Silvia Quandt & Cie. AG, Merchant & Investment Banking: In-between the lines - Bernhard Eschweiler
DGAP-News: Silvia Quandt & Cie. AG, Merchant & Investment Banking /
Schlagwort(e): Sonstiges
Silvia Quandt & Cie. AG, Merchant & Investment Banking: In-between the
lines - Bernhard Eschweiler
04.05.2012 / 09:07
---------------------------------------------------------------------
- Which leading indicator will Germany follow: the IFO or the PMI?
- German growth potential likely higher than latest Bundesbank estimate
Mixed economic news and uncertainty over the direction of the Euro zone are
keeping markets volatile. The latest leading economic indicators confirm
the view that the growth base is spreading from the US to much of the rest
of the world. Especially China is showing signs of revival. However,
Europe remains at the tail end and there are no signs that countries in
recession will recover soon. Germany is caught between those developments
and reading the data for direction is not easy. In our judgment, Germany's
strengths outweigh the drags from Europe. This should not only be visible
in better economic performance this year, but a higher growth potential for
the rest of this decade.
Up or down or apples and oranges?
The Euro-area debt crisis has undoubtedly a negative effect on the German
export sector. How much this will pull down the economy, however, is less
clear. Most economists have raised their growth forecasts for this year
and next, but the actual data remains mixed. The contrast is best seen in
the divergence between the two most watched leading indicators, namely the
manu-facturing PMI and the manufacturing part of the IFO index. The IFO
has been on an uptrend since November. The PMI also improved around the
turn of the year, but that gain was more than lost over the last three
months. Moreover, the IFO is in expansionary territory, while the PMI
points to a contraction.
So, which indicator is more reliable? Some argue that the IFO is better
since it has a much larger sample size (7.000 versus the PMI's 1.000).
Indeed, the PMI's bias toward larger companies could explain some of the
difference. Yet the real difference is design. The IFO is a qualitative
survey, which asks companies to evaluate current business conditions and
expectations. The PMI is a quantitative survey, which asks companies about
actual output, orders, inventories, employment and prices. Thus, the
message from the two indicators is that the Euro-area
debt crisis has a negative (quantitative) impact on current activity, but
that this is not spoiling business confidence (qualitative). Companies
feel competitive and profitable and expect the business environment to
improve, which includes a gradual stabilization of the Euro-area debt
crisis. This optimism is also reflected in the continued positive labor
market development, which we believe was not altered by the April rise in
unemployment (see box). Of course, quantitative indicators need to improve
over time for the optimism to last. The necessary growth impetus is more
likely to come from other parts of the world, especially emerging markets,
and less from Europe.
German growth fundamentals have improved
Whether Germany can keep going is crucial for the Euro's chance of
survival. Important is also how strong Germany will grow. Estimating
future growth potentials is an art and not a science. A good starting
point is to look at potential growth in the past. This can be done using
regression techniques or simply looking at trend growth over full business
cycles (peak-to-peak). The latter approach shows that Germany's growth
potential over the last two business cycles was about 1.5%. Before
unification, West Germany's growth potential was well above 2% and then
collapsed after the unification boom, marked by slower capital and labor
deployment. East Germany's growth potential was 3% in the cycle after
unification as labor was replaced by massive capital investments. In the
cycle prior to the financial crisis, East and West German growth potentials
and resource deployment rates converged.
So, where from here? The Bundesbank estimates that the growth potential
will average just 1.25% until the end of the decade (see April monthly
report), due to negative demographic developments. To be sure, aging will
be a significant drag. In our judgment, however, this effect will be more
than offset by strong immigration from other parts of Europe, structural
changes that raise competitiveness and productivity, thus leading to more
capital spending, and the favorable reversal in monetary conditions. As a
result, we believe that the growth potential is closer to 2%.
- According to the Bundesbank's base case scenario, net immigration will
average 200.000 p.a. until 2015 and then decline to 150.000 until the
end of the decade. That implies that net immigration already peaked in
2011/12. The federal statistics office reported net immigration of
135.000 in the first half of 2011 (+122% oya) and first indications
point to a further acceleration in the second half. In our judgment,
this trend will continue. Despite initially low mobility, the
competitiveness gaps between Germany and the Euro-area periphery will
increasingly trigger labor movements somewhat similar to the
adjustments after German unification (see ITL March 8, 2012).
