annual results 2018 investor/analyst conference call · 2 march 7, 2019 annual results 2018 -...

Berlin, March 7, 2019

Annual Results 2018

Investor/Analyst Conference Call

Dr Mathias Döpfner, Chairman & CEO

Dr Julian Deutz, CFO

Disclaimer

March 7, 2019 Annual Results 2018 - Investor/Analyst Conference Call2

This document, which has been issued by Axel Springer SE (the "Company"), comprises the written materials/slides for a presentation of the

management.

Whilst all reasonable care has been taken to ensure that the information and facts stated herein are accurate and that the opinions and

expectations contained herein are fair and reasonable no representation or warranty, express or implied, is given by or on behalf of the Company,

any of its directors, or any other person as to the accuracy or completeness of the information or opinions contained in this document and no

liability is accepted for any such information or opinions.

This document contains forward looking statements which involves risks and uncertainties. These forward looking statements speak only as of the

date of this document and are based on numerous assumptions which may or may not prove to be correct. The actual performance and results of

the business of the Company could differ materially from the performance and results discussed in this document.

The Company undertakes no obligation to publicly update or revise any forward looking statements or other information contained herein whether

as a result of new information, future events or otherwise.

This document does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe

for, any shares in the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any

contract or investment decision in relation thereto.

2018: Growth in revenues, profits and dividend


Revenues €3,180.7m (+4.1% reported, +3.8% organically)

adj. EBITDA €737.9m (+14.3% reported, +8.5% organically)

adj. EBIT €527.9m (+4.7% reported, +6.4% organically)

adj. eps €2.73 (+5.1% reported, +8.3% organically)

Dividend proposal of €2.10 (PY: €2.00)

84% of adj. EBITDA from digital activities – digital

revenues with organic growth of 9.6% in FY/18

4

digital

Revenues adj. EBITDA

digital

71% 84%

March 7, 2019 Annual Results 2018 - Investor/Analyst Conference Call

We have achieved our goals for 2018


Further growthin classifieds

Deliver on stableadj. EBITDA

guidance forNews Media

Explore furtherpotential from

technology & data

Break-even at Insider Inc.

Classifieds 2018: Strong growth and attractive

investments


Continued strong organic topline growth of 11.4% – StepStone again the growth

engine with 16.9% organic growth

Classifieds most important profit contributor – 60.5% of adj. EBITDA

Successful integration of Logic-Immo (Real Estate) and Universum (Jobs)

Investments into hybrid real estate agents to tap into additional revenue pools

News Media 2018: Delivering on targets – excellent

progress with digital content


Excellent performance at upday and Politico – both on track to profitability in 2019

$

Financial targets achieved

Insider Inc.: Revenue target and profitability achieved in FY/18,

became second-most-read general news brand in the United States

Digital subscriptions at BILD and WELT reach 512k at year-end (+10.9% yoy)

Outlook 2019


Continue with our successful

path

▪ Focus on classifieds and

content – Further growth of

classifieds, further digitization

of content

▪ Leverage potential from

technology and data

Selectively invest for further top-line growth

▪ Further strengthen and leverage Stepstone‘s marketposition

▪ Expanding product range in Real Estate classifieds

▪ Insider Inc.: Re-investing near-term profits for further growth

+

Create mid- and long-term shareholder value

Financials FY2018

2018 adj. Group EBITDA up 14.3%, organic increase

of 8.5%


▪ Strong organic increase of adj. EBITDA in Q4/18 (+13.7%) driven by Jobs Classifieds and News Media

▪ Adj. EBIT of €527.9m in FY/18 up by 4.7% yoy (organically up by 6.4% yoy)

in €m 2018 yoy org.1 Q4/18 yoy org.1

Revenues 3,180.7 4.1% 3.8% 854.7 2.6% 4.4%

Advertising 2,159.4 7.2% 6.3% 590.2 3.4% 5.5%

Circulation 591.7 -6.5% -4.8% 142.6 -4.5% -2.3%

Other 429.6 5.2% 4.7% 121.8 7.4% 8.2%

adj. EBITDA 737.9 14.3% 8.5% 196.5 14.0% 13.7%

Margin 23.2% 2.1pp 23.0% 2.3pp

1) Adjusted for consolidation and FX effects, as well as for IFRS 16 effects for adj. EBITDA.

