Donnerstag, 29.07.2021 07:15 von GlobeNewswire | Aufrufe: 490

Nestlé reports half-year results for 2021, raises full-year organic sales growth guidance

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[Ad hoc announcement pursuant to art. 53 SIX Listing Rules]


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Vevey, July 29, 2021

Nestlé reports half-year results for 2021, raises full-year organic sales growth guidance

  • Organic growth reached 8.1%, with real internal growth (RIG) of 6.8% and pricing of 1.3%. Growth was supported by continued momentum in retail sales, a return to growth in out-of-home channels, increased pricing and market share gains.
  • Total reported sales increased by 1.5% to CHF 41.8 billion (6M-2020: CHF 41.2 billion). Foreign exchange reduced sales by 3.5%, reflecting appreciation of the Swiss franc against most currencies. Net divestitures had a negative impact of 3.1%.
  • The underlying trading operating profit (UTOP) margin was 17.4%, unchanged versus the prior year. The trading operating profit (TOP) margin decreased by 20 basis points to 16.7%.
  • Underlying earnings per share increased by 10.5% in constant currency and increased by 8.3% on a reported basis to CHF 2.17. Earnings per share increased by 3.2% to CHF 2.12 on a reported basis.
  • Free cash flow was CHF 2.8 billion.
  • Further progress in portfolio management. In April, Nestlé entered into an agreement to acquire core brands of The Bountiful Company. The transaction is expected to close in August. On July 26, 2021, Nestlé and Starbucks strengthened their collaboration to bring ready-to-drink coffee beverages to select markets across South-East Asia, Oceania and Latin America.
  • Full-year 2021 outlook updated: we expect full-year organic sales growth between 5% and 6%. The underlying trading operating profit margin is now expected around 17.5%, reflecting initial time delays between input cost inflation and pricing as well as the one-off integration costs related to the acquisition of The Bountiful Company's core brands. Beyond 2021, our mid-term outlook for continued moderate margin improvement remains unchanged. Underlying earnings per share in constant currency and capital efficiency are expected to increase this year.

 

Mark Schneider, Nestlé CEO, commented:"I would like to thank the Nestlé team for their continued commitment to meeting consumer needs and their relentless focus on execution. Organic growth was strong across most geographies and categories, with robust momentum in retail sales and a return to growth in out-of-home channels. Through fast-paced innovation, strong brand support, increased digitalization and stringent portfolio management we have built the foundation for delivering consistent mid single-digit organic growth for years to come.

Nestlé continues to invest for future profitable growth. We are creating a global leader in vitamins, minerals and supplements with the acquisition of The Bountiful Company's core brands. The expansion of our partnership with Starbucks into ready-to-drink coffee will open new opportunities in a fast-growing segment. Our portfolio choices, strong execution and decisive actions on sustainability enable us to create value for all stakeholders."

 

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Group Results

 

  Total Group Zone AMS Zone EMENA Zone AOA Nespresso Nestlé Health Science Other Businesses
Sales 6M-2021 (CHF m) 41 755 16 162 10 214 10 210 3 158 1 914 97
Sales 6M-2020 (CHF m)* 41 152 16 674 10 029 10 062 2 762 1 540 85
Real internal growth (RIG) 6.8% 5.3% 6.7% 6.3% 13.8% 13.6% 18.4%
Pricing 1.3% 2.3% 0.6% 0.5% 0.8% 0.0% - 0.4%
Organic growth 8.1% 7.6% 7.3% 6.8% 14.6% 13.6% 18.0%
Net M&A - 3.1% - 4.3% - 4.1% - 3.7% - 0.2% 15.1% 0.0%
Foreign exchange - 3.5% - 6.3% - 1.4% - 1.7% - 0.1% - 4.4% - 3.0%
Reported sales growth 1.5% - 3.1% 1.8% 1.5% 14.3% 24.3% 15.0%
6M-2021 Underlying TOP Margin 17.4% 19.3% 18.8% 22.3% 26.0% 13.5% 7.6%
6M-2020 Underlying TOP Margin* 17.4% 18.9% 18.3% 22.7% 25.9% 19.3% - 28.6%

 

* 2020 figures restated following the disclosure of Nestlé Health Science and Nespresso as standalone segments from 2021 onwards (previously combined and presented in Other Businesses).

