History

1991

Fotex Ltd acquires an 50% interest in Azurinvest Ltd a retail chain which sells cosmetics and household goods for 258 million HUF; subsequently Blackburn International Incorporation also acquires a 1% stake in the company.

Ajka Crystal LLC increases its share capital, through equivalent in kind contributions to the company by Fotex Ltd and Blackburn International. Fotex Ltd contributes assets of Ajka Glass Factory held by it, while Blackburn International contributes Fotex shares. The value of the contributed Fotex shares by Blackburn is equal to the price at which Fotex shares were floated for during March share issue.

In March Fotex Ltd raises its share capital through a private share issue for international institutional investors offering 13.7 million shares at a price of HUF 270 per share. During the offering the company also liquidates 600 thousand treasury shares thus obtaining a total of 3.4 billion HUF equivalent of cash in so called "hard" non-Hungarian Forint currencies.

In May Fotex Ltd raises its share of voting rights in Azurinvest Ltd to 71.6%; while Blackburn International acquires another 3.8% in Azurinvest shares.

In September Fotex Ltd increases its stake in Kontúr to 51%, and thereby becomes the majority shareholder in Kontúr paying a purchase price of 400 million HUF.

In December Fotex Ltd acquires a 21.1% interest in and the management rights of the largest furniture retail and wholesale company in Hungary, Domus Ltd; paying a purchase price of 344 million HUF and also as a part of this purchase an option usable by the company until 1993 to acquire another 30% of the company. The transaction was legally settled by both parties in 1992.

1993

In January Fotex pays the initial purchase price of Ofotért to the State Property Agency in the amount of 1.2 billion HUF (40% in "compensation coupons" and the remaining 60% in cash). In addition to this Fotex still has to pay 400 million HUF in two equal instalments in the course of 1993 and 1994.

Fotex Plastics' (earlier known as Granvisus LLC) share capital increases from 38 million HUF to 73 million HUF. As of February, Proficolor LLC takes over Ofotért's photography business. Proficolor's proprietors are Ofotért with a 49% stake in the company, Eastman Kodak which has a 26% share (and the operational management rights) Blackburn International Incoporation with 23% stake and finally Fotex which controls just 2% of the company's shares.

In March, using the option purchased from the State Property Agency in 1991, Fotex acquires a further 30% of Domus Ltd from the State Property Agency at a price of 489 million HUF. Out of this sum 40% is paid in the form of "compensation coupons", and the rest is paid in cash in four installments.

In May Vebu LLC, the owners of which are financed by Fotex, acquires 62% ownership of Balaton Furniture Factory's (Balaton Bútorgyár) shares at a price of 218 million HUF (out of which HUF 168 million is paid through an E-loan, and the remaining HUF 50 million is paid in the form of compensation coupons).

In August Fotex Ltd sells 97% of Fotex Property Development LLC (Fotex Ingatlanfejlesztő Kft), to Blackburn International Incorporated (selling its remaining 3% shareholding to Blackburn later in December).

In December Blackburn International Incorporation passes on its' pre-emptive purchase right in Keravill Ldt to Fotex Ltd; this option gives Fotex the right to purchase 97% of the outstanding shares of Keravill Ltd the largest household and entertaiment electronics retailer in Hungary at the time.

1995

In Januray Fotex Ltd acquires the exclusive distribution rights for Givenchy products in Hungary.

In May Ruházati Bolt Rt is liquidated by its owners, pursuant to which the company's outlets are divided between Fotex Ltd and Kleider Bauer GmbH.

Proprimo LLC is formed with 25 retail outlets.

Fotex Plastics' new plant starts its production.

In June Bausch and Lomb renew their agreement with Fotex Ltd for the exclusive distribution rights for their products.

Fotex Ltd concludes a distribution agreement with Gianni Versace.

In September Fotex obtains the exclusive distribution rights for Kenzo as well as for Cartier products.

