The Property Advisors

Transcription

1 Eston International Property Advisors Foreword The Property Advisors The current situation of the real estate market bears a great resemblance to the process of survival of the fittest. The era that offered the richest harvest is over. There is less and less drinking water (credit) and food (investors); the battle that has recently started for the tenants/buyers is desperate and will have many victims for sure. The changed market environment needs new attitudes, strategies and a widely different point of view. In the following period, natural selection will rarefy the market players, just like in nature. The days of the developers who created bad posterity, but moreover the days of all posterity are numbered. When the market environment was favourable, even the less viable projects had the chance to survive. The future of badly positioned or planned projects is now uncertain, however. Can these projects be re-positioned at all, and will there be an appropriate price correction when anyone would see any hope in these dead projects? According to the professional estimate of ESTON, the owners of the premium investment products would rather wait until market conditions regenerate than cast their vote for liquidity with a drastic and spectacular re-pricing. Selection could be the next milestone in the evolution of developers as well: in this environment lacking funds, only those may stay alive who can and dare to develop (either from their own capital or by using alternative financing methods) after the setting of the market (211?). In the current restricted credit conditions, it seems that no one will have the chance to start a new project on a speculative basis in the following 1.5 years, in any of the segments. The Hungarian real estate professionals may suffer from a grave loss as the merit of the knowledge of these professionals will erode dramatically. Only BTS projects and transactions for the unique needs of the end users may give some hope to the developers. In the struggling for being, only the strongest will survive. It is likely that the developers attitude will change; more could follow the footsteps of the Swedish developer, Skanska, who, after the handing over of East West Business Center in 1991, kept it for a long time, then sold the building full of tenants 13 years later to AIB Polonia in a proper market environment. After 21 it will turn out whether the lack of new supply could result in rising rental fees, expected by many for a long time. Average logistics and office rental fees have not been on the rise since 2. Nevertheless, developers were well compensated by the continuously decreasing yields. The current high vacancy rate and the high volume of speculative developments have put rental fees under pressure as well. Tenants have realized their advantageous position arising from the tenant market and are happy to use it. IN tandem with this, the quality of tenants has become more valuable as well. Reliable tenants have been able to get more discounts from owners. The government significantly will lower the general rate of the property acquisition duty in case of commercial properties from January 1, 21. The duty will be 4% of the market value up to 1 billion forints, and 2% for the difference above this amount, but 2 million forints at most. Simultaneously to the drastic cut of the previous duty (1%), now the companies owning real estate have to pay the duty even in case of the sale of business shares. These changes could significantly restructure real estate investment transactions. Transactions towards year s end are likely to be postponed to 21. The duty still has to be paid after the gross amount of the property, consistent with the former practice.

2 Economic overview Hungary is now facing a deepened crisis, i.e. a recession in the first quarter of 29, after three consecutive quarters of real GDP decline. All the macroeconomic indicators have worsened compared to expectations last year. Several economic restrictions were foreseen to reduce government expenditures, which will be the duty of the new Prime Minister, Gordon Bajnai who was the minister for National Development and Economy previously and the expert government to get these through the Parliament in the remaining one-year governance cycle. Due to the protracted crisis, the government amended the GDP-proportionate state debt of 2.6% which was originally targeted for 29, to 3.9%, while they estimate 3.8% for 21. The moderation of inflation stagnated in the second quarter of the year. The average increase of consumer prices was 3.3% in the first six months of 29, which mainly occurred due to the rise in alcoholic beverage and tobacco prices. The future change of the price level can be significantly altered by the VAT increase introduced on July 1, 29. The VAT increase from 2% to 25% can also lead to a drop in retail sales, but at the same time, some products can be bought on a favourable 18% VAT rate. GDP (%), inflation GDP, inflation & HUF/EUR exchange rate HUF/EUR * The volume of industrial production which has been at a low ebb since June 28 was 23.3% lower in the first five months of 29 than in the same period of the previous year. As for employment and earnings in the national economy, net earnings increased by an average of 1.