AAM Reports Third Quarter 2013 Financial Results
(Thomson Reuters ONE) -
Detroit, Michigan, November 1, 2013-- American Axle & Manufacturing Holdings,
Inc. (AAM), which is traded as AXL on the NYSE, today reported its financial
results for the third quarter 2013.
Third Quarter 2013 Results
* Third quarter 2013 sales of $820.8 million, up 16.8% on a year-over-year
basis
* Non-GM sales grew 18.1% on a year-over-year basis to $234.7 million
* Gross profit of $125.3 million, or 15.3% of sales
* Operating income of $67.5 million, or 8.2% of sales
* Net income of $31.6 million, or $0.41 per share
* EBITDA (earnings before interest, taxes, depreciation and amortization) of
$113.4 million or approximately 13.8% of sales
AAM's net income in the third quarter of 2013 was $31.6 million, or $0.41 per
share. This compares to a net loss of $8.1 million, or $0.11 per share in the
third quarter of 2012.
In the third quarter of 2013, AAM's results reflect the impact of a net charge
of $5.3 million related to the acceleration of expense for stock-based
compensation and other benefits earned and vested due to the passing of our Co-
Founder and Executive Chairman of the Board of Directors. AAM's third quarter
of 2013 results also include a charge of approximately $0.5 million for the
proposed settlement of a National Labor Relations Board proceeding related to
the closure of our Detroit Manufacturing Complex and Cheektowaga Manufacturing
Facility in 2012.
In the third quarter of 2012, AAM's results reflected the impact of $10.1
million (or $0.14 per share) of debt refinancing and redemption cost and $3.2
million (or $0.04 per share) of restructuring costs related to the closure of
our Detroit Manufacturing Complex and Cheektowaga Manufacturing Facility.
"AAM's financial results in the third quarter of 2013 were highlighted by solid
sales growth, improved profit margin performance and positive free cash flow,"
said David C. Dauch, AAM's Chairman, President & Chief Executive Officer. "For
the remainder of 2013, we are focused on successfully launching AAM's industry-
first EcoTrac(TM) Disconnecting All Wheel Drive system, as well as continuing to
deliver positive financial results by executing our aligned business strategy,
which is built upon the foundational principles of quality, operational
excellence and technology leadership."
Net sales in the third quarter of 2013 increased approximately 16.8% on a year-
over-year basis to $820.8 million as compared to $702.9 million in the third
quarter of 2012. Non-GM sales were up 18.1% in the quarter to $234.7 million as
compared to $198.8 million in the third quarter of 2012.
AAM's net sales in the first nine months of 2013 increased over 8.0% to $2.38
billion as compared to $2.19 billion in the first nine months of 2012. Non-GM
sales in the first nine months of 2013 increased approximately 9.9% on a year-
over-year basis to $646.6 million as compared to $588.5 million in the first
nine months of 2012.
AAM's content-per-vehicle is measured by the dollar value of its product sales
supporting our customers' North American light truck and SUV programs. In the
third quarter of 2013, AAM's content-per-vehicle increased to $1,560 as compared
to $1,466 in the third quarter of 2012 and $1,554 in the second quarter of 2013.
AAM's gross profit in the third quarter of 2013 increased 38.1% on a year-over-
year basis to $125.3 million as compared to $90.7 million in the third quarter
of 2012. Gross margin was 15.3% in the third quarter of 2013 as compared to
12.9% in the third quarter of 2012.
AAM's gross profit for the first nine months of 2013 increased 11.4% on a year-
over-year basis to $351.8 million as compared to $315.7 million in the first
nine months of 2012. Gross margin was 14.8% in the first nine months of 2013 as
compared to 14.4% in the first nine months of 2012.
AAM's SG&A expense in the third quarter of 2013 was $57.8 million, or 7.0% of
sales, as compared to $60.6 million, or 8.6% of sales, in the third quarter of
2012. AAM's R&D expense in the third quarter of 2013 was $23.6 million as
compared to $31.4 million in the third quarter of 2012.
