Consolidated Interim Report for the first six months ... - Herlitz PBS AG

Herlitz Aktiengesellschaft, Berlin
Consolidated Interim Report
for the first six months to 30 June 2012
in accordance with section 37w, WpHG [German
Securities Trading Act]
Page 1 of 19

Table of Contents
Unaudited condensed consolidated interim financial statements
in accordance with IFRS
Consolidated balance sheet 3
Consolidated income statement 4
Consolidated statement of comprehensive income 5
Consolidated statement of changes in equity 6
Consolidated cash flow statement 7
Notes to the condensed consolidated interim financial statements
A. General information 8
B. Bases and accounting policies for the consolidated interim financial
statements
1. Basis of preparation for the financial statements 8
2. Significant accounting and valuation principles 9
3. Consolidated entities 9
C. Discontinued operations 9
D. Notes on the balance sheet and income statement of the
continued operations 11
E. Seasonal effects on business operations 11
F. Segment revenues and results 11
G. Other explanations
1. Other financial obligations 12
2. Bank loans and transfers by way of security 12
3. Workforce 12
4. Information on relationships with associated companies
and persons 12
5. Other significant events after reporting date 13
Interim group management report 14
Affirmation of the legal representatives 18
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Herlitz Aktiengesellschaft, Berlin
Consolidated balance sheet as of 30 June 2012 (IFRS)
Assets 30 June 2012 31 December 2011
EUR
EUR
Long-term assets
Intangible assets and tangible assets 8,578,570.57 17,229,975.04
Other financial assets and deferred tax assets 646,827.18 672,956.56
9,225,397.75 17,902,931.60
Short-term assets
Inventories 24,257,371.93 29,714,373.57
Trade accounts receivable
and other short-term assets 41,570,195.33 27,842,827.88
Cash and cash equivalents 597,522.02 3,544,568.08
66,425,089.28 61,101,769.53
Total 75,650,487.03 79,004,701.13
Liabilities 30 June 2012 31 December 2011
EUR
EUR
Equity
Equity due to shareholders of the parent company 19,895,904.67 22,701,441.61
Minority interests 433,268.67 634,083.31
20,329,173.34 23,335,524.92
Long-term debt
Long-term bank loans 0.00 364,941.18
Long-term liabilities for financial leasing 2,866.96 59,792.78
Long-term provisions 55,769.08 54,855.30
58,636.04 479,589.26
Short-term debt
Trade accounts payable 16,672,382.95 17,257,790.71
Overdraft facilities, short-term bank loans 1,222,056.44 0.00
Derivative financial instruments 1,033,648.26 797,077.74
Short-term shareholder loans 21,152,500.00 20,697,500.00
Short-term liabilities for financial leasing 64,973.24 24,649.20
Short-term provisions 446,787.30 397,871.41
Other short-term liabilities 13,371,010.99 13,605,238.12
Short-term tax liabilities 1,299,318.47 2,409,459.77
55,262,677.65 55,189,586.95
Total 75,650,487.03 79,004,701.13
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Herlitz Aktiengesellschaft, Berlin
Consolidated income statement (IFRS)
for the period 1 January to 30 June 2012
06.2012 06.2011
1 Jan. - 30 June 2012 1 Jan. - 30 June 2011
EUR
EUR
Sales revenues 78,793,767.73 81,638,241.81
Change in inventories 936,723.95 2,723,468.57
Other operating income 3,816,933.34 4,020,362.72
Cost of materials -43,354,049.67 -45,044,827.11
Personnel expenses -25,859,232.57 -24,636,284.06
Depreciation -873,907.57 -958,732.11
Other operating expenses -22,577,620.56 -23,141,908.30
Earnings from continued operations before interest and taxes -9,117,385.35 -5,399,678.48
Financial result -502,431.93 -795,372.93
Loss from continued operations before taxes -9,619,817.28 -6,195,051.42
Taxes on income -42,630.49 -254,965.08
Loss from continued operations -9,662,447.77 -6,450,016.50
Earnings from discontinued operations 6,737,255.00 316,633.52
Consolidated net loss for the period -2,925,192.77 -6,133,382.98
Of which attributable to shareholders of the parent company -2,745,693.38 -6,001,677.16