FY2018


Classifieds Media: adj. EBITDA up 26.5% in Q4/18,

organic increase of 21.0%

▪ Both revenue and adj. EBITDA increase driven by strong organic growth as well as consolidation

effects from Logic-Immo (Real Estate) and Universum (Jobs). Adj. EBITDA also positively impacted by

effects from adoption of IFRS 16

▪ Margin up slightly in Q4/18 yoy, FY/18 margin down due to investments

▪ Adj. EBIT of €406.7m up by 12.7% yoy (organically up by 10.6% yoy)

1) Adjusted for consolidation and FX effects, as well as

for IFRS 16 effects for adj. EBITDA. in €m 2018 yoy org.

1 Q4/18 yoy org.1

Revenues 1,212.5 20.3% 11.4% 322.3 22.8% 13.3%

Advertising 1,167.4 17.9% 11.8% 306.8 19.0% 13.8%

Other 45.1 >100 % -12.5% 15.5 >100 % -14.9%

adj. EBITDA 487.2 17.9% 11.4% 133.6 26.5% 21.0%

Margin 40.2% -0.8pp 41.5% 1.2pp

FY2018

Jobs classifieds organic revenue growth remains

strong with 16.9% (prior year 17.0%)

12 March 7, 2019 Annual Results 2018 - Investor/Analyst Conference Call12

34%

▪ Strong finish of the year with organic revenue growth of 18.2% in Q4/18 and significant margin expansion

▪ Organic revenue growth again driven by Continental Europe (+22.3%) and especially StepStone

Germany (+25.0%)


1) Adjusted for consolidation and FX effects, as well as for IFRS 16 effects for adj. EBITDA. 2) Total adj. EBITDA of Classifieds Media subsegments does not equal Classifieds Media

segment adj. EBITDA which includes costs of €10.9m in 2018 and €8.5m in 2017 (thereof business development, M&A and other), not allocated to the three subsegments.

Jobs


Revenues 602.6 21.5% 16.9% 171.0 25.1% 18.2%

adj. EBITDA2 245.5 20.9% 14.0% 79.8 40.6% 33.2%

Margin 40.7% -0.2pp 46.7% 5.2pp

FY2018

Real Estate: Strong revenue and adj. EBITDA growth

due to good operative performance and M&A


▪ Reported revenue growth of 29.4% driven by consolidation effects from Logic-Immo (organic revenue

increase 6.1%) in 2018

▪ Organic increase of adj. EBITDA of 11.7% mainly due to strong margin improvement at Immowelt

(41.9%), decline of reported margin due to full consolidation of Logic-Immo and at-equity consolidation

of Purplebricks (organic margin increase of 2.7pp)


Real Estate


Revenues 375.3 29.4% 6.1% 97.1 30.3% 5.8%

adj. EBITDA2 172.6 18.1% 11.7% 40.0 9.5% 8.4%

Margin 46.0% -4.4pp 41.2% -7.8pp



FY2018

General/Other with strong finish to the year


▪ Strong organic revenue increase of 10.9% in Q4/18 driven by @Leisure

▪ Car&Boat Media with healthy mid single-digit revenue growth in FY/18, Yad2 with negative impact from

changes in the regulatory environment for real estate


General/Other

in €m 2018 yoy org.1 Q4/18 yoy org.

1

Revenues 234.6 5.8% 5.9% 54.2 5.9% 10.9%

adj. EBITDA2 79.9 10.5% 5.2% 16.5 18.2% 10.1%

Margin 34.1% 1.4pp 30.5% 3.2pp



FY2018

News Media delivers on its guidance


1) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA.

▪ Organic revenue development almost stable (-0.3%)

▪ 38.5% of revenues from digital activities (prior year: 33.9%)

▪ Adj. EBITDA reported up by 4.3%, driven mainly by effects from IFRS 16 (organically down by 3.5%) – in line with mid-

term guidance given in 2017. Significant adj. EBITDA improvement in International driven by operative improvements at

upday, Insider Inc. and Politico

▪ Adj. EBIT of €158.2m down by 13.6% yoy (organically down by 12.5% yoy)

in €m 2018 yoy org.1 Q4/18 yoy org.