% in the first five months, while the number of unemployed people was 88 thousand more than in the same period of the previous year. Therefore the unemployment rate was 9.8%, 2.1 basis points higher than in the same period of 28. According to the data of Eurostat, the economy of the European Union fell by 4.5% in the first quarter of 29, which means that recession grew deeper in most of the member countries. Hungary s GDP drop is higher than the EU s; the gross domestic product of Hungary decreased by 6.7 percent in the first quarter of 29 and by 6.1% when adjusted for calendar effects, compared to the corresponding period of the previous year. Among the Visegrad countries, the data of Slovakia indicated a greater decrease. The forint was highly volatile on the interbank market in the past half year: the lowest level, HUF/EUR was reached in the beginning of January, while forint reached its (umpteenth) historic peak on 6 March when the exchange rate was 316 HUF/EUR. By the end of June the forint strengthened to the level of 27 HUF/EUR, showing a half year record. Altogether the exchange rate of the first half year averaged 29.5 HUF/EUR. In accordance with preliminary expectations, from 2 January, the monetary council of the national bank (MNB) cut the base rate by.5 basis points to 9.5%. Another cut has not been made since then, but based on analyst s projections there are chances of further cuts in the third quarter of 29. Modern offices Quarterly GDP growth Consumer price index HUF/EUR exch. rate Source: ESTON To generate new jobs and to preserve the existing ones, the Ministry of Finance inaugurated significant changes to decrease the burdens of living labour. From July 1, 29, employer taxes (employers contribution to the Employment Fund) will decrease by 5 basis points up to the maximum of twice of the minimum wage, and up to the total income by 21. Next year the lower tax bracket of the personal income tax will be increased to 5 million forints, the lower tax rate will be decreased by 1 basis point and the upper tax rate by 4 basis points. GDP Consumer prices VAT Volume of industrial production Unemployment Change The companies can calculate with a higher company tax (19%), but also with many simplifications, e.g. the abolition of the solidarity tax (4%) by 21. Attributable to the difficult financial situation of the companies, 5% more construction companies were under liquidation procedures in the first half of the year than in the same period last year, which could be intensified by measures introduced to whiten the grey and black economy as well. ê ê RiverPark Office Building 113,662 sqm office space was delivered in the first half of the year, of which 36, sqm was built based on unique needs. Apart from these two headquarters (MKB 12,339 and Magyar Villamos Művek 24,4), the volume of the new delivery was 45% less than in the correspondent period last year. In the first six months of the year seven new modern office buildings were handed over throughout the capital. Parkway Offices on Könyves Kálmán Krt., which has the biggest floor plan (26, sqm) was built in two phases, while Capital Square enlarged the Váci út region by 22, sqm. Also, RiverPark, the new ornament on the bank of the Danube in Ferencváros stepped onto the market with 9, sqm, represented by Eston International as the exclusive letting agent. On the Buda side two bigger and two smaller buildings were handed over: Graphisoft H (12, sqm) in Óbuda and the last two phases of IP West (16, sqm) in Lágymányos, while the developments of Wing in Millenáris Park were also 2

3 Eston International Property Advisors delivered in this period. The construction of Millenáris Modern and Avantgarde (2 8 sqm), also represented by Eston, has been finished in the second quarter. Together with this delivery volume, the total modern office stock now exceeds 2.2 million sqm. Altogether 174 sqm, quite a few office buildings, are expected to be built by the end of the year, which is very close to the estimated figure for the whole 21. This could lead to significant changes, further raising the vacancy rate, which is currently nearly 2%. On top of this, the average time to fill a building with tenants is increasing, which can mainly be explained by the extreme extension of the upper time limit. While some offices are filling at the average rate or faster (RiverPark: 75% around delivery time), other buildings are struggling to find tenants even a year and a half after the handover (Haller Gardens approximately on 5%). sqm 14, 112, 84, 56, 28, Expected deliveries & pre-leases Q3 29 Q4 21 Q1 21 Q2 21 Q3 21 Q4 Expected deliveries Pre-lease Contracts were signed for almost 183 thousand square meters in the first part of the year, which is 35% more than in the corresponding period in the previous year. A crisis had an invigorating effect on the market, although it is important to mention that preleases and lease renewals represented a remarkably high proportion of the total sum. While the proportion of lease renewals was only 17% in the first two quarters last year, the figure has doubled by