In the first nine months of 2013, AAM's SG&A expense was $177.9 million,
approximately the same as the first nine months of 2012. AAM's R&D expense
decreased $10.9 million in the first nine months of 2013 on a year-over-year
basis to $79.4 million as compared to $90.3 million in the first nine months of
2012.
In the third quarter of 2013, AAM's operating income more than doubled to $67.5
million as compared to $30.1 million in the third quarter of 2012. Operating
margin was 8.2% in the third quarter of 2013 as compared to 4.3% in the third
quarter of 2012.
AAM's operating income in the first nine months of 2013 increased 26.2% to
$173.9 million as compared to $137.8 million in the first nine months of 2012.
Operating margin was 7.3% in the first nine months of 2013 as compared to 6.3%
in the first nine months of 2012.
In the third quarter of 2013, AAM's net income was $31.6 million or $0.41 per
share. This compares to a net loss of $8.1 million or $0.11 per share in the
third quarter of 2012.
AAM defines EBITDA to be earnings before interest, taxes, depreciation and
amortization. In the third quarter of 2013, AAM's EBITDA was $113.4 million or
13.8% of sales. In the first nine months of 2013, AAM's EBITDA was $291.1
million or 12.3% of sales.
AAM defines free cash flow to be net cash provided by (used in) operating
activities less capital expenditures net of proceeds from the sale of property,
plant and equipment and the sale-leaseback of equipment.
Net cash provided by operating activities for the third quarter of 2013 was
$69.1 million. Capital spending, net of proceeds from the sale of property,
plant and equipment and the sale-leaseback of equipment, for the third quarter
of 2013 was $48.3 million. Reflecting the impact of this activity, AAM
generated free cash flow of $20.8 million for the third quarter of 2013.
Net cash provided by operating activities for the first nine months of 2013 was
$102.3 million. Capital spending, net of proceeds from the sale of property,
plant and equipment and the sale-leaseback of equipment, for the first nine
months of 2013 was $148.9 million. Reflecting the impact of this activity,
AAM's free cash flow was a use of $46.6 million in the first nine months of
2013.
A conference call to review AAM's third quarter 2013 results is scheduled today
at 10:00 a.m. ET. Interested participants may listen to the live conference
call by logging onto AAM's investor web site at http://investor.aam.com or
calling (855) 681-2072 from the United States or (973) 200-3383 from outside the
United States. A replay will be available from 2:00 p.m. ET on November
1, 2013 until 5:00 p.m. ET November 8, 2013 by dialing (855) 859-2056 from the
United States or (404) 537-3406 from outside the United States. When prompted,
callers should enter conference reservation number 85771783.
Non-GAAP Financial Information
In addition to the results reported in accordance with accounting principles
generally accepted in the United States of America (GAAP) included within this
press release, AAM has provided certain information, which includes non-GAAP
financial measures. Such information is reconciled to its closest GAAP measure
in accordance with Securities and Exchange Commission rules and is included in
the attached supplemental data.
Management believes that these non-GAAP financial measures are useful to both
management and its stockholders in their analysis of the Company's business and
operating performance. Management also uses this information for operational
planning and decision-making purposes.
Non-GAAP financial measures are not and should not be considered a substitute
for any GAAP measure. Additionally, non-GAAP financial measures as presented by
AAM may not be comparable to similarly titled measures reported by other
companies.
AAM is a world leader in the manufacture, engineering, design and validation of
driveline and drivetrain systems and related components and modules, chassis
systems and metal-formed products for light trucks, sport utility vehicles,
passenger cars, crossover vehicles and commercial vehicles. In addition to
locations in the United States (Michigan, Ohio, Pennsylvania and Indiana), AAM
also has offices or facilities in Brazil, China, Germany, India, Japan,
Luxembourg, Mexico, Poland, Scotland, South Korea, Sweden and Thailand.
In this earnings release, we make statements concerning our expectations,
beliefs, plans, objectives, goals, strategies, and future events or performance.
