In 2014, we defined the ultimate purpose of all our business endeavours as ‘bringing remarkable experience to people’s lives through real estate solutions’.
At the time, we meant mostly the people outside of our organisation – our tenants, customers, external partners, investors, neighbours and of course our end-user community.
In the following years, we implemented this purpose into our daily lives. It supported the company vision and strategy, identifying six core company mindsets, key elements of our corporate culture that were always present and made the business successful and a great place to be.
The initiative that helped us educate the whole organisation and embed these principles into our employees’ daily lives was called ‘building the future’. Its aim was to transform us into a trendsetting, successful and inclusive organisation that would inspire other businesses in our industry and geographical region, and outside of it.
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In 2014, we set ourselves a vision of where we want to be in five years: Vision 2019. It has three pillars.
Last year, we made significant progress on all three pillars and feel confident that we’re on course to achieving our vision.
The strategy to deliver our Vision was broadened with some vital new strategic initiatives, and we also accelerated other programs, going deeper into implementation.
Despite our projects’ long delivery cycles, each of our pillars has already achieved something tangible in 2017. More importantly, the impact is starting to promisingly flow through to our client interactions and financials.
read moreBeing a trendsetter in workspace solutions
Being the most attractive employer for industry professionals
Being a leading pan-European player with global ambitions
Beyond our core business strategy to be uniquely competitive and deliver on our Vision; we have also created an acquisition strategy and financial framework.
In Central Europe, we focused on building our office project pipeline in strategically selected business districts to:
During 2017, we worked specifically on reinforcing pipelines in Prague and London, and on our initial entry into Germany. We also analysed every reasonable opportunity in Budapest, Warsaw and Bratislava.
2017 was a year when most of our strategic initiatives progressed from developing the proof of concept into deployment within our projects and organisation. We also crystallised the mix of products and services we want to provide to clients and users, and eventually to other landlords/investors.
In response to that crystallisation, we have made a few key adjustments to our business strategy:
First, our long-term aim is to achieve and keep a 50:50 share of development and income producing assets, and therefore balance our risk and return. Since 2010, we have increased our share of developments from 33% to 45% (at year-end 2017).
Secondly, as we grow in size and our asset base diversifies across countries and development stages, we have opted to slightly soften our conservative external financing strategy. Our target net debt leverage has increased from 30-35% to 35%. However, despite significant year-on-year increase, our net debt leverage stood below 27% at year-end.
While both changes may gradually increase our risk profile; we believe our balance sheet policy is still fairly conservative but provides us with more room to seize interesting opportunities in bottoming or improving market environments.
In 2017, our financial performance slightly improved. However, it’s still lagging behind our long-term target due to permit delays.
The Group generated a total comprehensive income of €96.5m (€85.2m in 2016). This translates into a 7.6% return on shareholders’ equity (6.9% in 2016). Our balance sheet grew to €2.3bn, and adjusted net asset value reached around €1.27bn at the end of 2017. At 26.8%, the Group’s net debt leverage returned closer to our target. In addition, the business performed well: we signed leasing contracts worth over 108,000 sq m of GLA with 207 clients, 75% of which was new business.
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In 2016, we negotiated the forward sale of 33 Central to Wells Fargo which completed in 2017. In the first quarter of 2017, we secured 127m GBP financing for the project, our first in the UK. Then, in December, we successfully divested and handed the keys to Wells Fargo.
The acquisition of One Waterloo (Elizabeth House) in London was the largest in our history. The project has a prominent location at South Bank next to Waterloo Station, and has an office led permit in place for almost 96,000 sq m of GLA. We plan to optimise the current permit and start construction in 2020. In last quarter of 2017, we bought our first Polish site outside Warsaw. The acquisition in Lodz involves developing around 46,000 sq m of predominantly office GLA in two phases.
Even though slightly below our ambitions, our Group’s leasing teams did a solid job, finding no less than 108,000 sq m of GLA for our existing or new clients. The biggest included Wincor Nixdorf with 11,166 sq m; Astra Zeneca with 6,244 sq m and Euronet Polska with 3,461 sq m (all in Warsaw). However, start of the 2018 was exceptionally strong on the back of client activities from last year. In first 100 days our teams signed about 76,000 sq m of GLA with great brands like, Cambridge Innovation Center in Warsaw or CBRE in London and a major international technology company in Bratislava. For the first time we also signed a 25-year lease with leading hotel brand operator to enhance value proposition of Varso Place, our landmark development in Warsaw.
