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1
Full Year Results
FY 2012/13 August 2013
EN
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2
HISTORIC KEY FIGURES DEVELOPMENT
6,515
7,877
4,565
5,157
5,170
5,518
5,327
3000
4000
5000
6000
7000
8000
9000
FY2006/07
FY2007/08
FY2008/09
FY2009/10
FY2010/11
FY2011/12
FY2012/13
Equity in EUR mill.
8,773
10,824
8,705
9,117 9,360
10,406
10,488
8000
9000
10000
11000
FY2006/07
FY2007/08
FY2008/09
FY2009/10
FY2010/11
FY2011/12
FY2012/13
Property portfolio in EUR mill.
378.9
501.3
546.7
541.7
578.9
585.7
655.8
300
400
500
600
700
FY2006/07
FY2007/08
FY2008/09
FY2009/10
FY2010/11
FY2011/12
FY2012/13
Rental income in EUR mill.
724.9 375.0
-3,051.1
195.6
313.5
271.2
110.8
-4000
-3000
-2000
-1000
0
1000
FY2006/07
FY2007/08
FY2008/09
FY2009/10
FY2010/11
FY2011/12
FY2012/13
Net profit for the period in EUR mill.
229.1
306.2
310.5
364.9 458.7
470.1 542.1
100
200
300
400
500
600
FY2006/07
FY2007/08
FY2008/09
FY2009/10
FY2010/11
FY2011/12
FY2012/13
Results of operations (EBITDA) in EUR mill.
219.6
233.7
-38.1
300.2
262.8
268.4 341.01
-100
0
100
200
300
400
FY2006/07
FY2007/08
FY2008/09
FY2009/10
FY2010/11
FY2011/12
FY2012/13
Recurring FFO in EUR mill.
1) Recurring FFO: Gross cash flow (408.5 EUR mill.) + Interest received (20.8 EUR mill.) - Interest paid (166.5 EUR mill.) - Cashflow outflows for derivative transactions
(32.5 EUR mill.) + Result of property sales (110.8 EUR mill.)
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1 May 2012 - 30 April 2013
1 May 2011 - 30 April 2012
OVERVIEW: RESULTS FY 2012/13 VS.
FY 2011/12
All amounts in MEUR. Data as of 30 April 2013
+15.1% Results of asset management
+108.3% Results of property sales
n.a. Results of property development
-0.7% Expenses not directly attributable
+15.3% Results of operations
-26.6% Operating profit (EBIT)
-59.1% Net profit for the period
+27.1% Recurring FFO
445.9
513.0
53.2
110.8
30.1
-18.4
-99.2
-98.5
470.1
542.1
692.9
508.9
271.2
110.8
268.4
341.01
1) Recurring FFO: Gross cash flow (408.5 EUR mill.) + Interest received (20.8 EUR mill.) - Interest paid (166.5 EUR mill.) -
Cashflow outflows for derivative transactions (32.5 EUR mill.) + Result of property sales (110.8 EUR mill.)
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EXPLANATION OF THE P&L
RECLASSIFICATION
Motivation of the reclassification Higher degree of transparency
Cost transparency
Comparability with the peer group
Example
1) The costs directly attributable to income sources (personnel and overhead expenses)
were reclassified from personnel and overhead expenses to the individual income
categories (results of asset management, results of property sales and results of
property development).
Income from asset management
Presentation financial year 2011/12
Overhead expenses
Personnel expenses
Presentation financial year 2012/13
Results of asset management
Completely contained
Directly attributable overhead exp.
Directly attributable personnel exp.
