Southwest Airlines Reports Fourth Quarter Earnings and 34th Consecutive Year of Profitability


18 Jan 2007 [07:03h]     Bookmark and Share




2006 Record Revenues of $9.1 Billion, Up 20 Percent

DALLAS, Jan.- Southwest Airlines (NYSE: LUV) reported its fourth quarter and full year 2006 results. Net income for fourth quarter 2006 was $57 million, or $.07 per diluted share, compared to $70 million, or $.09 per diluted share, for fourth quarter 2005, including special items for both years. Excluding these special items, fourth quarter 2006 net income was $96 million, or $.12 per diluted share, compared to $81 million, or $.10 per diluted share, for fourth quarter 2005. These results are in line with First Call’s mean estimate of $.12 per diluted share for fourth quarter 2006. For the full year 2006, net income was $499 million, or $.61 per diluted share, compared to $484 million, or $.60 per diluted share, for 2005. Excluding special items, 2006 net income was $587 million, or $.71 per diluted share, compared to $425 million, or $.53 per diluted share for 2005. (Refer to the reconciliation in the accompanying tables for further information regarding special items.)

    Fourth Quarter 2006 Financial Highlights:
     * Record revenues of $2.3 billion, up 15 percent
     * Net income, excluding special items, of $96 million, up 19 percent
     * Net income per diluted share, excluding special items, of $.12, up 20
        percent

    Full Year 2006 Financial Highlights:
     * Record revenues of $9.1 billion, up 20 percent
     * Net income, excluding special items, of $587 million, up 38 percent
     * Net income per diluted share, excluding special items, of $.71, up 34
        percent
     * Repurchased 49 million shares of common stock for a total of $800
        million

Gary C. Kelly, CEO, stated: „We are delighted with our 2006 earnings performance, which represented our 34th consecutive year of profitability. Our earnings, excluding special items, increased 38 percent from 2005, far exceeding our goal. With almost 50 percent higher jet fuel costs per gallon, and the security related challenges we faced during the latter part of the year, our Employees had to put forth a tremendous effort to achieve these outstanding results. And, they did. As a result of our People’s hard work, innovation, and Warrior Spirit, we continued to improve our efficiency and solidify our position as the Low Cost Leader. As a great place to work with the best Employees, and the Low Cost/Low Fare Leader for the last 35 years, Southwest has democratized the skies with low fares and high quality service to our Customers. As a result of this unwavering commitment, Southwest Airlines now carries the most passengers of any U.S. airline, according to the most recently published monthly figures released by the U.S. Department of Transportation’s Bureau of Transportation Statistics. At the same time, our Employees are more productive than they have been in three decades. These are remarkable accomplishments, and I am extremely proud of our Employees and also grateful to our 84 million Customers served in 2006.

 [GADS_NEWS]„We are very pleased with our solid fourth quarter 2006 earnings performance. Even though our hedged jet fuel cost per gallon increased almost 30 percent, fourth quarter 2006 earnings per diluted share, excluding special items, grew 20 percent to $.12. Despite growing capacity 10 percent, and the lingering effects of the August London terrorist threat and related carryon restrictions, we achieved a record fourth quarter 2006 load factor of 70.2 percent at healthy yields, which resulted in a steady unit revenue growth rate of 4.2 percent. Based upon our traffic and bookings to date, we expect 2007 first quarter year-over-year unit revenue growth to remain steady.

„Our fourth quarter 2006 unit costs (economic) increased 3.0 percent due to higher jet fuel prices. Even with a superb fuel hedging position and $118 million in fourth quarter 2006 cash hedging gains, our jet fuel costs per gallon (economic) increased 28 percent from a year ago to $1.56, as expected. We are benefiting from the recent decline in energy prices and are now 100 percent hedged (economic) for first quarter 2007, capped at an average crude-equivalent price of approximately $50 per barrel (compared to over 75 percent hedged at approximately $36 per barrel for first quarter 2006).

