AerCap Holdings N.V. Reports Record Financial Results
(Thomson Reuters ONE) -
Amsterdam, Netherlands; November 4, 2013 - AerCap Holdings N.V. ("AerCap," "the
Company," NYSE: AER) announced that its adjusted net income was $89.4 million
for the third quarter of 2013, and $224.5 million for the first nine months of
2013, both record highs. Adjusted earnings per share were $0.79 for the third
quarter of 2013, an increase of 63% over the third quarter of 2012 and adjusted
earnings per share for the first nine months of 2013 were $1.98, an increase of
41% over the first nine months of 2012.
Key Highlights
* Return on equity for the third quarter 2013 was ~15%.
* Committed future aircraft purchases were $3.5 billion as of September
30, 2013, relating to 47 aircraft. Our committed purchases consist primarily
of new technology aircraft and are all placed on long term leases with an
average term of 11.7 years.
* Trade receivables were ~$6 million as of September 30, 2013, a historical
low and less than 1% of annual lease revenue.
* Our fleet utilization rate was 99.7% for the first nine months of 2013. The
average age of the owned fleet as of September 30, 2013 was 5.4 years.
* 140 aircraft transactions were executed during the first nine months of
2013.
* The debt to equity ratio was 2.6 to 1 at September 30, 2013, compared with
2.8 to 1 for the same period in 2012.
Aengus Kelly, CEO of AerCap, commented: "Our strategy is to invest in aircraft
based on long term industry fundamentals, financed by a long term stable
liability structure. This approach has resulted in our record earnings and ~15%
return on equity. As an asset manager, our disciplined approach to portfolio
management has ensured that these earnings have been generated with
an attractive portfolio with an average age of 5.4 years that is over 90%
concentrated in the most liquid aircraft types in the world. Furthermore, our
$3.5 billion of contracted future aircraft purchases are all placed on long term
leases. In conjunction with our existing portfolio, these aircraft purchases
will drive our future earnings growth."
Third Quarter 2013 Financial Results
* Third quarter 2013 reported net income was $83.6 million, compared with
$57.9 million for the same period in 2012. Third quarter 2013 reported basic
earnings per share were $0.74, compared with $0.45 for the same period in
2012.
* Third quarter 2013 adjusted net income was $89.4 million, compared with
$62.2 million for the same period in 2012. Third quarter 2013 adjusted
earnings per share were $0.79, compared with $0.48 for the same period in
2012.
* Net interest margin earned on lease assets, or net spread, was $174.8
million in the third quarter of 2013 compared with $176.5 million for the
same period in 2012. The small decrease was driven primarily by the sale of
our oldest aircraft portfolio (ALS), partially offset by new aircraft
purchases. Net interest margin as a percentage of average lease assets was
8.8% for third quarter 2013, unchanged from the same period in 2012.
* Total owned assets were $9.3 billion as of September 30, 2013 and total
managed aircraft were valued at $2.4 billion(a)). Total owned assets
increased by 2% from $9.1 billion as of September 30, 2012.
* In the third quarter of 2013, we purchased six aircraft and entered into a
purchase and leaseback agreement for six additional new Boeing 737-800
aircraft that will be delivered in 2013 and 2014.
* During the third quarter of 2013 we sold one new A330 aircraft and one B737-
400.
* During the third quarter of 2013 we closed financing transactions totaling
$0.1 billion. In October 2013, we closed a $0.2 billion senior unsecured
revolving and term loan facility. Thus far the total financing transactions
closed in 2013 were approximately $1.9 billion.
(a) Includes aircraft under our management and owned by our non-consolidated
joint ventures. The aircraft value was based on the average appraised value
provided by three external appraisers between February 2013 and September 2013.
Net Income/Earnings Per Share
Set forth below are the details to reconcile reported net income to adjusted net
income, including the specific adjustments.