 

Group sales

Organic growth reached 8.1%, with RIG of 6.8%. Pricing increased to 1.3%, reflecting input cost inflation.

Growth was broad-based across most geographies. Organic growth was 6.7% in developed markets, based mostly on RIG. Organic growth in emerging markets was 10.0%, with strong RIG and positive pricing.

By product category, the largest contributor to organic growth was coffee, fueled by strong demand for the three main brands Nescafé, Nespresso and Starbucks. Starbucks products posted 16.7% growth, with sales reaching CHF 1.4 billion across 79 markets. Purina PetCare saw double-digit growth led by science-based and premium brands Purina Pro Plan, Purina ONE and Felix, as well as veterinary products. Prepared dishes and cooking aids posted high single-digit growth, based on strong demand for Maggi and Stouffer's. Vegetarian and plant-based food offerings continued to see strong double-digit growth, led by Garden Gourmet. Dairy reported high single-digit growth, led by fortified milks, coffee creamers and ice cream. Confectionery recorded double-digit growth, supported by a strong sales development in impulse products. Sales in Nestlé Health Science grew at a double-digit rate, reflecting strong demand for vitamins, minerals and supplements and healthy-aging products. Infant Nutrition saw a sales decrease, impacted by lower birth rates in the context of the pandemic. Water returned to positive growth, led by international premium brands S. Pellegrino and Perrier.

By channel, organic growth in retail sales was 7.3%, moderating to a mid single-digit rate in the second quarter due to a high base of comparison in 2020. E-commerce sales grew by 19.2%, reaching 14.6% of total Group sales, with strong momentum in most categories particularly coffee, Purina PetCare and culinary. Organic growth in out-of-home channels was 21.3%, helped by the easing of movement restrictions in some geographies.

Net divestitures decreased sales by 3.1%, largely related to the divestments of Nestlé Waters North America brands, the Herta charcuterie business and the Yinlu peanut milk and canned rice porridge businesses. Foreign exchange reduced sales by 3.5%, reflecting the appreciation of the Swiss franc versus most currencies. Total reported sales increased by 1.5% to CHF 41.8 billion.

 

Underlying Trading Operating Profit

Underlying trading operating profit increased by 1.3% to CHF 7.3 billion. The underlying trading operating profit margin was 17.4%, unchanged versus the prior year in constant currency and on a reported basis.

Gross margin increased by 20 basis points to 48.8%. Consumer-facing marketing expenses1 increased by 80 basis points to above 2019 levels, following reduced in-store activation in 2020. Cost inflation also impacted margin development in the second quarter. Operating leverage, structural cost reductions, increased pricing and lower COVID-19-related costs offset these increases.

Restructuring expenses and net other trading items increased by CHF 78 million to CHF 264 million, reflecting higher asset impairments. Trading operating profit increased by 0.2% to CHF 7.0 billion. The trading operating profit margin was 16.7%, a decrease of 20 basis points in constant currency and on a reported basis.

_______

1 2019 figure excludes Nestlé Skin Health

 

Net Financial Expenses and Income Tax

Net financial expenses decreased by 6.9% to CHF 416 million, reflecting a lower cost of debt.

The Group reported tax rate decreased by 970 basis points to 17.4%, as a result of one-off items. The underlying tax rate decreased by 120 basis points to 20.2%, mainly due to the geographic and business mix.

 

Net Profit and Earnings Per Share

Net profit grew by 1.1% to CHF 5.9 billion. Net profit margin decreased by 10 basis points to 14.2%, as a result of one-off income related to divestitures in 2020.

Underlying earnings per share increased by 10.5% in constant currency and increased by 8.3% on a reported basis to CHF 2.17. The increase was mainly the result of improved operating performance. Nestlé's share buyback program contributed 1.4% to the underlying earnings per share increase, net of finance costs. Earnings per share increased by 3.2% to CHF 2.12 on a reported basis.