now. Preleases have grown from 5% to 28% as a proportion of total transactions, an increase of more than fivefold. In spite of the crisis, the new office demand emerging from multinationals or international companies coming to the Hungarian market lagged behind less than expected and constituted 12% of the total demand. Based on the experience of the consultants at Eston International, this is partly the consequence of the fact that companies have started to recognize the opportunities of the tenant market that evolved in the meantime. Therefore even those whose lease expires in only 1-3 years are taking a second look at their contracts. On the other hand, cost rationalization is forcing companies into rationalizing their real estate management. For some, it would be a good solution to downsize to a smaller place, or bigger companies could cut their costs by restructuring their organization units or uniting the territories of each separate division. Several big Parkway Office Building companies chose this latter solution: last year MÁV, and this year K&H and Nestlé integrated their offices, and the latter started to sell its own headquarter by the Danube. The biggest prelease proved to be a transaction of Budapest Bank (16 74 sqm) in GTC Metro, which is still under construction on Váci út and it was also the biggest lease contract of the past half year. Other significant preleases were: OTP Garancia leased part (8,5 sqm) of Erzsébet Office which is under refurbishment, Ringier will move to the 2 nd phase of Corvin Offices to 6,5 sqm, and EITI will move to the soon to be ready Inforpark E building. From the remarkable renewals, there were the contracts of Raiffeisen Bank on 12, sqm in Akadémia Bank Center which was handed over in 2, and Procter&Gamble (4,813 sqm) in RiverEstates. Raiffeisen Leasing Centre (4,423 sqm) in Center Point I., Axel Springer (4, sqm) in Városmajor Office Building, while Zepter (4, sqm) in Optima successfully renegotiated their existing lease contracts. From the new leases, APEH signed the biggest one, and under the agreement it will occupy 8, sqm of Spiral Offices, which was handed over last year. Other significant contracts were: BP signed for 6,2 sqm in Haller Gardens, and Nestlé Hungary (3,89 sqm) moved to Millennium Tower II. The crisis has brought an interesting paradox to the surface. There was such strong pressure on rental fees that some A category offices are now offered in the earlier B category, or even lower prices, but their occupancy rates still have not increased strikingly. The earlier sharp line between A and B category offices has blurred to such an extent that some tenants in B category offices who are towards the end of their lease expiry have a wide sqm 35, 3, 25, 2, 15, 1, 5, 24 Office deliveries Office vacancy trends Demand 28 29* choice. In the current market, using an effective agency, they could even choose from A + buildings for their same, previous rental fee (1-12 EUR/sqm/month), especially when they are flexible regarding the location. The previous prices definitely declined everywhere either by 1% or by 3%, but therefore there is no reason to use the earlier fixed price levels (13-15 EUR/sqm/months at the A category offices). Defining the prices has become subjective: the location, the needs of the developer and the technical parameters of a given building determine it. In the first half of 29, still the two main office locations take the leading role: Váci út is still favourable, and besides that South- Buda and South-Pest office locations by the Danube are popular. The tendency shows that those locations are the most in demand where new projects are handed over. Therefore, we cannot declare next year s most popular spot, as current projects are under construction through different points of the city. The professionals as yet do not even dream of predicting the expected volume of newly built offices for 211, as not a single construction has started this year. Some projects planned for 21 may be postponed to 211, but this amount would not even approach the volume of past years Typical vacancy rate 3

4 Industrial properties Expected deliveries & pre-leases Bécsi Corner GTC Metro Madarász Office Park I-II sqm 1,6, 1,4, 1,2, 1,, 8, 6, 4, 2, 25 Total industrial stock 26 Speculative 27 East Gate Business Park 28 BTS 29* * ESTON forecast The first six months of the year passed eventless on the industrial market of the capital, compared to the previous years. The segment, which was making progress at the end of last year, has now completely lost momentum. Based on previous years record take-up, many developers have piled up plots at strategy points (M line, airports) but they did not have the chance to begin the planned developments. Currently there is no opportunity to sell these plots; even the biggest industrial developers, which own broad portfolios worldwide, would not start new projects. 