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PAREF: 2019 HALF-YEAR RESULTS

2019 HALF-YEAR RESULTS
Solid results in a context of reinforcing PAREF capacities for further growth

A portfolio of asset under management of €1.8 Bn

  • €128 Mn of owned assets (+3% on a like-for-like basis)
  • €1,656 Mn managed on behalf of third parties through SCPI1 and OPCI2 (+14% compared to December 31, 2018), thanks to a gross subscription amount of €144 Mn in H1-2019 vs. €97 Mn in H1-2018 (+49%)

Financial indicators in strong growth

  • EPRA Triple net NAV at €103.4 per share (+8% vs. June 30, 2018)
  • Revenues at €21.1 Mn vs. €15.7 Mn (+34% vs. June 30, 2018)
  • Net commissions of €7.8 Mn vs. €6.6 Mn in H1-2018 (+19%)
  • Net Rental Income at €3.1 Mn vs. €3.2 Mn in H1-2018 (+3% on a like-for-like basis) due to the disposal of 4 assets
  • Net recurring EPRA result of €4.82 Mn (€4.9 Mn in H1-2018)

"The Group is entering into a new phase to accelerate its development following the restructuring completed in the past months. Operational dynamism during the first semester in 2019 is well demonstrated by significant acquisitions for funds managed for third parties, disposals of matured assets directly owned by PAREF, the refinancing of the Group, the launch of a redevelopment project for the asset located in Levallois-Perret, as well as the signature of purchase agreement for 6 floors in Franklin Tour at La Défense. Thanks to the efforts excelled from its employees and the confidence from the investors allowing to reach a new record of gross subscription, PAREF Group continues its strategy of value creation for the asset portfolio under management."

Antoine Onfray - Deputy CEO

"PAREF continues its repositioning to start the new era of its development. We are particularly pleased with the strengthening of this management team with the arrival of Anne Schwartz as Managing Director of PAREF Gestion. Her in-depth expertise and know-how in the business will accelerate the development of new investment vehicles dedicated to different types of assets across Europe. I would like to thank Gilles Chamignon who decided to focus on a new professional project. With its three pillars, the Group has now the necessary organization to develop its activities."

Antoine Castro - CEO

The management board of PAREF, during the board meeting held on July 31, 2019, approved the closing of the annual statutory and consolidated accounts as at June 30, 2019.

I - Real-estate activity (PAREF SA)

PAREF has continued its strategy of active management of its portfolio during the first semester of 2019 in particular through:

  • The signature of leases on 1,874 sqm of space let or re-let, including 3 new leases on Gaïa asset with firm period of 5 and 6 years respectively;
  • The disposal of four assets (Bondy, Cauffry, Emerainville and Trappes Politzer) for a total net disposal price of €16 Mn, representing a 15% premium over last appraisal. The Group continues to manage proactively its owned portfolio by repositioning it on larger asset and mainly in the Grand Paris region;
  • The launch of a redevelopment of the office asset located in Levallois-Perret (Grand Paris), for which the Group filled and obtained the building permit on June 27, 2019. This important project developing ca. 6,400 sqm GLA will lead to the repositioning of the asset at the highest standards in terms of end-user experience and environmental efficiencies. The Group intends to obtain BREEAM and HQE certifications for this building whose delivery date is expected in mid-2021.

PAREF has also signed in July 2019 a purchase agreement for the acquisition of six floors of Franklin tower located at La Defense (Grand Paris). The final acquisition date should occur end September 2019 and realize in partnership with an institutional investor indirectly held by Fosun Group. Under this partnership, PAREF will exercise the role of asset management. This transaction demonstrates the new strategy of the Group, through larger asset acquisition and the collaboration with institutional investors, in particular with the main shareholder Fosun.

The financial occupancy rate of owned assets increased to 93.3% vs. 91.9% as at December 31, 20183;
The weighted average unexpired lease term of owned asset portfolio stands at 5.8 years at the end of June 2019. The expiry schedule of rents of owned assets is as follows:

PAREF Group portfolio valuation of owned assets stands at €117 Mn as at June 30, 2019, +3.5% on a like-for-like basis vs. December 31, 2018.

