Think digital, act digital - Oddo BHF Forum, Lyon January 10th, 2019 - TAKKT AG
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Think digital, act digital Oddo BHF Forum, Lyon January 10th, 2019
Agenda
1. Business model
2. Strategy
3. Key performance indicators
4. 9M 2018 and outlook 2018
5. TAKKT share, dividend policy and equity story
TAKKT AG January 2019 Oddo BHF Forum 2
Business model TAKKT AG January 2019 Oddo BHF Forum 3
TAKKT is a portfolio of B2B direct marketing specialists TAKKT AG January 2019 Oddo BHF Forum 4
TAKKT is organized into two segments and seven divisions
TAKKT EUROPE TAKKT AMERICA
Kaiser+Kraft Ratioform newport Hubert Central D2G NBF
group group group group group group group
TAKKT AG January 2019 Oddo BHF Forum 5
Our divisions are product specialists and sell equipment and specialties with an overall
average order value of 460 EUR
TAKKT EUROPE TAKKT AMERICA
Kaiser+Kraft Ratioform newport Hubert Central D2G NBF
group group group group group group group
plant, warehouse packaging new business merchandising restaurant display office
and office solutions models and and food equipment products equipment
equipment start-ups equipment
TAKKT AG January 2019 Oddo BHF Forum 6
Our market position – value-add services for customers beyond pure distribution
Personal advice Full service
• Experts help customers select the relevant product • Services range from personal advice, needs analysis,
• Sales representatives prepare personalized offers planning and offers through to delivery and assembly
of the products
• Product managers provide customized solutions and products on
request • Long warranty periods
• Availability guarantee and ordering of spare parts over
several years
Added
values
for our
Digital solutions customers Easy procurement process
• Customers are offered tailored web shops and access to • Customers choose from preselected products
e-procurement solutions • Customers place the order using their preferred sales
• New solutions are developed based on new technologies channel (online, print, tele and field activities)
and in collaboration with the customers
• Own warehouses ensure fast deliveries
• More portals with self-service features being built
• Innovative solutions can be tested through investments
in start-ups
TAKKT AG January 2019 Oddo BHF Forum 7
Our multi-channel strategy offers multiple touch points for our customers according to
individual preferences
Customer Characteristics Channels
• Frequent and regular demand
Large
corporates • Focus on efficiency of procurement
process and services
• Customer lifetime value (loyal)
Mid-sized
corporates
• Less frequent, irregular demand
Small • Focus on price
businesses
• Transaction-oriented and less loyal
TAKKT AG January 2019 Oddo BHF Forum 8
newport group established in January as an additional division
strategic target sales brands and start-up investments
• Bundle the web-based brands TAKKT start-up
OfficeFurnitureOnline, BiGDUG, investments
certeo and Mydisplays and TAKKT
start-up investments
• Provide an environment for the
development of younger, fast-
growing business models
• Allow a more independent
positioning in their branding,
product assortments and
technology
• Enable a better focus on the
requirements of smaller business
customers
TAKKT AG January 2019 Oddo BHF Forum 9
B2B direct marketing: business model at a glance
• Distance selling most efficient way to market
and distribute in the B2B market
• Constant gain of market share versus local,
store-based retail network
• Clear business model which will benefit from
the trends towards e-commerce and
digitalization
• High profitability (EBITDA margin 12-15%)
with a comparably low capital expenditure
need (capex 1-2% of sales)
TAKKT AG January 2019 Oddo BHF Forum 10Strategy TAKKT AG January 2019 Oddo BHF Forum 11
Corporate goals and strategy by 2020
Grow profitably Digitalize the business model
• Long-term organic sales growth by an average of four to • Implementation of the digital agenda
five percent per year • Double e-commerce business from around
• Growth through opportunistic acquisitions EUR 450 million (2016) to EUR 900 million (2020)
(on average ca. five percent per year)
• EBITDA margin between 12 and 15 percent
Diversify risk Act sustainably
• Significant contributions to sales on at least two • Industry role model for sustainability
continents • Sustainability as built-in rather than an add-on
• Diversified share of sales with the manufacturing, in the day-to-day corporate management
trade and service sectors and government institutions
• Balanced product range
TAKKT AG January 2019 Oddo BHF Forum 12Grow profitably:
Direct marketing is steadily gaining market share vs store-based business
multi-channel models TAKKT companies either run a
multi-channel or a web-focused
web-focused models model
70-90% 10-30%
TAKKT companies partially use
platform models
marketplaces as an additional sales
(marketplaces)
channel
Store-based businesses Direct-marketing
TAKKT AG January 2019 Oddo BHF Forum 13Grow profitably:
M&A activity as further driver for growth
Acquisition criteria Acquisition goals
• Medium-sized market leaders or smaller add-ons • Additional growth
• Often family-owned businesses • Diversification of product range, customers and regions
• High gross profit and EBITDA margins • Gaining new expertise
• Scalable business model in B2B direct marketing • Talent acquisition
2000 2006 2007 2009 2012 2012 2014 2015 2015 2017 2018
acquisitions divestments
TAKKT AG January 2019 Oddo BHF Forum 14Grow profitably: Acquisition of OfficeFurnitureOnline at the end of January strengthens
newly established newport group
Product range Company and acquisition details
• OfficeFurnitureOnline (OFO) generated sales of roughly 40 million pounds and
an EBITDA margin in the low double-digit percentage range in 2016/2017.
