Raiffeisen Bank International Ag · VIE:RBI
Raiffeisen Bank International — Q3 2019 Earnings Presentation
61 slides from Raiffeisen Bank International's earnings presentation, Nov 14, 2019
Slide 1: Raiffeisen Bank International Q3 2019 Results
Raiffeisen Bank International Q3 2019 Results – 14 November 2019
Slide 2: Disclaimer
Disclaimer Certain statements contained herein may be statements of future Subject to applicable securities law requirements, we disclaim communicated or caused to be communicated (all such persons expectations and other forward-looking statements about any intention or obligation to update or revis
Slide 3: Executive Summary
Executive Summary 01 02 03 04 Executive Financials Risk Management Appendix Summary JOHANN STROBL Group Investor Relations 14 November 2019 3
Slide 4: Executive Summary 1-9/2019
Executive Summary 1-9/2019 Operating Result (in EUR mn) Consolidated Profit (in EUR mn) 1-9/2019 1,519 1-9/2019 874 1-9/2018 1,775 1-9/2018 1,173 ▪ NII up ~8 % y-o-y excluding Poland1; improved in most ▪ Risk costs remain low despite recognition of new EBA default countries definition ▪ Net fee and
Slide 5: Financial Performance 1-9/2019
Financial Performance 1-9/2019 Operating Income y-o-y q-o-q Net Interest 1-9/2019 2.43% 2.44 (6.0%) 1.8% EUR 3,764 mn Margin (%) 1-9/2018 2.49% Net Interest Income y-o-y q-o-q EUR 2,531 mn 0.5% 3.2% excl. Poland 8.4% 1-9/2019 59.6% Fee Income 2.44 Cost/Income y-o-y q-o-q Ratio (%) EUR 1,307 mn (1.3%
Slide 6: Digital Excellence in Russian Retail Banking
Digital Excellence in Russian Retail Banking 1 Customers increasingly moving to digital channels as active customer base continues to grow Deposits Saving Loans 2,111 k Acc. 77% 70% 50% 77% +24 PP +32 PP +42 PP 13.3% y-o-y of clients 09/2019 actively use mobile app Active Customers Shares of product
Slide 7: Growing GAMS Corporate Customers and Revenues
Growing GAMS Corporate Customers and Revenues 1 Revenue contribution from GAMS clients is increasing 2 Digital Offerings for GAMS 778 GAMS clients Q3/2019 Q4/2019 … which are active in more than one market. GAMS clients are Minimum marketable products for Go-Live 39% of active in 4 countries on aver
Slide 8: Macro Outlook
Macro Outlook Development of Real GDP (%) General Market Trends Country 2018 2019e 2020f 2021f ▪ Weakness of euro area and especially German industry CE Czech Republic 2.9 2.5 2.0 1.8 continues, while domestically orientated sectors show resilience. Stabilization of industrial sector expected in H1
Slide 9: Outlook and Targets
Outlook and Targets ▪ Loan Growth We will pursue loan growth with an average yearly percentage increase in the mid-single digit area ▪ Risk Costs The provisioning ratio for FY 2019 is expected to be below 45 basis points ▪ Asset Quality We anticipate that the NPE ratio will further reduce ▪ Cost / I
Slide 10: Financials
Financials 01 02 03 04 Executive Financials Risk Management Appendix Summary MARTIN GRÜLL Group Investor Relations 14 November 2019 10
Slide 11: Key Financials
Key Financials Profitability (in EUR mn) Q3/2019 Q2/2019 q-o-q Q3/2018 Change in consolidated profit (q-o-q) Net interest income 866 840 3.2% 856 Net fee and commission income 468 437 7.0% 455 49 (18) (66) Operating income 1,299 1,276 1.8% 1,334 345 General administrative expenses (748) (773) (3.3%)
Slide 12: Operating Result
