as animal feed. Thereafter, in compliance with all guidelines and in application of reliable controls, certified organic production status is then achieved.

STEFAN TSCHEPPE: It requires an in-depth engagement with the subject, staff training, the exchange of ideas with consultants and colleagues, and the purchase of special equipment. In addition, innovative solutions are needed for soil activation and regulating the water balance in the soil.

What challenges do you face when converting to organic?

STEFAN TSCHEPPE: In viniculture, organic production is not a quality criterion per se; it only becomes so through quality-oriented implementation. Given full commitment to such implementation, and provided account is taken of the style of the wine shaped by the provenance of the grapes, organic and, furthermore, regenerative cultivation can lead to a strengthening of the vines and vitalization of the soil..

MARKUS FASSLER: Weed management is undoubtedly one of the main challenges. We have to till the soil more intensively in order to get the weeds under control. It is important to constantly monitor the development of the crops, react swiftly at the right time and be flexible in taking the right measures. We also attach great importance to activating soil life through the planting of diverse cover crops.

Markus Fassler is convinced: “Organic agriculture is worthwhile in so many ways.”

The use of organic fertilizer, which is expensive and difficult to obtain, is subject to very careful consideration. To ensure the quality and yield of products, it makes sense to use organic fertilizer on some areas.

STEFAN TSCHEPPE: With wine too, successful organic cultivation and production requires a greater degree of manual labor and precise timing. If measures such as thinning, canopy management or indeed spraying of fortifiers are undertaken at the wrong time, leading to disease, dealing with this in the context of organic viniculture is significantly more difficult, since only surface treatments, rather than systemic agents, may be used. Organic cultivation therefore relies on prevention in the vineyard and physical intervention in winemaking. This requires qualified staff. Establishing such a workforce is probably the biggest challenge facing companies with entirely organic or biodynamic operations.

What opportunities have arisen for the company as a result of the conversion?

MARKUS FASSLER: During the changeover period, we were able to gain interesting insights into the entire process of production and marketing and now, from the start, we can invest in the right crops. In future, we aim to offer special products with high added value (field vegetables, herbs, seed propagation, etc.). As regards marketing, I am very optimistic, since we have found some strong partners.

STEFAN TSCHEPPE: I think we can learn a lot from the changeover and offer a more exciting working environment. In our vineyards, as well as in the production facilities at both wineries, we expect the conversion to lead to more expressive and more vital wines, plus a greater balance and physiological maturation, even in years of challenging vintage quality. And of course we also expect to achieve an even better market presence and access to new distribution partners. ¶

“Converting to organic opens up new market opportunities,” says Stefan Tscheppe.

Generational change and future strategy

Wines from the Princely Winery focus on greater sustainability and a more international orientation

In 2018, Stefan Tscheppe became Managing Director of both wineries of the Prince of Liechtenstein in Austria and Liechtenstein, setting the course for a generational change.

“My particular focus is on raising the profile of wines grown in the exceptional locations of north-eastern Lower Austria (the Weinviertel region) and the Rheintal (Vaduz). We aim to produce wines with international relevance and high ratings, concentrating on showcasing provenance, elegance, freshness and ageing potential, and hence what makes them distinctive,” explains Tscheppe, setting out his future strategy.

In terms of vineyard management, there have been some fundamental changes. Both wineries are currently in the transition phase to certified organic production, and regenerative methods are being used in soil management and bioprotection. Already, in the first four vintages from 2019, this has led to the wines having significantly more structure, texture and expression, as well as creating more vital vineyards that can also cope well with changing climatic extremes,” explains Josef Stumvoll, Production Manager at the Princely Winery in Austria.

TARGETING A YOUNGER MARKET WITH “FUN” WINES

Younger target groups are also key to the future success of the Wineries. With attractive venues such as the Princely Winery at the Liechtenstein Garden Palace, a younger audience is being solicited through wine tastings, cultural events and opportunities to hold private functions. Vaduz too has been modernized, its attractiveness enhanced through the addition of a lounge in the retail area and

“I particularly like the Grüner Veltliner. Smooth and expressive, it goes well with dry-aged white fish accompanied by ponzu sauce and wasabi. I like to serve Zweigelt with wagyu beef or pork belly, marinated in slightly smokier spices and soy sauce.”

TARO TAKAYAMA, one of Singapore’s top up-and-coming chefs

Private functions at the Princely Winery, Liechtenstein Garden Palace

bistro seating in the Vinothek. Guided tastings and tours of the vineyards and wine cellars are also offered. “And we also have our regular chic wine events, at which we present wines of the Princely Winery – such as Gault Millau tastings in Vienna or Chef Days in Berlin,” adds Christina Fritz, Marketing and Sales Manager.

New, contemporary wines such as Rosé, Liesecco and “Herrnbaumgarten”, production of which also incorporates elements of so-called “natural wines” such as spontaneous fermentation, offer an exciting and fresh introduction to the wines of the Princely Winery - wines that are fun without losing any of their accustomed exceptional quality.

With the international diversification and modern positioning of the wines in attractive markets such as Japan, Hong Kong, Singapore and the USA, there too, we have succeeded in winning over passionate and committed ambassadors for the wines of the Princely Wineries. ¶

“The excellent reputation of many organicallyproduced wines has become established over the last decade. Through a better understanding of viticulture and vinification and a willingness to invest more manual effort in organic production, nowadays leading wineries achieve greater expression of regional character and taste in their wines.”

STEFAN TSCHEPPE Managing Director of the Winery of the Prince of Liechtenstein

AWARD-WINNING RESTAURANT TORKEL IN VADUZ RE-OPENS

A first-class selection of wines from the Princely Winery is also available at the Prince of Liechtenstein’s Restaurant Torkel in Vaduz. Following renovation and redesign of both the dining room and the stunning conservatory-style dining area, set amid the vineyards and boasting a view of the dramatic mountain backdrop, the restaurant’s cozy, relaxed atmosphere now perfectly reflects the award-winning cuisine of Ivo Berger. It also boasts a Michelin star and two Gault Millau toques, as well as the warm hospitality offered by the Torkel team. The Torkel is an icon of Liechtenstein, where Ivo Berger and his team treat diners to their regionally-inspired fusion cuisine, accompanied by wines from one of the region’s best wine cellars, curated by sommelier Tobias Oswald.

The new architecture: Views of the vineyard and modern interior

Freshness and regional character in every glass

In Vaduz, 90% Pinot Noir and 10% Chardonnay from vines around 45 years old are grown in the Herawingert vineyard over an area of approximately four hectares of slate and limestone soils. Since the end of 2018, cellar master Sebastian Gunsch has been meticulously supported in tending the vineyard and vinification by Hannah Fiegenschuh from the team of Stéphane Derenoncourt, one of the most renowned wine consultants in the world.

In recent years, the Austrian Princely Winery has earned itself a place among the most innovative and best-rated wineries in Austria’s Weinviertel region. The dedicated team led by production manager Josef Stumvoll is setting new standards in a style characterized by exceptional loess and limestone soils, creating new wines such as local cuvée “Herrnbaumgarten” and “Karlsberg” which, for the first time, combine the varieties of Riesling and Grüner Veltliner in a single white wine.

From the Leithaberg vineyards in St. Margarethen and Purbach, an expressive Chardonnay and Blaufränkisch have been added to the premium segment. ¶

RIED HERAWINGERT

Vaduz, Principality of Liechtenstein

Area under cultivation: 4 hectares

Orientation: South-west

Yield: 20,000 bottles

Grape varieties: Pinot Noir, Chardonnay

RIED KARLSBERG

Herrnbaumgarten, Lower Austria

Area under cultivation: 25 hectares

Orientation: South-west

Yield: 100,000 bottles

Grape varieties: Riesling, Grüner Veltliner, Zweigelt, Merlot, Sauvignon Blanc

RIED JOHANNESB ERGEN

Herrnbaumgarten, Lower Austria

Area under cultivation: 3 hectares

Orientation: South-east

Yield: 10,000 bottles

Grape varieties: Riesling, Grüner Veltliner

LEITHABERG DAC

St. Margarethen / Purbach, Burgenland

Area under cultivation: 4 hectares

Orientation: South-east

Yield: 20,000 bottles

Grape varieties: Chardonnay, Blaufränkisch

30 MILLION FOREST SEEDLINGS SOLD FORESTRY

17,000 HECTARES OF FOREST

64,200

CUBIC METERS OF TIMBER HARVESTED

Forestry

Climate change has significant environmental, economic and social impacts. With sustainable management, the forest becomes a carbon reservoir, preserver of our biodiversity and producer of a renewable resource.

We advocate active and sustainable forest management and afforestation using site-adapted and climate-resistant tree species and provenances. This enables the forest to fulfil its climate functions.

As both a forest owner and the owner of a leading provider of forest seedlings and forestry services, we have vast expertise in forestry. The many and varied applications of timber as a product and the environmental advantages of wood as a material in construction and industry are undisputed.

We invest in companies operating in the areas of forest seedling production, forest technology and forestry services.

