Scorpio Tankers Inc. Announces Financial Results for the Third Quarter of 2015 and Declaration of a Quarterly Dividend
(firmenpresse) - MONACO -- (Marketwired) -- 11/04/15 -- Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers," or the "Company") today reported its results for the three and nine months ended September 30, 2015.
For the three months ended September 30, 2015, the Company''s adjusted net income was $88.1 million (see non-GAAP Measures section below), or $0.53 basic and $0.46 diluted earnings per share, which excludes (i) a gain of $1.2 million, or $0.01 per basic and diluted shares, resulting from the sale of the Company''s investment in Dorian LPG Ltd. ("Dorian"), (ii) a gain of $1.4 million, or $0.01 per basic and diluted shares, resulting from the early termination of the contract on a time chartered-in vessel, (iii) a reserve of $1.4 million or $0.01 per basic and diluted share for a pool bunker supplier in bankruptcy, (iv) a write-off of $2.0 million, or $0.01 per basic and diluted shares, resulting from the write-off of deferred financing fees, (v) a loss of $2.0 million, or $0.01 per basic and diluted shares, resulting from the previously announced sale of STI Highlander, (vi) an unrealized loss on derivative financial instruments of $35,000, or $0.00 per basic and diluted shares and (vii) a gain of $46,000, or $0.00 per basic and diluted shares, resulting from the repurchase of $1.5 million face value of the Company''s Convertible Senior Notes due 2019 (the "Convertible Notes"). For the three months ended September 30, 2015, the Company had net income of $85.2 million, or $0.51 basic and $0.44 diluted earnings per share.
For the three months ended September 30, 2015, the Company''s basic and diluted weighted average number of shares were 167,237,928 and 205,323,322, respectively. The diluted weighted average number of shares includes the potentially dilutive shares relating to our Convertible Notes representing 31,345,427 potential common shares (see below for further information).
For the three months ended September 30, 2014, the Company''s adjusted net loss was $1.2 million (see Non-GAAP Measure section below), or $0.01 basic and diluted loss per share, which excludes a $0.1 million, or $0.00 per share unrealized gain on derivative financial instruments. For the three months ended September 30, 2014, the Company had a net loss of $1.2 million, or $0.01 basic and diluted loss per share.
For the nine months ended September 30, 2015, the Company''s adjusted net income was $184.9 million (see non-GAAP Measures section below), or $1.15 basic and $1.01 diluted earnings per share, which excludes (i) a gain of $1.2 million, or $0.01 per basic and diluted shares, resulting from the sale of the Company''s investment in Dorian, (ii) a gain of $1.4 million, or $0.01 per basic and diluted shares, resulting from the early termination of the contract on a time chartered-in vessel, (iii) a reserve of $1.4 million or $0.01 per basic and diluted share for a pool bunker supplier in bankruptcy, (iv) a write-off of $2.0 million, or $0.01 per basic and diluted shares, resulting from the write-off of deferred financing fees, (v) a net loss of $35,000, or $0.00 per basic and diluted shares, related to the gains and losses on the sales of Venice, STI Harmony, STI Heritage and STI Highlander, (vi) an unrealized loss on derivative financial instruments of $0.6 million, or $0.00 per basic and diluted shares and (vii) a gain of $46,000, or $0.00 per basic and diluted shares, resulting from the repurchase of $1.5 million face value of the Company''s Convertible Senior Notes due 2019 (the "Convertible Notes"). For the nine months ended September 30, 2015, the Company had net income of $183.5 million, or $1.14 basic and $1.01 diluted earnings per share.
For the nine months ended September 30, 2014, the Company''s adjusted net loss was $10.6 million (see Non-GAAP Measure section below), or $0.06 basic and diluted loss per share, which excludes (i) a gain of $51.4 million, or $0.29 per share, resulting from the sales of seven Very Large Crude Carriers ("VLCCs") under construction, (ii) a gain of $10.9 million, or $0.06 per share, resulting from the acquisition of 7,500,000 common shares of the Company in exchange for 3,422,665 shares that the Company owned in Dorian, (iii) a write-off of $0.3 million, or $0.00 per share, resulting from the write-off of deferred financing fees, and (iv) an unrealized gain on derivative financial instruments of $0.2 million or $0.00 per share. For the nine months ended September 30, 2014, the Company had net income of $51.6 million, or $0.29 basic and $0.28 diluted earnings per share.
On November 4, 2015, the Scorpio Tankers'' Board of Directors declared a quarterly cash dividend of $0.125 per share, payable on December 11, 2015 to all shareholders as of November 24, 2015 (the record date). As of November 4, 2015 there were 178,031,765 shares outstanding.
