Liechtenstein Group Annual Review 2023

The wind of innovation

Who we are

The Liechtenstein Group is a group of companies and investment platform owned by the Foundation Prince Liechtenstein. We operate internationally in the areas of Agriculture & Food, Forestry, Renewable Energy and Real Estate and currently employ about 800 people.

We manage a number of companies, some of which have been owned by the Princely Family of Liechtenstein for centuries, and continue to develop them. Through new investments in companies or technologies in the four core sectors, we create added value and synergies for the companies, while at the same time developing solutions to make the respective industry more sustainable.

In this process, we rely on the long-standing experience and expertise that has often existed in the portfolio companies for generations, on results from research and development in our own companies and in cooperation with external institutions, as well as on the innovative power from new investments.

Embracing an innovation mindset CEO Johannes Meran sets out his plans What

Environmentally-friendly

The smart forest

A tour de force in restoration

Our vision

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

Ladies and gentlemen, friends and colleagues,

Welcome to the Liechtenstein Group’s fourth Annual Review. We are delighted at your interest in our activities over the past year. This publication provides insights into our business direction and projects, reflecting our original intention in creating this publication.

In 2020, the Board of Trustees, under the leadership of Prince Constantin von und zu Liechtenstein as CEO, resolved to reorganize the Foundation Prince Liechtenstein’s operations into a modern group of companies. With his know-how, along with a great deal of zest and foresight, Prince Constantin pushed ahead with his vision of bringing a heritage rich in tradition into the 21st century. He had the talent of being able to define, initiate and implement the necessary change processes in his typical decisive, yet humble, style.

In light of his achievements, Prince Constantin’s sudden and untimely death in December came as all the more of a shock to us all. Many of us had known him for decades and had close associations with him as a boss, colleague, sparring partner and friend. Indeed, we still find it hard to come to terms with his passing. Anyone who knew him knows that he communicated with everyone as an equal, always had an ear for the concerns of others and always diligently tried to find the best solution. Not a day goes by when we do not miss him.

And so, reflecting Prince Constantin’s legacy, we will continue in the direction set by him. From this perspective, we can indeed be pleased with the successes achieved by the Liechtenstein Group in 2023 and look back with pride on a positive year for our businesses.

Long-term thinking is the common thread running through all our activities. Anyone who thinks long-term realizes that – even if financial profit is the necessary basis – only responsible management, having due regard for impact on the environment and society, can enable a business to be successful in the long term.

Our approach is to address challenges in our different verticals through the use of new technologies. We do this in our forests, on our land and in all our investments. This year’s Annual Review has a particular focus on renewable energy. We perceive huge opportunities for the Group in the energy transition, and in times of climate crisis we have to think in new ways. We are facing up to this challenge all around the globe.

I would like to take this opportunity to thank all those accompanying us so successfully on this journey. We have 800 people on five continents working for the Liechtenstein Group every single day, overcoming difficulties and thereby contributing to our long-term success.

We hope you will enjoy reading this year’s Annual Review.

JOHANNES MERAN Managing Partner & CEO Liechtenstein Group

Constantin Liechtenstein

Tino’s legacy is marked by an unwavering sense of duty, loyalty and trust. But it will be his wit and kind sense of humor we will forever cherish in our hearts.

RONALD BEARE, Director, Parelmo

Sustainability and innovation in our companies, as well as the utmost empathy for the concerns of employees, were not just buzzwords for Prince Constantin but deeply-felt matters close to his heart. I also particularly appreciated his cheerful disposition. The opening of our first two wind turbines, as well as our shared hunting trip in England, are two highlights of our wonderful time together.

HANS JÖRG DAMM, Director, Wilfersdorf Estate and Forestry Operations

I admired Prince Constantin’s authenticity and the passion with which he continued to develop our business operations. His humorous manner, which always brightened up our meetings, will also be much missed.

CHRISTOPH HARTLEITNER, Managing Director, LIECO Austria

I have very fond memories of my always amicable conversations with Prince Constantin back in his former office at the Alserbachpalais where, among other things, we launched the current “Palais Liechtenstein” brand together.

ERICH URBAN, Director, Real Estate Vienna

I have many fond memories in my mind of Constantin’s visits to RiceTec’s R&D sites and his commitment to understanding how we, the scientists, breed hybrid rice. We will miss his kindness and sense of humor, as well as his encouragement and guidance, supporting us on the path of success.

DR. JOSÉ RÉ, RiceTec’s former Global Head of Research & Development

He was a man of statistics, but he also loved sport, especially soccer and tennis. He was an enthusiastic drummer, too. I had to pull out all the stops to get tickets for the Rolling Stones. Tino was a uniquely refined, empathetic person. I miss him every day.

REGINE STORNIK, Assistant to the CEO

Prince Constantin will be remembered for his great attachment to people, his humility, kindness and vision.

AJAI RANA, RiceTec Business Head, Asia Pacific

I will always remember my time working together with Prince Constantin, with his warm and appreciative manner. His interest in operational processes and his typical question at budget meetings: “Is this a must-have or a nice-to-have?” made him a valuable counterpart for me when weighing up operational decisions.

HELMUT RINNHOFER, Managing Director, Kalwang Forest

From childhood, he had a strong connection to the area around Kalwang. We regularly spent time together for a few days each summer; in nature he could really switch off, I could see that. He always had an open ear, and we always interacted as equals. I will miss Prince Tino.

WERNER

RÖSSL,

Head Gamekeeper, Kalwang

Forest

Around five years ago, I had the pleasure of supporting Tino in my role as the first employee engaged in setting up the Liechtenstein Group, working intensively with him on our first transactions. After a long day’s work, we often shared a glass of wine, chatted and laughed a lot. We have Tino to thank for the fact that Liechtenstein Invest, with its highly-motivated young team, exists in its current form today.

STEPHAN LANGER, Investment Director, Liechtenstein Invest

Tino was a pleasure to work with, a talented business leader and a fine person. He is greatly missed.

ERVIN SHAMES, Member of the Supervisory Board

I valued Constantin’s unique blend of fairness, passion and inspiration across cultures. This is evidenced by both his redoing of South America and introducing RiceTec to India and his addition of several new companies to the Liechtenstein Group’s strong portfolio of businesses.

EDWARD SHONSEY, Member of the Supervisory Board

THE LIECHTENSTEIN GROUP

Austrian heritage, global presence

COMPANIES IN THE LIECHTENSTEIN GROUP

INVESTMENTS

→ RICETEC

→ US SENIOR LIVING HOUSTON, USA

→ HUNTER REAL ESTATE

→ ELV ASSOCIATES BOSTON, USA

→ RICETEC

→ PARELMO

URUGUAY

BRAZIL

→ LÜRSSEN (LIECO)

→ TREEVA (LIECO)

→ TESVOLT GERMANY

→ RH Ô NE REAL ESTATE SWITZERLAND

→ GLIDE ENERGY

→ GREEN UNIVERSE AGROGROUP

→ VALLE DEL GUADIANA 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

→ RESTAURANT TORKEL VADUZ, LIECHTENSTEIN

→ LIECHTENSTEIN GROUP AG

→ LIECHTENSTEIN INVEST GMBH

→ REAL ESTATE VIENNA

→ L-RECYCLING VIENNA

→ KALWANG FOREST

→ RENEWABLE ENERGY HYDROPOWER

→ LIECO KALWANG, STYRIA

→ PV-INVEST KLAGENFURT, CARINTHIA

Our portfolio of companies and investments

Embracing an innovation mindset

It has been an eventful year for the Liechtenstein Group. CEO Johannes Meran offers insights into the Group’s general investment strategy and business successes, as well as reflecting on sad times.

Interview by Karin Pollack.

At the Liechtenstein City Palace in Vienna’s inner city, a lot is happening this particular Wednesday. A truck is in the process of unloading large wooden frames, while the concierge directs delivery agents and manages to dodge a car attempting to reverse into a parking lot. Anyone visiting Johannes Meran will not enter the Palace via the Grand Staircase, but via a small, unremarkable entrance door. The Liechtenstein Group offices are on the third floor, where everything is unostentatious, functional and brightly lit.

First question, straight up: how was business in 2023?

JOHANNES MERAN: Very good in general. You see, we operate in many different verticals around the globe. In this respect, the challenges we face are slightly different everywhere. Our specific investments are in agriculture, forestry, renewable energy and real estate. On the one hand, we manage companies that have been owned by the Liechtenstein family for many decades, if not centuries, while, on the other hand, we also make substantial investments in those same verticals. From a business perspective, I am pleased to say that we can look back on a positive year.

Where are new priorities being set?

As a Group, we have a very global orientation and invest in companies around the world that fit with our portfolio. Where we are invested in a business, we consequently also provide active support in relation to the management or further development of the business. Here, our focus is very clearly on innovation. In addition, sustainability is a key issue for us. We think long-term and – in line with the priorities of the Liechtenstein family – across generations. It lies in the nature of things, you might say. After all, our aim is to ensure that the industries in which we operate are fit for the future.

How much does climate change trouble you?

Climate change is a major challenge for everyone, but our verticals are particularly affected, specifically agriculture and forestry. Here, global warming is not an abstract concept but an ever-growing problem. In our verticals, however, we have always thought in terms of very long timescales. If you plant a tree, you have to wait decades before you can harvest it. We continue to take this long-term view, but we are having to adapt our practices. That means innovation. We need to embrace a different mindset.

Does this mean the use of high-tech methods?

Maybe, but not necessarily. Quite often for us, it’s simply about changing practices in agriculture and forestry. This might mean that we stop doing things that were established practice for decades.

Can you give an example of this?

No-till farming, meaning direct seeding without tillage, is a trend in agriculture. Dispensing with heavy tillage

prevents erosion and increases humus content and ultimately also soil fertility. This also involves a change of mindset. We see this particularly in relation to rice cultivation, since this is an area in which we are truly revolutionizing things – using ideas that we are convinced will bear fruit over the coming years. What activities in the field of rice cultivation are you referring to?

Specifically, I am referring to our rice seed company, RiceTec. We have developed hybrid rice seed that is significantly easier to grow than would be the case using conventional methods. When we think of rice-growing, many of us have a picture in our minds of flooded rice fields. In an initial stage, the rice is germinated in water. Once this is completed, it is transplanted, but then put back under water in order to control weed pressure.

So what can RiceTec do?

The seeds can be directly sown, meaning they do not have to be transplanted. In addition, our scientists and researchers have managed to breed herbicide tolerance into the rice using classical breeding methods. RiceTec has developed a fully-integrated cropping solution for directly seeded and herbicide-tolerant rice. Rice is one of the most important staple foods in the world. We are convinced that directly seeded, herbicide-tolerant rice will play a key role in feeding the world’s population during times of climate change.

Why?

Conventional rice cultivation using flooded fields produces a great deal of methane, one of the world’s most powerful greenhouse gases. The seeds we have developed not only enable significant water saving, but they also contribute to a reduction in methane emissions and thus help minimize global warming. This brings together a lot of things that are important to us here at the Liechtenstein Group.

Where is this already happening?

We have been very successful with these products on the North American market for several years, where hundreds of thousands of hectares are already cultivated using this technology. Now, these products have just also been approved for our Indian RiceTec operations, so we are bringing what we believe to be a very relevant product to the Indian market. We have set up appropriate structures there and have local managers at the locations in question who we can rely on. For we also know that changing to new cultivation methods is only possible with the involvement of local people. They are the ones who drive change. On top of that, we have also expanded RiceTec’s management team, which we expect to generate additional momentum.

For those who don’t know, where else does the Liechtenstein Group have operations?

Our headquarters, with the investment team, are in Vienna. We operate across four continents, including Europe, of course. For example, apart from our Austrian origins, we are also currently very active in Spain, where we have invested in an avocado farm and the biotech company Green Universe Agriculture. In addition, we are invested in Israel, where we have a stake in N-Drip, an irrigation

company. In Germany we have a successful partnership with TESVOLT, a battery storage producer. These are just a few of our many investments.

What is your focus when it comes to new investments generally?

Typically, we look for companies that already have a successful market presence with a particular product but that also need financing to be able to continue growing. Experience has shown that these are mostly young companies with turnover of over EUR 5 million. Ideally, we are able to use existing synergies between our portfolio companies. One example of this is N-Drip, whose drip irrigation solution could also be used in rice cultivation and where, through a joint venture with RiceTec, we are adapting N-Drip’s technology to rice growing.

Let’s talk about your existing verticals: what did the Liechtenstein Group achieve in agriculture in 2023?

Apart from our successful farms in Austria and Uruguay, we have launched several exciting initiatives. Firstly, we developed a model farm concept in Wilfersdorf for testing new technologies and cultivation methods. This project is monitored by a scientific partner and the results will be published in order to create added value for the community

Rice cultivation without flooding the fields

as a whole. Secondly, we are investing in sewage sludge recycling for the production of biochar as a fertilizer for agriculture. What’s interesting about this from a business perspective is that it brings together a number of our different verticals.

What do you mean exactly?

The EU has adopted a new Directive governing sewage sludge. Farmers are no longer allowed to put it on their fields, even though this sludge also contains phosphorus, which is essential for plant growth. The aim, therefore, is to extract this valuable raw material, phosphorus, from the sewage sludge. Our company L-Recycling does this using pyrolysis, with energy generated from photovoltaics. We are currently in the process of overcoming the many bureaucratic hurdles facing this project.

What are the Liechtenstein Group’s priorities in the forestry sector?

We are clearly on a trajectory of expansion in this vertical. Reforestation is the big topic of the day. Our company LIECO produces almost 30 million forest seedlings annually, as well as offering various services along the forestry value chain. Over the past few years, we have

built a digital platform. In this area, there really are some promising tools for supporting foresters.

What projects are ongoing in the renewable energy vertical?

Here, we invest in both hard assets and technology and services generally. Specifically, these are photovoltaic systems and wind turbines. However, if the energy transition is to succeed, electricity storage systems will play a vital role. This is why we joined forces with Wittenberg-based company TESVOLT, which is playing a key role in the energy transition.

These are ambitions that the EU is attempting to implement as part of the Green Deal. How do you view the Deal?

In principle, we take a positive view of the Green Deal, as it is currently triggering a very positive dynamic in our verticals, boosting our operations and hopefully bringing new investment opportunities. The “background noise,” so to speak, is the very substantial reporting requirements, which are currently also placing a lot of demands on us as a business. It is good that the regulations are bringing more transparency, but at the outset, there is a huge amount of work involved.

Forestry in the 21st century - using computers as tools

What do you think should happen in terms of sustainability over the next five to ten years?

In my view, politicians need to deploy the right incentive schemes and create an attractive regulatory framework, for example fewer bans and more incentives. The Americans, in my opinion, are doing a much better job in this regard.

What do you mean?

To give you an example, in some European countries renewable energy subsidy schemes have recently been abolished and given the changes in interest rates, increases in required capex, and supply chain issues, the sector is going through massive volatility, which is leading to delays in the build-out of new renewable energy generation capacity. We cannot afford these delays! In the light of accelerating climate change, more needs to be done to ensure that the energy transition, through the build-out of renewables, is actually happening. Governments need to create the regulatory environment, if need be through appropriate incentive schemes, but certainly through speedy and transparent approval processes, so that investors and entrepreneurs can get to work. Here at the Liechtenstein Group, we want to make an active contribution in all of our four verticals to achieving climate goals, but we need the regulatory environment to provide a stable and reliable framework in which we can operate and achieve attractive and fair returns.