„Based on this hedge position and today’s market prices, we are forecasting our first quarter 2007 jet fuel costs per gallon (economic) to be in the $1.65 to $1.70 range. We are nearly 95 percent hedged (economic) for the remainder of 2007 at approximately $50 per barrel; 65 percent in 2008 at approximately $49 per barrel; over 50 percent in 2009 at approximately $51 per barrel; over 25 percent in 2010 at $63 per barrel; approximately 15 percent in 2011 at $64 per barrel, and 15 percent in 2012 at $63 per barrel.

„Excluding fuel, our fourth quarter 2006 unit costs were down 3.3 percent compared with a year ago, which is another excellent performance. Based on current cost trends, we expect our first quarter 2007 unit costs, excluding fuel, to increase from fourth quarter 2006’s stellar performance of 6.46 cents. For the full year 2006, our unit costs, excluding fuel, were flat with 2005, right in line with our goals.

„We are pleased with the Customer response to our new service to Washington Dulles International Airport, which was introduced at the beginning of fourth quarter 2006. We are also elated with the strong Customer demand for our new low fare service that we added to and from Dallas Love Field following the implementation of the Wright Amendment Reform Act of 2006, which increased fourth quarter 2006 revenues by approximately $11 million.

„We are very excited about 2007 and are well-positioned to respond to airline industry changes and consolidation. We have significant growth opportunities with or without consolidation and currently plan to add 37 aircraft in 2007 for an estimated eight percent available seat mile increase. These deliveries will bring our fleet to 518 Boeing 737s by the end of 2007. We also recently exercised one Boeing 737-700 option for delivery in 2008, bringing our 2008 firm orders and options to 30 and 4, respectively.

„Based on our financial strength, competitive position, the current economic environment, and the recent decline in jet fuel prices, our current 2007 outlook is favorable and, barring any unforeseen events, we are hopeful that we can exceed our 15 percent growth target for earnings per diluted share, excluding special items, just as we did in 2006.

„As our People demonstrated in 2006, they are the best, and they are the reason we overcame tremendous challenges and achieved excellent results. Among all airlines in the world, Southwest was named the Best Low-Cost Carrier in the 2006 Executive Travel Leading Edge Awards. For the 10th year in a row, Southwest Airlines was also named among the top ten Most Admired Companies in America by Fortune Magazine. These are but two of the many awards and recognitions that our People earned for Southwest, and I am very proud of them and very grateful to them.“

Southwest will discuss its fourth quarter 2006 results on a conference call at 11:30 a.m. Eastern Time today. A live broadcast of the conference call will be available at www.southwest.com/jp/luvhome.shtml?src=IR_011707.

Operating Results

Total operating revenues for fourth quarter 2006 increased 14.5 percent to $2.28 billion, compared to $1.99 billion for fourth quarter 2005. Total fourth quarter 2006 operating expenses were $2.10 billion, compared to $1.85 billion in fourth quarter 2005. Including special items, operating income for fourth quarter 2006 was $174 million, an increase of 24.3 percent, compared to $140 million in fourth quarter 2005. Excluding special items, operating income increased 30.1 percent in fourth quarter 2006, to $173 million from $133 million in fourth quarter 2005.

Operating revenues for the year ended December 31, 2006 increased 19.8 percent to $9.1 billion from 2005, while operating expenses increased 18.9 percent to $8.15 billion, resulting in operating income of $934 million, an increase of $209 million or 28.8 percent. Excluding special items, operating income was $975 million, an increase of $236 million or 31.9 percent. Including the cash benefit of $675 million and $906 million from fuel hedging gains, in 2006 and 2005, respectively, 2006 jet fuel costs per gallon (economic) increased 47.1 percent to $1.50 from the same period in 2005.