Diluted earnings per share for the three and nine months ended September 30, 2015 includes the potentially dilutive shares relating to the Convertible Notes representing 31,345,427 potential common shares. The Convertible Notes were issued in June 2014. The dilutive impact of the Convertible Notes is determined using the if-converted method. Under this method, we assume that the Convertible Notes are converted into common shares at the beginning of each period and the interest and non-cash amortization expense associated with these notes of $5.4 million and $16.0 million during the three and nine months ended September 30, 2015, respectively, are not incurred. Conversion is not assumed if the results of this calculation are anti-dilutive. The Convertible Notes are currently ineligible for conversion.
Below is a summary of the voyages fixed thus far in the fourth quarter of 2015:
For the LR2s in the pool: approximately $25,000 per day for 60% of the days
For the LR1s in the pool: approximately $18,000 per day for 48% of the days
For the MRs in the pool: approximately $19,000 per day for 43% of the days
For the Handymaxes in the pool: approximately $15,000 per day for 41% of the days
Below is a summary of the TCE revenue earned during the third quarter of 2015:
For the LR2s in the pool: approximately $38,848 per day
For the LR1s in the pool: approximately $20,883 per day
For the MRs in the pool: approximately $25,748 per day
For the MRs outside of the pool: approximately $18,818 per day
For the Handymaxes: approximately $20,319 per day
Reached agreements with Hyundai Mipo Dockyard Ltd. of South Korea ("HMD") to construct eight MR product tankers for approximately $36.0 million each with deliveries scheduled throughout 2017. The Company also has fixed price options with HMD to construct up to an additional six MR product tankers with 2018 deliveries.
Entered into a time charter out agreement with an unrelated third party for an LR2 product tanker, STI Rose, for three years at $28,000 per day. This charter is scheduled to commence during the first quarter of 2016.
Entered into time charter out agreements with an unrelated third party for two ice-class 1B MRs, STI Notting Hill and STI Westminster, each for three years at $20,500 per day. These charters are scheduled to commence by December 2015.
Sold the 2007 built Handymax product tanker, STI Highlander, for a selling price of $19.35 million in October 2015.
Purchased an aggregate of 4,830,705 of the Company''s common shares since July 1, 2015 that are being held as treasury shares at an average price of $9.83 per share.
Purchased face value of $1.5 million of the Company''s Convertible Notes at $1,088.10 per $1,000 principal amount.
Sold the Company''s investment in Dorian to two unrelated third parties consisting of 9.4 million common shares at an average price of $15.64 per share. The Company recorded an aggregate gain of $1.2 million during the third quarter of 2015 as a result of these sales. All shares were sold pursuant to an effective resale registration statement filed by Dorian on July 8, 2015.
Received a commitment for a $34.5 million senior secured term loan facility from a leading European financial institution. The facility will bear interest at LIBOR plus a margin of 1.95% per annum, and the proceeds will be used to partially finance the purchase of the STI Memphis and refinance the existing indebtedness on one MR product tanker.
Executed an agreement to upsize the Company''s previously announced $52.0 million credit facility with ING Bank N.V. to $87.0 million.
Executed a Senior Secured Term Loan Credit Facility for up to $142.2 million. The facility bears interest at LIBOR plus a margin of 2.15% per annum and the proceeds were used to finance 60% of the purchase price of four LR2s that were delivered during the second and third quarters of 2015.
Paid a quarterly cash dividend on the Company''s common stock of $0.125 per share in September 2015.
Purchased a 2014 built MR product tanker, STI Memphis, from an unrelated third party for approximately $37.1 million. This vessel was delivered in August 2015.
Purchased an LR2 product tanker from an unrelated third party that was under construction at Daewoo Shipbuilding and Marine Engineering ("DSME") for approximately $58.5 million. This vessel, STI Lombard, was delivered in August 2015 under a bareboat charter-in agreement for $10,000 per day for up to nine months. The Company will take ownership of the vessel at the conclusion of the bareboat charter.
Purchased an MR product tanker, STI Black Hawk, from an unrelated third party that was under construction at HMD for approximately $37.0 million. This vessel was delivered in September 2015.
In August 2015, the Company signed contracts with HMD to construct four MR product tankers for $35.8 million each with deliveries scheduled in 2017. This purchase price reflects costs for additional enhancements made to the specifications of each vessel. As part of these agreements, the Company received fixed price options to construct up to an additional 10 MR product tankers with 2017 and 2018 deliveries. In October 2015, the Company declared options to construct four additional MR product tankers for $36.0 million each with deliveries scheduled in the third and fourth quarters of 2017. The Company currently has fixed price options with HMD to construct an additional six MR product tankers with 2018 deliveries.