Such statements are "forward-looking" statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and relate to trends and events
that may affect our future financial position and operating results. The terms
such as "will," "may," "could," "would," "plan," "believe," "expect,"
"anticipate," "intend," "project," and similar words or expressions, as well as
statements in future tense, are intended to identify forward-looking statements.
Forward-looking statements should not be read as a guarantee of future
performance or results, and will not necessarily be accurate indications of the
times at, or by, which such performance or results will be achieved. Forward-
looking statements are based on information available at the time those
statements are made and/or management's good faith belief as of that time with
respect to future events and are subject to risks and may differ materially from
those expressed in or suggested by the forward-looking statements. Important
factors that could cause such differences include, but are not limited to:
global economic conditions, including the impact of the continuing market
weakness in the Euro-zone; reduced purchases of our products by General Motors
Company (GM), Chrysler Group LLC (Chrysler) or other customers; reduced demand
for our customers' products (particularly light trucks and sport utility
vehicles (SUVs) produced by GM and Chrysler); our ability or our customers' and
suppliers' ability to successfully launch new product programs on a timely
basis; our ability to realize the expected revenues from our new and incremental
business backlog; our ability to respond to changes in technology, increased
competition or pricing pressures; supply shortages or price increases in raw
materials, utilities or other operating supplies for us or our customers as a
result of natural disasters or otherwise; liabilities arising from warranty
claims, product recall or field actions, product liability and legal proceedings
to which we are or may become a party; our ability to achieve the level of cost
reductions required to sustain global cost competitiveness; our ability to
attract new customers and programs for new products; price volatility in, or
reduced availability of, fuel; our ability to develop and produce new products
that reflect market demand; lower-than-anticipated market acceptance of new or
existing products; risks inherent in our international operations (including
adverse changes in political stability, taxes and other law changes, potential
disruptions of production and supply, and currency rate fluctuations); our
ability to maintain satisfactory labor relations and avoid work stoppages; our
suppliers', our customers' and their suppliers' ability to maintain satisfactory
labor relations and avoid work stoppages; availability of financing for working
capital, capital expenditures, research and development (R&D) or other general
corporate purposes, including our ability to comply with financial covenants;
our customers' and suppliers' availability of financing for working capital,
capital expenditures, R&D or other general corporate purposes; adverse changes
in laws, government regulations or market conditions affecting our products or
our customers' products (such as the Corporate Average Fuel Economy (CAFE)
regulations); changes in liabilities arising from pension and other
postretirement benefit obligations; our ability to attract and retain key
associates; risks of noncompliance with environmental laws and regulations or
risks of environmental issues that could result in unforeseen costs at our
facilities; our ability or our customers' and suppliers' ability to comply with
the Dodd-Frank Act and other regulatory requirements and the potential costs of
such compliance; our ability to consummate and integrate acquisitions and joint
ventures; and other unanticipated events and conditions that may hinder our
ability to compete. It is not possible to foresee or identify all such factors
and we make no commitment to update any forward-looking statement or to disclose
any facts, events or circumstances after the date hereof that may affect the
accuracy of any forward-looking statement.
# # #
For more information...
Christopher M. Son
Director, Investor Relations,
Corporate Communications and Marketing
(313) 758-4814
chris.son(at)aam.com
Liz Ventimiglia
Manager, Investor Relations
(313) 758-4635
liz.ventimiglia(at)aam.com
Or visit the AAM website at www.aam.com.
