Quarterly Report • Nov 10, 2020
Quarterly Report
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| Δ previous year |
1/1/ – 30/9/2020 |
1/1/ – 30/9/2019 |
2019 | |
|---|---|---|---|---|
| Revenue (€ '000) | –7.8% | 141,451 | 153,426 | 207,927 |
| Technology (€ '000) | –6.1% | 102,380 | 109,063 | 148,424 |
| Services (€ '000) | –11.9% | 39,071 | 44,363 | 59,503 |
| EBITDA (€ '000) | –22.9% | 9,138 | 11,853 | 16,008 |
| EBITDA margin (%) | 6.5 | 7.7 | 7.7 | |
| EBIT (€ '000) | –41.1% | 3,901 | 6,625 | 8,338 |
| EBIT margin (%) | 2.8 | 4.3 | 4.0 | |
| Net profit for the period(€ '000) | –49.3% | 2,442 | 4,819 | 6,089 |
| as percentage of revenue | 1.7 | 3.1 | 2.9 | |
| Earnings per share (€) | –49.3% | 0.35 | 0.70 | 0.88 |
| Balance sheet total assets (€ '000) | 4.6% * | 152,678 | 143,929 | 146,003 |
| Equity (€ '000) | 2.8% * | 77,133 | 73,843 | 75,067 |
| Equity ratio (%) | 50.5 | 51.3 | 51.4 | |
| Net debt1 (€ '000) |
–11.3% * | 21,494 | 30,575 | 24,232 |
| Net working capital ratio2 (%) | 20.7 | 22.2 | 20.2 | |
| Free cash flow3 (€ '000) | 3,544 | 1,000 | 7,648 | |
| Employees (average) | –0.5% | 1,447 | 1,454 | 1,460 |
| Employees (FTE) (average) | –0.7% | 1,273 | 1,282 | 1,280 |
| Personnel expenses (€ '000) 4 | –0.8% | 58,088 | 58,531 | 77,679 |
| as percentage of revenue 4 | 41.1 | 38.1 | 37.4 | |
| Revenue per employee (FTE) (€ '000) | –7.2% | 111 | 120 | 162 |
| Number of shares at end of period | 6,907,665 | 6,907,665 | 6,907,665 | |
| Share price max (€) 5 | 20.85 | 30.00 | 30.00 | |
| Share price min (€) 5 | 10.14 | 19.18 | 15.52 |
* Change since December 31, 2019
| 1Net debt for the period | = Interest-bearing financial liabilities including leasing liabilities according to IFRS 16 |
|---|---|
| ./. cash and cash equivalents | |
| 2Net working capital ratio | = Net working capital / revenue (rolling four quarters) |
| Net working capital = Inventories + trade receivables ./. trade payables ./. prepayments received | |
| Previous year's figures adjusted | |
| 3Free cash flow | = Net cash from operating activities |
| + cash used for investments according to cash flow statement | |
| 4Previous year's figure as of September 30 adjusted due to a reclassification. | |
| 5Xetra closing price |
technotrans increases consolidated revenue compared with previous quarter and achieves an adjusted EBIT margin of 4.2% for the first nine months, on a par with the previous year
The technotrans Group posted consolidated revenue of € 141.5 million in the first nine months of the 2020 financial year. The decline of 7.8% compared to the previous year is due to the ongoing corona-related impairments. technotrans nevertheless remained profitable in the nine-month period and posted consolidated EBIT of € 3.9 million (previous year: € 6.6 million). As a result, non-recurring structural costs of € 2.7 million and a one-off income of € 0.6 million from a terminated fine proceeding (Federal Financial Supervisory Authority BaFin) were processed. Adjusted for these effects, adjusted EBIT reached € 6.0 million and the EBIT margin was on a par with the previous year: at 4.2% (previous year 4.3%).
Business development in the nine-month period was thus more robust than expected at mid-year. This was mainly due to the solid business performance in the third quarter under the current circumstances. Compared to the previous quarter, consolidated revenue increased by € 3.3 million. In the period from July to September, it reached € 46.3 million (previous year: € 50.8 million) with EBIT of € 1.1 million (previous year: € 2.5 million). Adjusted for pro rata one-off expenses of € 0.9 million for restructuring measures, the Group achieved an EBIT margin of 4.3% in the third quarter.
