SUSTAINA-BILITY-LINKED FINANCING FRAMEWORK - WOOD IS SUSTAI NABLE - SO ARE WE
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
SUSTAINA- BILITY-LINKED FINANCING FRAMEWORK WOOD IS SUSTAINABLE – SO ARE WE March 2021
CONTENTS
INTRODUCTION 1
RATIONALE FOR ESTABLISHING
A SUSTAINABILITY-LINKED
FINANCING (SLF) FRAMEWORK 11
ALIGNMENT WITH SUSTAINABILITY-
LINKED BOND PRINCIPLES 2020
AND SUSTAINABILITY-LINKED LOAN
PRINCIPLES 2020 12
Key Performance Indicators (KPIs) 13
Calibration of Sustainability Performance
Target (SPTs) 15
Financial Characteristics 17
Reporting 18
Verification 19
INTRODUCTION
SUSTAINABILITY IS PART OF OUR
CORPORATE CULTURE
Wood is an inherently sustainable resource and We see the world confronted with increasing
has been at the heart of Pfleiderer’s business for shortage of raw materials, overexploitation
more than 125 years. In 1894, Gustav Pfleiderer of nature and the consequences of climate
founded a timber trading company and a rafting change. There is a new social awareness and
business in Heilbronn predicated on using wood- sustainable thinking is increasingly becoming
based products. In doing so, he laid the founda- a question of survival for our entire civilisation.
tion of our present company, which to this day
has sustainable wood-based products at its core. At Pfleiderer we regularly engage our stake-
holders to challenge our ways of working, our
PCF GmbH („Pfleiderer“ or the “Company”) is head- products and services. We understand our
quartered in Neumarkt in der Oberpfalz, Germany, stakeholders’ needs and interests in implemen-
and employs around 2,200 staff primarily across ting sustainable processes in the company and
five sites in Germany and one resin production society regarding raw materials, circular eco-
site in Poland. Under the umbrella brand Pfleiderer, nomy, energy generation and use, supply and
the company combines the product ranges of production processes, emissions, working
Duropal and Thermopal. Sustainability drives climate, labour safety, corporate responsibility
not only our internal processes, but also our and compliance.
relationship with our customers and the society
in which we live and operate.
1
INTRODUCTION
STAKEHOLDERS INTERESTS
STAKEHOLDERS'
INTERESTS
AT A GLANCE
Internal Stakeholders
Job security
Working climate
Health
External Stakeholders Environmental
compatibility
Wood origin and sustainable forestry
Cascade utilisation, closed loop recycling
management and wood recycling
Supply and production processes
Panel gluing and emissions
Energy production and use
Standards and certificates
Employee recruitment and development
Corporate responsibility and compliance
Sustainable management
Social responsibility Customers and products
Environment and energy
Employees and society
We are convinced that economic success can only be
achieved with satisfied customers, healthy and motivated
employees, and the protection of our environment. This
results in a far-reaching responsibility that we take very
seriously – towards our customers, suppliers, neighbours,
and especially towards our employees.
2
INTRODUCTION
PROTECTING THE ENVIRONMENT
PFLEIDERER’S COMMITMENT
TO PROTECTING THE ENVIRONMENT
Wood from sustainable sources
At Pfleiderer, sustainability and environmentally organisation Forest Stewardship Council, our
conscious action begins with the purchase of company must meet the strictest guidelines;
the valuable raw material wood. We apply the to obtain the FSC seal, Pfleiderer must not only
highest standards and selection criteria, and as document all wood purchases and outgoing
a result we use material from sustainable fores- goods, but also submit to regular inspections by
try and partners without exception. Starting in FSC auditors. Even non-FSC-certified wood must
2007, our company has consistently achieved come from sustainable sources in order to meet
certification according to FSC® (FSC® license Pfleiderer‘s sustainability requirements. Thus,
code: FSC-C011773) and PEFC (PEFC/04-32- we also use wood from PEFC-certified compa-
0828). nies (Programme for the Endorsement of Forest
Certification Schemes) and only, as a matter of
For us, sustainable forestry also means that we principle, wood that meets the minimum require-
do not procure the following types of wood: ments of the FSC seal with the classification
„Controlled Wood“. With the latter, the customer
• Wood from illegal logging
can be sure that the product they have pur-
• Wood from areas in which cultural and civil
chased comes from 100 % sustainable forestry
rights are violated
and meets all the requirements of the „Chain of
• Wood from forests which due to poor forest
Custody“.