 

Cash Flow

Cash generated from operations was essentially unchanged at CHF 5.8 billion. Free cash flow decreased from CHF 3.3 billion to CHF 2.8 billion mainly due to a temporary increase in capital expenditure to meet strong volume demand, particularly for Purina PetCare and coffee.

 

Share Buyback Program

In the first half, the Group repurchased CHF 3.1 billion of Nestlé shares as part of the three-year CHF 20 billion share buyback program, which began in January 2020.

 

Net Debt

Net debt increased to CHF 38.5 billion as at June 30, 2021, compared to CHF 31.3 billion at December 31, 2020. The increase reflected the dividend payment of CHF 7.7 billion and share buybacks of CHF 3.1 billion, which more than offset free cash flow generation and a net cash inflow from divestitures and acquisitions.

 

Portfolio Management

Nestlé is transforming its global water business, sharpening its focus on international premium and mineral water brands and healthy hydration products. On March 5, 2021, Nestlé completed the acquisition of Essentia Water, a premium functional water brand in the U.S. On March 31, 2021, Nestlé completed the sale of its regional spring water brands, purified water business and beverage delivery service in the U.S. and Canada for USD 4.3 billion.

Nestlé Health Science continues to focus on building a nutrition and health powerhouse. On April 30, 2021, Nestlé entered into an agreement to acquire core brands of The Bountiful Company for USD 5.75 billion. The Bountiful Company is the number one pure-play leader in the highly attractive and growing global nutrition and supplement category. The transaction is expected to close in August. On July 1, 2021, Nestlé completed the acquisition of Nuun, a leading company in the fast-growing functional hydration market. On July 1, 2021, Nestlé Health Science entered into an agreement with Seres Therapeutics to jointly commercialize SER-109, an investigational oral microbiome therapeutic in the U.S. and Canada. If approved, SER-109 would become the first-ever FDA-approved microbiome therapeutic.

Building on the successful global coffee alliance, Nestlé continues to expand the reach of Starbucks branded coffee and tea products outside Starbucks retail stores. On July 26, 2021, Nestlé and Starbucks announced a new collaboration to bring Starbucks ready-to-drink coffee beverages to select markets across South-East Asia, Oceania and Latin America.

 

Zone Americas (AMS)

  • 7.6% organic growth: 5.3% RIG; 2.3% pricing.
  • North America saw mid single-digit organic growth, with positive RIG and pricing.
  • Latin America reached double-digit organic growth, with strong RIG and pricing.
  • The underlying trading operating profit margin increased by 40 basis points to 19.3%.

 

  Sales 6M-2021 Sales 6M-2020 RIG Pricing Organic growth UTOP 6M-2021 UTOP 6M-2020 Margin 6M-2021 Margin 6M-2020
Zone AMS CHF 16.2 bn CHF 16.7 bn 5.3% 2.3% 7.6% CHF 3.1 bn CHF 3.2 bn 19.3% 18.9%

 

Organic growth was 7.6%, with strong RIG of 5.3% supported by volume and mix. Pricing increased significantly to 2.3%. Net divestitures reduced sales by 4.3%, as the divestments of the Nestlé Waters North America brands and U.S. ice cream business more than offset the acquisitions of Freshly and Essentia Water. Foreign exchange had a negative impact of 6.3%, reflecting broad-based currency depreciations against the Swiss franc. Reported sales in Zone AMS decreased by 3.1% to CHF 16.2 billion.

Zone AMS reported high single-digit organic growth, with a high base of comparison in 2020. Growth was supported by continued innovation, strong momentum in e-commerce and recovery in out-of-home channels. The Zone saw broad-based market share gains, led by coffee, pet food, dairy and Infant Nutrition.