Reclassification1
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P&L FY 2012/13 VS. FY 2011/12
All amounts in MEUR 1 May 2012 30 April 2013
1 May 2011 30 April 2012
Variance
in %
Main contribution to variance
Rental income 655.8 585.7 12.0% Increased rental income in retail Russia (increased occupancy ratio in Rostokino)
Operating costs charged to tenants 198.7 179.6 10.6% Counterpart to operating expenses
Other revenues 14.7 16.2 -9.0% This line includes among others revenue from advertisment space and cell phone towers
Revenues 869.2 781.4 11.2%
Expenses directly related to investment property -162.0 -162.6 -0.4%
Operating expenses -194.2 -173.0 12.3% Counterpart to operating costs charged to tenants
Results of asset management 513.0 445.9 15.1%
Results of property sales 110.8 53.2 108.3% Higher volume of sales (Silesia City Center, Hotel Kempinski St. Moritz)
Results of property development -18.4 30.1 n.a. Negative effects in Russia (GOODZONE) due to replacement of general contractor
Other operating income 35.2 40.2 -12.4% Reduced reversal of provisions
Expenses not directly attributable -98.5 -99.2 -0.7% Decline despite increase in salaries due to inflation
Results of operations 542.1 470.1 15.3%
Revaluation of investment properties adjusted for
foreign exchange effects 37.9 208.7 -81.8% Reduced revaluation result in Eastern Europe
Revaluation of investment properties resulting
from foreign exchange effects 96.6 87.4 10.6% Non-cash foreign exchange effects
Other revaluation results -167.8 -73.3 129.0% Earn-out adjustment for Rostokino
Operating profit (EBIT) 508.9 692.9 -26.6%
Financing costs -258.6 -249.7 3.5% Increase of financing volume in Russia
Financing income 23.8 61.9 -61.6% Reduction of receivables against joint-venture companies due to the acquisition of Rostokino
Foreign exchange differences -32.5 -118.1 -72.5% Non-cash foreign exchange effects
Other financial results -46.6 -68.4 -31.9% Reduced non-cash effects from the valuation of derivatives
Earning before tax (EBT) 195.0 318.5 -38.8%
Taxes -84.2 -47.3 77.9% One-off due to change in tax rates (Slovakia) and the usage of tax loss carry forward
Net profit for the period 110.8 271.2 -59.1%
Data as of 30 April 2013
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6
378.3
408.5
350
400
450
FY 2011/12 FY 2012/13
+ 8.0%
CASHFLOW AS OF 30 April 2013
Gross cash flow in EUR mill. Recurring FFO in EUR mill.
Cash flow from investing
activities in EUR mill.
Cash flow from financing
activities in EUR mill.
Data as of 30 April 2013
268.4 341.01
0
200
400
FY 2011/12 FY 2012/13
+ 27.1%
-113.3
-26.3
-200
-100
0
FY 2011/12 FY 2012/13
- 76.8%
-267.6 -201.1
-400
-200
0
FY 2011/12 FY 2012/13
- 24.9%
1)Recurring FFO: Gross cash flow (408.5 EUR mill.) + Interest received (20.8 EUR mill.) - Interest paid (166.5 EUR mill.) - Cashflow
outflows for derivative transactions (32.5 EUR mill.) + Result of property sales (110.8 EUR mill.)
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FINANCING MATURITY SCHEDULES
Data as of 30 April 2013
Weighted average interest rate incl. costs of hedging: 3.67%
Weighted average remaining term: 8 Years
LTV (net): 47.8%
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SUCCESSFUL SALES PROGRAMME
Fully discretionary sales programme (volume EUR 2.5 bill.)
launched at the beginning of FY 2010/11
Sales programme 2010-2015 in MEUR
Five-year target 2,500.0
Target for 3 years (May 2010 - April 2013) 1,500.0
Properties sold in FY 2010/11 (asset and share deal) 266.8
Financial assets sold in FY 2010/11 95.1
Total assets sold in FY 2010/11 361.9
Properties sold in FY 2011/12 (asset and share deal) 498.9
Financial assets sold in FY 2011/12 131.1
Total assets sold in FY 2011/12 630.0
Properties sold in FY 2012/13 (asset and share deal) 655.9
Financial assets sold in FY 2012/13 5.4
Total assets sold in FY 2012/13 661.3
Total assets sold until 30 April 2013 1,653.2
Variance to announced programme +153.2
Remaining sales
programme until 2014/15
Carrying value
in MEUR
Carrying value
in %
Non-property assets 165.9 20%
Portfolio optimisation 536.3 63%
Cycle-optimised sales 144.6 17%
IMMOFINANZ Group 846.8 100%
Data as of 30 April 2013
266.8
498.9
655.9
0
200
400
600
800
FY 2010/11 FY 2011/12 FY 2012/13
Historic property disposals (excl. Non-
property assets) in MEUR
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BUWOG QUO VADIS?