- In the words of the Bundesbank's April monthly report, the success of
Germany's structural reforms was primarily to adjust the labor market
and public finances to a moderate growth environment. We believe the
reforms, including changes at the corporate level, achieved much more.
To see that, it is better to look just at West Germany. In the cycle
prior to the financial crisis, trend growth in West
Germany already reaccelerated. And given that the fruits of the reforms
only started to kick in from the middle of the past decade, it is
reasonable to assume that the growth potential already exceeded 1.5% before
the crisis. Indeed, in its monthly report from October 2007, the
Bundesbank itself raised the growth potential to 1.50-to-1.75%. Besides
corporate and labor market reforms, German exporters made a big structural
shift from stagnating OECD markets to vibrant emerging markets.
- Potential growth is largely about supply-side conditions. However,
demand-side conditions, especially structural policy conditions matter
as well. The cost of unification put Germany into a fiscal straight
jacket for over a decade. More importantly, Germany entered the Euro
with a much overvalued currency and real interest rates well above the
real rate of growth. Today, Germany's real effective exchange rate is
25% lower than 15 years ago and real interest rates are well below the
real growth rate. And that reversal is likely to persist for years.
- Finally, housing is a special case in the potential growth analysis.
In its October 2007 report, the Bundesbank said that housing remains a
drag on potential growth due to the adjustment after the unification
boom. This has clearly changed as supply is falling short of demand
and financial conditions have improved sharply (see ITL March 22,
2012).
Disclaimer
This analysis was prepared by Bernhard Eschweiler, Senior Economic Advisor,
and was first published 4 May 2012, Silvia Quandt Research GmbH,
Grüneburgweg 18, 60322 Frankfurt is responsible for its preparation. German
Regulatory Authority: Bundesanstalt für Finanzdienstleistungsaufsicht
(BaFin), Graurheindorfer Str. 108, 53117 Bonn and Lurgiallee 12, 60439
Frankfurt.
Publication according to article 5 (4) no. 3 of the German Regulation
concerning the analysis of financial instruments (Finanzanalyseverordnung):
Number of recommendations Thereof recommendations for issuers to which
from Silvia Quandt Research investment banking services were provided
during
GmbH in 2012 the preceding twelve months
Buys: 93 34
Neutral: 51 6
Avoid: 12 0
Company disclosures
Article 34b of the German Securities Trading Act (Wertpapierhandelsgesetz)
in combination with the German regulation concerning the analysis of
financial instruments (Finanzanalyseverordnung) requires an enterprise
preparing a securities analysis to point out possible conflicts of interest
with respect to the company or companies that are the subject of the
analysis. A conflict of interest is presumed to exist, in particular, if an
enterprise preparing a security analysis:
(a) holds more than 5 % of the share capital of the company or companies
analysed;
(b) has lead managed or co-lead managed a public offering of the
securities of the company or companies in the previous 12 months;
(c) has provided investment banking services for the company or companies
analysed during the last 12 months for which a compensation has been or
will be paid;
(d) is serving as a liquidity provider for the company's securities by
issuing buy and sell orders;
(e) is party to an agreement with the company or companies that is the
subject of the analysis relating to the production of the recommendation;
(f) or the analyst covering the issue has other significant financial
interests with respect to the company or companies that are the subject of
this analysis, for example holding a seat on the company's boards.
In this respective analysis the following of the above-mentioned conflicts
of interests exist: none
Silvia Quandt Research GmbH, Silvia Quandt & Cie. AG, and its affiliated
companies regularly hold shares of the analysed company or companies in
their trading portfolios. The views expressed in this analysis reflect the
personal views of the analyst about the subject securities or issuers. No
part of the analyst's compensation was, is or will be directly or
indirectly tied to the specific recommendations or views expressed in this
analysis. It has not been determined in advance whether and at what
intervals this report will be updated.
Equity Recommendation Definitions Silvia Quandt Research GmbH analysts rate
the shares of the companies they cover on an absolute basis using a 6 -
12-month target price. 'Buys' assume an upside of more than 10% from the
current price during the following 6 - 12-months. These securities are
expected to out-perform their respective sector indices. Securities with an
expected negative absolute performance of more than 10% and an
under-performance to their respective sector index are rated 'avoids'.