FORESTRY

The LIECO Group is a leading producer of high-quality forest seedlings and offers comprehensive forestry services encompassing afforestation, cultivation, and digital forest management in Germany and Austria.

Locations:

LIECO: Kalwang, St. Martin im Innkreis, Austria

LÜRSSEN: Beverstedt, Großthiemig, Tempelberg, Westerwald, Germany

FMM: Salzburg, Austria

CEO: Oliver Hilpold

Employees: 180-340, seasonally dependent

Production area: 335 hectares

Markets: Germany, Austria, Italy, Slovenia, Romania, Switzerland

www.liecogruppe.com

Kalwang Forest is a forestry business in Styria engaged in the production and sale of highquality softwood logs.

Location: Kalwang, Austria

Managing Director: Helmut Rinnhofer

Employees: 17-23, seasonally dependent

Production area: Total estate 13,364 hectares, of which 3,000 hectares are protected forestland

Market: Austria

www.forstkalwang.at

Wilfersdorf Forestry Operations are a forestry business in Lower Austria, with forestland consisting of 90% hardwood and 10% softwood (over 30 different tree species). The company also operates Austria‘s oldest nature reserve. Other activities: hunting, fishing, leasing, nature conservation.

Location: Wilfersdorf, Austria

Director: Hans Jörg Damm

Employees: 15-25, seasonally dependent

Production area: 3,560 hectares, of which 250 hectares consist of designated nature conservation areas www.liechtenstein-wilfersdorf.at

The opportunity presented by digitalization An appeal

Although the challenges currently faced by the forest industry are immense, there are also many possible solutions. The climate crisis and the crisis faced by our forests is becoming an innovation driver in a hitherto traditional sector. People who previously had no professional link to forestry are forming start-ups and initiatives to contribute to preserving the forest. Not surprisingly, in 2022, several of these solutions were digital, and therein lies a huge opportunity.

A few companies have already developed stand-alone solutions for their individual requirements. They work partly in the cloud, and use artificial intelligence to analyze their data. Staff need only a mobile device for documentation and management. In the “virtual forest”, different technologies come together; the combination of classic geographical information systems and dendrometry with remote sensing enables entirely new forms of analysis and mapping of forest stands. In future, forest owners and managers will be given digital support so they can better describe and control processes and sequential operations.

Forestry practices can make more rapid advances if the digitalization of widely available terrestrial data is accelerated. There exists a large volume of nondigitized and therefore unlinked data, which, in its entirety, however, could constitute a vital input and enable new correlations to be identified.

At the same time, concerns exist with regard to data security and third-party data use. By providing employees with further training and qualifications, the aim is to equip them with the necessary technical know-how and thereby also give them confidence in new ways of working.

In order to successfully shape the forest of the future, we need innovative forest management, optimized processes, and to come together in a spirit of mutual trust and cooperation in the context of the “virtual forest”.

FOREST MAPPING MANAGEMENT (FMM) –AN INVESTMENT IN ARTIFICIAL INTELLIGENCE AND DIGITALIZATION

The products of Salzburg company FMM, which was integrated into the corporate group in March 2022, have enabled LIECO to already begin supplying and actively enhancing a variety of tools.

“For LIECO, this acquisition represents a further major step towards successful implementation of our corporate strategy. Digitalization in the forest and forest-management sector continues to advance, and we are delighted to play a key role in shaping this process through our acquisition of FMM.”

OLIVER HILPOLD CEO LIECO Gruppe

FMM’s success is based on creating forest records using high-resolution aerial photography plus analysis of the resulting images with the help of artificial intelligence, combined with digital solutions on both stationary and mobile devices. Since its establishment in 1989, the company has evolved to become an innovative and successful provider of digital services for forestry. In 2020 and 2021 alone, FMM surveyed 440,000 hectares of forest.

The precise recording and transfer of data relating to the forest stand to the forest owner’s own software enables forest owners to conduct analyses and planning in relation to forest management at the click of a button, as well as optimize sequential operations and processes.

Working together with FMM management, LIECO is headed down an ambitious future growth path. ¶

CHRISTOPH HARTLEITNER Managing Director LIECO Austria

LIECO is committed to the forest of the future

The forestry and timber value chain faces immense challenges. Climate change is advancing, and its consequences can be seen in the forest itself. “Lunar landscapes” are no longer exceptional in some regions of central Europe.

Drought and subsequent beetle infestation, extreme weather events and forest fires have now become the bitter everyday reality in forestry. The forest is a victim of climate change, while at the same time it has the capacity to mitigate such change. The LIECO Group operates at the very start of the forestry and timber value chain and is playing its part in overcoming these challenges.

Thus, in April, LIECO hosted a discussion held in Berlin. Under the heading “Threading the eye of the needle in the afforestation debate – where will we get the plants to reforest around 500,000 hectares of damaged forestland?”, forest-policy delegates from German parliamentary groups, as well as representatives from four German federal associations, spent an afternoon debating the problems existing at the beginning of the value chain.

A core problem for the industry is ensuring sufficient availability and procurement of seed. The complexity of provenance recommendations is apparently making availability more problematical, and here, more courage is needed. Promoting targeted research with the greatest possible practical relevance is also an important lever in this context.

In current political debates, various potential solutions are being discussed and developed, and despite all cross-party differences over finance and implementation criteria, agreement does exist on the following points:

BERLIN CONFERENCE AND AGDW FORESTRY SYMPOSIUM

Forest destruction by bark beetles in Germany due to high temperatures and drought

• We need forests and their precious role in the ecosystem more than ever;

• Forests take too long to regenerate through natural regeneration alone;

• Forests need to be redesigned so as to be climateresistant, with more drought-tolerant tree species and provenances; and, last but not least

• Time is of the essence.

An intensive exchange of ideas with forest owners again took place within the framework of the Forest Symposium of the Federation of German Forest Owner Associations (AGDW) under the heading “Forest, society, law – forestry caught between conflicting societal demands”, held in September 2022. Politicians and academics gave presentations on the current challenges and reported from the “engine room” of the German Federal Ministry of Food and Agriculture. Amending the German Federal Forestry Act and rewarding the ecosystem services rendered by forests were key topics during the exhaustive discussions. ¶

In Germany, 100 – 120 million seedlings are produced annually. Around 1 billion seedlings are needed to reforest an area now totaling around 500,000 hectares.

The members of the LIECO Advisory Board; from left: Bernd Igler, Kurt Ramskogler, Helmut Gmeiner, Oliver Hilpold, Alexander Winkler, Christian Lürssen, Johannes Meran, Constantin Liechtenstein, Alexander Zeihe, Stephan Langer, Christoph Hartleitner

A lively exchange among forestry experts in Berlin

OLIVER HILPOLD CEO LIECO Group

Sustainable forest management and biodiversity in Kalwang Forest

First information brochure to be published in early 2023

When it comes to the successful conservation of nature and wildlife in the forestry sector, top priority must be given to afforestation with a site-adapted mix of trees, as well as the preservation of habitats that are as natural as possible, with a species-rich, healthy population of game, one that is well-structured and adapted to the biotope.

Through various projects – partly in cooperation with local people and businesses, but also with academic institutions such as the Federal Research Institute for Forests, the University of Graz, the University of Veterinary Medicine Vienna and the University of Natural Resources and Life Sciences, Vienna – sustainable forest management has been practiced at Kalwang Forest for many years already. In 2022, these projects were compiled for the first time in an information brochure in order to illustrate the company‘s vital activities. In the brochure, it is first and foremost the people in and around the business, those who dedicate their work to sustainability and biodiversity, who have their say.

The activities of the Kalwang forestry operations presented in the new brochure are many and varied; in the forest, the focus is principally on preserving genetic diversity and using forest seedlings adapted to climatic changes. However, importance is also attached to preserving natural forest areas and protected reserves in coordination with the forestry business. This also includes maintaining biotopes and documenting the proportion of dead wood in the forest.

Alpine pastures are an important habitat for plants and animals

Alpine pastures are preserved and maintained as valuable habitat for plants and animals, while the habitat for game of all types is protected and improved.

Since small hydropower plants are also operated on the land at Kalwang Forest, the company also focuses on environmentally-friendly generation of energy from hydropower and supports research into the Schöneben rock glacier. In future, further expansion of renewable energy, e.g. through photovoltaics on commercially and environmentally less sensitive areas, is planned. ¶

“We advocate responsible, active and sustainable forest management. The preservation and promotion of biodiversity in our forests plays a vital role in this. We are delighted that our new brochure will enable us in future to communicate our activities to the wider public even more effectively.”

HELMUT RINNHOFER, Managing Director Kalwang Forest

Fungi promote decomposition in fallen deadwood

Since 2018, the Nature Park has held the Austrian Ecolabel, which was renewed in October 2022 for a further four years. The criteria for receiving or retaining this environmental award include a clear commitment to education for sustainable development. Sparbach Nature Park is thus not only the first nature park in the whole of Austria to receive an Ecolabel, but is now also the first nature park to be recertified.

