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Cascades Reports Results for the Second Quarter of 2025
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KINGSEY FALLS, QC, Aug. 7, 2025
KINGSEY FALLS, QC, Aug. 7, 2025 /PRNewswire/ - Cascades Inc. (TSX: CAS) reports its unaudited financial results for the three-month period ended June 30, 2025.
Q2 2025 Highlights
- Sales of $1,187 million (compared with $1,154 million in Q1 2025 and $1,180 million in Q2 2024);
- Operating income of $36 million (compared with $50 million in Q1 2025 and $34 million in Q2 2024);
- Net loss per common share of ($0.03) (compared with net earnings per common share of $0.07 in Q1 2025 and net earnings per common share of $0.01 in Q2 2024);
- Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A)1) of $137 million (compared with $125 million in Q1 2025 and $112 million in Q2 2024);
- Adjusted net earnings per common share1 of $0.19 (compared with $0.13 in Q1 2025 and $0.08 in Q2 2024);
- Net debt1 of $2,104 million as of June 30, 2025 (compared with $2,216 million as of March 31, 2025). Net debt to EBITDA (A) ratio1 of 3.8x, down from 4.2x as of March 31, 2025;
- Total capital expenditures, net of disposals of $26 million, totaled $18 million in Q2 2025, compared to $36 million in Q1 2025 and $23 million in Q2 2024. The Corporation's 2025 forecasted capital expenditures before disposals will be approximately $150 million.
Hugues Simon, President and CEO, commented: "Second quarter performance was in line with our forecasts. On a consolidated basis, sequential improvement was underpinned by stronger volumes and selling prices, and lower transportation and energy costs. Packaging results were driven by the implementation of selling price increases and stable shipments. As expected, these were partially offset by higher operational costs per unit attributable to lower operating rates. Operational metrics at Bear Island improved sequentially, with production levels up 8%. This trend has continued into July. Our tissue segment generated stable results sequentially as benefits from improved pricing, sales volume and mix were offset by higher operational costs due to planned shutdowns and maintenance activities. These initiatives were scheduled to improve line efficiencies, support the execution of our retail tissue realignment strategy, and manage inventory in the Away-from-Home tissue market. The Corporation's net debt levels decreased by $112 million sequentially, and leverage contracted to 3.8x from 4.2x at the end of the first quarter. Net of disposals, capital expenditures totaled $18 million in the quarter, and $54 million year-to-date. We now expect full year 2025 levels to be in the range of $150 million, before disposals, down from $175 million previously."
Discussing near-term outlook, Mr. Simon commented, "We are anticipating third quarter performance to be slightly higher sequentially. We remain cautious in packaging, where results are expected to be largely stable as benefits from continued favourable pricing and raw material trends are forecasted to be offset by constrained demand levels. We expect a stronger tissue performance in the third quarter, driven by volume growth and largely stable raw material costs and selling prices. Continued uncertainty in the macro-economic environment may impact future demand levels across North America and our outlook."
