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HALF YEAR
FINANCIAL RESULTS 2016
AUGUST 17, 2016
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01 OVERVIEW &
INVESTMENT
HIGHLIGHTS
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Key portfolio metrics (end of Q2 2016)
Investment highlights
2
Overview ADO – the pure-play Berlin residential specialist
…a focussed residential portfolio¹…
Residential
86%
Commercial²
12%
Other
2%
Long term potential;
10.7%
Mid term potential;
10.8%
Privatization
portfolio, 2.5%
Buildings 314
Residential units 15,749
Commercial units 957
Total units 16,706
Lettable area (k sqm) 1,096
Property value € 1.7bn
EPRA NAV € 1,061m
Current cash position € 108m
LTV 40.3%
In-place rent € 80.1m
1 Based on in-place rent total portfolio
2 Commercial in-place rent mainly as part of residential buildings
3 Based on total units
…with potential for privatization³
Berlin residential pure play with a € 1.7bn quality portfolio
Efficient, fully integrated and scalable platform with clear strategy
to create value. This unique platform allows management to have
in-depth knowledge of the Berlin market from a decade of local
presence
Exceptional rental growth demonstrated over the last years,
supported by our quality portfolio, smart targeted CAPEX
investments and active management. Q2 2016 like-for-like rental
growth of 5.2%
Conservative financial strategy with c. 45-50% target LTV, c. 6 years
weighted average maturity, with low (1.97%) average cost of debt
and marginal cost of debt of 1.1% supporting the FFO profile
2
3
1
4
Our properties…
Christburger Str.
Prenzlauer Berg
Möckernstr.
Kreuzberg
Schildhornstr.
Steglitz
Current hold portfolio
97.5%
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Highlights Q2
3
Financials Q2 2016 H1 2016
Income from rental activities € 21.4m € 41.7m
EBITDA from rental activities € 15.3m € 29.7m
EBITDA Margin 77% 76%
FFO1 € 10.5m € 19.9m
FFO1 per share € 0.28 € 0.55
Operations & Balance Sheet Q2 2016 2015
Rental growth l-f-l (LTM) 5.2% 7.3%
Vacancy rate 2.8% 4.0%
Privatization - avg. sales price /sqm € 3,041 € 2,801
Total maintenance & CAPEX /sqm € 26.7 € 20.8
EPRA NAV per share € 27.55 € 24.10
LTV1 40.3% 43.6%
• Strong operational performance in Q2 with Income
from rental activities growing by 5% and EBITDA from
rental activities by 6%
• Like-for-like rental growth of 5.2% including for the first
time the Carlos portfolio confirms our target of 5% like-
for-like rental growth for 2016
• Vacancy rate significantly improved by 120bps since
the beginning of the year to 2.8%
• EBITDA-margin improving over the year as expected
• Privatization program remains strong with an avg. sale
price of € 3,041 per sqm
• On April 21, 2016 we issued 3.5m new shares at a
discount of only 1.7% raising net proceeds of € 98m
• EPRA NAV per share increased by 14% since the
beginning of the year, after dividend payment of € 0.35
per share
• LTV at the end of the quarter at 40.3%, increasing to
approx. 45% including new acquisitions after the
reporting period
1 Excl. € 229 million new acquisitions signed after the end of the quarter
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02 ADO
PORTFOLIO
AND
STRATEGY
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Key metrics residential portfolio (end of Q2 2016)1
Well balanced portfolio by locations
5
Central Locations3 North East South West Total
Property value (in mill. €) 827 291 187 118 317 1,740
Number of units 6,170 3,150 1,720 823 3,886 15,749
Avg. Rent in € / sqm / month 6.32 5.58 6.55 6.12 5.31 5.92
Avg. New letting rent in € / sqm / month2 9.90 6.25 8.61 8.62 6.31 7.68
Occupancy (physical) 97.3% 97.9% 98.8% 97.1% 95.8% 97.2%
ADO has a quality, balanced Berlin focused portfolio
100% exposure within Berlin city borders with around 50% in Central Locations
1 All values except the property value are for the residential portfolio only
2 Based on the last three months