„Other expenses“ was $144 million for 2006 versus „other income“ of $54 million for 2005. The $198 million swing in total other expenses (income) primarily resulted from $151 million in „other losses“ recognized in 2006 versus $90 million in „other gains“ recognized in 2005. In both periods, these „other (gains) losses“ primarily resulted from unrealized gains/losses associated with Statement of Financial Accounting Standard (SFAS) 133, „Accounting for Derivative Instruments and Hedging Activities,“ as amended. The cost of the hedging program (which includes the premium costs of derivative contracts) of $52 million in 2006 and $35 million in 2005 is also included in „other (gains) losses.“

The fourth quarter 2006 income tax rate of 43.5 percent reflects a $4 million increase to income tax expense, which related to the State of Texas Franchise Tax law enacted in 2006. For the full year, income tax expense decreased by $9 million due to this state law change. The Company currently expects an effective tax rate of approximately 38 percent in 2007.

Net cash provided by operations for 2006 was $1.41 billion, which included a $410 million decrease in fuel derivative collateral deposits related to future periods. For the full year 2006, capital expenditures were $1.40 billion, and the Company also repurchased $800 million of its common stock. During fourth quarter 2006, the Company issued $300 million in senior unsecured Notes due 2016 and will redeem $122 million of its debt maturing in 2007. The Company ended 2006 with $1.8 billion in cash and short-term investments, which includes $540 million in fuel derivative collateral deposits. In addition, the Company also had a fully available unsecured revolving credit line of $600 million.

This news release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the plans, intentions, and expectations reflected in or suggested by the forward-looking statements. Additional information concerning the factors which could cause actual results to differ materially from the forward-looking statements are contained in the Company’s periodic filings with the Securities and Exchange Commission, including without limitation, the Company’s Annual Report on Form 10-K for the year ended 2005 and subsequent filings. The Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release.

    SOUTHWEST AIRLINES CO.
    CONDENSED CONSOLIDATED STATEMENT OF INCOME
    (In millions, except per share amounts)
    (unaudited)



                              Three months ended         Year Ended
                                  December 31,           December 31,
                                             Percent               Percent
                              2006    2005   Change  2006    2005   Change

    OPERATING REVENUES:
      Passenger              $2,191  $1,906   15.0  $8,750  $7,279  20.2
      Freight                    32      35   (8.6)    134     133   0.8
      Other                      53      46   15.2     202     172  17.4
        Total operating
         revenues             2,276   1,987   14.5   9,086   7,584  19.8

    OPERATING EXPENSES:
      Salaries, wages, and
       benefits                 779     725    7.4   3,052   2,782   9.7
      Fuel and oil              557     395   41.0   2,138   1,341  59.4
      Maintenance materials
       and repairs              126     112   12.5     468     446   4.9
      Aircraft rentals           39      42   (7.1)    158     163  (3.1)
      Landing fees and other
       rentals                  121     109   11.0     495     454   9.0
      Depreciation and
       amortization             134     121   10.7     515     469   9.8
      Other operating
       expenses                 346     343    0.9   1,326   1,204  10.1
        Total operating
         expenses             2,102   1,847   13.8   8,152   6,859  18.9

    OPERATING INCOME            174     140   24.3     934     725  28.8

    OTHER EXPENSES (INCOME):
      Interest expense           28      32  (12.5)    128     122   4.9
      Capitalized interest      (13)    (11)  18.2     (51)    (39) 30.8
      Interest income           (22)    (16)  37.5     (84)    (47) 78.7
      Other (gains) losses, net  80      22    n.a.    151     (90)  n.a.
        Total other expenses
         (income)                73      27    n.a.    144     (54)  n.a.