| 1 Some information represents non-IFRS Accounting Standards Financial measures, other financial measures or non-IFRS Accounting Standards ratios which are not standardized under IFRS Accounting Standards and therefore might not be comparable to similar financial measures disclosed by other corporations. Please refer to the "Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures" section for a complete reconciliation. |
Financial Summary
Selected consolidated information
| (in millions of Canadian dollars, except amounts per common share) (unaudited) | Q2 2025 | Q1 2025 | Q2 2024 |
| | | | |
| Sales | 1,187 | 1,154 | 1,180 |
| As Reported | | | |
| Operating income | 36 | 50 | 34 |
| Net earnings (loss) | (3) | 7 | 1 |
| per common share (basic) | ($0.03) | $0.07 | $0.01 |
| Adjusted1 | | | |
| Earnings before interest, taxes, depreciation and amortization (EBITDA (A)) | 137 | 125 | 112 |
| Net earnings | 19 | 13 | 8 |
| per common share (basic) | $0.19 | $0.13 | $0.08 |
| Margin (EBITDA (A) / Sales) | 11.5 % | 10.8 % | 9.5 % |
| Net debt1 | 2,104 | 2,216 | 2,093 |
| Net debt / EBITDA (A) ratio1 | 3.8x | 4.2x | 4.2x |
Segmented sales
| (in millions of Canadian dollars) (unaudited) | Q2 2025 | Q1 2025 | Q2 2024 |
| | | | |
| Packaging Products | 763 | 762 | 745 |
| Tissue Papers | 392 | 364 | 397 |
| Inter-segment sales, Corporate, Recovery and Recycling activities | 32 | 28 | 38 |
| Sales | 1,187 | 1,154 | 1,180 |
Segmented operating income (loss)
| (in millions of Canadian dollars) (unaudited) | Q2 2025 | Q1 2025 | Q2 2024 |
| | | | |
| Packaging Products | 46 | 60 | 34 |
| Tissue Papers | 25 | 24 | 38 |
| Corporate, Recovery and Recycling activities | (35) | (34) | (38) |
| Operating income | 36 | 50 | 34 |
Segmented EBITDA (A)1
| (in millions of Canadian dollars) (unaudited) | Q2 2025 | Q1 2025 | Q2 2024 |
| | | | |
| Packaging Products | 119 | 109 | 86 |
| Tissue Papers | 38 | 37 | 54 |
| Corporate, Recovery and Recycling activities | (20) | (21) | (28) |
| EBITDA (A)1 | 137 | 125 | 112 |
| 1 Please refer to the "Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures" section for a complete reconciliation. |
Analysis of results for the three-month period ended June 30, 2025 (compared to the same period last year)
The Corporation's second quarter sales of $1,187 million increased by $7 million compared with the same period last year. This increase was driven by consolidated net benefits of $51 million from higher selling prices and $8 million from a more favourable foreign exchange. These were partially offset by $46 million from lower volumes.
The second quarter EBITDA (A)1 totaled $137 million, an increase of $25 million, or 22%, from the $112 million generated in the same period last year. This increase was driven by net benefits of $51 million from higher selling prices and by lower raw material costs of $15 million, mainly in the Packaging Products segment. These were partially offset by net impacts of $23 million from higher production and energy costs and $18 million from lower volumes.
The main specific items, before income taxes, that impacted our second quarter of 2025 operating income and/or net loss were:
- $23 million of impairment charge on inventory and some equipment related to a closed facility in the United Sates (operating income and net loss);
- $2 million loss of other items (operating income and net loss);
- $4 million unrealized loss on financial instruments (operating income and net loss);
- $1 million loss on repurchase of long-term debt (net loss).
For the three-month period ended June 30, 2025, the Corporation posted a net loss of $(3) million, or ($0.03) per common share, compared to net earnings of $1 million, or $0.01 per common share, in the same period of 2024. On an adjusted basis1, the Corporation posted net earnings of $19 million in the second quarter of 2025, or $0.19 per common share, compared to net earnings of $8 million, or $0.08 per common share, in the same period of 2024.
| 1 Please refer to the "Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures" section for a complete reconciliation. |
Dividend on common shares and normal course issuer bid
The Board of Directors of Cascades declared a quarterly dividend of $0.12 per common share to be paid on September 4, 2025 to shareholders of record at the close of business on August 21, 2025. This dividend is an "eligible dividend" as per the Income Tax Act (R.C.S. (1985), Canada). During the second quarter of 2025, Cascades purchased no common shares for cancellation.
2025 Second Quarter Results Conference Call Details
Management will discuss the 2025 second quarter financial results during a conference call today at 9:00 a.m. ET. The call can be accessed by dialing 1-800-990-4777 (international 1-289-819-1299). The conference call, including the investor presentation, will be broadcast live on the Cascades website (www.cascades.com) under the "Investors" section. A replay of the call will be available on the Cascades website and may also be accessed by phone until September 7, 2025 by dialing 1-888-660-6345 (international 1-289-819-1450), access code 49150 #.