Ruins of Johannstein Castle

Hunting horn blowers at the jubilee celebrations

Constantin Liechtenstein with Karl Wilfing, President of the Lower Austrian State Parliament (left) and Stephan Pernkopf, Deputy Governor of Lower Austria (right)

A Celebration of Biodiversity

At the end of April 2022, amid glorious spring weather, Sparbach Nature Park held its jubilee celebration, entitled “60 Years of Sparbach Nature Park –A Celebration of Biodiversity”.

At the event, Stephan Pernkopf, Deputy Governor of Lower Austria, praised Sparbach’s commitment: “Lower Austria is one thing more than anything else – a place of nature. Sparbach Nature Park, with its 60-year history of success, is proof of this. Our Lower Austrian nature parks, totaling twenty in all, enable visitors to experience the beauty of our homeland. They combine excitement and adventure with an opportunity for rest and recreation, and this is what is offered too at this 60th anniversary celebration.”

THE HISTORY OF AUSTRIA’S OLDEST NATURE PARK

When Prince Johann I von Liechtenstein acquired the SparbachJohannstein estate in 1808, he knew that the area around Mödling, with its distinctive mountains, meadows and forests, streams and ponds, paths and viewpoints, would be superbly suited to the development of a landscape garden in the prevailing style of the Biedermeier period. Through efforts unimaginable today, karstified mountain slopes were afforested with black pines, ruins were renovated and follies erected, while bridges and paths were judiciously inserted into the landscape. Since that time, this landscape in the Vienna Woods has been famous for its romantic beauty.

Following the destruction wrought by the World Wars, in 1962 the Princely House of Liechtenstein, jointly with the province of Lower Austria, succeeded in establishing Austria’s first nature park and reviving the original intentions behind the landscape’s design. Over the years, Sparbach Nature Park has been repeatedly redesigned and enhanced. The nature park is now a model business operation in terms of sustainable use of the natural environment. Extensive measures have been implemented to preserve this cultural landscape, created during the Biedermeier period, for the enjoyment of visitors, who numbered an impressive 84,200 in 2022. Besides educational and regional development projects, the recreational opportunities offered by the nature reserve are considered equally important.

The dedication that Prince Johann I of Liechtenstein had placed in 1814 on the entrance gate to the Liechtenstein Garden Palace in the Rossau district of Vienna is addressed to both Sparbach Nature Park itself and its visitors: “To Nature and Her Admirers”. ¶

WHAT IS A NATURE PARK?

A nature park is a protected area of natural landscape which has arisen as a result of the interaction between humans and nature over the course of time. The statutory objective of a nature park is the protection of its landscape in conjunction with use. In order for a rural region to be designated as a “nature park”, it must be awarded the title by the relevant regional government.

Inspired by the festival motto “A Celebration of Biodiversity”, jubilee visitors were shown the new short film on Sparbach Nature Park.

to help preserve and improve valuable wetlands

Natural, free-flowing rivers with their surrounding wetlands are vital for preserving biodiversity – a cause to which the Liechtenstein Group and its companies have committed through a wide range of projects. As a result of the development and regulation of rivers and streams, plus agricultural and forestry use and the construction of housing and roads, pristine wetland areas in Austria are becoming ever rarer. For many years, the Liechtenstein Group, jointly with cooperation partners, has been engaged in the management and improvement of the wetland areas along the Morava and Thaya Rivers within the border triangle region of Austria, the Czech Republic and Slovakia.

Around 30 years ago, Wilfersdorf Estate and Forestry Operations, together with the nature conservation authority, first suggested the rewilding of the Lower Thaya. Delays occurred for various reasons, including the problematical geographical location (in a border area) and the question of jurisdiction. Finally, from 2019 to 2022, river regulation measures dating back to the 1970s were partially reversed, and a total of eight oxbows were reconnected to the river. The project was executed by the company via donau, in collaboration with Czech partners. The Liechtenstein Group played a key supporting role in the approval process and in its structural implementation. The project has since been guided and evaluated by the University of Natural Resources and Life Sciences, Vienna.

Oxbows in rivers provide vital habitats for plants and animals. For instance, flattened riverbank areas mean that more water can flow back into the floodplain and stay there for longer. The resulting oxbow islands are not used for forestry purposes, being designated conservation areas, and so ecological hotspots can develop both in the water and on land. In addition, there are hunting and fishing exclusion zones.

Over the past few years, two nesting-site protection areas have also been created on land belonging to the Liechtenstein Group along the Morava River. They were established as part of long-term cooperation with the WWF (EU-LIFE Project, 2014–2034) and as a compensatory measure in relation to a windfarm. Just under 30 hectares of environmentally-significant alluvial forest providing nesting habitat for various species of black stork and birds of prey are being taken out of commercial use and turned into designated nature reserves. Over the medium term, the overall aim is to create 50–60 hectares of nesting-site protection areas. Ornithologists are accompanying this project and carrying out regular counts.

These projects show the importance of the contributions by landowners on these issues. Landowners are needed when it comes to the preservation and improvement of wetlands and hence valuable natural habitats. The Liechtenstein Group will therefore continue with its commitment. The next planned project is the reconnection and flooding of a large oxbow on the Austrian side of the Upper Morava as part of an EU-LIFE project in 2024. ¶

“Numerous environmental projects in the Morava/Thaya wetlands have been successfully realized with the aim of improving water dynamics and biodiversity. In this context, the Liechtenstein Group has been and remains an important generator of ideas and a reliable partner to official institutions and NGOs.”

HANS JÖRG DAMM Director Wilfersdorf Estate & Forestry Operations

LANDOWNERS LIKE THE LIECHTENSTEIN GROUP ARE NEEDED …

Renewable Energy

By 2034, global energy demand is expected to grow by 37% while, currently, 85% of demand is still met by fossil fuels. The energy of both today and tomorrow must be generated in an environment- and climate-friendly way.

In the area of renewable energy, this means in particular wind power, hydropower and photovoltaics, all fields in which we have many years of project development and investment experience.

RENEWABLE ENERGY

TESVOLT is a global technology leader in energy storage, and produces stationary energy storage systems for commerce, industry, charging station infrastructure and the maritime sector.

Location: Lutherstadt Wittenberg, Germany

Executive Board: Daniel Hannemann, Simon Schandert, Philipp Koecke

Employees: 220

Markets: Europe, Africa, Australia, Latin America www.tesvolt.com

PV-Invest builds photovoltaic power plants in Europe.

Location: Klagenfurt am Wörthersee, Austria

Managing Partners: Günter Grabner & Gerhard Rabensteiner

Employees: 30

Markets: Austria, Germany, Italy, Slovenia, Bulgaria, France, Macedonia, Hungary, Bosnia and Herzegovina, Greece, Spain, Serbia

www.pv-invest.com

19 wind turbines on our own land, including 2 self-operated 4.2-MW.

Location: Wilfersdorf, Austria

Director: Hans Jörg Damm

Market: Österreich

L-Recycling builds and operates sewage sludge recycling plants for the recovery of phosphorus in the form of biochar.

Location: Vienna, Austria

Managing Director: Jürgen Jelly

Employees: 7

Market: Europe

www.l-recycling.com

7 small hydropower plants with an installed output of 4.3 MW on our own land.

Location: Kalwang, Austria

Managing Director: Helmut Rinnhofer

Market: Österreich

Two windfarms in development with installed capacity of 76 MWp.

Locations: Kausala und Suonenjoki

Market: Finland

WIND POWER HYDROPOWER

Capturing carbon & recovering phosphorus

Why we founded L-Recycling

Jointly with a team of experts with relevant experience in the planning, monitoring and construction of wastewater treatment plants, we set ourselves the objective of building sewage sludge recycling plants which enable carbon capture and phosphorus recovery using pyrolysis technology. The company L-Recycling was founded specifically for this purpose, and will construct and operate these plants.

The use of phosphorus as a fertilizer in agriculture leads to a higher concentration of the substance in wastewater (and therefore in sewage sludge). Phosphorus is an essential element for plant and animal life, but in the EU it is listed as a critical raw material since there are only few phosphorus reserves in Europe

SEWAGE SLUDGE COULD BE A SOLUTION

Since sewage sludge also contains various environmental toxins (e.g. heavy metals such as copper and zinc), pharmaceutical residues, microplastics, and more, new directives and regulations will in future restrict the direct agricultural use of sewage sludge at both EU and national level.

The alternative is incineration, which however means that the phosphorus contained in the sewage sludge also burns. Several new regulations are aimed at banning so-called “complete combustion” and require phosphorus to be recovered. Sewage sludge plant operators are therefore required to find new options for disposing of sewage sludge and to ensure that the valuable phosphorus is recovered.

The plants constructed and operated by L-Recycling are located directly beside the wastewater treatment plants, are simple to install and have the technology

SEWAGE SLUDGE RECYCLING:

THE PROCESS OF PHOSPHORUS RECOVERY

BY L-RECYCLING

enabling compliance with the new phosphorus recovery regulations. After the wet sewage sludge has been dried, it is incinerated in a pyrolysis process (in the absence of oxygen). The end product is a biochar containing the phosphorus, which is suitable for various applications.