We haven’t talked about your fourth vertical yet. How are things going with real estate?

There was less of a focus on real estate between 2020 and 2023 compared with other verticals. The real estate markets were at a peak, and we did not consider real estate investment to be a very attractive prospect. We did get involved in a number of real estate development projects in the US, but we believe that the tide will also turn again in Europe. Interesting opportunities will return here, too.

How will things continue in terms of personnel following the death of Prince Constantin?

Transitioning from fossil fuel to renewable energy

Prince Constantin’s death was a great shock to us all. It has hit us hard as a group, as well as individually, as employees, colleagues and friends and, of course, this has consequences on many levels. It was important to ensure the continuity of the Liechtenstein family. And in that respect I am very pleased that Princess Tatjana has been appointed as a new member of the Liechtenstein Group Supervisory Board. She will represent the family’s values on our board and contribute her expertise. Before Prince Constantin’s death, we took further key personnel decisions together with him during the second half of 2023, and these will strengthen us going forward. I am therefore glad to have been able to welcome investment expert Jonathan Feuer and biotech expert Kay Kuenker on board. In addition, Tony Morgan will join our investment team as Chief Investment Officer from April 2024.

And what next?

We are looking at a number of new and interesting companies, and the Liechtenstein Group itself has exciting organizational growth plans. I think we are very well placed for the year ahead, both as a team and as a Group, and that we are in a position to drive our projects forward at full pace. There is certainly a lot to do. And we have plenty of ideas too! ■

PODCAST

You can listen to the entire interview also available as a podcast on our website.

800

MWP CAPACITY IN DEVELOPMENT

111

MWP INSTALLED CAPACITY*

176

GWH ELECTRICITY PRODUCED*

Renewable Energy

KEY EVENTS: New investment in joint venture with Glide Energy

LATEST NEWS: Challenges in expansion of renewable energy across Europe

LOOKING AHEAD: Sewage sludge recycling for phosphorus production

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 environmentally 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.

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.

Employees: 270

Markets: Europe, Africa, Australia, Latin America

www.tesvolt.com

PV-Invest builds photovoltaic power plants in Europe.

Employees: 42

Markets: Austria, Italy, Slovenia, Greece, Germany, France, Hungary and others

www.pv-invest.com

WIND POWER HYDROPOWER

Austria

19 wind turbines on our own land, 2 of which are under our own operation

Installed capacity for own operations: 8.4 MW

Austria

7 small hydropower plants on our own land

Installed capacity: 4.3 MW

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

Employees: 7

Market: Europe

www.l-recycling.com

Spain

Joint venture with Glide Energy to develop photovoltaic and battery storage projects: >150 MWp

www.glide-energy.com

Into the sun

The Liechtenstein Group is investing in Spanish solar PV developer Glide Energy – with plans for 150 MWp photovoltaic projects.

For generations, the Liechtenstein Group has been investing in sustainable and innovative business models and, through its entrepreneurial activities, the Group is doing its part to help overcome global challenges such as the energy transition.

At the beginning of 2023, the Liechtenstein Group entered into a joint venture agreement with Spanish solar PV developer Glide Energy aimed at developing several photovoltaic and battery storage projects in Spain comprising a total of at least 150 MWp. For the Liechtenstein Group, this investment represents yet another contribution to the energy transition and a further step toward creation of a diversified portfolio of renewable energy projects.

For a better contextual overview, a few key facts are worth mentioning. According to the International Energy Agency’s World Energy Outlook 2023, global energy demand is expected to continue climbing until 2050. While the share of coal, oil and natural gas in the global energy supply is currently still 80%, this is expected to fall to 73% by 2030, according to the IEA. In the field of Renewable Energy, the Liechtenstein Group focuses on wind energy, hydropower and photovoltaics – areas in which we have many years of investment experience and in which we are now building a strong, diversified project portfolio.

INTO THE SUN

So why Spain? This southern European country has one of the largest solar resources in Europe – with up to 2,000 MWh/MWp, on a par with southern Italy and Greece. Furthermore, Spain also has an adequate

SPAIN‘S

electricity infrastructure, and this is constantly improving as the expansion of renewable energy evolves. Currently, photovoltaic systems account for approx. 10% of installed capacity in Spain, and this share is expected to increase to approx. 24% by 2030. The joint venture with Glide Energy will be part of this massive expansion and help accelerate the success of the green energy transition.

However, the efficient development of high-quality renewable energy projects also requires strong local experts who are familiar with the development process and the regulatory environment. In the two founding partners of Glide Energy, Marcos Sebares and Raquel Gadea, along with their team, we have found experienced partners for the implementation of such projects.

WITH ENERGY

Founded in 2018, Glide Energy focuses on the development of solar and wind projects on greenfield sites in Spain, handling every stage of development up to the point of construction readiness. The company’s two founding partners have forty years of industry experience between them, first at Banco Santander, where they established the renewable energy investment division, and then at Cubico Sustainable Investments, with a total transaction value of USD 3.8 billion and an installed capacity of >3 GWp in renewable energy projects. This investment is fully aligned with our investment strategy. The potential of the Spanish market is promising, and we look forward to working with Glide Energy in the coming years.

HOT STUFF

Why Spain offers ideal conditions for photovoltaics

• One of the most plentiful resources of solar energy in Europe, with up to 2,000 MWh/MWp

• Sparsely-populated land, much of it easily accessible and available cheaply

• Adequate electricity infrastructure, which will be improved with the development of renewable energy, allowing for further development in future

• High degree of industrialization and availability of skilled labor

Turning Spain's hours of sunshine into energy

The challenge of the energy transition

Everyone is talking about the energy transition, but the Liechtenstein Group is actually working to achieve it. In terms of geography, bureaucratic structures and grid capacity, the background context differs from country to country across the EU; indeed this is where the challenges lie. However, such challenges can be overcome, wherever they are.

Europe is at a crucial point in the energy transition. The European Union is aiming to become climate-neutral by 2050, and this means a significant expansion in renewable energy for power generation. Key technologies, such as solar energy and wind power, are at the heart of these efforts. They also contribute to the diversification of energy sources and the strengthening of Europe’s energy independence.

Despite a clear consensus on the importance of renewable energy, different European countries face different challenges. These range from geography and climate to regulatory framework and infrastructure. The Liechtenstein Group operates in the vertical of renewable energy in several European countries. Successful implementation of PV and wind power projects requires in-depth knowledge, as well as the capacity to adapt to the myriad of different framework conditions.

For Günter Grabner, Managing Partner at PV-Invest, the implementation of PV projects across Europe is always dependent on the same three prerequisites:

• A suitable plot of land that is not shaded

• Zoning laws and official permits: depending on the country and size of the PV power plant, various different permits are required in varying numbers

• A connection to the public power grid.

Besides Austria, PV-Invest is primarily active in Italy, Slovenia, Greece, Germany, France and Hungary. “The challenges vary from country to country,” says Günter Grabner. In Greece, for example, it is not difficult to find suitable sites for smaller PV power plants with just a few MWp, as these sites are usually less valuable for agricultural purposes than in countries such as Austria and, moreover, the country is less densely populated. To put it in figures: Greece has 79.4 inhabitants per km², while Austria has 108.6. However, the situation is more difficult with larger PV power plants, as the land ownership structure is mostly very fragmented and, consequently, contracts often have to be concluded with up to 100 owners for a single PV project.

SPECIFIC NATIONAL CONSIDERATIONS

Another unique feature of the situation in Greece is that land that has suffered from fire in the past is excluded from development for decades thereafter. Furthermore, during excavation work, archaeological finds must always be expected to be discovered, which then leads to an indefinite suspension of construction, since the project operator is then obliged to finance the archaeological exploration work.

"The challenges vary from country to country"

GÜNTER GRABNER

PV-Invest

"Many PV projects fail because the electricity cannot be fed into the public grid.”

HANS JÖRG DAMM

Wilfersdorf Estate

“In Italy, we mainly face bureaucratic obstacles in connection with obtaining permits,” says Philipp Colleselli, Managing Partner at PV-Invest Italia. The reason for this is mainly “NIMBY” (“Not In My Back Yard”) and “NIMTO” (“Not In My Term of Office”) objections*. Project approvals, especially in the regions of Puglia, Basilicata, Sardinia and Sicily, where 75% of outstanding projects are concentrated, are hampered by the high number of both projects and applications for connection to the public electricity grid. By 2030, Italy plans to have expanded its renewable energy by around 70 GW. However, at the end of 2022, Italian grid operator Terna had already received applications for 303 GW. The introduction of a simplified approval procedure has already made things somewhat easier in this regard.

“Spain offers ideal conditions for the use of wind and solar energy,” says Raquel Gadea, founding partner of Glide Energy. The reasons: a high level of solar radiation, available network capacity and vast areas of land. The development of effective energy storage is thus key to realizing the full potential of Spain’s rich solar energy and wind resources and ensuring a reliable supply of renewable energy. Furthermore, Spain’s large agricultural and livestock sector offers immense opportunities for the development of biomethane and other renewable gases.

* "Not In My Back Yard" describes the attitude of residents and local action groups who object to having infrastructure facilities or plants in their community. Their opposition is often based on concerns to do with environmental impacts, property devaluation or a reduction in quality of life.

In Austria, where the Liechtenstein Group has PV, wind and small hydropower operations, only just under 6% of electricity produced is currently generated from solar energy. By 2030, it is planned that capacity will increase to 21 GWp. Drawing on a combination of solar, hydropower, biomass, wind and geothermal energy, by that time Austria would then be able to meet 100% of its electricity needs from renewable energy sources.

ACHIEVING NEUTRALITY

However, according to forecasts by Photovoltaic Austria, at least 40 GWp would have to be derived from photovoltaics in order to achieve the declared objective of climate neutrality by 2040. Only half of the necessary systems can be erected on buildings; the rest will need to be set up on open ground. This will require an area of around 20,000 hectares. Hans Jörg Damm, Director of Wilfersdorf Estate and Forestry Operations, with responsibility for the Liechtenstein Group’s wind power plants and solar energy projects in Lower Austria, stresses the need to remove bureaucratic hurdles and expand the power grid further:

“Greater efforts in PV expansion, a clear political commitment to ground-mounted systems and incentives for PV systems in the agricultural sector (agri-PV) will be needed to meet climate targets. In addition, there is also a need to simplify the rezoning process for PV sites and the grid connection process. Many PV projects fail because the electricity cannot be fed into the public grid.”

In the political sphere, the expression "Not In My Term of Office" refers to policymakers who, fearing protests, attempt to postpone dealing with an issue until the time of a new government or after their term of office has ended. This tactic makes it possible to avoid unpopular decisions and shortterm political inconvenience.

FULL FORCE

However, a massive expansion is absolutely essential in the field of wind power, too. At the end of 2023, Austria had approximately 1,400 wind turbines with a capacity of around 3.9 GW. More than half of all wind turbines are located in Lower Austria, where the Liechtenstein Group is one of the turbine operators, having leased land to other operators as well. By 2030, the number of wind turbines in Austria needs to be doubled and total wind power production tripled in order to achieve the goals of the Austrian Renewable Energy Expansion Act.

In addition to these specific challenges facing solar and wind power, Helmut Rinnhofer, Managing Director at Kalwang Forest, points out the role of small-scale hydropower in Austria. In Styria, the Liechtenstein Group operates seven small hydropower plants with an installed capacity of 4.3 MW. In 2023, this generated around 18.5 GWh of electricity, enough to supply around 6,200 households on average. This form of renewable energy contributes to regional energy independence, domestic value added and a more stable power grid, since hydropower is not subject to abrupt fluctuations. However, the operation of small hydropower plants also comes with high costs: “The free flow of rivers and streams and the improvement in water ecology are being steadily enhanced through actions such as the introduction of new types of fish ladders and residual water monitoring, plus additional measures to support the environment. However, these are associated with high costs and lower margins for power plant operators.”

The significant expansion in electricity generation from renewable energy, together with strong political support, has cut the

costs of generating wind and solar power by more than 80% since 2010. However, much of this growth in developed economies occurred during the period when central bank base rates were below 1%.

HIGHER INVESTMENTS

Since 2022, interest rates have climbed to nearly 5% and annual inflation has peaked at over 10%. The effects of this new macroeconomic environment are multifaceted. Firstly, supply chain issues and inflation have increased investment costs, particularly for wind power plants. Secondly, higher interest rates have increased financing costs for capitalintensive, variable renewable technologies. Thirdly, delayed policy interventions and licensing difficulties have led to a fall in renewable energy investment across Europe, resulting in less capacity reaching the grid. The fact is that governments had assumed that the cost reductions of the past decade would continue.

The multiple challenges and opportunities presented by the expansion of renewable energy in Europe require bespoke approaches and solutions. Continuous dialogue between provider companies, politicians, governing authorities and the public is required in order to help establish the necessary framework conditions for the energy transition. The urgency and importance of this task are undeniable in the face of global climate change and the need for a sustainable supply of energy. The Liechtenstein Group is positioning itself as a key player in this process and actively contributing to the achievement of climate targets. ■

“The free flow of rivers and streams and the improvement in water ecology are associated with high costs and lower margins.”

HELMUT RINNHOFER Kalwang Forest

Where there’s muck there’s brass

In the Renewable Energy sector, the Liechtenstein Group is launching innovative, environmentallyfriendly projects. Jürgen Jelly, Managing Director of L-Recycling, and Günter Grabner, Managing Director of PV-Invest, talk about the role of waste as a source of raw material, the Green Deal and the benefits for skylarks.

Interview by Karin Pollack.

Jürgen Jelly, CEO L-Recycling

Thesmall market town of Straß is located in Styria, 35 minutes from Spielfeld. It lies in a sunny, wine-growing region. As in many municipalities of Austria, the locality also has a sewage treatment plant that filters contaminants of all kinds with the aim of keeping bodies of water – such as the nearby River Mur – and the groundwater clean. In Straß, the Liechtenstein Group is currently planning a solar-powered sewage sludge recycling plant, a forward-looking environmental project that combines wastewater management, agriculture and the supply of energy. This is very much in line with the European Union’s Green Deal, which aims to reduce CO2 emissions, use the sun as an energy source and reduce transportation distances. The planned PV plant will even also promote biodiversity, since particular birds and insects thrive in shady meadows. At the heart of this project, however, is a rather unsightly black mush. It may be waste, but at the same time it is a valuable resource, an example of how the future could look.

My first question is a straightforward one:

Who came up with the idea of using sewage sludge as a resource?

JELLY: Clean water is a very important resource. The fact that Austria has a total of 1,869 wastewater treatment plants represents an immense achievement. They help keep natural bodies of water clean. People take this so much for granted that most of us no longer even give a thought to where the water we use goes. As a team, we have been operating in the wastewater industry for a long time, and specifically in wastewater treatment plant construction. The waste product from wastewater treatment plants is sewage sludge. We know that this contaminated sludge generated is a problem. And so we have developed a solution.

What are these contaminants exactly?

JELLY: Sewage sludge is a mixture of water and solids, both organic and inorganic. It contains toxic heavy metals such as lead and mercury, pharmaceutical residues, microplastics and surfactants, to name just a few of these contaminants. However, the contents of sewage sludge are not all bad, since it also contains phosphorus, which is a valuable raw material needed in agriculture.

Why is phosphorus important?