Spin-off Optimise IPO Total Sale
Next Steps:
Sales in Austria
Acquisition of ~10,000 units in Germany
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OVERVIEW OF THE BUWOG GROUP
Standing Investments DE AT Total
Number of properties 26 1,124 1,150
Residential units 4,240 28,610 32,850
Carrying amount in EUR mill. 250.4 2,243.8 2,494.3
Rentable space in sqm 281,254 2,183,907 2,465,161
Occupancy rate in % 97.6% 95.7% 95.9%
Rental income Q4 2012/13 in EUR
mill.1 2.6 20.6 23.2
Gross return in % 4.1% (7.4%2) 3.7% (4.6%2) 3.7% (4.9%2)
BUWOG Developments DE AT Total
Number of properties 4 18 22
Thereof completed residential development projects 0 3 3
Carrying amount in EUR mill. 32.2 73.0 105.2
Carrying amount in % 30.6% 69.4% 100.0%
Outstanding construction costs in EUR mill. 6.2 62,3 68.6
Planned space in sqm 14,182 53,323 67,505
Fair Value after completion in EUR mill. 44.6 163.5 208.2
1) Rental income in Q4 2012/13 based on the primary use of the property (Rental income reported in the income statement is based on the actual use of the property; marginal differences to the income statement are therefore possible) 2) Annualised rental income for Q4 2012/13, including properties purchased during the financial year and an adjustment of EUR 5.1 million to reflect a non-recurring effect from a change in accounting methods
Data as of 30 April 2013
BUWOG development &
pipeline projects
DE AT Total
Number of units 1,500 3,700 5,200
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OVERVIEW OF THE BUWOG GROUP
Data as of 30 April 2013
SERVICES
TRADE
STANDING
INVESTMENTS
DEVELOPMENT
Largest private residential
investor in Austria
Portfolio:
Established as one of the largest apartment
sellers in Austria
Volume 2012/13:
Recognised as the largest private facility
manager in Austria
Under management:
One of the TOP 3 residential property
developers in Vienna /
PD in Berlin
Pipeline:
Acquisitions in Germany
Further portfolio optimisation
Increase in highly profitable sale of
individual apartments
Expansion of property sales
Property management also for the own
portfolio in Germany
Increase development projects in heavily
populated areas of
Vienna and Berlin
Goal: market leadership
TIC EUR 1,300 mill.
~5,200 units
FV: EUR 2.5 bill.
~ 33,000 units
Revenues: EUR 154 mill.
1,700 units
3.8 mill. sqm
15% third party
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BUWOG P&L FY 2012/13 VS. FY 2011/12
All amounts in MEUR 1 May 2012 30 April 2013
1 May 2011 30 April 2012
Variance
in %
Main contribution to variance
Rental income 109.5 113.1 -3.2% Reduced rental income due to disposals; New acquisitions took place at the end of the reporting
period and are therfore not inlcuded in the FY 2012/13 results
Operating costs charged to tenants 59.6 54.4 9.5% Counterpart to operating expenses
Other revenues 2.1 1.1 83.8%
Revenues 171.2 168.6 1.5%
Expenses directly related to investment property -36.1 -54.8 -34.0% Reduced maintenance expenses
Operating expenses -56.8 -48.9 16.2% Counterpart to operating costs charged to tenants
Results of asset management 78.2 65.0 20.4%
Results of property sales 39.9 26.7 49.8% Higher volume of sales
Results of property development 1.7 -5.9 n.a. FY 2011/12: Negative valuation effects from Heller Park
Other operating income and expenses -4.9 -4.5 8.1%
Results of operations 115.0 81.2 41.5%
Revaluation of investment properties adjusted for
foreign exchange effects 69.3 59.5 16.4% Positive market development for residential properties in Austria and Germany
Other revaluation results -7.0 -7.9 -11.0%
Operating profit (EBIT) 177.2 132.9 33.4%
Data as of 30 April 2013
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IPD BENCHMARK ANALYSIS CEE 2012
IMMOFINANZ CEE Portfolio
Best Performing Balanced Fund
Total Return: 10.3%
Total Return Benchmark: 4.1%
Number of considered portfolios
Total market value of all obejcts (in EUR bill.)
Average market value per object (in EUR mill.)