HubHub is our co-working platform and business programming services provider. In the first half of the year, it grew from a simple idea to providing space for about 200 members across two sites, in Warsaw and Bratislava.
Varso Place is set to be an exceptional mixed-use space, with a 230m tower (310m with the spire) and two smaller buildings. At 145,000 sq m of GLA, it’ll be Warsaw’s largest business centre – and its designers and engineers are crafting the unique workspace that encourage both productivity and good health. These elements, introduced at the design and construction stage, led to a Gold WELL Precertification: the first in Central Europe.
New Nivy, a new business district we’re developing in Bratislava, became the first urban area in the world to be registered with the new BREEAM Communities International standard. The well-connected district is around 230,000 sq m in total. The zone includes eight separate developments including Nivy Station – an inspirational, international bus station complete with contemporary shopping destination and fresh food market. New Nivy will be a well-planned new hub for the city, and comprehensive reimagining of a brownfield site.
We are the first European headquartered developer to join the Well Living Lab Alliance and are participating as a founding member of this global consortium. The Lab pioneers research on the effect of the indoor environments on health and wellbeing. Our membership underlines a strong commitment to creating enjoyable workplaces where people can thrive. Based in Rochester, Minnesota, the Well Living Lab is the first scientific research centre to analyse this relationship. A collaboration between Delos, a wellness real estate and technology company and world leading medical provider Mayo Clinic; the lab has access to some of the industry’s brightest minds, and a wealth of innovative knowledge.
We aim to set trends in office space solutions. We aspire always bring something more than clients and communities expect from us. Something that will differentiate our projects from others. We believe this is the right way to create greater value for our partners, clients and local communities, and for our shareholders to achieve their projected growth and desired return as well.
read moreAverage growth of total office stock in our four Central European capitals slowed down slightly to 3.8% (2016: 4.1%). New supply of 576,300 sq m was also a little down (2016: 633,000 sq m) – a 9% year-on-year decrease. In terms of the size of the Central European capitals in which we operate, Warsaw’s office stock is still the largest reaching almost 5.3m sq m in 2017, followed by Budapest with more than 3.4m sq m, Prague with 3.3m sq m and Bratislava in fourth place with more than 1.7m sq m.
read moreGeographically, the structure of our whole development portfolio is shifting, with the UK and Poland clearly increasing in weight.
At year-end 2017, the share of UK assets represented 44% of the whole portfolio; Poland 17%; Czechia 9%; Slovakia 23%; and Hungary 7%, all based on the expected gross development value. As far as segments are concerned; during 2017 our strategic focus on office development reflects its 94% share of our development portfolio value, while retail accounts for 6% based on gross development value.
read more| HB Reavis development total | GLA (m²) | ERV | GDV | Value change | Investments |
|---|---|---|---|---|---|
| Retail | 105,068 | 22.8 | 403 | 28.1 | 4.2 |
| Office | 1,172,762 | 342.7 | 6,832 | 548.0 | 441.4 |
| Total development 2017 | 1,277,830 | 365.5 | 7,235 | 576.0 | 445.6 |
| Additions to porfolio 2017 | 31,534 | 7.4 | 71 | 3.5 | 3.5 |
| Completions 2017 | 59,082 | 23.7 | 443 | 76.3 | 52.9 |
| Retail | 105,068 | 22.8 | 403 | 28.1 | 4.2 |
| Office | 1,145,214 | 326.4 | 6,460 | 475.2 | 392.0 |
| Total Pipeline for 2018 | 1,250,282 | 349.2 | 6,864 | 503.3 | 396.2 |
Figures based on external expert valuations and management report.