Three months ended Nine months ended
September 30, September 30,
-------------------------------- -------------------------------
% %
increase/ increase/
2013 2012 (decrease) 2013 2012 (decrease)
--------- --------- ------------ --------- --------- -----------
(US dollars in millions except share and per share amounts)
Net income $ 83.6 $ 57.9 44% $ 226.8 $ 152.5 49%
Adjusted for:
mark-to-
market of
interest rate
caps, net of
tax 3.7 2.7 37% (8.3) 12.5 NA
share-
based
compensation,
net of tax 2.1 1.6 31% 6.0 4.6 30%
non-
recurring
charges to
interest
expense from
repayment of
secured loans - - NA - 20.9 NA
--------- --------- ------------ --------- --------- -----------
Adjusted net
income 89.4 62.2 44% 224.5 190.5 18%
--------- --------- ------------ --------- --------- -----------
Adjusted
earnings per
share $ 0.79 $ 0.48 63% $ 1.98 $ 1.40 41%
Third quarter 2013 adjusted net income increased 44% over the same period in
2012 driven primarily by income generated from aircraft sales in the third
quarter of 2013, and the elimination of the negative impact from defaults and
restructurings incurred during the third quarter of 2012.
Third quarter 2013 adjusted earnings per share increased 63% over the same
period in 2012 driven primarily by the higher income as discussed above as well
as the share repurchases completed in 2012.
Revenue and Net Spread
Three months ended Nine months ended
September 30, September 30,
-------------------------------- -------------------------------
% %
increase/ increase/
2013 2012 (decrease) 2013 2012 (decrease)
--------- --------- ------------ --------- --------- -----------
(US dollars in millions)
Lease
revenue:
Basic
lease rents $ 234.3 $ 239.5 (2%) $ 666.7 $ 709.6 (6%)
Maintenance
rents and
other
receipts 23.7 24.1 (2%) 47.9 54.2 (12%)
--------- --------- ------------ --------- --------- -----------
Lease
revenue 258.0 263.6 (2%) 714.6 763.8 (6%)
Net gain on
sale of
assets 10.7 0.6 1,683% 32.2 1.0 3,120%
Management
fees and
interest
revenue 6.1 4.1 49% 19.7 13.7 44%
Other
revenue 4.5 1.2 275% 5.7 1.8 217%
--------- --------- ------------ --------- --------- -----------
Total
revenue $ 279.3 $ 269.5 4% $ 772.2 $ 780.3 (1%)
--------- --------- ------------ --------- --------- -----------
Basic lease rents were $234.3 million for the third quarter of 2013, compared
with $239.5 million in the same period in 2012. The small decrease was driven
primarily by the sale of our oldest aircraft portfolio (ALS), partially offset
by new aircraft purchases. Our average lease assets were $8.0 billion, unchanged
compared with the third quarter of 2012.
Lease revenue for the third quarter of 2013 was $258.0 million, compared with
$263.6 million for the same period in 2012.
Net gain on sale of assets for the third quarter of 2013 was $10.7 million,
compared to $0.6 million for the same period in 2012.
Other revenue for the third quarter of 2013 was $4.5 million, compared to $1.2
million for the same period in 2012, which related primarily to the cash
recovery of bankruptcy claims against previous lessees, guarantee fees and other
non-recurring payments.
Three months ended Nine months ended
September 30, September 30,
------------------------------------ -----------------------------------
% %
increase/ increase/
2013 2012 (decrease) 2013 2012 (decrease)
--------- --------- ------------ --------- --------- -----------
(US dollars in millions)
Basic
lease
rents $ 234.3 $ 239.5 (2%) $ 666.7 $ 709.6 (6%)
Interest
on debt 63.7 66.1 (4%) 169.3 223.7 (24%)
Adjusted
for:
mark-to-
market of
interest
rate caps (4.2) (3.1) 35% 9.5 (14.4) NA
non-
recurring
charges
to
interest
expense
from
repayment
of
secured
loans - - NA - (23.9) NA
Interest
on debt
excluding
the
impact of
mark-to-
market of
interest
rate caps
and non-
recurring
charges
to
interest
expense
from
repayment
of
secured
loans 59.5 (a) 63.0 (a) (6%) 178.8 (a) 185.4 (a) (4%)
--------- --------- ------------ --------- --------- -----------
Net
interest
margin,
or net
spread $ 174.8 $ 176.5 (1%) $ 487.9 $ 524.2 (7%)
--------- --------- ------------ --------- --------- -----------
(a) Interest on debt excluding the above non-recurring charges for the three
months ended September 30, 2013 and 2012 includes $6.4 million and $6.8 million
of amortization of debt issuance costs, respectively. Interest on debt excluding
the above non-recurring charges for the nine months ended September 30, 2013 and
2012 includes $22.3 million and $20.4 million of amortization of debt issuance
costs, respectively.