Key indicators on owned assets420172018
Number of assets2016
Lettable area (in operation)129,069 sqm103,524 sqm
Valuation€127 Mn€117Mn

In total, the net rental income of PAREF's owned assets stands at €3.1 Mn in H1-2019, slightly decreasing compared to H1-2018 (-4%) mainly due to the disposal of 4 assets and tenants departures in office building located in Levallois-Perret due to the redevelopment project. The average gross initial yield on these assets stands at 7.7% (excluding Gaïa office).

H1-2019 rental income on owned assets (in k€)H1-2018H1-2019Evolution in %
Gross rental income3,7953,353 -12%
Rental expenses re-invoiced-2,191n.a.
Rental expenses--2,518n.a.
Non-recoverable rental expenses-647 n.a.
Other income586613%
Total net rental income3,2063,092-4%

Gross rental income increased by 3% on a like-for-like basis thanks to leasing activity in 2018 and H1-2019.

II - Management activity on behalf of third parties (PAREF Gestion)

  • Subscription and portfolio under management

H1-2019 has been again a successful half-year in terms of gross subscription from retail investors with a +49% growth compared to H1-2018, reaching c. €144 Mn (€97 Mn in H1-2018). This result is mainly explained by strong performance of opened-end SCPI funds Novapierre Allemagne, Novapierre 1 and Interpierre France with €77Mn, €40 Mn and €23 Mn gross subscription respectively over the period.

The Group successfully completed the acquisition of a portfolio of 27 retail assets for SCPI Novapierre 1 funds for €94 Mn. This acquisition leads to an increase of the asset under management of the the fund by 59%. It will also increase Novapierre 1 asset diversification as well as the expected returns for investors.

As at June 30, 2019, PAREF Gestion manages €1,656 Mn of assets on behalf of third parties, a +14% increase compared to end 2018 (€1,457 Mn as at December 31, 2018).

Breakdown of the funds managed by PAREF Gestion as at June 30, 2019:

TypeFundsStrategyAssets under Management
(€ Mn)
Dec 31, 2018
Assets under Management
(€ Mn)
Jun 30, 2019
Evolution in %
SCPINovapierre Allemagne (OF)Retail (Germany)47154415%
Novapierre Résidentiel (OF)Residential (Paris)2802821%
Novapierre 1 (OF)Retail (Greather Paris)16125659%
Interpierre France (OF)Office/Logistic10513529%
Atlantique Pierre 1 (CF)Diversified6057-5%
Capiforce Pierre (CF)Diversified5953-10%
Cifocoma 1 (CF)Retail24240%
Cifocoma 2 (CF)Retail2525-1%
Sub-total SCPI 1,1861,37616%
OPCIOPPCI de murs d'hôtels (CF)Hôtel (France)1421495%
Vivapierre (OF) 9490-4%
Sub-total OPCI 2362391%
Other 354015%
Total 1,4571,65614%

OF: Open-ended funds
CF: Close-ended funds

Breakdown of the H1-2019 gross subscription:

TypeFundsGross subscription
in H1-2018
(€ Mn)
Gross subscription
in H1-2019
(€ Mn)
Evolution in %
SCPINovapierre Allemagne71778%
Novapierre 124024x
Interpierre France22235%
Novapierre Résidentiel2499%
Total 9714449%
  • Commissions

Thanks to the dynamic gross subscription in H1-2019 and the growth in assets managed on behalf of third parties, PAREF Gestion achieved substantial growth on its gross subscription and management commissions, reaching €13.1 Mn (+52%) and €4.6 Mn (+38%) respectively.