Founded in 1964, Cascades offers sustainable, innovative and value-added packaging, hygiene and recovery solutions. The company employs approximately 9,600 women and men across a network of 66 operating facilities, including 17 Recovery and Recycling facilities which are part of Corporate Activities and joint ventures managed by the Corporation, in North America. Driven by its participative management, half a century of experience in recycling, and continuous research and development efforts, Cascades continues to provide innovative products that customers have come to rely on, while contributing to the well-being of people, communities and the entire planet. Cascades' shares trade on the Toronto Stock Exchange under the ticker symbol CAS. Certain statements in this release, including statements regarding future results and performance, are forward-looking statements based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, decreases in demand for the Corporation's products, increases in raw material costs, fluctuations in selling prices and adverse changes in general market and industry conditions and other factors.
CONSOLIDATED BALANCE SHEETS
| (in millions of Canadian dollars) (unaudited) | June 30, | December 31, |
| Assets | | |
| Current assets | | |
| Cash and cash equivalents | 26 | 27 |
| Accounts receivable | 472 | 469 |
| Current income tax assets | 5 | 4 |
| Inventories | 685 | 685 |
| Current portion of financial assets | 5 | 1 |
| | 1,193 | 1,186 |
| Long-term assets | | |
| Investments in associates and joint ventures | 95 | 97 |
| Property, plant and equipment | 2,674 | 2,847 |
| Intangible assets with finite useful life | 35 | 41 |
| Financial assets | 5 | — |
| Other assets | 104 | 105 |
| Deferred income tax assets | 216 | 220 |
| Goodwill and other intangible assets with indefinite useful life | 489 | 504 |
| | 4,811 | 5,000 |
| Liabilities and Equity | | |
| Current liabilities | | |
| Bank loans and advances | 3 | 10 |
| Trade and other payables | 649 | 748 |
| Current income tax liabilities | 3 | 2 |
| Current portion of unsecured senior notes | — | 175 |
| Current portion of long-term debt | 70 | 67 |
| Current portion of provisions for charges | 25 | 42 |
| Current portion of financial liabilities and other liabilities | 24 | 43 |
| | 774 | 1,087 |
| Long-term liabilities | | |
| Long-term debt | 2,057 | 1,871 |
| Provisions for charges | 55 | 58 |
| Financial liabilities | 12 | — |
| Other liabilities | 75 | 80 |
| Deferred income tax liabilities | 136 | 133 |
| | 3,109 | 3,229 |
| Equity | | |
| Capital stock | 618 | 616 |
| Contributed surplus | 17 | 16 |
| Retained earnings | 998 | 1,019 |
| Accumulated other comprehensive income | 40 | 73 |
| Equity attributable to Shareholders | 1,673 | 1,724 |
| Non-controlling interests | 29 | 47 |
| Total equity | 1,702 | 1,771 |
| | 4,811 | 5,000 |
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
| | For the 3-month periods | For the 6-month periods | ||
| (in millions of Canadian dollars, except per common share amounts and number of common shares) (unaudited) | 2025 | 2024 | 2025 | 2024 |
| Sales | 1,187 | 1,180 | 2,341 | 2,289 |
| | | | | |
| Supply chain and logistic | 702 | 722 | 1,381 | 1,390 |
| Wages and employee benefits expenses | 275 | 275 | 555 | 542 |
| Depreciation and amortization | 72 | 69 | 141 | 136 |
| Maintenance and repair | 67 | 60 | 131 | 122 |
| Other operational costs | 6 | 11 | 12 | 20 |
| Impairment charges | 23 | — | 24 | 2 |
| Other loss (gain) | 1 | — | 5 | 3 |
| Restructuring costs | 1 | 10 | 6 | 33 |
| Unrealized loss (gain) on derivative financial instruments | 4 | (1) | — | (2) |
| Operating income | 36 | 34 | 86 | 43 |
| Financing expense | 33 | 37 | 69 | 72 |
| Share of results of associates and joint ventures | (3) | (6) | (6) | (9) |
| Earnings (loss) before income taxes | 6 | 3 | 23 | (20) |