JELLY: In addition to calcium, phosphorus is an important mineral for energy metabolism in cells. It is vital for animals and plants alike. The phosphorus in sewage sludge actually comes from us humans and ends up in the sewage sludge via wastewater. And until now, this sewage sludge has been used as an agricultural fertilizer, since phosphorus is essential to plant growth.

Günter

CAPACITY OF PLANNED L-RECYCLING PLANT IN STRASS*

129,000 TONNES RECYCLED SEWAGE SLUDGE

17,412 TONNES BIOCHAR PRODUCED

2,386 TONNES PHOSPHORUS RECOVERED

14,828

TONNES CO 2 ** STORED IN BIOCHAR

*over a 5-year time horizon

**equivalent

So until now, this sewage sludge has been spread on the fields along with all the contaminants?

JELLY: Exactly. That’s one side of the problem. In the interests of a clean environment, the contaminants should ideally be filtered out before the sewage sludge is put on the fields. The fact that waste can be a resource is something that people still haven’t fully grasped.

GRABNER: Humans are part of biological systems. I come from the energy sector and, before I got involved in wastewater issues, it wasn’t on my radar at all. My favorite example is bananas: they contain a lot of phosphorus, and we humans excrete it. Now I always think of that whenever I eat a banana. We humans are part of very complex cycles.

JELLY: At the moment, the situation is that all the economic sectors needing phosphorus import it from Russia, China or Morocco, because these are the countries where the main phosphorus deposits are found. This creates a dependency that just isn’t necessary, because phosphorus is availably locally in sewage sludge. The EU produces 55 million tonnes of sewage sludge each year, and our idea is to make use of it. Indeed, the EU has already regulated the recovery of phosphorus from sewage sludge, and the legislation is set to be implemented throughout the EU by 2029.

Why has it taken so long?

JELLY: Because it wasn’t needed until now. However, the EU’s Green Deal is triggering multiple changes in terms of legal requirements, which in effect consist of lots of minor adjustments. For example, the legislation states that soil contamination with heavy metals must be reduced, and so conventional sewage sludge can no longer be spread on the fields in the same way as before. This means that not only the agricultural industry but also the municipal authorities in charge of sewage sludge disposal need to act.

Are there any losers in this transition?

JELLY: Until now, sewage sludge has been incinerated in cement works for a fee. However, just like every other company, cement works now need to cut their CO2 emissions, too. The co-incineration of phosphorus will soon be banned in any event because it is needed as a raw material. The approach adopted by the Liechtenstein Group is to offtake the sewage sludge from the municipal authorities for a gate fee. This means that we simultaneously avoid the need to ship sewage sludge all over Europe, which has typically been the case up to now, with some sludge even heading for destinations outside the EU.

What are the finer details of the Liechtenstein Group’s solution?

JELLY: We construct our recycling plants directly next to the sewage treatment plants and so have a very local solution that avoids the need to transport the sludge anywhere. The product we produce is biochar which, mixed with other types of biomass, can be used as an agricultural fertilizer. And, incidentally, the biochar also stores carbon and so reduces air pollution.

Does this make it a circular economy process?

JELLY: Exactly – we are turning waste into a resource. And that is also the aim of the Green Deal, which will be promoted over the coming years. The EU is providing positive input by giving weight to such principles.

But the incineration of sewage sludge also needs energy, doesn’t it?

GRABNER: This is where our company, PV-Invest, comes into play with its photovoltaic systems. We are in charge, as it were, of the heating process, and for this we use the power of the sun, which is climate-neutral.

How exactly does pyrolysis work?

JELLY: First, the wet sewage sludge is dried and then we heat it to a temperature of up to 850°C in the absence of oxygen. At this temperature, the pollutants turn into gases. These gases are then burnt and not emitted into the air. At the end of this process, we obtain biochar in the form of black pellets containing phosphorus, in which carbon is also stored. Since the plant is in operation 24 hours a day, we also need an energy supply around the clock. In order to operate the system at night, PV-Invest is planning to integrate battery storage systems manufactured by TESVOLT, which is also a Liechtenstein Group company.

So does it work even when the sun isn’t shining?

GRABNER: In principle, yes. However, on short winter days or during longer periods of bad weather, electricity can also be drawn from the grid. With the pilot project in Straß, we want to show what is possible and supply the recycling plant with 3,000 MWh of electricity for pyrolysis using a 7-MWp (megawatt peak) photovoltaic power plant generating 8,000 MWh of electricity. A further 2,000 MWh is needed to operate the wastewater treatment plant itself. The excess electricity produced during the day is stored in the battery system and supplied to the recycling and sewage treatment plants at night. The surplus is then fed into the local power grid. This represents a concept for the energy supply of the future.

How much surface area does solar power need?

GRABNER: A PV power plant with a 1-MWp capacity produces about 1,100 MWh of electricity per year. This requires one hectare of land.

Doesn’t soil compaction occur in these circumstances?

GRABNER: You hear that a lot, but it’s not true. Photovoltaic panels are not placed on the ground, nor do we use concrete to anchor them. In this respect, there is no soil compaction. On the contrary: under the panels, new habitats are created for animals that like shady meadows – such as lizards and slow worms, along with grasshoppers or species of beetle. In areas with photovoltaic systems, for example, the skylark also finds an ideal habitat. The skylark breeds in meadows and its young don’t hatch until early summer. However, since farmers mow their meadows as early as May, the nests are mostly destroyed. Under photovoltaic systems, they are protected, and in this way PV plants also contribute to biodiversity. Apart from that, sheep also appreciate the shade the panels provide. In addition, there are opportunities for the Liechtenstein Group for crop cultivation using agriPV solutions.

To what extent are you engaged in pioneering work?

JELLY: It’s pioneering in the sense that we have solutions for the Green Deal that are more relevant today than ever before. Until recently, no one saw the need to rethink, but that’s changing. And we are at the forefront with innovative solutions.

GRABNER: We are in a transition phase, and changes always come with a rethink. In addition, multiple bureaucratic steps are always required, for instance obtaining permits for plant construction or the re-zoning of land. In Austria, this is regulated very much at federal level, with each federal state having a different process. However, EU requirements are strict and the realization is slowly setting in that enough land must be made available.

JELLY: From an environmental point of view, it’s a win-win situation, firstly for farmers interested in having crops that flourish in soils containing as few pollutants as possible, who can use regionallysourced biochar instead of artificial fertilizer from large international corporations. Incidentally, the biochar also stores water, prevents soil erosion and is essential to the formation of humus. Farmers know this.

Who else benefits, and who doesn’t?

JELLY: Municipal authorities benefit, because they are mostly responsible for water management and are required to dispose of sewage sludge. Many mayors are therefore showing considerable interest, especially because we will specifically be setting our plants up in rural areas, in other words where there is also land available for the PV systems.

GRABNER: To paraphrase Seneca: it’s not that we have too little energy, but there is too much energy that we are not using. Politicians are calling for cheap electricity, and electricity from the sun is the cheapest electricity.

JELLY: But there will also be many changes in the way we manage waste today. Cement works will no longer be paid for incinerating sewage sludge, and sewage sludge haulers will see their contract volumes decrease. If we solve things regionally, established processes will slowly become obsolete.

What are your intentions?

JELLY: The model plant in Straß is scheduled to go into operation in the first quarter of 2025. Our objective is to install our systems at multiple wastewater treatment plants. Over the long term, we aim to establish these decentralized plants on a modular basis throughout the EU. The demand is there. In Germany and Austria alone, around 2 million tonnes of sewage sludge is produced annually, equivalent on average to the capacity of 100 L-Recycling plants.

GRABNER: PV-Invest is delighted to be supporting L-Recycling in its expansion, whether in countries new to us, such as Croatia or Estonia, or in countries such as Greece, where we already have PV power plant operations.

Who are your partners?

JELLY: We have the Vienna University of Natural Resources and Life Sciences on board, whose activities include biochar analysis. We are also working with Carbon Standards on biochar certification. Naturally, we want to be able to back up environmental impact claims with statistics. ■

Resource recycling

Sewage sludge pyrolysis preserves both important nutrients and carbon. By Gerhard Soja.

Nutrients such as phosphorus and nitrogen are the basis of plant growth, and organic carbon is essential for fertile soil. Both are present in abundant quantities in sewage sludge, which explains its attractiveness for use in agriculture. However, concerns about unwanted concomitants, residues of pharmaceutical drugs or pollutants in sewage sludge have necessitated the development of alternative forms of use.

The reliable removal of organic pollutants can only be guaranteed by pyrolysis or incineration of the sewage sludge. However, the residue from incineration, the sewage sludge ash, no longer contains any immediately available nutrient or organic carbon.

Pyrolysis, on the other hand, treats nutrients and carbon more gently. The phosphorus content of sewage sludge char can be made available to crops and plants as a slow-release fertilizer, nitrogen is at least partially preserved and the highly-condensed organic carbon remains bound in the soil as a carbon sink over the long term.

The pyrolysis of sewage sludge thus supports the recycling of critical resources such as phosphorus and helps combat climate change by sequestering carbon that would otherwise be released into the air as carbon dioxide.

PD DR. GERHARD SOJA, MSC. is Senior Scientist and Professor of Applied Plant Physiology at the University of Natural Resources and Life Sciences, Vienna. His research projects deal with climate change mitigation and adaptation, with a focus on soils and crops, nutrient recovery and recycling, the behavior of pollutants in the environment, soil remediation technologies and biochar as an environmental technology.

THERMAL DRYING

Sewage sludge is transferred to L-Recycling

Contains phosphorus and captured carbon

PYROLYSIS

All hazardous substances are removed; carbon and phosphorus remain

SEWAGE SLUDGE BIOCHAR

L-RECYCLING‘S PYROLYSIS PROCESS

Going online

Without sun or wind, there can be no electricity from renewable energy sources. However, TESVOLT’s large-scale storage solutions enable a steady supply of electricity 24/7. In this context, the EU Batteries Regulation is a driving force.

SIMON SCHANDERT Co-founder and CTO of TESVOLT AG on the EU Batteries Regulation

“We welcome this standardization and harmonization within the EU Single Market, as such measures have always led to better market conditions for all European market participants in the past. Moreover, they also create legal certainty.”

As renewable energy expands ever further, our energy system is facing major challenges. The relocation of power generation facilities requires additional transmission and distribution capacities. European electricity trading, the expansion of wind and solar power, as well as the liberalization of the electricity market are all factors playing into this. Historically, power plants were located close to the places where energy was consumed, and electricity flowed just one way: from major, centralized producers to multiple decentralized consumers. As a result of the growing use of renewable energy, we are seeing an increasing geographical divergence of energy generation and energy consumption.

In order to effectively integrate the increasing proportion of renewable energy into the energy system, the grid infrastructure needs to be adapted. The present grid does not currently meet the requirements of large-scale energy flows and feedback from the distribution grid to the transmission grid.

Expansion of the electricity grid is currently lagging behind that of renewable energy. In some regions, it is already impossible to accept and transmit all the electricity generated from renewable sources at any given time, and voltage

How it will look: Visualization of TESVOLT‘s new production facility in Lutherstadt Wittenberg, Germany

TESVOLT

limits in the distribution networks are repeatedly exceeded. Innovative concepts are therefore needed in order to enable dynamic voltage regulation. This is where (large) storage systems come into play.

International project developer Green Energy 3000 and TESVOLT have now implemented four joint projects, on the basis of which TESVOLT’s battery containers will be deployed in solar farms with a total capacity of 18.3 MWh. In this way, the combination of photovoltaics and battery storage will help ensure a more reliable and climate-friendly energy supply in the regions. Here, relieving the load on the power grid is not the only aim of the battery storage systems, since the stored electricity is also sold, for example through arbitrage transactions or participation in operating reserve markets.

INCENTIVES TO INVEST IN STORAGE SYSTEMS

In Germany, projects like these are being funded by the federal government through so-called “innovation tenders,” via which the German government regularly invites tenders for subsidized quantities of renewable energy generation with the aim, through hybrid systems, of improving grid and system security across the German power grid. As Philipp Schreiber, Project Manager for Large-Scale Storage Systems at TESVOLT, explains: “In order to ensure that innovation tenders remain an attractive instrument for project developers, legislative measures are required; there is an urgent need to address the fact that battery storage systems are currently not permitted to temporarily store electricity from the grid, i.e. bidirectional operation is not allowed. Only if this is changed will it be possible to make full use of available storage capacity. This would also provide a clear additional incentive to invest in energy storage, as operators would then be able to boost their profits by selling storage capacity. In turn, demand from project developers for higher feed-in tariffs would be eliminated.”

For the circular economy envisaged as part of the EU Green Deal, it is important that batteries are recycled after use and that as many component parts as possible are reused. In support of this objective, the European Union’s new Batteries Regulation came into force in August 2023. TESVOLT welcomes the new Regulation, the aim and purpose of which are as follows:

• To overhaul the management of battery waste: for the protection of the environment and human health

• To improve resource use/efficiency: promoting circular and climate-neutral practices, a toxin-free environment and long-term competitiveness, as well as the EU’s strategic autonomy

• To reduce greenhouse gas emissions: climate protection

As part of the EU Batteries Regulation, from February 18, 2027 every industrial battery introduced onto the market with a capacity of more than 2 kWh must have a digital battery passport. This will enable batteries to be tracked

Quality control at the end of production

and traced as well as provide information on the carbon intensity of the relevant manufacturing processes and the origin of the materials used, as well as battery composition, including raw materials and hazardous chemicals, plus repair, repurposing and dismantling operations and also the treatment, recycling and recovery processes to which batteries may be subject at the end of their lifetime.

EXTRACTING RAW MATERIALS

Since 2017, TESVOLT has been participating in the battery return system operated by GRS Batterien (Stiftung Gemeinsames Rücknahmesystem Batterien, Foundation for the Joint Battery Take-Back System). This means that TESVOLT pays a fee to GRS for each battery module placed on the market, ensuring that used batteries are collected free of charge in Germany, regardless of time and place. Recycling companies can reuse over 90% of a battery, recovering elements such as nickel, manganese and cobalt. Other countries are developing similar recycling schemes for lithium-ion batteries.

GRS BATTERIEN

The Foundation for the Joint Battery Take-Back System – GRS Batterien – operates throughout Germany and organizes the collection, sorting and recycling of used batteries. Financed by the disposal cost contributions of battery manufacturers and importers, GRS Batterien was founded in 1998 by the companies Duracell, Energizer, Panasonic, Philips, Saft, Sanyo, Sony, Varta and the German Electrical and Electronic Manufacturers’ Association (ZVEI).

In brief...

A view of Lake Wörthersee

PV-Invest building new HQ

PV-Invest is about to embark on an exciting new chapter in its corporate history; in 2024, the company will be moving into newly-constructed headquarters in Krumpendorf am Wörthersee. Prompted by uninterrupted growth and increasing staff numbers, the company has decided to invest in a new, modern building that also lends the company a visible presence. In all, four single-story buildings will be constructed, with a total floor space of over 550 m2. A particular highlight of the new location is the beautiful view of Lake Wörthersee. Relocation to the new premises is planned for summer 2024; construction work is already fully underway and on schedule. The decision in favor of the new office building underscores not only PV-Invest’s consistent growth but also the company’s commitment to ensuring an inspiring working environment.

The PV-Invest team is looking forward to the upcoming changes and to working at the new premises.