As shown in the table above, interest expense excluding the impact of the mark-
to-market of interest rate caps and non-recurring charges was $59.5 million in
the third quarter of 2013, a 6% decrease compared with the same period in 2012.
Net spread was $174.8 million in the third quarter of 2013, compared with $176.5
million in the same period in 2012.
Selling, General and Administrative Expenses
Three months ended Nine months ended
September 30, September 30,
------------------------------- ------------------------------
% %
increase/ increase/
2013 2012 (decrease) 2013 2012 (decrease)
--------- -------- ------------ -------- --------- -----------
(US dollars in millions)
Mark-to-market
of foreign
currency
hedges,
foreign
currency
balances and
other
derivatives $ (0.4) $ - NA $ 0.1 $ (3.0) NA
Share-based
compensation
expenses 2.4 1.8 33% 6.9 5.2 33%
Other selling,
general and
administrative
expenses 21.4 20.5 4% 60.7 58.1 4%
--------- -------- ------------ -------- --------- -----------
Total selling,
general and
administrative
expenses $ 23.4 $ 22.3 5% $ 67.7 $ 60.3 12%
--------- -------- ------------ -------- --------- -----------
Effective Tax Rate
AerCap's blended effective tax rate during the first nine months of 2013 was
8.5%. The blended effective tax rate in 2012 was 5.2%. The blended effective tax
rate in any year is impacted by the source and amount of earnings among AerCap's
different tax jurisdictions. The 2012 tax rate was reduced by the loss from the
ALS transaction and non-recurring charges from repayment of certain secured
loans.
Financial Position
% increase/
(decrease) over
September September September
30, 2013 30, 2012 30, 2012
----------- ----------- ----------------
(US dollars in millions except d/e
ratio)
Total cash (incl. restricted) $ 593.3 $ 620.0 (4%)
Flight equipment held for operating
leases, net 8,013.8 8,045.7 (0%)
Total assets 9,286.9 9,133.8 2%
Debt 6,231.5 6,131.2 2%
Total liabilities 6,924.9 6,915.8 0%
Total equity 2,361.9 2,218.1 6%
Debt/equity ratio 2.6 2.8 (7%)
As of September 30, 2013, AerCap's portfolio consisted of 373 aircraft that were
owned, on order, under contract or letter of intent, managed or owned by
AerDragon, a non-consolidated joint venture. The average age of the owned fleet
as of September 30, 2013 was 5.4 years and the average remaining contracted
lease term was 6.7 years.
Notes Regarding Financial Information Presented In This Press Release
The financial information presented in this press release is not audited.
The following is a definition of non-GAAP measures used in this press release
and a reconciliation of such measure to the most closely related GAAP measure:
Adjusted net income and adjusted earnings per share. These measures are
determined by adding non-cash charges related to the mark-to-market losses on
our interest rate caps and share based compensation during the applicable
period, net of related tax benefits, to GAAP net income. The average number of
shares is based on a daily average.
In addition, adjusted net income excludes the following non-recurring charges:
* Nine months ended September 30, 2012 adjusted net income of $190.5 million
excludes the non-recurring charges to interest expense from the early
repayment of secured loans of $20.9 million, net of tax.
In addition to GAAP net income and earnings per share, we believe these measures
may provide investors with supplemental information regarding our operational
performance and may further assist investors in their understanding of our
operational performance in relation to past and future reporting periods. We use
interest rate caps to allow us to benefit from decreasing interest rates and
protect against the negative impact of rising interest rates on our floating
rate debt. Management determines the appropriate level of caps in any period
with reference to the mix of floating and fixed cash flows from our lease, debt
and other contracts. We do not apply hedge accounting to our interest rate caps.
As a result, we recognize the change in fair value of the interest rate caps in
our income statement during each period.