Securities where the current share price is within a 10% range of the
sector performance are rated 'neutral'. Securities prices used in this
report are closing prices of the day before publication unless a different
date is stated. With regard to unlisted securities median market prices are
used based on various important broker sources (OTC-Market).
Disclaimer This publication has been prepared and published by Silvia
Quandt Research GmbH, a subsidiary of Silvia Quandt & Cie. AG. This
publication is intended solely for distribution to professional and
business customers of Silvia Quandt & Cie. AG. It is not intended to be
distributed to private investors or private customers. Any information in
this report is based on data obtained from publicly available information
and sources considered to be reliable, but no representations or guarantees
are made by Silvia Quandt Research GmbH with regard to the accuracy or
completeness of the data or information contained in this report. The
opinions and estimates contained herein constitute our best judgement at
this date and time, and are subject to change without notice. Prior to this
publication, the analysis has not been communicated to the analysed
companies and changed subsequently. This report is for information purposes
only; it is not intended to be and should not be construed as a
recommendation, offer or solicitation to acquire, or dispose of, any of the
securities mentioned in this report. In compliance with statutory and
regulatory provisions, Silvia Quandt & Cie. AG and Silvia Quandt Research
GmbH have set up effective organisational and administrative arrangements
to prevent and avoid possible conflicts of interests in preparing and
transmitting analyses. These include, in particular, inhouse information
barriers (Chinese walls). These information barriers apply to any
information which is not publicly available and to which any of Silvia
Quandt & Cie. AG and Silvia Quandt Research GmbH or its affiliates may have
access from a business relationship with the issuer. For statutory or
contractual reasons, this information may not be used in an analysis of the
securities and is therefore not included in this report. Silvia Quandt &
Cie. AG and Silvia Quandt Research GmbH, its affiliates and/or clients may
conduct or may have conducted transactions for their own account or for the
account of other parties with respect to the securities mentioned in this
report or related investments before the recipient has received this
report. Silvia Quandt & Cie. AG and Silvia Quandt Research GmbH or its
affiliates, its executives, managers and employees may hold shares or
positions, possibly even short sale positions, in securities mentioned in
this report or in related investments. Silvia Quandt & Cie. AG in
particular may provide banking or other advisory services to interested
parties. Neither Silvia Quandt Research GmbH, Silvia Quandt & Cie. AG or
its affiliates nor any of its officers, shareholders or employees accept
any liability for any direct or consequential loss arising from any use of
this publication or its contents. Copyright and database rights protection
exists in this publication and it may not be reproduced, distributed or
published by any person for any purpose without the prior express consent
of Silvia Quandt Research GmbH. All rights reserved. Any investments
referred to herein may involve significant risk, are not necessarily
available in all jurisdictions, may be illiquid and may not be suitable for
all investors. The value of, or income from, any investments referred to
herein may fluctuate and/or be affected by changes in exchange rates. Past
performance is not indicative of future results. Investors should make
their own investment decisions without relying on this publication. Only
investors with sufficient knowledge and experience in financial matters to
evaluate the merits and risks should consider an investment in any issuer
or market discussed herein and other persons should not take any action on
the basis of this publication.
Specific notices of possible conflicts of interest with respect to issuers
or securities forming the subject of this report according to US or English
law: None
This publication is issued in the United Kingdom only to persons described
in Articles 19, 47 and 49 of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2001 and is not intended to be distributed,
directly or indirectly, to any other class of persons (including private
investors). Neither this publication nor any copy of it may be taken or
transmitted into the United States of America or distributed, directly or
indirectly, in the United States of America.
Frankfurt am Main, 04.05.2012
Silvia Quandt Research GmbH
Grüneburgweg 1860322 Frankfurt
Tel: + 49 69 95 92 90 93 -0
Fax: + 49 69 95 92 90 93 - 11
Ende der Corporate News
---------------------------------------------------------------------
04.05.2012 Veröffentlichung einer Corporate News/Finanznachricht,
übermittelt durch die DGAP - ein Unternehmen der EquityStory AG.
Für den Inhalt der Mitteilung ist der Emittent / Herausgeber
verantwortlich.
Die DGAP Distributionsservices umfassen gesetzliche Meldepflichten,
Corporate News/Finanznachrichten und Pressemitteilungen.