Operating Result In EUR mn Operating income • Net interest income up EUR 27 mn, mainly due to higher volumes and RUB appreciation 27 31 19 (52) 1,299 1,276 • NIM up 5 bps q-o-q to 2.46%, driven by Romania (up 16 bps), Czech Republic (up 8 bps) and Russia (up 3 bps) while decline in 1.8% Serbia (down
Slide 13: Distribution of Profit after Tax – Q3/2019
Distribution of Profit after Tax – Q3/2019 Change y-o-y (7.1%) (19.8%) 2.7% (30.1%) 33.1% (22.5%) 236 (409) 558 In EUR mn 308 985 291 Central Europe Southeastern Eastern Europe Group Corporate Center RBI Group Europe Corporates & Markets & Reconciliation 1 ▪ Czech Republic ▪ Albania ▪ Belarus ▪ Corp
Slide 14: Central Europe Q3/2019
Central Europe Q3/2019 Q3/2019 29,284 ▪ Steady loan growth in CE while NIM Loans to further improved in Czech Republic and +1% customers Q2/2019 29,022 declined slightly in Slovakia (EUR mn) 2.44 in Czech ▪ Risk costs reflect fewer releases 2.44 Republic and Hungary Q3/2019 2.15% NIM (%) +2 bps ▪ Gl
Slide 15: Southeastern Europe Q3/2019
Southeastern Europe Q3/2019 Q3/2019 15,688 ▪ Loans up 4% q-o-q driven by Romania, Loans to Serbia and Bulgaria customers +4% Q2/2019 15,091 (EUR mn) ▪ NIM stable overall, up 16 bps in Romania but down 17 2.44bps in Serbia 2.44 Q3/2019 3.70% ▪ Uptick in provisioning due to lower NIM (%) +4 bps releas
Slide 16: Eastern Europe Q3/2019
Eastern Europe Q3/2019 Q3/2019 13,882 ▪ Strong loan growth overall, Loans to predominantly driven by Russia customers +5% (EUR mn) Q2/2019 13,261 ▪ NIM in Russia continues to stabilize (up 3 2.44 bps), while Ukraine impacted by rate 2.44 cuts (down 44 bps) Q3/2019 5.97% NIM (%) +16 bps ▪ Risk costs
Slide 17: Group Corporates & Markets Q3/2019
Group Corporates & Markets Q3/2019 Q3/2019 30,829 ▪ Loan growth driven by lending to corporates and project finance Loans to (up EUR 0.8 bn) and short-term business customers +7% (EUR mn) Q2/2019 28,841 ▪ NIM broadly stable (up 2 bps) 2.44 ▪ Provisioning improved with few new cases and further relea
Slide 18: Capital Ratios well above Requirements
Capital Ratios well above Requirements 17.9% 15.3% Incl. Q3 results 13.7% min. 15.07% Tier 2 2.00% min. 13.07% min. 11.57% AT1 1.50% 0.7% 0.1% (0.5%) CBR 4.82% 13.4% 13.7% Tier1 13.07% P2R 2.25% CET1 11.57% FY/2018 FX RWA 1-9/2019 1-9/2019 & Other Profit incl. Profit Pillar 1 4.50% CET1 Tier 1 Total
Slide 19: Funding and Liquidity
Funding and Liquidity Funding Structure (30/09/2019) Upcoming Senior Maturities1 (in EUR mn) ▪ 57% of Group funding from customer deposits (households 1,249 and non-financial corporations). Customer deposit inflow 1,088 remained strong with high stickiness despite low interest rates ▪ 18% of Group f
Slide 20: Risk Management
Risk Management 01 02 03 04 Executive Financials Risk Management Appendix Summary HANNES MÖSENBACHER Group Investor Relations 14 November 2019 20
Slide 21: Total Exposure and Credit Portfolio Development
Total Exposure and Credit Portfolio Development Total exposure by segments, in EUR bn, ∆ YTD RWA by category & segment, in EUR bn, ∆YTD Total RBI Group: EUR 186.1 bn, +6.8% Total RBI Group: EUR 77.8 bn, +7.1% GC&M +9.5% Market risk RWA 80.90 CE +1.3% Operational risk RWA 3.2 bn 7.7 bn 48.66 SEE +2.7
Slide 22: Provisioning and Impairment
Provisioning and Impairment Provisioning & Impairment Q3/2019 Developments Q3 2018 Q4 2018 FY 2018 Q1 2019 Q2 2019 Q3 2019 Q3/2019 risk costs of EUR 68 mn (YTD: EUR 80 mn) Central Europe 1.19% 0.38% 0.41% 0.09% 0.16% driven by recognition of new EBA default definition 39 in retail segment (EUR 36 mn
Slide 23: NPE Ratio and NPE Coverage