    INCOME BEFORE INCOME TAXES  101     113  (10.6)    790     779   1.4
    PROVISION FOR INCOME TAXES   44      43    2.3     291     295  (1.4)

    NET INCOME                  $57     $70  (18.6)   $499    $484   3.1

    NET INCOME PER SHARE:
      Basic                    $.07    $.09  (22.2)   $.63    $.61   3.3
      Diluted                  $.07    $.09  (22.2)   $.61    $.60   1.7

    WEIGHTED AVERAGE SHARES
     OUTSTANDING:
      Basic                     790     797            795     789
      Diluted                   813     816            824     806



    SOUTHWEST AIRLINES CO.
    RECONCILIATION OF REPORTED AMOUNTS TO ECONOMIC RESULTS (SEE NOTE)
    (in millions, except per share amounts)
    (unaudited)

                                          Three Months
                                              Ended           Year Ended
                                          December 31,       December 31,

                                                 Percent               Percent
                                     2006  2005   Change  2006    2005  Change


    Fuel and oil expense - unhedged  $676  $660          $2,772  $2,233
    Less: Fuel hedge gains included
     in fuel and oil expense         (119) (265)           (634)   (892)
    GAAP fuel and oil expense, as
     reported                         557   395   41.0    2,138   1,341   59.4
    Add/(Deduct): Impact from
     current period settled contracts
     included in Other (gains)
     losses, net                        2     5              20     (24)
    Add/(Deduct): Fuel contract
     impact recognized in earnings
     in prior periods for contracts
     settling in the current period    (1)    2             (61)     10
    Fuel and oil expense - economic
     basis                           $558  $402   38.8   $2,097  $1,327   58.0


    Operating income, as reported    $174  $140            $934    $725
    Add/(Deduct): Impact from
     current period settled
     contracts included in Other
     (gains) losses, net               (2)   (5)            (20)     24
    Add/(Deduct): Fuel contract
     impact recognized in earnings
     in prior periods for contracts
     settling in the current period     1    (2)             61     (10)
    Operating income - economic fuel
     basis                           $173  $133   30.1     $975    $739   31.9


    Other (gains) losses, net, as
     reported                         $80   $22            $151    $(90)
    Add/(Deduct): Mark-to-market
     impact from fuel contracts
     settling in future periods       (34)   (8)            (42)     77
    Add/(Deduct): Ineffectiveness
     from fuel hedges settling in
     future periods                   (28)  (11)            (39)      9
    Add/(Deduct): Impact from
     current period settled
     contracts included in Other
     (gains) losses, net               (2)   (5)            (20)     24
    Other (gains) losses,
     net - economic fuel basis        $16   $(2)   n.a.     $50     $20   n.a.


    Net income, as reported           $57   $70            $499    $484
    Add/(Deduct): Mark-to-market
     impact from fuel contracts
     settling in future periods        34     8              42     (77)
    Add/(Deduct): Ineffectiveness
     from fuel hedges settling in
     future periods                    28    11              39      (9)
    Add/(Deduct): Fuel contract
     impact recognized in earnings
     in prior periods for contracts
     settling in the current period     1    (2)             61     (10)
    Income tax impact of unrealized
     items                            (24)   (6)            (54)     37
    Net income - economic fuel basis  $96   $81   18.5     $587    $425   38.1


    Net income per share, diluted,
     as reported                     $.07  $.09            $.61    $.60
    Add/(Deduct): Impact of fuel
     contracts, net of income taxes   .05   .01             .10    (.07)
    Net income per share, diluted -
     economic fuel basis             $.12  $.10   20.0     $.71    $.53   34.0

     Note regarding use of non-GAAP financial measures
     The non-GAAP items referred to in this news release are provided as
     supplemental information, and should not be relied upon as alternative
     measures to Generally Accepted Accounting Principles (GAAP).  These non-
     GAAP measures include items calculated by the Company on an "economic"
     basis, which excludes certain unrealized items that are recorded as a
     result of SFAS 133, "Accounting for Derivative Instruments and Hedging
     Activities", as amended.  The unrealized items consist of gains or losses
     for derivative instruments that will settle in future accounting periods
     or gains or losses that have been recognized in prior period results, but
     which have settled in the current period.  This includes ineffectiveness,
     as defined, for future period instruments and the change in market value
     for future period derivatives that no longer qualified for special hedge
     accounting, as defined in SFAS 133.