Of which attributable to minority interests -179,499.39 -131,705.82
Number of weighted no-par shares [in thousand] 10,908.00 10,908.00
Potential number of diluted no-par shares [in thousand] - -
Weighted average of all no-par shares [in thousand] 10,908.00 10,908.00
Undiluted earnings per no-par share [EUR per share] -0.25 -0.55
Diluted earnings per no-par share [EUR per share] -0.25 -0.55
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Herlitz Aktiengesellschaft, Berlin
Consolidated statement of comprehensive income (IFRS)
for the period from 1 January to 30 June 2012
06.2012 06.2011
1 Jan. - 30 June 2012 1 Jan. - 30 June 2011
EUR
EUR
Consolidated net loss for the period -2,925,192.77 -6,133,382.98
Currency conversion of foreign continued operations -381,495.88 0.00
Currency conversion of foreign discontinued operations 300,337.07 -33,464.41
Comprehensive income after taxes -3,006,351.58 -6,166,847.39
of which attributable to shareholders of the parent company -2,805,536.94 -6,048,597.46
of which attributable to minority interests -200,814.64 -118,249.93
Dividends paid, de-consolidation, initial consolidation
Equity at the start of the period 23,335,524.92 34,010,986.54
Equity at the end of the period 20,329,173.34 27,844,139.15
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Herlitz Aktiengesellschaft, Berlin
Statement of changes in equity as of 30 June 2012 (IFRS)
in EUR
Subscribed
capital
Parent company
Capital reserve
Retained
earnings
Other
consolidated
income
Equity
Minority
interests
Equity
Group equity
As of 31 Dec. 2011 46,466,951.10 27,493,597.46 -53,341,515.61 2,082,408.66 22,701,441.61 634,083.31 23,335,524.92
Comprehensive income -2,745,693.38 -59,843.56 -2,805,536.94 -200,814.64 -3,006,351.58
As of 30 June 2012 46,466,951.10 27,493,597.46 -56,087,208.99 2,022,565.10 19,895,904.67 433,268.67 20,329,173.34
in EUR
Subscribed
capital
Parent company
Capital reserve
Retained
earnings
Other
consolidated
income
Equity
Minority
interests
Equity
Group equity
As of 31 Dec. 2010 46,466,951.10 27,493,597.46 -43,495,475.39 2,934,862.55 33,399,935.72 611,050.81 34,010,986.53
Comprehensive income -6,001,677.16 -46,920.29 -6,048,597.45 -118,249.93 -6,166,847.38
As of 30 June 2011 46,466,951.10 27,493,597.46 -49,497,152.55 2,887,942.26 27,351,338.27 492,800.88 27,844,139.15
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Herlitz Aktiengesellschaft, Berlin
Cash flow statement as of 30 June 2012 (IFRS)
1 Jan. - 30 June 2012 1 Jan. - 30 June 2011
EUR k
EUR k
Cash flow from operating activities
Consolidated income before taxes -2,862 -5,712
Adjustment for non-cash items
and non-operating transactions -5,351 2,537
Changes to working capital -16,713 -7,878
Other transactions -212 -591
-25,138 -11,644
Of which from discontinued operations -1,026 -1,774
Cash flow from investing activities
Amounts paid out for investments -479 -1,677
Amounts received from disinvestments 23 537
Amounts received from the disposal of consolidated entities 21,290 537
20,834 -603
Of which from discontinued operations 21,147 -608
Cash flow from financing activities
Amounts received from taking out loans 1,272 8,978
Other transactions 10 0
1,282 8,978
Of which from discontinued operations 56 430
Liquid funds at the end of the period
Change in liquidity -3,022 -3,806
Changes due to exchange rates, company group and valuation 75 0
Liquid funds at the start of the period 3,545 4,777
598 971
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Herlitz Aktiengesellschaft, Berlin
Condensed notes to the condensed interim financial statements
for the first six months to 30 June 2012
A. General information
The condensed consolidated interim financial statements for the period 1 January
to 30 June 2012 have been released for publication on 29 August 2012 by
resolution of the Management Board.
Thomas Hübner left his position as CEO of the Group effective 31 May 2012. The
two remaining Management Board members Cheong Seng Ng and Thomas Radke
assumed his previous areas of responsibility.