NPE Ratio and NPE Coverage NPE Ratio and NPE Coverage Ratio Asset Quality Developments YTD Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 NPE Stock ▪ NPE ratio down 37 bps to 2.3% driven by writebacks Central Europe 58.9% 56.0% 57.2% 57.2% 59.1% in EUR mn and recoveries (EUR 505 mn), NPE sales (EUR 282 Q3/
Slide 24: Appendix
Appendix 01 02 03 04 Executive Financials Risk Management Appendix Summary Group Investor Relations 14 November 2019 24
Slide 25: Geographic Footprint
Geographic Footprint Austria, #3 Central Europe (CE) Eastern Europe (EE) ◼ Loans: EUR 36.2 bn Southeastern Europe (SEE) ◼ Branches: 21 ◼ Leading regional player with Czech Republic, #5 Russia, #8 CEE presence of over 30 years ◼ Loans: EUR 11.7 bn ◼ Loans: EUR 10.9 bn servicing approx. 16.5 million ◼
Slide 26: Raiffeisen Banking Group Structure
Raiffeisen Banking Group Structure ▪ Raiffeisen Banking Group (RBG) – largest banking group in Austria with total assets of EUR 300.0 bn as of 31/12/2018 ▪ Solid funding profile of RBG based on a domestic market share of around 30% of total customer deposits, not least due to superior brand recognit
Slide 27: Total Exposure by Country and Segment
Total Exposure by Country and Segment EUR 186 bn total exposure and EUR 78 bn RWA Total exposure by segments Total exposure by business lines in EUR bn, ∆ YTD GC&M +9.5% 80.90 Retail (22%) CE +1.3% Sovereigns 48.66 Mortgage Loans 17% 13% Consumer Loans SEE +2.7% FI 5% 30.75 EE +14.9% FI & 13% Other
Slide 28: Group Corporates and Markets (GC&M)
Group Corporates and Markets (GC&M) Austria & Western Europe make up ~ 85% of GC&M net exposure1… … and 83% of GC&M net exposure in Corporates 44.5% 40.5% 41.5% Net Exposure Share 37.4% Net Exposure Share Credit RWA Share Credit RWA Share 46.5% 48.4% 36.4% 32.9% 9.2% 7.3% 6.8% 4.0% 6.6% 7.3% 6.1% 2.
Slide 29: Leveraging our Strong Position in Russia
Leveraging our Strong Position in Russia Q3/2019 developments Loans to customers by sector Retail lending by product ▪ EUR 130 mn profit after tax, stable q-o-q Other Energy Other 8% 10% 6% ▪ Loans to customers up 4.5% Industrials Personal and 7% Credit Cards other Consumer 18% Consumer ▪ Risk costs
Slide 30: Strategic Initiatives (1/2)
Strategic Initiatives (1/2) Q3/2019 Loans1 (y-o-y) Business mix2 Strategic focus Key initiatives Households Corporates3 Retail / Corporate Corporates Vienna EUR 21,359 mn (+27%) 100% ✓✓ • Increase sales efficiency through digitalization (front and back end) • Data-driven sales approach • Aiming for
Slide 31: Strategic Initiatives (2/2)
Strategic Initiatives (2/2) Q3/2019 Loans1 (y-o-y) Business mix2 Strategic focus Key initiatives Households Corporates3 Retail / Corporate • New PI and SME premium business model; increase credit card and Ukraine 16% unsecured lending EUR 1,706 mn (+19%) 83% ✓✓ ✓ • New corporate internet banking (e-
Slide 32: Corporate Center/Reconciliation
Corporate Center/Reconciliation In EUR mn 1-9/2019 1-9/2018 y-o-y In EUR mn 1-9/2019 1-9/2018 y-o-y Operating income 653 673 (2.9%) Operat ing income (891) (779) 14.3% General admin. expenses (266) (236) 12.8% General admin. expenses 97 92 5.4% Operating result 388 437 (11.3%) Operat ing result (794
Slide 33: Equity Overview
Equity Overview Cumulative other Subscribed Capital Retained comprehensive Consolidated Non-controlling Additional Total In EUR mn capital reserves earnings income equity interests tier 1 Equity Equity as at 31/12/2018 1,002 4,992 7,587 (2,994) 10,587 701 1,125 12,413 Impact of implementation IFRS 1
