Quarterly Report • Aug 13, 2013
Quarterly Report
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Peter Boder CEO
ALBERT HIRsch Member of the Management Board
Dear Shareholders,
It was around a year ago that we first reported on the situation at our investee in France as well as the associated changes and restructuring efforts within our Group as a whole and in some parts of our subsidiaries.
The ensuing months were extremely eventful, and together with our management team we pursued a programme of optimising and streamlining our business model and, in particular, our licence portfolio. Additionally, we drew up a number of extensive costreduction measures, which were subsequently implemented within the Group.
As early as last year, we charted a route for a "new" and improved business concept, focusing primarily on more profitable, higher-quality textile products tailored to the key account market, in addition to expanding our NOS giftware range. In parallel to these efforts, we have also been positioning ourselves in such a way as to penetrate the B2C market within the context of our NextGen strategy, an approach that has already been outlined on previous occasions. This includes maintaining and expanding our seven airport shops and refining the e-commerce area of business launched in 2012 via our Elfen Service subsidiary.
Having focused on our core business fields with higher contribution margins, we generated Group sales revenue of €13.9 million in the first half of the current financial year. This was down 44.2% on the previous year's figure. However, with Group EBIT standing at -€0.1 million, we are within the range targeted and significantly up on last year's figure of -€8.4 million, which had been heavily impacted by various impairment charges and provisions.
On the whole, our performance in the first half of the year has been encouraging, and we are very optimistic that the changes and optimisations being made will have a visibly positive effect on our business model.
Our restructuring measures and related efforts have consumed a great deal of energy and will continue to do so in the weeks ahead. It is with this in mind that I would like to thank our staff in particular for the tremendous commitment and effort shown throughout this process as well as for their determination to pursue the changes we envisage. At the same time, I would like to take the opportunity to thank you, our trusted shareholders, for your support and assistance.
Yours sincerely,
Peter Boder Albert Hirsch CEO Member of the Management Board
| Key Figures 6-Months' report | ||||||
|---|---|---|---|---|---|---|
| 6M 2013 (€ '000) |
6M 2012 (€ '000) |
|||||
| Revenue | 13,949 | 24,986 | ||||
| EBITDA* | 196 | -8,021 | ||||
| EBIT | -122 | -8,423 | ||||
| Profit before tax | -322 | -12,731 | ||||
| Profit for the year | -327 | -14,381 | ||||
| Earnings per share (€) | -0.06 | -3.46 | ||||
| Number of employees | 121 | 131 |
* incl. amortisation of usufructuary rights
La marca Barrio Sesamo®, así como los personajes, marcas y elementos de diseño asociados son propiedad de Sesame Workshop, y son licenciados por esta entidad. © 2013 Sesame Workshop. Todos los Derechos Reservados.
The consolidated financial statements for the quarter have been prepared in accordance with internationally accepted accounting standards, on the basis of the International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) promulgated by the International Accounting Standards Board (IASB), particularly in accordance with IAS 34. Within this context, neither the interim financial statements nor the management report for the interim period have been audited.
In preparing the consolidated financial statements, the Management Board is required to make estimates and assumptions that affect the reported amounts of assets and liabilities/equity as well as the amounts disclosed in the income statement. It is possible that these assumptions and estimates may not coincide with actual occurrences. Actual results may differ from forecasts if consumer behaviour or the actions of licensors or trading partners (customers, suppliers) change. There were no changes to these assumptions compared with those applied to the last annual financial statements. The quarterly financial statements have been prepared according to uniform accounting policies; they are largely consistent with those policies applied to the last annual financial statements. The financial statements are presented in euros.
THE PINK PANTHER TM & © 1964 – [year of manufacture] Metro-Goldwyn-Mayer Studios Inc. All Rights Reserved.
Group revenue totalled €13.9 million (prev. year: €25.0 million) in the first six months, down 44% on the figure posted for the same period a year ago. The contraction in business was attributable primarily to the Key Account segment in Germany, which saw sales fall by 57%. In absolute terms, the Key Account segment generated revenue of €7.4 million (prev. year: €17.3 million). Key Account sales thus accounted for 53% of total revenue.
Business in the Special Retail segment also contracted in the period under review. However, at -15% the downturn was much less pronounced. In total, revenue generated by the Special Retail segment accounted for 47% of aggregate sales. The decline in revenue within these two segments is attributable to the company's focus on more profitable areas of business and the concomitant adjustment of its organisational structures and processes.
