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alter Thread: Graftech (GTI) - SGL-Wettbewerber

29.10.2009 12:19
GrafTech Reports Third Quarter 2009 Results

GrafTech International Ltd. (NYSE:GTI) today announced financial results for the third quarter ended September 30, 2009.

2009 Third Quarter Highlights (Q3 2009 as compared to Q2 2009)

* Net sales increased five percent to $165 million over the second quarter of 2009.
* Gross profit was $47 million, an increase of $1 million versus the second quarter of 2009.
* Operating income increased 29 percent to $25 million. Operating income margin expanded nearly three percentage points to 15.2 percent.
* Net income was $7 million, or $0.06 per diluted share, versus net loss of $37 million, or $0.31 per diluted share, in the second quarter of 2009.
* On an operating basis, net income before special items* was $18 million, or $0.15 per diluted share, as compared to $15 million, or $0.12 per diluted share, in the second quarter of 2009.
* Net cash provided by operating activities was $61 million, a $15 million improvement over operating cash flow generated in the second quarter of 2009. This solid cash flow performance allowed us to complete the early redemption of all remaining 10-year Senior Notes, originally issued in 2002, and reduce our net debt* to $4 million.
* As a result of stronger than expected third quarter results and anticipation of a solid fourth quarter, we are increasing 2009 annual operating income guidance by more than 25 percent.

2009 Third Quarter Highlights (Q3 2009 as compared to Q3 2008)

* Net sales were $165 million, versus $316 million in the third quarter of 2008, primarily the result of lower volumes associated with significantly reduced demand driven by the global economic recession.
* Gross profit declined to $47 million or 28.3 percent of sales, as compared to $114 million or 36.1 percent of sales in the third quarter of 2008. The reduction in gross profit percentage was largely the result of unfavorable fixed cost absorption associated with lower sales volumes and the flow-through of higher cost raw materials.
* Operating income was $25 million, versus $87 million in the third quarter of 2008. Operating income margin decreased to 15.2 percent of sales, from 27.5 percent in the same period in 2008.
* Net income was $7 million, or $0.06 per diluted share, versus net income of $83 million, or $0.70 per diluted share, in the third quarter of 2008.
* On an operating basis, net income before special items* was $18 million, or $0.15 per diluted share, as compared to $66 million, or $0.55 per diluted share, in the third quarter of 2008.
* Net cash provided by operating activities was $61 million, versus $67 million in the third quarter of 2008.
* Net debt* was $4 million, a reduction of $127 million year-over-year.

Craig Shular, Chief Executive Officer of GrafTech, commented, ”Our team continues to execute on productivity initiatives and remains focused on maximizing flow-through of sales dollars to bottom line results. On the cash flow front, this discipline has allowed us to remain cash flow positive in a very difficult operating environment. As a result, we exited the quarter virtually debt free. On the operating income front, we expect second half 2009 results to be approximately double the first half 2009 as a result of increased sales and continued tight cost control.”

Industrial Materials Segment

The Industrial Materials segment's net sales were $137 million in the 2009 third quarter, as compared to $266 million in the 2008 third quarter. Net sales in the quarter increased $7 million from $130 million in the 2009 second quarter, as a result of slightly higher graphite electrode sales volume and prices.

Operating income for the Industrial Materials segment was $24 million, versus $74 million in the third quarter 2008. The decline was primarily due to lower sales volume for graphite electrodes related to the sharp reduction in global steel operating rates and the flow-through of higher cost raw materials.

Engineered Solutions Segment

Net sales for the Engineered Solutions segment were $28 million in the 2009 third quarter, as compared to $50 million in the 2008 third quarter. Net sales for the quarter were flat as compared to the second quarter 2009.

Operating income for the Engineered Solutions segment was $1 million, as compared to $13 million in the 2008 third quarter. The decrease was largely the result of lower sales volume across multiple product lines and an unfavorable product mix.

Corporate

Selling and administrative and research and development expenses declined $6 million to $21 million in the 2009 third quarter versus the same period last year. The reduction was largely due to approximately $3 million lower variable compensation expense in the third quarter 2009. The balance of the reduction is primarily related to successful execution of previously announced cost savings initiatives and effective resolution to various contingent liabilities.

Interest expense in the quarter was $1 million, versus $3 million in the third quarter 2008. The reduction was driven primarily by the Company's successful deleveraging initiatives.