Slide 34: Regulatory Capital Overview
Regulatory Capital Overview Regulatory Capital Structure In EUR mn 30/9/2019 31/12/20181 Common equity tier 1 (before deductions) 11,199 10,436 Deduction items (791) (734) Common equity tier 1 (after deductions) 10,408 9,702 Additional tier 1 (after deductions) 1,228 1,226 Tier 1 (after deductions)
Slide 35: Maturity Profile
Maturity Profile Maturity Profile at 30/09/2019 1,877 (in EUR mn) 500 1,533 1,533 152 1,251 546 1,200 1,034 52 912 686 1,380 1,377 504 1,150 480 988 982 201 408 279 86 50 56 20 96 5 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2035 >2035 Senior placements Subordinated Additional Tier 1 Gro
Slide 36: AT1 and Subordinated Instruments
AT1 and Subordinated Instruments Regulatory Capital Initial Reset Nominal Issuance Issuer ISIN First Call Date Call period Maturity Treatment1 Recognition2 Coupon Coupon outstanding date 5Y EUR Raiffeisen Bank Additional Tier 99.5% XS1756703275 4.500% MidSwap + EUR 500 mn 17 Jan 2018 25 Jun 2025 Sem
Slide 37: Available Distributable Items (ADI) to Cover Discretionary Distributions
Available Distributable Items (ADI) to Cover Discretionary Distributions Distributable Items Available Distributable Items (EUR mn) ◼ Discretionary coupon payments on AT1 capital are 7,180 7,274 7,098 subject to sufficient distributable items1 6,947 260 354 6,819 332 484 545 ◼ Distributable items ba
Slide 38: MREL Resolution Strategy
MREL Resolution Strategy RWA and Total Capital Ratio at Resolution Point of Entry1 ▪ RBI pursues a Multiple Point of Entry (MPE) resolution (30/09/2019) RWA (EUR bn) strategy, with each network unit forming a separate resolution group, in line with RBI’s group structure ▪ Each resolution group is ex
Slide 39: The Institutional Protection Scheme (IPS)
The Institutional Protection Scheme (IPS) 1▪ RBI is part of the Raiffeisen Banking Group federal IPS. The IPS supports members if needed to ensure solvency and liquidity 2▪ IPS serves as an additional form of capital cushion and source of liquidity but does not guarantee individual instruments, such
Slide 40: Bank Levies and Resolution Fund
Bank Levies and Resolution Fund Impact in EUR mn FY 2018 1-9/2019 FY 2019e Bank levy based on total assets (excluding derivatives) and including a one-off 1 Austria 57 52 ~57 payment (spread over 4 years) of EUR 163 mn from 2017 on Bank levy of 0.15% (for up to HUF 50 bn of total assets) and 0.21% (
Slide 41: NPE and NPL Distribution by Country
NPE and NPL Distribution by Country In EUR mn NPE Stock NPE Ratio NPE Ratio NPE Coverage Ratio NPE Coverage Ratio NPL Ratio NPL Ratio NPL Coverage Ratio NPL Coverage Ratio (incl. Bonds) (incl. Bonds) (incl. Bonds) (incl. Bonds) (incl. Bonds) (excl. Bonds) (excl. Bonds) (excl. Bonds) (excl. Bonds) 30
Slide 42: Country and Segment Overview
Country and Segment Overview 2 1-9/2019 Total Assets Share of Loan/deposit Net Interest Cost/income Provisioning Return on equity (EUR mn) Total Assets2 Ratio Margin Ratio Ratio after tax Czech Republic 17,133 11.4% 90.2% 2.41% 51.6% (0.12%) 17.4% Hungary 7,784 5.2% 74.5% 1.93% 65.1% (1.19%) 13.4% P
Slide 43: RBI Group
RBI Group In EUR mn Q3/2019 Q2/2019 q-o-q Q1/2019 Q4/2018 Q3/2018 1-9/2019 1-9/2018 y-o-y 1-12/2018 Net interest income 866 840 3.2% 825 843 856 2,531 2,519 0.5% 3,362 Net fee and commission income 468 437 7.0% 402 467 455 1,307 1,325 (1.3%) 1,791 Net trading income and fair value result (8) (27) (6