management are classified as endangered,
and are under special protection
• Wood produced from the conversion of natu-
ral forests into plantations or non-forest uses
• Wood from forests that have been grown
from genetically modified tree species
• Wood from areas in which one of the ILO
basic principles is violated, as defined in the
1998 ILO declaration on fundamental rights
at work
The approximately 5 million tonnes of wood
processed by Pfleiderer annually comes from
sustainably managed and certified forests,
at a maximum distance from our plants of
200 kilometers. To be certified by the non-profit
3
INTRODUCTION
PROTECTING THE ENVIRONMENT
Climate and energy consciousness
We strongly support the ambition of the Paris Finally, Pfleiderer is committed to compensate
Agreement to limiting global warming to 1.5°C the remaining gap in Scope 1+2 through ETS
and commit ourselves to the Science Based allowances, supporting forestation projects in
Targets Initiative (SBTi) to reduce CO2 emissions. the Amazon, or similar compensation activities.
Over the years, we have devoted significant re- Pfleiderer is a member of the Klimaschutz Holz-
sources to reduce the use of fossil fuels, and industrie initiative. This initiative has set itself
consequently reduce CO2 emissions into the at- the goal of making the wood industry climate-
mosphere. Currently, 95% of all the electrical and friendly and sustainable; the participants are
thermal energy we produce stems from biomass committed to the guidelines of sustainable and
fuels, and only our 6% back-up supply comes climate-friendly development.
from natural gas. Utilising state-of-the-art co-
generation plants and biomass boilers has
helped us to reduce our CO2 emissions in our
CHP plants by 26% over the last seven years.
We are committed to investing further to reduce
CO2 emissions across our sites. As a first step,
Pfleiderer has committed to reducing Scope 1+2
emission by 21% by 2025. In addition, Pfleiderer
will expand its actions across the value chain
to include Scope 3 emissions. With this holistic
W0102S21
approach, we will further reduce our CO2 emis- Pfleiderer
Deutschland GmbH,
sions in waste / wastewater treatment, consu- Neumarkt
med materials, and travelling-related emissions.
4
INTRODUCTION
SUSTAINABLE PRODUCTION
PFLEIDERER’S COMMITMENT TO
SUSTAINABLE PRODUCTION
Recycling material and cascade usage
Pfleiderer recognised years ago that cascade The wood mix at Pfleiderer consists of only
utilisation and recycling management are the ~15% fresh wood fractions, and even then are
only economic models that can guarantee sus- usually by-products such as thinning and
tainable production of high-quality wood pro- residual wood. The remainder comprises
ducts in the future. This is why we have already ~45% pre-consumer recycled material such
implemented intelligent wood cycles at our raw as sawmill residues, and ~40% post-consumer
chip board sites today. Sawing residues from recycled material such as processed waste
sawmills and recycled wood are collected at our wood. Pfleiderer has targeted a post-consumer
sites and prepared for further processing. In the recycled wood ratio of 50% by 2025.
production process, new wood-based panels
are created by sorting, gluing, compacting and Of course, the proportion of recycled wood in
pressing. These high-quality products are ideal- the various products depends on the panel type
ly suited for a wide range of applications in in- and the availability of supply; however, we can
terior design and furniture production. proudly state that no trees are deliberately
felled for the production of Pfleiderer panels.
5
INTRODUCTION
SUSTAINABLE PRODUCTION
01
07
05
02
04
06
03
01 The potential of wood products for climate 05 At the end of their service life, the used wood
protection is high. CO2 storage of wood: and wood-based products are dismantled and
processed in accordance with the Waste Wood
• 1 kg wood stores approx. 1,8 kg CO2
Ordinance.
• 1 m³ wood stores approx. 1 to CO2
• Disposal and processing of the mineral
CO2 stored in wood remains bound after harvesting
and metallic components.
for the entire service life.