CLOSING THE PHOSPHORUS AND CARBON CYCLES

We are delighted to be working with an experienced management team that is seeking a sustainable phosphorus recovery solution. The pyrolysis process not only closes the phosphorus cycle but also yields a carbonate in which CO2 is sequestered. We are confident that we will be able to start introducing our system onto the market as soon as we have successfully completed our first project. ¶

As a nutrient, phosphorus regulates energy balance at cellular level. In agriculture, phosphorus is used as a fertilizer in order to generate high crop yields.

Phosphorus is extracted from phosphate rock, which is finite and only mined in a very few countries (principally in countries of Africa, China and Russia). 95% of reserves are controlled by just 10 countries.

Investment Manager Liechtenstein Invest GmbH

Accelerating the green energy transition

Why we are investing in two Finnish wind projects

The Liechtenstein Gruppe is pursuing a clear strategy aimed at constructing a portfolio of green energy production plants. Although we have already made successful investments in hydro and wind projects in Styria and Lower Austria, we are now taking our first step outside Austria in the form of two Finnish wind projects with total output of 77 MWp.

CURRENT SITUATION IN THE NORDIC COUNTRIES

Today, the energy mix of the Nordic countries is dominated by hydropower and nuclear power. However, due to environmental constraints, hydropower cannot be significantly expanded, and installed nuclear capacity (particularly in Sweden) is ageing rapidly; the average age of operational plants is 40 years. At the same time, the Nordic countries are expected to see increased demand for electricity from 394 TWh in 2021 to 496 TWh by 2040 (+1.22% average annual growth rate). A significant increase in interconnection capacity will bolster the EU objective of a harmonized electricity market and enable the Nordic countries to export to neighboring regions that are more dependent on fossil fuels.

Wind power capacity in Finland is expected to exceed all other technologies in the coming decades and become the dominant mode of power generation.

PROJECT KAUSALA & SUONENJOKI

We are delighted to be able to contribute to these expansion objectives, since our new projects, the two windfarms of Kausala and Suonenjoki, will generate around 250,000 MWh of green wind power annually, equivalent to the energy needs of 50,000 households in Finland. Each windfarm will consist of six wind turbines and be constructed over the next 18 months, becoming operational in 2025.

The Kausala project is located in a forest area in the municipality of Litti in Päijänne-Tavastia, approximately 150 km north of Helsinki. The Suonenjoki (Saaristenmäki) project is located in a forest area in the municipalities of Suonenjoki and Leppävirta in Northern Savonia, approximately 330 km north of Helsinki. ¶

The Nordic countries have set themselves the goal of cutting CO 2 emissions by at least 40% compared to 1990 levels by the year 2030. Sweden, for example, is targeting 100% electricity production from renewable energy by 2040 and net zero emissions by 2045, while Finland is aiming for a 51% share of renewable energy in domestic energy consumption by 2030 and carbon neutrality by 2035.

STEPHAN LANGER Investment Director Liechtenstein Invest GmbH

FINLAND

RUSSIA

SWEDEN

COMPETITION FOR SPACE:

Is agri-PV the solution?

How Italy is accelerating the expansion of renewable energy

Based on a new law, Italy is enabling the photovoltaic industry to take a major leap forward; through the introduction of so-called “Solar Belts”, PV systems can now be installed in designated zones without lengthy approval procedures.

Over the last few years, Italy has already seen huge investment in solar technology. In 2020, solar power generation accounted for around 26% of the country’s energy mix. Through the National Energy and Climate Plan (PNIEC), in 2021 Italy committed to expanding solar capacity from 20 GW to 64 GW by 2030. However, annual installed capacity is still far below the level needed to reach this target.

A new Simplification Decree is now intended to speed up consent procedures. This also applies to ground-mounted photovoltaic projects installed as agri-PV systems. The legislation is intended in principle to avoid a situation where PV systems are installed, including in combination with agriculture, without any reference to land use planning. For this reason, agri-PV systems cannot generally be placed anywhere on agricultural land using the simplified consent procedure (“PAS”).

Italy is therefore taking an important step towards a sustainable combination of agriculture and renewable energy production. Many aspects still await clarification, and the interaction between the two industries is yet to prove practicable. However, at present this step would appear to be significant purely in that it shows how Italy is proactively attempting to resolve a contradiction that becomes inevitable in the context of a serious energy transition, namely the competition for land between agriculture and energy production. ¶

CRITERIA TO BE MET FOR

AGRI-PV IN ITALY:

• Location within a radius of up to 3 km to the left and right of expressways, around industrial areas and industrial plants and sites in commercial or industrial use (e.g. shopping malls, abandoned quarries, etc.)

• Agricultural use totaling at least 70% of total area

• Minimum module height 2.7 m for agriculture and 1.3 m for livestock

• Continuous cultivation of site, also beneath modules

• Establishment of a monitoring system to monitor impacts on improvements in soil fertility, microclimate and resilience to climate change

• Annual report by an independent agronomist on agricultural operations

• Training for farmers and cattle breeders enabling access to electrical systems

PHILIPP COLLESELLI Managing Partner PV-Invest Italia

Agri-PV systems combine arable or livestock farming with operation of a photovoltaic plant.

PV-Invest signs cooperation agreement with VERBUND

In December, PV-Invest successfully concluded a cooperation agreement with VERBUND, Austria’s biggest energy company.

Over the next 2-3 years, PV-Invest will construct PV power plants on behalf of VERBUND with a total output of up to 250 MWp. The project comprises 50 greenfield PV power plants, situated in southern Italy and covering a total area of 350 hectares.

Several projects are planned as agri-PV systems, enabling simultaneous use of the land for agriculture and thus even more sustainable energy production. The power plants are able to achieve annual production of 375 gigawatt hours, equivalent to the electricity needs of 100,000 households.

With know-how in the development, financing and operation of PV power plant projects, coupled with the know-how of KPV Solar in the so-called “EPC” business (engineering, procurement and construction), PV-Invest builds turnkey PV power plants for leading energy companies as well as for companies within its own corporate group. VERBUND was aware of this expertise, and it forms a cornerstone of the cooperation between the two companies.

In addition, PV-Invest also has its own project pipeline of 100 MWp, aiming to benefit from the strong solar radiation in the region of southern Italy. Construction is scheduled to commence in the first half of 2023. ¶

PV power plant in Feistritz

In 2022, PV-Invest builds largest solar thermal plant in Austria

Since the beginning of 2022, the solar thermal plant in Carinthia has been supplying energy to district heating customers in the town of Friesach. Friesach’s district heating, operated by KELAG Energie & Wärme, is a biomass district heating system with heat sales of c. 13,000 MWh.

Year-round operation of the heat supply, as well as the high level of solar radiation in the region, provide optimum conditions for heat generation via the large-scale solar plant. During the summer months, the solar thermal plant covers 100% of the hot water needs of district heating customers, which means a huge saving on combustible fuel. In addition to multistory residential buildings and single-family dwellings, the plant also supplies environmentally-friendly district heating to the Krankenhaus des Deutschen Ordens, a Friesach hospital, as well as to a machine factory.

Besides the size of the plant, with a solar collector field of 5,760 m² and peak thermal output of c. 4.2 MW, the long conveyor pipeline between the collector field and the boiler plant makes this project exceptional. Over a distance of 1 km, the heat is fed into a 1,000 m³ buffer storage vessel, which temporarily stores the heat near the thermal heat plant and then feeds it into KELAG Energie & Wärme’s district heating network. In addition to the solar thermal plant, a PV plant has been installed to supply the necessary power to the pumps at the collector array.

As usual, through the “Unser Kraftwerk” (Our Power Plant) community financing model, interested members of the public were given the opportunity to participate in the project, securing an attractive annual payment in return. ¶

GERHARD RABENSTEINER Managing Partner PV-Invest

Solar thermal plant in Friesach

Market reacts to energy crisis

Significant increase in demand for TESVOLT energy storage

The beginning of 2022 brought two simultaneous challenges for TESVOLT. First, as a result of the dramatic rise in oil and gas prices, the volume of new orders for energy storage systems also rose sharply, with levels at around 195% higher year-on-year, even as early as in March. Second, at the same time, on top of the energy crisis, the start of the year also heralded a global chip shortage – and energy storage systems also need vital semiconductors.

TESVOLT ENERGY STORAGE SYSTEMS PASS HIGHEST SAFETY TESTS OF TÜV RHEINLAND

The certification institute TÜV Rheinland has classified TESVOLT battery storage systems as safe. The storage systems have passed the prestigious institute’s rigorous safety tests, making TESVOLT one of the few manufacturers on the market that can attest to the safety of its energy storage systems for commerce and industry based on certification from the independent testing institute. The certificate confirms both the electrical and functional safety of TESVOLT’s products.

TESVOLT managed to react fast and, in May, the company presented its new energy storage system series for commerce and industry at the EES Europe exhibition in Munich. The new storage systems are particularly cost-effective, and are moreover designed so that they require 80% fewer chips. As a result, they can be manufactured in larger quantities, enabling the significantly increased demand for commercial storage systems to be met.