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
-------------------------- --------------------------
2013 2012 2013 2012
----------- -------------- ------------- ------------
(in millions, except per (in millions, except per
share data) share data)
Net sales $ 820.8 $ 702.9 $ 2,376.0 $ 2,194.2
Cost of goods sold 695.5 612.2 2,024.2 1,878.5
----------- -------------- ------------- ------------
Gross profit 125.3 90.7 351.8 315.7
Selling, general and
administrative expenses 57.8 60.6 177.9 177.9
----------- -------------- ------------- ------------
Operating income 67.5 30.1 173.9 137.8
Interest expense (30.0 ) (25.3 ) (87.9 ) (72.7 )
Investment income 0.1 0.2 0.4 0.6
Other income (expense)
Debt refinancing and
redemption costs - (10.1 ) (11.2 ) (10.1 )
Other, net 0.1 (2.2 ) (1.4 ) (4.0 )
----------- -------------- ------------- ------------
Income (loss) before
income taxes 37.7 (7.3 ) 73.8 51.6
Income tax expense 6.1 0.9 9.1 4.8
----------- -------------- ------------- ------------
Net income (loss) 31.6 (8.2 ) 64.7 46.8
Net loss attributable to
noncontrolling interests - 0.1 - 1.0
----------- -------------- ------------- ------------
Net income (loss)
attributable to AAM $ 31.6 $ (8.1 ) $ 64.7 $ 47.8
----------- -------------- ------------- ------------
Diluted earnings (loss)
per share $ 0.41 $ (0.11 ) $ 0.84 $ 0.63
----------- -------------- ------------- ------------
Diluted shares
outstanding 77.0 74.9 76.7 75.2
----------- -------------- ------------- ------------
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
----------------------- ---------------------
2013 2012 2013 2012
---------- ------------ ---------- ----------
(in millions)
Net income (loss) $ 31.6 $ (8.2 ) $ 64.7 $ 46.8
Other comprehensive income
(loss), net of tax
Defined benefit plans, net of tax 15.1 (102.7 ) 15.7 (117.2 )
Foreign currency translation
adjustments 2.5 4.9 (14.3 ) (7.1 )
Change in derivatives (0.6 ) 2.2 (2.2 ) 7.6
---------- ------------ ---------- ----------
Other comprehensive income (loss
) 17.0 (95.6 ) (0.8 ) (116.7 )
---------- ------------ ---------- ----------
Comprehensive income (loss) 48.6 (103.8 ) 63.9 (69.9 )
Net loss attributable to
noncontrolling interests - 0.1 - 1.0
Foreign currency translation
adjustments related to
noncontrolling interests - - - 0.2
---------- ------------ ---------- ----------
Comprehensive income (loss)
attributable to AAM $ 48.6 $ (103.7 ) $ 63.9 $ (69.1 )
---------- ------------ ---------- ----------
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, December 31,
2013 2012
--------------- --------------
(in millions)
ASSETS
Assets
Cash and cash equivalents $ 118.6 $ 62.4
Accounts receivable, net 596.9 463.4
Inventories, net 251.5 224.3
Prepaid expenses and other current assets 124.7 122.0
--------------- --------------
Total current assets 1,091.7 872.1
Property, plant and equipment, net 1,041.8 1,009.7
Deferred income taxes 360.0 366.1
Goodwill 156.5 156.4
GM postretirement cost sharing asset 251.2 259.7
Other assets and deferred charges 217.3 202.0
--------------- --------------
Total assets $ 3,118.5 $ 2,866.0
--------------- --------------
LIABILITIES AND STOCKHOLDERS' DEFICIT
Liabilities and Stockholders' Deficit
Accounts payable $ 485.0 $ 396.1
Accrued compensation and benefits 102.0 84.9
Deferred revenue 14.5 17.2
Accrued expenses and other current liabilities 102.6 102.6
--------------- --------------
Total current liabilities 704.1 600.8
Long-term debt 1,572.6 1,454.1
Deferred revenue 76.7 82.2
Postretirement benefits and other long-term
liabilities 811.9 849.7
--------------- --------------
Total liabilities 3,165.3 2,986.8
Total stockholders' deficit (46.8 ) (120.8 )
--------------- --------------
Total liabilities and stockholders' deficit $ 3,118.5 $ 2,866.0
--------------- --------------