3 Berlin’s Central Locations comprise the districts Charlottenburg-Wilmersdorf, Friedrichshain, Kreuzberg, Mitte, North Neukölln, North Steglitz, Prenzlauerberg, South Reinickendorf and Schöneberg
High quality turn of the century…
N
W E
S
Spandau
Reinickendorf
Charlottenburg
-Wilmersdorf
Steglitz-
Zehlendorf
Mitte
Pankow
Lichten-
berg
Marzahn-
Hellersdorf
Treptow-
Köpenick Tempelhof-
Schöneberg
Friedrichshain-Kreuzberg
Central
Neukölln
Building locations:
Central Locations4
North
East
South
West
58%
5%
11% 11% 10% 4%
Year of construction
1991-
2002
1973-
1990
1965-
1972
1950-
1964
< 1918 1919-
1949
20%
44%
23%
12%
0% 1%
>18 6
# of floors
< 4 12-18 5 7-11
% of buildings % of buildings
…mostly low rise buildings
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6
Sizeable acquisition with a strong fit to the existing ADO portfolio
• 2 central location portfolios with assets located in Neukölln,
Schöneberg and Wilmersdorf
• Mixed property type with “Altbau” buildings and settlements from
the 70s
• Substantial reversionary potential of 38% for the “Altbau” assets
and 17% in the large housing estates
• € 78 million of existing debt taken over which will be refinanced
• Expected annual FFO contribution of ca. € 6.9m in the first year
and overall like-for-like rental growth supporting our 5% target
Feurigstr. 22
Schöneberg
Key metrics
Acquisition cost €229m
€1,665 / sqm
Residential / commercial area sqm 125,559 /5,427
Number of residential/commercial units 1,877 / 28
Rental income p.a. €10.2m
Avg. rent / sqm / month – current € 6.26
Avg. new lettings rent / sqm / month € 7.56
Vacancy residential/commercial 0.8% / 3.6%
Estimated FFO1 €6.9m
1,905 units acquired and integrated since the end of Q2
N
W E
S
Spandau
Reinickendorf
Charlottenburg
-Wilmersdorf
Steglitz-
Zehlendorf
Mitte
Pankow
Lichten-
berg
Marzahn-
Hellersdorf
Treptow-
Köpenick
Neukölln Tempelhof-
Schöneberg
Friedrichshain-Kreuzberg
Central
Hohenzollerndamm 6
Wilmersdorf
Sonnenallee 277
Neukölln
Taken over in Q3 2016
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1.8% 2.4% 3.1%
0.8% 0.7%
1.5% 1.0%
1.6%
2.7% 1.6%
2.5% 1.3%
3.3%
3.8%
2.9%
5.8%
4.7%
8.0% 7.3%
5.2%
2012 2013 2014 2015 Q2 16
Residential like-for-like rental growth1 (%) Q2 growth of 5.2% in line with our 2016 target
Exceptional rental growth continues at 5.2% including Carlos, on track for the 2016 target of at least 5%
Growth beyond rent table through targeted capex
investments, improving the quality and rent level of the
portfolio
1
High regular rent increases implemented up to the
legal limits. Effects of the 2015 Mietspiegel will drive
growth over the year 2016
Rent increases to market levels through tenant
fluctuation without capex & reducing portfolio vacancy
by active marketing with location specific approach
2
3
Regular rent increases
From fluctuation w/o CAPEX and vacancy reduction
From modernization CAPEX
Maintenance & CAPEX (€ / sqm)
2014 2015 Avg.
2012-2015
H1 2016
Maintenance 6.5 6.3 5.7 6.8
Capitalized
maintenance 7.6 4.6 5.6 4.9
Modernization CAPEX 13.2 9.9 10.0 14.9
Total 27.2 20.8 21.3 26.7
1 Includes vacancy changes
Avg.:
6.5%
Smart targeted CAPEX investments combined with active asset management are the key drivers of our successful business model
7
• Maintenance & Modernization CAPEX started to normalize in
Q2 as expected, but are still elevated due to the high level in
Q1 (€ 8.7 Maintenance / € 16.1 Modernization CAPEX)
• Main driver was the high ratio of newly acquired units over
the last 12 months and the exceptional high number of units
modernized
• We expect maintenance and CAPEX levels over the year to
come back to our long term averages
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Reduction to an overall vacancy rate of 2.8% demonstrates operational performance
• High completion rate of modernization works and subsequent
letting results in a decrease of vacancy by 110bps. More than
570 residential units have been completed during H1 of which
330 units are out of the Carlos portfolio
• Success of the privatization program results in further decrease
of vacancy by 20bps.