TESVOLT NAMED “INNOVATOR OF THE YEAR” FOR THE SECOND TIME

In the summer of 2022, for the second time, TESVOLT was named “Innovator of the Year” in the TOP 100 competition. The company secured first place in this leading innovation competition for German small and medium size enterprises in its size category of 51 to 200 employees. The 24-member jury was impressed by the outstanding climate of innovation at TESVOLT, underpinned above all by the agile organizational structure and the efficient future-oriented technology of the TESVOLT energy storage systems.

“Four years ago, TESVOLT opted to implement an agile organizational structure. Since then, the company has dispensed with classic hierarchies. All employees receive comprehensive training on the methods of the agile organizational structure. At TESVOLT, decisions are made in the team – in line with an agile principle that rapidly leads to results. This approach works exceptionally well,” explains Tjorven Niels Graßnick, Corporate Agile Coach at TESVOLT. “All our employees have also received company shares, which further encourages a climate of innovation.” ¶

TESVOLT founders Simon Schandert and Daniel Hannemann receive the trophy “Innovator of the Year 2022”

Off-Grid electricity supports cattle farming in

Languedoc

The geographical location of the south of France is optimally suited to the use of solar power. However, in agriculture particularly, electricity is often also needed at times when not enough solar power is available.

One such example is a project in France. In Languedoc, France’s largest wine-growing region, farmer Pierre Michaùd not only grows grapes, but has also added cattle farming to his business. In order to connect this new part of his business to the power grid via a 300-meterlong connection cable, Michaùd was going to have to spend over EUR 100,000. On top of that, there would have been the disadvantages of extensive clearance work, damage to the ancient soil, and disfigurement of the landscape. On cost grounds and in terms of sustainability, operating a diesel generator was also out of the question.

In order to store electricity during the day and then use it when needed, battery storage systems make the ideal addition to a PV installation. The TESVOLT lithium-ion battery storage systems are particularly suitable for agricultural use since they have a service life of several decades. ¶

“A sustainable future can only be achieved through a global energy transition. In this context, the temporary storage of electricity from renewable energy sources is very important. This is the only way we can use carbon-free electricity at any time, even when the sun is not shining or the wind is not blowing.”

LANGUEDOC PROJECT

THE REQUIREMENTS

• High level of technical reliability and failure protection

• High storage capacity with many guaranteed cycles for sustainable power delivery

• Straightforward installation and compatibility with the photovoltaic system

THE SOLUTION

SAS Perma-Batteries of Saint-Chamarand installed a TESVOLT TS 48 V battery storage system together with a 7 kWp photovoltaic installation. The TS 48 V used has an energy content of 14.4 kWh and charging and discharging power of 7 kW.

THE BENEFITS

• Avoidance of an extension cable to the grid costing EUR 100,000

• Avoidance of operating and maintenance costs associated with a diesel generator (approximately EUR 3,000 – EUR 4,000 per year), as well as carbon emissions, noise and odor pollution

The PV plant is now being utilized even more efficiently thanks to battery storage systems

Palais Alserbach in Vienna, built in 1873 by Heinrich von Ferstel, today houses offices and residential apartments.

Real Estate

Real estate is responsible for c. 40% of global CO 2 emissions. At the same time, affordable housing is scarce. In both the commercial and residential real estate sectors, flexible and sustainable construction and usage concepts are needed.

We have extensive experience in mainstream property management as well as in the management of historical palaces, and invest in a range of real estate categories and construction technologies around the globe.

Hunter Real Estate is a Boston-based residential real estate investment and management company.

Location: Boston, USA

CEO: Ralph Jaeger

Employees: 6

Total leased area: 50,000 m2

Market: Boston, USA

ELV is a real estate developer for residential and commercial development projects on the east coast of the USA.

Locations: Boston, USA (headquarters)

Washington, DC

Atlanta, Georgia

President: Scott Jenkins

RHONE IMMOBILIEN AG

Rhone owns a 7-story building with office premises and retail space at Rue du Rhône 21 in Geneva.

Location: Geneva, Switzerland

Total leased area: 4,200 m2

US SENIOR LIVING

Jointly with partner companies, the Liechtenstein Group invests in residential facilities for seniors in the USA.

Location: Spring Cypress, Houston, Texas

CEO: Peer Bender (Acron Group)

Employees: c. 20

Total leased area: 3,000 m2; 17,500 m2 by 2024

Liechtenstein Real Estate Vienna leases and manages real estate, including historical palaces and commercial property. Palais Liechtenstein markets the Liechtenstein Garden and City Palaces for events and guided tours.

Location: Vienna, Austria

Director: Erich Urban

Employees: 25 permanent, plus 11 art educators and event assistants as required

Total real estate: 7 properties with c. 29,000 m2 rental space; Liechtensteinpark with around 52,000 m2

Markets: Principally Germany, Austria, Switzerland, Liechtenstein, USA, Australia, UK, plus China, India, Czech Republic, France www.liechtenstein-immobilien.at www.palaisliechtenstein.com

Real estate investments 2022

Why we are investing in a senior living project in the USA

The theme of senior living fits very well into the Liechtenstein Group’s real estate investment strategy, and our aim is to make more investments in the senior living sector going forward. Demographic trends show that senior living is one of the most recession-proof real estate asset classes, seeing strong demand due to the baby boomers now entering retirement. Furthermore, this asset class has a strong positive impact on the UN Sustainable Development Goal of “Good Health and Well-Being”.

At the end of 2022, the Liechtenstein Group entered into a co-investment in a senior living project in the USA. The project is situated in the economically and geographically attractive area of Spring Cypress, approximately 30 miles north-west of Houston, Texas.

Built in 2018, the property consists of 80 units offering assisted living and memory care. In order to enhance the value of the property, the existing building complex is to be expanded to 230 units – including 138 new units for independent living. In addition, the aim going forward is to offer a high-quality range of services and amenities. Both the project developer and the operator of this project have extensive experience in healthcare provision and senior living. ¶

Why we are investing in the investment funds

PropTech1

and Greensoil Proptech Ventures

In order to support implementation of our investment strategy in the field of building technology, in 2022 the Liechtenstein Group invested in two venture capital firms specializing in this segment: Greensoil Proptech Ventures (GSPV) und PropTech1 (PT1). Both invest in technology companies at a very early stage and, taken together, they cover both of our target territories of Europe (PT1) and North America (GSPV).

These investments represent an exception to the Group’s regular investment strategy, which avoids making investments in other investment funds. However, we decided to take this step since we were impressed by the high level of professionalism and commitment on the part of the management of both GSPV and PT1, as well as their excellent networks in the field of building technology.

We are therefore confident that, in addition to the anticipated financial return from these two partnerships, we will be able to better serve a very attractive future market. This means in particular both better access to attractive investment opportunities and the chance to evaluate these opportunities more effectively. ¶

Senior living project in Houston, Texas

STEPHAN LANGER Investment Director Liechtenstein Invest GmbH

ALEXANDER WINKLER Investment Manager Liechtenstein Invest GmbH

Invested in the future : Refurbishment promotes energy-efficient living

Currently holding over 100 properties (comprising over 500 residential apartments) and a total leased area of over 50,000 m² in the greater Boston area, Hunter Real Estate has continued to steadily expand its real estate portfolio.

While the real estate developer has been highly successful in terms of social housing, through the creation and conversion of housing for over 50 economicallydisadvantaged households during the pandemic, the company’s commitment also extends to other areas that improve social well-being.

Last year, a building of 18 residential units was acquired, suitable for the installation of solar panels on the flat roof.

Following renewal of the roof during the course of renovation, over the next few months a new solar system will now be installed, generating 32,000 kWh annually. Since the building’s current consumption is approximately 9,500 kWh per year, the surplus energy can be fed back into the power grid, enabling “net-metering” credits to be issued. These credits will be used to offset the energy costs of other Hunter buildings.

In 2023, Hunter will conduct a review of all roofs suitable for the installation of similar solar panels. In addition, other projects enabling more energy-efficient and resourcesaving living are planned: LED fixtures, low-flow toilets and taps, improved insulation, new roofing, etc., reducing energy consumption by over 90% and water consumption by 30%–75%. The aim is to further improve levels of comfort for tenants, offset energy costs, further reduce the carbon footprint of the buildings, and increase their value. ¶

At just 2.6%, the contribution made by smaller photovoltaic systems (e.g. on office roofs) to total electricity generation in the USA is still only minimal. Market penetration in Germany is four times as high due to the fact that, in Europe, incentives were introduced far earlier than in the USA (e.g. higher feedin tariffs, attractive financing options, etc.). Another reason is energy prices, which are around one third lower than in Germany; in 2021, the average price per kilowatt hour in Boston was USD 0.23.

Under the Inflation Reduction Act, recently passed in the USA with aim of curbing inflation, tax credits for PV installations are set to increase by 2025 from 26% to 30%, both for businesses and private customers. This is intended to accelerate the expansion of renewable energy.