The following is a reconciliation of adjusted net income to net income for the
three and nine month periods ended September 30, 2013 and 2012:
Three months ended Nine months ended
September 30, September 30,
------------------------------ -------------------------------
% %
increase/ increase/
2013 2012 (decrease) 2013 2012 (decrease)
-------- -------- ------------ --------- --------- -----------
(US dollars in millions)
Net income $ 83.6 $ 57.9 44% $ 226.8 $ 152.5 49%
Adjusted for:
mark-to-market
of interest
rate caps, net
of tax 3.7 2.7 37% (8.3) 12.5 NA
share-based
compensation,
net of tax 2.1 1.6 31% 6.0 4.6 30%
-------- -------- ------------ --------- --------- -----------
Net income
excluding the
impact of
mark-to-market
of interest
rate caps and
share-based
compensation 89.4 62.2 44% 224.5 169.6 32%
non-
recurring
charges to
interest
expense from
repayment of
secured loans,
net of tax - - NA - 20.9 NA
-------- -------- ------------ --------- --------- -----------
Adjusted net
income 89.4 62.2 44% 224.5 190.5 18%
-------- -------- ------------ --------- --------- -----------
Net interest margin, or net spread (refer to second table under Revenue and Net
Spread section of this press release). This measure is the difference between
basic lease rents and interest expense excluding the impact from the mark-to-
market of interest rate caps. We believe this measure may further assist
investors in their understanding of the changes and trends related to the
earnings of our leasing activities. This measure reflects the impact from
changes in the number of aircraft leased, lease rates, utilization rates, as
well as the impact from changes in the amount of debt and interest rates.
Conference Call
In connection with the earnings release, management will host an earnings
conference call today, Monday, November 4, 2013, at 9:00 am Eastern Time /
3:00 pm Central European Time. The call can be accessed live by dialling
(U.S./Canada) +1-646-254-3367 or (International) +31-20-716-8296 and referencing
code 2317523 at least 5 minutes before start time, or by visiting AerCap's
website at http://www.aercap.com under "Investor Relations".
In addition, an Investor & Analyst Day will be hosted by AerCap's management
today, Monday, November 4, 2013, at 11:30 am Eastern Time at The New York
Palace Hotel (Spellman room), 455 Madison Avenue, New York. Doors will open at
11:00 am. This event will also be webcast live at http://www.aercap.com under
"Investor Relations".
Webcast replays of both events will be archived in the "Investor Relations"
section of the Company's website for one year.
To participate in either event, please register by emailing:
aercap(at)collegehill.com
For further information, contact Peter Wortel: +31-20-655-9658
(pwortel(at)aercap.com) or Mark Walter and Jenny Payne (College Hill):
+44-20-7457-2020 (aercap(at)collegehill.com).
About AerCap Holdings N.V.
AerCap is one of the world's leading aircraft leasing companies and has one of
the youngest fleets in the industry. AerCap is a New York Stock Exchange-listed
company (AER) and has its headquarters in the Netherlands with offices in
Ireland, the United States, China, Singapore and the United Arab Emirates.
Forward Looking Statements
This press release contains certain statements, estimates and forecasts with
respect to future performance and events. These statements, estimates and
forecasts are "forward-looking statements". In some cases, forward-looking
statements can be identified by the use of forward-looking terminology such as
"may," "might," "should," "expect," "plan," "intend," "estimate," "anticipate,"
"believe," "predict," "potential" or "continue" or the negatives thereof or
variations thereon or similar terminology. All statements other than statements
of historical fact included in this press release are forward-looking statements
and are based on various underlying assumptions and expectations and are subject
to known and unknown risks, uncertainties and assumptions, may include
projections of our future financial performance based on our growth strategies
and anticipated trends in our business. These statements are only predictions
based on our current expectations and projections about future events. There are
important factors that could cause our actual results, level of activity
performance or achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied in the forward-
looking statements. As a result, there can be no assurance that the forward-
looking statements included in this press release will prove to be accurate or
correct. In light of these risks, uncertainties and assumptions, the future
performance or events described in the forward-looking statements in this press
release might not occur. Accordingly, you should not rely upon forward-looking
statements as a prediction of actual results and we do not assume any
responsibility for the accuracy or completeness of any of these forward-looking
statements. We do not undertake any obligation to, and will not, update any
forward-looking statements, whether as a result of new information, future
events or otherwise.
For more information regarding AerCap and to be added to our email distribution
list, please visit http://www.aercap.com.
Financial Statements Follow
AerCap Holdings N.V.
Unaudited Consolidated
Balance Sheets
(In thousands of U.S.