• OFO primarily sells office furniture over the web shop and in addition some
warehouse and business equipment under the brand Equip4Work.
• For an online business, OFO was able to acquire a very loyal customer base of
primarily smaller to medium-sized businesses.
• The purchase price (cash free, debt free) was GBP 35 million with a further
potential and variable earn out of up to GBP 10 million.
• Founding family will remain responsible for management of the company.
TAKKT AG January 2019 Oddo BHF Forum 15Grow profitably: KAISER+KRAFT group acquired Runelandhs at the end of May to
strengthen its market presence in the Nordics
Product range Company and acquisition details
• Runelandhs (founded in 1992) is based in Sweden and sells business and office
equipment using a multi-channel approach.
• In the 2017/2018 financial year, the company generated sales of ca. EUR 14m
and an EBITDA margin at the lower end of the TAKKT target corridor of 12 to
15%.
• With a complementary product range, attractive customer base and profitable
growth, Runelandhs is an ideal bolt-on acquisition for KAISER+KRAFT group's
existing activities in the Nordics which are bundled under the Gerdmans brand.
• Improved purchasing conditions and broadening the product range as well as
the ability to use the Gerdmans warehouse will unlock synergy potential.
• Together with Runelandhs, Gerdmans will become one of the leading direct
marketing companies for business and office equipment in Sweden.
TAKKT AG January 2019 Oddo BHF Forum 16Grow profitably:
Balance between growth and profitability
Simplified P&L structure (in % of sales)
>40%
• TAKKT sees the combination of 4-5% organic-
growth on average and EBITDA margin of
between 12-15% as best balance to develop a
sustainable and profitable portfolio.
12-15%
• Starting point is a high gross profit margin which
is aimed to be above 40%.
gross profit sales & personnel other cost EBITDA
margin marketing (e.g. ware- margin target
housing, IT) corridor
TAKKT AG January 2019 Oddo BHF Forum 17Digitalize the business model: our vision 2020
We want to double our e-commerce We strive to transform our organization
business until 2020 by creating an in a step change by putting digital first and
outstanding customer experience focusing on customer centricity.
through digitalization.
VISION
2020
We will invest up to EUR 50 million The implementation of our digital
until 2020 in our people and agenda will increase our midterm
new technologies. organic sales growth.