• Overall reduction in vacancy by 120bps in the first half 2016
Vacancy split¹
1 Based on physical vacancy, residential only. Commercial vacancy rate Q2 2016 4.9% vs. Q4 2015 5.5%.
0.7% 0.4% 0.4%
0.4%
0.4% 0.6%
0.9% 1.0% 0.8%
1.8% 1.6%
0.7%
0.5%
0.5%
0.3%
4.3%
4.0%
2.8%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
Q2 2015 Q4 2015 Q2 2016
Marketing Marketing (Carlos) Modernization
Modernization (Carlos) Privatization
8
Significant vacancy reduction of 120bps delivers additional growth
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Integration and improvement ongoing
Carlos Portfolio well on track with 3.5% LFL rental growth
Turn-around of Carlos on track with 570 units modernized and occupancy increasing by 1.0%
Key metrics (per July, 2016)
Location Spandau & Reinickendorf
Acquisition price € 376m
Current fair value € 448m/ €1,124 per sqm
Number of residential units 5,748
Avg. rent / sqm / month:
– At acquisition € 5.19
– Current average € 5.31
– Avg. new lettings € 5.93
Rent restricted units 48%
Occupancy rate improving above pre-acquisition levels
9
New letting volumes demonstrate operational improvements
Investment program on track
95.9%
96.9%
92.0%
94.0%
96.0%
98.0%
Apr
15
May
15
Jun
15
Jul
15
Aug
15
Sep
15
Oct
15
Nov
15
Dec
15
Jan
16
Feb
16
Mar
16
Apr
16
May
16
June
16
July
16
0 5
16
27
34
26
20
31
42
35
41
53
73
42
60
53
0
10
20
30
40
50
60
70
80
Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15 Nov 15 Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 June
16
July 16
No. of New lettings Average No. of cancellations
0 2 2 24 9
30
40
60
23
45
116
39
50
38 39
56
573
0
100
200
300
400
500
600
700
0
20
40
60
80
100
120
140
Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15 Nov 15 Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 June
16
July 16
No. of finished Units (resi) Finished Units accumulated
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• 57 units sold in H1 2016 for gross proceeds of € 10.6m,
generating close to 64% value uplift compared to
average book value of Central Locations
• We target to sell around 100 units in 2016 as we expect
further price increases for condominiums especially in
inner city locations and try to maximize profits not sales
volume
Privatization results and outlook
Privatization activities on target
57 units sold in H1 2016 for an average sales price of € 3,041 per sqm
3,041
1,857
0
500
1,000
1,500
2,000
2,500
3,000
Avg. Portfolio value
Central locations
30/06/16
Avg. sales price
H1 2016
€/sqm
Sales profit – Avg. sales price vs. portfolio value
10
386
1,764
1,756 3,906
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Privatization
portfolio
Medium term
potential
Long term
potential
Total
Units
Privatization potential
+64%
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03 FINANCIAL
OVERVIEW
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• Total portfolio value of € 1,740m investment as at 30 June, 2016
includes investment properties (€ 1,703m) and trading properties
(€ 37m). The fair value of the portfolio was assessed by CBRE as of
June 30, 2016 resulting in valuation gains of € 127m and will be
updated again on December 31, 2016
• Around € 98m cash added via equity raising on April 21, 2016 while
more than € 126m cash has been deployed for acquisitions in H1 2016.
Remaining free cash was mostly deployed after the end of the period
for new acquisition. Refinancing of new acquisitions will provide
sufficient liquidity for further acquisitions of up to € 200m
• Interest bearing loans include € 798m loans from banks and a loan
from Harel Insurance in an amount of € 20m related to the WayPoint
portfolio. The increase in our interest-bearing loans results from loans
taken over with acquired assets and the refinance took place in Q2
• Our EPRA NAV per share is € 27.55 as of 30 June, 2016, an increase
of 14% since the start of the year
Overview of balance sheet
12
1
Comments
In €m June 30, 2016 Dec 31, 2015
(Unaudited) (Audited)
Investment properties 1,740 1,459
Other non-current assets 4 4
Non-current assets 1,744 1,463
Cash and cash equivalents 108 134
Other current assets 75 73
Current assets 183 207
Total assets 1,927 1,670
Interest bearing loans 818 785
Other liabilities 40 42
Deferred tax liabilities 68 48
total Liabilities 926 875