B. Bases and accounting policies for the consolidated interim financial
statements
1. Basis of preparation for the financial statements
The condensed interim financial statements for the first six months to 30 June
2012 of Herlitz AG comply with the provisions of the German Securities Trading
Act [Wertpapierhandelsgesetz – WpHG] and pursuant to section 37w WpHG
comprise condensed interim financial statements, a group interim management
report as well as an affirmation of the legal representatives.
The condensed consolidated interim financial statements as of 30 June 2012
have been prepared in accordance with the International Financial Reporting
Standards (IFRS) and their interpretations by the International Financial
Reporting Interpretations Committee (IFRIC) as they are to be applied in the
European Union (EU).
The condensed consolidated interim financial statements for the period 1 January
to 30 June 2012 have been presented in accordance with IAS 34 “Interim
Financial Reporting”.
The condensed notes as of 30 June 2012 only portrait and explain major events
and facts that have changed after the notes as of 31 December 2011 were
published.
The currency in which the condensed consolidated interim financial statements
are prepared is the euro. The income statement has been prepared according to
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the total cost method.
2. Significant accounting and valuation principles
The accounting and valuation principles applied for preparing the condensed
consolidated interim financial statements correspond to those used in the
previous year. The explanations in the notes to the consolidated annual financial
statements as of 31 December 2011 should be read in this context.
In financial year 2012, IFRS 5 is applied to the discontinued operations resulting
from the sale of the production sites Falken Office Products GmbH, DELMET
PROD srl and Herlitz UK Ltd as well as the customer contracts of the “no name”
and “private label” business in the lever arch file portfolio (hereinafter referred to
as “discontinued operations”).
3. Consolidated entities
The financial statements of the parent company and the entities controlled by it
(subsidiaries) are included in the consolidated interim financial statements as of
30 June 2012.
The investments in Falken Office Products GmbH, Germany, Herlitz UK Ltd.,
Great Britain, as well as DELMET PROD srl, Romania, were sold effective 31
March 2012. The companies were de-consolidated as of 31 March 2012 and are
reported as a major part of the discontinued operations pursuant to IFRS 5.
The local subsidiary Herlitz Benelux B.V. has been in liquidation since 1 March
2012. The going concern principle no longer applied once the company
discontinued its business operations. It was therefore de-consolidated on 31
March 2012. No obligations or risks not stated in the balance sheet arose from
the liquidation of this company. The liquidation is not expected to generate any
significant income in the future.
Apart from Herlitz AG (parent company), 8 domestic and 6 foreign companies are
included in the Herlitz Group as of 30 June 2012.
C. Discontinued operations
The entire sales transaction took place at the end of March 2012. The purchase
price came to EUR 22.2 million and was paid straight away. The purchase
agreement stipulates, among other things, that the existing agreements between
the Herlitz Group and third-party customers in the “no name” and “private label”
business in the lever arch file portfolio will not be extended. As a result, the
majority of them is unlikely to generate further sales revenues for the Herlitz
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Group as from the end of 2012. For this reason, no assets and liabilities were
reported as held-for-sale as of 30 June 2012. The income from continued
operations will increase on the back of still continued sales revenues in financial
year 2012.
The discontinued operations are allocated to the “product business segment.
The income statement for the discontinued operations is as follows:
1 Jan. -
30 June 2012
EUR k
1 Jan. -
30 June 2011
EUR k
Sales revenues 22,092 24,795
Other operating income 7,258 0
Expenses -22,492 -24,169
Net profit of the discontinued operations
before income taxes 6,858 626
Financial result -101 -143
Income taxes from ordinary
operations -20 -167
Net profit of the discontinued operations 6,737 317
The drop in sales revenues resulted from declining demand as well as the
discontinuation of business with third-party customers of the foreign companies
sold in financial year 2012.
Expenses fell slower than sales revenues as goods have been bought instead of
produced by the Group since April 2012, which has decreased the margin. In
addition, non-recurring expenses were incurred for consultancy services and
personnel transfers.
Other operating income includes the de-consolidation income from the disposal
of the three companies of EUR 7.1 million.
Expenses from discontinued operations do not comprise any allocations for
expenses incurred in connection with the Management Board.
In the condensed cash flow statement, the purchase price is reported in additions
from the sale of the consolidated companies under cash flow from investing
activities.
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D. Notes on the balance sheet and income statement of the continued
operations
The major change in the balance sheet of the continued operations compared to
31 December 2011 is the rise in other current assets, resulting from the
purchase price received for the sales transaction being used for increasing
available funds from factoring. In the income statement, personnel expenses
increased due to non-recurring expenses for personnel adjustment measures
rising from EUR 0.8 million in the previous year’s period to EUR 2.6 million.