Commissions (in €k)H1-2018H1-2019Evolution in %
Management commissions3,3474,62238%
Subscription commissions8,60513,06552%
Retro-commissions- 5,395-9,58283%
Net commissions6,5587,83619%

III - 2019 H1 Results

Consolidated P&L

Detailed consolidated P&L (in €k)H1-2018H1-2019Evolution in %
Gross rental income3,7953,353-12%
Reinvoiced rental expenses, taxes and insurance-2,191n.a.
Rental expenses, taxes and insurance-(2,518)n.a.
Non-recoverable rental expenses-647-n.a.
Other income586613%
Net rental income3,2063,092-4%
Revenues on commissions11,95317,68848%
-of which management commissions3,3474,62238%
-of which subscription commissions8,60513,06552%
Retro-commissions-5,395-9,85283%
Net revenues on commissions6,5587,83619%
General expenses-3,831-5,11934%
Depreciation and amortization3-278n.a
Current operating result5,9365,531-7%
Variation of fair value on investment properties4,2621,613-62%
Result on disposals of investment properties2481,8816.6x
Operating result10,4469,025-14%
Financial products4837-21%
Financial expenses-830-1,28154%
Net financial expenses-783-1,24459%
Other expenses and incomes on financial assets10617161%
Fair-value adjustments of financial instruments1942045%
Results of companies consolidated under the equity-method1428885.2x
Result before tax10,1069,045-11%
Income tax-1,145-1,1662%
Net result8,9617,878-12%
Non-controlling interests--n.a.
Net result (owners of the parent)8,9617,878-12%
Average number of shares (non-diluted)1,319,3671,439,948
Net result / share (owners of the parent)6,795,47-19%
Average number of shares (diluted)1,324,8671,445,876
Net result / share (owners of the parent diluted)6,765,45-19%

PAREF Group has realized net results of €7.9 Mn in H1-2019, decreasing by 12% compared to H1-2018:

  • Net rental income stands at €3.1 Mn, decreasing due the disposals in 2018 and H1-2019 and tenants' departures in Levallois asset in view of its refurbishment;
  • Net commissions strongly increased by +19% thanks to the growth in subscriptions and in the amount of assets managed on behalf of third parties;
  • General expenses amounted to €5.2 Mn, increasing by €1.3 Mn vs. H1-2018 explained by the reinforcement of the team for €1.0 Mn and the set-up of Zurich platform;
  • Net financial expenses stand at €1.2 Mn in H1-2019 versus €0.8 Mn in H1-2018. This evolution is explained by early repayment costs on existing debts and hedges (for €0.5 Mn) partly compensated by decrease in average cost of debt over the period;
  • Results of companies consolidated under the equity-method increase to €0.9 Mn vs. €0.1 Mn, mainly due to positive revaluation of Gaïa office thanks to new leases and release of historical provision from Vivapierre following lease renewal.

IV - Financial resources

The Group signed on February 21, 2019 the refinancing of the Group's debt5 with a corporate financing for €100 Mn.
This consists in a €30 Mn drawn loan6 and a €70 Mn committed credit line. These financings have a 5-year maturity and a margin of 145 bps above 3-month Euribor.

As at June 30, 2019, the gross debt of the Group stands at €39 Mn vs. €35 Mn as at December 31, 2018.

The average cost of debt of the Group decreased at 2.1% as at June 30, 2019 (3.6% as at December 31, 2018). The average debt maturity is 4.75 years vs. 3.9 years end 2018.

The drawn debt is fully covered by hedging instruments, limiting the sensitivity of the Group to interest rates fluctuations.

Financial ratios are solid with a negative loan-to-value (LTV7) and an interest coverage ratio (ICR8) of 9.0x (versus 4% and 7.0x respectively end 2018).

The Group respects the financial covenants on its bank debt, mainly LTV < 50% and ICR > 2.5x.

Debt repayment schedule:

The Group has an amount of cash and cash equivalent of €40 Mn as at June 30, 2019, to cover more than 12 months debt repayment and to meet the regulatory requirement of minimum amount to be held by PAREF Gestion.