     The Company's management utilizes both the GAAP and the non-GAAP results
     in this news release to evaluate the Company's performance and believes
     that comparative analysis of results can be enhanced by excluding the
     impact of the unrealized items.  Management believes in certain cases,
     the Company's GAAP results are not indicative of the Company's operating
     performance for the applicable period, nor should they be considered in
     developing trend analysis for future periods.  In addition, since fuel
     expense is such a large part of the Company's operating costs and is
     subject to extreme volatility, the Company believes it is useful to
     provide investors with the Company's true economic cost of fuel for the
     periods presented, based on cash settlements from hedging activities
     including gains or losses recognized in prior periods, but excluding the
     unrealized impact of hedges that will settle in future periods.



    SOUTHWEST AIRLINES CO.
    COMPARATIVE CONSOLIDATED OPERATING STATISTICS
    (unaudited)

                                                   Three months ended
                                                       December 31,
                                             2006         2005        Change

    Revenue passengers carried             21,057,097   19,485,341      8.1 %
    Enplaned passengers                    24,073,919   22,225,745      8.3 %
    Revenue passenger miles (RPMs) (000s)  16,799,816   15,139,361     11.0 %
    Available seat miles (ASMs) (000s)     23,914,966   21,748,689     10.0 %
    Load factor                                  70.2%        69.6%  0.6 pts.
    Average length of passenger haul
     (miles)                                      798          777      2.7 %
    Average aircraft stage length (miles)         626          615      1.8 %
    Trips flown                               279,903      259,377      7.9 %
    Average passenger fare                    $104.07       $97.83      6.4 %
    Passenger revenue yield per RPM
     (cents)                                    13.04        12.59      3.6 %
    Operating revenue yield per ASM
     (cents)                                     9.52         9.14      4.2 %
    Operating expenses per ASM (GAAP, in
     cents)                                      8.79         8.49      3.5 %
    Operating expenses per ASM (economic,
     in cents)                                   8.79         8.53      3.0 %
    Operating expenses per ASM, excluding
     fuel (cents)                                6.46         6.68     (3.3)%
    Fuel costs per gallon, excluding fuel
     tax (unhedged)                             $1.89        $2.01     (6.0)%
    Fuel costs per gallon, excluding fuel
     tax (GAAP)                                 $1.55        $1.20     29.2 %
    Fuel costs per gallon, excluding fuel
     tax (economic)                             $1.56        $1.22     27.9 %
    Fuel consumed, in gallons (millions)          357          327      9.2 %
    Number of Employees at period-end          32,664       31,729      2.9 %
    Size of fleet at period-end                   481          445      8.1 %



    SOUTHWEST AIRLINES CO.
    COMPARATIVE CONSOLIDATED OPERATING STATISTICS
    (unaudited)

                                                      Year ended
                                                      December 31,
                                             2006         2005        Change

    Revenue passengers carried             83,814,823   77,693,875      7.9 %
    Enplaned passengers                    96,276,907   88,379,900      8.9 %
    Revenue passenger miles (RPMs) (000s)  67,691,289   60,223,100     12.4 %
    Available seat miles (ASMs) (000s)     92,663,023   85,172,795      8.8 %
    Load factor                                 73.1%        70.7%   2.4 pts.
    Average length of passenger haul
     (miles)                                      808          775      4.3 %
    Average aircraft stage length (miles)         622          607      2.5 %
    Trips flown                             1,092,331    1,028,639      6.2 %
    Average passenger fare                    $104.40       $93.68     11.4 %
    Passenger revenue yield per RPM
     (cents)                                    12.93        12.09      6.9 %
    Operating revenue yield per ASM
     (cents)                                     9.81         8.90     10.2 %
    Operating expenses per ASM (GAAP, in
     cents)                                      8.80         8.05      9.3 %
    Operating expenses per ASM (economic,
     in cents)                                   8.75         8.04      8.8 %
    Operating expenses per ASM, excluding
     fuel (cents)                                6.49         6.48      0.2 %
    Fuel costs per gallon, excluding fuel
     tax (unhedged)                             $1.99        $1.73     15.0 %
    Fuel costs per gallon, excluding fuel
     tax (GAAP)                                 $1.53        $1.03     48.5 %
    Fuel costs per gallon, excluding fuel
     tax (economic)                             $1.50        $1.02     47.1 %
    Fuel consumed, in gallons (millions)        1,389        1,287      7.9 %
    Number of Employees at period-end          32,664       31,729      2.9 %
    Size of fleet at period-end                   481          445      8.1 %