North America posted mid single-digit growth. The largest growth contributor was Purina PetCare, with sustained momentum in e-commerce. Its science-based and premium brands Purina Pro Plan, Purina ONE and Fancy Feast all grew at a double-digit rate. Beverages, including Starbucks at-home products, Coffee mate and Nescafé, saw high single-digit growth. Frozen and chilled food recorded mid single-digit growth. Strong sales developments for Stouffer's, Lean Cuisine and Freshly were partially offset by a sales decrease in pizza. Home-baking products, including Toll House and Carnation, saw a sales decline following exceptionally high demand in 2020. Sales in ice cream and confectionery in Canada grew at a double-digit rate, driven by Häagen-Dazs and KitKat. Water posted positive growth, with strong demand for international premium brands S.Pellegrino and Perrier, as well as Essentia. Nestlé Professional returned to positive growth.

Latin America reached double-digit growth, with strong contributions from most geographies and product categories. Brazil posted double-digit growth, reflecting strong demand for KitKat, Nescafé and the newly launched Ninho Forti+. Sales in Mexico grew at a double-digit rate, led by coffee and confectionery. Chile also reported double-digit growth, supported by ice cream and confectionery. By product category, confectionery, Purina PetCare and coffee all grew at a strong double-digit rate. Growth in dairy moderated to a high single-digit rate, following exceptionally strong demand in 2020, particularly for home cooking and baking products. Infant Nutrition saw mid single-digit growth, supported by robust demand for new premium and functional products. Nestlé Professional recorded strong double-digit growth, with sales almost recovering to 2019 levels.

The Zone's underlying trading operating profit margin increased by 40 basis points. Operating leverage, structural cost reductions and product mix more than offset input cost inflation and increased consumer-facing marketing expenses.

 

Zone Europe, Middle East and North Africa (EMENA)

  • 7.3% organic growth: 6.7% RIG; 0.6% pricing.
  • Western Europe saw high single-digit organic growth with strong RIG, partially offset by negative pricing.
  • Central and Eastern Europe reached double-digit organic growth, with strong RIG and positive pricing.
  • Middle East and North Africa posted mid single-digit organic growth, based on positive RIG and pricing.
  • The underlying trading operating profit margin increased by 50 basis points to 18.8%.

 

  Sales 6M-2021 Sales 6M-2020 RIG Pricing Organic growth UTOP 6M-2021 UTOP 6M-2020 Margin 6M-2021 Margin 6M-2020
Zone EMENA CHF 10.2 bn CHF 10.0 bn 6.7% 0.6% 7.3% CHF 1.9 bn CHF 1.8 bn 18.8% 18.3%

 

Organic growth reached 7.3%, with strong RIG of 6.7% supported by volume and mix. Pricing turned positive, contributing 0.6%. Net divestitures reduced sales by 4.1%, largely related to the divestment of the Herta charcuterie business. Foreign exchange negatively impacted sales by 1.4%. Reported sales in Zone EMENA increased by 1.8% to CHF 10.2 billion.

Zone EMENA reported high single-digit organic growth, supported by successful innovation and continued strong momentum in e-commerce. Each region posted positive growth, with strong sales developments in Russia, Turkey, the United Kingdom and Italy. The Zone continued to see broad-based market share gains, particularly for pet food, coffee, plant-based food products and water.

By product category, coffee and Purina PetCare posted double-digit growth. Coffee was supported by strong momentum for Nescafé and Starbucks at-home products. Purina PetCare reported continued strong growth for premium brands Felix, Purina Pro Plan and Purina ONE, as well as veterinary products. Tails.com and Lily's Kitchen also saw strong momentum, based on increased consumer adoption. Growth in Nestlé Professional and water turned positive, with strong sales developments in the second quarter as movement restrictions eased. Perrier Energize, a low-calorie natural energy beverage, was successfully launched in France. Sales in confectionery reached a mid single-digit rate, based on improved demand for impulse and gifting products. Building on Nestlé's expertise in chocolate innovation and non-dairy alternatives, a vegan KitKat was launched across several European markets in June. Culinary saw low single-digit growth. Strong demand for Garden Gourmet and Mindful Chef was partially offset by slightly negative growth in Maggi following elevated demand in 2020. Infant Nutrition posted a sales decrease due to lower birth rates in the context of the pandemic, but gained market share.

The Zone's underlying trading operating profit margin increased by 50 basis points. Operating leverage, structural cost reductions and product mix more than offset increased consumer-facing marketing expenses and commodity inflation.