Dollars)
September December September
30, 2013 31, 2012 30, 2012
----------------- ---------------- ---------------
Assets
Cash and cash equivalents $ 318,098 $ 520,401 $ 309,654
Restricted cash 275,244 279,843 310,309
Trade receivables 6,131 6,636 12,657
Flight equipment held for
operating leases, net 8,013,835 7,261,899 8,045,708
Net investment in direct
finance leases 32,536 21,350 22,426
Notes receivables 78,243 78,163 9,105
Prepayments on flight
equipment 186,251 53,594 50,723
Investments 113,111 93,862 90,602
Intangibles 11,566 18,100 20,950
Inventory - - 6,506
Derivative assets 29,526 9,993 10,176
Deferred income taxes 65,251 79,726 83,678
Other assets 157,075 157,851 161,320
----------------- ---------------- ---------------
Total Assets $ 9,286,867 $ 8,581,418 $ 9,133,814
----------------- ---------------- ---------------
Liabilities and Equity
Accounts payable $ 821 $ 740 $ 406
Accrued expenses and other
liabilities 100,454 91,951 92,315
Accrued maintenance
liability 441,134 421,830 525,702
Lessee deposit liability 96,455 86,268 101,999
Debt (*) 6,231,549 5,803,499 6,131,199
Deferred revenue 46,009 39,547 47,249
Derivative liabilities 8,520 14,677 16,885
----------------- ---------------- ---------------
Total liabilities 6,924,942 6,458,512 6,915,755
Ordinary share capital
?0.01 par value
(250,000,000 ordinary
shares authorized,
113,720,642 ordinary
shares issued and
outstanding at September
30, 2013; 113,363,535
ordinary shares issued and
outstanding at December
31, 2012; and 121,507,414
ordinary shares issued and
outstanding at September
30, 2012) 1,197 1,193 1,278
Additional paid-in capital 932,813 927,617 1,029,593
Treasury stock - - (1,300)
Accumulated other
comprehensive loss (10,124) (14,401) (10,927)
Accumulated retained
earnings 1,434,416 1,207,629 1,196,476
----------------- ---------------- ---------------
Total AerCap Holdings N.V.
shareholders' equity 2,358,302 2,122,038 2,215,120
Non-controlling interest 3,623 868 2,939
----------------- ---------------- ---------------
Total Equity 2,361,925 2,122,906 2,218,059
----------------- ---------------- ---------------
Total Liabilities and
Equity $ 9,286,867 $ 8,581,418 $ 9,133,814
----------------- ---------------- ---------------
* Includes subordinated debt received from our joint venture partners, the
amount of which was $64.3 million as of September 30, 2013.
September December September
Supplemental information 30, 2013 31, 2012 30, 2012
----------------- ---------------- ---------------
Debt/equity ratio 2.6 2.7 2.8
Debt/equity ratio
(adjusted for subordinated 2.5 2.6 2.7
debt)
AerCap Holdings N.V.
Unaudited Consolidated
Income Statements
(In thousands of U.S.
Dollars, except share
and per share data)
Three months ended Nine months ended
September 30, September 30,
2013 2012 2013 2012
------------- ------------- ------------- ------------
Revenues
Lease revenue $ 258,005 $ 263,570 $ 714,614 $ 763,751
Net gain on sale of
assets 10,749 601 32,240 1,035
Management fee revenue 4,818 3,692 15,564 12,396
Interest revenue 1,297 405 4,161 1,351
Other revenue 4,503 1,250 5,653 1,764
------------- ------------- ------------- ------------
Total Revenues 279,372 269,518 772,232 780,297
Expenses
Depreciation 87,460 93,364 248,999 275,479
Asset impairment 9,193 7,399 11,854 7,399
Interest on debt 63,654 66,097 169,342 223,718
Operating lease-in costs - 1,592 550 4,494
Leasing expenses 5,529 23,314 30,775 59,657
Selling, general and
administrative expenses 23,398 22,284 67,661 60,330
------------- ------------- ------------- ------------
Total Expenses 189,234 214,050 529,181 631,077
------------- ------------- ------------- ------------
Income from continuing
operations before income
taxes and income of
investments accounted
for under the equity
method 90,138 55,468 243,051 149,220
Provision for income
taxes (7,661) (732) (20,659) (8,229)
Net income of
investments accounted
for under the equity
method 3,042 1,907 7,150 8,369
------------- ------------- ------------- ------------
Net income 85,519 56,643 229,542 149,360
Net (income) loss
attributable to non-
controlling interest (1,871) 1,268 (2,755) 3,142
------------- ------------- ------------- ------------
Net income attributable
to AerCap Holdings N.V. $ 83,648 $ 57,911 $ 226,787 $ 152,502
------------- ------------- ------------- ------------
Total basic earnings per
share $ 0.74 $ 0.45 $ 2.00 $ 1.12
Total diluted earnings
per share $ 0.73 $ 0.45 $ 1.98 $ 1.12
Weighted average shares
outstanding - basic 113,508,375 128,369,027 113,424,415 135,635,274
Weighted average shares
outstanding - diluted 114,921,601 129,257,732 114,751,946 136,513,268
AerCap Holdings N.V.