Estimated coverage of the relevant market 31.2%
49
12.8
24.7
Benchmark CEE Key figures of the peer group
Source: www.ipd.com
IMMOFINANZ Group wins:
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Revaluation of investment properties adjusted for foreign exchange effects in MEUR Poland Czech Republic Slovakia Hungary Romania Russia2 Total Eastern Europe FY 2011/12 42.5 -12.2 -3.8 -25.5 -28.3 273.3 246.1 H 1 2011/12 26.2 -3.0 0.5 -2.6 -37.8 139.9 123.1 H 2 2011/12 16.4 -9.1 -4.2 -23.0 9.5 133.5 123.0 H 1 2012/13 1.1 -8.3 -4.1 -8.9 -11.0 26.8 -4.3 1 November 2011 - 31 October 2012 17.5 -17.5 -8.3 -31.8 -1.5 160.3 118.7
Income from asset management in MEUR Poland Czech Republic Slovakia Hungary Romania Russia2 Total Eastern Europe FY 2011/12 52.2 37.0 19.5 27.9 33.8 140.3 310.7 H 1 2011/12 22.3 18.9 9.7 14.5 16.8 69.9 152.2 H 2 2011/12 29.9 18.1 9.8 13.4 16.9 70.4 158.5 H 1 2012/13 28.9 18.6 9.8 12.1 18.3 72.5 160.1 1 November 2011 - 31 October 2012 58.8 36.7 19.5 25.5 35.2 142.9 318.6
Standing investment portfolio in MEUR Poland Czech Republic Slovakia Hungary Romania Russia2 Total Eastern Europe H 1 2011/12 906.1 624.8 272.2 510.0 648.1 1,382.8 4,344.0 H 1 2012/13 937.3 601.7 287.0 486.3 670.0 1,544.7 4,527.0 Portfolio average 921.7 613.3 279.6 498.2 659.1 1,463.8 4,435.5
NCF-Yield3 7.2% Valuation-Yield3 2.7% Total Return3 10.1%
IPD BENCHMARK ANALYSIS CEE 2012
TOTAL RETURN
Standing investments
IMMOFINANZ 10.3%1
Benchmark 4.1%
NCF-Yield
IMMOFINANZ 7.4%
Benchmark 6.5%
Valuation-Yield
IMMOFINANZ 2.7%
Benchmark -2.3%
Source: www.ipd.com
1) Calculation: 1.074 (NCF-Yield) * 1.027 (Valuation-Yield) 1 = 10.3% 2) Published numbers of Russia were adjusted to an 100% stake of Rostokino according to IPD analysis 3) Small differences to results from IPD analysis arise from non-core countries which are not included in this performance reconciliation
Reconciliation of IPD results:
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Appendix
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PORTFOLIO OVERVIEW
Property portfolio Number of
properties
Standing
investments in
MEUR
Properties under
construction in
MEUR2
Project pipeline
in MEUR
Property portfolio
in MEUR
Property portfolio
in %
Austria 220 1,510.3 3.3 10.4 1,524.0 14.5%
Germany 37 459.5 128.1 0.0 587.6 5.6%
BUWOG 1,228 2,494.3 105.2 142.8 2,742.3 26.1%
Czech Republic 31 538.5 47.9 4.7 591.1 5.6%
Hungary 34 481.3 0.0 36.2 517.5 4.9%
Poland 36 936.7 42.7 11.8 991.1 9.5%
Romania 88 654.6 38.4 308.7 1,001.7 9.6%
Russia 6 1,610.0 160.0 0.0 1,770.0 16.9%
Slovakia 19 275.0 0.0 18.2 293.2 2.8%
Non-core countries1 60 400.7 3.5 64.9 469.1 4.5%
IMMOFINANZ Group 1,759 9,360.8 529.1 597.8 10,487.7 100.0%
89.3% 5.0% 5.7% 100.0%
89.3% of property portfolio are income generating properties (standing investments)
50.5% of the property portfolio are located in Eastern Europe, 49.5% in Western Europe and the USA
1) Bulgaria, Croatia, Italy, Moldavia, Netherlands, Serbia, Slovenia, Switzerland, Turkey, Ukraine, USA 2) Future standing investments, inventory properties completed and under construction
Data as of 30 April 2013
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STANDING INVESTMENTS