TAKKT AG January 2019 Oddo BHF Forum 18Digitalize the business model: Three pillars of digital transformation
Digitalize the core business Develop new business models Investments in start-ups
More than 100 measures in 6 areas Environment for younger, fast- Investments in innovative start-ups
growing business models and implementation of digital
solutions and technologies in core
Allow a more independent business or newport
positioning in their branding,
product assortments and
technology
Enable a better focus on the
requirements of smaller business
customers
TAKKT AG January 2019 Oddo BHF Forum 19Digitalize the business model:
Current measures of TAKKT´s core business are structured along six areas
Strategy & Customer Organization & Data & Technology Process
Innovation Journey Culture Analytics Automation
• Marketplaces • Focused • Recruitment • Better use of • New ERP • Vendor
customer of 100 talents customer systems Integration
• Start new segmentation data
business and • New ways of • Improve • Smart
new services • Personalized working • Business web-shop shipping
marketing Intelligence technology solutions
• Collaboration • New
with start-up • Self service workspace • Digitalization
investments features of workflows
TAKKT AG January 2019 Oddo BHF Forum 20Digitalize the business model: Our plan is to invest up to € 50 million until 2020 for
the implementation of our digital agenda in core business and up to € 20 million for
start-up investments
In EUR million 2016 2017 2018e 2019e 2020e
Additional personnel expenses year-on-year 0.6 3.9 4
5 5
Other expenses 1.9 3.8 4
Capital expenditure 1.4 8.7 8 5 5
Digital agenda investments (core business) 3.9 16.5 16 10 10
TAKKT Start-up investments 1.0 4.5 4 4 4
TAKKT AG January 2019 Oddo BHF Forum 21Diversify risks:
Diversification on regions, customers and product ranges
Regions Customer groups Product ranges
2%
20% 14% 18%
29% 28%
9%
2017 48% 2017 2017
14% 19%
12% 15%
23% 26% 23%
North America Manufacturing Storage and Transport
Trade Plant and Environment
Germany
Services Office
Europe without Germany Non-profit and public organizations Food and Dining
Others Packaging and Shipping
Sales Promotion
Others
Balanced contribution to sales Low dependency from single Broad product portfolio –
from two continents customer groups multi-purpose use
TAKKT AG January 2019 Oddo BHF Forum 22Act sustainably:
Role model for sustainability in our industry
Efficiency of the direct marketing model Activities along the value chain
Direct marketing is more carbon-efficient than local stores Expansion of the supplier evaluation program
Lower carbon footprint by increased efforts to further Carbon-neutral print advertising
reduce or compensate for emissions
(e.g. carbon-neutral shipping) Emissions from parcel and cargo shipments
to be offset to a large degree
Compliance and reporting Ambitious targets for 2020
Compliance with UN Global Compact since 2012 TAKKT has defined non-financial performance
indicators and determined goals and
Reporting according to most recent GRI standards at measures to be achieved by 2020
“comprehensive” application level
Focus areas entail sourcing, marketing, logistics,
resources & climate, employees and society
TAKKT AG January 2019 Oddo BHF Forum 23Key performance indicators TAKKT AG January 2019 Oddo BHF Forum 24
Overview of key performance indicators
Financial key figures Product range figures Digital agenda indicators
• Organic sales development • Share of private labels in order intake • Launched and completed measures
• Number of orders and average order • Share of direct imports in purchase • Newly created positions
value volume • Additional personnel expenses
• Gross profit margin • Other expenses
• EBITDA margin • Capital expenditure and start-up
• TAKKT cash flow margin investments
• Capital expenditure ratio • Organic e-commerce growth
• Share of e-commerce in order intake
Value-based figures Internal covenants Sustainability indicators
• TAKKT value added • Equity ratio • A total of 16 indicators across the six
• Return on Capital Employed (ROCE) • Debt repayment period focus areas sourcing, marketing,
• Interest cover logistics, resources & climate,
• Gearing (debt-equity ratio) employees and society
TAKKT AG January 2019 Oddo BHF Forum 25Financial key figures in EUR million 2014 2015 2016 2017 9M/2018 Organic sales development in percent 5.5 4.7 5.2 0.4 2.9 Number of orders in thousand 2,182 2,225 2,409 2,465 1,913 Average order value in EUR 450 482 469 458 450 Gross profit margin in percent 42.6 42.6 42.6 42.5 41.6 EBITDA margin in percent 14.0 14.8 15.2 13.5 12.6 TAKKT cash flow margin in percent 10.1 10.7 11.2 9.8 9.7 Capital expenditure ratio in percent 1.4 1.3 1.5 2.1 2.1 TAKKT AG January 2019 Oddo BHF Forum 26
Product range figures
Share of private labels in order intake (in %) Share of direct imports in purchase volume (in %)
20.7% 21.4%
17.9%
18.3%
15.5%
15.9% 13.7%
14.7%
12.1%
10.0%
2014 2015 2016 2017 9M/18 2014 2015 2016 2017 9M/18
TAKKT AG January 2019 Oddo BHF Forum 27Value-based figures
TAKKT value added (in EUR million) Return on Capital Employed (in %)
16.5%
15.7%
50.4 14.4% 14.6%
46.8
12.5%
36.9
26.5
18.0 43.1
38.3
28.5
18.9
9.7
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
TAKKT Value Added (TVA)
TVA adjusted for amortization of intangible assets resulting
from acquisitions and the related tax impact.