Total equity attributable to shareholders of the company
987 786
Non-controlling interests 14 9
Total Equity 1,001 795
Total shareholder’s equity and liabilities 1,927 1,670
EPRA NAV 1,061 844
No. of shares 38.5 35
EPRA NAV per share 27.55 24.10
1
1
3
4
2
1
2
3
4
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Total portfolio value of € 1.7 billion with further upside
13
Portfolio Valuation Central1 North East South West Total
Fair Value (€k)1 827 291 187 118 317 1,740
Discount rate (%) 4.6% 5.2% 4.7% 4.7% 5.2% 4.8%
Average in-place rent 6.32 5.58 6.55 6.12 5.31 5.92
CBRE market rent 7.62 6.39 7.26 7.31 6.13 6.92
Avg. new letting rent 9.90 6.25 8.61 8.62 6.13 7.68
Reversionary potential
57% 12% 31% 41% 15% 30%
Value per sqm (€)
Share of fair value (%)
Rent multipliers1
New letting rents imply further upside on current portfolio value
1 € 37m of fair value is attributable to condominiums
Central
locations
48%
North
17%
East
11%
South
7%
West
17%
23
.6x
19
.0x
21
.2x
22
.0x
18
.7x
21
.3x
19
.5x
16
.2x
18
.7x
18
.5x
15
.5x
17
.9x
15
.0x
16
.6x
15
.8x
15
.7x
15
.5x
16
.1x
Central locations North East South West Total
Current rent CBRE market rent New letting rent
N
W E
S
Spandau
Reinickendorf
Charlottenburg
-Wilmersdorf
Steglitz-
Zehlendorf
Mitte
Pankow
Lichten-
berg
Marzahn-
Hellersdorf
Treptow-
Köpenick Tempelhof-
Schöneberg
Friedrichshain-Kreuzberg
Central
Neukölln
Building locations:
Central Locations
North
East
South
West
1,857
1,269
1,163
1,711
1,642
1 Avg. new letting rents in North and West are negatively influenced by the high proportion of Carlos units let in Q2.
Like-for-like CBRE market rents are at similar levels as the avg. new letting rent with € 6.25 for North and € 6.12 for West
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Solid balance sheet with a targeted LTV of 45% to 50%
14
• Total debt of € 818m - primarily mortgage backed/secured
• Average cost of debt reduced to 1.97% as planned
• Almost all loans are fixed interest rate or hedged
• No near term maturities with avg. weighted maturity of c. 6 years
• LTV at the end of the quarter at 40.3%, increasing to around 45%
after closing transactions post the end of the quarter
• Refinancing of new acquisitions will provide sufficient liquidity for
further acquisitions of up to € 200m at the high end of our LTV target
range
• Target maturity for mortgage debt between 5 to 7 years allows to
optimize amortization requirements
• Marginal interest costs of around 1.1%
Average interest rate
Diversified funding profile with weighted average debt maturity of
approx. 6 years
Key financing figures and strategy
Solid financing structure supporting FFO with an LTV target of 45% to 50%
25 57
1 61
674
-
100
200
300
400
500
600
700
800
2017 2018 2019 2020 2021+
Bank debt (€m)
1.4% 3.2% 1.9%
1.9%
% Average interest rate
2.0%
2.3% 1.97%
December 31, 2015 June 30, 2016
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In € m H1 2016 Q2 2016 Year 2015
Income from rental activities 41.7 21.4 65.8
Cost of rental activities (7.5) (3.6) (11.4)
Net operating income 34.2 17.8 54.4
Overhead costs (4.5) (2.4) (5.9)
EBITDA from rental activities 29.7 15.3 48.5
EBITDA from rental activities margin (%) 76% 77% 78%
Net result from privatization sales 1.5 0.8 1.5
EBITDA total 31.2 16.1 50.0
Financial cost interest bearing loans (9.7) (4.8) (17.7)
Financial costs shareholder loans - - (5.8)
Other net financial costs (8.6) (8.0) (0.7)
IPO related expenses - - (0.4)
Depreciation & Amortization (0.1) (0.1) (0.3)
EBT 12.8 3.2 25.1
15
• Income from rental activities increased by 46% driven by like-for-like
rental growth of 5.2% and acquisitions. Quarter-on-quarter growth was
5%. Q2 reflects an annualized income from rental activities of € 86
million
Strong rental growth supported by our investment strategy
• EBITDA from rental activities increased by 41%. Quarter-on-quarter
growth was 6%. Q2 2016 results represent an annualized EBITDA of
€ 61 million. EBITDA-margin is improving quarter to quarter as expected
over the year
• Financing relies predominately on bank financing provided by German
mortgage banks. The average interest rate amounts to 1.97%
• Interest on loans from ADO Group which were all converted into equity at
July 23, 2015 upon the completion of the IPO