| Provision for (recovery of) income taxes | 3 | (1) | 8 | (7) |
| Net earnings (loss) including non-controlling interests for the period | 3 | 4 | 15 | (13) |
| Net earnings attributable to non-controlling interests | 6 | 3 | 11 | 6 |
| Net earnings (loss) attributable to Shareholders for the period | (3) | 1 | 4 | (19) |
| Net earnings (loss) per common share | | | | |
| Basic | ($0.03) | $0.01 | $0.04 | ($0.19) |
| Diluted | ($0.03) | $0.01 | $0.04 | ($0.19) |
| Weighted average basic number of common shares outstanding | 101,152,145 | 100,781,388 | 101,073,415 | 100,742,283 |
| Weighted average number of diluted common shares | 101,169,690 | 100,870,224 | 101,294,977 | 101,043,122 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
| | For the 3-month periods | For the 6-month periods | ||
| (in millions of Canadian dollars) (unaudited) | 2025 | 2024 | 2025 | 2024 |
| Net earnings (loss) including non-controlling interests for the period | 3 | 4 | 15 | (13) |
| Other comprehensive income (loss) | | | | |
| Items that may be reclassified subsequently to earnings | | | | |
| Translation adjustments | | | | |
| Change in foreign currency translation of foreign subsidiaries | (63) | 12 | (104) | 38 |
| Change in foreign currency translation related to net investment hedging activities | 34 | (5) | 74 | (15) |
| Recovery of (provision for) income taxes | (5) | 1 | (5) | 2 |
| | (34) | 8 | (35) | 25 |
| Items that are not released to earnings | | | | |
| Actuarial gain (loss) on employee future benefits | — | 4 | (1) | 11 |
| Provision for income taxes | — | (1) | — | (3) |
| | — | 3 | (1) | 8 |
| Other comprehensive income (loss) | (34) | 11 | (36) | 33 |
| Comprehensive income (loss) including non-controlling interests for the period | (31) | 15 | (21) | 20 |
| Comprehensive income attributable to non-controlling interests for the period | 4 | 3 | 9 | 7 |
| Comprehensive income (loss) attributable to Shareholders for the period | (35) | 12 | (30) | 13 |
CONSOLIDATED STATEMENTS OF EQUITY
| | For the 6-month period ended June 30, 2025 | ||||||
| (in millions of Canadian dollars) (unaudited) | CAPITAL STOCK | CONTRIBUTED | RETAINED | ACCUMULATED | TOTAL | NON- | TOTAL |
| Balance - Beginning of period | 616 | 16 | 1,019 | 73 | 1,724 | 47 | 1,771 |
| Comprehensive income (loss) | | | | | | | |
| Net earnings | — | — | 4 | — | 4 | 11 | 15 |
| Other comprehensive loss | — | — | (1) | (33) | (34) | (2) | (36) |
| | — | — | 3 | (33) | (30) | 9 | (21) |
| Dividends | — | — | (24) | — | (24) | (27) | (51) |
| Stock options expense | — | 1 | — | — | 1 | — | 1 |
| Issuance of common shares upon exercise of stock options | 2 | — | — | — | 2 | — | 2 |
| Balance - End of period | 618 | 17 | 998 | 40 | 1,673 | 29 | 1,702 |
| | | | | | | | |
| | For the 6-month period ended June 30, 2024 | ||||||
| (in millions of Canadian dollars) (unaudited) | CAPITAL STOCK | CONTRIBUTED | RETAINED | ACCUMULATED | TOTAL | NON- | TOTAL |
| Balance - Beginning of period | 613 | 15 | 1,096 | 15 | 1,739 | 42 | 1,781 |
| Comprehensive income (loss) | | | | | | | |
| Net earnings (loss) | — | — | (19) | — | (19) | 6 | (13) |
| Other comprehensive income | — | — | 8 | 24 | 32 | 1 | 33 |
| | — | — | (11) | 24 | 13 | 7 | 20 |
| Dividends | — | — | (24) | — | (24) | (8) | (32) |
| Stock options expense | — | 1 | — | — | 1 | — | 1 |
| Issuance of common shares upon exercise of stock options | 3 | (1) | — | — | 2 | — | 2 |
| Acquisition of non-controlling interests | — | — | (2) | — | (2) | — | (2) |
| Balance - End of period | 616 | 15 | 1,059 | 39 | 1,729 | 41 | 1,770 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| | For the 3-month periods | For the 6-month periods | ||
| (in millions of Canadian dollars) (unaudited) | 2025 | 2024 | 2025 | 2024 |
| Operating activities | | | | |
