Bastei Lübbe AG

Annual / Quarterly Financial Statement • Feb 14, 2022

BASTEI LÜBBE AG GROUP QUARTERLY STATEMENT 1 APRIL – 31 DECEMBER 2021

Lisa Unger DIE FOLGSAME TOCHTER

At a glance

	01/04/2021 – 31/12/2021	01/04/2020 – 31/12/2020	Change
Financial indicators (IFRS) in EUR millions
Revenues	74.4	70.8	5.1%
EBIT	11.9	7.5	57.9%
EBIT margin (%)	16.0%	10.7%	5.4 pp
Net profit for the period from continuing operations	8.5	4.6	83.2%
Net profit for the period from discontinued operations	−	0.6	−
Consolidated earnings	8.5	5.3	61.4%
Earnings per share1 (in EUR)	0.64	0.37	74.3%
	1/10 – 31/12/2021	1/10 – 31/12/2020
Revenues	33.0	29.7	11.3%
EBIT	7.4	4.2	75.6%
EBIT margin (%)	22.3%	14.1%	8.2 pp
Consolidated earnings	4.5	2.7	65.4%
Earnings per share1 (in EUR)	0.35	0.21	68.6%
	31/12/2021	31/3/2021
Total assets	101.5	90.1	12.6%
Eigenkapital2	47.4	42.6	11.1%
Equity ratio (%)	46.6%	47.3%	-0.6 pp
Net debt as of	7.2	9.7	-25.3%

1) See Note 17 to the consolidated financial statements in the 2020/2021 annual report for details of the calculation method

2) Including non-controlling interests

Economic report

Underlying conditions

In 2021, the economy recovered after the crisis year of 2020, although it has come under pressure in the past nine months due to a shortage of materials and supply chain constraints.1 Moreover, the fourth wave of coronavirus infections and the continuing pandemic-related restrictions also led to a decline in revenues, especially on the part of consumer-related service providers and the hospitality industry. By the same token, however, the losses are smaller than a year ago, when the pandemic-induced uncertainty and restrictions were even greater.2In its autumn report, the EU Commission therefore assumes that the economy will recover more quickly than expected despite the pandemic-related recessions. On this basis, the Eurozone economy is expected to have grown by 5% in 2021.3 A positive trend, albeit somewhat weaker, is emerging in Germany. According to preliminary figures and initial calculations by the Federal Statistical Office, full-year economic growth of 2.7% is expected for 2021. The Council of Experts on the Assessment of the German Economy forecasts growth of 4.6% in 2022 and assumes that the precrisis level recorded in the fourth quarter of 2019 will be reached in the course of the first quarter of 2022. Further economic growth is subject to significant risks. Additional pandemic-related restrictions and bottlenecks along the global value chains may have an adverse effect on the outlook.4

Industry environment in the Bastei Lübbe business segments

The book retailing sector can look back on a turbulent year. Aggregate revenues from book stores, e-commerce, railway station book stores, department stores, consumer electronics stores and pharmacies were higher from January to December 2021 than in the same period of the previous year, increasing by 3.2%. For the year 2021, a positive increase of 1.6% in the number of copies sold was achieved. According to the German Publishers and Booksellers Association, book prices were also 1.6% higher. Compared to the pre-pandemic year of 2019, revenues were up by 0.8% across all relevant distribution channels in 2021. However, there was a decline in sales volumes, with 3.8% fewer copies sold in 2021 than in 2019.5

Revenues from e-books increased by 9.6% in the first six months of 2021 compared to the same period in the previous year, according to the German Publishers and Booksellers Association. In the same period, e-book sales were up 8.3% over 2020, rising from 18.8 million to 20.3 million units.6 The proportion of revenues from e-books in the retail market widened to 7.9% from January to June 2021, marking a year-on-year increase of 0.4 percentage points.7 The number of e-book buyers declined by 1.2% over the previous year, although units of e-books per capita increased by 9.7%. However, the downward trend in prices was halted. The average price paid for an e-book increased by 1.2% in the first two quarters of 2021 to an average of EUR 6.45.8 More recent data is currently not yet available for the second half of the 2021 calendar year.

Revenues from physical audiobooks sustained a significant 13.8% year-on-year decline in 2021.9 There is currently no data available on sales of digital audio formats for the 2021 calendar year. However, it can be assumed that the share in revenues accounted for by easy-to-store audio streaming in the audiobook market is continuing to widen.