The loss before interest and taxes stood at €0.1 million in the first half of 2013 (prev. year: loss of €8.4 million) and the consolidated loss for the period was €0.3 million (prev. year: loss of €14.4 million). It should be noted that the prior-year figures were impacted by exceptional charges. Elfen Service GmbH, which is currently in the start-up phase, contributed EBIT of -€0.4 million in the financial year to date.
Earnings within the Special Retail segment improved from -€0.1 million in the first half of 2012 to €0.2 million in 2013. Alongside earnings attributable to e-commerce, the Special Retail segment also includes earnings generated by the airport shops.
The Key Account segment also saw its result move into positive territory. While this segment had posted a loss of €5.7 million in the previous year due to exceptional charges, it recorded earnings of €0.4 million in the period under review. This is mainly the result of a stronger focus on products associated with higher profit margins.
On this basis, segment performance was as follows:
Primary reporting format – Customer segments (unaudited)
| 2013 | ||||
|---|---|---|---|---|
| Unallocated | ||||
| in € '000 | Special Retail | Key Account | items | Group |
| Sales revenue | 6,501 | 7,448 | 13,949 | |
| Segment expenses | -5,650 | -6,647 | -658 | -12,955 |
| Depreciation/amortisation | -619 | -420 | -77 | -1,116 |
| Segment result | 232 | 381 | -735 | -122 |
| Net finance cost | -462 | |||
| Result from at-equity investment | 262 | |||
| Result from ordinary activities | -322 | |||
| Taxes | -5 | |||
| Consolidated profit/loss | -327 |
| € m | Special Retail | Key Account | Administration | Group |
|---|---|---|---|---|
| Segment assets | 9.0 | 12.0 | 9.8 | 30.8 |
| Segment liabilities | 4.3 | 9.9 | 13.6 | 27.8 |
| Sales revenues | 2013 | 2012 |
|---|---|---|
| Germany. Austria. Switzerland |
4,213 | 8,039 |
| Iberian Peninsula | 6,470 | 7,998 |
| France | 703 | 2,073 |
| Rest of the World | 2,563 | 6,876 |
| Group | 13,949 | 24,986 |
| Total assets | 2013 | 2012 |
|---|---|---|
| Germany. Austria. Switzerland |
20,089 | 22,162 |
| Iberian Peninsula | 7,386 | 10,104 |
| France | 168 | 444 |
| Rest of the World | 3,126 | 6,192 |
| Group | 30,769 | 38,902 |
| 2012 | ||||
|---|---|---|---|---|
| Unallocated | ||||
| in € '000 | Special Retail | Key Account | items | Group |
| Sales revenue | 7,675 | 17,311 | 24,986 | |
| Segment expenses | -7,059 | -20,335 | -2,504 | -29,989 |
| Depreciation/amortisation | -711 | -2,686 | -115 | -3,512 |
| Segment result | -95 | -5,710 | -2,619 | -8,424 |
| Net finance cost | -4,304 | |||
| Result from at-equity investment | -3 | |||
| Result from ordinary activities | -12,731 | |||
| Taxes | -1,650 | |||
| Consolidated loss | -14,381 | |||
| € m | Special Retail | Key Account | Administration | Group |
|---|---|---|---|---|
| Segment assets | 13.5 | 16.1 | 9.3 | 38.9 |
| Segment liabilities | 5.8 | 14.2 | 11.2 | 31.2 |
Owing to systematic depreciation, the carrying amount of property, plant and equipment was reduced by €0.1 million, while intangible assets rose by €1.0 million as at 30 June 2013. The latter was due to investments in new or extended licence rights as well as capital expenditure relating to the e-commerce business and airport shops. In the period under review, investments accounted for at equity rose by €0.3 million due to a positive operating result posted by Open Mark United Labels GmbH, in which the company holds a 50% interest. Inventories were scaled back by a further €0.4 million compared to 31 December 2012. The most significant inventories are held by United Labels AG (€2.0 million) and United Labels Ibérica (€2.4 million).
In line with the reduced volume of business, trade receivables contracted by €0.7 million.
As at 30 June 2013, the Group's equity ratio stood at 19.6% (prev. year: 20.1%). The company continues to hold 46,199 no-par-value treasury shares. Thus, the book value per share stood at €1.45. Equity covered non-current assets at a rate of 31% and liabilities at a rate of 24%.