The development in the markets was largely in line with expectations. The printing industry stabilised following the sharp downturn in the second quarter, but overall remained well below the previous year's figures. Business with customers from the laser and machine tool industry weakened noticeably in the third quarter and could not be fully compensated by the still growing EUV business. As expected, revenue in the market segment of the plastics processing industry and in the growth markets developed positively.
In the Technology segment, the reluctance to invest prompted by corona was reflected in a decline in revenue by 6.1% to € 102.4 million compared with the prior-year period. The share of Group revenue increased slightly to 72.4% (previous year: 71.1%). EBIT of the segment amounted to € -1.2 million (previous year: € 0.3 million), corresponding to a segment return of -1.2% (previous year: 0.3%).
The Services segment generated revenue of € 39.1 million (previous year: € 44.4 million). The year-on-year decline of 11.9% reflected the effects of the comprehensive corona-related travel restrictions, which continued to hamper service operations in the third quarter. The share of Group revenue plunged accordingly to 27.6%. As expected, the segment's earnings situation proved stable with segment EBIT of € 5.1 million (previous year: € 6.3 million) and a segment return of 13.1% (previous year: 14.2%).
Based on the developments outlined, technotrans posted consolidated earnings after taxes of € 2.4 million (previous year: € 4.8 million) for the first nine months of the 2020 financial year. Earnings per share accordingly amounted to € 0.35 (previous year: € 0.70).
The Group's net assets and financial position remained solid. The equity ratio as of September 30, 2020 was 50.5 % (December 31, 2019: 51.4%). As of the quarterly reporting date, the Group had cash and cash equivalents of € 26.6 million (December 31, 2019: € 20.9 million) and was at no time dependent on state support loans. Instead, net debt was reduced by more than 11% to € 21.5 million.
Thanks to active working capital management, the Group achieved a positive free cash flow of € 3.5 million in the period under review despite investments in the new site of Group company Reisner Cooling Solutions GmbH, which was a significant increase on the previous year's figure of € 1.0 million.
As of September 30, 2020, 1,429 people were employed throughout the Group. This corresponds to a reduction of 45 employees compared to December 31, 2019. The average full employment equivalent (FTE) in the reporting period was 1,273 employees.
Based on the business performance in the nine-month period, the Board of Management expects consolidated revenue of around € 185 million with an EBIT margin of approx. 2.5%- 3.0% and a sustained positive free cash flow for the 2020 financial year. The EBIT margin adjusted for one-off effects is expected to reach the previous year's level of 4.0% despite the decline in revenue. This guidance is subject to the proviso that in the remaining weeks of the financial year 2020 no corona-related restrictions are imposed that go beyond the measures initiated by the government at the beginning of November.
Thus, our company gwk, among others, provided the appropriate cooling technology at very short notice, which was required for the production of components to produce quick corona tests.
Order intake stabilized in the third quarter and moderately exceeded quarterly revenue. Book to bill ratio indicated a return to the growth path with a value exceeding 1.
In the third quarter, the Board of Management continued to consistently implement the planned structural measures. The pro rata expenses for the quarter amounted to € 0.9 million. The cumulative expenses for the nine-month period amounted to € 2.7 million.
This includes the streamlining of the organisational structure by closing the sales and service location in Madrid with effect from October 31, 2020. In future, the Spanish market will be served more directly from the plants and the global sales and service network.
technotrans has digitalized parts of its service. Since September, customers around the world can access comprehensive services via a newly developed app. Virtual reality technology allows services to be provided from a distance in a comprehensive scope. This is of immense importance especially in times of COVID-19.
The new construction of the energy-efficient site of our Group company Reisner Cooling Solutions GmbH in Holzwickede is progressing faster than planned. After completion at the turn of the year 2020/2021, two out of five of our domestic production sites will already meet the high energy efficiency standard "KfW55".
The Board of Management is driving forward the process of strategic alignment up to 2025, taking into account the changed conditions caused by corona. Results will be presented at the end of 2020.
Immediately after the end of the nine-month period, on October 1, 2020, technotrans celebrated its 50th anniversary. Due to corona, no celebrations of any kind were held. Heinz Harling, Chairman of the Supervisory Board of technotrans SE and a longstanding companion of the company, has written a factual and entertaining company chronicle entitled "Everything flows". It was presented on October 2, 2020 and is available in bookstores and online since then.
