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33 Essential Year-End Financial Tasks
The end of the year is a traditional time of celebration, excitement, reflection and planning – not withstanding the hectic holiday shopping of course. However, the end of the year also holds another, lesser-known but more significant,...
How To Realistically Set Your Fees - Part 3
Effect of Benefits
We have previously examined realistic billable hours and the effect of business expenses on your hourly rate. Now we'll look at the effect of benefits.
Once upon at time, when we were employed, we received a benefits...
Investing in China
Investing in China can have a high pay off, but is usually a very high risk.
Investing in China can be a risk if you're not careful and depending on what you intend on investing in. For instance, if you are going to invest in the stock market,...
Investing in Stocks and the Game of Monopoly
You have permission to publish this article either
electronically or in print, free of charge, as long as the
author bylines are included. A courtesy copy of your
publication would be appreciated. Please email to ...
The Self-Appointed Altruists
Their arrival portends rising local prices and a culture shock. Many of them live in plush apartments, or five star hotels, drive SUV's, sport $3000 laptops and PDA's. They earn a two figure multiple of the local average wage. They are...
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Investing in the Czech Republic - Outside of Prague - Part 2: Olomouc Property
Olomouc is an excellent choice for real estate investors
and following is a profile of the city. Those of you who
have read my newsletter before know my dispassionate style
of presenting things so here are the facts on Olomouc as they
may affect investors...
Area: 103.36 km2
Population (latest data December 31, 2003): 101,268
Distance from important European and Czech cities:
City / kms
Brno / 76
Ostrava / 100
Prague / 277
Vienna / 198
Bratislava / 197
Warsaw / 474
Budapest / 389
Berlin / 500
Paris / 1 302
Average monthly salary for Olomouc region (2003): 15 491 CZK
Average monthly salary for Czech Republic (2003): 17 445 CZK
Average monthly salary for Czech Republic (2005 2nd Q): 18 763
CZK
Education: 16% of residents in Olomouc have University level
education
Average temperature in January: - 2°C to -4°C
Average temperature in July: 15°C to 19°C
Foreign Investors in Olomouc (by no means
comprehensive, only a sampling)
Investor (Country) /
Business Activity / Year /
Employees (2004)
Nestle Cesko, s.r.o. (Switzerland) /
Production of chocolate and chocolate candies /
1992 / 800
Foundeik, s.r.o. (Spain) / Foundry /
2000 / 215
M.L.S. Holice, spol. s.r.o. Group Leroy (France) /
Production of alternators; sale, maintenance and
repairs of rotating electric motors / 1922 /
770
Mora Aerospace, a.s. (USA) / Development,
designing, production, testing, maintenance, repairs,
modifications and construction changes of the aviation technique
/ 1999 / 640
Mora Moravia a.s. (Slovakia, Hungary) /
Manufacture and sale of cooking technology appliances /
1996 / 640
Senior Automotive Czech, s.r.o. (UK) /
Production of shaped aluminum and steel pipes for the automotive
industry / 2001 / 260
SIWE, a.s. (Austria) / Production of
forming, cutting and bending tools / 1992 /
143
TIMKEN Ceska Republika, s.r.o. (USA) /
Production of needle and roller bearings for automotive and
engineering industry / 2001 /
523
Skanska DS, a.s. (Sweden) / Construction
of motorways, city roads, parking areas; construction and
reconstruction of bridges, sewage systems / 1954
/ 185
Exerion Precision Technology Olomouc, s.r.o.
(Netherlands) / Metalworking and assembly of
metal-frame structures and functional modules /
1998 / 110
Other Investment News
Schneider Logistics, a leading global
logistics company, opened new shared services centre in Olomouc.
Thanks to this million euro investment more than 300 new highly
qualified jobs will be created here.
"We chose Olomouc mainly for its sufficient supply of
qualified people. The new centre will serve customers of
Schneider Logistics from all over Europe, which is why our
demands, for example on employees' language skills, are high,"
commented Willem Jan van Vorstenbos, Managing Director of
Schneider Logistics in Europe, and added: "Of course we intend
to offer employees the most varied training relating to
languages, accounting and working with our special software
applications developed for processing invoices."
Kappa Packaging
opened a new plant for the
production of packaging from backed corrugated board in the
industrial zone Olomouc - Holice today. The new plant into which
Kappa invested over 11 million euro will create more than 50 new
jobs.
"The main factors behind the decision-making on the
establishment of the new plant were the following: location in
the heart of central Europe, know-how and skills of the original
employees of the local plant Kappa Empack and - last but not
lest - support of governmental organizations and representatives
of local government," says Zden?k Suchitra, director of the
Kappa Packaging plant in Olomouc.
The multinational company Head has decided to
start the manufacture of skiing shoes in Litovel, Olomouc
region. Head has acquired a factory in Litovel by reason of
quick production start. Head plans to invest 2 million euros and
create 120 jobs in the first phase.
Gerald Skrobanek, CEO Head Sport s.r.o. explained the
reasons for this decision: "The advantage of the Czech Republic
is mainly better logistics, but also higher labor productivity.
Litovel offers an advantageous location and mainly experienced
workers for our production technology. Mainly thanks to the very
successful operations in the Czech Republic, the top management
at Head decided not to move to the cheaper labor markets further
to the East of Europe, but utilize the better infrastructure and
eruditeness in the Czech Republic." Olomouc Property
Figures
Apartment Rentals in CZK per month (2004 3rd Q): (average
range - exceptions can be found either way)
Size / CZK/month
1 + 1 (studio or bachelor) / 4 000 - 5
500
2 + 1 (1 bedroom) / 5 000 - 7 000
3 + 1 (2 bedroom) / 6 000 - 9 000
4 + 1 (3 bedroom) / 6 000 - 10 000
House Sales in thousands of CZK per flat (2004 3rd Q):
(average range - exceptions can be found either way)
Size / New Build /
Heritage Building
1 + 1 (studio or bachelor) / 650 - 950 /
500 - 700
2 + 1 (1 bedroom) / 800 - 1 200 /
700 - 900
3 + 1 (2 bedroom) / 1 300 - 2 500 /
900 - 1 700
4 + 1 (3 bedroom) / 1 800 - 3 000 /
1 200 - 2 100
Property Examples (common closing prices are
commonly 5 - 10% less than the asking price)
1 ½ bedroom (2.5 + 1) flat right in the middle of
the old town section. Beautiful heritage building with view to
the square. New kitchen and kitchen cupboards. Hardwood flooring
and tall ceilings. Asking price: 2 050 000 CZK
1 bedroom (2 + 1) completely reconstructed close to the
center section of town. Completely reconstructed. 52 m2.
Balcony. Asking price: 1 350 000 CZK
2 bedroom (3 + 1) newly built flat on the top floor of a
heritage building in the historic center of Olomouc. 88 m2.
Balcony. Asking price: 2 266 000 CZK
As we've emphasized before, at Czech Point 101 we are
not going to over-inflate figures or try to sell you on hyped up
facts. Our goal is to inform you to make the best investment
decisions possible.
Recommended Reference Websites
Olomouc
tourism website Olomouc city website
The sources for this newsletter include the Olomouc city and
CzechInvest.
About the author:
Nathan Brown is the owner of Czech Point
101, a business which helps buyers find their perfect
home in the Czech Republic and complete the purchase. Current
projects in which Mr. Brown is directly involved include
commercial and residential property investments and a portfolio
of individual and corporate business interests in Czech Republic
and North America.
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