In addition to his 63% interest in UNITEDLABELS AG, Mr. Peter Boder has a 100% shareholding in Facility Management Münster GmbH. UNITEDLABELS AG occupies office premises in Gildenstraße 2j, which are leased to the company by Facility Management GmbH. In the first half of 2013, the amount received was €21 thousand (prev. year: €39 thousand). Rent payable in respect of these premises had been reduced by half at the beginning of 2013. In 2011, a lease agreement was signed with Facility Management GmbH for the use of facility roof surfaces to operate photovoltaic systems; the amount payable under this agreement at the end of the year amounts to €5 thousand.
The carrying amounts of all loans and receivables towards the French-based entity Montesquieu Finances SAS, in which the company holds a 45% interest, were adjusted by both UNITEDLABELS AG and the UNITEDLABELS Group. On the basis of contractual obligations, the company engaged in business dealings with the subsidiary of the aforementioned entity, Embassy SAS, totalling €193 thousand in the period under review. At the date of preparing the financial statements, an amount of €74 thousand was as yet unpaid. Embassy SAS has been in liquidation since 25 June 2013.
Other business relationships exist between the company and Open Mark United Labels GmbH, in which the company holds a 50% interest. This entity received goods and services from UNITEDLABELS AG totalling €1,383 thousand.
The UNITEDLABELS Group uses available liquidity for the purpose of minimising interest payments throughout the Group. In addition, internal supply relations exist between the individual entities. At the reporting date, loans to subsidiaries amounted to €5,276 thousand in total (prev. year: €4,168 thousand), while current receivables stood at €4,026 thousand (prev. year: €4,454 thousand). These amounts were eliminated as part of the consolidation of debts.
At the end of June 2013, the UNITEDLABELS Group employed 121 members of staff (prev. year: 131). In total, 47 members of staff were employed in Germany and 59 in Spain. While Elfen Service GmbH saw an increase in its headcount (+3), the workforce at other companies was scaled back (United Labels AG -6 and United Labels Ibérica -9); these changes were made in line with plans.
The company's 13th Annual General Meeting took place on 23 May 2013 at Messe und Congress Centrum Halle Münsterland. The Management Board and Supervisory Board welcomed more than 400 private shareholders, institutional investors and other invited guests and representatives of the press to the event. The focus of this year's AGM was on presenting the Group's performance during the 2012 financial year and outlining future projects of UNITEDLABELS AG.
There were no significant events to report subsequent to the end of the first half of the 2013 financial year.
As at 30 June 2013, UNITEDLABELS AG had a total of 4.2 million no-par-value shares. As at 30 June 2013, the Management Board as well as the members of the Supervisory Board of UNITEDLABELS AG held the following shares and options:
Peter Boder, CEO, held approx. 63% of the shares. Management Board member Albert Hirsch as well as the Chairman of the Supervisory Board Gert-Maria Freimuth each held less than 1% of the shares. In May, Supervisory Board member Frank Rohmann acquired 10,000 shares in the company. He had informed the company of this transaction as part of a Directors' Dealings notification. No shares were held by Otto E. Umbach. As at 30 June 2013, no options had been granted and no valid share option plan was in place.
To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the group, and the interim management report of the group includes a fair review of the development and performance of the business and the position of the group, together with a description of the principal opportunities and risks associated with the expected development of the group for the remaining months of the financial year.
Committed to an optimised business model with more lucrative licences, United Labels is focusing on business dealings that are associated with higher margins. This goes hand in hand with more stringent cost management covering all expense categories and companies. Maintaining a high level of transparency, the company is working in close cooperation with all relevant business partners (customers, suppliers, licensors and banks) for the purpose of meeting these objectives.
Within this context, the company is determined to expand its B2C business by pursuing e-commerce activities and pressing ahead with the platform operated by Elfen Service GmbH. Other areas of potential growth include the company's airport shops, which have already moved beyond the breakeven point. In the core fields of business currently operated by the company – the sale of merchandise relating to cartoons/comics within the Special Retail and Key Account segments, future growth will be managed in accordance with the company's policy on profitability and earnings. In the first half of 2013, the company succeeded in taking its first step in this direction. Both areas recorded positive segment results. At the same time, measures aimed at cost streamlining will continue. Having completed all HR-related measures as planned, the company is now ready to focus on its medium-term targets. This will include the final closure of subsidiaries in the United Kingdom and Poland, for example, while two entities in Belgium are to be merged. The French entity Embassy, in which the company holds a 45% interest, has already been fully liquidated and will thus no longer constitute a burden.