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
----------------------- ----------------------
2013 2012 2013 2012
----------- ----------- ----------- ----------
(in millions) (in millions)
Operating Activities
Net income (loss) $ 31.6 $ (8.2 ) $ 64.7 $ 46.8
Adjustments to reconcile net
income (loss) to net cash
provided by (used in)
operating activities
Depreciation and amortization 45.7 38.7 129.4 112.4
Other (8.2 ) (251.7 ) (91.8 ) (355.8 )
----------- ----------- ----------- ----------
Net cash provided by (used in)
operating activities 69.1 (221.2 ) 102.3 (196.6 )
----------- ----------- ----------- ----------
Investing Activities
Purchases of property, plant &
equipment (56.7 ) (50.8 ) (178.2 ) (143.7 )
Proceeds from sale of
property, plant & equipment 0.9 1.0 5.8 2.2
Proceeds from sale-leaseback
of equipment 7.5 - 23.5 -
----------- ----------- ----------- ----------
Net cash used in investing
activities (48.3 ) (49.8 ) (148.9 ) (141.5 )
----------- ----------- ----------- ----------
Financing Activities
Net increase in long-term debt 25.1 404.3 115.8 397.0
Debt issuance costs (6.3 ) (10.1 ) (12.9 ) (10.1 )
Purchase of noncontrolling
interest - - - (4.0 )
Employee stock option
exercises - - 0.8 0.1
Purchase of treasury stock (0.3 ) - (0.4 ) (5.9 )
----------- ----------- ----------- ----------
Net cash provided by financing
activities 18.5 394.2 103.3 377.1
----------- ----------- ----------- ----------
Effect of exchange rate
changes on cash 0.4 0.6 (0.5 ) 0.8
----------- ----------- ----------- ----------
Net increase in cash and cash
equivalents 39.7 123.8 56.2 39.8
Cash and cash equivalents at
beginning of period 78.9 85.2 62.4 169.2
----------- ----------- ----------- ----------
Cash and cash equivalents at
end of period $ 118.6 $ 209.0 $ 118.6 $ 209.0
----------- ----------- ----------- ----------
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
SUPPLEMENTAL DATA
(Unaudited)
The supplemental data presented below is a reconciliation of certain financial
measures which is intended
to facilitate analysis of American Axle & Manufacturing Holdings, Inc. business
and operating performance.
Earnings before interest expense, income taxes and depreciation and amortization
(EBITDA) and adjusted EBITDA((a))
Three months ended Nine months ended
September 30, September 30,
---------------------- ----------------------
2013 2012 2013 2012
----------- ---------- ----------- ----------
(in millions) (in millions)
Net income (loss) attributable to
AAM $ 31.6 $ (8.1 ) $ 64.7 $ 47.8
Interest expense 30.0 25.3 87.9 72.7
Income tax expense 6.1 0.9 9.1 4.8
Depreciation and amortization 45.7 38.7 129.4 112.4
----------- ---------- ----------- ----------
EBITDA 113.4 56.8 291.1 237.7
Debt refinancing and redemption
costs - 10.1 11.2 10.1
Other special charges,
curtailment gains and
restructuring costs((b)) 5.8 3.2 5.8 34.4
----------- ---------- ----------- ----------
ADJUSTED EBITDA $ 119.2 $ 70.1 $ 308.1 $ 282.2
----------- ---------- ----------- ----------
Net debt((c) )to capital
September 30, December 31,
2013 2012
---------------- --------------
(in millions, except
percentages)
Total debt $ 1,572.6 $ 1,454.1
Less: cash and cash equivalents 118.6 62.4
---------------- --------------
Net debt at end of period 1,454.0 1,391.7
Stockholders' deficit (46.8 ) (120.8 )
---------------- --------------
Total invested capital at end of period $ 1,407.2 $ 1,270.9
---------------- --------------
Net debt to capital((d)) 103.3 % 109.5 %
---------------- --------------
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
SUPPLEMENTAL DATA
(Unaudited)
The supplemental data presented below is a reconciliation of certain financial
measures which is intended
to facilitate analysis of American Axle & Manufacturing Holdings, Inc. business
and operating performance.