All figures in €m, except GLA.
| -€2.1m operating profit |
| €439.5 in investment property |
| 21,105 m² GLA developed |
| 141,000 m² GLA under preparation |
| €58.0m operating profit |
| €522.6m in investment property |
| 602,323 m² GLA developed |
| 502,000 m² GLA under preparation |
| €3.2m operating profit |
| €149.5m in investment property |
| 160,345 m² GLA developed |
| 191,000 m² GLA under preparation |
| €27.8m operating profit |
| €658.1m in investment property |
| 251,657 m² GLA developed |
| 255,000 m² GLA under preparation |
| €16.1m operating profit |
| €80.4m in investment property |
| 21,603 m² GLA developed |
| 161,000 m² GLA under preparation |
m² GLA developed
m² GLA under preparation
Operating profit
proffesionals
Gross Development Value
clients
users
2017’s occupational markets performed much more strongly than anticipated. Leasing volumes across central London totalled 1.09m sq m, 14% ahead of the 10 years average, and 10% ahead of the five years prediction. There were major London contracts with Deutsche Bank, Dentsu Aegis, Freshfields, Spotify, BGC and Arup, highlighting the capital’s appeal. And the trend of larger transactions (38 over 4,600 sq m) and preleasing (55% of all projects in build are already let) has continued. The serviced, or flexible, office market also had its strongest year with 21% (almost 232,000 sq m) of all new contracts.
read moreIt will forever be an exceptional milestone in HB Reavis’ history. The acquisition of an existing office building at 33 King William Street in the City was completed in late 2013.
read moreThe existing office building at 20 Farringdon Street was acquired in October 2014 for £29m. The building already had valid planning consent in place for the redevelopment of 6,800 sq m of new office GLA.
read moreIn April 2016, we acquired 61 Southwark Street, our first refurbishment and extension project in London. The building's location in the South Bank area perfectly complements our existing Central London portfolio.
read moreWe completed the purchase of One Waterloo (Elizabeth House) over the summer of 2017, our fourth and largest major investment in London to date. At the time of the transaction, the consented scheme comprised 88,000 sq m GLA of which 68,900 sq m was office, 1,200 sq m was retail and 17,900 sq m was residential space. Our ethos is to create remarkable places and experiences for people, and we believe we’ll have that opportunity right here by Waterloo Station.
read moreIn total, €5.1bn was invested in the Polish office market in 2017. That’s not just more than ever before; but far in excess of the €4.6bn spent in 2016. Unsurprisingly Poland is still the CEE’s leader with a 40% share, ahead of Czechia (26%) and Hungary (13%).
read moreThe second phase of the project, West Station II (37,977 sq m of GLA), followed in its older sister’s footsteps to complete six months ahead of schedule. Construction stretched from November 2015 to August 2017, after which we started handing it over to its tenants. At the time of the completion, the building was 68% leased. By April 2018, that had risen to 87% and we expect it to be fully leased soon.
read moreVarso Place (144,900 sq m of GLA) received valid building permits just before the end of 2016 and we immediately launched construction, which ran at full speed during the reporting year.
read moreHB Reavis acquired a 2 hectares plot at Burakowska Street in Warsaw in July 2015. The purchase price was €17m and we’re working on developing an office scheme with approximately 78,600 sq m of GLA.
read moreThe development site is located in the central zone of the city of Lodz next to Lodz Fabryczna railway station. The investment area is nearly 1.1 hectares. It’s part of the New Centre of Lodz (NCL) district, an area located in the city centre currently undergoing and planned revitalization.
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The real estate market has a very positive outlook in Czechia. Economic growth has created a good environment for sophisticated office space.
In practice, virtually all developers are focusing on lifestyle features; with sustainability, green spaces and amenities high on clients’ lists of priorities. The big issue, however, revolves around permits. A large legislative backlog has built up, stalling essential infrastructure projects as well as commercial developments. It’s not just a problem for the capital either; numerous developments around the country are waiting to be green lit.
The acquisition of an existing older office scheme with an excellent location at Vinohradska Street, just opposite the National Museum, was completed in August 2014. The plan was to redevelop it into a landmark office scheme with 22,600 sq m of GLA.
read moreDuring 2017 we continued to work on the concept and design of our fifth office project in Prague – Radlicka. The plot is well located in Prague’s Smichov at one of most important arteries in the southwest of the city. We acquired it in March 2016 for €6.9m, and have faced some challenges during the permit process. However, we aim to deliver up to 30,000 sq m of top class office GLA in two phases, the first with, of around 17,700 sq m, in mid-2021.
read moreMerkuria – our new project of planned 17,700 sq m of Grade-A offices and more than 1,700 sq m of retail space – will be a key element for the revitalisation of Holesovice, one of Prague’s fastest growing districts.