V - Assets under Management

In k€Dec 31, 2018Jun 30, 2019Evolution in %
PAREF owned assets111,070100 140-10%
PAREF participations927,21728 2394%
Total patrimoine PAREF138,354128 379-7%
SCPI
  • Novapierre Allemagne
471,263543,64715%
  • Novapierre Résidentiel
280,317282,2121%
  • Novapierre 1
161,245256,11959%
  • Interpierre France
105,034135,01829%
  • Atlantique Pierre 1
60,20657,318-5%
  • Capiforce Pierre
58,60752,881-10%
  • Cifocoma 2
24,99624,819-1%
  • Cifocoma 1
24,01423,9830%
Sub-total SCPI1,185,6821,375,99716%
OPCI
  • Vivapierre
94,23090,120-4%
  • OPPCI spécialisé hôtels
141,910149,1805%
Sub-total OPPCI236,140239,3001%
Other assets managed on behalf of third parties (1)35,30040,45015%
Total Assets under Management by PAREF Gestion1,457,1221,655,74714%
Retreatments (2)-9,909-10,004-1%
TOTAL1,585,5671,774,12212%

(1) Including Foncière Sélection Régions
(2) Part of PAREF portfolio is managed through OPPCI (Vivapierre) by PAREF Gestion

PAREF's owned portfolio stands at €100 Mn (excluding le Gaïa asset), decreased by €11 Mn compared to 2018, mainly explained by:

  • Disposals of €13.9 Mn (valuation as at December 31, 2018);
  • Capitalized expenses of €1.5 Mn during the first semester of 2019; and
  • Increase in fair value of investment properties of €1.6 Mn.

The like-for-like change in fair value amounted also to €3 million in H1 2019, representing an increase of +3%.

The average gross initial yield on PAREF's owned assets stands at 7.7% vs. 6.9% at the end of 2018 (excluding Le Gaïa office building).

VI - EPRA Net Asset Value

PAREF Group EPRA triple net asset value (NNNAV) stands at €103.4 per share as at June 30, 2019, increasing by €4.3 per share (+4% versus end 2018). The evolution is mainly explained by 2019 H1 net results for +€5.4/share, the positive variation of the valuation of PAREF Gestion's management mandates for +€3.1/share, dividend payment for -€3.85/share.

EPRA NNNAV is based on consolidated equity under IFRS rules (including fair value of assets) and financial instruments and debt at fair-value.

Dec 31, 2018Jun 30, 2019Evolution in %
NAV per the financial statements124.8126.51%
Fair value of financial instruments0.50.8
Revaluation of intangible and operating assets (PAREF Gestion)1019.524.0
Other00
EPRA NAV (in €M)144.8151.45%
EPRA NAV per share (in €)100.3104.64%
Fair value of financial instruments-0.5-0.8
Fair value of debt-0.6-0.3
Deferred taxes-0.5-0.6
EPRA NNNAV (in M€)143.1149.65%
EPRA NNNAV per share (in €)99.1103.44%
Deferred taxes0.50.6
Estimated transfer taxes9.29.4
Going concern NAV (in M€)152.9159.64%
Going concern NAV / per share (in €)105.9110.34%

VII - Post-closing events

PAREF signed on July 15, 2019 a purchase agreement for the acquisition of 6 floors of Franklin Tour located at La Défense (Greater Paris). This acquisition should be finalized by the end of September and realized in partnership with an institutional investor indirectly held by Fosun Group. (cf. §1)

VIII - Other EPRA indicators

  • EPRA Earnings
In k€Jun 30, 2018Jun 30, 2019Evolution in %
Earnings per IFRS income statement8,9617,878-12%
Adjustments
(i) Change in fair-value of investment properties-4,262-1,613-62%
(ii) Profits or losses on disposal of investment properties and other interests-248-1,8816,6x
(iii) Profits or losses on disposal of financial assets available for sale00
(iv) Tax on profits or losses on disposals00
(v) Negative goodwill / goodwill impairment00
(vi) Changes in fair value of financial instruments and associated close-out costs-194270n.a
(vii) Acquisition costs on share deals and non-controlling joint-venture00
(viii) Deferred tax in respect of the adjustments above00
(ix) Adjustments (i) to (viii) above in respect of companies consolidated under equity method650170-74%
(x) Non-controlling interests in respect of the above00
EPRA Earnings4,9074,823-2%
Average number of shares (diluted)1,319,3671,439,948
EPRA Earnings per share (diluted)3.72 €3.35 €-10%
  • EPRA Vacancy rate
In k€Dec 31, 2018Jun 30, 2019Evolution in %
Estimated rental value of vacant space (1)662348
Estimated rental value of the whole portfolio (1)8,1445,223
EPRA Vacancy Rate8.1%6.7%-1.5pts

(1) Excluding the participation in Gaïa office, excluding shares in SCPI Vivapierre. Including Gaïa, EPRA vacancy rate stands at 18.1% as at June 30, 2019 vs. 17.2% as at December 31, 2018.