¹ https://www.ifo.de/publikationen/2022/aufsatz-zeitschrift/branchenentwicklungen-2021-herausforderungen-fuer-industrie ² https://www.datev-magazin.de/nachrichten-steuern-recht/wirtschaft/deutsche-wirtschaft-erleidet-einen-daempfer-im-winterhalbjahr-2021-

^{2022-72404 3} https://germany.representation.ec.europa.eu/news/herbstprognose-2021-europas-wirtschaft-erholt-sich-schneller-als-erwartet-2021-11-11_de ⁴ https://www.sachverstaendigenrat-wirtschaft.de/jahresgutachten-2021.html ⁵

https://www.boersenverein.de/tx_boev_newsletter_view?tx_boev_pi14[uid]=1906&tx_boev_pi14[backend_layout]=pagets__newsletter ⁶ https://www.boersenverein.de/markt-daten/marktforschung/e-books/ ⁷ https://www.boersenverein.de/boersenverein/aktuelles/detailseite/erstes-halbjahr-2021-corona-shutdown-fuehrt-zu-hoeheren-umsaetzen-

beim-e-book/ ⁸ https://www.boersenverein.de/boersenverein/aktuelles/detailseite/erstes-halbjahr-2021-corona-shutdown-fuehrt-zu-hoeheren-umsaetzen-

beim-e-book/ ⁹ https://www.boersenverein.de/tx_boev_newsletter_view?tx_boev_pi14[uid]=1906&tx_boev_pi14[backend_layout]=pagets__newsletter

Business performance

Results of operations

The Bastei Lübbe Group's favourable performance is continuing in fiscal year 2020/2021. The focus on core business is ensuring very encouraging profitability, which is reflected both in the EBIT achieved and in the continued substantial positive cash flow from operating activities. The Bastei Lübbe Group generated Group revenues of EUR 74.4 million in the period under review, up from EUR 70.8 million in the previous year. This translates into an increase of 5.1% over the previous year. The subsidiaries CE Community Editions GmbH ("CE") and Business Hub Berlin UG ("smarticular"), which were consolidated for the first time compared with the previous year, contributed revenues of EUR 6.5 million. Group EBIT climbed to EUR 11.9 million in the period under review, up from EUR 7.5 million in the same period in the previous year. The significant improvement in earnings compared to the previous year is attributable, among other things, to continued cost discipline and the improvement in the cost-of-materials ratio, particularly as a result of a changed product mix. In addition, the previous year had seen material impairments of inventories, particularly physical audio books, which is reflected in the positive change in inventories. EBIT for the reporting period also includes extraordinary income from a bonus dividend of EUR 1.2 million on the 20% share in Räder GmbH in the period under review. In the previous year, EBIT had included the non-recurring proceeds of EUR 1.1 million from the settlement reached with the former members of the governance bodies.

Revenues in the "Book" segment increased from EUR 65.4 million to EUR 69.0 million in the period under review. In this respect, the situation at the Bastei Lübbe Group is comparable to the overall market. Stable revenues in the print market are being accompanied by a slight decline in revenues in the e-book market. The increase in revenues of EUR 3.6 million is primarily attributable to smarticular and CE, which were consolidated for the first time. The revenues of the parent company Bastei Lübbe AG declined by EUR 2.4 million. In addition to lower e-book revenues, it should also be noted that in the same period of the previous year two extraordinarily successful titles had been released, namely Ken Follett's "The Evening and the Morning" and Dirk Rossmann's "Der neunte Arm des Oktopus". The likewise successful titles of these two top-selling authors ("Never" by Ken Follett and "Der Zorn des Oktopus" by Dirk Rossmann), which were released in time for this year's Christmas business, did not quite reach the revenues achieved by the previous year's titles. In the audio sector, demand for physical audio books is continuing to falter, while digital sales are more than making up for this decline. Despite the lower revenues from physical audiobook CDs, revenues in the entire audio segment rose by 6% thanks to the growth achieved with the digital formats. EBIT in the "Book" segment rose to EUR 11.0 million in the period under review, up from EUR 6.5 million in the same period in the previous year. This increase is primarily due to the above-mentioned improvements in costs and expenses.