126,9 sqm of warehouse space was delivered in the first half of the year, therefore the total modern industrial stock in Budapest exceeded 1.5 million sqm by the end of the second quarter. At a guess, still around 53, sqm is expected to be delivered by the end of the year. The potential of the developers is obviously significantly higher than this; around 8 thousand sqm of space is ready to be developed. Due to the narrowing financial situation, it has now become evident: developers do not have substantive possibilities to choose from; therefore, they do have to dismiss speculative developments for a while. From the projects announced for 29, according to Eston experts, the construction of 118, sqm has positively been postponed this year. As it usually takes 4-6 months from the approach of the client to the signing of the contract, and furthermore, it does not take more than 4-6 months to build up these properties, it is difficult to estimate the take-up and delivery levels at the end of the year, since some build-to-suit projects may be constructed by the end of the year, as a result of the current negotiations. This volume, however, cannot be expected to be substantial. The territory of the business parks inside Budapest has increased by a total of 5, sqm in the past half year. In the 9 th district 9,1 sqm was handed over in CityPoint9, besides 3 developments have been finished in the outer districts during the past half year: In the 17 th district (Rákosmente), the Mesterek Háza (6,6 sqm of warehouse and offices), in Soroksár BILK (1, sqm) and in REsidence 1-2 II Krisztina Palace XII Allée Buda West Offices XI Tópark III V I XIII VI VII IV VIII IX XIV XX XXII Infopark E Office Garden II Újpest, at the foot of the M bridge, Európa Center expanded by 14, 6 sqm (3 buildings). In the agglomeration, in the eastern region bordered by the M5-M motorways, 4 projects were handed over as well, totalling at 86,6 sqm, twice as much as in the city. The development that was finished first this year was the second phase of Ablon Airport City Logistic Park (9,3 sqm) in Vecsés. Viktória Park (37,8 sqm) was handed over in Üllő, and furthermore a BTS project of Goodman, Airport City Logistics was finished, whose warehouse and office space was completely developed to the needs of the client (Rossmann 27, sqm). 12,5 sqm were completed in the first phase of M5 Gyál Business Park, which is partly used by the developer, Autóker Logistics Ltd for its own warehousing and logistics services. Another 22,5 sqm are structure-ready, which can be easily and quickly developed in case a serious tenant appears. Prologis, the American industrial giant, who seemed to be an active market player until nows, has not developed in the first half year, besides the English Segro has also postponed the building of its previously announced projects, the Aerozone and the Ozone. The Australian Goodman does not build new units either in Üllő, or in Gyál, moreover neither the next phase of Wing s last year s success product, East Gate Business Park is under construction on a speculative base. According to the experts of Eston, the sector may accelerate on in the mid-term, for as part of the New Hungary Development Plan logistics and industrial parks can now gain financial support from the EU as well. The main goal of the tender process is to improve and help the logistics of international freight traffic, and furthermore to help the development of intermodal centres. The European Regional Development Fund would spend 12.5 billion forints on the winning tenders in two types of construction. 35, 3, 25, 2, 15, 1, 5, XV X Váci 1 XVI XVII Népliget Center II XIX Millennium Gate XVIII XXIII Market activity DC Offices Eiffel Square Department Store Corvin Promenade Ü sqm % 4, Total delivery 27 Total take up Vacancy

5 Eston International Property Advisors It is questionable though, whether there would be a developer who could exploit this opportunity in the current market situation, moreover knowing how unstable the future is. The demand side was far behind last year s performance. The total space included in the lease contracts was about 4, sqm, 7% less than in the first 6 months in 28. As a new phenomenon, more and more middle sized end-users are appearing on the market who intend to buy, and previously operated their business in a conservative way. Therefore they have enough of their own equity or supported credit, which could lead to a favourable contract in the current circumstances. This segment has done its warehousing and production activity in leased properties previously, and its market position is still stable. In their opinion, to invest in real estate is a good opportunity on the changed market environment, but they intend to buy solely under the previous price level. The vacancy rate leaped to never seen heights (25%), as a result of competition and oversupply. Any further rising of the rate could stop by the end of the year, however. The main cause of this is that delivery is hardly expected for the second half of the year (53, sqm). The rent fees here are also under great pressure, just like in other segments: typical levels were between /sqm/month at logistics parks outside the city but due to the tight competition even lower rents were seen while business parks within the city boundaries were /sqm/month. Retail properties The volume of retail sales was still moderate and decreased by 3.6% in the first five months of 29 compared to the same period of the previous year. The number