  • EPRA Net Initial Yield (NIY) and "topped-up' NIY
In %Dec 31, 2018Jun 30, 2019Evolution in %
PAREF Net yield6.29%6.79%0.5pts
Impact of estimated duties and costs-0.4%-0.4%-0.1pts
Impact of changes in scope0.2%-0.2%-0.4pts
EPRA Net initial yield (1)6.10%6.1%0.0pts
Excluding lease incentives0.3%0.4%0.1pts
EPRA "Topped-Up" Net initial yield (2)6.38%6.47%0.1pts

(1) The EPRA Net Initial Yield rate is defined as the annualized rental income, net of property operation expenses, after deducting rent adjustments, divided by the value of the portfolio, including duties.
(2) The EPRA "topped-up' Net Initial Yield rate is defined as the annualized rental income, net of property operating expenses, excluding lease incentives, divided by the value of the portfolio, including taxes.

  • EPRA cost ratios

The ratio below is computed based on PAREF Group owned assets perimeter (including companies consolidated under the equity method).

In k€Jun 30, 2018Jun 30, 2019Evolution in %
Include:
(i) General expenses-597-6204%
(ii) Costs related to properties-171-100-42%
(iii) Net service charge costs/fees-2,518-2,418-4%
(iv) Management fees less actual/estimated profit element00n.a.
(v) Other operating income/recharges intended to cover overhead expenses00n.a.
(vi) Share of general expenses of companies consolidated under equity method-203-35475%
Exclude:
(vii) Depreciation and amortization
(viii) Ground rent costs1,2831,3525%
(ix) Service charge costs recovered through rents but not separately invoiced75884011%
EPRA Costs (including direct vacancy costs) (A)-1,447-1,301-10%
(x) Less: Direct vacancy costs (unrecoverable rent costs)24940864%
EPRA Costs (excluding direct vacancy costs) (B)-1,199-893-26%
(xi) Gross Rental Income less ground rent costs5,0784,704-7%
(xii) Less: service charge costs included in Gross Rental Income-1,283-1,3525%
(xiii) Add: share of Gross Rental Income less ground rent costs of companies consolidated under equity method1,569976-38%
Gross Rental Income5,3644,328-19%
EPRA Cost Ratio (including direct vacancy costs) (A/C)27.0%30.1%+3 pts
EPRA Cost Ratio (excluding direct vacancy costs) (B/C)22.4%20.6%+2 pts

Balance Sheet - Assets (in €k)Dec 31, 2018Jun 30, 2019
Non-current assets
Investment properties110,37097,090
Intangible assets76117
Other property, plant and equipment4822,655
Financial assets11,07312,692
Shares and investments in companies under the equity method9,91010,004
Financial assets held for sale1,0071,070
Total non-current assets132,918123,627
Current assets
Stocks--
Trade receivables and related10,37214,482
Other receivables147240
Financial instruments--
Cash & cash equivalents28,43740,365
Total current assets38,95655,087
Properties and shares held for sale7003,050
TOTAL ASSET172,574181,764
Balance Sheet - Liabilities (in €k)Dec 31, 2018Jun 30, 2019
Equity
Share capital36,04036,103
Additional paid-in capital39,92239,923
Fair-value through equity4568
Fair-value evolution of financial instruments-230(739)
Consolidated reserved37,24743,254
Consolidated net result11,8037,878
Shareholder equity124,827126,487
Minority interest--
Total Equity124,827126,487
Liability
Non-current liabilities
Non-current financial debt29,22638,750
Non-current taxes due & other employee-related liabilities11751
Non-current provisions587433
Total non-current liabilities29,93139,234
Current liabilities
Current financial debt5,5411,094
Current financial instruments540844
Trade payables and related4,5196,125
Current taxes due & other employee-related liabilities5,2935,877
Other current liabilities1,9242,102
Total current liabilities17,81716,043
TOTAL LIABILITIES172,574181,764