The "Novel Booklets" segment generated revenues of EUR 5.3 million in the first nine months of fiscal year 2021/2022, compared with EUR 5.4 million in the previous year. Segment EBIT stood at EUR 0.9 million in the period under review, down from EUR 1.1 million in the previous year. Among other things, this reflected the pandemicinduced decline in sales outlets as well as higher production and personnel costs.

As described above, changes in inventories of finished goods and work in progress came to EUR -0.6 million, i.e. EUR 2.4 million down on the previous year (EUR -3.0 million).

At EUR 0.8 million, other operating income fell short of the previous year (EUR 1.3 million) mainly due to the absence of the aforementioned proceeds of EUR 1.1 million arising in the previous year from the settlement reached with the former members of the governance bodies. In the period under review, other operating income included gains of EUR 0.2 million from the deconsolidation of J.P. Bachem Editionen GmbH and income from the derecognition of liabilities of EUR 0.3 million.

At EUR 35.2 million, the cost of materials fell short of the previous year (EUR 35.8 million) in the period under review despite the higher revenues. This is primarily due to the improved systematic amortisation of the advances paid to top-selling authors in the period under review compared with the previous year.

Personnel expenses climbed from EUR 12.4 million in the previous year to EUR 13.5 million. This is mainly due to the consolidation of smarticular and CE, which were not included in the previous year's figures (up EUR 1.1 million).

Other operating expenses increased from EUR 11.9 million in the previous year to EUR 13.2 million. This was primarily attributable to higher advertising costs.

Depreciation of right-of-use assets under leases amounted to EUR 1.0 million (previous year: EUR 1.1 million).

Group earnings before interest and taxes (EBIT) came to EUR 11.9 million in the period from April to December, up from EUR 7.5 million in the previous year primarily as a result of the aforementioned improvements in costs and expenses. The EBIT margin stood at 16.0% as of 31 December 2021, up from 10.7% in the same period of the previous year.

The share of profit of associates came to EUR 1.1 million (previous year: EUR 0.2 million). This includes the effects of the remeasurement of the 40% stake already held in CE Community Editions GmbH in connection with the transition from the equity method of accounting to full consolidation.

Net finance expense fell from EUR -0.6 million in the previous year to EUR -0.3 million in the period under review, mainly due to lower financial liabilities. Interest expenses under lease liabilities amounted to EUR 0.1 million (previous year: EUR 0.2 million).

Earnings before taxes (EBT) from continuing operations came to EUR 12.7 million (previous year: EUR 7.2 million).

Net profit for the period from continuing operations stood at EUR 8.5 million (previous year: EUR 4.6 million). In the previous year, net profit for the period from discontinued operations had stood at EUR 0.6 million, including an amount of EUR 0.2 million attributable to the Group equity holders. Consolidated net profit for the period stands at EUR 8.5 million (previous year: EUR 5.3 million). The portion of this attributable to Bastei Lübbe AG's equity holders amounts to EUR 8.4 million (previous year: EUR 4.8 million). Accordingly, earnings per share equal EUR 0.64, up from EUR 0.37 in the previous year. This is based on 13,200,100 shares outstanding in the period under review (unchanged over the previous year).

Net assets

Non-current assets are valued at EUR 52.4 million, up from EUR 49.8 million as of 31 March 2021. Other intangible assets increased by EUR 1.5 million and goodwill by EUR 4.6 million due to the first-time consolidation of CE Community Editions. On the other hand, the derecognition of the 40% share held in CE Community Editions GmbH, which had previously been accounted for using the equity method, resulted in a deduction of EUR 1.1 million. Author advances fell by EUR 1.9 million. Right-of-use assets under leases are valued at EUR 7.5 million (31 March 2021: EUR 8.2 million).

Current assets climbed from EUR 40.4 million as of 31 March 2021 to EUR 49.1 million as of 31 December 2021 due to higher trade receivables from Christmas business. This was offset by dividend distributions and the payment of the purchase price for 60% of the shares acquired in CE Community Editions GmbH.

At EUR 47.2 million, the share of equity attributable to the equity holders of the Parent Company is higher than on 31 March 2021 (EUR 42.5 million). The net profit for the period of EUR 8.5 million (of which EUR 8.4 million is attributable to the equity holders of Bastei Lübbe AG) was offset by the dividend payment of EUR 3.8 million distributed in September 2021 for fiscal year 2020/2021.