Bourjois signs similar a contract with Fotex for distribution of its products on an exclusive basis.

In December Fotex Ltd completes its central warehouse and warehouse-management system.

1997

Fotex Cosmetics is founded, an independent company for the exclusive distribution of cosmetics and toiletries. This was the last step in transforming Fotex Ltd from a trading company into a pure holding company.

Kontúr Stationery LLC (Kontúr Papír Kft) is demergered as an independent company from Kontúr Ltd. The new company assumes all the stationery business of its predecessor, thereby continuing the cleansing of the business segments within the group.

Fotex Ltd acquires a 89% interest in Hungaroton Music Ltd, granting it control over the 9000 recorded classical and pop music albums in the company's historical archives. In order to further rationalize the company the merger of Hungaroton Gong LLC and Hungaroton Classic LLC is initiated (both are daughter companies of Hungaroton).

Before year's end Fotex Ltd acquires a further 25% interest in Ofotért Ltd, while its ownership in Dália Ltd increases to 92% of the companys' ordinary shares.

Fotex Group members Azúr Ltd and Ofotért Ltd are the only Group members to open new retail outlets in several newly built malls across Hungary.

The rationale at the time is that no new stores will be opened in the newly constructed shopping malls due to the high operational costs and because of Fotex's conservative market outlook at the time.

Fotex Ltd commences to purchase its existing downtown operational retail properties as well as other real estates which it considers to be in strategic locations.

The modernisation of Fotex's information system (infrastructure) continues and the second series of Gemini bonds are tendered in the amount of 2.5 million USD.

1999

Fotex Ltd, Fotex 2000 LLC and Fotex Optika LLC establish Keringatlan LLC (real estate investment, utilization and management company), with a contribution of 3 million HUF in cash and an in-kind contribution of land, buildings and other properties having a book value of 561.64 million HUF. These properties continue to be leased by their original proprietors or tenants. In the course of the year reorganisation of the company is continued, therefore in April Proprimo LLC merges with Primo Ltd, while in September Proficolor merges with Ofotért, both transactions occurring at book value.

Fotex purchases from its employees an additional 6.16% in the Kaposvár Clothing Factory Ltd (Kaposvári Ruhagyár Rt) at a price of 11.190.000 HUF.

2001

On the 31st of July 2001 Fotex acquires 80% of FTC Football and Sport LLC (FTC) from Ferencvárosi Torna Club. The purchase price is 2.400 million HUF, out of which 600 million HUF is due at closing of the contract, while the rest is due in equal instalments during the next three years. The outstanding amounts are to be charged with interest, at a rate which equals to preceding year's average yield for Hungarian government bonds. The purpose of the acquisition unlike Fotex' previous investments was, following FTC's restructuring, rationalisation and recapitalisation to sell the business.

In August, three Group members, Primo Real Estate LLC (Primo Ingatlan Kft), Keravill Real Estate LLC, (Keravill Ingatlan Kft) and Azúr Real Eatate LLC (Azúr Ingatlan Kft.) are merged into Keringatlan LLC. The Group's real estate business is now solely handled by Keringatlan LLC.

Fotex increases FTC's registered capital by 100 million HUF, as a consequence the Group's ownership reaches 99,42%.

Sigma LLC is founded in September. It is this newly established company's main duty to lease the Group's available real estates properties, as well as to assist the Group in obtaining new properties. Simultaneously Sigma is also a real estate consultant and a leasing agent for third parties handling the transactions of other companies dealing with real estate development, leasing and operations.

The Fotex Group opens several retail outlets in MOM Park shopping mall occupying 7.000 square meters of floor area in the newly built mall.

2003

Fotex sells its shares in Gong Express LLC (which conducts musical CD, VHS and DVD wholesale) to the company's minority shareholders, thereby closing down the Group's wholesale activities in this field.

In November the sale of FTC Football Ltd (previously FTC Football and Sport LLC) is completed. At the same time Fotex Ltd purchases the exclusive rights to use the FTC logo, brand name as well as the certain merchandising rights associated with the club.