of companies operating in wholesale and retail trade has been also decreased: from 2 thousand last year, only 194 thousand are operating today. (Source: CSO) Like other segments, the retail market has also suffered from the crisis, postponing the handover dates of originally planned new projects. No new significant commercial centre developments have been opened in the first half of 29, although till the end of the year 91, sqm, and until 21 three projects, 7, sqm are in the pipeline in Budapest. Some of the mixed used projects are close to the end: finishing touches are being done on the Pest side on Corvin Átrium (35, sqm), on Europeum (6, sqm), also on the Buda side on Allée (45, sqm). The evolution of this project is anxiously followed by both the market and the customers, as the future shopping centre could spare some travel time for the inhabitants of Buda and the surrounding areas. On the other hand it could easily cause a visible decline in the turnover of other currently popular shopping centres. It seems the developers will time the opening of these shopping centres to catch the Christmas rush. During the year such developments will be handed over as Eiffel Square at Nyugati Pályaudvar (ConvergenCE) or Paris Department Store on Andrássy út (Orco), which mainly have office functions but also a medium-sized (2-22 sqm) retail area. There are some developments, however, whose financing has supposedly became uncertain since the beginning of the year. The construction of these has had to be suspended for the time being. The other Orco shopping centre development, Váci 1 is under construction again after a short interruption. The building, which will host premium and luxury brands, is to be handed over in autumn 21. The Polish Echo Investment, developer of Mundo in Zugló plans to start construction works in the 2nd quarter of 21, therefore the opening would be in spring, 212. The leasing of the retail units is going well as there are confirmed business conditions by international tenants in form of signed heads of terms and contracts for 4% of the space, based on the owner s information. In the second quarter of the year, the laying of the foundation stone took place at the Tópark project, in Törökbálint: besides 92, sqm office space, another 2, sqm service center will be built by the end of 21. The enormous 9, sqm Tópark Shopping Mall is planned to be completed in the next phase, by the end of 211. The development of the shopping centres nationwide does not seem so moderate. Not even rising unemployment in tandem with the constantly decreasing retail sales rate could stop developments mainly strip-malls in the countryside. In Győr the ETO Park has not yet been delivered, but in the other end of the city, the development of Dunacenter (12 sqm) has started, and is planned to be finished by autumn. In Zalaegerszeg, Zala Park (3, sqm) is under construction, which is also scheduled to open in autumn. The expansion of the STOP.SHOP chain continues; the one in Gödöllő (8, sqm) was handed over in May, and the construction of the malls in Gyöngyös (7,5 sqm) and Salgótarján (9, sqm) is proceeding according to plan, and the opening is due at the second half of the year. Center Invest Ltd, which only developed strip malls until now, now opened its first city shopping centre, Corso Kaposvár. Corso Pécs (8,8 sqm) and STOP.SHOP Oroszlány are expected to be finished by 21. Family Centers are expanding as well: in the first half of the year malls opened in Mohács (13, sqm) and in Szolnok (1, sqm), while strip malls will be built in further 5 cities in the countryside by 21. Váci Street, the classic shopping district and pedestrian thoroughfare of Budapest, has lost its prestige in the past years. Although there are not many retail units to let, the supply of goods (and therefore the customers) has tended to move from the upper category to the middle. On Nagykörút and its surroundings there are many vacant retail units. The development and refurbishment of the Heart of Budapest, which could help retail to flourish in the downtown, is still in the inception phase. Project GLA Developer Delivery* Corvin Atrium 34,6 Futureal 29 Q3 Europeum 6, Ablon 29 Q3 Eiffel Square 2,2 ConvergenCE 29 Q3 Paris Department Store 2, Orco 29 Q3 Allee 46, ING Real Estate 29 Q4 C.E.T. 12, Porto Inv. Hungary 21 Q2 Váci 1 1, Orco 21 Q3 KÖKI 5, R-Co 21 Q4 Delayed * Developers expectations Project GLA Developer Delivery Solaris 9,5 Whitestone Inv. N/A Neo Center 16, Whitestone Inv. N/A Mexikói road (Millfav Concept) 15, Raiffeisen Ingatlan Zrt. N/A From the luxury shops on Andrássy, the Armani shop is planned to open in July, while the café debuts in September. These shops have enhanced commerce in the surrounding streets as well. Hajós street, next to the Opera house is a good example, which hosts many cafés and unique shops, including the fashion salon of Tamás Náray. The re-construction of the old warehouses in Ferencváros started at the beginning of this year. The CET project (circa 27, sqm), which will be rebuilt in PPP construction, could turn into a modern, 5