• Testing for chemical and organic pollution
02 Logs are delivered to sawmills – cutting of bars
06 Only tested wood of the highest quality
and planks. Thinning and residual wood flows into
classes (A1 and A2) is re-used as post-consumer
the production of wood based materials.
recycled material for the production of wood-
03 Sawdust and sawing residues are used as based materials.
pre-consumer recycling material for the production
07 Wood that can no longer be recycled is used
of wood-based materials.
thermally in our CHP plants. By dispensing with
04 Finished wood and wood-based products fossil fuels as far as possible, we obtain the energy
are supplied to consumers via trade, craftsmen and and heat we need in a climate/CO2-neutral way.
industry.
6
INTRODUCTION
SUSTAINABLE PRODUCTION
Sustainable and healthy products
We attach great importance to the use of sus-
tainable materials and production processes,
not only within wood, but in all steps of proces-
sing and refinement. The gluing of our raw chip-
board and fibreboard is performed in closed
systems to reduce emissions, and we conti-
nuously research new glue formulas to further
do so. We only use paper for decor coating. We
process up to 9,000 tonnes of decor paper per
year which we impregnate with melamine resin
before it is applied to the chipboard on the
laying belt under heat and pressure. We produce
the melamine and phenol impregnation resins
for our high-pressure laminate (HPL) boards
ourselves to ensure the high durability and
homogeneity of the HPL products.
Because theoretically ‘safe enough’ is not safe Many of our products are so environmentally
enough at Pfleiderer, we operate a central analy- friendly, sustainable and healthy to live with that
sis laboratory at our Arnsberg site. There we test they have been certified with the Blue Angel
our boards for impurities and organohalogen label, according to CARB / CARB II and/or accor-
compounds such as PCP and chlorine, and ding to the Japanese emissions standard JIS
measure formaldehyde emissions in our own F**** as well as, most recently, according to the
test chambers to guarantee the safety of our Cradle to Cradle CertifiedTM Products Programme.
products.
7
INTRODUCTION
SUSTAINABLE PRODUCTION
Uncompromising quality
Producing wood-based materials sustainably in
the highest quality is a challenge. As a leading
company in the wood industry, Pfleiderer takes
on this challenge at all levels and with traditio-
nal entrepreneurial diligence. Having implemen-
ted state-of-the-art processes and technology,
an integrated management system for quality,
environment, energy and safety, and a corporate
culture that continuously develops these values,
the compatibility of quality and sustainability is
a matter of course!
Extensive transparency
In practical terms, this means that we regularly ISO 9001 and 14001 as well as ISO 45001 and
certify our processes throughout the entire ISO 50001, and our co-generation plants are
value chain – often far beyond statutory require- certified in accordance with EfbV. We also be-
ments. We attach great importance to being as long to the Quality Association for Wood-based
transparent as possible for our customers and Panels and have certifications according to
partners. Our environmental management sys- FSC® (License Code: FSC® C011773) and PEFC™
tems at our locations are certified according to (License Code: PEFC/04-32-0828).
8INTRODUCTION
EMPLOYEES AND SOCIETY
PFLEIDERER’S COMMITMENT TO
EMPLOYEES AND SOCIETY
Our Commitment to Labour Protection
We take a wide range of labour protection Over the past years, the area of safety at work
measures and implement safety at work regu- has developed well within the company. The
lations with the aim of preventing all accidents number of accidents has fallen, standards have
at work. Our employees receive regular, prac- been improved and risks minimised. Never-
tice-oriented training on all aspects of labour theless, accidents still occur – something that
protection. Pfleiderer is not willing to accept. For this rea-
son, managers at the various management
„Our people are our greatest asset.“ At Pfleiderer, levels receive regular training in workshops to
this is not just an empty phrase; to protect our firmly anchor safety at work in everyday corpo-
employees, we do all we can to reduce the rate life, and to raise employees‘ awareness of
number of industrial accidents at our company the importance of safety-oriented action. Star-
to zero. The core of these measures is our ONE ting from top management, safety is driven by
Safety concept for safety at work. all departments of the company.
Health & Safety Benchmark with key figures of the
Employers‘ Liability Insurance Association for Wood and Metal
LTA-FR1: Accidents per 1 million hours worked.
35,0
30,0
23,55 23,68 22,17 • BGHM
25,0 22,07 21,16
20,0
14,1 14,7
15,0 • Pfleiderer
9,5 7,2 9,5 Core West
10,0
5,4 incl. Silekol
5,0
0,0
2015 2016 2017 2018 2019 2020
9INTRODUCTION
EMPLOYEES AND SOCIETY
Our Commitment to Ethical Principles
and Human Rights
We always apply the highest ethical and legal
standards in our strategic considerations and
daily business (compliance). Pfleiderer acts
in accordance with the principle of legality in
all areas; we strictly follow legal requirements
and government guidelines and instructions
in everything we do.