1 2018 yoy org.1 2018 yoy org.

1

Revenues 1,496.2 -0.9% -0.3% 406.6 -1.9% -0.7% 1,070.4 -3.5% -4.2% 425.7 6.3% 10.9%

thereof digital 575.7 12.5% 11.8% 174.2 12.1% 11.1% 297.5 11.3% 8.4% 278.1 13.9% 15.5%

digital share of revenues 38.5% 4.6pp 42.9% 5.4pp 27.8% 3.7pp 65.3% 4.4pp

Advertising 678.5 1.9% 1.6% 197.9 -2.9% -2.2% 432.4 -3.5% -5.4% 246.1 13.0% 16.3%

Circulation 592.0 -6.5% -4.8% 142.6 -4.5% -2.3% 474.6 -6.0% -6.0% 117.4 -8.6% 0.1%

Other 225.7 7.2% 7.3% 66.1 7.9% 8.1% 163.4 4.6% 5.0% 62.3 14.6% 13.8%

adj. EBITDA 228.2 4.3% -3.5% 63.1 17.6% 13.6% 161.2 -2.0% -8.9% 67.0 23.5% 14.2%

Margin 15.3% 0.8pp 15.5% 2.6pp 15.1% 0.2pp 15.7% 2.2pp

News Media National News Media InternationalNews Media

FY2018

Marketing Media development impacted by organic

adj. EBITDA decline in Performance Marketing


1) Adjusted for consolidation and FX effects, as well as for IFRS 16 effects for adj. EBITDA.2) Total adj. EBITDA includes costs of €8.3 in 2018 and €8.1m in 2017 (thereof business development, M&A and other), not allocated to the two subsegments.

▪ Revenues down yoy due to sale of aufeminin. Organic revenues up 2.1% in 2018 yoy: Reach Based Marketing (org.

revenues -0.1% yoy) impacted by US exit of Bonial in Q4/17, Performance Marketing with organic increase of 5.3%

▪ Adj. EBITDA down 6.3% (-2.5% organically) in FY/18, stronger decrease in Q4/18 due to higher integration costs for the

AWIN/affilinet merger and a strong prior-year quarter at finanzen.net.

▪ Adj. EBIT of €66.0m down by 14.7% yoy (organically on prior-year level (+0.5%))

in €m 2018 yoy org.1 Q4/18 yoy org.1 2018 yoy org.1 2018 yoy org.

1

Revenues 418.3 -12.4% 2.1% 111.4 -20.7% 4.2% 235.2 -26.0% -0.1% 183.1 14.7% 5.3%

Advertising 313.4 -12.3% -1.0% 85.5 -21.6% -1.3% 205.0 -22.5% -2.2% 108.4 16.7% 1.8%

Other 104.8 -12.5% 12.5% 25.9 -17.5% 28.9% 30.2 -43.1% 19.3% 74.6 11.9% 10.2%

adj. EBITDA2 89.6 -6.3% -2.5% 26.9 -31.5% -19.9% 66.7 -6.3% 14.7% 31.2 -3.8% -29.5%

Margin 21.4% 1.4pp 24.1% -3.8pp 28.4% 6.0pp 17.0% -3.3pp

Marketing Media Reach Based Marketing Performance Marketing

FY2018

Adjusted eps increase in line with guidance (+5.1%)


in €m 2018 2017 Q4/18 Q4/17

adj. EBITDA 737.9 645.8 196.5 172.4

yoy change (reported / organic)

Depreciation / amortization (excl. PPA) -210.1 -141.9 -56.5 -41.8

adj. EBIT 527.9 504.0 140.0 130.6

Financial result -21.1 -18.4 -6.3 -10.7

Taxes -171.0 -158.0 -54.7 -36.8

adj. net income 335.7 327.5 79.0 83.1

thereof attributable to non-controlling interests 41.0 47.1 8.6 16.3

adj. eps1 2.73 2.60 0.65 0.62

yoy change (reported / organic)

Non-recurring effects -12.5 117.0 -66.2 148.3

Depreciation / amortization, and impairments of PPA -137.8 -94.2 -61.6 -20.5

Taxes attributable to these effects 23.1 27.8 9.7 3.7

Net income 208.4 378.0 -39.0 214.6

14.3% / 8.5% 14.0% / 13.7%

5.1% / 8.3% 5.4% / 13.9%

1) Based on weighted average number of shares outstanding in 2018: 107.9m (2017: 107.9m).