Mr. Shular commented, ”In the third quarter, we completed the early redemption of the Senior Notes, which originally totaled $550 million and represented our most expensive debt. For the full year 2009, we expect to generate approximately $150 million of operating net cash. The improvement to our balance sheet was recognized by Standard&Poor's, which has placed the Company's corporate credit ratings on positive watch.”

Other expense, net, was $11 million in the 2009 third quarter, as compared to other income, net, of $17 million in the third quarter 2008. The change in the quarter is largely due to the foreign currency remeasurement of intercompany loans which generated a non-cash loss of approximately $10 million in the current quarter.

The effective income tax rate in the third quarter 2009, excluding special charges, was 24 percent, as compared to 21 percent in the 2008 third quarter. For the full year 2009, we continue to expect the effective tax rate to be in the range of 22 percent to 25 percent.

Outlook

Based on International Monetary Fund (IMF) projections and other economic forecasts, the global recession has begun to ease, driven by strength in Asian economies and unprecedented global government intervention. While stabilization has begun, steel end market demand remains far below pre-crisis levels and the pace of recovery is anticipated to be slow. As a result, steel producers continue to operate at low rates in order to match current market demand.

Third quarter results came in better than expected due to stronger than anticipated European steel operating rates as well as continued increases in steel operating rates in several geographies. As a result, we believe customers in various geographies have completed their graphite electrode destocking activities earlier than initially expected and began reordering in the third quarter. Accordingly, we are increasing our 2009 full year operating income guidance to reflect the improved third quarter performance and anticipation of a solid fourth quarter.

While the global economy remains fragile, we continue to expect an improvement in fourth quarter results as customers will have largely completed inventory destocking initiatives and continue restocking.

Given global economic conditions, which have been and may continue to be volatile and uncertain, GrafTech expects the following full year 2009 results:

* Operating income targeted to be in the range of $80 million to $85 million (previous guidance was $60 million to $70 million);
* The effective tax rate to be in the range of 22 percent to 25 percent;
* Capital expenditures to be approximately $50 million to $55 million;
* Depreciation expense to be in the range of $32 million to $34 million (previous guidance was approximately $35 million);
* Cash flow from operations targeted to be approximately $150 million.

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GrafTech Reports Fourth Quarter and Year Ended 2009 Results
PARMA, Ohio, Feb 23, 2010 (BUSINESS WIRE) -- GrafTech International Ltd. (NYSE:GTI) today announced financial results for the fourth quarter and year ended December 31, 2009.

2009 Fourth Quarter Highlights (Q4 2009 as compared to Q3 2009 and Q4 2008)

* Net sales increased 23 percent to $202 million, versus the third quarter 2009, representing the strongest quarter of the year. Year-over-year fourth quarter net sales were down $63 million or 24 percent.
* Gross profit was $67 million or 33.0 percent of sales, a $20 million improvement over the third quarter 2009. This compares to gross profit of $97 million or 36.8 percent of sales in the fourth quarter 2008.
* Operating income was $46 million, as compared to $25 million in the third quarter 2009 and $70 million in the fourth quarter 2008. During the fourth quarter 2009, we settled a contingent liability in Brazil which had a favorable impact on operating income in the quarter of $4 million. Excluding the impact of this benefit, operating income was $42 million in the fourth quarter 2009, the highest quarterly operating income of the year.
* Net income was $34 million, or $0.28 per diluted share, versus $7 million, or $0.06 per diluted share, in the third quarter 2009. Net income was $35 million or $0.29 per diluted share in the fourth quarter 2008, including the unfavorable impact of the non-cash impairment of $23 million, after tax, associated with our investment in Seadrift Coke L.P. (Seadrift).
* On an operating basis, net income before special items* was $31 million, or $0.26 per diluted share, as compared to $18 million, or $0.15 per diluted share, in the third quarter 2009. Net income before special items* was $59 million, or $0.49 per diluted share, in the fourth quarter 2008.