Medienarchiv unter http://www.dgap-medientreff.de und
http://www.dgap.de
---------------------------------------------------------------------
168124 04.05.2012
DGAP-News: Silvia Quandt & Cie. AG, Merchant & Investment Banking /
Schlagwort(e): Sonstiges
Silvia Quandt & Cie. AG, Merchant & Investment Banking: In-between the
lines - Bernhard Eschweiler
04.05.2012 / 09:07
---------------------------------------------------------------------
- Which leading indicator will Germany follow: the IFO or the PMI?
- German growth potential likely higher than latest Bundesbank estimate
Mixed economic news and uncertainty over the direction of the Euro zone are
keeping markets volatile. The latest leading economic indicators confirm
the view that the growth base is spreading from the US to much of the rest
of the world. Especially China is showing signs of revival. However,
Europe remains at the tail end and there are no signs that countries in
recession will recover soon. Germany is caught between those developments
and reading the data for direction is not easy. In our judgment, Germany's
strengths outweigh the drags from Europe. This should not only be visible
in better economic performance this year, but a higher growth potential for
the rest of this decade.
Up or down or apples and oranges?
The Euro-area debt crisis has undoubtedly a negative effect on the German
export sector. How much this will pull down the economy, however, is less
clear. Most economists have raised their growth forecasts for this year
and next, but the actual data remains mixed. The contrast is best seen in
the divergence between the two most watched leading indicators, namely the
manu-facturing PMI and the manufacturing part of the IFO index. The IFO
has been on an uptrend since November. The PMI also improved around the
turn of the year, but that gain was more than lost over the last three
months. Moreover, the IFO is in expansionary territory, while the PMI
points to a contraction.
So, which indicator is more reliable? Some argue that the IFO is better
since it has a much larger sample size (7.000 versus the PMI's 1.000).
Indeed, the PMI's bias toward larger companies could explain some of the
difference. Yet the real difference is design. The IFO is a qualitative
survey, which asks companies to evaluate current business conditions and
expectations. The PMI is a quantitative survey, which asks companies about
actual output, orders, inventories, employment and prices. Thus, the
message from the two indicators is that the Euro-area
debt crisis has a negative (quantitative) impact on current activity, but
that this is not spoiling business confidence (qualitative). Companies
feel competitive and profitable and expect the business environment to
improve, which includes a gradual stabilization of the Euro-area debt
crisis. This optimism is also reflected in the continued positive labor
market development, which we believe was not altered by the April rise in
unemployment (see box). Of course, quantitative indicators need to improve
over time for the optimism to last. The necessary growth impetus is more
likely to come from other parts of the world, especially emerging markets,
and less from Europe.
German growth fundamentals have improved
Whether Germany can keep going is crucial for the Euro's chance of
survival. Important is also how strong Germany will grow. Estimating
future growth potentials is an art and not a science. A good starting
point is to look at potential growth in the past. This can be done using
regression techniques or simply looking at trend growth over full business
cycles (peak-to-peak). The latter approach shows that Germany's growth
potential over the last two business cycles was about 1.5%. Before
unification, West Germany's growth potential was well above 2% and then
collapsed after the unification boom, marked by slower capital and labor
deployment. East Germany's growth potential was 3% in the cycle after
unification as labor was replaced by massive capital investments. In the
cycle prior to the financial crisis, East and West German growth potentials
and resource deployment rates converged.
So, where from here? The Bundesbank estimates that the growth potential
will average just 1.25% until the end of the decade (see April monthly
report), due to negative demographic developments. To be sure, aging will
be a significant drag. In our judgment, however, this effect will be more
than offset by strong immigration from other parts of Europe, structural
changes that raise competitiveness and productivity, thus leading to more
capital spending, and the favorable reversal in monetary conditions. As a
result, we believe that the growth potential is closer to 2%.
- According to the Bundesbank's base case scenario, net immigration will
average 200.000 p.a. until 2015 and then decline to 150.000 until the
end of the decade. That implies that net immigration already peaked in
2011/12. The federal statistics office reported net immigration of
135.000 in the first half of 2011 (+122% oya) and first indications
point to a further acceleration in the second half. In our judgment,
this trend will continue. Despite initially low mobility, the
competitiveness gaps between Germany and the Euro-area periphery will
increasingly trigger labor movements somewhat similar to the
adjustments after German unification (see ITL March 8, 2012).