The company will now be looking ahead to preparations and follow-up activities relating to the important Christmas trading period for its specialty retail and B2C business, which looks set to deliver additional impetus for the year as a whole.
1 January to 30 June 2013
| 01.01.2013 30.06.2013 |
01.01.2012 30.06.2012 |
01.04.2013 30.06.2013 |
01.04.2012 30.06.2012 |
||||
|---|---|---|---|---|---|---|---|
| € | % | € | % | € | % | € | |
| Sales revenues | 13,948,575.17 | 100.0% | 24,986,285.98 | 100.0% | 8,285,517.02 | 100.0% | 13,535,547.62 |
| Cost of materials | -8,731,851.46 | -62.6% | -19,500,474.14 | -78.0% | -5,435,497.97 | -65.6% | -11,862,219.09 |
| Amortisantion of usufructuary rights | -698,243.33 | -5.0% | -3,109,622.74 | -12.4% | -250,516.81 | -3.0% | -2,446,767.97 |
| 4,518,480.39 | 32.4% | 2,376,189.09 | 9.5% | 2,599,502.25 | 31.4% | -773,439.45 | |
| Other operating income | 390,849.63 | 2.8% | 255,270.01 | 1.0% | -23,559.81 | -0.3% | 141,125.17 |
| Staff costs | -2,451,742.70 | -17.6% | -3,094,908.02 | -12.4% | -1,166,149.85 | -14.1% | -1,538,638.82 |
| Depreciation of property plant and equip ment and amortisation of intangible assets (excl. amortisation of usufructuary rights) |
-317,667.36 | -2.3% | -402,844.14 | -1.6% | -162,465.51 | -2.0% | -220,515.31 |
| Other operating expenses | -2,261,924.29 | -16.2% | -7,557,605.81 | -30.2% | -1,225,227.52 | -14.8% | -5,882,487.37 |
| Profit from operations | -122,004.33 | -0.9% | -8,423,898.86 | -33.7% | 22,099.55 | 0.3% | -8,273,955.78 |
| Finance income | 1,305.72 | 0.0% | 51,309.76 | 0.2% | 489.66 | 0.0% | 25,628.31 |
| Result from at-equity investments | 262,234.85 | 1.9% | -3,210.61 | 0.0% | 160,992.82 | 1.9% | -164,623.41 |
| Finance cost | -463,157.62 | -3.3% | -4,355,318.07 | -17.4% | -257,766.80 | -3.1% | -4,059,329.27 |
| Net finance cost | -199,617.05 | -1.4% | -4,307,218.92 | -17.2% | -96,284.33 | -1.2% | -4,198,324.37 |
| Profit before tax | -321,621.38 | -2.3% | -12,731,117.79 | -51.0% | -74,184.78 | -0.9% | -12,472,280.14 |
| Taxes on income | -5,279.30 | 0.0% | -1,649,811.87 | -6.6% | -4,506.73 | -0.1% | -1,609,292.80 |
| Consolidated net profit/(loss) | -326,900.68 | -2.3% | -14,380,929.66 | -57.6% | -78,691.50 | -0.9% | -14,081,572.94 |
| Loss for the period attributable to owners of parent |
-246,589.70 | -1.8% | -14,348,501.91 | -57.6% | -38,577.13 | -0.3% | -14,066,091.14 |
| Loss for the period attributable to non controlling interests |
-80,310.97 | -0.6% | -32,427.74 | 0.0% | -40,114.38 | -0.3% | -15,481.80 |
| Other comprehensive income | |||||||
| Currency translation | 111,840.95 | -75,056.13 | 57.02 | -61,425.43 | |||
| Other comprehensive income. total | 111,840.95 | -75,056.13 | 57.02 | -61,425.43 | |||
| Total comprehensive income | -215,059.73 | -14,455,985.79 | -78,634.48 | -14,142,998.37 | |||
| Consolidated earnings per share | |||||||
| basic | -0.06 € | -3.45 € | -0.01 € | -3.39 € | |||
| diluted | -0.06 € | -3.45 € | -0.01 € | -3.39 € | |||
| Weighted average shares outstanding | |||||||
| basic | 4,153,801 Stück | 4,153,801 Stück | 4,153,801 Stück | 4,153,801 Stück | |||
| diluted | 4,153,801 Stück | 4,153,801 Stück | 4,153,801 Stück | 4,153,801 Stück |
| 06.2013 000'€ |
06.2012 000'€ |
|
|---|---|---|
| Consolidated loss for the year | -327 | -14,381 |