2009 Full Year Review

* Net sales were $659 million, versus 2008 net sales of $1,190 million. The year-over-year decline in sales was primarily the result of lower volumes associated with significantly reduced demand driven by the global economic recession, partially offset by an increase in year-over-year price realization.
* Gross profit declined to $191 million or 29.0 percent of sales, as compared to $433 million or 36.4 percent of sales in 2008. The reduction in gross profit percentage was largely the result of unfavorable fixed cost absorption associated with lower sales volume.
* Operating income was $99 million, versus $329 million in 2008. Operating income margin decreased to 15.0 percent of sales, from 27.6 percent in 2008.
* Net income was $13 million, or $0.10 per diluted share, versus $201 million, or $1.74 per diluted share, in 2008. Adversely impacting net income in both periods were charges, net of tax, of $45 million in 2009 and $23 million in 2008, related to the non-cash impairment in the value of our investment in Seadrift.
* On an operating basis, net income before special items* was $69 million, or $0.57 per diluted share, as compared to $242 million, or $2.09 per diluted share, in 2008.
* Net cash provided by operating activities was $170 million, versus $249 million in 2008. Operating net cash in 2009 was favorably impacted by a $68 million decrease in working capital requirements. This solid performance allowed us to virtually eliminate our debt and finish the year with $50 million in cash and cash equivalents.

Craig Shular, Chief Executive Officer of GrafTech, commented, "Our team was able to achieve productivity and cost control initiatives allowing us to be profitable and cash flow positive in a very difficult operating environment. We completed the year with the strongest balance sheet in our Company's history, closing the year with $50 million in cash and an undrawn revolver."

Mr. Shular continued, "Standard & Poor's recognized the improvements made to the balance sheet by raising our corporate credit rating two notches to 'BB+' and increasing the rating on our revolving credit facility to 'BBB', or investment grade. The improvement to our credit ratings positions our Company well for future growth."

Industrial Materials Segment

The Industrial Materials segment's net sales declined to $167 million in the fourth quarter 2009, as compared to $219 million in the fourth quarter 2008. Net sales in the quarter increased $30 million from $137 million in the 2009 third quarter primarily as a result of higher graphite electrode sales volume.

Operating income for the Industrial Materials segment was $42 million in the fourth quarter of 2009, versus $59 million in the same period in 2008. The decline year-over-year was primarily due to lower sales volume for graphite electrodes and unfavorable currency movement, offset in part by higher graphite electrode selling prices.

Engineered Solutions Segment

Net sales for the Engineered Solutions segment were $35 million in the fourth quarter 2009, as compared to $46 million in the fourth quarter 2008, due to lower sales volume associated with weak end market demand. Net sales increased $7 million as compared to the third quarter 2009.

Operating income for the Engineered Solutions segment was $4 million, as compared to $11 million in the fourth quarter 2008. The reduction in operating income was primarily the result of lower sales volume across multiple product lines and an unfavorable product mix.

Corporate

Selling and administrative and research and development expenses were $21 million in the fourth quarter 2009, as compared to $27 million in the fourth quarter 2008. During the fourth quarter 2009, we settled a contingent liability in Brazil, which had a favorable impact in the quarter of $4 million. Excluding this impact, overhead expense for the fourth quarter 2009 was $25 million.

Other income, net, was $7 million in the fourth quarter 2009, as compared to other expense, net, of $5 million in the same period in 2008. The change is largely due to the remeasurement of intercompany loans which generated a non-cash gain of approximately $6 million in the current reported quarter, as compared to a loss of approximately $4 million in the prior year.

The effective income tax rate in the fourth quarter 2009 and the full year 2009, excluding other special charges, was 24 percent, consistent with our prior guidance.

Outlook

Based on current International Monetary Fund (IMF) projections and other global economic forecasts, world output is projected to rise in 2010 in both advanced and emerging economies, although to varying degrees. IMF notes that the recovery in advanced economies is anticipated to be weak by past standards while emerging economies are poised for a quicker and stronger recovery given robust internal demand. While recovery has begun in certain regions, electric arc furnace steel end market demand is anticipated to remain below pre-crisis levels.

As a result, graphite electrode industry recovery is anticipated to be slow as operating rates remain subdued compared to historical standards. Weak end market demand remains a risk to price realization as we work to complete our 2010 graphite electrode order book. We expect 2010 results to benefit from improved volumes in our graphite electrode business; however, this impact will be partially offset due to significant higher raw material costs.

Given the fragile state of economic recovery, limited customer visibility and shift in customer order patterns to shorter term contracts, our ability to project full year detailed guidance is limited. We expect that the first quarter will be our weakest quarter of the year with operating income targeted to be in the range of $30 million to $34 million. A marginal improvement to earnings is anticipated in subsequent quarters, driven by a slight increase in Industrial Material volumes and the expectation that our Engineered Solutions segment begins to recover in the second half of 2010.