Net financial debt higher because of IFRS 16 –

FCF above expectations due to effects from phasing


▪Net financial debt includes leasing liabilities of €379.6m (PY: €0.3m), thereof

€153.6m due to lease of Axel-Springer-Passage and high-rise headquarter in

Berlin since January 1, 2018

▪Net financial debt less effects from leasing liabilities €869.6m

Free cash flow (FCF) in €m Impact of leasing liabilities on net financial debt

1) Excl. pension liabilities. 2) Based on adj. EBITDA 2018. 3) Expected in Q4/19 or Q1/20.

Net financial debt of €1,249.2m1

in December 2018 (leverage 1.7x2)

497.4

341.1346.9

419.6

2017 20172018 2018

FCF FCF excl. effects from headquarter real estate transactions

▪Positive effects from phasing and one-off of ~€50m

▪Net positive cash inflow of ~€240m until 2020 from sale of new Berlin building

(purchase price of €425m3)

and tax payments of ~€30m expected and capex

and sale related costs of ~€155m in 2019-2020)

Effects on cash flow

Outlook 2019

Outlook 2019 – Group


Group

reported organic1

Low single-digit % growth Low to mid single-digit % growth

On prior-year level Low to mid single-digit % growth

Low single-digit % decline Low single-digit % growth

Revenues

Adj. EBITDA

Adj. EBIT

1) Adjusted for consolidation and FX effects.

Stable to low single-digit %

declineSingle-digit % growthAdj. eps

Outlook 2019 – Segments


1) Adjusted for consolidation and FX effects. 2) Higher negative EBITDA/EBIT.

reported organic1

Classifieds Media high single-digit to low double-digit % growth high single-digit to low double-digit % growth

News Media low to mid single-digit % decline low single-digit % decline

Marketing Media low single-digit % decline high single-digit % growth

Services/Holding low double-digit % decline low double-digit % decline

Classifieds Media low to mid single-digit % growth mid single-digit % growth

News Media on prior-year level on prior-year level

Marketing Media low to mid single-digit % growth high single-digit to low double-digit % growth

Services/Holding double-digit % decline2

double-digit % decline2

Classifieds Media on prior-year level low to mid single-digit % growth

News Media low single-digit % decline on prior-year level

Marketing Media low single-digit % decline high single-digit % growth

Services/Holding high single-digit to low double-digit % decline2

high single-digit to low double-digit % decline2

Revenues

Adj. EBITDA

Adj. EBIT

Appendix

Organic revenue development digital media


yoy 2018 Q4/18 Q3/18 Q2/18 Q1/18 FY/17 FY16

Digital Media 9.6% 10.8% 8.5% 9.4% 9.5% 12.5% 10.7%

Classifieds Media 11.4% 13.3% 9.8% 11.2% 11.3% 12.7% 12.5%

Jobs1 16.9% 18.2% 13.6% 17.2% 18.9% 17.0% 17.6%

Real Estate 6.1% 5.8% 6.4% 6.0% 6.4% 10.8% 6.3%

General/Other 5.9% 10.9% 5.0% 5.1% 3.4% 6.3% 9.7%

News Media 11.8% 11.1% 11.3% 12.2% 12.8% 12.0% 14.7%

National 8.4% 9.8% 6.5% 9.8% 6.9% 3.2% 17.4%

International 15.5% 12.7% 16.5% 14.7% 19.2% 25.1% 9.4%

Marketing Media 2.1% 4.2% 0.8% 1.2% 1.9% 12.4% 7.5%

Reach Based -0.1% 2.2% -1.4% 0.6% -1.4% 12.0% 15.6%

Performance Based 5.3% 6.6% 3.6% 2.1% 8.5% 12.7% 4.2%

Organic means adjusted for consolidation and FX effects.1) Note: Figures for 2018 include meinestadt.de which was allocated to Jobs from General/Other in 2018.

.