E. Seasonal effects on business operations
Due to the seasonal nature of the stationery and papetery business, the essential
profit contributions are always generated in the second half of the year during
back-to-school business and Christmas trade.
F. Segment revenues and results
Like in the consolidated annual financial statements as of 31 December 2011,
segment revenues and results are presented after consolidation:
Segment revenues
EUR k
Segment results
EUR k
1 Jan. - 30 June 2012
Product business 78,975 -212
Service 21,911 -1,700
Segments total 100,886 -1,912
Other - -
Financial result - -949
Taxes - -64
Herlitz Group 100,886 -2,925
1 Jan. - 30 June 2011
Product business 84,735 -4,152
Service 21,699 -621
Segments total 106,434 -4,773
Other - -
Financial result - -938
Taxes - -422
Herlitz Group 106,434 -6,133
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G. Other explanations
1. Other financial obligations
Herlitz Group’s rental obligations to MOLKARI Vermietungsgesellschaft mbH &
Co. Objekt Falkensee KG and Dock 100 GmbH & Co. KG increased to EUR 10,108
k compared to 31 December 2011 on account of the rent contract for Falkensee
being extended.
2. Bank loans and transfers by way of security
Unchanged to the reporting date 31 December 2011, the financing agreement
with Commerzbank AG continues to exist. During the sales transaction, this
agreement was amended to the effect that the inventories of Falken Office
Products GmbH are no longer transferred by way of security. The bank loan was
reduced by EUR 6.0 million.
3. Workforce
The average number of employees (excluding trainees) decreased by 223 yearon-year,
from 1,663 to 1,440, mainly due to the sale of the subsidiaries.
4. Information on relationships with associated companies and
persons
Significant amounts from Herlitz Group’s legal transactions with the controlling
entity as well as its associated companies in the period from 1 January to 30
June 2012 are stated below. For explanations on the individual circumstances see
the consolidated annual financial statements as of 31 December 2011.
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Loans granted
1 Jan. - 1 Jan. -
30 June 2012 30 June 2011
EUR k
EUR k
PICB shareholder loan
Interest expenses in the reporting period 455 453
Loan volume at the end of the reporting period 21,153 20,238
Delivery of goods and services
1 Jan. - 1 Jan. -
30 June 2012 30 June 2011
EUR k
EUR k
Logistics income 3.249 3.252
Production income 1.379 1.194
Other income 553 915
5.181 5.361
Other services
1 Jan. - 1 Jan. -
30 June 2012 30 June 2011
EUR k
EUR k
Income 530 336
Expenses -3,708 -3,493
-3,178 -3,157
In addition, Pelikan International Corporation Berhad issued a collateral security
to the benefit of a subsidiary of Herlitz PBS AG in the amount of EUR 5 million via
a Malaysian business bank.
5. Other significant events after the reporting date
No reportable events occurred after the reporting date.
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Herlitz Aktiengesellschaft, Berlin
Interim group management report
for the first six months to 30 June 2012
1. Introduction
The sale of the production sites Falken Office Products GmbH, DELMET PROD srl
and Herlitz UK Ltd to the Biella Group in the first quarter of 2012 had a positive
effect on the economic situation of the Herlitz Group as of 30 June 2012. The
purchase agreements for the production sites also stipulate that the customer
contracts for the “no name” and “private label” business in the lever arch file
portfolio will be transferred to the Biella Group once the corresponding supply
agreements with Herlitz have expired. The total purchase price came to EUR 22.2
million and generated de-consolidation income of EUR 7.1 million. The
transaction is classified as a discontinued operation pursuant to IFRS 5. Income
from discontinued operations in the first six months of 2012 amounted to EUR
6.7 million after taxes and includes de-consolidation income of EUR 7.1 million.
As some customer supply contracts only expire in December 2012, sales
revenues and income from discontinued operations will still change until the end
of the year. In 2012, approximately EUR 15 million to EUR 20 million, and as
from 2013 an additional estimated EUR 35 million to EUR 40 million, in sales
revenues will still be transferred to the purchaser of the production companies.