Krumpendorf am Wörthersee

Self-sufficiency

Clean electricity for the Princely Winery and Wilfersdorf Estate and Forestry Operations

In 2023, the rooftop PV system belonging to Wilfersdorf Estate and Forestry Operations was further expanded; at approx. 900 KWp, it now achieves around four times the installation’s previous output. Approximately 20% of the electricity generated is used by Wilfersdorf Estate and Forestry Operations and the adjacent Winery of the Prince of Liechtenstein, while the rest is fed into the grid.

Where the sun is shining

New license for agri-PV project in Hohenau

In 2024, Lower Austria’s largest agri-PV plant to date will be built by the Liechtenstein Group in Hohenau in a joint project together with ImWind, a wind power and PV developer. The license for the project was granted shortly before Christmas 2023, and the plant will have a capacity of 23 MWp, 7 MWp of which is to be installed and operated by the Liechtenstein Group on the Group’s own land. ImWind will also build and operate a further 7 MWp on land belonging to the Group, with the remainder of the installation on neighboring thirdparty sites.

From fall 2024, ImWind will be erecting a new wind farm in Loidesthal comprising 11 wind turbines, one of which will be on Liechtenstein Group land. The Group is taking a 50% stake in this particular turbine, which will have an output of 6.2 MW when it enters operation in 2025.

OUR INVESTMENT STRATEGY RENEWABLE ENERGY

“Our focus in the Renewable Energy sector is on infrastructure projects as well as investments in energy technology companies.

Firstly, these consist of wind and photovoltaic projects that we are initiating within Austria on our own land with the aim of operating the plants ourselves over the long term; secondly, we are building larger project pipelines in other European countries (wind, PV, hydrogen). As regards these international projects, we plan to get involved at an early stage in the development phase and, jointly with local partners, progress the projects to the point of construction readiness. While we have been active in countries such as Slovenia, Italy and Greece since 2021 with our portfolio company PV-Invest, in 2023 we additionally succeeded in establishing a similar partnership in Spain with Glide Energy.

When investing in energy technology companies, we are particularly interested in solutions that contribute to the energy transition. In addition to storage technology companies such as TESVOLT, our focus is also on services and products facilitating the decentralized energy system of the future. Intelligent digital network, smart grid and platform solutions enabling more efficient transmission of electricity are another important element when it comes to the success of the energy transition.

In line with our L-Recycling platform, which is already live, we are continuing to actively investigate the area of waste-to-energy techniques for converting organic and inorganic waste into usable energy, as well as companies dealing with waste recycling technologies for the recovery of scarce resources.”

FRANZ SCHALL Investment Manager Liechtenstein Invest GmbH

Bird’s-eye view: PV installation on the roofs of the estate buildings

25,000

TONNES OF CROPS HARVESTED

18,000

HECTARES OF AGRICULTURAL LAND

150,000

BOTTLES OF WINE PRODUCED

Agriculture & Food

KEY EVENTS: New investment in Valle del Guadiana

LATEST NEWS: Wines from the Princely Winery internationally acclaimed

LOOKING AHEAD: RiceTec aims to revolutionize rice cultivation

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

In the Agriculture & Food vertical, we focus our global activities on the production of high-grade food, as well as 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

Our Portfolio

RiceTec is a world-leading agritech business, specializing in science-based rice seed solutions.

Employees: 450 permanent, 280 casual

Area: 1.6 million hectares of commercial rice seed

Markets: USA, Mercosur, India; exports to countries including Belize, Colombia, Italy, Spain, Bangladesh, Vietnam

www.ricetec.com

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

Employees: 14-20, seasonally dependent

Production area: 2,500 hectares

Markets: Austria, Italy, Germany, Czech Republic

www.liechtenstein-wilfersdorf.at

Liechtenstein Organic Estate Operations have been producing high-quality, organically-certified food in Austria since 2023.

Employees: 1-3, seasonally dependent

Production area: 460 hectares

Markets: Austria, Germany, Switzerland

The Princely Winery comprises wine-growing estates in Austria and Liechtenstein that have been in the ownership of the Princely Family for over 500 years, as well as Restaurant Torkel.

Employees: 24

Production area: 38 hectares

Markets: Europe, Asia

www.hofkellerei.com

Parelmo is an agricultural business in Uruguay, comprising three farms and specializing in the production of high-quality grass-fed beef, maize, soybeans and merino wool

Employees: 22

Production area: 15,000 hectares

Markets: China, Europe, Israel, USA and others

Valle del Guadiana, based in Spain, is one of Europe’s biggest avocado producers.

Employees: 52

Production area: 460 hectares

Market: EU

www.valledelguadiana.es

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

Locations: Israel (headquarters), Australia, USA, Eswatini, India

Employees: 150

Markets: Australia, USA, India, Mexico, Italy, Spain

www.ndrip.com

GUA is a platform for R&D as well as the production and distribution of bio-organic solutions targeted at increasing the production and quality of crops.

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

Employees: 64

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

www.greenuniverse.es

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

Locations: Israel (headquarters), Brazil and Bulgaria

Employees: 75

Markets: Global

www.agritask.com

Environmentally-appropriate Avocados

Avocados are healthy, they taste good and are nutritious. The Liechtenstein Group has invested in a Spanish avocado farm and is helping overcome this green superfood‘s image problem through sustainable agriculture.

While the demand for avocados continues to rise, farmers are grappling with the challenges of growing the superfood sustainably. Within this challenging context, through its investment in one of Spain’s biggest avocado farms, the Liechtenstein Group is positioning itself as a sustainable-agriculture pioneer.

At the end of 2023, the Liechtenstein Group acquired a strategic stake in Valle del Guadiana, a 460-hectare avocado farm in the province of Huelva, southern Spain, an investment underlining the Group’s commitment to sustainable agriculture. Valle del Guadiana is one of the largest and most modern avocado farms in Europe and, due to its size, location and sustainable management, produces high-quality avocados with a much smaller ecological footprint than in many other avocado regions of the world.

Through the use of cutting-edge technologies, efficient water management, saltwater treatment plans, the use of microorganisms and the deployment of renewable energies, Valle del Guadiana is securing a sustainable, future-oriented operation. By 2029, the farm is expected to reach full production capacity.

Growing nutrient-rich fruits sustainably

Johannes Meran, the Liechtenstein Group’s CEO, explains the motivation behind the new investment: “The avocado is an impressive perennial crop that perfectly complements our existing agricultural portfolio. Valle del Guadiana excels on the basis of its efficient and sustainable operational management and offers an attractive production window spanning several months. Since demand for avocados in Europe is continuing to grow, we see this as an opportunity to not only expand our presence in an attractive market but also make a relevant contribution to reducing the environmental footprint of avocado production.”

REDUCING WATER CONSUMPTION

For the avocado has an image problem; it usually reaches our supermarkets from faraway locations – countries such as Chile, Colombia and Peru – and production is often associated with high water consumption. In Valle del Guadiana, water use is well below the global and even Spanish average due to efficient irrigation practices and good soil composition. Comparing this water consumption with other crops such as apples or maize, avocados from Valle del Guadiana are in the lower range. In addition, avocados score very highly in terms of nutritional value. The nutrients they provide include folic acid, vitamin K, vitamins D, B6 and E, as well as potassium and calcium. They are also rich in unsaturated fatty acids.

In short, the Liechtenstein Group’s investment in Valle del Guadiana shows how productivity and sustainability can go hand in hand – through innovative approaches and responsible action. Valle del Guadiana’s CEO is Antonio Marín: “We are delighted to be partnering with the Liechtenstein Group. The Group’s financing will allow us to invest in expanding and developing our operations and continue focusing on our strategy of producing high-quality avocados in an efficient and sustainable way.”

The avocado market has seen remarkable growth in recent years (with imports increasing by around 18% annually since 2015), driven by changing consumer preferences and greater awareness of avocado's many health benefits, which make it a global “superfood.” Forecasts point to continued annual growth of 15.5% over the coming years.

Compared with other crops, avocados from Valle del Guadiana use exceptionally little water (liters per kg)

Source: Mekonnen, M.M.; Gerbens-Leenes, W. The Water Footprint of Global Food Production. Water 2020, 12, 2696.

RICETEC

More Rice, less Methane

Rice cultivation is becoming sustainable. Thanks to hybrids, RiceTec is reducing both methane emissions and water consumption – and introducing new seed technology in India as well. With its Strategy 2035, the company is continuing on its successful path and achieving record profits.

The importance of rice transcends borders and cultures as it is a primary food source for billions of people around the world. As a staple food in numerous countries, rice provides a considerable proportion of daily calorie intake for a significant part of the world’s population. In many countries, rice cultivation also makes an important contribution to the economy, providing a livelihood to millions of farmers, as well as boosting agriculture, trade and employment opportunities along the rice value chain.

However, rice production faces challenges due to its substantial environmental footprint. Addressing issues such as reducing methane emissions and using water more efficiently, while ensuring high yields and quality, is critical to global rice cultivation.

OPTIMIZED SEED

RiceTec began its groundbreaking efforts in the realm of hybrid rice seeds in 1988, laying the foundation for its pioneering role in rice cultivation. Through the use of cutting-edge science and technology, the company has been making a major contribution to global food security ever since. Today, the company’s unwavering commitment to research and development is enabling superior yields with hybrid rice and allowing farmers to achieve higher profits and more stable incomes.

As the world’s only seed company dedicated exclusively to rice, RiceTec has a unique opportunity and responsibility to lead the way toward

“As a leading rice seed agritech business with a mission to lead innovation for sustainable rice management, we are committed to innovative solutions aimed at increasing the industry’s sustainability, productivity and profitability.”

KARSTEN NEUFFER CEO RiceTec

1.4

44

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sustainable rice farming. In order to better reflect the company’s ongoing successes, as well as its future efforts for sustainable rice cultivation, RiceTec has reformulated the company’s corporate vision and mission:

“Our vision is sustainable rice agriculture that creates more value for farmers, consumers and the planet. Our mission is to lead innovation for sustainable rice agriculture.”

With an eye to the future, RiceTec has developed its corporate strategy, Strategy 2035, which aims to expand and strengthen the company’s global impact. The focus on rice – as the single crop to which RiceTec is passionately committed – will be retained. The company will continue to concentrate on seeds and expand its range of hybrid seeds and traits in both existing and new markets. In addition, a digital product will be introduced offering farmers access to tools and solutions enabling them to additionally profit from their fields, for example through the monetization of methane avoidance, reduction of water consumption, certification of sustainably grown rice and, in India, access to mechanization.

BREAKING RECORDS

RiceTec achieved record growth in sales across all regions in 2023. Its US seed business achieved notable successes in 2023. These included the introduction of new genetics and the expansion of Max-Ace® (MA) technology, a rice cropping solution that offers benefits including unparalleled hybrid yields plus superior weed and grass control, as well as maximum crop reliability.

In India, 2023 saw a continuation of RiceTec’s efforts to grow rice more sustainably through direct seeded rice (DSR). With the company’s FullPage® technology, a rice cropping solution that will be available to farmers in India for the first time in 2024, the company is addressing current challenges such as excessive water consumption, greenhouse gas emissions, high manual planting costs, labor availability and weed pressure – factors that have a significant impact on yields and environmental sustainability.

INCREASING DEMAND

In 2023, the focus in India was on demonstrating FullPage technology in the field and offering support for the technology’s successful launch. Large-scale field trials had already begun in 2021 in the most important rice-growing regions. So far, 230 of these have been completed. Over 12,500 farmers and 100 scientists, as well as government officials, had the opportunity to experience on their own soil the difference between direct sowing using FullPage technology and traditional sowing practices (transplantation by hand to flooded fields). These field trials are not only increasing demand but also boosting confidence in the profitability of the technology for the Indian market.

In the Mercosur region, 2023 saw triple year-on-year growth in demand for RiceTec’s Max-Ace hybrid technology. The technology has proven particularly effective at controlling problematic weed growth, especially in instances where

other herbicides have shown limited efficacy. Growing interest among customers gives RiceTec an exciting opportunity to further expand its presence in the market.

DEVELOPING FURTHER

RiceTec’s R&D facility in India is located in the southern city of Hyderabad. In 2023, work began on construction of a state-of-the-art building complex in the city, to include offices, R&D labs, a seed-processing facility and an air-conditioned seed warehouse. It is worth noting that ecofriendly materials such as locally produced bricks, as well as solar panels and plenty of natural light, have been incorporated into the construction in order to minimize the environmental impact. At this research facility, breeders and scientists are working on new products that will enable the company to be an innovation leader in sustainable rice cultivation, both in India and other regions of Asia.

RiceTec has further strengthened its leadership position in the research and development of rice seed through the acquisition of a gene-editing technology, allowing RiceTec to expand its unique technology platform. Genome editing is a transformative tool in modern agriculture, enabling precise and targeted improvements in plant genomes. The application of this technology in breeding and trait development makes it possible for RiceTec to develop rice seed that is more resilient and higher-yielding, as well as better suited to the changing needs of rice farmers worldwide. ■

TECHNOLOGIES THAT HOLD THE KEY TO SUCCESS:

HYBRID BREEDING:

Hybrid rice is the result of crossbreeding rice using two genetically different parents, leading to a higher-performing product (e.g. higher grain yield, higher stress and disease tolerance, etc.)

DSR:

Direct seeded rice is revolutionizing traditional rice cultivation by eliminating the need to transplant seedlings from a nursery and instead directly sowing rice seeds into the field, optimizing the farm's efficiency and lowering cultivation costs.

FULLPAGE & MAX-ACE :

As priority herbicide-tolerant traits, they enable sustainable rice cultivation and rotation by providing protection against weeds, ultimately enhancing grower productivity.

Rice seed in the lab

Award-winning acreage

Wilfersdorf Estate Operations is awarded the DLG Certificate for Sustainable Agriculture once again

Good to the earth

Why the model farm at Wilfersdorf is pioneering

When it comes to sustainable innovations, Wilfersdorf Estate Operations have been at the forefront for decades, as evidenced by the company’s numerous international awards. The aim now is to steadfastly continue in this pioneering role on the path to more sustainable and regenerative agricultural practices. From 2024, part of the farm will be converted into a “model farm,” and space

Once again, Wilfersdorf Estate Operations is the only farm in Austria to have received a Certificate for Sustainable Agriculture from the German Agricultural Society (DLG). Recertification takes place every three years; after the DLG had revised its guidelines for the Certificate, this time the estate was analyzed as a test farm and awarded an outstanding average rating of 1.7.

The DLG “Sustainable Agriculture” program promotes sustainable agriculture, the supply of sustainable food and social acceptance. Sustainable agriculture is based on defined criteria for the four areas of “Economy,” “Ecology,” “Social Aspects” and “Management.” In this way, it is possible to document the sustainability profile of an agricultural business, either in its entirety or in separate parts, as well as sustainable food production methods.

for a whole variety of trials will be established over an area of up to 100 hectares. The aim is to experiment with new technologies – in the area of inputs, software and machines, for example – in order to find new ways of reducing chemical inputs and to develop biostimulants, micronutrients and more powerful hardware and software solutions (such as robotics or drones). In doing so, the Liechtenstein Group is looking to help scale up some of the world’s most interesting sustainable agricultural technologies. Support and scientific assistance for the project is provided by the Research Institute of Organic Agriculture (FiBL) and the results will be published.

From left to right: DLG president Hubertus Paetow, Director Hans Jörg Damm, Assistant Manager Stephan Agis

WILFERSDORF ESTATE OPERATIONS HARVEST RESULTS 2023

WILFERSDORF ESTATE OPERATIONS

LIECHTENSTEIN ORGANIC ESTATE OPERATIONS

Did you know that rice is grown in Austria too?