- In the words of the Bundesbank's April monthly report, the success of
Germany's structural reforms was primarily to adjust the labor market
and public finances to a moderate growth environment. We believe the
reforms, including changes at the corporate level, achieved much more.
To see that, it is better to look just at West Germany. In the cycle
prior to the financial crisis, trend growth in West
Germany already reaccelerated. And given that the fruits of the reforms
only started to kick in from the middle of the past decade, it is
reasonable to assume that the growth potential already exceeded 1.5% before
the crisis. Indeed, in its monthly report from October 2007, the
Bundesbank itself raised the growth potential to 1.50-to-1.75%. Besides
corporate and labor market reforms, German exporters made a big structural
shift from stagnating OECD markets to vibrant emerging markets.
- Potential growth is largely about supply-side conditions. However,
demand-side conditions, especially structural policy conditions matter
as well. The cost of unification put Germany into a fiscal straight
jacket for over a decade. More importantly, Germany entered the Euro
with a much overvalued currency and real interest rates well above the
real rate of growth. Today, Germany's real effective exchange rate is
25% lower than 15 years ago and real interest rates are well below the
real growth rate. And that reversal is likely to persist for years.
- Finally, housing is a special case in the potential growth analysis.
In its October 2007 report, the Bundesbank said that housing remains a
drag on potential growth due to the adjustment after the unification
boom. This has clearly changed as supply is falling short of demand
and financial conditions have improved sharply (see ITL March 22,
2012).
Disclaimer
This analysis was prepared by Bernhard Eschweiler, Senior Economic Advisor,
and was first published 4 May 2012, Silvia Quandt Research GmbH,
Grüneburgweg 18, 60322 Frankfurt is responsible for its preparation. German
Regulatory Authority: Bundesanstalt für Finanzdienstleistungsaufsicht
(BaFin), Graurheindorfer Str. 108, 53117 Bonn and Lurgiallee 12, 60439
Frankfurt.
Publication according to article 5 (4) no. 3 of the German Regulation
concerning the analysis of financial instruments (Finanzanalyseverordnung):
Number of recommendations Thereof recommendations for issuers to which
from Silvia Quandt Research investment banking services were provided
during
GmbH in 2012 the preceding twelve months
Buys: 93 34
Neutral: 51 6
Avoid: 12 0
Company disclosures
Article 34b of the German Securities Trading Act (Wertpapierhandelsgesetz)
in combination with the German regulation concerning the analysis of
financial instruments (Finanzanalyseverordnung) requires an enterprise
preparing a securities analysis to point out possible conflicts of interest
with respect to the company or companies that are the subject of the
analysis. A conflict of interest is presumed to exist, in particular, if an
enterprise preparing a security analysis:
(a) holds more than 5 % of the share capital of the company or companies
analysed;
(b) has lead managed or co-lead managed a public offering of the
securities of the company or companies in the previous 12 months;
(c) has provided investment banking services for the company or companies
analysed during the last 12 months for which a compensation has been or
will be paid;
(d) is serving as a liquidity provider for the company's securities by
issuing buy and sell orders;
(e) is party to an agreement with the company or companies that is the
subject of the analysis relating to the production of the recommendation;
(f) or the analyst covering the issue has other significant financial
interests with respect to the company or companies that are the subject of
this analysis, for example holding a seat on the company's boards.
In this respective analysis the following of the above-mentioned conflicts
of interests exist: none
Silvia Quandt Research GmbH, Silvia Quandt & Cie. AG, and its affiliated
companies regularly hold shares of the analysed company or companies in
their trading portfolios. The views expressed in this analysis reflect the
personal views of the analyst about the subject securities or issuers. No
part of the analyst's compensation was, is or will be directly or
indirectly tied to the specific recommendations or views expressed in this
analysis. It has not been determined in advance whether and at what
intervals this report will be updated.
Equity Recommendation Definitions Silvia Quandt Research GmbH analysts rate
the shares of the companies they cover on an absolute basis using a 6 -
12-month target price. 'Buys' assume an upside of more than 10% from the
current price during the following 6 - 12-months. These securities are
expected to out-perform their respective sector indices. Securities with an
expected negative absolute performance of more than 10% and an
under-performance to their respective sector index are rated 'avoids'.