• Q2 2016 includes mostly one-off refinancing costs
• One-off expenses related to the IPO that were classified to the P&L in
the financial statements
Comments
Overview of profit and loss
1
1
3
4
3
2
4
In % LTM June
30, 2016
Jan 1 – Dec
31, 2015
CAPEX 2.9% 3.8%
Fluctuation 1.6% 2.7%
Regular Increases 0.7% 0.8%
Total 5.2% 7.3%
2
5
5
6
6
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In € m H1 2016 Q2 2016 Year 2015
EBITDA from rental activities 29.7 15.3 48.5
Net cash interest (9.7) (4.8) (17.7)
Current income taxes (0.2) (0.0) (0.1)
FFO1 (from rental activities) 19.9 10.5 30.7
Maintenance capital expenditures (3.8) (1.4) (4.1)
AFFO from rental activities 16.1 9.1 26.6
Net profit from privatizations 1.5 0.8 1.5
FFO2 (incl. disposal results) 21.4 11.3 32.2
FFO 1 € per share 0.55 0.28 1.04
FFO2 € per share 0.59 0.30 1.09
Avg. number of shares 36.334 37.683 35.000
• EBITDA from rental activities increased by 41% due to our strong 5.2%
like-for-like rental growth and successful acquisitions. Quarter-on-quarter
growth was 6%. The annualized Q2 figures represent an EBITDA of more
than € 61 million
• FFO1 has increased by 51% due to our operational performance and the
relative improvement of our net cash interest expenses which only
increased by 22%. Quarter-on-quarter growth was 11%, significantly
outperforming our EBITDA growth
• Maintenance and CAPEX levels are still elevated due to the high
proportion of newly acquired units during the last 12 months and the high
rate of modernization projects finalized. Growth in the absolute number
results from the growth in the portfolio
• Our privatization business started at the end of 2014. In H1 2016 we sold
57 units for a gross profit of € 1.5 million, on track with our 2016 target.
The comparably low profit of results from the fact that most of these units
have already been acquired as condominiums and have therefore been
carried at higher values in our books compared to assets which have
been acquired as rental only properties. The average sales price of
€ 3,041 per sqm compares to an average portfolio value for Central
Locations, which we see as most comparable, of € 1,857 per sqm
• The FFO per share in Q2 was slightly negatively effected by the additional
cash raised in April 2016 which got invested after the end of the reporting
period
16
1
1
2
Comments
3
3
In € / per sqm Jan 1 – Jun
30, 2016 (*)
Jan 1 –
Dec 31, 2015
Maintenance 6.8 6.3
Capitalized maintenance 4.9 4.6
Modernization CAPEX 14.9 9.9
Total 26.7 20.8
3
Overview of FFO
Maintenance and CAPEX
2
(*) Annualized figures based on total lettable area.
4
4
5
5
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17
Guidance
We maintain our FFO1 run-rate guidance of at least € 50 million by the end of year 2016, but
see upside potential after further acquisitions and refinancing
We expect to privatize around 100 units p.a.
We anticipate like-for-like rental growth going forward to be at least 5% which should positively
impact our portfolio value, NAV and NAV per share 1
2
3
We target a dividend pay-out ratio of up to 50% of FFO1
4
5
Average cost of debt below 2% with a LTV in the range of 45% to 50%
Milastr.
Prenzlauer Berg
Lübecker Str.
Mitte
Horstweg
Charlottenburg
Transvaalstr.
Wedding
Seelchower Str.
Neukölln
Kalischer Str.
Wilmersdorf
Sommerstr.
Reinickendorf
0/0/0
255, 255, 255
30/60/112
221/221/221
100/153/209
163/177/186
196/217/47
116/222/189
30/60/112
225/204/102
109/62/152
0/159/147
04 CONTACT
INFORMATION ADO Properties
20 Rue Eugene Ruppert
L-2453 Luxemburg City
Luxemburg
Investor Relations
+352 26 493 412
0/0/0
255, 255, 255
30/60/112
221/221/221
100/153/209
163/177/186
196/217/47
116/222/189
30/60/112
225/204/102
109/62/152
0/159/147
19
Financial Calendar 2016/2017
Publication Q3/2016 financial report Nov 17, 2016
Publication 2016 annual financial report Mar 22, 2017
Annual General Meeting May 02, 2017
Publication Q3/2017 financial report Nov 15, 2017
Publication Q2/2017 financial report Aug 17, 2017
Publication Q1/2017 financial report May 17, 2017
Leibnizstr.
Charlottenburg
Bötzowstr.
Pankow
Ahornstr.
Steglitz
Gutenbergstr.
Köpenick
Putbusser Str.
Wedding
Schichauweg
Tempelhof
0/0/0
255, 255, 255
30/60/112
221/221/221
100/153/209
163/177/186
196/217/47
116/222/189
30/60/112
225/204/102
109/62/152
0/159/147