In 2023, in cooperation with Austrian company ÖsterReis, our Organic Estate Operations cultivated rice for the first time over a trial area of five hectares. The extreme summer drought meant a very low yield, but important findings were made for future cultivation. In the production of “dry rice,” fields are not flooded. This creates many challenges; for example, weeds have to be controlled until mid-July, since rice has a very slow juvenile development. The only reasonable way to implement the required intensive irrigation is through efficient and economical drip irrigation.

The joint project will be continued, as rice is a specialty crop and, in combination with drip irrigation, further experience can be gathered for other crops. With a yield of 1,000 kg, the contribution margin will also start to become attractive.

With the propagation of seed maize, our Organic Estate Operations achieved the best result in the region (including conventional farmers) in the first year. “As one of our advisors from seed propagation firm Saatbau joked, we are now the ‘Seed Maize King,’ thanks to having achieved 143% of the specified reference yield,” says Managing Director Markus Fassler. As a result, this crop is also very attractive from an economic point of view, and the contract area will be significantly expanded in 2024.

In addition, organic potatoes were also grown for the first time in 2023 – with very satisfactory yields and around 17% starch content – a very good percentage for the region. The crops go to the food processing industry, where they are used to produce potato starch for products including baby food and thickening agents. Due to this success, the area under cultivation is to be expanded from 10 to 20 hectares.

LIECHTENSTEIN ORGANIC ESTATE OPERATIONS HARVEST RESULTS 2023

An abundant rice harvest despite more economical irrigation

Rye

Oil pumpkin

Grain maize

An astonishingly high number of skylarks inhabit the open agricultural landscape of Rabensburg.

WILFERSDORF ESTATE AND FORESTRY OPERATIONS

Good for birds

How Wilfersdorf Estate and Forestry Operations promote biodiversity.

The landscape of Rabensburg and Ringelsdorf in Austria’s Weinviertel is not just made up of agricultural land; it is also characterized by a particularly rich diversity of birdlife in the vicinity of the Morava-Thaya wetlands. This was the conclusion of a study conducted in spring 2023 by Dr. Daniel Hoffmann from Game Conservancy Germany on behalf of Wilfersdorf Estate and Forestry Operations. Breeding birds were mapped on the estate land, and the results were fascinating, not just for ornithologists but also for nature lovers.

The high number of skylarks in Rabensburg is particularly impressive. Despite being characterized by agriculture, the area provides an unexpectedly good home for these birds. In addition to skylarks, meadow wagtails, meadow pipits, quails, lapwings and many other bird species have also been sighted – an indicator of a healthy, diverse agricultural landscape.

HEDGEROWS AS BREEDING SITES

Ringelsdorf, on the other hand, shows a lower density of classic farmland birds but boasts a greater diversity of species. Thanks to structuring of the landscape using windbreaks and watercourses, it is home to a wide range of bird species, from pond warblers and marsh warblers to orioles and shrikes.

The hedgerow landscape created by Wilfersdorf Estate and Forestry Operations on the Morava wetlands close to Hohenau is particularly noteworthy. These hedgerows not only serve as a habitat for woodland and farmland birds but also as important biotope connections in the agricultural landscape. Mapping has confirmed that the wetland landscape around Hohenau is one of Austria’s birdlife hotspots. Over 260 different bird species have been observed in this area over the past few years.

This study is also a living testimony to how agriculture and nature conservation can go hand in hand. According to Dr. Hoffmann, many species are only found today as a result of land management. The study is now intended to help the company make yet further improvements. For instance, what matters is not just the size of the protected wildlife areas but also having the right distribution and diversity. Year-round biotopes must be designed as a kind of mosaic: many wildlife species and insects benefit from grass paths, hedgerows, field borders, wildflower strips and so-called beetle banks.

46 species recorded in 2023 in Ringelsdorf, approx. 460 ha

39 species recorded in 2023 in Rabensburg, approx. 660 ha

Coveted vintages

How the wines of the Princely Winery are conquering the world

In February 2023, for the first time, the Winery of the Prince of Liechtenstein was showcased at the renowned VinExpo, a trade fair for international wines in Paris. Among almost 3,000 exhibitors from 32 countries, wines from Austria and Liechtenstein made a big impact, and new contacts have been established with distribution partners in the USA, Europe and Asia.

Each year, 150,000 bottles are produced. It would be quite possible to market the production of Riesling, Grüner Veltliner, Pinot Noir and Chardonnay solely through the two winery locations in Wilfersdorf and Vaduz, Restaurant Torkel in the Herawingert and the Vinothek at the Garden Palace in Vienna. However, as an internationally renowned winery, the Princely Winery’s aim is to market these highly-rated wines in the international arena. Today, the historically significant organic vineyards, cultivated regeneratively and growing high-quality grapes, produce internationally sought-after rarities, appreciated for their elegance, freshness and structure.

Tokyo, Hong Kong, Singapore, Los Angeles and New York are all characterized by their high density of exceptional restaurants. Here, wines from the Princely Winery can be found at eateries including Masa in New York, which holds three Michelin stars, the 67 Pall Mall

Club in Singapore and the Sommelier bar in the Mandarin Oriental Hotel in Hong Kong.

PROMOTING KNOWLEDGE

However, the creation of a great wine not only needs a good vineyard; working by hand plays a key role in production. Equally essential is the marketing aspect. The Princely Winery therefore attaches great importance to offering continuing education and support to its dedicated teams.

For example, young oenologist Natalie Wallner from the Princely Winery in Vaduz will be taking up an internship in Australia. In addition, since 2019, production in Liechtenstein has been supported by Hannah Fiegenschuh from Stéphane Derenoncourt’s renowned team of international consultants, which has meant that the limited-edition Pinot Noir from recent vintages is even more sought-after.

Whether through training apprentices, recruiting international interns, internships at successful wineries both at home and abroad, as well as regular visits to such wineries by the entire team, only ongoing training ensures that the Winery of the Prince of Liechtenstein’s wines meet the highest standards of innovation and quality.

Treating the vines with care. The Princely Winery's vineyards are worked by hand

PRINCELY

Stars for Restaurant Torkel

On the path to success in Vaduz

Freshly renovated and redesigned in 2022, Restaurant Torkel in Vaduz has established itself in Liechtenstein as one of the most popular restaurants among local diners. Recognized with a Michelin star and two Gault Millau toques, the restaurant’s success can be particularly attributed to the culinary skills of Ivo Berger and the warm hospitality offered by the restaurant team.

However, the first-class selection of wines from the Princely Winery also contributes to Torkel’s popularity. Due to the high level of demand, the Pinot Noir “Herawingert” from the Princely Winery is now also served in sixliter Methuselah bottles produced especially for Restaurant Torkel – quite an experience!

A pioneering role among traditional wineries

Having a pioneering role in both Lower Austria and Liechtenstein is very important for the work of both Wineries of the Prince of Liechtenstein.

From 2024, the Weinviertel Vineyard Site Classification association, co-initiated by the Princely Winery and comprising a group of 14 innovative, origin-focused companies in the Austrian Weinviertel region, will thus become a member of the leading Traditional Wine Estates of Austria association. In Liechtenstein, the launch of the Liechtenstein Winegrowers’ Association has enhanced the presence and status of wines from Liechtenstein in the Swiss Wine Association.

Stefan Tscheppe, Managing Director of the Winery of the Prince of Liechtenstein, is a founding member

of Traditional Wine Estates of Austria in the Weinviertel. From three at the outset, there are now 14 wine estates, all of which are pursuing the goal of origin-focused wines and use the system of regional wines, local wines and premier cru.

Since 2019, winegrowers have been interacting extensively, tasting each other’s wines and providing each other with support. As Weinviertel representative Stefan Tscheppe points out: “We see ourselves as a group of pioneers aiming to anticipate future developments in terms of origin typicity and variety, and also aiming to help shape the development of the region’s wines of certified origin and quality over the medium and long term.”

Stefan Tscheppe heads the Princely Winery

The motivated Torkel team celebrates awards

Fine dining in Vaduz

In brief...

PARELMO

Our

farms in Uruguay

For our farming operations in Uruguay, 2023 was a year of challenges. Due to La Niña, the whole country suffered a severe drought for the third year in a row. Although the Parelmo farms came under intense pressure and could not avoid significant crop failures, ultimately they nonetheless succeeded in making a profit thanks to the strong resilience of the integrated business model. Despite the difficult circumstances, the integration of Paso del Horno farm, acquired in 2022, plus the associated development of cattle and sheep breeding, have continued to progress. Fortunately, the rains returned in the second half of the year and, with green and healthy pastures once more, we look forward to a successful growing season.

Ronald Beare, Managing Director, Parelmo

GREEN UNIVERSE AGRICULTURE

High tech for farmers

Green Universe Agriculture (GUA) has had a successful year. The Spanish company is continuing its mission to supply farmers worldwide with high-tech microorganisms. In the company’s core markets of Spain, Portugal, the Middle East and North Africa, as well as Latin America, GUA has expanded its teams and sales revenues have grown. To meet rising demand from customers, GUA has significantly increased its production capacity in Spain and the UK, enabling the company to fulfill its ambitious growth plan.

Growing demand: farmers are turning to biologicals

AGRITASK

Digitalized supply chains

Agritask continues to provide services to several of the world’s largest food and beverage companies, including ABInBev, General Mills and Nestlé, supporting them in their efforts to digitalize and optimize their agricultural operations. Agritask helps its customers increase yields, promote more efficient and sustainable agronomic practices and build more resilient food supply chains. Although budgets for digitalization and sustainability have come under pressure due to high levels of inflation, this year Agritask has gained a number of high-profile new customers, affirming the relevance and attractiveness of its agronomic platform.

OUR INVESTMENT STRATEGY AGRICULTURE & FOOD

“In the Agriculture & Food vertical, we are committed to sustainable agriculture as both a producer and provider of sector technologies. This year, we have taken important strategic steps in our portfolio of companies; these include the expansion of our farms through investing in Valle del Guadiana, a leading avocado producer, the acquisition of a leading gene-editing platform from Benson Hill at RiceTec, plus a number of key collaborations within the portfolio.

N-DRIP

When water is scarce

2023 was a year of impressive growth for N-Drip. The company has significantly expanded the footprint of its global operations, driven by N-Drip’s groundbreaking and cost-efficient irrigation solution and the urgent need for efficient water management solutions in water-scarce regions such as the Colorado River Basin. In addition, this year N-Drip entered into a strategic collaboration with RiceTec in both the USA and India; this is already showing promising results including a sharp rise in yields and significant savings in terms of water, fertilizer and methane emissions.

As our business grows, we continue to look for synergistic investment opportunities in climate-smart agricultural solutions such as biologicals, pollination technologies, carbon sequestration and water management. We look forward to our next exciting investment opportunities, which will complement and strengthen our overall portfolio and enable diverse synergies within the Group.”

JORGE FERNÁNDEZ VIDAL Investment Director Liechtenstein Invest GmbH

30 MILLION FOREST SEEDLINGS SOLD

59,400

CUBIC METERS OF TIMBER HARVESTED

17,000 HECTARES OF FOREST

Forestry

KEY EVENTS: LIECO Forum held in Germany for the first time

LATEST NEWS: Sparbach Nature Park – a pioneer in sustainability

LOOKING AHEAD: LIECO Group to expand forest digitalization with palos

Climate change has substantial environmental, economic and social impacts. When managed sustainably, the forest is a CO 2 reservoir, preserver of biodiversity and producer of a renewable natural resource.

We advocate active and sustainable forest management and afforestation using site-adapted and climate-fit tree species and provenances. This enables the forest to fulfill its climate functions. The versatility and environmental advantages of wood as a building material and natural resource are undisputed.

As both a forest owner and owner of a leading provider of forest seedlings and forestry services, we have vast expertise in forestry.

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

The LIECO Group is a leading producer of high-quality forest seedlings (30 million p.a.) and offers forestry services and digital forest management.

Employees: 280

Area under production: 335 hectares

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

www.liecogruppe.com

Kalwang Forest is a forestry company in Styria engaged in the production and distribution of high-grade softwood logs.

Other activities: hunting, tourism

Employees: 17–23, seasonally dependent

Area: Total estate 13,394 hectares, of which 3,300 hectares consist of protection forest

Market: Austria

www.forstkalwang.at

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

Employees: 12-20, seasonally dependent

Area: 3,560 hectares, of which 250 hectares consist of designated nature conservation areas

www.liechtenstein-wilfersdorf.at

The smart Forest

What does 21st-century forestry look like?

Oliver Hilpold, CEO of the LIECO Group, talks to Andreas Igel, CEO of Forest Mapping Management (FMM), about climate change and the reality-expanding possibilities of databases and artificial intelligence in forestry.

Interview by Karin Pollack.

Andreas Igel, CEO Forest Mapping Management

EXPERT

The forest is so much more than just an area of land with trees. It structures the landscape, provides valuable recreational space for people and, if managed sustainably, contributes to the reduction of CO2 emissions. As a commercial timberland and forest, it is a traditional source of income, and as a protection forest, it prevents avalanches and mudslides, particularly in mountainous regions. Within the Liechtenstein Group, LIECO as a group covers the forestry and timber value chain, from the sowing of tree seeds, through afforestation to smart digitalization systems, enabling modern, all-inclusive forest management.

An initial question to both experts:

How are the forests faring in Central Europe?

HILPOLD: Climate change is having a major impact on our forests. There is no question about this; trees are under stress in many places, with climate change leading to drought, extreme weather events and the increased incidence of pests. To a certain extent, the forest can adapt to climatic changes, but environmental conditions are changing so rapidly that the trees cannot keep up. There is a risk that the forest will lose some of its vital beneficial and protective functions.

What specific problems are preoccupying forest owners?

HILPOLD: This varies greatly from region to region but, in addition to classic commercial issues such as volatile timber prices, forests are being afflicted by damage caused by climate change, extreme weather and pests, such as the bark beetle, and this affects commercial forests just as much as protection forests or natural forests. The big problem is that the bark beetle, for example, will infest a tree long before the damage is visible. It destroys the tree from the inside and in this way has annihilated vast forests – for example in the Austrian Waldviertel or the Harz Mountains in Germany, which now have bare areas resembling lunar landscapes.

IGEL: And that’s exactly why we offer software solutions enabling forest owners and managers to identify damage, such as infested trees, at an early stage. This gives them the opportunity to react much faster than would be possible using traditional methods.

What are these software solutions?

Our product palos is a digital data-processing platform that can process collected information to provide forest owners and managers with an optimal basis for decision-making. To do this, aerial images – and here, we combine images taken by our aircraft with up-to-date satellite imagery – must be created in order to prepare accurate digital maps of a particular site. The advantage of

Oliver Hilpold, CEO LIECO

this mix of data is that we can generate a perfect image, combining the timeliness of the satellite images with the accuracy of our cameras, which are equipped with sensors and infrared. This allows you not only to record the number and species of trees but also to determine the vitality of the forest and monitor developments over time.

What does this mean for the work of foresters?

IGEL: When foresters cast an expert eye over the forest, in industry jargon this is known as a “Götterblick,” roughly translating as “glance of the gods.” It refers to the decision-making rationale used by foresters based on their experience and know-how when assessing the forest. In order to digitalize these findings and combine them with data that cannot be captured by a “Götterblick” – for example, aerial data – it is important that foresters are supported with digital tools. Using our systems, skilled foresters can for instance identify areas suffering from water shortages. This is especially important for owners of large forests, who cannot be everywhere in the forest at once. Today’s skilled foresters will also carry a tablet PC, on which they will gather data enabling a detailed picture of the forest to be generated in just one click. In other words, our software provides a “Götterblick” through data.