RALPH JAEGER CEO Hunter Real Estate

MARCH at the PALACE

A highly acclaimed new exhibition series

Last year saw the launch of a new exhibition series, MARCH at the PALACE, to huge public acclaim. Each year from March 1st to 31st, this special exhibition at the Liechtenstein Garden Palace in Vienna will focus on princely personalities, the history of princely collecting, new acquisitions, particular collection themes, and new contexts.

The first exhibition in 2022, entitled “THE CONSTANT PRINCE – Joseph Wenzel and His Art”, was devoted to one of the most important personalities of his time, a prince who, through his role as an art collector, diplomat and military strategist, left a lasting impact on both the history of Europe and the Princely House of Liechtenstein. Selected works of art, letters and documents from the Princely Collections, many of which are normally held in the private apartments of the Princely Family, along with major loan works, served to outline the life of a figure who, in many respects, stood at the center of the Habsburg monarchy. Welcoming around 24,000 visitors, this first exhibition in the series was a huge popular success.

CAST FOR ETERNITY

THE BRONZES OF THE PRINCES OF LIECHTENSTEIN

The special exhibition for 2023 bears the title “CAST FOR ETERNITY – The Bronzes of the Princes of Liechtenstein”. The Princely Collections house one of the most valuable bronze collections in the world, which will be showcased at the Liechtenstein Garden Palace in Vienna from March 1st to 31st, 2023. Superb works such as the bust of Marcus Aurelius by Antico, the bust of Grand Duke Ferdinando I de’ Medici by Pietro Tacca, and Massimiliano Soldani-Benzi’s Anima Dannata, will be complemented by major international loan works. Just as last year, admission to the exhibition is free of charge. ¶

LIECHTENSTEIN GARDEN PALACE

Fürstengasse 1, 1090 Vienna, 1.3.2023–31.3.2023, daily 11 am – 7 pm

www.palaisliechtenstein.com

In addition to the annual special exhibition, guided art tours and events take place in the staterooms of the Liechtenstein Garden Palace and City Palace throughout the year, ranging from concerts, gala dinners and weddings to business conferences. 187 event days and 711 guided tours took place in 2022.

Spa Treatment for lofty Roman deities

In autumn 2022, a spectacular restoration project was undertaken on the roof of the Liechtenstein City Palace in Vienna, where six Roman deities sit aloft: Minerva, Apollo, Jupiter, Juno, Mercury and Flora. It is now ten years since the Palace underwent general restoration, and for this reason, it was high time to freshen up the six 2.5-meter-high statues situated above the attica of the building’s main facade.

The stone figures are original artworks by sculptor Giovanni Giuliani (created in 1697), hewn from Zogelsdorf sandstone. Due to their exposed location on the roof of the City Palace, the sculptures were already heavily weathered, and their stability also had to be checked.

The decision was made not to remove the figures, but to restore them in situ up on the roof. To allow this to happen, scaffolding had to be erected above the roof cornice at a height of 32 meters. Restorer Karl Scherzer undertook remedial work on all the loose stonework, a fungicide treatment was applied and, finally, the statues were given a limewash coating.

Crowning the facade of the central avant-corps, the exquisite stone sculptures form a key element of the imposing main facade of the City Palace, and require regular checks and periodic restoration. Liechtenstein Real Estate Vienna reinvests a substantial portion of its income in conservation work, with the aim of preserving the buildings for future generations. ¶

GREGOR CZABY Real Estate Management Liechtenstein Immobilien Wien

Attica figures from the 17th century at the Liechtenstein City Palace

A passport to long-term success

In 2023, the Liechtenstein Group will enter into a cooperation with the consultancy firm “denkstatt”, targeting the development of a Group-wide sustainability strategy and standardized reporting.

Today, stakeholders including investors and consumers, as well as politicians, are increasingly holding companies to account when it comes to sustainable business practices. According to the United Nations, 93% of the 250 biggest companies in the world now report on sustainability. The Liechtenstein Group too has now set itself the objective of developing a Group-wide sustainability strategy. In doing so, we are assuming our corporate responsibility towards the environment and society.

The international denkstatt Group is a leading consultancy firm in sustainability and environmental consulting, focusing on the compatibility of economic, environmental and social performance. “The Liechtenstein Group is an excellent example of how to take a holistic and hence strategic approach to sustainability, rather than viewing it as a potpourri of separate measures,” says Willibald Kaltenbrunner, Managing Partner at denkstatt. “The fact that we are also immediately addressing issues of decarbonization and biodiversity confirms the Group’s progressive approach to developing its sustainability strategy.”

The first step is to define the relevant issues in the context of a materiality analysis. Here, the impact of the environment and society on the Liechtenstein Group will be analyzed as well as, conversely and more importantly, the impact of the Group’s business activities on the environment and society.

“We are convinced that we can and must make a vital contribution to protecting the environment and people. We are aware of the responsibility and also the opportunities that we have as a business. Long-term economic success can only be achieved by companies that operate responsibly and sustainably,” explains Johannes Meran, Liechtenstein Group CEO. ¶

Our project objectives are ambitious: at the end of 2023, our first collective carbon footprint will be calculated, from which a decarbonization strategy can then be derived. Then, in 2025, our first sustainability report will be published, forming part of our 2024 annual business review.

No longer optional – EU tightens rules on sustainability reporting

Optionality is no longer enough when it comes to sustainability. The EU is currently undertaking a radical extension of the rules governing mandatory corporate sustainability reporting, with a uniform EU-wide standard intended to improve transparency and comparability, as well as curb greenwashing.

In April 2021, the EU commission published its proposal for replacement of the NFRD (Non-Financial Reporting Directive) with the new Corporate Sustainability Reporting Directive (CSRD), which is intended to tighten up and in part also redefine the requirements for sustainability reporting in the EU.

In future, all large companies in the EU, whether listed on not, will be required to disclose the impact of their operations on people and planet, as well as all sustainability risks to which they are exposed. In addition, non-EU companies with significant operations in the EU – turnover in the EU totaling over EUR 150 million – will have to meet the same standards.

This new regime will affect around 50,000 companies in the EU, as compared to around 11,700 companies affected by the current rules. In order to ensure that companies provide reliable information, they will undergo independent auditing and certification. Financial and sustainability reporting will carry equal weight, and digital access to sustainability information must also be guaranteed.

THE RULES WILL START TO APPLY BETWEEN 2024 AND 2028:

• From January 1, 2024, for large public-interest entities (with over 500 employees) already subject to the NonFinancial Reporting Directive (NFRD)

• From January 1, 2025, for large companies not presently subject to the Non-Financial Reporting Directive (with over 250 employees and/or turnover over EUR 40 million and/or total assets over EUR 20 million)

• From January 1, 2026, for listed SMEs and other undertakings with reports due in 2027. SMEs can opt out from mandatory reporting until 2028. ¶

THE BENEFITS TO COMPANIES OF SUSTAINABLE PRACTICES*

• Competitive advantages: Millennials and generation Z are far more concerned about sustainability than the baby boomer generation

• Improved efficiency: A sustainability strategy can significantly lower costs and increase operating profit.

• Advantages when seeking investors: A growing number of investors take account of Environmental, Social and Governance (ESG) performance

• Reduced regulatory intervention: Careful handling of environmental issues can reduce regulatory pressure on businesses

• Employee motivation and employer branding: With a positive environmental performance, nowadays it is easier to attract and retain good staff, to motivate them by communicating a sense of what really matters, and to increase productivity

• New opportunities: A strong sustainability program can help companies enter new markets and expand in existing markets.

*Source: McKinsey

Huge potential: Internal sustainability managers

Peter Peleska, Head of Infrastructure at Liechtenstein Real Estate Vienna, has been training since September 2022 to become a TÜV®-certified Corporate Social Responsibility (CSR) & Sustainability Manager.

What challenges do companies face today in terms of sustainability?

Today, more than ever, companies are called upon to assume a pioneering role in society. They are judged by their customers and other stakeholders on how they handle resources, nature and their environment. In my opinion, the biggest challenge for companies lies in the opaqueness of supply chains, as well as external factors that are largely outside a company‘s control.

What do you learn on a sustainability course?

The five-month course deals with the most important areas of sustainability management in an organization: standards and management systems, economic responsibility, environmental sustainability and resource management, social responsibility and human-resource management, carbon footprints, life-cycle assessment and sustainability reporting. Graduates of the course qualify as certified internal auditors for sustainability management systems.

How does a company benefit from offering this type of training to its staff

Sustainability is becoming a leading topic in business, not least due to the fact that sustainability reporting will become mandatory going forward. My view is that engaging with the different aspects of sustainability, as well as introducing environmental management systems, makes a company future-proof. What is more, employees become familiarized with the issue, which enables them to play a vital supporting role within a business. In this context, based on my training, I hope to be able to make my own contribution and lay the groundwork for sustainability.

Do you already have any specific measures and projects in mind that you would like to implement at Liechtenstein Real Estate Vienna as a result of your training?

What motivated you to undertake sustainability training?

As the father of two daughters, the ambition to pass on an intact planet to the next generation has become more important to me. And I would like to help improve general attitudes towards sustainability.