Our guidelines oblige us to operate according to
ethical and socially responsible principles. The
public image of our company is shaped by the
appearance, actions and behaviour of each and
every one of us. We are all jointly responsible for
ensuring that our company lives up to our social
responsibility worldwide. We also expect our
suppliers, customers, and business partners to
adhere to conduct in line with compliance guide-
lines and regulations.
Pfleiderer respects and supports the protection
of officially declared international human rights
in accordance with the United Nations Universal
Declaration of Human Rights: International
Labour Organization (ILO), Freedom of Associ-
ation, Forced labour, Child Labour, Equal em-
ployment opportunities, Discrimination, Abusive
behaviour and harassment. All of these rules are
anchored in our business code of conduct.
10RATIONALE
RATIONALE FOR ESTABLISHING
A SUSTAINABILITY-LINKED FINANCING (SLF)
FRAMEWORK
Pfleiderer understands the positive role that it This approach links Pfleiderer’s sustainability
can play in combating the climate crisis by pro- strategy with its funding policy incentivizing the
viding climate change mitigation through re- achievement of pre-determined Sustainability
duction of its greenhouse gas emissions, and Performance Targets (SPTs) – leveraging ambi-
protecting natural resources by increasing the tious timelines to achieve sustainability perfor-
proportion of recycled wood in our products. mance that is relevant, core and material to our
business.
As such, we intend to issue Sustainability-
Linked Securities (“SLSs”), which may include Our framework provides a high-level approach
Sustainability-Linked Bonds (“SLBs”), Sus - to our Sustainability-Linked Securities and in-
tainability-Linked Loans (SLLs) or any other vestors should refer to relevant documentation
Sustainability-Linked instruments (Commercial for any securities transactions.
Paper, derivatives instruments, etc.).
11ALIGNMENT
ALIGNMENT WITH SUSTAINABILITY-LINKED
BOND PRINCIPLES 2020 AND SUSTAINABILITY-
LINKED LOAN PRINCIPLES 2020
This Framework has been established in accor- Substantially similar core components are out-
dance with the Sustainability-Linked Bond lined under the Sustainability Linked Loan Prin-
Principles (SLBP) 2020 as administered by ciples 2020, published by the LMA in connection
ICMA . 1
with sustainability linked loans2.
The following five components form the basis Sustainability-Linked Bonds are any type of
of Pfleiderer’s SLF Framework: bond instrument for which the financial and/or
structural characteristics can vary depending
1) selection of Key Performance Indicators on whether the issuer achieves predefined Sus-
(KPIs); tainability/ESG objectives. In that sense, issuers
2) calibration of Sustainability Performance are thereby committing explicitly (including in
Targets (SPTs); bond documentation) to future improvements
3) financial characteristics; in sustainability outcome(s) within a predefined
4) reporting on the above, and; timeline that are relevant, core and material
5) independent verification of the compo- to their overall business. SLBs are a forward-
nents listed in points 1-4. looking performance-based instrument. The
proceeds of SLBs are intended to be used for
general purposes; hence, the use of proceeds
is not a determinant in our categorization.
1 International Capital Market Association SLB 2020:
https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/June-2020/Sustainability-Linked-Bond-PrinciplesJune-2020-100620.pdf
2 Loan Market Association SLLP 2020: https://www.lma.eu.com/application/files/5115/8866/8901/Sustainability_Linked_Loan_Principles_V032.pdf
12ALIGNMENT
PFLEIDERER’S SLF FRAMEWORK
PFLEIDERER’S SUSTAINABILITY-LINKED
FINANCING FRAMEWORK –
KEY PERFORMANCE INDICATORS (KPIs)
Pfleiderer has selected the following two KPIs, which are core, relevant, and material
to our business and measure the sustainability improvements of the Group:
KPI #1: Percentage of Recycled Wood Used
• KPI: Pfleiderer will calculate KPI #1 as the tonnes of recycled wood used
(post-consumer material and internal rejects) divided by the tonnes of
total woods used (i.e. the sum of pre- and post-consumer recycled and
fresh wood) – contributing to SDG12 (Responsible Consumption and
Production)
• This metric is measurable, quantifiable, and externally verifiable
• Rationale: Reducing the use of “fresh” wood in our production is funda-
mental to helping preserve and protect natural resources. These invest-
ments also help increase our levels of material cost efficiency. We have
already managed to materially increase the use of post-consumer
recycled wood within our production and we intend to deliver further
progress on that path.