What are the advantages?

IGEL: It is our vision that in the not-too-distant future foresters will be able to walk through their forests wearing data glasses, and these glasses will deliver a lot of information in real time. This type of augmented reality – extended reality, actually –will bring many benefits.

LIECO took over Forest Mapping Management in 2022. What has happened since then?

HILPOLD: We have put the company on an entirely new footing. This means that business and work processes have changed, the organization has been expanded and restructured, and we are currently in the process of developing a new digital world for use by foresters.

IGEL: And we’re working on scaling our products so they’re easy to use, depending on the size or geographic location of the forests. In this context, we are engaging intensively with artificial intelligence and have developed relevant algorithms. We want foresters to be able to manage their forests just like warehouses. How much goes out? What comes in? Software can answer all these questions quickly and precisely. This makes it a tool that allows regular inventories to be taken. The aim is that AI will help us determine whether or not an oak tree is thriving at an altitude of 1,000 m. These are empirical values that we do not yet have.

HILPOLD: LIECO is committed to all the functions of the forest and hence its importance as a commercial timberland and forest. We map the entire value chain in our software; theoretically, this extends from seed generation to the provision of forestry services, or until the wood is transported to the sawmill – this is what we are working on, looking out for interesting applications and accumulating entirely new know-how through digital methods.

What are the hurdles?

HILPOLD: There are certainly challenges of a general nature, including in terms of legislation governing funding and forestry and the associated regulatory framework. Forestry is subject to very long cycles; a tree needs decades before it can be harvested. A lot can happen during that time, and the challenge is that no one can predict how the underlying conditions, such as the climate, will evolve. For this reason, the regulatory framework and lived reality are often on different timelines, but forest owners

must take action nonetheless. Climate change means we are caught in a bind between ignorance, uncertainty and the need to act.

IGEL: I think data in particular can be the basis for new decisions. Data will allow us to generate more accurate forecasts than before, identify both current conditions and what is needed going forward, and potentially make novel decisions. What strikes us is that a generational change is currently underway in the forest industry. The know-how of the younger generations, who have grown up in the digital age, plus their wide-ranging education and training in forestry, means that they have a considerable advantage over previous generations. They are not afraid of engaging with software – and this is an opportunity for the forest.

How do you see the future?

HILPOLD: It is very likely – and indeed climate data analysis is already showing this – that, for instance, the climate zones in Germany have shifted so that nowadays the climate in many

regions is the same as that which prevailed around 50 to 100 years ago as far as 600 km further southwest. Of course, the same applies to Austria. The result is that average temperatures and precipitation patterns are changing, with often serious impacts on forests. We should adjust and be prepared for this.

What concrete solutions exist?

HILPOLD: Targeted silvicultural measures, such as afforestation using climate-resistant mixed tree species. We cannot rely on natural rejuvenation alone, as that would take too long. Moreover, natural rejuvenation only works with tree species that are already growing in a particular location. More drought-tolerant and fast-growing species enable increased growth and thus shorter rotation periods. This means that risk is minimized.

Maintenance measures need to be far more intensive. Fewer trees over the same area means a higher proportion of crowns. This results in an increase in vitality and significantly less root competition, better root formation and greater

Our forestry operations have been sustainable for centuries. Foresters think in terms of long timescales.

From

availability of water for each individual tree. These measures also lead to a substantial improvement in the stability of forest stands.

IGEL: In parallel, we are expanding our services. Last year, we bought a company that has the capacity to measure woodpiles. This eliminates the need to count felled tree trunks. A smartphone shows the volume of timber in cubic meters, and this information is processed using our new software, palos. There are many stages between sowing and harvesting, and we introduce digital functions into this process.

What are your plans for the future?

HILPOLD: The LIECO Group sees itself as a strong partner along the forest and timber value chain. Through its activities, the Group is nurturing the trees that will become our future forests, enabling forests to continue fulfilling their role in the years ahead. In addition, we will continue to develop and grow along the value chain, focusing on the DACH region and Central Europe over the coming years. Our ambition is to provide forest owners with products and services that make their everyday work easier and enable us to shape the forest of the future together. In 100 years’ time, forests should still be natural resources and habitats, as well as recreational spaces. ■

SMART FUNCTIONS FOR SMART FORESTRY EXPERTS

palos, the newly-developed software from Forest Mapping Management GmbH (FMM), offers highly sophisticated innovative forest management. It is aimed at all forest managers looking to have greater transparency and a better overview of their forests and wanting to undertake more accurate analyses. At the heart of the software is the digital forest map; it is easy to use and offers a wide range of

functions. As a result, it makes sustainable forest management quite simple.

Forest Mapping Management GmbH has been part of the LIECO Group since 2023 and the leading provider of digital solutions in forestry and partner for aerial photography surveys for over three decades.

KALWANG FOREST

Creating a balancing act

The challenges of the EU Green Deal: between environmental vision and economic reality

The EU Green Deal, with initiatives such as Fit for 55, the Renewable Energy Directive (RED), the Nature Restoration Law and the Biodiversity Strategy, aims to strengthen environmental protection but also brings significant challenges and uncertainties for the forestry industry.

Austria’s forests cover around 48% of the country. Of the total area, 28% is under protection, consisting of so-called Natura 2000 areas, landscape conservation areas, national parks or biosphere reserves. Forestry is deeply rooted in both Austrian culture and the economy. The Austrian Forestry Act, which dates back to 1852 and has been reformed several times over its history, upholds sustainable and multifunctional forest use. From this perspective, Helmut Rinnhofer, Managing Director of Kalwang Forest, criticizes some aspects of the

Environmentally-friendly and sustainable forestry should be in the interests of all.

Green Deal: “The increasing bureaucracy and strict terms of the Green Deal could significantly limit the flexibility and efficiency of our forestry operations. We must ensure a balance between environmental sustainability and economic reality.”

MAINTAINING A COMPETITIVE EDGE

The measures of the Green Deal, such as stricter regulation of the timber trade and the introduction of protected areas, could jeopardize the competitiveness of the Austrian forestry and timber industry, a key sector of the economy that not only creates jobs but also plays an important role in rural areas. Switching to more sustainable silvicultural techniques requires investment in training and technology, imposing an excessive financial burden on smaller firms. More stringent environmental regulations could increase operating costs and lower international competitiveness if European standards are not applied globally. Furthermore, a focus on the afforestation of new areas and the protection of existing forests could lead to conflict with other forms of land use, particularly in areas where agriculture, forestry and tourism compete for space.

PROTECTING HABITATS

However, apart from the challenges, there are also positive aspects to the EU’s plans. The Green Deal could lead to greater recognition and promotion of the multifunctional role of forests in Austria, particularly in relation to biodiversity, the protection of natural habitats, and wood as a renewable natural resource and carbon reservoir. This could incentivize afforestation projects and lead to increased investment in research and development activities around sustainable forest management techniques.

“Of course, environmentally-friendly and sustainable forestry should ultimately be in everyone’s interest, as forests play a crucial role in climate protection and preserving biodiversity,” adds Helmut Rinnhofer, pointing to the importance of ensuring that European requirements do not put the domestic industry at a disadvantage, rendering it dependent on timber imports. Ultimately,

he explains, this would also run counter to the idea of climate protection. Another important consideration is that the implementation of nature conservation measures should not interfere with property owners’ autonomy. The challenge is to find a balanced approach that takes into account both environmental and economic interests. ■

OUR INVESTMENT STRATEGY FORESTRY

“In the forestry sector, we are continuously looking for attractive investment opportunities in the field of afforestation and reforestation. This specifically includes nurseries (both container and bare-rooted seedling production), as well as companies providing forestry services such as planting, fencing and maintenance. In addition, we are also investing in digital forest management, focusing on software companies that offer solutions to simplify the daily lives of foresters – such as task scheduling and logistics planning, plus digital forest inventories. For all our investments in forestry, our geographical focus is on Europe, specifically in the DACH region.”

ALEXANDER WINKLER Investment Manager Liechtenstein Invest GmbH

Building extension: the Visitor Center was constructed using sustainable materials.

SPARBACH NATURE PARK

Nature as a public amenity

In 2023, Sparbach Nature Park received multiple awards for sustainability and nature conservation

On April 28, 2023, the opening ceremony was held for the redesigned and extended Visitor Center at Sparbach Nature Park. The Center now offers visitors a restructured entrance area with digital and barrier-free access, and the expanded retail store sells regional specialties and Nature Park produce. The Nature Park office and staff premises are now also incorporated into the new extension. In the construction of the Visitor Center, just as with the rest of the Nature Park, the focus has been on using sustainable materials. The single-story building has a green roof, and the existing PV system has been extended.

In 2023, Sparbach received two awards in recognition of its commitment. Firstly, in the area of environmental sustainability, the Park was nominated as a finalist in the “Earth” category of the Lower Austrian Energy Globe Award with the project “Biodiversity in Sparbach Nature Park – The Film Project.” The Energy Globe Award is the most prestigious environmental award in the world and each year honors outstanding sustainable projects focusing on resource conservation, energy efficiency and the use of renewable energy.

A BARRIER-FREE EXPERIENCE

For its second award, related to social impact, Sparbach was recognized for its outstanding commitment to accessibility by BhW Lower Austria, a regional adult education organization, receiving the prize “Vorbild Barrierefreiheit” (“Exemplary Accessibility”). This prestigious award honors all those institutions and individuals in Lower Austria who show particular consideration for others and work to create an accessible environment enabling everyone to participate actively and equally in society.

Sparbach Nature Park received the award in the “Leisure and Events” category for its sustained efforts to create an inclusive environment. The Park provides wide paths designed both for visitors in wheelchairs and families with strollers. The catering area at the main entrance also has barrier-free access. In addition, an exclusive audio guide has been developed for the Park that can be installed via a smartphone app.

*The rare, protected Alpine longhorn beetle (Rosalia alpina) has found itself a home thanks to sustainable forest management in Sparbach Nature Park.

The Sparbach team receiving their “Exemplary Accessibility” award

8,000

14,500

79,400

Real estate

KEY EVENTS: High interest rates a barrier to new investment

LATEST NEWS: 10 years since the reopening of the Liechtenstein City Palace

LOOKING AHEAD: Building the future with sustainable real estate management

Around 40% of global CO 2 emissions are attributable to real estate, while at the same time affordable housing is in short supply. In both the commercial and private real estate sectors, flexible and sustainable construction and use concepts are needed.

We have many years of experience in traditional property management, as well as the management of historical palaces, and we invest worldwide in various different real estate classes and construction technologies.

RH Ô NE IMMOBILIEN AG

Rhône comprises a seven-story building with office and retail space at 21 rue du Rhône, Geneva.

Leased area: 4,200 m2

ELV is a residential and commercial real estate developer on the US east coast, headquartered in Boston, with additional locations in Washington, D.C. and Atlanta.

US SENIOR LIVING

Together with partner companies, the Liechtenstein Group invests in residential facilities for senior citizens in Texas, USA.

Total leased area: 5,320 m2

Hunter Real Estate is a residential real estate investor and manager based in Boston, USA.

Total leased area: 50,000 m2

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.

Employees: 28 permanent employees, 11 art educators and event assistants on a temporary basis

Total real estate: 7 properties with around 29,000 m2 floor space; Liechtensteinpark with around 52,000 m2 www.liechtenstein-immobilien.at www.palaisliechtenstein.com

The Great Mahogany Room in the Liechtenstein City Palace during the renovation work

A tour de force in restoration

Chronicle of a revitalization project

Stucco ceilings, parquet floors by Michael Thonet and original silk wallpaper – the Liechtenstein City Palace is a prime example of how a historic treasure has been restored with respect for the past and an eye to the future. Ten years have now passed since the Palace‘s ceremonial reopening.

Nothing appears to have changed at number 9, Bankgasse in Vienna, the address at which the Princes of Liechtenstein resided from 1705 until the start of the Second World War. However, those who visited the building before the revitalization work, which took place from 2008 to 2013, had little idea of its former glory.

A decade after the Palace’s ceremonial reopening on April 9, 2013, the Liechtenstein City Palace, former majorat house of the Princes of Liechtenstein, remains resplendent in all its glory. The restoration, which cost around EUR 120 million and spanned five years, is considered one of the most extensive undertaken in Vienna in recent years based on scientific principles of architectural preservation and impressively demonstrates the link between tradition and modernity.

The project’s sponsor, H.S.H. Prince Hans-Adam II von und zu Liechtenstein, stresses the importance of the renovation: “It meant a great deal to us to preserve the City Palace, which has been in the family since 1694, and secure its future. We have succeeded in retaining the Palace’s historical charm, while integrating modern standards.”

1694

1705

1837

PALAIS LIECHTENSTEIN REAL ESTATE VIENNA

Sale of the Palace to Johann Adam Andreas I for 115,000 guilders

Completion of the City Palace

Remodeling by Peter Hubert Desvignes for Prince Alois II

The Palace boasts a rich and varied history. Originally built as the residence of Prince Johann Adam Andreas I, it served for centuries as a place of residence, a court and an exhibition venue for the Liechtenstein Princely Family’s extensive art collection. In the 19th century, the Palace was extensively redesigned by Peter Hubert Desvignes in the magnificent style of the “second Rococo.”

THROUGH THE COURSE OF HISTORY

In the 19th century, the Palace was also famous for its technical refinements. It had a four-story elevator, an internal intercom system with speaking tubes made of rubber and silk with ivory mouthpieces, and a hot-air heating system, for which some hot-air outlets were artistically incorporated into candelabra bases or wall coverings. According to contemporary descriptions, all the windows opening onto a particular street could be

opened or closed by pressing a spring mechanism, or doors that were mirrored on one side could be raised or pivoted. Although these devices were of the highest modern standards, they were also very repair-intensive. Craftsmen and artists were constantly engaged in repair work, which is why the Palace was popularly known as the “artists’ poorhouse.”

The City Palace went through difficult times too. It remained in intensive use until 1938, but then circumstances changed entirely with the permanent relocation of the Princely Family to Vaduz in August 1938, followed by heavy damage to the stairwell as well as parts of the second and third floors caused by a crashed fighter plane and bomb and grenade hits in the final weeks of the war. In the early post-war years, safety work was carried out and the worst damage repaired, but the lack of financial resources, materials and workers did not permit any major restoration work.

Bomb damage and plane crash

Repairs following war damage

Archaeological excavations by municipal archaeologists

Start of renovation work

Completion and reopening

The Liechtenstein City Palace in Vienna‘s Bankgasse has been restored to its former glory.

STEEL SKELETON PREVENTED COLLAPSE

It was not until 2008 that work began to save the Palace from dilapidation and restore it to its former splendor. At the time, the structure of the edifice was in such poor condition that a steel skeleton had to be erected as a support. As a result of the demolition work, the historical room structures were reestablished, and numerous vaults and stucco ceilings were uncovered and hence “rediscovered ” The building was additionally stabilized through the construction of a three-story underground storage vault. Only then was it possible to commence the restoration work, which prioritized the use of authentic materials and the original construction techniques.

