Austria's top economic news - March 29

Steel specialist Voestalpine decided to raise its R&D budget by 10% to EUR 120m for fiscal 2011/12. The budget of the stainless steel division will grow by 25%.
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Real estate company Warimpex posted a net profit of EUR 3.75m for 2010, compared to a loss of EUR 92.67m for 2009. The company's portfolio is valued at EUR 23.5m. Sales grew 21% to EUR 103.16m and Warimpex booked EBIT of EUR 24.38m, up from a loss of EUR 71.77m for 2009. For 2011, the company projects a 15% rise in its sales and an increase of EUR 10m in its EBITDA on a like-a-like basis.
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Raiffeisenlandesbank Oberösterreich (RLB OÖ) will subscribe for up to 10% of the IPO of aluminium group AMAG. The move was attributed to the importance of AMAG for the province of Upper Austria.
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Raiffeisen Bank Romania SA, part of Raiffeisen Bank International (RBI), plans to issue bonds of up to EUR 1.5bn. The programme will be started in the next month.
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Warimpex plans to issue bonds totalling EUR 75m on the Polish markets over the next three years. For 2011, a convertible bond worth EUR 30m is planned. The proceeds will be used for refinancing of credits for development projects.
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The Serbian government has demanded Telekom Austria to improve its offer for 51% in Telekom Srbija. The company, as a sole bidder, has offered between EUR 800m and EUR920m, while the state is asking for at least EUR 1.4bn. Telekom Austria will have 15 days to enhance the proposal. It said it would closely examine the demands of the government.
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The shareholders of technology group Andritz approved the payment of EUR 1.70 in dividend per share for 2010, up from EUR 1 for 2009.