| Interest income from financing activities | 462 | 493 |
| Amortisation of usufructuary rights | 698 | 3,109 |
| Depreciation of property. plant and equipment. intangible assets an usufructual rights | 318 | 403 |
| Change in provisions | -626 | 483 |
| Other non-cash expenses | -953 | 6,025 |
| Change in inventories. trade receivables. and other assets not attributable to investing or financing activities |
584 | 7,295 |
| Change in trade payables and other liabilities not attributable to investing or financing activities |
1,075 | 187 |
| Payments for tax on profit | -68 | 0 |
| Cash flows from operating activities | 1,163 | 3,618 |
| Payments for investments in non-current assets | -1,496 | -2,580 |
| Cash flows from investing activities | -1,496 | -2,580 |
| Proceeds from the disposal of non-controlling interests in fully consolidated entities | 0 | 10 |
| Proceeds from bank loans | -362 | -740 |
| Repayment of financial loans | -78 | -137 |
| Interest received | 1 | 51 |
| Interest paid | -463 | -548 |
| Cash flows from financing activities | -902 | -1,364 |
| Net change in cash and cash equivalents | -1,236 | -326 |
| Currency translation | 112 | -75 |
| Cash and cash equivalents at the beginning of the period | 1,640 | 1,570 |
| Cash and cash equivalents | 516 | 1,169 |
| Gross debt bank | 9,697 | 9,379 |
| Net debt bank | 9,181 | 8,211 |
| Composition of cash and cash equivalents: Cash and cash equivalents |
516 | 1,168 |
Group Statement of Financial Position (IFRS) as at 30 June 2013 (unaudited)
ASSETS
| Assets | 30.06.2013 € |
31.12.2012 € |
|---|---|---|
| Non-current assets | ||
| Property. plant and equipment | 5,502,047.20 | 5,560,402.24 |
| Intangible assets | 9,829,681.36 | 8,821,348.18 |
| At-equity investments | 274,354.47 | 15,846.95 |
| Other assets | 1,100,598.25 | 1,100,598.25 |
| Deferred taxes | 2,471,461.51 | 2,473,848.45 |
| 19,178,142.79 | 17,972,044.07 | |
| Current assets | ||
| Inventories | 4,372,709.38 | 4,759,531.57 |
| Trade and other receivables | 5,533,037.84 | 6,279,629.67 |
| Other assets | 1,168,873.78 | 619,271.03 |
| Cash and cash equivalents | 516,038.17 | 1,640,002.04 |
| 11,590,659.18 | 13,298,434.31 | |
UNITEDLABELS Aktiengesellschaft, Münster
Group Statement of Financial Position (IFRS) as at 30 June 2013 (unaudited)
| Equity | 30.06.2013 € |
31.12.2012 € |
|---|---|---|
| Capital and reserves attributable to the owners of the parent company |
||
| Issued capital | 4,200,000.00 | 4,200,000.00 |
| Capital reserves | 3,352,705.65 | 3,352,705.65 |
| Retained earnings | 2,883,209.63 | 2,883,209.63 |
| Currency translation | -459,574.58 | -571,415.53 |
| Consolidated unappropriated surplus | -3,556,039.44 | -3,309,449.74 |
| Treasury shares | -223,413.73 | -223,413.73 |
| Equity attributable to owners of parent | 6,196,887.53 | 6,331,636.28 |
| Non-controlling interests | -183,076.17 | -102,765.20 |
| Total equity | 6,013,811.36 | 6,228,871.08 |
| Non-current liabilities | ||
| Provisions for pensions | 1,357,496.00 | 1,357,496.00 |
| Financial liabilities | 2,465,411.20 | 2,543,190.32 |
| Provisions | 600,667.62 | 979,667.62 |
| Trade payables | 3,066,562.08 | 2,781,562.08 |
| Deferred tax liabilities | 1,152.18 | 53.43 |
| 7,491,289.08 | 7,661,969.45 | |
| Current liabilities | ||
| Provisions | 0.00 | 247,110.61 |