TAKKT AG January 2019 Oddo BHF Forum 28Internal covenants
Equity ratio (in %) Debt repayment period (in years)
61.2% 3.6
55.2%
49.1%
43.8% 2.5
39.0% 2.2
1.6
1.4
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
Interest cover Gearing
18.3 0.8
16.3
14.4 0.6
0.5
9.8
6.4 0.3
0.2
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
TAKKT AG January 2019 Oddo BHF Forum 29Digital agenda indicators
Newly established and filled positions Organic e-commerce growth (in percent)
99 11.7%
10.6%
78
7.9%
26
2016 2017 9M/18 2016 2017 9M/18
Launched and completed measures Share of e-commerce in order intake (in percent)
100
51.6%
46.8%
43.9%
36.5%
53 30.1%
27
7 Launched
Completed
2016 2017 2014 2015 2016 2017 9M/18
TAKKT AG January 2019 Oddo BHF Forum 30Sustainability indicators
Focus area Key figure 2015 2016 2017
Share of sourcing volume from certified suppliers 36.3% 40.5% 46.8%
Sourcing Share of direct imports sourcing volume from certified suppliers 39.8%
Share of sales from sustainable product ranges 9.6% 9.8% 9.3%
Carbon-neutral web shops for major companies 7
Marketing Paper consumption print advertising materials per order 5.4kg
Share of carbon-neutral advertising materials 12.1%
Share of carbon-neutral parcel delivery 91.4%
Logistics
Share of carbon-neutral general cargo delivery 44.7%
Major companies with carbon footprint 10 10 13
Resources and Major companies with a certified environmental mgmt. system 3 3 6
Climate Major companies with a certified energy management system 4
Energy consumption at GER / US locations per order in megajoule 70.6
Share of retained „digital talents“ 90.9%
Employees
Share of women in top executive positions 10.5%
Percentage of employees who have the opportunity to take a paid leave for local
37.9% 41.2% 65.7%
Society volunteer involvement
Percentage of employees who took part in local volunteer projects 15.1%
Five key figures from the sustainability program of measures from 2011 to 2016 are still included in the new program. New indicators are being reported for the first time for 2017.
TAKKT AG January 2019 Oddo BHF Forum 319M 2018 and outlook TAKKT AG January 2019 Oddo BHF Forum 32
TAKKT Group with good growth after a weaker start to the year
Sales (in EUR million) EBITDA (in EUR million) and margin (in %)
878.0 119.7
845.4 110.2
14.2%
12.6%
9M/17 9M/18 9M/17 9M/18
• Sales increase by 3.8%. • EBITDA margin at 12.6% (14.2%).
• Organic sales growth of 2.9%. • Decrease in profitability due to lower gross profit margin
• Recent acquisitions add 5.1%, currency effects have and slightly higher cost ratios.
negative impact of -4.2%. • Lower gross profit margin predominantly due to higher
freight costs and structural impact from acquisitions.
• Slightly increasing cost ratios, in part because of the
expected additional expenses for the digital transformation.
TAKKT AG January 2019 Oddo BHF Forum 33Substantial contributions from acquisitions add to growth at TAKKT EUROPE
Sales (in EUR million) EBITDA (in EUR million) and margin (in %)
74.1 75.5
477.5
423.2
17.5%
15.8%
9M/17 9M/18 9M/17 9M/18
• Sales increase of 12.8% • EBITDA margin at 15.8% (17.5%)
• Organic sales growth of 4.1% • Decrease in profitability resulting from a lower gross profit
• Good overall contributions from acquisitions (10.1%) and margin; this was in part due to a structural impact from
slightly negative currency effects (-1.4%) acquisitions
• KAISER+KRAFT with solid organic growth, Ratioform just
below double-digits
TAKKT AG January 2019 Oddo BHF Forum 34Good organic growth rates at all TAKKT AMERICA divisions with the exception of Hubert
Sales (in EUR million) EBITDA (in EUR million) and margin (in %)
422.4 53.9
400.7
45.6
12.7% 11.4%
9M/17 9M/18 9M/17 9M/18
• Sales decrease by -5.2% • EBITDA margin at 11.4% (12.7%).