Securities where the current share price is within a 10% range of the
sector performance are rated 'neutral'. Securities prices used in this
report are closing prices of the day before publication unless a different
date is stated. With regard to unlisted securities median market prices are
used based on various important broker sources (OTC-Market).
Disclaimer This publication has been prepared and published by Silvia
Quandt Research GmbH, a subsidiary of Silvia Quandt & Cie. AG. This
publication is intended solely for distribution to professional and
business customers of Silvia Quandt & Cie. AG. It is not intended to be
distributed to private investors or private customers. Any information in
this report is based on data obtained from publicly available information
and sources considered to be reliable, but no representations or guarantees
are made by Silvia Quandt Research GmbH with regard to the accuracy or
completeness of the data or information contained in this report. The
opinions and estimates contained herein constitute our best judgement at
this date and time, and are subject to change without notice. Prior to this
publication, the analysis has not been communicated to the analysed
companies and changed subsequently. This report is for information purposes
only; it is not intended to be and should not be construed as a
recommendation, offer or solicitation to acquire, or dispose of, any of the
securities mentioned in this report. In compliance with statutory and
regulatory provisions, Silvia Quandt & Cie. AG and Silvia Quandt Research
GmbH have set up effective organisational and administrative arrangements
to prevent and avoid possible conflicts of interests in preparing and
transmitting analyses. These include, in particular, inhouse information
barriers (Chinese walls). These information barriers apply to any
information which is not publicly available and to which any of Silvia
Quandt & Cie. AG and Silvia Quandt Research GmbH or its affiliates may have
access from a business relationship with the issuer. For statutory or
contractual reasons, this information may not be used in an analysis of the
securities and is therefore not included in this report. Silvia Quandt &
Cie. AG and Silvia Quandt Research GmbH, its affiliates and/or clients may
conduct or may have conducted transactions for their own account or for the
account of other parties with respect to the securities mentioned in this
report or related investments before the recipient has received this
report. Silvia Quandt & Cie. AG and Silvia Quandt Research GmbH or its
affiliates, its executives, managers and employees may hold shares or
positions, possibly even short sale positions, in securities mentioned in
this report or in related investments. Silvia Quandt & Cie. AG in
particular may provide banking or other advisory services to interested
parties. Neither Silvia Quandt Research GmbH, Silvia Quandt & Cie. AG or
its affiliates nor any of its officers, shareholders or employees accept
any liability for any direct or consequential loss arising from any use of
this publication or its contents. Copyright and database rights protection
exists in this publication and it may not be reproduced, distributed or
published by any person for any purpose without the prior express consent
of Silvia Quandt Research GmbH. All rights reserved. Any investments
referred to herein may involve significant risk, are not necessarily
available in all jurisdictions, may be illiquid and may not be suitable for
all investors. The value of, or income from, any investments referred to
herein may fluctuate and/or be affected by changes in exchange rates. Past
performance is not indicative of future results. Investors should make
their own investment decisions without relying on this publication. Only
investors with sufficient knowledge and experience in financial matters to
evaluate the merits and risks should consider an investment in any issuer
or market discussed herein and other persons should not take any action on
the basis of this publication.
Specific notices of possible conflicts of interest with respect to issuers
or securities forming the subject of this report according to US or English
law: None
This publication is issued in the United Kingdom only to persons described
in Articles 19, 47 and 49 of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2001 and is not intended to be distributed,
directly or indirectly, to any other class of persons (including private
investors). Neither this publication nor any copy of it may be taken or
transmitted into the United States of America or distributed, directly or
indirectly, in the United States of America.
Frankfurt am Main, 04.05.2012
Silvia Quandt Research GmbH
Grüneburgweg 1860322 Frankfurt
Tel: + 49 69 95 92 90 93 -0
Fax: + 49 69 95 92 90 93 - 11
Ende der Corporate News
---------------------------------------------------------------------
04.05.2012 Veröffentlichung einer Corporate News/Finanznachricht,
übermittelt durch die DGAP - ein Unternehmen der EquityStory AG.
Für den Inhalt der Mitteilung ist der Emittent / Herausgeber
verantwortlich.
Die DGAP Distributionsservices umfassen gesetzliche Meldepflichten,
Corporate News/Finanznachrichten und Pressemitteilungen.
Medienarchiv unter http://www.dgap-medientreff.de und
http://www.dgap.de
---------------------------------------------------------------------
168124 04.05.2012