Free Cash Flow((e))
Three months ended Nine months ended
September 30, September 30,
----------------------- -----------------------
2013 2012 2013 2012
---------- ------------ ----------- -----------
(in millions) (in millions)
Net cash provided by (used in)
operating activities $ 69.1 $ (221.2 ) $ 102.3 $ (196.6 )
Less: Purchases of property,
plant & equipment, net of
proceeds from sale of property,
plant & equipment and sale-
leaseback of equipment (48.3 ) (49.8 ) (148.9 ) (141.5 )
---------- ------------ ----------- -----------
Free cash flow $ 20.8 $ (271.0 ) $ (46.6 ) $ (338.1 )
---------- ------------ ----------- -----------
________________________________________
a. We define EBITDA to be earnings before interest, taxes, depreciation and
amortization. For 2013, Adjusted EBITDA is defined as EBITDA excluding the
impact of debt refinancing and redemption costs and other special charges
and restructuring costs. For 2012, Adjusted EBITDA is defined as EBITDA
excluding the impact of curtailment gains, restructuring costs and special
charges related to the closure of the Detroit Manufacturing Complex and
Cheektowaga Manufacturing Facility, and debt refinancing and redemption
costs. We believe that EBITDA and adjusted EBITDA are meaningful measures of
performance as they are commonly utilized by management and investors to
analyze operating performance and entity valuation. Our management, the
investment community and the banking institutions routinely use EBITDA,
together with other measures, to measure our operating performance relative
to other Tier 1 automotive suppliers. EBITDA and adjusted EBITDA should not
be construed as income from operations, net income or cash flow from
operating activities as determined under GAAP. Other companies may
calculate EBITDA and adjusted EBITDA differently.
b. Special charges of $5.8 million for the three and nine months ended
September 30, 2013 primarily relate to a net charge of $5.3 million related
to the acceleration of expense for stock-based compensation and other
benefits earned and vested due to the passing of our Co-Founder and
Executive Chairman of the Board of Directors and $0.5 million for the
proposed settlement of a National Labor Relations Board proceeding related
to the closure of our Detroit Manufacturing Complex and Cheektowaga
Manufacturing Facility. Special charges and restructuring costs of $3.2
million for three months ended September 30, 2012 and $34.4 million for the
nine months ended September 30, 2012 primarily related to the closure of our
Detroit Manufacturing Complex and Cheektowaga Manufacturing Facility. This
special charge activity included $28.7 million of expense related to pension
and postretirement benefits to be provided to certain eligible UAW
associates as a result of the Detroit Manufacturing Complex and Cheektowaga
Manufacturing Facility plant closures, $27.5 million of expense primarily
related to asset redeployment and other restructuring costs associated with
the closures of Detroit Manufacturing Complex and Cheektowaga Manufacturing
Facility and a $21.8 million postretirement benefit curtailment gain
recorded in the first quarter of 2012.
c. Net debt is equal to total debt less cash and cash equivalents.
d. Net debt to capital is equal to net debt divided by the sum of stockholders'
deficit and net debt. We believe that net debt to capital is a meaningful
measure of financial condition as it is commonly utilized by management,
investors and creditors to assess relative capital structure risk. Other
companies may calculate net debt to capital differently.
e. We define free cash flow as net cash provided by (used in) operating
activities less capital expenditures net of proceeds from the sale of
property, plant and equipment and the sale-leaseback of equipment. For
purposes of calculating free cash flow, AAM excludes the impact of purchase
buyouts of leased equipment, if any. We believe free cash flow is a
meaningful measure as it is commonly utilized by management and investors to
assess our ability to generate cash flow from business operations to repay
debt and return capital to our stockholders. Free cash flow is also a key
metric used in our calculation of incentive compensation. Other companies
may calculate free cash flow differently.
AAM Reports Third Quarter 2013 Financial Results:
http://hugin.info/143751/R/1739977/584138.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: American Axle & Manufacturing Holdings, Inc via Thomson Reuters ONE
[HUG#1739977]
Unternehmensinformation / Kurzprofil:
Datum: 01.11.2013 - 13:01 Uhr
Sprache: Deutsch
News-ID 311814
Anzahl Zeichen: 37651
contact information:
Town:
Detroit, MI
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 153 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"AAM Reports Third Quarter 2013 Financial Results"
steht unter der journalistisch-redaktionellen Verantwortung von
American Axle & Manufacturing Holdings, Inc (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