Non-current liabilities are valued at EUR 11.7 million, up from EUR 15.5 million as of 31 March 2021. As of 31 December 2021, the value of the expected subsequent payment of the purchase price to the sellers of Business Hub Berlin UG was modified due to the effect of subsequent events. This resulted in a reduction of EUR 2.5 million in the fair value of the liability. The reduction was offset against the goodwill of Business Hub Berlin UG through other comprehensive income. Liabilities to banks decreased from EUR 3.8 million to EUR 3.0 million as a result of a scheduled repayment. Non-current lease liabilities stand at EUR 6.4 million (31 March 2021: EUR 7.2 million).

Current liabilities amounted to EUR 42.5 million as of 31 December 2021, compared with EUR 32.0 million as of 31 March 2021. This reflects higher liabilities towards authors as well as higher tax liabilities. Current lease liabilities are valued at EUR 1.3 million (31 March 2021: EUR 1.2 million).

Net financial assets stood at EUR 7.2 million as of 31 December 2021, down EUR 2.5 million on 31 March 2021 (EUR 9.7 million). This is mainly due to the aforementioned dividend payment of EUR 3.8 million in September 2021 as well as the fact that the acquisition of the remaining 60% interest in CE Community Editions GmbH was financed via the cash flow.

Material events occurring after the reporting date

On 25 January 2022, it was announced that Mr Soheil Dastyari would be joining the Executive Board as CEO and Chairman from 1 March 2022. The purpose of the appointment is to further advance the Company's successful growth trajectory now that the Executive Board in its existing composition has stabilised the Group's profitability and optimised the portfolio earlier than expected.

On 4 February 2022, Daedalic Entertainment GmbH repaid the outstanding loan amount. The repayment of the loan receivable, which had previously been written off in full, resulted in extraordinary income of EUR 1.4 million. In addition, the majority shareholder of Daedalich Entertainment GmbH acquired the remaining 10% of the shares held by Bastei Lübbe AG in Daedalic Entertainment GmbH under a contractual call option.

On 4 February 2022, Bastei Lübbe AG published an ad hoc announcement in this connection, announcing an increase in the forecast for the current 2021/2022 financial year (see outlook).

No other events of particular significance for the assessment of the Bastei Lübbe AG Group's net assets, financial position and results of operations occurred after the reporting period.

Opportunity and risk report

There has been no fundamental change in the Bastei Lübbe Group's risk situation and opportunities compared to the presentation in the annual report for 2020/2021 and the report on the first half of fiscal year 2021/2022.

Currently, book retailers increasingly fear that the pandemic-related restrictions will have a negative impact on customer footfall and revenues of brick-and-mortar bookstores. For the remaining weeks in the current fiscal year, however, we assume that revenues will remain in line with expectations.

Outlook

Compared to the presentation in the 2020/2021 annual report and the information provided on the first half of the fiscal year, there have been substantial improvements in the Executive Board's forecast for fiscal year 2021/2022:

As a result of the extraordinary investment income from Räder GmbH, the proceeds from the repayment of the impaired loan from Daedalic Entertainment GmbH and better-than-expected Christmas business, a significant improvement in Group EBIT over the previous forecast is expected. Group revenues of approximately EUR 95 million (previously: range of EUR 90 to 95 million) and EBIT in a range of between EUR 14.5 million and EUR 15.5 million (previously: EUR 11 million to EUR 12 million) are now projected for fiscal year 2021/2022.

The Executive Board of the Bastei Lübbe Group assumes that the pandemic-related uncertainties and risks will not have any adverse effect on the forecast for the current fiscal year.

Cologne, 10 February 2022 Bastei Lübbe AG

Joachim Herbst Sandra Dittert Simon Decot Speaker of the Executive Board Executive Board Executive Board Chief Financial Officer Sales and Marketing Programme