In 2010, we are targeting overhead expense to be in the range of $105 million to $110 million, capital expenditures to be in the range of $70 million to $75 million, depreciation expense to be approximately $35 million and the effective tax rate to be in the range of 24 percent to 27 percent.

Mr. Shular commented, "Given our strong balance sheet and commitment to growing our Company, we expect an increase in overhead expense and capital expenditures in 2010 to better position our Company for future growth. We are investing in organic growth by increasing our sales and marketing coverage, supporting Lean initiatives, and funding new product development projects."

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GrafTech Agrees to Acquire Seadrift Coke L.P. and C/G Electrodes LLC, Concludes $260 Million Revolving Credit Facility Refinancing and Reports GrafTech's First Quarter 2010 Results

PARMA, Ohio, Apr 29, 2010 (BUSINESS WIRE) --GrafTech International Ltd. (NYSE:GTI) today announced that it has signed Agreements to acquire the remaining interest in Seadrift Coke L.P. (Seadrift), the world's second largest petroleum-based needle coke producer, and all of the equity interest in C/G Electrodes LLC (C/G), a US-based graphite electrode producer, for an aggregate of $692 million1 (net of $74 million allocable to GrafTech for its existing interests in Seadrift). GrafTech also announced today the successful completion of the refinancing of its principal revolving credit facility and reported financial results for the first quarter ended March 31, 2010.

Seadrift, C/G Transaction Highlights

Under the Agreements, GrafTech will become owner of 100 percent of Seadrift, of which it already owns 18.9 percent, and 100 percent of C/G. Current C/G and Seadrift owners (excluding GrafTech's interest) will receive 24 million shares of GrafTech common stock, $232 million in cash and $200 million in non-interest bearing five-year Senior Subordinated Notes, which have a discounted fair market value of $136 million2. The transactions are expected to be accretive to earnings in the first full year following closings, including the benefits of synergies but prior to purchase price accounting adjustments. The two acquisitions are expected to close independently after customary regulatory clearances.

Craig Shular, Chief Executive Officer of GrafTech, commented, "These acquisitions underscore our belief in the strong graphite electrode industry fundamentals. The acquisition of Seadrift secures a large portion of our key raw material, needle coke, which strategically positions GrafTech to participate in the broader graphite electrode value chain. GrafTech's strong balance sheet has enabled us to capitalize on these strategic acquisitions to accelerate the growth of our Company and better serve our global steel customers."

These acquisitions are anticipated to generate operational synergies of approximately $8 million per year, primarily related to savings associated with manufacturing, transportation and overhead efficiencies. By leveraging the tax efficiencies inherent in our business model and effectively utilizing our tax attributes, we anticipate that we will realize favorable tax benefits of approximately $8 million annually. In addition, we expect to generate working capital improvements of approximately $10 million.

Seadrift is the world's second largest manufacturer of petroleum-based needle coke located in Seadrift, Texas. The manufacturing plant, built in 1983, has current capacity for producing approximately 160,000 metric tons of needle coke annually and employs approximately 141 people. Seadrift shipped approximately 148,000 metric tons of needle coke in 2008 and reported revenues of $330 million and earnings before interest, taxes, depreciation, and amortization (EBITDA) of $65 million3. In 2009, shipments declined dramatically in light of the global economic crisis to 39,000 metric tons resulting in revenue of $74 million and EBITDA of $16 million4.

C/G is a US-based graphite electrode producer formed in 2003 in St. Mary's, Pennsylvania. C/G employs approximately 153 people and has current capacity for producing approximately 27,000 tons of graphite electrodes annually. C/G sold approximately 26,000 metric tons of graphite electrodes in 2008, resulting in revenues of $143 million and EBITDA of $43 million. In 2009, revenues were $76 million and EBITDA was $29 million due to depressed shipment volumes of only 10,000 metric tons.

Pursuant to the Agreements, Nathan Milikowsky, General Partner and majority owner of both Seadrift and C/G, will be named to GrafTech's Board of Directors upon the closings. Milikowsky, who received a bachelor's degree from Yale University, is an experienced steel industry executive who brings valuable business experience to our Board.