6 iconic building eventually. This peculiar development on the shore of the Danube will house a concert and events hall as well, besides small shops, restaurants, bars and galleries by summer 21, and is at the same time expected to boost to commerce in the neighborhood. While examining the retail rental fees in Budapest, it has to be noted that previously apart from the overvaluation of Andrássy út there has been no major change in retail rents in years. However, as the crisis spread, rents became under such pressure that in some less busy areas the owners are now forced to give 1-3% discounts. The passion for opening new shops fell off, and even the bigger retail chains, which were using hardball expansion tactics, became more measured. In Westend, which is the most frequented and most popular shopping centre, and on Váci Street the rental fees are still around 1 EUR/sqm/month. Retail asking prices on Andrássy, which is populated by luxury brands, and on Fashion Street are 6-8 EUR/sqm/month on average. Rentals of the retail units are the most favourable in the secondary shopping centres, where the monthly fee may be between 1-2 EUR/sqm. Investment properties The mortgage crisis that has rendered the investment market dead on its feet has proved to be longer lasting than previous expectations forecasted. The absence of transactions has sensitively affected many companies working in the service sector but close to the real estate business. The turnover of these companies fell in proportion to the declining number of transactions. This problem cannot be referred to as a home peculiarity though. Investment volume has decreased significantly everywhere around the world. The first signs of regeneration showed up on the western markets. In London and in the central markets of the bigger cities in Germany, as well as in Madrid, Barcelona and Paris, it seems that the price correction has been accomplished. Foreign investors and conservative funds are buying prime properties on the West End, where 7% yields are offered. That is why it is understandable that the relatively expensive Central European properties do not attract many investors to the region. While in London the sellers have moved to a price level which is now attractive for the buyers, in Budapest there is still no consensus regarding prime yields. Although slight interest can be experienced from the side of the buyers on the market, there is still a huge abyss between buyer and seller price levels. Domestic investors mostly buy cheaper properties, for a few million Euros, although more and more opportunity buyers are appearing on the market, hunting for forced liquidations or properties which are on sale well below the market price. Buyers with strong equity well know that cash is king in the current economic situation, and they want to have an impact on the price as well. Price correction therefore is still to be expected in Budapest, stalling off the classic big investors, although there are some smaller and bigger well-funded end-users who have bought properties for their own operations. K&H Bank bought a 52, sqm office building from the developer Trigranit in the Millennium City Center which is expected to be delivered in 211. Bárdi Autó, a car parts dealer, bought one of the properties of Europa Fund (a 1,7 sqm warehouse) in Budaörs, with the help of the consultants of Eston International. One of the biggest transactions of the past year relates to Arena Plaza, although neither the price nor the yield level has become public so far. The shopping centre is now in the sole ownership of Lanebridge Investment Management (LIM) investment fund, after they bought out the other owner, Active Asset Investment Management (aaim) company. The situation of the development plots seems hopeless for a while. In the past half year demand focused only on plots with an exceptional location (e.g: Inner Buda). Market transactions are also held back by the alternative investment possibilities. The annual yield of the money market investments is very appealing as the central bank base rate has been very high (9.5%) since the beginning of the year. On the top of this the banks, which are continuously lacking funds would do everything to get as many deposits as possible. One of the biggest losers of the crisis was undoubtedly the real estate funds. They had to suffer a huge fund withdrawal 85 billion forints from the 4 biggest funds in the past half year. OTP and Erste, which are still open-ended, experienced the biggest fund withdrawal, while Raiffeisen and Europa Fund decided to transform into closed-end funds to prevent further fund outflow. Asset values of the 3 largest Hungarian property funds from January Billion HUF jan 27 febr 27 mar 27 apr 27 may 27 jun 27 dec 28 jan 28 feb 28 mar 28 apr 28 may 28 jun 28 jul 28 aug 28 sept 28 oct 28 nov ERSTE Property Fund OTP Property Fund Raiffeisen Property Fund Source: BAMOSZ 28 dec 29 jan 29 feb 29 mar 29 apr 29 may 29 jun Uniquely in Hungary, Erste launched a new, Euro Real Estate Fund, which offers investment opportunities to clients who want to save in Euros, avoiding the risks of foreign exchange fluctuations. The steady yield of the fund is ensured by the rental fees paid by multinational corporations. 124 Budapest, Lövôház u. 39. Tel.: (+36 1) Fax: (+36 1) info@eston.hu