In December Fotex Ltd concludes an agreement with Westel Mobil Telecommunication Company to sell its retail agent network at a price of 1.500 million HUF, which was originally established for the purpose of selling Westel services but consists of independent agents and is merely operated by the Fotex Group.

In the course of the year Fotex Ltd purchases the 100% interest in both Alfa Örs LLC and Szivárvány Ltd through Keringatlan LLC. Both portfolio management companies have a significant ownership in the Sugár Shopping Mall; as such upon concluding of the transaction Fotex's interest in Sugár Központ Egyesülés (the management company which operates the Sugár Shopping Mall) reaches 98.36%.

Fotex purchases another 43.05% in Kontur Ltd from one of Kontur's minority shareholders, thus Kontur's minority owners stake in the company drops to 2.65%.

2005

In March Fotex increases the registered share capital of Ajka Crystal LLC pursuant to this the registered share capital of Ajka Crystal increases to 1.337 million HUF.

In April Keravill's liquidation is finalised.

In June Balaton Furniture Factory Ltd splits into two separate companies, Bebufa LLC which will continue the furniture production activity of the original Ltd.

In July Alfaörs LLC and Szivárvány LLC merge into Keringatlan LLC.

Fotex Ofotért Real Estate LLC (Fotex Ofotért Ingatlan Kft) is established by splitting Fotex Ofotért Optika LLC into two companies. The new company's purpose is real estate leasing, development and investment.

In November Fotex Ltd registers in Cyprus a 100% owned subsidiary, called Upington Ltd by contributing its entire optical division, as well as certain intangible rights. Upington's duties are to acquire and sell companies, manage real estate and other investments; in addition to this the company will also look for new opportunities for the group in financing, consulting and investments.

In December Upington sells Fotex Ofotért LLC (which represents the Groups total optical retail holdings) to the Dutch group HAL Invest.

According to the agreement concluded with Hal Invest, Fotex Ofotért Real Estate LLC modifies its name to Azúr Real Estate LLC (Azúr Ingatlan Kft).

In the course of the year Fotex Group member companies continue to purchase their own leased real estates from their owners (mostly municipalities). In addition recently closed Azúr and Fotex 2000 stores are continuously let to third parties.

Kontúr Stationery LLC (Kontúr Papír Kft) closes its paper retail sales division by selling the business.

2007

After the dissolution of the furniture manufacturing production of Dalia Ltd the company's primarily function becomes property utilization and the company is subsequently merged in February into Kontúr Trading Ltd. The two existing subsidiaries of Domus, Domus Lánc LLC and Domus Office Furniture LLC are merged into Domus Ltd, their parent, in the first quarter of the year.

In March the reconstruction of Sugár Shopping Mall is completed and the newly built multi theater Sugár Cinemas opens in the second quarter of the year.

The General Assembly of Domus Ltd (a publicly traded company until then) decides in June to transform the company into an unlisted corporation; the change of the company form is registered by the Hungarian Company Registry Courts in August.

In September Székhely 2007 LLC demerges from its successor Balaton Bútorgyár Ltd which continues the manufacturing activities of its predecessors.

Fotex Ltd decides by a resolution in November to raise the capital of the Company through the means of a closed offering of priority dividend bearing shares. Through this means the company issues 2.000.000 priority dividend bearing shares each having a nominal value of 100,- HUF.

2009

In early March Keringatlan establishes its Dutch subsidiary named Fotex Netherlands which is responsible for the creation, development and management of the Group's Dutch real estate portfolio. The extraordinary general meeting of the Company's four subsidiaries – Keringatlan LLC, Europtic LLC, Kontúr Ltd and Domus Ltd it is decided that the two Ltd's and Europtic LLC would all merge into Keringatlan LLC. The economic aim of the merger is to optimize the activity of the subsidiaries, which are engaged in the same commerical activities: real estate and asset management. The merger is registered by the Hungarian Company Courts on the 30th of September.