Restructuring expenses


in €m 2018 Q4/18 Q3/18 Q2/18 Q1/18 FY/17 Q4/17 Q3/17 Q2/17 Q1/17

Group 36.8 24.9 3.7 2.7 5.4 47.6 28.5 9.5 4.8 4.8

Classifieds Media 1.6 1.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

News Media 18.0 13.2 1.9 0.9 2.0 29.3 18.8 4.8 2.9 2.9

Marketing Media 5.4 5.1 0.0 0.1 0.2 0.5 0.1 0.2 0.0 0.2

Services/Holding 11.8 5.1 1.8 1.7 3.2 17.8 9.6 4.5 1.9 1.8

News Media Subsegments Q4/18


1) Adjusted for consolidation and FX effects, as well as for IFRS 16 effects for adj. EBITDA.

in €m Q4/18 yoy org.1 Q4/18 yoy org.

1

Revenues 288.7 -3.7% -4.2% 117.9 2.9% 9.2%

thereof digital 92.9 11.5% 9.8% 81.3 12.8% 12.7%

digital share of revenues 32.2% 4.4pp 69.0% 6.1pp

Advertising 125.2 -8.4% -9.5% 72.7 8.2% 13.5%

Circulation 114.7 -3.2% -3.2% 27.9 -9.7% 1.6%

Other 48.8 9.0% 9.0% 17.3 4.8% 5.7%

adj. EBITDA 45.3 31.0% 22.8% 17.8 -6.6% -6.1%

Margin 15.7% 4.2pp 15.1% -1.5pp

News Media National News Media International

Marketing Media Subsegments Q4/18


1) Adjusted for consolidation and FX effects, as well as for IFRS 16 effects for adj. EBITDA.2) Total adj. EBITDA includes costs of €2.1m in Q4/18 and €1.5m in Q4/17 not allocated to the two subsegments.

in €m Q4/18 yoy org.1 Q4/18 yoy org.

1

Revenues 58.9 -35.4% 2.2% 52.5 6.7% 6.6%

Advertising 54.4 -29.5% -0.7% 31.2 -2.3% -2.4%

Other 4.5 -67.8% 75.8% 21.4 23.2% 23.1%

adj. EBITDA2 20.4 -26.1% 0.7% 8.5 -35.0% -43.2%

Margin 34.7% 4.4pp 16.3% -10.4pp

Reach Based Marketing Performance Marketing

StepStone: Continued high organic revenue growth

2018 Financials

▪ Swedish employer branding specialist

Universum acquired in Q2/18

▪ UK: Start of the ‘The Partnership’ (Totaljobs and

Jobsite) with joint offer in Q2/18

▪ Candidate delivery ahead of competition in

nearly all areas

▪ Main market Continental Europe with customer

number up 6% yoy, retention rate remains on a

high level at 88% (+1pp yoy)

Operational update 2018

27

1) Minor revenues recorded centrally and attributable to few operational entities (mainly Universum) are not presented

since those are not recorded in operational subgroups. 2) Combined EBITDA of subgroups does not equal sub-

segment as central costs (mainly non-licensed product development costs) and a few entities (mainly Universum) are

not recorded in operational subgroups. 3) Including meinestadt.de which was allocated to Jobs from General/Other in

2018 4) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for (adj.) EBITDA.

in €m 2018 20173) yoy org.

4)

Revenues1) 602.6 495.9 21.5% 16.9%

Continental 420.8 342.7 22.8% 22.3%

UK 123.7 118.2 4.7% 5.7%

SAON Group 40.2 37.5 7.2% 8.9%

EBITDA2) 245.5 203.1 20.9% 14.0%

Continental 224.3 185.6 20.8% 17.8%

UK 16.7 15.8 5.8% -12.5%

SAON Group 13.1 12.4 5.3% 3.1%

Margin 40.7% 41.0% -0.2pp

Continental 53.3% 54.2% -0.9pp

UK 13.5% 13.3% 0.1pp

SAON Group 32.4% 33.0% -0.6pp


SeLoger margin decline due to consolidation of

Logic-Immo

2018 Financials

▪ Closing of Logic-Immo acquisition in Q1/18

▪ Joint product offering of SeLoger and

Logic-Immo started in September 2018

▪ ARPA (incl. verticals) increased by 6% yoy

to €765

▪ # of professional listings1) on Seloger.com: 993k

(Logic-Immo: 719k, pre-deduplication)

▪ Unique users2) of seloger.com up 4% to 5.6m,

unique user of logic-immo -1% to 2.8m


28

3) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for EBITDA.