• Organic sales growth of 1.7% • Decrease in profitability due to lower gross profit margin as
• Negative currency effects of -6.9% well as higher cost ratios
• Central, D2G group and NBF with mid single-digit organic • All divisions with higher freight costs and lower freight
growth; Hubert with a high single-digit decline below margins; in addition, a new framework agreement with a
expectations major customer at Hubert with a significant negative impact
on the gross profit margin
TAKKT AG January 2019 Oddo BHF Forum 35Lower US tax rate and improved financial result with positive impact on cash flow
TAKKT cash flow (in EUR million) and margin (in %)
in EUR million 9M/17 9M/18
85.6 84.7 profit 61.9 62.1
+ depreciation +20.4 +20.8
+/- deferred taxes expense/income +3.3 +1.8
TAKKT cash flow 85.6 84.7
10.1% 9.7%
in EUR million 9M/17 9M/18
EBITDA 119.7 110.2
- financial result -6.4 -4.5
9M/17 9M/18
- current taxes -27.7 -21.0
• Decrease in TAKKT cash flow markedly less than decline in
EBITDA due to a lower US tax rate and improved financial TAKKT cash flow 85.6 84.7
result
TAKKT AG January 2019 Oddo BHF Forum 36Cash flow generation
in EUR million 9M/17 9M/18
TAKKT cash flow 85.6 84.7 • TAKKT cash flow: Improved financial result
and lower current taxes could almost offset
Change in net working capital as well as other the decline in EBITDA
+2.2 -11.0
adjustments
• Net working capital: Different dynamic in
Cash flow from operating activities 87.8 73.7
Q3 versus previous year´s period and higher
Capital expenditure in non-current assets -20.0 -18.6 increase in inventory from direct imports
Proceeds from disposal of non-current assets +0.2 +0.3 • Capital expenditure: Slightly lower than
prior year due to less investments into
Free TAKKT cash flow start-ups; continued investments into digital
(for acquisitions, payout to shareholders and 68.0 55.4 agenda
loan repayments)
TAKKT AG January 2019 Oddo BHF Forum 37Balance sheet
Net financial liabilities (in EUR million) Equity ratio (in %)
176.6 61.2% 58.4%
135.2
12/31/2017 09/30/2018 12/31/2017 09/30/2018
• Despite the generated free cash flow, increase in financial • Equity ratio decreased primarily due to the increase in net
liabilities due to acquisition payments for Officefurniture- financial liabilities
Online and Runelandhs, a deferred payment for Post-Up
Stand and the dividend
TAKKT AG January 2019 Oddo BHF Forum 38Organic growth overview
Organic growth 2016 Q1/17 Q2/17 Q3/17 Q4/17 2017 Q1/18 Q2/18 Q3/18 9M/18
TAKKT Group +5.2% +4.1% -2.3% -0.1% -0.1% +0.4% -1.0% +4.7% +5.0% +2.9%
TAKKT Europe +3.5% +6.6% -2.5% +4.6% +2.2% +2.6% +0.6% +5.9% +6.1% +4.1%
TAKKT
+7.0% +1.5% -2.2% -3.8% -2.6% -1.9% -2.8% +3.5% +4.0% +1.7%
America
TAKKT AG January 2019 Oddo BHF Forum 39Outlook 2018: TAKKT confirms its sales and earnings forecast
TAKKT EUROPE TAKKT AMERICA Forecast TAKKT Group
• GDP growth similar to 2017 • Slightly higher GDP growth than
2017 Organic sales growth
2 – 4%
EBITDA margin
13 - 14%
• TAKKT confirms its organic growth guidance of between two and four percent.
• For the last quarter, the Management Board expects a higher result than in the previous year’s fourth quarter. Both the ongoing
good business development and measures to manage income and costs will contribute to this result. As part of this, income was
generated from a real estate sale in the United States that has been planned for some time and closed in December.
• For the full financial year, the Group holds its expected EBITDA margin at the lower end of the initially projected corridor of 13 to
14 percent. Depending on the further course of the trade conflicts that are increasing worldwide, an EBITDA margin of slightly
under 13 percent cannot be entirely excluded.