As a first step, I would like to establish a sustainability concept and sustainability management. Indeed, this will be the subject of my final dissertation project. In addition, especially for our two event locations, the Liechtenstein Garden Palace and City Palace, I am eager to secure the quality seals increasingly demanded by event clients, such as the Austrian Ecolabel, and also introduce a certified environmental management system. I am currently in the process of setting up a project partnership with Klimaaktiv, an initiative of the Austrian Federal Ministry for Climate Action that supports businesses in achieving their climate action goals. ¶

Peter Peleska (left) takes part in the campaign “Wien radelt” (“Cycle Vienna”) together with colleagues

Sustainability as a part of corporate culture

As our CEO Johannes Meran has already so aptly stated in his interview on the Liechtenstein Group’s investment strategy, sustainability is already “anchored in our DNA” (see page 14). And so, in the context of personnel management too, we will be intensifying our engagement with sustainability. Essentially, our objective is to ensure processes and decision-making that reflect sustainability and social equity across the entire employee life-cycle, starting with recruiting and employer branding.

The aim is to integrate sustainability even more deeply into our corporate culture. Our Code of Conduct already establishes a very solid basis for this in the area of ethics and conduct standards. Excellent internal communication will also assist in our plans. Additional training, such as the course undertaken by Peter Peleska (see feature on left-hand page), represents one of the many opportunities for employees to participate actively in the field of sustainability. We are delighted that Peter, a longstanding staff member, will now be joining with our other sustainability experts working to support the Liechtenstein Group in achieving its ESG goals.

We want to involve our employees in concrete measures and initiatives around issues such as health and safety at work, resource-saving working methods, mobility, training and continuing education, plus equal treatment and diversity management. Our workforce - their commitment, their ideas and their expertise - forms the linchpin enabling successful implementation of a sustainability strategy in the Liechtenstein Group.

Going forward, as sustainability reporting becomes mandatory, personnel key figures will play a major role. This will require a great deal of work and effort, but the rewards will be immense. As a corporate group, we will improve our own self-knowledge, evolve and grow even more in lockstep through collective projects. ¶

We always welcome applications from those who share our vision and want to help strengthen the Group with their motivation, innovative ideas and a strong sustainability mindset!

Why not contact us via email at careers@lgroup.com

MICHAELA FISCHER Manager People & Culture Liechtenstein Group

Growing in lockstep: The LIECO/Lürssen team on a visit to Kalwang

Liechtenstein Group expands “Brain Pool“

In our role as investor, we see ourselves not just as a provider of capital, but also as a strategic partner for our portfolio companies, because wherever we invest, we also contribute our broad, long-time experience and expertise. We owe this ability not least to the numerous outstanding individuals that make up our management teams, networks, supervisory boards, advisory boards and across the different business sectors of our companies.

We are proud that, last year, we succeeded in attracting additional new partners who share our vision. Our pool of know-how and experience is constantly growing. The Liechtenstein Group benefits from this in many ways. First, the strength of our network gives us even better access to exciting investment opportunities. Second, the input of our experts means that new ideas get generated within our existing portfolio as well.

It is clear that everyone is now thinking much more in terms of interconnection and intercompany relations aimed at creating synergies. This enables us, via futureoriented solutions, to make a significant contribution to sustainable agriculture and forestry, the energy transition, and a more sustainable real estate industry.

CONSTANTIN LIECHTENSTEIN Chairman of the Supervisory Board, Liechtenstein Group

AGRITASK APPOINTS YAIR SAFRAI AS CHAIRMAN OF THE BOARD OF DIRECTORS

Yair Safrai, an experienced veteran of the Israeli high-tech and risk capital industry, has been appointed to the Board of Directors of Israeli agtech company Agritask. Yair is an active executive board chairman and member as well as a private investor with several high-tech companies.

In the mid 1990s, Yair co-founded Concord Ventures, a group of funds worth USD 270 million. In the early years of the Israeli venture capital industry, Yair was a partner in the Nitzanim Venture Fund, one of the earliest and most successful venture capital funds in Israel. Prior to that, he led business development at BVR Technologies and held key positions in consulting, marketing and business development at Indigo Graphic Systems Inc. and P.O.C. Consulting.

Yair holds a BSc in Economics and Management from the University of Tel Aviv, an MA in International Studies from the Lauder Institute at the University of Pennsylvania, and an MBA from Wharton Business School.

At the end of 2022, Lisa Safarian, President and Chief Operating Officer of Pivot Bio, joined RiceTec’s Board of Directors as an expert in sustainable technology solutions for farmers.

“We are delighted to have Lisa further strengthening our Board of Directors,” says Karsten Neuffer, RiceTec Global CEO. “RiceTec will greatly benefit from her broad experience in agriculture and her understanding of farmers’ needs for technological innovation and sustainable solutions, as we further expand our sustainable rice-seed technologies for farmers across the entire world.”

Lisa Safarian is President and Chief Operating Officer of Pivot Bio and leads the company’s operations. Previously, she worked at Monsanto for over 30 years, most recently as Vice President for North America. She is an advocate for the agricultural industry and has dedicated her career to advancing solutions for farmers.

“In Lisa Safarian, we have brought on board an expert whose broad know-how will enable RiceTec to drive forward its mission to improve the sustainability of the entire rice-growing industry worldwide. We are delighted that Lisa will be joining us on this journey,” says Constantin Liechtenstein, Chairman of the Liechtenstein Group Supervisory Board.

“I am very excited to be joining RiceTec’s Board of Directors,” says Safarian. “Their focus on technology for farmers, as well as their commitment to sustainability, creates a tremendous opportunity to help feed the world in an environmentally friendly way.”

RICETEC APPOINTS LISA SAFARIAN TO BOARD OF DIRECTORS

RICETEC: KARSTEN NEUFFER APPOINTED NEW GLOBAL CEO

In August 2022, Karsten Neuffer took up the role of Global CEO at RiceTec. He succeeds Mike Gumina, who has taken well-deserved retirement. Karsten Neuffer brings with him a wealth of experience in business development and operational management in the agricultural industry.

After starting his career with McKinsey, advising chemical and agriculture corporations, Neuffer joined Syngenta in 2006, working in various strategic, commercial, and executive roles. In his final position at Syngenta, he was Regional Director for Latin America, with full P&L responsibility for a business worth USD 4 billion. In 2018 he joined Indigo AG as International COO, in charge of developing and executing a strategy to expand Indigo’s presence globally, and subsequently taking over global commercial leadership as CCO.

“I congratulate Karsten Neuffer on his appointment as Global CEO and welcome him to RiceTec and the Liechtenstein Group! I wish to thank Mike Gumina for his outstanding contribution and years of dedicated service. Mike will be greatly missed, and I wish him all the best in his retirement and new ventures!”

CONSTANTIN LIECHTENSTEIN

Mike Gumina, RiceTec CEO until 2022

Der Quadratsaal im Stadtpalais steht für Veranstaltungen zur Verfügung

Global CEO Karsten Neuffer (center) with Ajai Rana, CEO Savanna (right)

NEW LEADERSHIP AT FOREST MAPPING MANAGEMENT

Since March 2022, Forest Mapping Management GmbH (FMM) has been part of the LIECO Group. In August 2022, Andreas Igel became FMM’s new CEO, with responsibility for the company’s transformation. Andreas Igel brings valuable experience as a strategist, business founder and digitalization expert. In the retail, telecommunications, and intralogistics sectors, he had general responsibility for sales, logistics and innovation management. Most recently, he was CEO of various start-ups engaged in the planning and management of digitalization projects, creation and implementation of new business models, technical product development, big data analyses and much more.

Going forward, FMM will focus increasingly on the expansion of knowhow in digitalization and forestry, creating the technical foundation that enables the company, through its software, to remain competitive well into the future. The aim is to provide clients with the digital tools they need to map and process their entire forestry procedures, as well as generate forecasts, allowing full - and above all efficient – digital forest management. Only by keeping digital forest records is a company able to make optimum decisions based on sound data analysis and forecasts, enabling the efficient structuring of workflows and successful preparation for the future with all the challenges it brings, including climate change.

Christoph Glanzer joined the team at PV-Invest in November 2022 as Chief Financial Officer (CFO). He previously worked at the Silicon Austria Labs research center.

Following the foundation of the center in 2018, he played a key role in setting up its overall organization, consisting of around 300 employees. In his most recent role, he was Head of Finance with responsibility for finance and purchasing as well as the center’s Legal Department and Facility Management. Prior to that, Christoph gained experience in the energy industry at KELAG, where he worked on international project management in wind power, hydropower, photovoltaics and trading.

Digitalization expert Andreas Igel

CONSTANTIN LIECHTENSTEIN TAKES OVER AS CHAIRMAN OF THE LIECHTENSTEIN GROUP SUPERVISORY BOARD

The management of the Liechtenstein Group is being restructured with effect from February 2023. Constantin Liechtenstein becomes Chairman of the Liechtenstein Gruppe AG Supervisory Board and member of the Board of Directors of Liechtenstein Gruppe Holding AG. As a result, he is stepping down from his role as CEO of Liechtenstein Gruppe AG.