Group revenue in the third quarter slightly exceeded the Board of Management's expectations. It is precisely at times like these that the stabilizing effect of the diversified portfolio is also reflected in the continuing sound economic situation of the technotrans Group. The precautions taken for all employees and business partners to prevent infection proved to be extremely effective. Accordingly, proper operations without any restrictions could be maintained throughout the entire period under review.
"We have achieved significant sales successes both nationally and internationally, thus expanding the basis for further growth. In the financial year 2020, we expect to generate consolidated revenue of around € 185 million, an EBIT margin of around 2.5 % - 3.0 % and a positive free cash flow. This guidance is subject to the proviso that no further corona-related restrictions are imposed in the remaining weeks of fiscal 2020 that go beyond the measures initiated by the government at the beginning of November. In the medium term, we aim to give technotrans an even stronger position and are currently sharpening up our Strategy 2025. We will present the results at the end of this year.," says Michael Finger, Spokesman of the Board of Management of technotrans SE.
The technotrans Group posted consolidated revenue of € 46.3 million in the third quarter of the current financial year, down 8.9 % on the prior-year quarter (€ 50.8 million). After a COVID-19-related weak development of sales and incoming orders in the second quarter of the current financial year, both, sales and the order situation (book to bill = 1.1) improved in the third quarter. The course of business thus exceeded overall expectations at mid-year.
In the first nine months of the 2020 financial year, consolidated revenue reached € 141.5 million and was thus only 7.8 % down on the previous year's figure of € 153.4 million, despite the significant reduction in global business activities due to corona.
| 9M 2020 | 9M 2019 | Change in % | ||
|---|---|---|---|---|
| Revenue | € million | 141.5 | 153.4 | –8 |
| Gross profit 1 | € million | 39.4 | 45.6 | –14 |
| Gross margin 1 | in % | 27.8 | 29.7 | |
| EBITDA | € million | 9.1 | 11.9 | –23 |
| EBIT | € million | 3.9 | 6.6 | –41 |
| EBIT margin | in % | 2.8 | 4.3 | |
| Net profit for the period | € million | 2.4 | 4.8 | –49 |
| EPS | in € | 0.35 | 0.70 | –49 |
1Prior-year figures adjusted due to a reclassification
Revenue development in the individual markets during the reporting period was largely in line with expectations. While business in the printing industry stabilised after a weak first half, revenue in the laser and machine tool industry was unable to maintain the level of the first six months. By contrast, business in the plastics processing industry and in the growth markets developed well. In addition to an increase in revenue, we recorded a slight rise in order intake.
The revenue performance outlined above has had a particular impact on the Technology segment. Segment revenue in the
period under review fell by 6.1 % year-on-year to € 102.4 million (previous year: € 109.1 million).
The Services segment generated revenue of € 39.1 million (previous year: € 44.4 million) and was thus 11.9 % below the previous year's level. After only € 11.6 million in the second quarter, increased revenue of € 13.4 million was generated in the third quarter.
At € 1.1 million, EBIT remained positive also in the third quarter (previous year: € 2.5 million). The EBIT margin fell from 5.0 % to 2.3 % compared to the previous year. The quarterly result includes € 0.9 million for structural and personnel measures as part of the strategic realignment of the Group. Adjusted for these one-off effects, the EBIT margin reached 4.3 %.
After nine months, the group achieved operating earnings of € 3.9 million, compared with € 6.6 million a year ago. At 2.8 %, the EBIT margin was well below the previous year's figure of 4.3 %. However, EBIT includes one-off structural costs of € 2.7 million and a one-off income of € 0.6 million from the termination of a fine proceeding (Federal Financial Supervisory Authority BaFin). EBIT adjusted for these effects amounted to € 6.0 million, which corresponds to an EBIT margin of 4.2 % and was thus at the previous year's level.
Gross earnings reached € 39.4 million in period under review (previous year: € 45.6 million). The cost of sales fell by only 5.3 % in the reporting period. Gross margin thus reached 27.8 % compared to 29.7 % in the previous year. In addition to a changed sales and product mix, structural and personnel measures also had a negative impact on the margin.
At € 35.7 million, selling, administrative and development expenses were 8.2 % down on the previous year.