Slide 44: Country Financials (CE) – Czech Republic
Country Financials (CE) – Czech Republic In EUR mn Q3/2019 Q2/2019 q-o-q Q1/2019 Q4/2018 Q3/2018 1-9/2019 1-9/2018 y-o-y 1-12/2018 Net interest income 104 98 5.2% 97 92 84 299 246 21.5% 338 Net fee and commission income 32 33 (3.4%) 32 34 34 97 102 (4.7%) 136 Net trading income and fair value result
Slide 45: Country Financials (CE) – Hungary
Country Financials (CE) – Hungary In EUR mn Q3/2019 Q2/2019 q-o-q Q1/2019 Q4/2018 Q3/2018 1-9/2019 1-9/2018 y-o-y 1-12/2018 Net interest income 34 34 (0.2%) 37 34 33 105 99 6.4% 133 Net fee and commission income 37 37 0.3% 36 36 33 111 98 12.9% 134 Net trading income and fair value result (2) (1) 66
Slide 46: Country Financials (CE) – Poland
Country Financials (CE) – Poland In EUR mn Q3/2019 Q2/2019 q-o-q Q1/2019 Q4/2018 Q3/2018 1-9/2019 1-9/2018 y-o-y 1-12/2018 Net interest income 4 4 (6.2%) 3 22 57 11 183 (94.1%) 205 Net fee and commission income 1 1 (25.3%) 1 13 34 2 102 (98.1%) 115 Net trading income and fair value result 0 1 (48.1%
Slide 47: Country Financials (CE) – Slovakia
Country Financials (CE) – Slovakia In EUR mn Q3/2019 Q2/2019 q-o-q Q1/2019 Q4/2018 Q3/2018 1-9/2019 1-9/2018 y-o-y 1-12/2018 Net interest income 74 73 1.5% 72 74 75 219 214 2.4% 289 Net fee and commission income 40 39 2.6% 39 42 41 119 122 (2.5%) 163 Net trading income and fair value result (0) 1 –
Slide 48: Country Financials (SEE) – Albania
Country Financials (SEE) – Albania In EUR mn Q3/2019 Q2/2019 q-o-q Q1/2019 Q4/2018 Q3/2018 1-9/2019 1-9/2018 y-o-y 1-12/2018 Net interest income 14 15 (1.4%) 14 14 14 43 41 5.5% 55 Net fee and commission income 4 4 3.4% 4 4 5 12 13 (3.0%) 17 Net trading income and fair value result 1 (1) – 2 (1) 2 2
Slide 49: Country Financials (SEE) – Bosnia & Herzegovina
Country Financials (SEE) – Bosnia & Herzegovina In EUR mn Q3/2019 Q2/2019 q-o-q Q1/2019 Q4/2018 Q3/2018 1-9/2019 1-9/2018 y-o-y 1-12/2018 Net interest income 17 17 0.9% 18 17 17 51 50 1.7% 68 Net fee and commission income 11 10 5.8% 10 10 11 31 30 3.6% 40 Net trading income and fair value result 1 0
Slide 50: Country Financials (SEE) – Bulgaria
Country Financials (SEE) – Bulgaria In EUR mn Q3/2019 Q2/2019 q-o-q Q1/2019 Q4/2018 Q3/2018 1-9/2019 1-9/2018 y-o-y 1-12/2018 Net interest income 29 29 1.9% 26 27 26 84 76 10.4% 103 Net fee and commission income 15 14 4.9% 13 14 12 42 35 18.5% 49 Net trading income and fair value result 1 0 38.6% 1
Slide 51: Country Financials (SEE) – Croatia
Country Financials (SEE) – Croatia In EUR mn Q3/2019 Q2/2019 q-o-q Q1/2019 Q4/2018 Q3/2018 1-9/2019 1-9/2018 y-o-y 1-12/2018 Net interest income 31 30 1.8% 30 33 30 91 91 (0.4%) 125 Net fee and commission income 22 17 28.4% 16 17 21 56 54 2.5% 71 Net trading income and fair value result 1 1 (49.3%)
Slide 52: Country Financials (SEE) – Kosovo
Country Financials (SEE) – Kosovo In EUR mn Q3/2019 Q2/2019 q-o-q Q1/2019 Q4/2018 Q3/2018 1-9/2019 1-9/2018 y-o-y 1-12/2018 Net interest income 11 11 1.7% 10 12 11 33 30 7.4% 42 Net fee and commission income 4 2 67.0% 2 2 3 8 8 (7.0%) 11 Net trading income and fair value result (0) (0) (65.5%) 0 0 (
Slide 53: Country Financials (SEE) – Romania
Country Financials (SEE) – Romania In EUR mn Q3/2019 Q2/2019 q-o-q Q1/2019 Q4/2018 Q3/2018 1-9/2019 1-9/2018 y-o-y 1-12/2018 Net interest income 96 92 3.5% 90 90 89 278 246 13.2% 336 Net fee and commission income 44 44 1.1% 40 49 49 128 140 (8.5%) 189 Net trading income and fair value result 4 4 10.