 

Zone Asia, Oceania and sub-Saharan Africa (AOA)

  • 6.8% organic growth: 6.3% RIG; 0.5% pricing.
  • China posted double-digit organic growth, based on strong RIG and positive pricing.
  • South-East Asia reported slightly negative organic growth, with positive RIG and negative pricing.
  • South Asia saw double-digit organic growth, with strong RIG and positive pricing.
  • Sub-Saharan Africa recorded double-digit organic growth, led by strong RIG and positive pricing.
  • Japan, South Korea and Oceania combined saw mid single-digit organic growth. Strong RIG was partially offset by slightly negative pricing.
  • The underlying trading operating profit margin decreased by 40 basis points to 22.3%.

 

  Sales 6M-2021 Sales 6M-2020 RIG Pricing Organic growth UTOP 6M-2021 UTOP 6M-2020 Margin 6M-2021 Margin 6M-2020
Zone AOA CHF 10.2 bn CHF 10.1 bn 6.3% 0.5% 6.8% CHF 2.3 bn CHF 2.3 bn 22.3% 22.7%

 

Organic growth was 6.8%, with strong RIG of 6.3% and pricing of 0.5%. Net divestitures had a negative impact of 3.7%, largely related to the divestment of the Yinlu peanut milk and canned rice porridge businesses in China. Foreign exchange reduced sales by 1.7%. Reported sales in Zone AOA increased by 1.5% to CHF 10.2 billion.

Zone AOA reported high single-digit organic growth, showing resilience in a difficult environment. Most categories gained market share, particularly pet food, coffee, confectionery and culinary.

China recorded double-digit growth, helped by a recovery in out-of-home channels and the timing of Chinese New Year. The largest growth contributor was Nestlé Professional, with sales exceeding 2019 levels. Coffee, culinary, dairy and Purina PetCare all grew at strong double-digit rates. Infant Nutrition posted a sales decrease, with market shares declining but slowly stabilizing.

South-East Asia saw slightly negative growth in a difficult economic environment. High single-digit growth in Malaysia and Vietnam was offset by a sales decrease in the Philippines due to a high base of comparison in 2020. South Asia reported double-digit growth, with continued strong momentum in e-commerce. Growth was broad-based across most categories, led by Maggi, KitKat and Nescafé. Sub-Saharan Africa recorded double-digit growth, based on strong sales developments for Maggi, Milo and Nescafé, along with Golden Morn in Nigeria.

Japan posted high single-digit growth, led by Nescafé and Purina PetCare. Sales in South Korea grew at a strong double-digit rate, driven by coffee. Oceania reported slightly positive growth, with strong demand for KitKat and Purina PetCare.

By product category, the key growth drivers were culinary, coffee and Nestlé Professional. Sales in confectionery and ice cream grew at a double-digit rate, with particularly strong momentum in Malaysia. Dairy saw mid single-digit growth, led by strong demand for fortified milks. Infant Nutrition posted negative growth and continued to gain market share in South Asia and Africa.

The Zone's underlying trading operating profit margin decreased by 40 basis points. Commodity inflation and product mix more than offset operating leverage and structural cost reductions.

 

Nespresso

  • 14.6% organic growth: 13.8% RIG; 0.8% pricing.
  • The underlying trading operating profit margin increased by 10 basis points to 26.0%.

 

  Sales 6M-2021 Sales 6M-2020 RIG Pricing Organic growth UTOP 6M-2021 UTOP 6M-2020 Margin 6M-2021 Margin 6M-2020
Nespresso CHF 3.2 bn CHF 2.8 bn 13.8% 0.8% 14.6% CHF 0.8 bn CHF 0.7 bn 26.0% 25.9%

 

Organic growth reached 14.6%, based on strong RIG of 13.8% and pricing of 0.8%. Foreign exchange reduced sales by 0.1%. Reported sales in Nespresso increased by 14.3% to CHF 3.2 billion.