1) Rental income in Q4 2012/13 based on the primary use of the property (Rental income reported in the income statement is based on the actual use of the property; marginal differences to the
income statement are therefore possible) 2) LTV = Actual remaining debt (nominal debt) divide by fair value as of the reporting date 3) Annualised rental income for Q4 2012/13, including properties purchased during the financial year and an adjustment of EUR 5.1 million to reflect a non-recurring effect from a change in
accounting methods
Data as of 30 April 2013
Standing
investments
Number of
properties
Carrying
amount
in MEUR
Carrying
amount
in %
Rentable
space
in sqm
Rented space
in sqm
Occupancy
rate in %
Rental income
Q4 2012/13
in MEUR1
Gross return
in %
Property
financing
in MEUR
Financing
costs in %
Financing costs
incl. derivatives
in %
LTV
in %2
Austria 210 1,510.3 16.1% 829,509 714,020 86.1% 23.4 6.2% 534.4 2.5% 3.2% 35.4%
Germany 33 459.5 4.9% 943,812 823,718 87.3% 9.5 8.3% 319.1 2.3% 3.9% 69.4%
BUWOG 1,150 2,494.3 26.6% 2,465,161 2,364,936 95.9% 23.2 3.7% (4.9%3) 1,160.9 1.5% 2.3% 46.5%
Czech Republic 25 538.5 5.8% 353,535 280,397 79.3% 9.4 7.0% 216.5 2.1% 2.4% 40.2%
Hungary 28 481.3 5.1% 379,886 295,534 77.8% 7.2 6.0% 209.5 2.2% 2.6% 43.5%
Poland 24 936.7 10.0% 353,375 313,020 88.6% 14.9 6.4% 519.4 2.5% 3.9% 55.5%
Romania 17 654.6 7.0% 405,392 360,524 88.9% 13.3 8.1% 281.7 3.4% 4.2% 43.0%
Russia 5 1,610.0 17.2% 264,957 254,296 96.0% 44.2 11.0% 664.2 7.3% 7.3% 41.3%
Slovakia 15 275.0 2.9% 157,842 138,693 87.9% 5.4 7.9% 159.7 3.0% 3.6% 58.1%
Non-core countries 35 400.7 4.3% 373,081 297,344 79.7% 9.0 9.0% 201.0 2.4% 3.3% 50.2%
IMMOFINANZ Group 1,542 9,360.8 100.0% 6,526,550 5,842,483 89.5% 159.7 6.8% (7.1%3) 4,266.5 3.0% 3.7% 45.6%
Properties under construction & pipeline projects 0.7 206.5 3.8% 3.8%
Properties in Q4 2012/13 2.5 0.0 0.0% 0.0%
Investment financing 0.0 280.6 1.0% 1.7%
Group financing 0.0 993.0 3.8% 3.9%
IMMOFINANZ Group 162.9 5,746.6 3.1% 3.7% 54.8%
Cash and cash equivalents incl. money market funds - 738.5
IMMOFINANZ Group 5,008.1 47.8%
Standing
investments
Number of
properties
Carrying
amount
in MEUR
Carrying
amount
in %
Rentable
space
in sqm
Rented space
in sqm
Occupancy
rate in %
Rental income
Q4 2012/13
in MEUR1
Gross return
in %
Property
financing
in MEUR
Financing
costs in %
Financing costs
incl. derivatives
in%
LTV
in %2
Office 100 2,616.9 28.0% 1,288,331 1,053,379 81.8% 41.6 6.4% 1,191.5 2.4% 3.4% 45.5%
Retail 186 3,120.4 33.3% 1,111,882 1,047,818 94.2% 72.0 9.2% 1,321.1 5.0% 5.3% 42.3%
Logistics 67 742.1 7.9% 1,453,937 1,193,277 82.1% 16.6 9.0% 410.6 2.2% 3.7% 55.3%
Residential 1,187 2,814.1 30.1% 2,644,160 2,519,769 95.3% 28.4 4.0% (5.1%3) 1,312.1 1.7% 2.4% 46.6%
Other 2 67.2 0.7% 28,240 28,240 100.0% 1.1 6.3% 31.2 2.9% 4.1% 46.3%
IMMOFINANZ Group 1,542 9,360.8 100.0% 6,526,550 5,842,483 89.5% 159.7 6.8% (7.1%3) 4,266.5 3.0% 3.7% 45.6%
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DEVELOPMENT PROJECTS
1) Capitalised start-up costs of TEUR 28.5 for the construction of a STOP.SHOP. project
Data as of 30 April 2013
Properties under
construction
Number of
properties
Thereof completed
residential
development projects
Carrying
amount
in MEUR
Carrying
amount
in %
Outstanding
construction costs
in MEUR
Planned