Slide 54: Country Financials (SEE) – Serbia
Country Financials (SEE) – Serbia In EUR mn Q3/2019 Q2/2019 q-o-q Q1/2019 Q4/2018 Q3/2018 1-9/2019 1-9/2018 y-o-y 1-12/2018 Net interest income 22 22 2.4% 22 22 21 66 63 4.7% 85 Net fee and commission income 13 13 (2.1%) 11 12 12 38 34 12.6% 45 Net trading income and fair value result 2 3 (39.1%) 1
Slide 55: Country Financials (EE) – Belarus
Country Financials (EE) – Belarus In EUR mn Q3/2019 Q2/2019 q-o-q Q1/2019 Q4/2018 Q3/2018 1-9/2019 1-9/2018 y-o-y 1-12/2018 Net interest income 28 25 10.7% 23 22 23 76 68 12.3% 90 Net fee and commission income 16 14 8.7% 12 13 12 42 36 16.2% 49 Net trading income and fair value result 1 0 223.8% 1 2
Slide 56: Country Financials (EE) – Russia
Country Financials (EE) – Russia In EUR mn Q3/2019 Q2/2019 q-o-q Q1/2019 Q4/2018 Q3/2018 1-9/2019 1-9/2018 y-o-y 1-12/2018 Net interest income 205 190 8.3% 176 184 181 571 528 8.0% 712 Net fee and commission income 106 89 19.6% 78 94 82 273 231 18.4% 324 Net trading income and fair value result 4 12
Slide 57: Country Financials (EE) – Ukraine
Country Financials (EE) – Ukraine In EUR mn Q3/2019 Q2/2019 q-o-q Q1/2019 Q4/2018 Q3/2018 1-9/2019 1-9/2018 y-o-y 1-12/2018 Net interest income 65 61 7.6% 57 57 57 182 163 11.8% 220 Net fee and commission income 31 24 26.7% 22 25 24 77 67 14.8% 92 Net trading income and fair value result 4 3 23.7% 2
Slide 58: Group Corporates & Markets
Group Corporates & Markets In EUR mn Q3/2019 Q2/2019 q-o-q Q1/2019 Q4/2018 Q3/2018 1-9/2019 1-9/2018 y-o-y 1-12/2018 Net interest income 160 149 7.9% 146 129 128 455 405 12.4% 534 Net fee and commission income 97 92 5.6% 88 105 90 277 266 4.2% 371 Net trading income and fair value result 15 16 (9.5%
Slide 59: Sustainable Ratings and Industry Awards
Sustainable Ratings and Industry Awards “C+” level and prime status Global Finance in sustainability rating by ISS oekom research Tatra banka (Slovakia): Most Innovative (June 18 2018) Consumer Digital Bank in the World and Most Innovative Digital Bank in CEE EMEA Finance Overall ESG score 77 – Outp
Slide 60: Shareholder Information Overview
Shareholder Information Overview General Information Shareholder Structure1 ◼ Listed since 25 April 2005 on the Vienna Stock Exchange Prime Market ◼ Indices: ATX, ATX Prime, ATX five, MSCI Standard Index Europe, EURO STOXX Banks RBI free float ~41.2% ◼ 328,939,621 ordinary shares issued Regional ◼ I
Slide 61: Contact and Financial Calendar
Contact and Financial Calendar Contact Details Financial Calendar Group Investor Relations 30 January 2020 Start of Quiet Period1 06 February 2020 Preliminary Results 2019 Raiffeisen Bank International AG 18 March 2020 Annual Report 2019, Conference Call Am Stadtpark 9 30 April 2020 Start of Quiet P
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