TAKKT AG January 2019 Oddo BHF Forum 40Outlook 2018: Acquisitions as additional growth driver while FX effects should have an
overall negative impact on growth
• Positive effects of ca. 5pp on reported growth are expected from acquisitions
• Mydisplays acquired in July 2017,
• OfficeFurnitureOnline acquired end of January 2018,
• Runelandhs acquired end of May 2018.
• Fluctuations in the EUR/USD rate have a significant impact on the Group’s key figures reported in euros (translation risk)
• A softer USD by 5% against the previous year will negatively impact reported sales in euro by 2 to 2.5pp.
• The average EUR/USD rate (1.1809) for 2018 is 5 percent weaker than the average rate for the full year 2017 (1.1272).
TAKKT AG January 2019 Oddo BHF Forum 41TAKKT share, dividend policy
and equity story
TAKKT AG January 2019 Oddo BHF Forum 42TAKKT share performance, shareholder structure and analyst recommendations
Total Shareholder Return: TAKKT and indices Shareholder structure
200
Franz Haniel &
49.8% 50.2% Cie.
Free float
150
Analyst recommendations
100
3
Buy
Hold
50
7
TAKKT DAX MDax SDAX
Average price target of EUR 18.8
TAKKT AG January 2019 Oddo BHF Forum 43TAKKT dividend policy
Reliable dividend policy Attractive dividend
• Payout ratio within a corridor of 35 to 45 percent of the profit Annual payment of base dividend
increased or stable since IPO in 1999
• TAKKT aims for a consistent and reliable dividend stream
Payout for 2017
• Willingness to return funds to shareholders via a special dividend when equity
ratio is high and funds cannot be reinvested. Payment of special dividend in EUR 0.55 per share
2007, 2008 and 2011.
Dividend per share in Euro
0.85
0.80 0.80
0.53
0.48 0.48
0.55 0.55
0.50
0.32 0.32 0.32 0.32 0.32
0.32 0.32 0.32
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
TAKKT AG January 2019 Oddo BHF Forum 44TAKKT equity story at a glance
TAKKT is a worldwide, diversified portfolio of B2B direct-marketing Gross profit margin > 40% (target)
specialists for business equipment 38.5% 40.5% 41.4% 43.3% 42.5%
Group companies are market-leaders in attractive market niches 1999 2003 2008 2012 2017
with high operational margins EBITDA margin 12-15% (target)
14.3% 14.2% 13.5%
11.2% 11.2%
Growth opportunities through organic initiatives (digital agenda)
1999 2003 2008 2012 2017
as well as upside from opportunistic acquisitions
TAKKT cash flow margin > 8% (target)
10.4% 9.9% 9.8%
7.4% 7.3%
EBITDA margin corridor between 12 and 15% 1999 2003 2008 2012 2017
Reliable dividend payouts (in EUR)
Dividend EPS
Business model generates high free cash flows and allows stable dividend payouts 1.02 1.00
1.24 1.39 1.47
0.80
0.50 0.55 0.55
0.32 0.32 0.32
Stable, long-term oriented shareholder structure with Franz Haniel & Cie. GmbH 2012 2013 2014 2015 2016 2017
as majority shareholder
TAKKT AG January 2019 Oddo BHF Forum 45TAKKT investor relations
IR Contact Upcoming Events
Christian Warns / Benjamin Bühler January
Phone: +49 711 3465-8222 / -8223 10. Oddo BHF Forum, Lyon
Fax: +49 711 3465-8100 23. Unicredit & KeplerCheuvreux GCC, Frankfurt
e-mail: investor@takkt.de
February
www.takkt.com 21. Earnings call preliminary figures 2018
TAKKT AG is headquartered in Stuttgart, Germany.
Basic data TAKKT share Historic share price development (Xetra)
ISIN / WKN / Ticker DE0007446007 / 744600 / TTK TAKKT AG
24
22
No. shares 65,610,331
20
Type No-par-value bearer shares
18
Share capital EUR 65,610,331
16
Listing September 15, 1999
14
Index SDAX, prime standard
12
Designated sponsors Equinet, Oddo Seydler, Hauck & Aufhäuser Jan Mar May Jul Sep Nov Jan
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