Due to this sales transaction, comparability with the previous year’s figures is
only possible to a limited extent. The figures were separated correspondingly into
continued and discontinued operations in the balance sheet, income statement
and cash flow statement.
2. Economic environment
After strong growth at the beginning of financial year 2012, economic
momentum in Germany is currently being slowed down, particularly by
uncertainty in the wake of the debt crisis. Both wholesalers and retailers now
take a slightly more sceptical view of future than a few months ago. Overall,
however, the German economy remains stable. Especially on the consumer side,
a positive development can be felt with regard to willingness to invest as well as
income forecasts. Manufacturers of high-quality brand stationery products with
clear positions primarily continue to profit. It is still likely for raw material prices
to rise in the medium term, particularly those for paper, plastic, metal and wood.
Stagnating demand in the international commercial office supplies business
means that the situation remains difficult in this sales segment. In most other
European countries, the debt crisis is presently preventing an economic recovery.
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3. Business development
Sales revenues within Herlitz Group in the period January to June 2012 were
lower than the comparative values of the previous year. The non-recurring other
operating income from the sales transaction considerably increased this figure
year-on-year. Personnel expenses were once again negatively impacted by nonrecurring
expenses for structural adjustments in the first half of 2012. The
continued operations’ earnings before interest and taxes (EBIT) were negative
due to seasonal factors and declined year-on-year. The discontinued operations’
EBIT contains de-consolidation income and was positive.
4. Assets, financial and profit position
In terms of the asset position, inventories rose compared to 31 December 2011
due to the usual seasonal advance production for the back-to-school business
but dropped in total as a result of the sales of the three production companies,
which had capitalised EUR 9.2 million in inventories on 31 December 2011.
With respect to the financial position, the funds from the sales transaction were
used for financing the operating business. As a result the amount of factoring
finance used was reduced correspondingly. Like every year in June, financing
requirements increased on account of the seasonal back-to-school business and
compared to 31 December 2011, the use of bank loans was roughly the same
and compared to 30 June 2011, it dropped by approximately EUR 8 million.
The profit position deteriorated compared to the first six months of the previous
year. Sales revenues decreased by approximately 5%. The main reason was the
still difficult market and competitive situation in the commercial office supplies
and discount sectors, the customer contracts to be transferred to the Biella
Group as well as the sold foreign companies, which meant that mainly lowmargin
“private label” sales revenues stopped being generated. The percentage
of German sales revenues in the Herlitz brand increased. Compared to the first
half of 2011, the margin declined due to the partially changed structure of the
value added chain as Herlitz no longer produces its own files and folders after the
sales transaction but purchases them as goods. Personnel expenses, in
particular, dropped correspondingly. In addition, personnel expenses in
continued operations decreased on the back of lower employee numbers, for
instance. Non-recurring expenses for additional personnel adjustment measures
of EUR 2.6 million initially had a negative impact on income but will create
savings in the long term. Savings were also generated for items recognised in
other operating expenses in addition to the effect from the lower number of
companies. Without the de-consolidation income, other operating income was on
par with the previous year. Taking into consideration the interest result and tax
expenses, the Herlitz Group result in the first half of 2012 was considerably
higher than in the same period in the previous year. A loss of EUR 9.6 million
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pertained to continued operations and income of EUR 6.7 million, including deconsolidation
income of EUR 7.1 million, to discontinued operations.
In the stationery industry, profit contributions are usually achieved in the second
half of the financial year during back-to-school and Christmas business.
5. Risk and opportunity report
The European debt crisis escalated further compared to the situation at the
beginning of the year and a positive trend change is currently not in sight. On
the contrary – the crisis now threatens to expand even to the up to now
relatively stable German economy. This is proving a serious risk to Herlitz
Group’s operations that cannot be reliably calculated at present. Although the
general trend with regard to purchase price development risk is facing upward,
the effects of the debt crisis are currently stopping suppliers from implementing
increases.
The Herlitz Group sees opportunities in the fact that the sales transaction has
been another important step toward becoming a brand company. Firstly, this
measure reduced production capacity and sales volume, especially in the low
price segment, which is susceptible to margin fluctuations. Secondly, some of the
generated funds can be invested in marketing and sales activities for expanding
the brand business.
Apart from that, the explanations regarding the risks and opportunities of Herlitz
Group’s anticipated development given in the group management report as of 31
December 2011 still apply to the remaining months of 2012 with regard to the
essential issues.