Nespresso saw double-digit organic growth, reflecting continued expansion of the Vertuo system and robust demand for the Original system. Growth was fueled by new consumer adoption, a return to positive growth in boutiques and out-of-home channels, as well as innovation. New products included Kahawa ya Congo, the first organic coffee in the Reviving Origins range, and the roll-out of Momento, a versatile touchless machine that creates specialty coffees with fresh milk for out-of-home channels.

By geography, the Americas, EMENA and AOA all posted double-digit growth. Overall Nespresso gained market share, with contributions from most markets.

The underlying trading operating profit margin of Nespresso increased by 10 basis points. Operating leverage and structural cost reductions more than offset increased consumer-facing marketing expenses.

 

Nestlé Health Science

  • 13.6% organic growth: 13.6% RIG; 0.0% pricing.
  • The underlying trading operating profit margin decreased by 580 basis points to 13.5%.

 

  Sales 6M-2021 Sales 6M-2020 RIG Pricing Organic growth UTOP 6M-2021 UTOP 6M-2020 Margin 6M-2021 Margin 6M-2020
Nestlé Health Science CHF 1.9 bn CHF 1.5 bn 13.6% 0.0% 13.6% CHF 0.3 bn CHF 0.3 bn 13.5% 19.3%

 

Organic growth was 13.6%, entirely driven by RIG. Net acquisitions increased sales by 15.1%, largely related to the acquisitions of Vital Proteins, Zenpep and Aimmune. Foreign exchange negatively impacted sales by 4.4%. Reported sales in Nestlé Health Science increased by 24.3% to CHF 1.9 billion.

Nestlé Health Science posted double-digit organic growth, with a high base of comparison in 2020. Growth was driven by sustained momentum in e-commerce, new product launches and geographic expansion.

Consumer Care recorded double-digit growth. Vitamins, minerals and supplements that support health and the immune system continued to see strong demand. Vital Proteins and Persona more than doubled their sales. Garden of Life saw continued strength, particularly in e-commerce. Healthy aging products grew at a double-digit rate, supported by Boost in North America, Nutren in emerging markets and Meritene in Europe. Medical Nutrition reported mid single-digit growth, with robust demand for Compleat, an adult medical care product, and Althéra, Alfaré and Alfamino pediatric care products.

By geography, the Americas, EMENA and AOA all posted double-digit growth.

The underlying trading operating profit margin of Nestlé Health Science decreased by 580 basis points. As expected, investments in Aimmune and consumer-facing marketing expenses more than offset operating leverage. Aimmune's margin dilution reflects initial commercial investments behind Palforzia. The roll-out of this peanut allergy treatment has been impacted by the pandemic, but it is expected to accelerate as visits to allergists resume and schools reopen. Increased consumer-facing marketing expenses included a highly successful celebrity campaign for Vital Proteins.

 

Business as a force for good: Regenerating local water cycles to help create a positive water impact from 2025 onwards

Water is a vital resource that plays a crucial role in our communities and in our food systems. That's why Nestlé Waters is stepping up its work to manage water resources sustainably and plans to help regenerate local water cycles through more than 100 specific projects for its 48 sites. The company will define tailored solutions working in collaboration with multiple partners. As of 2025, these measures will help nature near each Nestlé Waters site retain more water than the business currently uses in its operations.

Nestlé will invest CHF 120 million to assist with the implementation of the 100 projects. This new water commitment builds on our strong heritage of nature protection and water stewardship to help ensure the future prosperity of ecosystems and the availability of safe and clean water.

The projects will focus on actions like reforestation, wetland restoration, rainwater harvesting and ways to improve quality of available water. Since each site is unique, the solutions will be adapted to the local water challenge and will go beyond Nestlé's own operations. Some project examples include:

  • Buxton – Land conservation (protecting land from development) and natural flood management interventions in Derbyshire, UK.
  • Nestlé Pure Life – Support for farmers to use drip irrigation in Sheikhupura, Pakistan.
  • Nestlé Pure Life – Delivery of water treatment, filtration and pipeline infrastructure for the municipal water supply in Benha, Egypt.


To assess whether these projects adequately address local and regional water challenges and reflect stakeholder priorities, Nestlé Waters has established an external panel of experts from civil society, academia and international development organizations.

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