The positive balance of other operating income and expenses remained unchanged at € 0.4 million. This also includes FX losses of € 0.2 million (previous year: FX gains of € 0.1 million).
| Technology | Services | technotrans Group | |||||
|---|---|---|---|---|---|---|---|
| 9M 2020 | 9M 2019 | 9M 2020 | 9M 2019 | 9M 2020 | 9M 2019 | ||
| Revenue | € million | 102.4 | 109.1 | 39.1 | 44.4 | 141.5 | 153.4 |
| EBITDA | € million | 2.2 | 3.8 | 6.9 | 8.1 | 9.1 | 11.9 |
| EBIT | € million | –1.2 | 0.3 | 5.1 | 6.3 | 3.9 | 6.6 |
| EBIT margin | in % | –1.2 | 0.3 | 13.1 | 14.2 | 2.8 | 4.3 |
The Technology segment posted an operating result of € -1.2 million for the first three quarters (previous year: € 0.3 million). The rate of return for the segment fell from 0.3 % to -1.2 %. As expected, operating earnings in the Services segment proved robust at € 5.1 million (previous year: € 6.3 million) and achieved a rate of return for the segment of 13.1 % in the period under review (previous year: 14.2 %). Adjusted for these special effects, the Group generated segment returns on previous year's level (Technology: 0.4 %; Services: 14.3 %).
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the first nine months of fiscal year 2020 amounted to € 9.1 million, down from € 11.9 million in the same period last year. Scheduled depreciation remained constant at € 5.2 million. The financial result deteriorated from € 0.1 million in the previous year to € -0.5 million. As at the end of September 2019, interest income of € 0.6 million was reported, which resulted from the final release of a conditional purchase price obligation (put/ call option) for Ovidius GmbH. Interest expenses for financial liabilities, on the other hand, did not increase year-on-year in the reporting period to € 0.5 million. The income tax expense amounted to € 1.0 million after € 1.9 million in the previous year.
Consolidated net profit after taxes for the period reached € 2.4 million (previous year: € 4.8 million). The return on sales fell from 3.1 % to 1.7 %. Earnings per share in the first nine months of the financial year halved to € 0.35 (previous year: 0,70 €).
At September 30, 2020 total assets of the technotrans Group rose by 4.6 % compared with December 31, 2019, to € 152.7 million.
| Assets | 30/9/2020 | 31/12/2019 | December 31, 2019 to € 40.6 million. | |
|---|---|---|---|---|
| Fixed assets* | 69.8 | 68.1 | ||
| Inventories | 29.0 | 28.3 | Financial position | |
| Trade Receivables |
22.5 | 24.0 | year: € 1.0 million). | |
| Cash | 26.6 | 20.9 | ||
| Other assets | 4.8 | 4.7 | ||
| Total assets | 152.7 | 146.0 | Cash flow (€ million) | |
| Equity and Liabilities | 30/9/2020 | 31/12/2019 |
|---|---|---|
| Equity | 77.1 | 75.1 |
| Borrowings* | 48.0 | 45.1 |
| Employee benefits | 8.4 | 6.0 |
| Provisions | 3.3 | 3.9 |
| Trade payables |
6.9 | 6.0 |
| Payments received | 4.1 | 4.2 |
| Other liabilities | 4.9 | 5.7 |
| Total equity and liabilities | 152.7 | 146.0 |
*including rights-of use assets or liabilities from lease transactions in accordance with IFRS 16.
As expected, non-current assets increased further in connection with the construction progress of the new site of Reisner Cooling Solutions in Holzwickede. It amounted to € 69.8 million at the end of the period under review (31 December 31, 2019: € 68.1 million).
With a COVID-19-related moderate increase in inventories receivables by 2.5 %, we secured our ability to deliver to our customers. This was offset by a further reduction in receivables by 6.2 % in the reporting period.
The increase in current assets by a total of € 5.1 million was mainly due to the increase in cash and cash equivalents. At the end of the third quarter, they had risen by 27.0 % from € 20.9 million to € 26.6 million, thus providing a good basis for the upcoming quarters.
On the equity and liabilities side, equity increased by 2.8 % to € 77.1 million as of September 30, 2020. This corresponds to an equity ratio of 50.5 % (December 31, 2019: 51.4 %).