read moreThere’s an almost equal balance of Grade A (59%) and B (41%) office space here in Slovakia. Whatever their grade, though, offices present a complex set of factors for businesses, particularly in relation to employees who spend the majority of their day in them.
read moreConstruction of the Twin City Tower (expected 35,300 sq m of GLA) was launched in July 2016. This project, next to the group of already-completed A, B, and C buildings will complete the Twin City sheme.
read moreNivy Station will clearly be a landmark project in a unique location. And that deserves unique solutions. In co-operation with London’s Benoy, the well-known architectural studio behind top class retail schemes, we’re aiming not only for a unique and large (expected 69,300 sq m of retail GLA including terraces) shopping complex – but much more.
read moreWith around 30,800 sq m of GLA, will be a remarkable office tower rising out of the Nivy Station. The tower will provide modern office space solutions for demanding clients and will be designed to BREEAM Outstanding standard. The construction of tower was launched in May 2017, followed by Nivy Station in October 2017, due to planned complete at the end of 2019.
read moreIn the Twin City B and C zone, adjacent to the completed A zone, we’re planning the development of more than 130,000 sq m of office GLA. In 2016, we fine-tuned the concept and design, and since then we are in the process of gaining necessary permits. As we continually push the envelope, we engaged with the UK’s AHMM to help us with the concepts, and expect construction to start in the first quarter of 2019, subject to permits and leasing progress, of course.
read moreWe’re currently in the fourth year of a house price boom. Across the country, we saw an 8.6% year-onyear rise in 2017, with Budapest prices rising 13.8%. Altogether, the real estate development market is worth HUF 680bn – a record high. As we write, 1.5m sq m are under construction, 41% of which is office space.
read moreWe worked on acquiring of this interesting plot of land in Budapest for over a year, starting in December 2014. Finally, in January 2016, this welllocated Vaci corridor plot at the crossroads with Robert Karoly Street was consolidated and prepared for our development.
read more2017 was an exceptional year for commercial property in many respects. Berlin, Munich, Frankfurt, Hamburg, Köln, Düsseldorf, Dresden, Leipzig and Stuttgart – the key cities – all either set new occupation records, or certainly were very near them. Considering potential arrivals from technology, universities, infrastructure and research and development, it is clear businesses feel economic growth is here to stay.
On the investment side, that positive sentiment has intensified even further. The talk across the industry is that, had been more options, there would have been even more than the already impressive €25bn put into new developments.
Demand does outstrip supply. And it’s a situation that will take time to solve. So, given the political stability and solid wider forecast, most people expect the market to continue growing for the foreseeable future. The only possible brake could come from a change to the ECB’s monetary policy.
Berlin, our prime focus, saw a combination of the city’s popularity among young ‘digital’ workers and a positive economic forecast lead to many new or expanded R&D; centres. This contributed to the healthy 900,000 sq m of contracts signed last year. All the key market indicators – prime rents, vacancy, net absorption and yields – strengthened, and have created a solid base for even more demand.
Strategically, the Group is focused on achieving and maintaining a balanced share of investment property and assets under development for the longer term.
While we retain and manage these assets, we obviously aim to maintain them at top commercial and operational levels so that, when we divest, we do so in the best possible conditions.
At the same time, and even more importantly, we aim to provide services that exceed tenants’ and employees’ expectations, mainly by focusing on user-centric design and maintaining long-term clients’ relationships.
| Group income producing portfolio |
GLA (m²) | Valuation | Rental income 2017 |
ERV | Equival. yield |
Capital return |
Rental return |
Total return |
|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 2016 | 2017 | 2016 | 2017 | |||||||
| AM portfolio from 2016 | 353,412 | 648.0 | 852.0 | 1,197.0 | 38.0 | 71.0 | 5.60% | 5.56% | 4.1% | 4.4% | 8.5% |
| Office | 331,270 | 33.0 | 763.0 | 1,107.0 | 34.0 | 65.0 | 6.60% | 6.01% | 5.0% | 5.5% | 10.5% |
| Retail | 22,142 | 615.0 | 89.0 | 90.0 | 4.0 | 5.0 | 6.33% | 6.00% | -3.2% | 11.0% | 7.8% |
| Additions to portfolio in 2017 | 37,977 | 0.0 | 38.0 | 90.0 | 0.0 | 7.0 | 6.33% | 6.50% | 70.6% | 0.1% | 70.7% |
| Property exits in 2017 | 43,473 | 30.3 | 32.0 | 33.5 | 2.8 | 2.1 | 7.50% | 8.53% | 4.7% | 8.7% | 13.3% |
| AM portfolio for 2017 | 391,389 | 678.6 | 889.2 | 1,286.4 | 40.6 | 77.8 | 5.70% | 5.70% | 4.1% | 6.0% | 10.1% |
Note: Figures based on external expert valuations and management report. The external valuations do not reflect IFRS adjustments that are taken into account in IFRS financial statements.