Historical Evolution
2018 2019 2020
Recycled Wood (in kt) 536.6 562.6 545.5
Total Wood (in kt) 1,411.4 1,346.2 1,354.6
KPI #1 38.0% 41.8% 40.3%
13ALIGNMENT
PFLEIDERER’S SLF FRAMEWORK
KPI #2: Pfleiderer West’s Carbon Footprint (Scope 1 and 2)
• KPI: Greenhouse gas emissions scope 1 and 2 (in tCO2e) emitted by
Pfleiderer West – contributing to SDG13 (Climate Action)
• This metric is measurable, quantifiable, and externally verifiable.
• Rationale: Reducing our GHG emissions is a key component of the
Group’s strategy to mitigate climate change and address the climate
crisis. Through the search for efficiency in our processes, we have
already managed to considerably reduce the emissions associated
with our production. More than 90% of electricity and thermal energy
produced by the group already comes from renewable sources.
• However, we know that we can do more. Pfleiderer is committed to the
Paris Agreement of limiting global warming to 1.5°C and to the required
21% CO2 reduction in a five years’ time horizon based on the Science
Based Targets Initiative (SBTi).
• Pfleiderer West represents the core of our business and generated
more than 85% of our 2020 revenues.
Historical Evolution
(in tCO2e) 2018 2019 2020
Carbon Footprint 270,631 238,492 220,164
% decrease (from 2018) n/a -11.9% -18.6%
14ALIGNMENT
PFLEIDERER’S SLF FRAMEWORK
CALIBRATION OF SUSTAINABILITY
PERFORMANCE TARGET (SPTS)
SPT #1: Percentage of Recycled Wood Used
• Sustainability Performance Targets: Increasing the proportion of
recycled wood used in our overall production
2022MTP 2025MTP
Recycled Wood (in kt) 669.3 772.8
Total Wood (in kt) 1,533.6 1,545.6
KPI #1 44% 50%
• Sustainability Performance Target Trigger is calculated as follows: the
tonnes of recycled wood (post-consumer material and internal rejects)
used divided by the tonnes of total woods used (i.e. the sum of recycled
and fresh wood)
• Sustainability Performance Target #1 Observation Dates:
December 31 2022, December 31, 2025
• 2020 Baseline: 40.3%
• Factors that support the achievement of the target:
Increasing the use of post-consumer recycled wood (and therefore
the percentage in our production) is fully embedded in our strategy and
improves profitability
15ALIGNMENT
PFLEIDERER’S SLF FRAMEWORK
• Risks to the target:
The post-consumer recycled wood we use is also linked to the recycling
plant capacity andthis could therefore create a bottleneck in the event of
a surge in demand, forcing the Group to use fresh wood instead of recyc-
led wood. In case of a surge in demand, the target is considered achieved
if the absolute amount of recycling wood is used regardless of the %-ratio
• As some of our products cannot be produced using recycled wood, there
is a risk that, subject to demand, the percentage of recycled wood used
will decrease because of the increasing demand of products that are
made of fresh wood only
SPT #2: Pfleiderer West’s Carbon Footprint (Scope 1 and 2)
• Sustainability Performance Target: Pfleiderer West’s carbon footprint,
scope 1 and 2,
(in tCO2e) 2022MTP 2025MTP
Carbon Footprint 201,670 173,930
Abs. decrease -18,493 -46,234
% decrease (from 2020) -8.4% -21.0%
• Sustainability Performance Target Trigger: is calculated as the tonnes
of CO2 emitted (scope 1 and 2) by Pfleiderer West following the Greenhouse
Protocol
• Sustainability Performance Target #2 Observation Dates:
December 31 2022, December 31, 2025
• 2020 Baseline: 220,164 tCO2
• Factors that support the achievement of the target:
Improving the energy efficiency and overall GHG footprint of our
activities will derive a clear benefit to our profitability
• Risks to the target:
Equipment failure, among other operational factors, could lead to an
increase in our overall carbon footprint
16ALIGNMENT
PFLEIDERER’S SLF FRAMEWORK
FINANCIAL CHARACTERISTICS
The proceeds of Pfleiderer’s Sustainability-
Linked instruments (covering bonds, loans or
any other type of financing instruments) will
be used for general corporate purposes.