In July 2015, the Company reached an agreement with an unrelated third party to purchase an MR product tanker that was under construction at HMD for approximately $37.0 million. This vessel, STI Black Hawk, was delivered in September 2015.
In July 2015, the Company reached an agreement with an unrelated third party to purchase an LR2 product tanker that was under construction at DSME for approximately $58.5 million. This vessel, STI Lombard, was delivered in August 2015 under a bareboat charter-in agreement for $10,000 per day for up to nine months. The Company will take ownership of the vessel at the conclusion of the bareboat charter.
In July 2015, the Company reached an agreement with an unrelated third party to purchase an MR product tanker that was built in 2014 at SPP Shipbuilding Co., Ltd. ("SPP") for approximately $37.1 million. This vessel, STI Memphis, was delivered in August 2015.
In October 2015, the Company sold its 2007 built Handymax product tanker, STI Highlander, for $19.35 million. There was no debt repayment associated with this sale as this vessel was not collateralized under any of the Company''s credit facilities. The Company recorded a write-down of $2.0 million in the third quarter of 2015 in connection with the agreement to sell this vessel.
In October 2015, the Company received a commitment from a leading European financing institution for a loan facility of up to $34.5 million. The facility will bear interest at LIBOR plus a margin of 1.95% per annum, and the proceeds will be used to partially finance the purchase of STI Memphis and refinance the existing indebtedness on one MR product tanker (2014 built), up to a maximum of $17.25 million per vessel.
The facility has a 15 year repayment profile and a final maturity of five years from the signing date of the loan for each vessel. The terms and conditions, including covenants, are similar to those in the Company''s existing credit facilities.
In September 2015, the Company executed an agreement to upsize its previously announced $52.0 million credit facility with ING Bank N.V. to $87.0 million. The facility bears interest at LIBOR plus a margin of 1.95% per annum and was used to partially finance the purchase of STI Black Hawk (which was delivered in September 2015), and refinance the existing indebtedness on an MR product tanker that was delivered in March 2015. The facility will also be used to finance up to 47.5% of the purchase price of two LR2 product tankers currently under construction at Daehan Shipbuilding Co., Ltd., with expected deliveries in the first and second quarters of 2016.
The loan facility has a 15 year repayment profile and a final maturity of seven years from the original date of signing of June 24, 2015. The terms and conditions, including covenants, are similar to those in the Company''s existing credit facilities.
In July 2015, the Company executed a term loan facility with ABN AMRO Bank N.V. and DVB Bank SE for up to $142.2 million to partially finance four LR2s. The facility bears interest at LIBOR plus a margin of 2.15% per annum, and the proceeds were used to finance up to 60% of the purchase price of the vessels specified in the facility.
The facility has a 15 year repayment profile and a final maturity of five years from the drawdown date of the loan for each vessel. The terms and conditions, including covenants, are similar to those in the Company''s existing credit facilities.
In May 2015, the Company''s Board of Directors authorized a new Securities Repurchase Program to purchase up to an aggregate of $250 million of the Company''s common stock and bonds, which currently consist of its (i) Convertible Senior Notes Due 2019, which were issued in June 2014, (ii) Unsecured Senior Notes Due 2020 (NYSE: SBNA), which were issued in May 2014, and (iii) Unsecured Senior Notes Due 2017 (NYSE: SBNB), which were issued in October 2014. This program replaces the Company''s stock buyback program that was previously announced in July 2014 and was terminated in conjunction with this new repurchase program.
During 2015 (through the date of this press release), the Company has acquired the following:
an aggregate of 5,577,344 of its common shares that are being held as treasury shares at an average price of $9.57 per share (4,830,705 shares were purchased at an average price at $9.83 under the May 2015 $250 million Securities Repurchase Program; the remaining shares were purchased in the first quarter of 2015 under the previous buyback program). There are 178,031,765 shares outstanding as of November 4, 2015.
$1.5 million face value of its Convertible Notes at an average price of $1,088.10 per $1,000 principal amount (all of the Convertible Notes were purchased under the May 2015 $250 million Securities Repurchase Program).
The Company has $200.9 million remaining under its Securities Repurchase Program as of the date of this press release. The Company expects to repurchase any securities in the open market, at times and prices that are considered to be appropriate by the Company, but is not obligated under the terms of the program to repurchase any securities.