| Current tax payable | 11,276.02 | 79,744.53 |
| Financial liabilities | 7,231,324.59 | 7,821,661.36 |
| Trade and other payables | 10,021,100.93 | 9,231,121.35 |
| 17,263,701.55 | 17,379,637.85 | |
| Total liabilities | 24,754,990.63 | 25,041,607.31 |
| Total equity and liabilities | 30,768,801.97 | 31,270,478.38 |
| Subscribed capital € '000 |
Capital reserves € '000 |
Revenue reserves € '000 |
Translation reserve € '000 |
Treasury shares € '000 |
Equity at tributable to owners of parent € '000 |
Reconciling item for non controlling interests € '000 |
Total € '000 |
|
|---|---|---|---|---|---|---|---|---|
| Balance at 01/01/2012 changed |
4,200 | 19,194 | 2,271 | -507 | -223 | 24,935 | 0 | 24,935 |
| Currency translation | 0 | 0 | 0 | -75 | 0 | -75 | 0 | -75 |
| Consolidated loss Q II 2012 | 0 | 0 | -14,066 | 0 | 0 | -14,066 | -15 | -14,081 |
| Total comprehensive income for the period |
0 | 0 | -14,349 | -75 | 0 | -14,424 | -32 | -14,456 |
| Balance at 30/06/2012 | 4,200 | 19,194 | -12,078 | -582 | -223 | 10,511 | -32 | 10,479 |
| Consolidated loss 2012 | 0 | 0 | -18,540 | 0 | 0 | -18,540 | -112 | -18,652 |
| Currency translation | 0 | 0 | 0 | -64 | 0 | -64 | 0 | -64 |
| Total comprehensive income 2012 | 0 | 0 | -18,540 | -64 | 0 | -18,604 | -112 | -18,716 |
| Compensation paid by dissolution/ with drawal from reserves |
0 | -15,841 | 15,841 | 0 | 0 | 0 | 0 | 0 |
| Transaktions with owners Sale of minority shares |
0 | 0 | 1 | 0 | 0 | 1 | 9 | 10 |
| Balance at 31/12/2012 | 4,200 | 3,353 | -427 | -571 | -223 | 6,332 | -103 | 6,229 |
| Currency translation | 0 | 0 | 0 | 112 | 0 | 112 | 0 | 112 |
| Consolidated loss Q II 2013 | 0 | 0 | -75 | 0 | 0 | -75 | -40 | -115 |
| Total comprehensive loss for the period |
0 | 0 | -247 | 112 | 0 | -135 | -80 | -215 |
| Balance at 30/06/2013 | 4,200 | 3,353 | -674 | -459 | -223 | 6,197 | -183 | 6,014 |
Gildenstraße 6 48157 Muenster Germany phone: +49 (0) 251 - 3 22 10 fax: +49 (0) 251 - 3 22 19 99 [email protected] www.unitedlabels.com
Pol. Ind. Fontsana 08970 Sant Joan Despi Barcelona, Spain phone: +34 (0) 93 - 4 77 13 63 fax: +34 (0) 93 - 4 77 32 60 [email protected]
UNITEDLABELS France SAS ZAC du Moulin Rue de Marquette - Bât. C 59118 Wambrechies France phone: +33 (0)3 28 33 44 01 fax: +33 (0)3 28 33 44 02
UNITEDLABELS Polska Sp.o.o ul. Sienna 39 00 - 121 Warszawa Poland phone: +49 (0) 251- 32 21- 0 fax: +49 (0) 251- 32 21- 999 [email protected]
UNITEDLABELS Comicware Ltd. Unit 11, 2nd Floor, Empire Court 2-4 Hysan Avenue Causeway Bay Hong Kong phone: +85 (0) 225 - 44 29 59 fax: +85 (0) 225 - 44 22 52 [email protected]
House of Trends europe GmbH Gildenstraße 6 48157 Münster Deutschland Telefon: +49 (0) 251 - 32 21- 0 Telefax: +49 (0) 251- 32 21- 999 [email protected]
Open Mark United Labels GmbH Gildenstraße 6 48157 Münster Deutschland Telefon: +49 (0) 251- 32 21- 0 Telefax: +49 (0) 251- 32 21- 999
Elfen Service GmbH Münsterstraße 111 48155 Münster Deutschland Telefon: +49 (0) 2506- 30 01 1- 0 Telefax: +49 (0) 2506- 30 01 1- 690
November 2013 Participance at the German Equity Forum in Frankfurt
If you require further information on UNITEDLABELS or its financial results, please contact us under:
+49 (0) 2 51 - 32 21 - 0 +49 (0) 2 51 - 32 21 - 999
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