The primary aim in undertaking the restoration was to respect age value. Regilding was therefore only carried out where gaps had to be filled; otherwise the gilding – around 180 years old – was merely cleaned. In total, 1.5 kilograms of gold leaf (around 150,000 pieces) was used, applied by hand over around 54,000 working hours.

The magnificent staircase formed a separate construction phase. In the 19th century, all the surfaces had been roughened and covered with a layer of plaster. At the time, the sculptures were finished in oil paint, which is impossible to remove without intensive measures. The decision was therefore made to remove the plaster covering and reconstruct the original Baroque surfaces. All surfaces, including the sculptures,

Restoration of carved ornamentations in the Dining Room on the second piano nobile

Grand Staircase during the renovation work

were given a subtly varied finish with lime paints, which now largely matches the Palace’s original Baroque appearance.

The Palace’s parquet floors are a rarity, created in the 19th century by famous master cabinet maker Michael Thonet. The floor surfaces were damaged and heavily soiled; many were cleaned using a dry-ice process, while in other places the parquet floor was removed and restored in a studio. While the original floor is on view in the gallery rooms today, the floor in the event areas has been covered with a replica in order to protect the original. The floors’ magnificent patterns were photographed square meter by square meter and have been printed on wooden panels.

Many parts of the wall coverings had been preserved and were able to be restored, but in some rooms they were completely missing. The existing textiles were solely cleaned using a drycleaning method. Based on fragments of the textiles and photographs, the lost textiles could then be reconstructed and rewoven. Some textiles had originally been woven out of 24 silk yarns of different colors. It was only by reconstructing a loom that a Viennese silk weaver was able to produce replacement textiles that are barely distinguishable from the originals in terms of color and surface quality. Today, the juxtaposition of originals and copies of wall coverings displays a lively diversity.

Carved ornamentations were regilded, as needed, with the utmost care.

Grand Staircase following completion of the renovation work

The Ballroom, restored to its former glory. Today, it is hired out for special events.

A WORLD OF THE PAST

The most impressive aspect of the Liechtenstein City Palace is that anyone who visits the Palace today enters a world of the past, yet at the same time, this world will be preserved for future generations thanks to cutting-edge know-how. Traditional Viennese firm J. & L. Lobmeyr (whose most famous creations are arguably the starburst chandeliers at New York’s Metropolitan Opera) was also involved in the revitalization of the Liechtenstein City Palace, restoring the Palace chandeliers between 2008 and 2013. Lobmeyr was initially given only one piece to work on, namely the chandelier in the Square Room; the other chandeliers had been placed with other companies in Vienna, as the scope of the project was considered too much for the capacities of a single firm. Later, however, Lobmeyr also took over restoration of the remaining chandeliers.

During the Second World War, chandeliers were removed from the City Palace and subsequently sold when the war was over. In the course of the renovation work, individual component parts were relocated in the Viennese antiques trade; these were reassembled and completed with the help of historical photographs. Two chandeliers were recreated from scratch. As Johannes Rath, one of the managing partners of J. & L. Lobmeyr, relates: “With the chandeliers in the Bouquet Room, very little of the original chandeliers remained. The greatest challenge was ‘filling the gaps,’ which meant reconstructing the parts that had not been preserved. When analyzing an old black-and-white photograph, it was also an art in itself simply distinguishing between the parts forming the wall decoration and those that made up the chandelier. I should add that, with a project like this, usually the most difficult aspect is convincing clients of the need for attention to accurate and detailed research. Here, however, this was not a problem, since the declared objective was to deliver the best possible work, which is precisely what we always aim for.”

CELEBRATE IN STYLE

Today, the Liechtenstein City Palace – just like the Liechtenstein Garden Palace in Rossau – is considered a leading venue for exclusive events and cultural entertainment against a festive Baroque backdrop. In 2023, more than 200 events and 700 guided tours were held at the two palaces. Clients can hire rooms at the City Palace, with its luxurious ambience, for elegant cocktail receptions, weddings and gala dinners, as well as seminars, conferences, award ceremonies, fashion shows and concerts. Around 250 m² of floor space is available for events on the first floor, with an additional space of around 320 m² on the second floor. The open vestibule and the directly adjacent inner courtyard also offer an attractive outdoor area for events. ■

from: JOHANN KRÄFTNER

The Liechtenstein City Palace

History and Restoration of the Princely Palace in Bankgasse in Vienna, Christian Brandstätter Verlag GmbH & Co KG, 2015

STADTPALAIS LIECHTENSTEIN

Bankgasse 9, 1010 Vienna

www.palaisliechtenstein.com

RHÔNE

IMMOBILIEN

Sustainability in Geneva

The commercial property on Rue du Rhône in Geneva has been unaffected by the upheavals seen last year in the commercial real estate market; the building remains fully leased to leading luxury brands, as well as LGT. Maintenance work on the rooftop PV systems was the only significant renewal work on the building in 2023, which is cutting-edge in terms of sustainability and lessee experience.

US SENIOR LIVING

Senior living in Houston

The senior living facility near Houston, Texas, has been part of the Liechtenstein Group’s real estate portfolio since 2022. 2023 was an excellent year for the business, with the average occupancy rate exceeding 90% and net operating result above budget. The adjacent development project, which aims to triple the site’s capacity, is also progressing largely as planned. Delays due to bad weather have slowed the construction process somewhat, but the majority of new buildings are being constructed as planned and, despite the challenging circumstances in the construction and real estate sector, costs continue to remain within budget.

HUNTER REAL ESTATE

Residential buildings in Boston

The Liechtenstein Group is the sole investor in Hunter Real Estate, a residential real estate investor and manager in Boston that is pursuing a strategy of purchasing and developing apartment buildings in the Greater Boston area. Hunter Real Estate currently owns and manages over 100 properties, comprising 600 residential units. Due to the rise in interest rates coupled with the fact that capitalization rates are still relatively low, the pace of investment slowed significantly in 2023. The focus was on managing and optimizing the existing portfolio and implementing a number of projects to increase energy efficiency.

ELV Projects in the southeast USA

Over the past few years, the Liechtenstein Group, together with other family offices, has invested in ELV Associates, Inc., a Boston-based real estate developer. The Liechtenstein Group’s ELV portfolio currently consists of 14 real estate projects in various locations across the east and southeast of the United States (a mix of apartment buildings, student residences and office buildings). Three projects have been successfully completed so far, with returns exceeding original budget expectations. Naturally, the economic upheavals of recent years have also affected the real estate sector, but so far the ELV team has been able to implement projects according to plan and navigate them successfully through difficult times.

OUR INVESTMENT STRATEGY

REAL ESTATE

“In the real estate sector, we focus firstly on properties at different stages of development and in different asset classes and secondly on building technology companies.

The rapid rise in consumer prices, accompanied by a sharp rise in interest rates, has posed major challenges in many sectors, including real estate. This will mark a turning point in investments in new properties, as to date we have tended to adopt a cautious approach and acted opportunistically.

With building technology companies, we prefer to look at companies that offer solutions for optimizing the environmental impact of buildings. We have identified focus areas, which firstly have strong growth prospects due to long-term building and social trends, and which secondly have the greatest impact in terms of environmental and climate protection; these include the areas of smart building construction, operating efficiency and advanced materials.

Generally, within the real estate vertical, we do not consider ourselves as an end investor in real estate. Instead, we aim to make an active contribution to the successful implementation, completion and sometimes also the repositioning of projects; in this context, we are also always open to collaboration with experienced and established partners. Since the real estate sector is one of the world’s biggest contributors to greenhouse gas emissions, in our investment operations we focus not only on demographic changes and trends but also on sustainability and ESG criteria.”

STEPHAN LANGER Investment Director Liechtenstein Invest GmbH

Toward a sustainable future

The Liechtenstein Group is implementing ESG. Collective Collaboration is the motto governing our transformation toward greater sustainability

KEY EVENTS...

2023

May System boundaries:

Focus on Liechtenstein Group AG's companies (CSRD scope and operational control)

May 31 Project kick-off

June Materiality analysis

• Value chains & relevant topics

• Planned deep dives: biodiversity & climate change

• Impact analysis & stakeholder survey

June Company & environment analysis

July Initial corporate carbon footprint data collection

LOOKING AHEAD...

2024

February Completion of materiality analysis

March Corporate carbon footprint results

From Q2 Reporting road map (CSRD & EU Taxonomy)

Decarbonization strategy deep dive

Biodiversity deep dive

At the end of 2023, the Liechtenstein Group stood at the dawn of a new era of sustainable business management. Our vision, comprising the resource-efficient production of high-quality food, actively-managed, climate-fit and species-rich forests, clean energy production and sustainable real estate management, is reflected in our commitment to developing a comprehensive ESG strategy for the Liechtenstein Group. This is more than just a strategic goal; it is an expression of our deep-rooted conviction that sustainability is already part of the Liechtenstein Group’s DNA, since we – just like our owner – take a cross-generational approach.

In 2023, we took the important step of entering into a partnership with “denkstatt,” a leading consulting firm in the field of sustainability. The aim of this collaboration is to develop a Group-wide ESG strategy and establish standardized reporting. This process was initiated through various measures including a materiality analysis, which examines the mutual impact of our business activities on the environment and society and vice versa.

In a world where investors, consumers and political decision-makers are increasingly insisting that businesses operate sustainably, it is crucial that we take our role as responsible stakeholders seriously. Businesses need to be clear that every single action that they take entails economic, environmental and social impacts. The development of an ESG strategy plainly

demonstrates that not only do we recognize this responsibility, but we are also actively working toward positively shaping our impacts on the environment and society.

TIME TO TAKE ACTION NOW, NOT WAIT AND SEE

The introduction of the European Union’s Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CSDDD), as well as directives to counter greenwashing, are creating new parameters to which we as a company must respond. These developments underline the importance of a sound ESG strategy that ensures not only compliance with the law but also the continual improvement of our business practices. In this way, we will secure the long-term growth and economic success of the Liechtenstein Group.

Naturally, none of this would be possible without the hard work of colleagues in our portfolio companies, who are actively joining us in this exciting process. Their insights, experience and commitment are essential to developing an ESG strategy that truly reflects our values and has a positive impact on the environment and society.

JULIA HOLTER Project Manager, ESG Strategy

ETHE ELEMENTS OF SUSTAINABILITY AND RELEVANT TOPICS*:

ENVIRONMENTAL:

Climate change, pollution, water & marine resources, biodiversity & ecosystems, land & resource use, circular economy

SOCIAL:

S G

Own workforce, workers in the value chain, affected communities, consumers & end users

*European Sustainability Reporting Standards (ESRS)

GOVERNANCE:

Business conduct

Really good, not just OK

As People & Culture Manager, Michaela Fischer perceives her role in the Liechtenstein Group as that of a bridge builder. Specifically, she aims to combine tradition and modernity, town and country, as well as performance and service. Her role extends beyond mere recruitment.

Interview by Karin Pollack.

How did you feel when you joined the Liechtenstein Group in May 2022?

FISCHER: From the very first meeting, it was clear to me that the culture here is extremely positive. It was evident in all the discussions that the Liechtenstein Group holds its employees in high esteem and that this is reflected in their loyalty. Staff turnover is low. An employee is not just a number. I liked that. The challenge lies in the great breadth of the organization.

In what way?

The Liechtenstein Group is an organization combining the traditional and the modern. As a city dweller, the first thing I wanted to do was familiarize myself with the topics of agriculture and forestry. These are very tangible areas of activity, and it is crucial to understand what is important in these industries. On the other hand, however, the Liechtenstein Group also represents technologies and innovations involving either expanding existing verticals or breaking completely new ground. One of my tasks is to help build a bridge between tradition and modernity from a people perspective. We need to connect our solid foundations with the exciting opportunities of the 21st century.

What does this mean for the HR agenda?

What this means is that we have a wide range of different professional groups working in very diverse occupations. For instance, we have staff who drive tractors, work in the forest, produce wine, have office jobs, develop software, analyze investments or manage events. What’s more, the Liechtenstein Group is present in locations both within Austria and worldwide. And our investment structures take a variety of different forms.

So, very heterogeneous and diverse…

...Exactly. But nonetheless, everyone who works in the Liechtenstein Group should see themselves as part of a larger whole and perceive the Group as providing added value. In this respect, working from our headquarters in Vienna, I am keen to implement projects that improve, enrich or facilitate everyday work life for everyone across the Group.

One of your tasks is to provide recruitment support. What do you wish to improve in this context?

Every company in the Liechtenstein Group has its own way of recruiting personnel and uses different channels. I provide support whenever the perspective or experience of a neutral third person can be of assistance, for instance with the wording of ads. But I also show my colleagues how application management software can facilitate the recruitment process. If a large number of applications is received in response to an ad, this process can become difficult to administer. Applicants have to be invited for interviews, kept informed of progress and then swiftly and reliably be informed whether or not their applications have been successful. Using software to support this process saves time. And another extremely important factor is that this ensures compliance with data protection rules, since applications are automatically deleted after a defined period of time.

What else?

Sometimes it makes sense to steer and offer things from a central point in the organization. A good example of this is contracts and corporate guidelines. Step by step, we will provide templates and create standard processes so that our companies do not have to do everything themselves. This frees up resources for other tasks and epitomizes service in the best sense of the word.

Where do you perceive the challenges in HR management?

In some regions and industries, we are feeling the intense competition for staff. It is not always easy to find good people. It is therefore important for the Liechtenstein Group to demonstrate that it is an attractive employer. The more clearly and transparently the Group presents itself, for instance via our website, the more likely it is that good people will want to work for us.

What do you do to ensure employee retention?

We know that what makes a job attractive is not just a fair salary. Training and continuing education opportunities are also part of it. For example, we have begun offering webinars. One of our first was about artificial intelligence and ChatGPT.

MICHAELA FISCHER People & Culture Manager

Interest in this was huge and the feedback extremely positive. We want our employees to have the opportunity to acquire basic knowledge in the areas of business in which the Liechtenstein Group is involved, from sustainability to new technologies. Good employers also care about the wellbeing of their staff. This coming year, we will therefore be introducing the “Healthy Together” initiative across our Austrian companies. We want our employees to feel “really good” and not just “OK.”

What else?

We have rolled out a referral bonus for employees in Austria. Whoever brings good people on board will be rewarded. And over the medium term, we would like to set up an internal communication platform for in-house news, which will also offer the chance for people to enter into dialogue with one another. Good HR management also requires target-group-specific communication channels. Are there any particular topics that you view as a major challenge?

In some of our operations, many people are approaching retirement, and so a generational change is imminent. There is a need for effective planning to ensure that knowledge and valuable experience are passed on or documented while the opportunity still exists and that this knowledge and experience are not lost. With this in mind, we will initiate and support handover processes at an early stage.

One final question: What do you want to be for the whole team?

First and foremost, a trusted point of contact for personnel matters of all kinds wherever there are HR-related challenges – whether for the company, its managers or for individual employees. Sometimes, all you need is a second opinion or a clarifying discussion. I see myself as a sparring partner aiming to find practicable solutions, make suggestions and question established routines. At the same time, I want to understand our companies as best I can. Only then will we succeed in breaking new ground together. I would like my position as a helpful resource to become established in people’s minds. Companies depend on good teams and, as I see it, my role is to do everything to help create, foster and retain these teams. ■

Tatjana Lattorff joins the Supervisory Board

Tatjana Lattorff, Princess von und zu Liechtenstein, joins the Liechtenstein Group AG’s Supervisory Board, succeeding her brother Constantin Liechtenstein following his sudden and untimely death in December 2023. As CEO of the Prince Liechtenstein Philanthropy Foundation and a member of various advisory boards for European educational initiatives such as Teach for All and Sindbad Austria, she brings to the Group a deep understanding of social sustainability and the common good.