| Net earnings (loss) attributable to Shareholders for the period | (3) | 1 | 4 | (19) |
| Adjustments for: | | | | |
| Financing expense | 33 | 37 | 69 | 72 |
| Depreciation and amortization | 72 | 69 | 141 | 136 |
| Impairment charges | 23 | — | 24 | 2 |
| Other loss (gain) | 1 | — | 5 | 3 |
| Restructuring costs | 1 | 10 | 6 | 33 |
| Unrealized loss (gain) on derivative financial instruments | 4 | (1) | — | (2) |
| Provision for (recovery of) income taxes | 3 | (1) | 8 | (7) |
| Share of results of associates and joint ventures | (3) | (6) | (6) | (9) |
| Net earnings attributable to non-controlling interests | 6 | 3 | 11 | 6 |
| Net financing expense paid | (25) | (18) | (74) | (65) |
| Net income taxes received (paid) | (5) | 2 | (7) | (3) |
| Dividends received | 7 | 8 | 7 | 9 |
| Payments, net of provisions, for charges and other liabilities | (22) | (26) | (51) | (46) |
| | 92 | 78 | 137 | 110 |
| Changes in non-cash working capital components | (25) | (24) | (122) | (94) |
| | 67 | 54 | 15 | 16 |
| Investing activities | | | | |
| Payments for property, plant and equipment | (44) | (40) | (80) | (81) |
| Proceeds from disposals of property, plant and equipment | 26 | 17 | 26 | 17 |
| Change in intangible and other assets | — | (20) | 1 | (20) |
| | (18) | (43) | (53) | (84) |
| Financing activities | | | | |
| Bank loans and advances | (1) | 1 | (7) | 3 |
| Change in credit facilities | (375) | 8 | (108) | 85 |
| Change in credit facilities without recourse to the Corporation | 120 | 3 | 121 | 18 |
| Issuance of unsecured senior notes, net of related expenses | 541 | — | 541 | — |
| Repurchase of unsecured senior notes | (281) | — | (456) | — |
| Increase in delayed draw unsecured term loan credit facility | — | — | 36 | — |
| Payments of other long-term debt, including lease obligations (2025 - $39 million for the | (21) | (16) | (40) | (37) |
| Issuance of common shares upon exercise of stock options | 1 | 2 | 2 | 2 |
| Dividends paid to non-controlling interests | (24) | (5) | (27) | (8) |
| Acquisition of non-controlling interests | — | — | — | (3) |
| Dividends paid to the Corporation's Shareholders | (12) | (12) | (24) | (24) |
| | (52) | (19) | 38 | 36 |
| Net change in cash and cash equivalents during the period | (3) | (8) | — | (32) |
| Currency translation on cash and cash equivalents | — | — | (1) | 1 |
| Cash and cash equivalents - Beginning of the period | 29 | 31 | 27 | 54 |
| Cash and cash equivalents - End of the period | 26 | 23 | 26 | 23 |
SEGMENTED INFORMATION
In the fourth quarter of 2024, the Corporation announced organizational changes designed to support its strategic growth. These changes involve the combination of the Containerboard and Specialty Products activities into a single operational unit. Since January 2025, the Corporation's operations are managed in two segments: Packaging Products and Tissue Papers. The comparative figures have been restated to conform with the current year's presentation. The accounting policies of the reportable segments are the same as the Corporation's accounting policies described in the most recent Audited Consolidated Financial Statements for the year ended December 31, 2024.
The Corporation's operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). The Chief Executive Officer has authority for resource allocation and management of the Corporation's performance and is therefore the CODM. The CODM assesses the performance of each reportable segment based on sales and earnings before interest, taxes, depreciation and amortization, adjusted to exclude specific items (EBITDA (A)). The CODM considers EBITDA (A) to be the best performance measure of the Corporation's activities.
Sales for each segment are prepared on the same basis as those of the Corporation. Inter-segment operations are recorded on the same basis as sales to third parties, which are at fair market value.