Johannes Meran, currently CIO and Managing Partner, takes over as CEO of Liechtenstein Gruppe AG. Johanna Baumgartinger, Head of Accounting, Controlling and Taxes at the Liechtenstein Group since 2020, is appointed to the Liechtenstein Group Executive Board and becomes Managing Director of Liechtenstein Invest GmbH.

“I look forward to my new role on the Supervisory Board and the opportunity, through my new position, to continue closely supporting and co-determining the strategic orientation and activities of the Liechtenstein Group. In Johannes Meran and Johanna Baumgartinger, we have a strong and experienced management team who will continue to drive the Liechtenstein Group forward on its growth path,” says Constantin Liechtenstein.

“Prince Constantin and I have jointly completed the successful reorganization of the Liechtenstein Group, establishing a strong team and, within a short space of time, setting the Group on a highly successful course. With Prince Constantin on the Group’s Supervisory Board, we will continue to benefit from his expertise and wealth of experience,” says Johannes Meran.

“I am delighted to be joining the Liechtenstein Group Executive Board with immediate effect, having gained an excellent insight into many aspects of the Group over the past two and a half years,” says Johanna Baumgartinger.

New Executive Board members Johannes Meran and Johanna Baumgartinger with Constantin Liechtenstein (right)

As part of TESVOLT’s transformation into a stock corporation, the company has appointed a Supervisory Board of top talent, reflecting the exceptional growth dynamic of the business and the company’s growing internationalization. The newly-elected Board members combine all-round expertise in the energy industry, business organization, and international finance, each contributing extensive experience and excellent networks in their respective fields.

The previous managing directors have been appointed to the Executive Board. TESVOLT founders Daniel Hannemann and Simon Schandert will chair the Executive Board in the roles of CEO and CTO respectively.

Oliver Borrmann (Chairman of the Supervisory Board) is one of Germany’s most experienced venture capital investors. He is founder and Managing Partner of bmp Ventures AG, which first invested in TESVOLT in early 2017 through the German state of Saxony-Anhalt’s fund, IBG Risikokapitalfonds III, managed by bmp. TESVOLT has also succeeded in recruiting Ralf Christian, former CEO of the Energy Management Division at Siemens, to the Supervisory Board. Ralf was involved in the establishment of Fluence Energy, a US-based global provider of energy storage system solutions. Johannes Meran, also on the Supervisory Board, is Managing Partner and CEO of the Liechtenstein Group, which made a substantial investment in TESVOLT at the most recent funding round in autumn 2021. Claudia Thonet (Deputy Chair) is founder and Managing Director of Claudia Thonet Agile Consulting, and supports TESVOLT as an expert in organizational development in the context of agile transformation.

FINANCE EXPERT PHILIPP KOECKE BECOMES CFO

Philipp Koecke joined the TESVOLT team as Chief Financial Officer (CFO) at the beginning of May 2022. The 50-year-old finance expert has international industry experience in renewable energy; among his previous roles, he held the position of CFO at Solarworld AG for 15 years, during which time the company achieved annual revenues of up to EUR 1.3 billion. Alongside this senior executive position, he was also a member of the Board of Directors for the company’s US subsidiaries, comprising over 1,000 employees in total. He guided Solarworld as it grew to more than 3,000 employees, making a significant contribution to the company’s successful expansion.

TESVOLT GOES PUBLIC AND APPOINTS TOP TALENT TO SUPERVISORY BOARD

TESVOLT Executive Board, (from left) Philipp Koecke, Daniel Hannemann, Simon Schandert

MAY 4, 2023

FREIHEITSHALLE, MUNICH

LIECO FORUM 2023

Digital Forestry – Innovation in Practice

In May, LIECO Group will be hosting the 3rd LIECO Forum at the Freiheitshalle in Munich. In its transformation process, the forestry and timber industry is forging many new paths, and the solutions and innovations that assist in successful navigation of these paths are frequently digital in nature. At this one-day conference, delegates will find out more about the opportunities of digitalization based on examples of successful implementation in practice.

Through the Forum, LIECO aims to offer a platform for the exchange of ideas to all market operators along the timber value chain, as well as promote dialogue and put scientific expertise and innovation into practice.

INFORMATION AND REGISTRATION: WWW.LIECOGRUPPE.COM

LIECO Forum 2021 in Vienna: from left: Oliver Hilpold, CEO LIECO Group, Prince Hans-Adam II von und zu Liechtenstein, Elisabeth Köstinger, former Austrian Federal Minister for Agriculture, Regions and Tourism, Constantin Liechtenstein, Tom Crowther, Crowtherlab - ETH Zurich, Christoph Hartleitner, Managing Director LIECO Austria

SUMMER RHAPSODY IN THE GARDEN

With moments of literary magic, musical highlights and comedy favorites, this year’s Summer Rhapsody once again promises a program full of variety. 2023 will be the fourth year of this highlysuccessful annual festival combining performing arts and culinary delights, staged in the grounds of the Liechtenstein Garden Palace. For this year’s event, the line-up is expected to include Adele Neuhauser and Christian Dolezal, Erwin Steinhauer, Cornelius Obonya, Elena Uhlig and Fritz Karl, Thomas Quasthoff, Wolfgang Muthspiel, Max Simonischek and Simone Kopmajer, plus Adi Hirschal and Wolfgang Böck.

Following its successful launch last year, the program strand “YOUNG Summer Rhapsody”, with children’s operas, guided tours and workshops for families, children and cultural enthusiasts both young and young at heart, will again be offering a diverse program of events over the summer months.

The success of the festival, organized by Mena Scheuba-Tempfer and Melanie Hirsch, speaks for itself; last year, Summer Rhapsody was attended by a total of 3,500 guests.

PROGRAM AND TICKETS:

WWW.SOMMERRHAPSODIE.AT

THE MUSIC OF BOND – MAYA HAKVOORT, MONIKA BALLHAUS, MISSY MAY & WW ALLSTARS BIG BAND ELENA UHLIG & FRITZ KARL EIN SOMMERNACHTSTRAUM – MARTINA EBM, JOSEPH LORENZ, DANIEL KEBERLE, KLAVIERDUO SILVER-GARBURG SIMONE KOPMAJER, MAX SIMONISCHEK, RAINER WINKLER ERWIN STEINHAUER, ANDREJ SERKOV ADI HIRSCHAL, WOLFGANG BÖCK DANIEL OTTENSAMER, STEPHAN KONCZ, CHRISTOPH TRAXLER FLORIAN SCHEUBA WOLFGANG MUTHSPIEL CHAMBER TRIO THOMAS QUASTHOFF TRIO ADELE NEUHAUSER, CHRISTIAN DOLEZAL JAMIROQUAI RELOADED BARTOLOMEYBITTMANN CORNELIUS OBONYA, MELANIE HIRSCH TOM MÜLLER BAND/FLIP PHILIPP & BERTL MAYER QUARTETT

PLUS: EIGENES KINDERPROGRAMM!

JULY 10 - AUGUST 9, 2023

OUTDOOR DINING AREA OF THE VINOTHEK AT THE PRINCELY WINERY, LIECHTENSTEIN GARDEN PALACE, VIENNA

The challenge for future farming: ensuring resource-efficient production of enough high-quality food

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PHOTO CREDITS

Fotomanufaktur Grünwald: cover photo; pp. 16, 18-19, 27, 30, 40, 41, 44, 50-51, 62, 76-77, 83, 84, 96

Foto: Wilke: pp. 6, 15, 88, 92

FMM Forest Mapping Management: pp. 12-13, 55, 91

Severin Wurnig EVN: p. 17

Innviertler Teigwaren GmbH: p. 41

Weizli: p. 41

N-Drip: p. 22

Peter Kubelka: pp. 22-23, 31, 36, 57, 69, 70, 80, 83, 87

rockandroyalty Heiko Roith: p. 57

Samuel Käppeli film-pla.net: pp. 58-59

Fotoatelier Prendinger: p. 60

PV-Invest, KPV Solar, GREENoneTEC: pp. 64-65, 72-73, 91

TESVOLT, compamedia, Michael Setzpfandt: pp. 74-75, 93

RiceTec: pp. 32, 34-35, 90

Parelmo: pp. 36-37

Green Universe Agrogroup: pp. 38-39

Hofkellerei des Fürsten von Liechtenstein: pp. 43, 45-49

Verein Leithaberg: p. 49

LIECO: Christoph Weiermair, Wolfgang Pecka: pp. 16, 55, 87, 94

ACRON GmbH (rendering): p. 80

Hunter Real Estate: p. 81

Jonas Tiller: p. 86

Oreste Schaller: pp. 82, 95

Stockfotos: pp. 17, 23-25, 28-29, 56, 68, 71

The content of this Review may only be reproduced with the written permission of Liechtenstein Gruppe AG. For ease of reading, the masculine form is frequently used when referring to persons. In view of the principle of equal treatment and equal regard for all, such references should be construed as applying to all persons.