Since June 30, 2015 the Company has taken delivery of six vessels under its Newbuilding Program with HMD, DSME, SPP, Daehan Shipbuilding Co. Ltd. ("DHSC") and Sungdong Shipbuilding and Marine Engineering Co., Ltd. ("SSME"). These deliveries are summarized as follows:
In September 2015, the Company declared an option to extend the charter on an MR product tanker that is currently time chartered-in for an additional six months at $15,250 per day effective November 2015. The Company also has an option to extend the charter for an additional year at $16,350 per day.
In October 2015, the Company declared an option to extend the charter on an MR product tanker that is currently time chartered-in for an additional year at $17,500 per day effective January 2016. The Company also has an option to extend the charter for an additional year at $18,000 per day.
The Company will have a conference call on Wednesday, November 4, 2015 at 10:00 AM Eastern Standard Time and 4:00 PM Central European Time.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-800-289-0487 (U.S.) or +1-913-312-0979 (International). The conference participant passcode is 5765140. The information provided on the teleconference is only accurate at the time of the conference call, and the Company will take no responsibility for providing updated information.
Slides and Audio Webcast:
There will also be a simultaneous live webcast over the internet, through the Scorpio Tankers Inc. website . Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Webcast URL:
As of November 3, 2015, the Company had $183.8 million in cash.
We made the following drawdowns from our credit facilities since June 30, 2015 and through the date of this press release:
As of November 3, 2015, the Company''s outstanding debt balance, and amount available to draw, is as follows:
Newbuilding Program
During the third quarter of 2015, the Company made $280.9 million of installment payments on its newbuilding vessels.
The Company currently has 12 newbuilding vessel orders with HMD, DHSC, and SSME (eight MRs and four LR2s) in addition to one LR2 vessel (STI Lombard) which is to be acquired in April 2016 at the conclusion of its bareboat charter. The estimated fourth quarter of 2015 and future payments are as follows*:
For the three months ended September 30, 2015, the Company recorded net income of $85.3 million compared to a net loss of $1.2 million for the three months ended September 30, 2014. The following were the significant changes between the two periods:
Time charter equivalent, or TCE revenue, a non-IFRS measure, is vessel revenues less voyage expenses (including bunkers and port charges). TCE revenue is included herein because it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company''s performance irrespective of changes in the mix of charter types (i.e., spot charters, time charters, and pool charters), and it provides useful information to investors and management. The following table depicts TCE revenue for the three months ended September 30, 2015 and 2014:
TCE revenue increased $145.2 million to $227.2 million. This increase was driven by an increase in the average number of operating vessels (owned and time chartered-in) to 93.8 from 58.6 for the three months ended September 30, 2015 and 2014, respectively, along with an increase in time charter equivalent revenue per day to $26,777 per day from $15,264 per day for the three months ended September 30, 2015 and 2014, respectively (see the breakdown of daily TCE below). Spot rates across all of our operating segments increased during the third quarter as fundamentals in the product tanker market continued to improve. These fundamentals were driven by high global refinery utilization and improved refining margins along with increased refining capacity in the Middle East and India which have had a resultant, positive impact on the demand for our vessels.
Vessel operating costs increased $24.1 million to $45.0 million from $20.9 million for the three months ended September 30, 2015 and 2014, respectively. This increase was primarily driven by an increase in the Company''s owned fleet to an average of 77.8 vessels from 33.7 vessels for the three months ended September 30, 2015 and 2014, respectively. The increase was offset by an overall decrease in vessel operating costs per day to $6,279 per day from $6,705 per day for the three months ended September 30, 2015 and 2014, respectively (see the breakdown of daily vessel operating costs below).
Charterhire expense decreased $8.9 million to $24.0 million from $32.9 million for the three months ended September 30, 2015 and 2014, respectively. This difference was driven by a decrease in the Company''s time chartered-in fleet to an average of 16.0 vessels from 24.9 vessels for the three months ended September 30, 2015 and 2014, respectively.
Depreciation expense increased $17.9 million to $29.5 million from $11.6 million for the three months ended September 30, 2015 and 2014, respectively. This change was the result of an increase in the average number of owned vessels to 77.8 from 33.7 for the three months ended September 30, 2015 and 2014, respectively.
General and administrative expenses increased $6.7 million to $18.4 million from $11.7 million for the three months ended September 30, 2015 and 2014, respectively. This increase is due to the significant growth in the Company''s fleet to an average of 93.8 owned and time chartered-in vessels during the three months ended September 30, 2015 from an average of 58.6 owned and time chartered-in vessels during the three months ended September 30, 2014.
Gain on sale of Dorian shares of $1.2 million relates to the Company''s sale of its remaining 9.4 million shares in Dorian in July 2015.