| Country | No. of projects | Developed GLA (m²) | Market value (€m) |
|---|---|---|---|
| Owned income-producing assets | 13 | 326,135 | 1,094.4 |
| United Kingdom | 2 | 27,843 | 281.8 |
| Office | 2 | 27,843 | 281.8 |
| Poland | 5 | 154,469 | 455.8 |
| Office | 5 | 154,469 | 455.8 |
| Czechia | 1 | 34,069 | 89.0 |
| Office | 1 | 34,069 | 89.0 |
| Slovakia | 5 | 109,754 | 267.9 |
| Office | 5 | 109,754 | 267.9 |
| Assets managed by HB Reavis IM | 3 | 64,489 | 192.0 |
| Total | 16 | 390,624 | 1,286.4 |
Note: Figures based on external experts’ valuations and management report, and includes CE REIF and managed assets
The investment management arm of HB Reavis Group enters its 7th year of successful operation. The business, operated by Luxembourg based subsidiary HB Reavis Investment Management S.a r.l., currently manages assets worth more than €345m and equity of almost €138m from around 200 high net worths and institutional investors in two sub-funds.
read moreWorkspace-as-a-Service and increasing deployment of analytical data are leading the changes in real estate trends. Collaboration, flexibility in terms of space – as well as duration and technological advancement – are tenants’ key requirements for the way they use space.
read moreOur financial policy, refined in course of 2017 26.8% by measures outlined below in italic, formalises the key financial measures:
read more01
Target Gross Debt to Total Assets at 40% (maximum 45%) and Net Debt to Total Assets at 35% (maximum 40%) with an appropriate mix of non-recourse project debt and Group-level debt
02
Initial maturity of project loan financing and issued bonds to commensurate with length of our product development cycle
03
Cash reserve target at least 5% of total Group debt, with a special reserve build-up profile to cover future debt-bullet repayments well in advance
04
Dividend pay-out in line with historical levels up to 3% of NAV
05
Careful risk management aimed primarily at mitigating foreign exchange fluctuations for all known and estimated non-Euro exposure 12-months forward, and interest-rate risks covering 50 – 100% of total medium to longterm debt exposure, both associated with macroeconomic or property cycles
In terms of overall performance, in 2017 we delivered slightly better financial results than in 2016.
While the overall financial result was not in line with our expectations the fundamentals are strong, as are our business results.
Obviously, the main driver was a revaluation gain of €95.2m over the year, down from €174.5m in 2016. At €38.7m, Net operating income, in line with our expectations, was down modestly (2016: €46.1m) as the result of a huge disposal of matured assets we realised in 2016.
| €m | 2013 | 2014 | 2015 | 2016 | 2017 |
|---|---|---|---|---|---|
| Assets | 1,530.1 | 1,806.1 | 2,089.3 | 2,112.3 | 2,294.8 |
| Cash | 49.9 | 155.3 | 115.4 | 316.4 | 279.1 |
| Borrowings* | 505.3 | 634.4 | 736.3 | 683.0 | 893.0 |
| Net debt leverage ratio | 29.8% | 26.5% | 29.7% | 17.4% | 26.8% |
We delivered an operating profilt of €235.3 million (2015: €302.5), which represents decline of 19% year-on-year.
Note: Figures based on consolidated, IFRS audited report; numbers are rounded.
In 2017, there was no significant change in the behaviour and appetite of financial institutions that finance real-estate projects.