Unaudited Consolidated Statements of
Cash Flows
(In thousands of U.S.
Dollars)
Three months ended Nine months ended
September 30, September 30,
----------------------- ------------------------
2013 2012 2013 2012
----------- ----------- ------------- ----------
Net income $ 85,519 $ 56,643 $ 229,542 $ 149,360
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Depreciation 87,460 93,364 248,999 275,479
Asset impairment 9,193 7,399 11,854 7,399
Amortization of debt
issuance costs 6,441 6,765 22,340 44,306
Amortization of intangibles 1,921 2,875 6,534 8,727
Net gain on sale of assets (10,749) (601) (32,240) (1,035)
Mark-to-market of non-
hedged derivatives 4,207 (972) (9,600) 2,461
Deferred taxes 7,583 1,926 13,806 7,925
Share-based compensation 2,394 1,813 6,914 5,210
Changes in assets and
liabilities:
Trade receivables and
notes receivable, net 3,659 (6,294) (115) (499)
Inventories - 661 - 7,447
Other assets and
derivative assets (5,869) 2,514 (16,305) (3,284)
Other liabilities 3,004 19,034 6,116 9,545
Deferred revenue 3,305 2,469 6,462 (745)
----------- ----------- ------------- ----------
Net cash provided by
operating activities 198,068 187,596 494,307 512,296
Purchase of flight
equipment (282,724) (193,556) (1,550,574) (678,231)
Proceeds from sale/disposal
of assets 92,000 107,666 577,252 328,321
Prepayments on flight
equipment (35,788) (11,469) (156,273) (29,931)
Capital contributions and
repayments (2,250) - (13,180) -
Movement in restricted cash (27,870) (19,474) 4,599 (72,984)
----------- ----------- ------------- ----------
Net cash used in investing
activities (256,632) (116,833) (1,138,176) (452,825)
Issuance of debt 445,192 108,163 1,799,568 931,832
Repayment of debt (238,800) (202,056) (1,375,452) (912,113)
Debt issuance costs paid (2,303) (4,169) (22,183) (28,457)
Repurchase of shares - (154,695) - (217,414)
Maintenance payments
received 29,142 31,575 74,960 103,850
Maintenance payments
returned (19,564) (13,412) (45,708) (36,752)
Security deposits received 10,191 3,195 21,580 15,033
Security deposits returned (4,540) (3,619) (11,057) (14,941)
----------- ----------- ------------- ----------
Net cash provided by (used
in) financing activities 219,318 (235,018) 441,708 (158,962)
Net increase (decrease) in
cash and cash equivalents 160,754 (164,255) (202,161) (99,491)
Effect of exchange rate
changes 415 (342) (142) (1,936)
Cash and cash equivalents
at beginning of period 156,929 474,251 520,401 411,081
----------- ----------- ------------- ----------
Cash and cash equivalents
at end of period $ 318,098 $ 309,654 $ 318,098 $ 309,654
----------- ----------- ------------- ----------
khelming(at)aercap.com
Peter Wortel
Investor Relations
+31 20 655 9658
pwortel(at)aercap.com
For Media:
Frauke Oberdieck
Corporate Communications
+31 20 655 9616
foberdieck(at)aercap.com
AerCap 2013 Third Quarter Earnings:
http://hugin.info/149317/R/1739969/584272.pdf
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: AerCap Holdings N.V. via Thomson Reuters ONE
[HUG#1739969]
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Datum: 04.11.2013 - 12:57 Uhr
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News-ID 312304
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