lettable/sellable
space in sqm
Fair value after
completion
in MEUR
Austria 2 1 3.3 0.6% 0.2 885 4.3
Germany 4 0 128.1 24.2% 214.1 87,803 381.2
BUWOG 22 3 105.2 19.9% 68.6 67,505 208.2
Czech Republic 5 0 47.9 9.0% 44.3 38,010 111.3
Hungary 1 0 0.01 0.0% 0 0 0.0
Poland 6 1 42.7 8.1% 133.1 75,571 214.6
Romania 11 9 38.4 7.3% 4.2 74,280 44.9
Russia 1 0 160.0 30.2% 105.1 56,000 275.4
Non-core countries 2 2 3.5 0.7% 0 4,800 3.7
IMMOFINANZ Group 54 16 529.1 100.0% 569.6 404,854 1,243.6
Broken down by country:
Broken down by asset classes: Properties under
construction
Number of
properties
Thereof completed
residential
development projects
Carrying
amount
in MEUR
Carrying
amount
in %
Outstanding
construction costs
in MEUR
Planned
lettable/sellable space
in sqm
Fair value after
completion
in MEUR
Intern. High-Class Office 7 0 146.7 27.7% 193.3 100,250 392.1
Quality Shopping Center 2 0 180.1 34.0% 202.0 93,000 412.3
STOP.SHOP. / Retail
Warehouse 5 0 4.6 0.9% 11.4 15,934 19.2
Residential West 25 4 146.4 27.7% 150.3 98,502 346.0
Residential East 15 12 51.4 9.7% 12.5 97,168 74.1
IMMOFINANZ Group 54 16 529.1 100.0% 569.6 404,854 1,243.6
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PRIME DEVELOPMENT PROJECTS
Project Country Primary use Planned rentable/sellable
space in sqm (rounded)1 Consolidation quote of
the project in %
Gerling Quartier Germany Office/Residential 74,000 100%
BUWOG Austria/Germany Residential 66,000 100%
GOODZONE Russia Retail 56,000 100%
Tarasy Zamkowe Poland Retail 37,000 100%
Nimbus Poland Office 19,000 100%
Debowe Tarasy Poland Residential 18,000 100%
CSOB Na Prikope 14 Czech Republic Office/Retail 17,000 50%
Extension STOP.SHOP. Trebic Czech Republic Retail 13,000 100%
ADAMA Titan Romania Residential 11,000 100%
Panta Rhei Germany Office 10,000 100%
CSOB Jungmannova 15 Czech Republic Office 8,000 100%
CSOB Jindisk 16 Czech Republic Office 7,000 100%
Properties which are currently under construction or already completed (apartments) Focus on Russia, Germany, Poland and Austria
1) The figures shown in the table represent 100% of the project and not the share, held by IMMOFINANZ Group
Data as of 30 April 2013
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Investor Relations
T: +43 (0)1 88 090
W: www.immofinanz.com
Financial Calendar
FY 2012/13 report
Q1 2013/14 results
Q1 2013/14 report
Annual general meeting
Ex-dividend day
Dividend pay-out day
CONTACT DETAILS AND
FINANCIAL CALENDAR
1) Publication is scheduled after close of trading at the Vienna Stock Exchange 2) Subject to approval at the AGM
Stock Symbols
Vienna Stock Exchange: IIA
Warsaw Stock Exchange: IIA
ISIN: AT0000809058
Reuters: IMFI.VI
Bloomberg: IIA AV
20 August 2013
24 September 20131
25 September 2013
02 October 2013
04 October 20132
11 October 20132
ADR Programme
Ticker symbol: IMNZY CUSIP: 45253U201 ISIN: US45253U2015 ADR-Ratio: 1 ADR : 4 Ordinary Shares
Depositary bank: Deutsche Bank Trust Company Americas
Depositary bank contact: Stanley Jones
ADR broker helpline:
New York: +1 212 250 9100
London: +44 207 547 6500
E-Mail: [email protected]
ADR Website: www.adr.db.com
Depositary banks local custodian: Deutsche Bank, Frankfurt
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THANK YOU
FOR YOUR ATTENTION