1) Source: autobiz; monthly listings, Jan-Dec 2018 average.2) Source: Médiametrie (Jan-Dec 2018 vs Jan-Dec 2017).

in €m 2018 2017 yoy org.3)

Revenues 215.8 140.0 54.2% 6.1%

EBITDA 98.8 81.8 20.7% 6.9%

Margin 45.8% 58.5% -12.7pp


Immowelt: Margin significantly up at 41.9%

2018 Financials

▪ ARPU increases by 13% yoy to €332

▪ # of DUO≥ 51) customers increased by 4%

to 16.0k

▪ Visits2) at 42.2m (+/-0% yoy)

▪ # of residential listings2) at 170k (-11% yoy)


29


1) “DUO x” contract allows the simultaneous listing of x properties during the contract time

(x slots), DUO ≥ 5 refers to any DUO contract with at least 5 slots.2) Source: company information; monthly visits/listings, FY/18 average.

in €m 2018 2017 yoy org.3)

Revenues 117.7 111.3 5.7% 5.7%

EBITDA 49.4 37.4 31.9% 27.9%

Margin 41.9% 33.6% 8.3pp


Immoweb margin continuously on a high level

2018 Financials

▪ ARPA increased by 5% yoy to €541

▪ # of listings1) up by 6% yoy to 153k

▪ Real visitors2) down by 5% with a monthly

average of 1.5m in 2018


30

1) Source: company information.2) Source: CIM.

in €m 2018 2017 yoy org.3)

Revenues 42.5 39.5 7.5% 7.3%

EBITDA 28.4 26.5 7.2% 6.9%

Margin 66.7% 66.9% -0.2pp



@Leisure with strong finish to the year

2018 Financials

▪ Full service (Belvilla, Land & Leisure):

Pro forma booking value up by 12% yoy to

€282m

▪ Self service (Traum-Ferienwohnungen):

Total listings in Europe up by 7% yoy to 83k

▪ Disposal of casamundo in Q4/18


31

Source: company information.

in €m 2018 2017 yoy org.1)

Revenues 133.2 124.5 7.0% 5.6%

EBITDA 24.8 19.5 27.5% 7.8%

Margin 18.6% 15.6% 3.0pp



Yad2 organic growth impacted by regulatory

changes in real estate market

2018 Financials

▪ 2018 revenue development negatively impacted

by FX effects

▪ # of listings: 406k (-5% yoy)

▪ Unique visitors down by 18% to 2.3m

▪ Visits down by 13% to 10.6m


32

Source: company information; monthly listings/UVs/visits.

in €m 2018 2017 yoy org.1)

Revenues 38.8 40.0 -2.9% 1.5%

1) Adjusted for consolidation and FX effects.


Car&Boat Media: Organic growth driven by ARPU

increase, EBITDA margin up to 47.5%

2018 Financials

▪ ARPU up by 11% yoy to €454

▪ # of professional customers1) below prior year

(-2%) at 8.4k

▪ # of professional listings1) up by 1% yoy to 276k

▪ Unique visitors2) up by 12% to 4.4m


33

1) Source: company information; monthly, FY/18 average.2) Source: Mediametrie (Jan-Dec/18 vs Jan-Dec/17); limited comparability of Jan-Dec/18

figures to prior-year period due to new methodology regarding the measurement of mobile

traffic introduced by Mediametrie in 2018.

in €m 2018 2017 yoy org.3)

Revenues 62.7 59.4 5.5% 5.5%

EBITDA 29.8 27.0 10.3% 7.1%

Margin 47.5% 45.4% 2.1pp



Investor Relations contacts


Claudia Thomé

Co-Head of Investor Relations

Phone: +49 30 2591 77421

Mobile: +49 160 90445035

[email protected]

Axel Springer SE: Axel-Springer-Str. 65, 10888 Berlin, Germany, Fax: +49 30 2591 77422

Daniel Fard-Yazdani

Co-Head of Investor Relations

Phone: +49 30 2591 77425

Mobile: +49 151 52844459

[email protected]

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