6. Forecast report
The operating business forecast for full year 2012 currently expects sales
revenues to decline by around 15% year-on-year in both continued and
discontinued operations. This drop is steeper than the approximate 5% expected
in the group management report for financial year 2011 and mainly relates to
discontinued operations where it resulted from the transfers of “private label”
customers to Biella Group. The changed sales revenues forecast will not have
any impact on expected results as these orders had below-average margins. This
forecast is also based on the fact that the seasonally very important back-toschool
and Christmas business in the second half of the year will generate the
anticipated returns and not be negatively affected by the debt crisis. No major
special effects from price hikes on the purchasing side are currently being
forecast for the second half of the year.
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An important milestone has been reached with the sales transaction in view of
the announced review of service and production capacities. The group structures
are also being adjusted at present, which will result in anticipated nonrecurring
expenses but also in the first sustained savings in the current financial year. On
the marketing and sales side, performance strengthening measures and the
review of the business model are in full swing. Plans still are to intensify the
cooperation with Pelikan and to define in more detail existing specific ideas to the
extent that they are legally permissible and economically useful.
The current forecast result for financial year 2012 falls within the figures forecast
in the group management report as of 31 December 2011.
With regard to the other key statements made in the group management report
for the financial year 2011, there is no new knowledge for the current financial
year that would considerably change the forecast.
7. Events of special importance after the balance sheet date
There have been no events of special importance after the balance sheet date 30
June 2012.
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Herlitz Aktiengesellschaft, Berlin
Affirmation of the legal representatives
for the first six months to 30 June 2012
To the best of our knowledge and in accordance with the applicable interim
reporting principles, the consolidated interim financial statements give a true and
fair view of the assets, liabilities and financial position of the group, and the
interim group management report includes a fair reflection of the development
and performance of the business and the position of the group, together with a
description of the principal opportunities and risks associated with the expected
development of the group in the remaining period of the financial year.
Berlin, 3 August 2012
Thomas Radke
Cheong Seng Ng
Herlitz Aktiengesellschaft
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Review Report
To the Herlitz Aktiengesellschaft,
We have reviewed the condensed interim consolidated financial statements of the Herlitz
Aktiengesellschaft, comprising the condensed balance sheet, the condensed income statement,
condensed cash flow statement, condensed statement of changes in equity and selected
explanatory notes, together with the interim group management report of the Herlitz
Aktiengesellschaft for the period from 1 January 2012 to 30 June 2012, that are part of the semi
annual financial report pursuant to Article 37w WpHG [Wertpapierhandelsgesetz: German Securities
Trading Act]. The preparation of the condensed interim consolidated financial statements in
accordance with those IFRS applicable to interim financial reporting as adopted by the EU, and of
the interim group management report in accordance with the requirements of the WpHG applicable
to interim group management reports, is the responsibility of the company’s management. Our
responsibility is to issue a report on the condensed interim consolidated financial statements and on
the interim group management report based on our review.
We conducted our review of the condensed interim consolidated financial statements and of the
interim group management report in accordance with the German generally accepted standards for
the review of financial statements promulgated by the Institut der Wirtschaftsprüfer [Institute of
Public Auditors in Germany] (IDW). Those standards require that we plan and perform the review
such that we can preclude through critical evaluation, with a certain level of assurance, that the
condensed interim consolidated financial statements have not been prepared, in material respects,
in accordance with those IFRS applicable to interim financial reporting as adopted by the EU, and
that the interim group management report has not been prepared, in material respects, in
accordance with the requirements of the WpHG applicable to interim group management reports. A
review is limited primarily to inquiries of company employees and analytical assessments and
therefore does not provide the assurance attainable in a financial statement audit. Since, in
accordance with our engagement, we have not performed a financial statement audit, we cannot
issue an auditor's report.
Based on our review no matters have come to our attention that cause us to presume that the
condensed interim consolidated financial statements have not been prepared, in material respects,
in accordance with those IFRS applicable to interim financial reporting as adopted by the EU, or
that the interim group management report has not been prepared, in material respects, in
accordance with the requirements of the WpHG applicable to interim group management reports.
Berlin, 3 August 2012
BDO AG
Wirtschaftsprüfungsgesellschaft
Schulz
Wirtschaftsprüfer
ppa. Weisner
Wirtschaftsprüferin
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