EBITDA (A) does not have a standardized meaning under IFRS Accounting Standards; accordingly, it may not be comparable to similarly named measures used by other companies. Investors should not view EBITDA (A) as an alternative measure to, for example, net earnings, or as a measure of operating results, which are IFRS Accounting Standards measures.
Sales by business segment are shown in the following table:
| | SALES | |||||
| For the 3-month periods ended June 30 (in millions of Canadian dollars) (unaudited) | 2025 | 2024 | ||||
| Total | Inter-segment | External | Total | Inter-segment | External | |
| Packaging Products | 763 | (11) | 752 | 745 | (13) | 732 |
| Tissue Papers | 392 | — | 392 | 397 | — | 397 |
| Corporate, Recovery and Recycling activities | 73 | (30) | 43 | 89 | (38) | 51 |
| | 1,228 | (41) | 1,187 | 1,231 | (51) | 1,180 |
| | SALES | |||||
| For the 6-month periods ended June 30 (in millions of Canadian dollars) (unaudited) | 2025 | 2024 | ||||
| Total | Inter-segment | External | Total | Inter-segment | External | |
| Packaging Products | 1,525 | (24) | 1,501 | 1,454 | (25) | 1,429 |
| Tissue Papers | 756 | — | 756 | 764 | (1) | 763 |
| Corporate, Recovery and Recycling activities | 146 | (62) | 84 | 171 | (74) | 97 |
| | 2,427 | (86) | 2,341 | 2,389 | (100) | 2,289 |
EBITDA (A) by business segment is reconciled to IFRS Accounting Standards measure, namely operating income (loss), and is shown in the following table:
| | For the 3-month period ended June 30, 2025 | |||
| (in millions of Canadian dollars) (unaudited) | Packaging Products | Tissue | Corporate, | Consolidated |
| Operating income (loss) | 46 | 25 | (35) | 36 |
| Depreciation and amortization | 49 | 14 | 9 | 72 |
| Impairment charges | 23 | — | — | 23 |
| Other loss (gain) | 2 | (1) | — | 1 |
| Restructuring costs | — | — | 1 | 1 |
| Unrealized loss (gain) on derivative financial instruments | (1) | — | 5 | 4 |
| EBITDA (A) | 119 | 38 | (20) | 137 |
| Supply chain and logistic and Wage and employee benefits expenses included in operating income (loss) | 594 | 331 | 52 | 977 |
| | For the 3-month period ended June 30, 2024 | |||
| (in millions of Canadian dollars) (unaudited) | Packaging Products | Tissue | Corporate, | Consolidated |
| Operating income (loss) | 34 | 38 | (38) | 34 |
| Depreciation and amortization | 44 | 13 | 12 | 69 |
| Restructuring costs | 7 | 3 | — | 10 |
| Unrealized loss (gain) on derivative financial instruments | 1 | — | (2) | (1) |
| EBITDA (A) | 86 | 54 | (28) | 112 |
| Supply chain and logistic and Wage and employee benefits expenses included in operating income (loss) | 617 | 322 | 58 | 997 |
| | For the 6-month period ended June 30, 2025 | |||
| (in millions of Canadian dollars) (unaudited) | Packaging | Tissue | Corporate, | Consolidated |
| Operating income (loss) | 106 | 49 | (69) | 86 |
| Depreciation and amortization | 95 | 27 | 19 | 141 |
| Impairment charges | 23 | — | 1 | 24 |
| Other loss (gain) | 6 | (1) | — | 5 |
| Restructuring costs | 1 | — | 5 | 6 |
| Unrealized loss (gain) on derivative financial instruments | (3) | — | 3 | — |
| EBITDA (A) | 228 | 75 | (41) | 262 |
| Supply chain and logistic and Wage and employee benefits expenses included in operating income (loss) | 1,197 | 635 | 104 | 1,936 |
| | For the 6-month period ended June 30, 2024 | |||
| (in millions of Canadian dollars) (unaudited) | Packaging | Tissue | Corporate, | Consolidated |
| Operating income (loss) | 46 | 69 Für dich aus unserer Redaktion zusammengestelltHinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Weitere Artikel des AutorsThemen im Trend | ||