	31/12/2021	31/3/2021
	EUR thous.	EUR thous.
Non-current assets
Intangible assets	11,817	8,375
Author advances	21,670	19,759
Property, plant and equipment (including leased assets)	8,552	9,585
Investments accounted for using the equity method	0	1,090
Financial assets	9,219	9,318
Deferred tax assets	1,175	1,634
	52,433	49,762
Current assets
Inventories	10,291	9,423
Trade receivables	25,200	13,963
Financial assets	49	204
Income tax refund claims	505	208
Other receivables and assets	1,776	2,110
Cash and cash equivalents	11,268	14,472
	49,089	40,380
Total assets	101,522	90,142
Equity
Equity attributable to the parent company's equity holders
Subscribed capital	13,200	13,200
Share premium	9,045	9,045
Unappropriated surplus/accumulated deficit	16,137	11,550
Other comprehensive income	8,788	8,723
	47,170	42,519
Non-controlling interests	186	109
Total equity	47,355	42,627
Non-current liabilities
Provisions	88	87
Deferred tax liabilities	1,510	1,042
Financial liabilities	9,680	13,799
Trade payables	434	592
	11,712	15,521
Current liabilities
Financial liabilities	5,086	5,147
Trade payables	23,454	15,774
Income tax liabilities	5,351	1,874
Provisions	7,706	7,765
Other liabilities	857	1,433
	42,454	31,994
Total liabilities	54,167	47,514
Total equity and liabilities	101,522	90,142

Consolidated statement of financial position as of 31 December 2021

Consolidated income statement for the period from 1 April to 31 December 2021

	01/04 – 31/12/2021	01/04 – 31/12/2020
Continuing operations	EUR thous.	EUR thous.
Revenues	74,371	70,796
Changes in inventories of finished goods and work in progress	-568	-2,951
Other operating income	770	1,300
Cost of materials	-35,226	-35,844
Personnel expenses	-13,540	-12,357
Other operating expenses	-13,212	-11,870
Share of profit of associates	1,200	14
Earnings before interest, income taxes, depreciation and amortisation (EBITDA)	13,796	9,089
Amortisation and depreciation	-1,880	-1,544
Earnings before interest and income taxes (EBIT)	11,916	7,545
Share of profit of associates	1,060	209
Net finance income/expenses	-295	-596
Earnings before income taxes (EBT) from continuing operations	12,681	7,158
Income taxes	-4,201	-2,529
Net profit for the period from continuing operations	8,480	4,629
Net profit for the period from discontinued operations	−	624
Consolidated net profit for the period	8,480	5,253
of which attributable to:
Equity holders of Bastei Lübbe AG
Net profit from continuing operations	8,432	4,596
Net profit from discontinued operations	─	242
	8,432	4,838
Non-controlling interests
Net profit from continuing operations	48	33
Net profit from discontinued operations	─	382
	48	415
Earnings per share (basic = diluted) (based on the net profit for the period attributable to the equity holders of Bastei Lübbe AG)	0.64	0.37

Consolidated income statement for the period from 1 October 2021 to 31 December 2021

	01/10 – 31/12/2021	01/10 – 31/12/2020
Continuing operations	EUR thous.	EUR thous.
Revenues	33,036	29,670
Changes in inventories of finished goods and work in progress	-433	-2,630
Other operating income	397	121
Cost of materials	-16,443	-13,769
Personnel expenses	-4,677	-4,159
Other operating expenses	-5,051	-4,513
Share of profit of associates	1,200	−
Earnings before interest, income taxes, depreciation and amortisation (EBITDA)	8,030	4,721
Amortisation and depreciation	-669	-529
Earnings before interest and income taxes (EBIT)	7,361	4,192
Share of profit of associates	−	-58
Net finance income/expenses	-123	-205
Earnings before income taxes (EBT) from continuing operations	7,237	3,929
Income taxes	-2,699	-1,186
Consolidated net profit for the period	4,538	2,743
of which attributable to:
Equity holders of Bastei Lübbe AG	4,578	2,715
Non-controlling interests	-41	28
Earnings per share (basic = diluted) (based on the net profit for the period attributable to the equity holders of Bastei Lübbe AG)	0.35	0.21

Consolidated statement of comprehensive income for the period from 1 April to 31 December 2021

	01/04 – 31/12/2021	01/04 – 31/12/2020
	EUR thous.	EUR thous.
Net profit for the period	8,480	5,253
Amounts that cannot be recycled to profit and loss in the future	−	−
Changes in the fair value of available-for-sale financial assets	−	−
Amounts that can be recycled to profit and loss in the future	55	-97
Foreign currency translation differences	55	-97
Other comprehensive income	55	-97
Consolidated comprehensive income	8,535	5,157
of which attributable to:
Equity holders of Bastei Lübbe AG	8,480	4,730
Non-controlling interests	55	427