The financing market offered reasonable conditions on loan-to-cost ratio and pricing, and the ability to deploy debt funding at earlier stages of the development phase were favourable. These conditions were the same across all our markets except for London, where Brexit prompted financial institutions to reconsider financing speculative office development.
| Cash flows (€m) | 2013 | 2014 | 2015 | 2016 | 2017 |
|---|---|---|---|---|---|
| Cash beginning of period (BOP) | 48.6 | 49.9 | 155.3 | 115.4 | 316.4 |
| Operating cash flow | 9.0 | 20.6 | 24.3 | 30.6 | -67.4 |
| Land/property acquisitions | -79.2 | -56.7 | -40.0 | -76.0 | -300.4 |
| Construction investments | -112.6 | -122.6 | -215.5 | -244.9 | -201.5 |
| Land/property exits* | 76.1 | 88.0 | 13.5 | 162.6 | 23.4 |
| Other investments | -8.2 | -10.8 | -8.1 | -1.4 | -2.8 |
| Investment cash flow | -123.9 | -102.1 | -250.1 | -159.7 | -481.3 |
| Borrowings change | 125.1 | 200.7 | 244.9 | 379.1 | 541.2 |
| Dividends/equity contributions | -8.9 | -13.8 | -59.0 | -49.0 | -29.8 |
| Financing cash flow | 116.2 | 186.9 | 185.9 | 330.1 | 511.4 |
| Cash end of period (EOP) | 49.9 | 155.3 | 115.4 | 316.4 | 279.1 |
| Share of cash on total assets | 3.3% | 8.6% | 5.5% | 15.0% | 12.2% |
Note: Figures based on consolidated, IFRS audited report
*Land/property exits presented net of related investment loans repaid in relation to exit
The reporting year was another of strong financing activity for HB Reavis, both in project financing and debt capital markets. After 2016, when a significant part of the existing loan portfolio was refinanced, the Group financing effort focused mostly on new development loans and capital market transactions.
read moreExcluding debt related to JV’s and related parties.
Real estate assets continue to attract investors seeking secured, long-term income. The markets continue to see yield compression reaching record levels, as the wealth of capital raised and available for real estate investments stalls due to a lack of good quality assets.
read moreThe Group is exposed to the risks that are part of the general commercial environment, as well as various business-specific risks. An inherent part of the Group’s business management is the emphasis on their identification and monitoring.
Where possible, we deploy proactive mitigation tools to manage any risks that could have a material impact on our business. As a SWOT analysis of our business shows, the majority of weaknesses and threats are the focus of our comprehensive risk management.
read moreCorporate Social Responsibility (CSR) has been part of our business from the very beginning. We were the first to bring BREEAM to Central European commercial real estate and are pioneering the notion of buildings as areas of ‘well-being’ for users. In our own organization, we have created a corporate culture in which sustainability and responsibility have become an integral part of everything we do.
From brownfield
to living spaces
Going green,
adopt BREEAM
Well-being
in our buildings
Pioneering
new program
Community
action
And we continue to do so. In recent years, we’ve changed the face of the brownfield site in Prague’s Karlin district through our awardwinning River Garden Offices I and II-III; in Warsaw, we did the same with our Konstruktorska Business Centre; and with Gdanski Business Centre we created a basis for a new business district that has been welcomed by both the professional community and by clients.
read moreBusiness wise, CSR has evolved into a natural part of our vision and strategy. We want to bring remarkable experiences to people’s lives through our realestate solutions. That’s why we always aim to create something unique and innovative. Something our clients and the communities we serve do not expect from a real-estate developer.
Our clients want future-proofed properties that are environmentally efficient, helping them to meet not just their own sustainability targets but also create spaces in which their employees feel great.
read moreWe see wellbeing as an essential building block for a healthy work life and believe that by providing a high quality-built environment, we help our clients increase their business success through a healthier, happier and more engaged workforce.
read moreOnce completed, the projects will undertake rigorous testing and a final evaluation by Green Business Certification Inc., the third-part certification body for WELL. And we hope all these projects will soon be awarded WELL Certification by the IWBI. In the meantime, we’re proud to say that Varso Tower, Varso 2 and Burakovska have already succeeded in WELL pre-certification for Core & Shell.
read moreIn 2017, the Foundation continued to facilitate activities related to quality of life in local communities where our people live.
During the reporting year, we supported almost 30 employees’ projects, and donated more than €32,000. We also started the expansion of the HB Reavis Foundation’s activities outside Slovakia. In Poland, we supported a series of ice hockey tournaments for around 240 children who really enjoyed the events. In the coming months we plan to initiate activities in all our countries.
read moreFind out how we performed in previous years. Have a look at our financial highlights or download whole annual reports in PDF