Our Sustainability-Linked instruments have a
sustainability-linked feature that will result in a
coupon adjustment if our performance does not
achieve the stated Sustainability Performance
Targets.
Pfleiderer’s Sustainability-Linked instruments
could have different structures, as stated below,
so we encourage investors to read this Frame-
work in conjunction to the relevant instrument’s
legal documentation:
KPI #1 and KPI #2 will have independent step up:
• If KPI #1 does not meet its SPT:
coupon step up of 12.5bps
• If KPI #2 does not meet its SPT:
coupon step up of 12.5bps
17ALIGNMENT
PFLEIDERER’S SLF FRAMEWORK
REPORTING
Pfleiderer’s various SPTs will be reported by the When feasible and possible, information may
group at least on an annual basis on its website, also include:
Annual or Sustainability Reports.
I. Qualitative or quantitative explanation of the
Reporting may include: contribution of the main factors, including M&A
activities, behind the evolution of the perfor-
I. Up-to-date information on the performance of mance/KPI on an annual basis;
the selected KPI, including the baseline where
relevant; II. Illustration of the positive sustainability im-
pacts of the performance improvement; and/or
II. A verification assurance report relative to the
SPT outlining the performance against the SPT III. Any re-assessments of KPIs and/or restate-
and the related impact, and timing of such im- ment of the SPT and/or pro-forma adjustments
pact, on a financial instrument performance; and of baselines or KPI scope, if relevant.
III. Any relevant information enabling investors
to monitor the progress of the SPT.
18ALIGNMENT
PFLEIDERER’S SLF FRAMEWORK
VERIFICATION
Pfleiderer’s performance against its various confirming the alignment with the Sustaina-
KPIs, according to the relevant SPTs at the rele- bility-Linked Bond Principles (SLBP) adminis-
vant reference date, will be verified by an Ex- tered by the ICMA, and Sustainability-Linked
ternal Verifier. Loan Principles (SLLP), administered by LMA.
“External Verifier” means a qualified provider of Additional KPIs/SPTs may be added over time
third-party assurance or attestation services and other SPTs, for the various KPIs mentioned
(e.g. an auditing firm) appointed by the Issuer above, will be added over time.
to review the Issuer’s relevant KPIs and SPTs.
Pfleiderer’s Sustainability-Linked Financing
Framework has been reviewed by ISS Corporate
Solutions who provided a second party opinion,
Amendments to this Framework
Pfleiderer will review this Framework from time to time, including its alignment to updated
versions of the relevant principles as and when they are released, with the aim of adhering to
best practices in the market. Pfleiderer will also review this Framework in case of material
changes in the perimeter, methodology, and in particular KPIs and/or the SPTs calibration.
Such review may result in this Framework being updated and amended. The updates, if not
minor in nature, will be subject to the prior approval of [ISS] or any such other qualified provider
of second party opinion. Any future updated version of this Framework that may exist will either
keep or improve the current levels of transparency and reporting disclosures, including the
corresponding review by an External Verifier. The updated Framework, if any, will be published
on Pfleiderer’s website and will replace this Framework.
19Good to know: the Pfleiderer quality promise. Pfleiderer wood-based panels stand for quality without compromise. We use sustainable raw materials and state-of-the-art production processes and we are fully committed to our site in Germany. For more information, visit quality.pfleiderer.com. Pfleiderer UK Limited · Greenway House · Larkwood Way · Tytherington Business Park · Macclesfield · Cheshire SK10 2XR · England Tel.: +44 (0) 16 25 660 410 · info@pfleiderer.co.uk · www.pfleiderer.com Pfleiderer Deutschland GmbH · Ingolstädter Straße 51 · 92318 Neumarkt · Germany Tel.: +49 (0) 91 81 / 28 480 · Fax: +49 (0) 91 81 / 28 482 · info@pfleiderer.com · www.pfleiderer.com
You can also read