Consolidated statement of comprehensive income for the period from 1 October 2021 to 31 December 2021

	01/10 – 31/12/2021	01/10 – 31/12/2020
	EUR thous.	EUR thous.
Net profit for the period	4,538	2,743
Amounts that cannot be recycled to profit and loss in the future	−	−
Changes in the fair value of available-for-sale financial assets	−	−
Amounts that can be recycled to profit and loss in the future	0	-25
Foreign currency translation differences	0	-25
Other comprehensive income	0	-25
Consolidated comprehensive income	4,538	2,717
of which attributable to:
Equity holders of Bastei Lübbe AG	4,577	2,686
Non-controlling interests	-39	31

Segment report for the period from 1 April 2021 to 31 December 2021

	Book			Novel booklets		Games (discontinued)		Total
	04-12/	04-12/	04-12/	04-12/	04-12/	04-12/	04-12/	04-12/
	2021	2020	2021	2020	2021	2020	2021	2020
	EUR	EUR	EUR	EUR	EUR	EUR	EUR	EUR
	thous.	thous.	thous.	thous.	thous.	thous.	thous.	thous.
Segment revenues	69,131	65,411	5,342	5,431	−	2,358	74,473	73,199
Internal revenues	102	46	−	−	−	−	102	46
External revenues	69,029	65,365	5,342	5,431	─	2,358	74,371	73,153
EBITDA	12,786	7,861	1,009	1,228	─	878	13,796	9,967
Depreciation and amortisation	-1,760	-1,392	-119	-152	−	−	-1,880	-1,544
EBIT	11,026	6,469	890	1,076	─	878	11,916	8,423

	Group total		Continuing operations		Discontinued operations
	04-12/ 2021	04-12/ 2020	04-12/ 2021	04-12/ 2020	04-12/ 2021	04-12/ 2020
	EUR thous.	EUR thous.	EUR thous.	EUR thous.	EUR thous.	EUR thous.
Segment revenues	74,473	73,199	74,473	70,841	−	2,358
Internal revenues	102	46	102	46	−	−
External revenues	74,371	73,154	74,371	70,796	−	2,358
EBITDA	13,796	9,967	13,796	9,089	−	878
Depreciation and amortisation	-1,880	-1,544	-1,880	-1,544	−	0
EBIT	11,916	8,423	11,916	7,545	−	878
Share of profit of associates	1,060	209	1,060	209	−	−
Net finance income/expenses	-295	-713	-295	-596	−	-117
Earnings before taxes	12,681	7,919	12,681	7,158	−	761
Income taxes	-4,201	-2,666	-4,201	-2,529	−	-137
Net profit for the period	8,480	5,253	8,480	4,629	−	624

Segment report for the period from 1 October 2021 to 31 December 2021

	Book		Novel booklets		Total
	10-12/ 2021	10-12/ 2020	10-12/ 2021	10-12/ 2020	10-12/ 2021	10-12/ 2020
	EUR thous.	EUR thous.	EUR thous.	EUR thous.	EUR thous.	EUR thous.
Segment revenues	31,396	27,868	1,729	1,828	33,125	29,696
Internal revenues	88	26	−	−	88	26
External revenues	31,307	27,843	1,729	1,828	33,037	29,670
EBITDA	7,682	4,299	348	422	8,030	4,721
Depreciation and amortisation	-643	-477	-26	-52	-669	-529
EBIT	7,039	3,821	322	370	7,361	4,192

Financial calendar 2022/2023

Date	Event
12 July 2022	Annual press conference
11 August 2022	Quarterly statement (Q1)
14 September 2022	Annual general meeting
10 November 2022	Financial report for the first half of the year (HY1)
9 February 2023	Quarterly statement (Q3)

Legal notice

Published by:

Bastei Lübbe AG Schanzenstraße 6-20 51063 Cologne, Germany Tel: +49 (0)221 82 00 22 88 Fax: +49 (0)221 82 00 12 12 E-Mail: investorrelations@luebbe.de

Contact:

Bastei Lübbe AG's Q3 2021/2022 statement is available as a PDF file on the Internet at www.luebbe.com.

Further information on the Company can also be found on the Internet at www.luebbe.de.

Photo credits:

The book cover shown on the title page is from the Bastei Lübbe programme

www.luebbe.com