GrafTech 2010 First Quarter Highlights

* Net sales increased 61 percent to $216 million, versus $134 million in the first quarter of 2009.
* Gross profit more than doubled to $68 million or 31.6 percent of sales, as compared to $32 million or 24.0 percent of sales in the first quarter of 2009.
* Operating income improved to $43 million, versus $8 million in the first quarter of 2009. Operating income margin was 20.0 percent of sales, up from 6.3 percent in the same period in 2009.
* Net income was $34 million, or $0.28 per diluted share, versus $8 million, or $0.07 per diluted share, in the first quarter of 2009. Excluding the $4 million benefit of currency gains on the remeasurement of intercompany loans, net income was $30 million or $0.25 per diluted share in the first quarter of 2010. The remeasurement of intercompany loans generated a non-cash gain of $6 million in the first quarter of 2009.
* Net cash provided by operating activities was $20 million, versus $14 million in the first quarter of 2009.

Mr. Shular commented, "We experienced improving electrode sales volumes as our steel customers steadily increased their operating rates throughout the first quarter. This has allowed us to benefit from significant operating leverage in the quarter."

Industrial Materials Segment

The Industrial Materials segment's net sales were $182 million in the 2010 first quarter, as compared to $105 million in the 2009 first quarter. Operating income for the Industrial Materials segment was $42 million, versus $7 million in the same period in 2009. The increase was primarily due to higher graphite electrode sales volume related to increased demand for our products as the destocking activity witnessed in 2009 came to an end and electric arc furnace (EAF) steel operating rates improved significantly year-over-year. The improved volumes contributed to top line growth and allowed for better fixed cost absorption, which was offset in part by rising raw material costs and unfavorable currency movement.

Engineered Solutions Segment

Net sales for the Engineered Solutions segment were $33 million in the 2010 first quarter, as compared to $30 million in the 2009 first quarter. Operating income for the Engineered Solutions segment was $1 million, as compared to $2 million in the 2009 first quarter. The decline in operating income was primarily the result of an unfavorable product mix as well as unfavorable fixed cost absorption associated with lower operating rates.

In March, GrafTech was awarded a fuel cell grant of $200,000 from the U.S. Department of Energy. This grant recognizes GrafTech's considerable expertise in fuel cell development and is intended to aid in the continued development and commercialization of fuel cells.

Corporate

Selling and administrative and research and development expenses were $25 million as compared to $24 million in the 2009 first quarter. The higher expense is primarily related to additional research and development funding as we work to commercialize new products and an increase in sales commissions as demand for our products improved in the first quarter of 2010.

Other income, net, was $3 million as compared to $6 million in the 2009 first quarter, both largely the result of the remeasurement of intercompany loans which generated a non-cash gain of approximately $4 million in the first quarter 2010 and $6 million in the first quarter 2009.

Credit Agreement Refinancing Highlights

The refinancing amends the existing senior-secured revolving credit facility, which was scheduled to expire July 15, 2010. The new $260 million revolver represents a $45 million increase over the prior agreement and extends the maturity date to April 29, 2013. The primary purpose of the facility is to fund working capital requirements and provide liquidity for future growth. The transaction was syndicated to a group of lenders led by J.P. Morgan, Bank of America Securities and BNP Paribas.

Mr. Shular commented, "The improvements made to the balance sheet and subsequent recognition by the rating agencies enabled a successful refinancing in a still weak credit environment. Securing a new credit agreement is a key component to supporting and propelling growth."

GAAP Earnings Disclosure

In an effort to simplify our disclosures, we will report GAAP only earnings, eliminating non-GAAP disclosures and related reconciliations. As such, our current minority interest in Seadrift earnings and other (income) expense, net, have been included, and will be included going forward, in our reported earnings. After the acquisition, Seadrift's results will be fully consolidated with our results. To the extent that there are non-recurring items, we plan to highlight the impact to earnings in our discussion.

Outlook

Based on International Monetary Fund (IMF) projections and other economic forecasts, the global recession has largely concluded in most regions and recovery is underway in advanced and emerging economies, although to varying degrees. The recovery is expected to continue however risks remain to global economic stability. Accordingly, steel producers have raised operating rates to respond to current market demand and have begun to extend their graphite electrode buying patterns.