CASH-FLOW STATEMENT (in €k)Jun 30, 2018Jun 30, 2019
Operating cash-flow
Net result8 9617 878
Depreciation and amortization37142
Valuation movements on assets(4 262)(1 613)
Valuation movements on financial instruments(194)(204)
Valuation on financial assets held for sale-15
Tax1 1451 166
Result on disposals(248)(1 881)
Results of companies consolidated under the equity method(142)(888)
Cash-flow from operating activities after net financial items and taxes5 2964 615
Net financial expenses7581 244
Tax paid(911)(1 899)
Cash-flow from operating activities before net financial items and taxes5 1433 960
Other variations in working capital(877)(1 208)
Net cash-flow from operating activities4 2672 752
Investment cash-flow
Acquisition of tangible assets(14)(1 397)
Acquisition of other assets(99)(24)
Assets disposal1 79816 000
Acquisition of financial assets(1 315)(1 064)
Financial assets disposal--
Variation in companies consolidated under the equity-method--
Financial products received4837
Change in perimeter--
Cash-flow from investments41813 553
Financing cash-flow 64
Variation in capital16 43064
Self-detention shares449(199)
Increase in financial debt-30 000
Other financial debt evolution42-
Repayment of financial leasing (2 078)
Repayment of bank loan(2 030)(24 276)
Variation on bank overdraft(671)(10)
Financial expenses paid(841)(2 327)
Dividend paid to shareholders and minorities(4 316)(5 552)
Cash-flow from financial activities9 062(4 377)
Increase/ Decrease in cash13 74711 928
Cash & cash equivalent at opening10 02328 437
Cash & cash equivalent at closing23 77040 365

The auditors issued their report on the half-year financial information on July 31, 2019 upon completion of the limited review of the half-year consolidated accounts corresponding to the period from January 1 to June 30, 2019.

Financial agenda
October 30, 2019: Financial information as at September 30, 2019

About PAREF Group
PAREF operates in two major complementary areas: (i) Commercial and residential investments owned by SIIC PAREF primarily in corporate real estate in the Paris region (€128 Mn asset as at June 30, 2019) and (ii) Management on behalf of third parties via PAREF Gestion (€1,656 Mn funds under management as at June 30, 2019), an AMF-certified management company.

PAREF is a company listed on Euronext Paris, Compartment C, under ISIN FR00110263202 - Ticker PAR.
More information on www.paref.fr

Contacts
Antoine CASTRO
Chief Executive Officer

Antoine ONFRAY
Deputy Chief Executive Officer

info@paref.com
Phone: 01 40 29 86 86

Press Contact
Citigate Dewe Rogerson, Alexandre Dechaux
01 53 32 84 79
Alexandre.dechaux@citigatedewerogerson.com

1 « Sociétés Civiles de Placements Immobiliers » (non-trading real estate investment companies)
2 « Organisme de Placement Collectif Immobilier » (property investment mutual funds)
3 Excluding 50% participation in Le Gaïa office (including Le Gaïa, the financial occupancy rate stands at 81.9% as at June 30, 2019 vs. 82.8% end 2018).
4 Including Gaïa office share. Excluding shares in Vivapierre and the value of Paref Gestion shares.
5 All exiting financings and hedging instruments were repaid except Dax and Saint-Paul-Les-Dax financial leases.
6 Linked to an indirect mortgage on Levallois asset hold by Polybail.
7 Loan-to-value: consolidated net debt divided by the consolidated asset value excluding transfer taxes.
8 ICR: financial expenses (including interest on swaps and undrawn credit lines but excluding penalty on fixed debt repayment) divided by EBITDA.
9 Including shares in companies consolidated under the equity method (50% in Wep Watford (Gaïa office - Nanterre, La Défense), and 27.24% in Vivapierre OPPCI. Excludes Paref Gestion shares.
10 PAREF Gestion valuation is based on multiples applied on revenues with an average over the last 2 years (2x on management fees and 0.5x on subscription fees in average).

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