In April Fotexnet Ltd sells the online DVD rental service of the DVDrent.hu to the Bookline.hu Plc. In the same month the newly founded Dutch subsidiary, Fotex Netherlands BV, purchases an office building with 4.964 m2 of lettable area and 105 parking places in the office agglomeration of the Haag, in the city of Zoetermeer; congruently the company also purchases another office building with 7.222 m2 of lettable area and 158 parking places located in city Gorichem. Both buildings are fully leased to long-term financial strong tenants.

At the annual meeting of Fotex Holding SE, held on the 28th April, the shareholders of the company decide to transfer the registered seat of the corporation to Luxembourg. The extraordinary general meeting held in Luxembourg on 4th June approves the decision, and the company's new registered seat from this date onward is: 75, Park Activités L-8308 Capellen, Luxembourg.

In November Fotex Netherlands BV purchases another office building with 2.651 m2 of lettable area and 60 parking places located in Haarlem a suburb of Amsterdam; in December the company also acquires an office building with 3.012 m2 in Rotterdam, both buildings are leased long-term.

2011

In April Downington Holding Sárl is stricken from the Luxembourg company register. All possessions and activities of Downington Holding Sárl are taken over by its sole previous owner, Upington Investments Ltd.

In June Fotex Netherlands BV establishes a Dutch subsidiary named FN2 BV with the aim of further developing and manage its real estate portfolio in the Netherlands.

In July FN2 BV purchases an office building with 7,122 m2 of lettable area and 129 parking spaces in the city of Utrecht which is leased to the Government Buildings Agency; part of Ministry of the Interior and Kingdom Relations.

Also in July Upington Investments Ltd purchases the 100% ownership stake in Plaza-Park LLC a company whose registered seated and associated business is located in Hungary. Through this purchase the real estate holdings of the Fotex Group consolidated companies are increased by another 95,274 m2 of land and 7,045 m2 of lettable buildings.

In December 2011, FN2 BV purchased an office building in Hoofddorp, in the office park Beukenhorst South, having 11,802 m2 area - out of which 10,205 m2 is for lease - with 261 parking places. The office building is leased for long term.

2013

In March the Company, exercising its redemption option, repurchases 775,000 pieces of dividend preference shares - owned by the management previously.

In October Fotex Netherland BV founds a new subsidiary, FN3 BV aiming to further develop and manage the real estate portfolio in the Netherlands.

In October FN3 BV purchases a plot of land 16.013 m2 with an office building of 4,033 m2 and an industrial building of 4,392 m2 lettable area in the city of Breda which is let for more than 10 years to SPIE S.A.

The registered office of the Company changes with effect from 1st November to 26-28 rue Edward Steichen, L-2540 Luxembourg.

In November FN3 BV purchases an office building with 4,184 m2 of lettable area and 48 parking spaces in the city of Rijswijk which is let to the government related Institute that issues driving licenses (Stichting Centraal Bureau Rijvaardigheidsbewijzen).

In December Proprimo Kft merges in Székhely 2007 Kft. The merger is effective on the 1st January 2014.

2015

In September 2015, Long Term CRE Fund BV, a subsidiary of Fotex Netherlands BV purchased an office building and parking space with 7,693 m2 lettable area in the city of Assen. The property is let long term to two government related institution, the HQ of the regional fire brigade and the GGD Drenthe (the provincial health institute). The building is located on a strategic location and recently built according to the highest quality and sustainability standards.

Furthermore, also in September 2015, the Company sold 100% of the shares in its subsidiary Balaton Bútor Kft. to an institutional investor. As from the date of the share disposal, Balaton Bútor Kft. ceased to be a member of the Fotex group of companies.

In December 2015, the Company increased the share capital of Fotex Netherlands BV by way of contributing its shares held in Keringatlan Kft.