While trade payables, including payments received, increased slightly compared with the end of 2019, financial liabilities
(including € 3.5 million in lease liabilities pursuant to IFRS 16) rose by € 2.9 million to € 48.0 million. Outstanding employee benefits increased from € 6.0 million to € 8.4 million in connection with the implemented structural measures.
Net working capital decreased from € 42.1 million as of
In the first nine months of the current 2020 financial year, a positive free cash flow of € 3.5 million was realised (previous year: € 1.0 million).
| Cash flow (€ million) | 1/1/ – 30/9/2020 |
1/1/ – 30/9/2019 |
|---|---|---|
| Cash flow from operating activities |
8.9 | 11.9 |
| Net cash flow from operating activities |
9.6 | 8.3 |
| Cash flow from investing activities |
–6.0 | –7.3 |
| Free cash flow | 3.5 | 1.0 |
| Cash flow from financing activities |
2.2 | –7.0 |
The operating cash flow reached € 8.9 million after € 11.9 million in the same period last year. The change in net working capital and interest and taxes paid or received resulted in a cash inflow of € 0.7 million (previous year: outflow of € 3.6 million) and led to an overall net cash inflow from operating activities of € 9.6 million (previous year: € 8.3 million).
Planned payments for capital expenditures and the new construction project in Holzwickede were reflected in a cash flow from investing activities of € -6.0 million (previous year: € -7.3 million).
Cash flow from financing activities amounted to € +2.2 million (previous year: € -7.0 million). In addition to new borrowings of € 9.5 million, this was made up of scheduled repayments of financial liabilities amounting to € 5.1 million and the payment of € 2.1 million (previous year: € 1.8 million) for lease liabilities.
Liabilities to banks totalled € 44.6 million at the end of September 2020 (December 31, 2019: € 40.5 million). They are spread across several banks and are characterised by a balanced maturity structure. The net debt shown on the balance sheet was reduced by 11.3 % to € 21.5 million. In addition, financing was available from free credit lines amounting to € 11.2 million.
No events with a material effect on the net worth, financial position and financial performance of technotrans Group occurred after September 30, 2020 that are not connected with the COVID-19 pandemic.
The main opportunities and risks of the business activities as well as the early risk detection system are described in detail in
The COVID-19 pandemic will continue to have a major impact on global economic conditions in the foreseeable future. We assume that the uncertainty among market participants will continue and that this will have a potentially negative impact on business development. Forecasts on the further development of the pandemic continue to be associated with a high degree of uncertainty. This is also confirmed by the current development, which is characterised by a sharp rise in the number of infections following an alleged slowdown in the pandemic during the summer months. As a result, governments in several countries tightened their measures to contain the pandemic in November. However, these measures do not include a lockdown for the manufacturing industry. A gradual normalisation of the economic environment can only be expected when an effective vaccine is available nationwide. When this will be the case cannot be foreseen from today's perspective. The ongoing trade and customs disputes as well as the still uncertain course of BREXIT are further current uncertainty factors of the economic development.
Against this backdrop, the International Monetary Fund (IMF) expects negative growth rates for 2020 in all economic areas under consideration in its Word Economic Outlook in October. Although these were raised during the year, they still range from -4.4 % (global economy) to -12.8 % (Spain). The forecast for Germany is -6.0 %. The ifo Institute also expects the German economy to contract in 2020, with a slightly more optimistic figure of -5.2 %. A renewed increase in uncertainty due to sharply rising corona infection rates is also reflected in the ifo business climate as of October, which declined slightly for the first time. Currently still positive economic forecasts of various institutions for the coming year 2021 are increasingly questioned.
In June 2020, the Federal Government initiated an economic stimulus package for the future, which includes the promotion of hydrogen technology and electromobility. Whether this will have a positive effect on the technotrans Group cannot yet be conclusively assessed.
In order to ensure that we achieve our revenue and profitability targets in fiscal year 2020, we are focusing our sales and service activities on short-term revenue recognition through excellent support for our existing customers and the acquisition of new customers in high-revenue markets such as plastics processing and fast-growing markets such as e-mobility, medical and
the combined Group Management Report 2019 (please refer to page 83 ff).
The opportunities and risk profile of technotrans Group changed during the period under review. Detailed information on the changes can be found in the Half-Year Financial Report 2020 (please refer to page 9 ff).
scanner technology. In addition, we are pushing ahead with digitalization in order to be able to offer our services more and more independently of location. At the same time, the aim is to continually increase efficiency in the Group on a sustained basis through strict cost control and working capital management.