“I have been closely associated with the Liechtenstein Group for many years. So far, however, I have never participated in the business side of the Group, involving myself only indirectly through personal conversations with my brothers. It is now an honor to be assuming my new role. As a member of the Supervisory Board, I will make my voice heard and advocate the family’s values in a modern, future-oriented company like the Liechtenstein Group,” says Tatjana Lattorff.

Tatjana Lattorff

Biotech expert joins the Board of Directors

A second new member will be joining the Board of Directors of Liechtenstein Group Holding AG as of January 2024. Kay Kuenker brings more than 33 years’ experience in the agricultural industry and will also become a member of RiceTec’s Supervisory Board.

“This role provides me with a unique opportunity to contribute my knowledge and experience with the aim of driving forward the development of innovative and sustainable solutions in the agricultural industry. I look forward to working with the teams at the Liechtenstein Group and RiceTec and making a positive contribution,” says Kay Kuenker on her appointment.

Since 2020, Kay Kuenker has been CEO of Advanced Agrilytics, an agronomic services provider based in Indiana, USA. From 2016 to 2019 she served as Executive Vice President at Cibus, LLC, a biotech company focused on gene editing in agriculture. Prior to that, she served in various roles for almost 30 years at Dow AgroSciences (DAS) (now part of Corteva), most recently in the position of Global Vice President of DAS Government, Public and Regulatory Affairs and Sustainability.

Kay Kuenker is also a member of the Advisory Board of Women in Agribusiness and AgriNovus Indiana and has served on several boards including AgroFresh Solutions, LLC, National FFA, Food & Ag Governing Body of BIO (Biotechnology Innovation Organization), CropLife Canada and the European Crop Protection Association.

New member of the Board of Directors

In 2023, Jonathan Feuer, a leading investor with many years of experience in the private equity sector, was appointed to the Board of Directors of Liechtenstein Group Holding AG. Through this strategic decision, the Liechtenstein Group is continuing on its path of sustainable and innovation-driven development.

“The Group’s investment strategy and the industries in which it operates offer tremendous potential for innovative ideas and exciting, future-oriented investments. I look forward to sharing my experience as an investor in my role as a non-executive director with the Group’s highly motivated team,” says Jonathan Feuer.

Besides a 30-year tenure at CVC Capital Partners, Mr. Feuer has served on advisory and supervisory boards of numerous private and public companies. Even after stepping down from his executive role at CVC in 2018, he retained his association with the company as a senior advisor for a further two years.

In addition to his role in the Liechtenstein Group, Jonathan Feuer is also Deputy Chairman of the Board of Directors of Patrizia SE, a leading independent real estate manager, as well as an advisor to Edge Investments, a venture capital firm focused on creative industries in the sectors of media, education and entertainment.

Jonathan Feuer

Kay Kuenker

Handing over the baton at RiceTec

In 2023, RiceTec continued to strengthen and expand its leadership team comprised of visionary leaders who will guide the company through an exciting phase of transformation.

After 19 years, José Ré is retiring from his position as RiceTec’s Global Head of Research and Development, with Amitabh Mohanty succeeding him and joining the Executive Leadership Team. This transition follows the addition of four new members in 2023: Van McNeely, Andrei Golesteanu, Chakra Sankaraiah and Megan DeYoung, who will now contribute alongside the team led by CEO Karsten Neuffer, Jochen Schillinger (CFO) and Ajai Rana (Business Head, Asia Pacific).

As Head of US Business, Van McNeely will oversee all aspects of the US rice seed business, taking charge of its operations and management. As Global Head of HR, Andrei Golesteanu will oversee RiceTec’s positioning as an employer of choice. Chakra Sankaraiah is RiceTec’s Global Chief Technology Officer and at the forefront of RiceTec’s digital transformation, spearheading efforts to leverage cutting-edge technologies such as predictive analytics, farm operations automation and cloud services. Megan DeYoung, Head of Transformation and Business Development, will have global responsibility for RiceTec’s transformation, strategy and business development activities.

Under José Ré’s leadership, not only did RiceTec’s R&D program evolve enormously, but it has also placed the company at the forefront of innovative sustainable rice farming. Under his leadership, numerous commercial hybrids were launched in the US, India, Mercosur and various export markets.

José Ré’s groundbreaking work in developing high-yielding hybrids and leading the development of RiceTec’s proprietary FullPage and Max-Ace traits has transformed the company’s seed business. These innovations have not only contributed to alleviating hunger globally but have also driven profitability and propelled RiceTec toward its goal of sustainable rice agriculture, generating greater value for farmers, consumers and the planet.

Der Quadratsaal im Stadtpalais steht für

Amitabh Mohanty

Meeting at the Vienna City Palace, from left to right: Karsten Neuffer, Chakra Sankaraiah, José Ré, Ajai Rana, Andrei Golesteanu, Megan DeYoung, Jochen Schillinger, Van McNeely

New personnel at PV-Invest

At the start of 2024, Robin Hirschl, born in Vienna and based in Carinthia since 2007, joined the PV-Invest Group management team, marking something of a return to the beginnings of his career in PV.

After gaining a PhD in physics in 2003, Robin Hirschl spent four years in management consulting at Booz Allen Hamilton (now Strategy&, PwC’s strategy consultancy team) and from 2006 was a member of the Energy & Utility team. In 2007, he then changed direction and embarked on a career in photovoltaics, first as Head of Sales at Kioto Photovoltaics and subsequently together with Gerhard Rabensteiner, founder of KPV Solar, now part of the PV-Invest Group. In 2012, he founded the company ENcome Energy Performance and in 2019 became CTO at a Danish PV investor.

Working together with former colleagues Günter Grabner and Gerhard Rabensteiner, the two managing partners of the PV-Invest Group with whom he is now reunited, Robin plans to focus on continuing his work in photovoltaics and, in particular, drive forward the Group’s business development. “Photovoltaics is currently going through a period of radical change and is becoming an integral part of our electricity infrastructure rather than a mere ‘side effect.’ This is opening up many new business opportunities, not only for operators of straightforward PV systems but also in conjunction with other technologies such as storage solutions, wind power and hydrogen. It’s an exciting field,” says Robin Hirschl.

PV-Invest Managementteam, from left to right: Günter Grabner, Thomas Rabensteiner (Business Development Manager), Robin Hirschl, Christoph Glanzer (CFO), Gerhard Rabensteiner

Events 2023

LIECO FORUM

“Even if you don’t want to, you’ll have to at some point, but then it’ll be hard to catch up”

The LIECO Forum, held in spring 2023, represented a commitment to digitalization and shared responsibility for a future-fit forestry and timber industry.

In spring 2023, the LIECO Forum was held in Germany for the first time, bringing together in Munich over 170 delegates consisting of forest estate owners, state forest representatives, members of professional associations and start-ups, as well as scientists and politicians. Contributors from the worlds of science and politics as well as those with experience on the ground all presented exciting new ideas for the future of the forestry and timber industry. Participants in this network meeting of the AustroGerman forestry sector were all in agreement that digitalization is needed in order to better master the challenges in forest management.

“Even if you don’t want to, you’ll have to at some point, but then it’ll be hard to catch up,” urged mathematician and economic philosopher Prof. Gunter Dueck in his opening keynote speech, stressing the importance of the path to digitally-supported forest management. Innovative approaches were presented by speakers including Christoph Gollob (digitalization in forest monitoring), Johan Ekenstedt (AR technology in the forestry sector) and Florian Rauschmayr (heads-up display for the digital forester).

Oliver Hilpold, CEO of the LIECO Group, affirmed this commitment: “Collaboration along the value chain is needed in order to create a future-fit forestry and timber industry. We all have the common goal of making forests fit for the future in the face of climate change. To achieve this, we also need digital progress.”

The contributors were in agreement that, in this context, it is people who will always remain the decision-makers. Johannes Meran, Liechtenstein Group CEO, spoke in the same terms: “It’s about working together to develop solutions for the forest and forestry of the future.” Meran sees this work as an active contribution amid the climate crisis, as a responsibility toward future generations and a demonstration of the enthusiasm for innovation, scientific excellence and dialogue. The next LIECO Forum is expected to be held in Germany again in 2025.

Talking about the issues of the day in forestry: discussions at the LIECO Forum, from left to right: Roderich Freiherr von Loë (Chairman, European Committee of the German Forestry Council), Ulrike Müller (Member of the EU Parliament), Simone Schmiedtbauer (Member of the EU Parliament), Ute Seeling (Berner Fachhochschule, Director of the School of Agricultural, Forest and Food Sciences)

Trophy for innovation

The Liechtenstein Group becomes a TRIGOS “Future Partner,” with the 20 th TRIGOS Gala, held in 2023, marking the start of a new partnership.

In October 2023, the winners of leading Austrian sustainability award TRIGOS received their handcrafted trophies amid the splendid surroundings of the Liechtenstein Garden Palace. As the new TRIGOS “Future Partner,” the Liechtenstein Group will be hosting the Gala once again next year, offering the facilities of the Baroque palace for the event free of charge.

“As a corporate group, we have a huge responsibility toward our environment and society that we must actively fulfill,” explains Johannes Meran, Liechtenstein Group CEO. “Responsible entrepreneurship that uses innovative ideas to help climate protection or social justice serves as an example to others and should be encouraged and rewarded. This is why awards like TRIGOS are so important, and we are delighted to be supporting the event and the TRIGOS platform.”

The cooperation is set to continue in 2024: “Sustainability is, so to speak, part of the Liechtenstein Group’s DNA. This is because our corporate strategy is based on the fundamental principles of the Princely Family of Liechtenstein, which has always thought across generations and acted responsibly in its business practices. This also includes preserving our Viennese palaces for posterity. The Liechtenstein Garden and City Palaces are valuable cultural assets, and by hosting events such as the TRIGOS Gala, we have the opportunity to preserve them over the long term and make them accessible to the general public,” says Johannes Meran.

Festive gala in the Hercules Hall at the Liechtenstein Garden Palace

Events 2024

Hercules of the Arts

This year, our 2024 Special Exhibition at the Liechtenstein Garden Palace is devoted to Johann Adam Andreas I von Liechtenstein.

HERCULES OF THE ARTS

Johann Adam Andreas I von Liechtenstein and Vienna around 1700

FEBRUARY 16 – APRIL 1, 2024

Liechtenstein GARDEN PALACE Fürstengasse 1, 1090 Vienna

Monday to Sunday 10 am - 6 pm

Free admission

Advance booking not required

GUIDED TOURS

of the Special Exhibition daily 9.00 am and 6.00 pm in German | Advance booking recommended

www.palaisliechtenstein.com www.liechtensteincollections.at

This year, the Liechtenstein Garden Palace in Vienna will again be hosting a special exhibition entitled “HERCULES OF THE ARTS. Johann Adam Andreas I von Liechtenstein and Vienna around 1700.” Running from 16 February to 1 April, the exhibition gives visitors the opportunity to explore the central role played by Prince Johann Adam Andreas I in creating two of Vienna’s magnificent Baroque edifices, the Liechtenstein Garden Palace and City Palace. However, the Prince ranks among the leading patrons of his time, not only for his ambitious commissioning of grand buildings and for advancing the development of a whole new district but also for his passion as an art collector. As an admirer and collector of the works of Peter Paul Rubens and with a keen understanding of art, the Prince played his part in Vienna’s cultural heyday in around 1700. Remarkable due to its judicious selection of precious objects, the exhibition sheds light on the interaction between patrons and artists and gives an impressive account of the rulers and their collection activities amid Vienna’s flourishing cultural scene at the turn of the 18th century. This cultural highlight follows last year’s successful exhibition “CAST FOR ETERNITY. The Bronzes of the Princes of Liechtenstein,” which attracted almost 23,000 art enthusiasts to the Garden Palace in March 2023.

Peter Paul Rubens, Venus in Front of the Mirror, c. 1616 © LIECHTENSTEIN. The Princely Collections, Vaduz–Vienna

The Garden Palace as a stage

Summer Rhapsody in the Garden once again presents a varied program of events on summer evenings in the Liechtenstein Park.

This marks the fifth year of the event, a festival of performing arts combined with culinary delights staged under starry Viennese skies, with renowned performing artists such as Simone Kopmajer, Birgit Minichmayr, Manuel Rubey, Michael Maertens, Martina Ebm, Robert Palfrader, Nikolaus Habjan, Tini Kainrath, Lukas Perman, Missy May and Stefan Vladar. And this year again, special mention must also be made of our YOUNG Summer Rhapsody, which is specially aimed at families and young culture enthusiasts. In this respect, the children’s opera Die kleine Entführung, based on Mozart’s Die Entführung aus dem Serail, guarantees superb entertainment.

“We are delighted that we have the opportunity to present a cultural event in such a unique setting once again in this fifth year of the festival. The Garden Palace has always been a place for the arts, and we attach particular importance to continuing this tradition and, with our exceptional program of performances, opening up the Palace and Park to as many interested visitors as possible,” declares the festival’s host, Marie Liechtenstein. The Princely Winery at the Garden Palace offers culinary feasts, fine wine and refreshments. This year, there will also be a special culinary package with a multi-course menu for connoisseurs.

PROGRAM & TICKETS:

WWW.SOMMERRHAPSODIE.AT

SUMMER RHAPSODY IN THE GARDEN

JULY 8 – AUGUST 7, 2024

Liechtenstein GARDEN PALACE Fürstengasse 1, 1090 Vienna

More information at www.sommerrhapsodie.at

Mena Scheuba-Tempfer and Melanie Hirsch are the organizers of the festival, a mix of literature, cabaret, theater and music.

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PUBLICATION DATE: MARCH 2024

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PHOTO CREDITS

Fotomanufaktur Grünwald: pp. 4, 14, 16, 19, 28-29, 30, 33, 34, 62-64, 67, 79, 82, 89

Foto WILKE: p. 7

Matt Pantling: p. 8

PV-Invest/ Daniel Waschnig Photography: pp. 27, 31, 34, 93

Forest Mapping Management: pp. 5, 18, 67

Peter Kubelka: pp. 39, 57, 69, 85, 87

Samuel Käppeli film-pla.net: pp. 65, 68

TESVOLT: pp. 36-37

Gemeinde Krumpendorf: p. 38

RiceTec: pp. 17, 47, 49, 92

Green Universe Agriculture: p. 56

Yanik Buerkli: p. 55

Franz Gleiß: p. 71

LIECHTENSTEIN. The Princely Collections, Vaduz–Vienna: pp. 76-81, 96 Bundesdenkmalamt (Federal Monuments Office), Department of Archaeological Monuments/Richard Thoma: photo of excavations, p. 79

Landesbildstelle (Digital Image Library) for Vienna and Lower Austria: Grand Staircase in the Liechtenstein City Palace in Bankgasse (destroyed in a bombing raid), 1945, b/w photograph, p. 79

ACRON GmbH: p. 84

Hunter Capital: p. 85

Pauline Thurn und Taxis: p. 90

rockandroyalty Heiko Roith: p. 94

Buero de Martin for TRIGOS/Alexander Gotter: p. 95

Jonas Tiller: p. 97

Stock photos: cover photo, pp. 4, 25, 26, 32, 35, 38, 44, 46, 49, 52, 66

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