First quarter results came in stronger than expected as a result of improved global demand, which necessitated higher operating rates at our graphite electrode facilities than we had initially anticipated. Excluding the impact of first quarter foreign currency gains on the remeasurement of intercompany loans, we expect second quarter results to be slightly higher than the first quarter as improving graphite electrode volumes are offset in part by lower graphite electrode market prices and rising raw material costs. The third quarter, which has historically been a weaker quarter, is expected to be lower than the second quarter as graphite electrode volumes decline in response to weaker demand associated with the normal European holiday season. As a result, we expect operating income to be lower in the third quarter, as compared to the prior quarter, with demand anticipated to return in the fourth quarter.

Our Engineered Solutions segment has historically entered a recession three to six months later than our Industrial Materials segment, and likewise has historically exited the recession three to six months after our Industrial Materials segment. Therefore, we expect increasing traction in this segment in the second half of 2010.

If IMF projections and other economic forecasts described above were to materialize, we would expect the following results in 2010, excluding any impact from the planned acquisitions of Seadrift and C/G:

* Operating income would be in the range of $170 million to $180 million;
* Overhead expense (selling and administrative and research and development expenses) would be in the range of $105 million to $110 million;
* Capital expenditures would be approximately $70 million to $75 million;
* Depreciation expense would be approximately $38 million (previous guidance was $35 million);
* The effective tax rate would be in the range of 24 percent to 27 percent;
* Cash flow from operations would be in the range of $100 million to $110 million.

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Antwort auf Beitrag Nr.: 39.430.608 von R-BgO am 30.04.10 09:30:56

HJ-Zahlen waren gut; aufgestockt

[R-BgO]

Q3:

Net sales increased 55 percent year-over-year to $255 million.
Gross profit improved $28 million to $75 million as compared to Q3 2009.
Net income more than doubled to $40 million, or $0.33 per diluted share, excluding certain acquisition costs and currency losses.
GrafTech International Ltd. (NYSE:GTI) today announced financial results for the third quarter ended September 30, 2010.

2010 Third Quarter Highlights

Net sales increased 55 percent to $255 million, versus the third quarter of 2009. Year-over-year currency movement unfavorably impacted the 2010 third quarter growth rate by approximately four percentage points.
Gross profit was $75 million, or 29.4 percent of sales, as compared to $47 million or 28.2 percent of sales in the third quarter of 2009.
Operating income improved to $41 million, or 16.0 percent of net sales, as compared to $25 million, or 15.2 percent of net sales, in the third quarter of 2009. Operating income in the quarter reflects $6 million in customary transaction expenses associated with the announced acquisitions of Seadrift Coke L.P. (Seadrift) and C/G Electrodes LLC (C/G). Excluding these charges, operating income margin for the quarter was 18.3 percent.
Net income was $25 million, or $0.20 per diluted share, versus $7 million, or $0.06 per diluted share, in the third quarter 2009. Excluding $6 million in acquisition expenses and $10 million in losses from the remeasurement of intercompany loans and activities, virtually all of which were non-cash, net income in the third quarter of 2010 was $40 million, or $0.33 per diluted share. For the third quarter of 2009, net income was $16 million or $0.13 per diluted share, excluding the same items. For the nine months ended September 30, 2010, net income was $107 million, or $0.88 per diluted share, which excludes $12 million in acquisition expenses and $3 million in gains related to the remeasurement of intercompany loans and activities.
Operating cash flow in the quarter was $40 million as compared to $61 million in the same period in the prior year. Operating cash flow in the quarter reflects an $18 million increase in working capital requirements due to higher disbursements associated with increased production levels and $4 million in acquisition related costs.
Craig Shular, Chief Executive Officer of GrafTech, commented, "Third quarter results came in stronger than anticipated as both segments delivered a solid quarter in a still recovering operating environment. We are well positioned to capitalize on continued strength in the global economic recovery and are excited about the prospects for growth of our Company."

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Endergebnis 2010: 175 Mio. USD; KGV=16

[R-BgO]

derzeit mal wieder unter Buchwert zu haben; schätze 2012er-KGV auf12

[R-BgO]

dehistorize

[ElfenbeinelaufenschnellermitKo]

wie siehts aus? Mächtig zurückgekommen.

[R-BgO]

Antwort auf Beitrag Nr.: 47.902.394 von ElfenbeinelaufenschnellermitKo am 29.09.14 19:52:01

GTI wurde von Brookfield gekauft

Deal hat geclosed, Erinnerungsstück ausgebucht


over-and-out