In terms of the development of the segment, we expect the Technology segment as a whole to continue the trend seen in the third quarter. The development in the Services segment will be largely determined by the scope of the corona-related travel restrictions. Due to the currently worsening COVID-19 impairments, we assume that the challenges will continue at the same high level. Overall, we therefore expect business development in the fourth quarter to be at about the same level as in the third quarter.
Based on the business performance in the first nine months of the 2020 financial year, the Board of Management expects consolidated revenue of around € 185 million, an EBIT margin of approx. 2.5 % - 3.0 % and a positive free cash flow for the 2020 financial year. The EBIT margin adjusted for one-off effects is expected to reach the previous year's level of approx. 4.0 %. This guidance is subject to the proviso that no corona-related restrictions are imposed in the remaining weeks of the 2020 financial year that go beyond the measures initiated by the government at the beginning of November and that the delivery and performance capability of the technotrans Group can be maintained.
Due to the strong Group structure, the Board of Management is confident about the 2021 financial year, although the planning uncertainty caused by corona will continue. The concrete annual forecast for the 2021 financial year will be announced with the publication of the 2020 Annual Report on March 9, 2021. Parallel to the operating business, we are pushing ahead with the process of strategic realignment as planned. At the end of 2020, we will present the "Strategy 2025", which also includes the medium-term goals.
Comprehensive information on technotrans shares and the company can be found on our website https://www.technotrans.com/en/investor-relations
The information offered includes current investor news, voting rights announcements, analysts' assessments, financial reports, presentations, information on the Annual General Meeting, the factsheet and the financial calendar.
With effect from August 13, 2020, the number of voting rights of the shareholder Luxempart Pipe SARL amounted to 10.08 % according to the notification received. This is therefore to be classified as a significant investment. For further information please refer to our website
https://www.technotrans.com/en/investor-relations/ investor-news.html
technotrans shares recovered fully following a corona-related slump in March 2020. In particular, the share gained ground after the publication of the comparatively robust half-year figures in August 2020 with a positive earnings outlook at the end of the year. At the end of the nine-month period, it stood at € 19.22. This corresponded to an increase of about 3 % compared to the XETRA closing price on December 31, 2019. The DAXsector Technology rose by 9.3 % in the reporting period. It outperformed the DAX and SDAX, which fell by 3.7 % and 1.9 % respectively over the same period.
The market capitalization increased slightly to € 132.8 million in the nine-month period. In the first nine months of the financial year, the share price moved between € 10.14 (minimum) and € 20.85 (maximum).
technotrans shares are currently covered by five analysts. The price targets currently lie between € 11.50 and € 24.00. The recommendations are 3x Buy, 1x Hold and 1x Reduce.
This Quarterly Communication contains statements on the future development of the technotrans Group. They reflect the current views of the management of technotrans SE and are based on corresponding plans, estimates and expectations. Please note that these statements involve certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Rounding differences may
occur in the figures and percentages contained in this report. The quarterly financial statements of technotrans SE as at September 30, 2020 have been prepared in accordance with Section 51a of the Exchange Rules of the Frankfurt Stock Exchange (FWB).
| Publication | Date |
|---|---|
| Annual Report 2020 | March 9, 2021 |
| Quarterly communication 1-3/2021 | May 4, 2021 |
| Annual General Meeting 2021 | May 7, 2021 |
| Interim Financial Report 2021 | August 10, 2021 |
| Quarterly communication 1-9/2021 | November 9, 2021 |
| German Equity Forum, virtual | November 16 - 17, 2020 | |
|---|---|---|
| Berenberg Pennyhill Conference, virtual | December 2, 2020 |
Please refer to our website at the following address for up-todate information on events: https://www.technotrans.com/en/ investor-relations/financial-calendar.html.
Frank Dernesch Manager Investor Relations & Corporate Finance
Phone: +49 (0)2583-301-1868 Fax: +49 (0)2583-301-1054 Email: [email protected]
technotrans SE Robert-Linnemann-Straße 17 48336 Sassenberg
Telefon: +49 (0)2583-301-1000 Fax: +49 (0)2583-301-1054 E-Mail: [email protected]
Member of the technotrans group
www.technotrans.com
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