Write-down of vessels held for sale of $2.0 million relates to the write-down of the carrying amount of STI Highlander as a result of the entry into the agreement to sell this vessel in September 2015. The sale closed in October 2015.
Financial expenses increased $18.8 million to $25.5 million from $6.7 million primarily as a result of:
The write-off of an aggregate of $2.0 million of deferred financing fees primarily related to a $1.5 million write-off relating to the refinancing of the amounts borrowed for STI Spiga (from the 2013 Credit Facility to the ING Credit Facility) and a $0.5 million write-off relating to the early repayment of the amounts borrowed under the Nomura Term Margin Loan facility as a result of the sale of the Company''s investment in Dorian in July 2015.
An increase in the Company''s debt balance in addition to a decrease in the amount of interest capitalized for the three months ended September 30, 2015 and 2014, respectively. Total debt outstanding, net of deferred financing fees, was $2.0 billion at September 30, 2015 compared to $1.2 billion at September 30, 2014.
Other income of $1.4 million was primarily related to a $1.4 million gain recorded as a result of a termination fee received when the owner of one of the Company''s time chartered-in vessels cancelled the contract prior to its expiration date.
Dividend Policy
The declaration and payment of dividends is subject at all times to the discretion of the Company''s Board of Directors. The timing and amount of dividends, if any, depends on the Company''s earnings, financial condition, cash requirements and availability, fleet renewal and expansion, restrictions in the loan agreements, the provisions of Marshall Islands law affecting the payment of dividends and other factors.
The Company''s dividend history is as follows:
On November 4, 2015, the Scorpio Tankers'' Board of Directors declared a quarterly cash dividend of $0.125 per share, payable on December 11, 2015 to all shareholders as of November 24, 2015 (the record date). As of November 4, 2015 there were 178,031,765 shares outstanding.
Securities Buyback Program
In May 2015, the Company''s Board of Directors authorized a new securities buyback program to purchase up to an aggregate of $250 million of the Company''s common stock and bonds, which currently consist of its (i) Convertible Senior Notes Due 2019, which were issued in June 2014, (ii) Unsecured Senior Notes Due 2020 (NYSE: SBNA), which were issued in May 2014, and (iii) Unsecured Senior Notes Due 2017 (NYSE: SBNB), which were issued in October 2014. This program replaces the Company''s stock buyback program that was previously announced in July 2014 and was terminated in conjunction with this new repurchase program.
During 2015 (through the date of this press release), the Company has acquired the following:
an aggregate of 5,577,344 of its common shares that are being held as treasury shares at an average price of $9.57 per share (4,830,705 shares were purchased at an average price at $9.83 under the May 2015 $250 million securities buyback program; the remaining shares were purchased in the first quarter of 2015 under the previous buyback program). There are 178,031,765 shares outstanding as of November 4, 2015.
$1.5 million face value of its Convertible Senior Notes Due 2019 at an average price of $1,088.10 per $1,000 principal amount (all of the Convertible Notes were purchased under the May 2015 $250 million securities buyback program).
The Company has $200.9 million remaining under its Securities Repurchase Program as of the date of this press release. The Company expects to repurchase any securities in the open market, at times and prices that are considered to be appropriate by the Company, but is not obligated under the terms of the program to repurchase any securities.
Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 79 product tankers (18 LR2, 14 Handymax, and 47 MR tankers) with an average age of 1.1 years and time or bareboat charters-in 13 product tankers (three LR2, two LR1, four MR and four Handymax tankers). The Company has contracted for 12 newbuilding product tankers (eight MR and four LR2 tankers). The four LR2s are expected to be delivered in 2016 (one per quarter), and the eight MRs are expected to be delivered throughout 2017. Additional information about the Company is available at the Company''s website , which is not a part of this press release.
This press release describes adjusted net income and adjusted EBITDA, which are not measures prepared in accordance with IFRS (i.e. "Non-GAAP" measure). The Non-GAAP measures are presented in this press release as we believe that they provide investors with a means of evaluating and understanding how the Company''s management evaluates the Company''s operating performance. These Non-GAAP measures should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with IFRS.
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management''s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 04.11.2015 - 07:13 Uhr
Sprache: Deutsch
News-ID 1396842
Anzahl Zeichen: 4076
contact information:
Contact person:
Town:
MONACO
Phone:
Kategorie:
Oil & Gas
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 86 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Scorpio Tankers Inc. Announces Financial Results for the Third Quarter of 2015 and Declaration of a Quarterly Dividend
"
steht unter der journalistisch-redaktionellen Verantwortung von
Scorpio Tankers Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