    SOUTHWEST AIRLINES CO.
    CONDENSED CONSOLIDATED BALANCE SHEET
    (in millions)
    (unaudited)
                                                           December 31,
                                                    2006                2005

    ASSETS
    Current assets:
      Cash and cash equivalents                    $1,390              $2,280
      Short-term investments                          369                 251
      Accounts and other receivables                  241                 258
      Inventories of parts and supplies, at cost      181                 150
      Fuel derivative contracts                       369                 641
      Prepaid expenses and other current assets        51                  40
        Total current assets                        2,601               3,620

    Property and equipment, at cost:
      Flight equipment                             11,769              10,592
      Ground property and equipment                 1,356               1,256
      Deposits on flight equipment purchase
       contracts                                      734                 660
                                                   13,859              12,508
      Less allowance for depreciation and
       amortization                                 3,765               3,296
                                                   10,094               9,212
    Other assets                                      765               1,171
                                                  $13,460             $14,003

    LIABILITIES & STOCKHOLDERS' EQUITY
    Current liabilities:
      Accounts payable                               $643                $524
      Accrued liabilities                           1,323               2,074
      Air traffic liability                           799                 649
      Current maturities of long-term debt            122                 601
        Total current liabilities                   2,887               3,848

    Long-term debt less current maturities          1,567               1,394
    Deferred income taxes                           2,104               1,681
    Deferred gains from sale and leaseback of
     aircraft                                         120                 136
    Other deferred liabilities                        333                 269
    Stockholders' equity:
      Common stock                                    808                 802
      Capital in excess of par value                1,142                 963
      Retained earnings                             4,307               4,018
      Accumulated other comprehensive income          582                 892
      Treasury stock, at cost                        (390)                ---
        Total stockholders' equity                  6,449               6,675
                                                  $13,460             $14,003



    SOUTHWEST AIRLINES CO.
    CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
    (in millions)
    (unaudited)                          Three months ended    Year ended
                                            December 31,      December 31,
                                           2006     2005     2006     2005

    CASH FLOWS FROM OPERATING ACTIVITIES:
      Net income                            $57      $70     $499     $484
      Adjustments to reconcile net
       income to cash provided by
       operating activities:
        Depreciation and amortization       134      121      515      469
        Deferred income taxes                39       44      277      291
        Amortization of deferred gains
         on sale and leaseback of
         aircraft                            (4)      (4)     (16)     (16)
        Share-based compensation expense     14       23       80       80
        Excess tax benefit from
         share-based compensation expense    (5)     (28)     (60)     (47)
        Changes in certain assets and
         liabilities:
          Accounts and other receivables     24       76       (5)      (9)
          Other current assets               40       34       87      (59)
          Accounts payable and accrued
           liabilities                      (50)    (152)    (223)     855
          Air traffic liability            (169)    (126)     150      120
        Other                                63      (26)     102      (50)
          Net cash provided by operating
           activities                       143       32    1,406    2,118

    CASH FLOWS FROM INVESTING ACTIVITIES:
      Purchases of property and equipment,
       net                                 (353)    (204)  (1,399)  (1,146)
      Change in short-term investments,
       net                                  (14)     (66)    (117)       6
      Payment for assets of ATA
       Airlines, Inc.                       ---      ---      ---       (6)
      Debtor in possession loan to ATA
       Airlines, Inc.                       ---      ---       20      ---
      Other investing activities, net       ---      ---        1      ---
        Net cash used in investing
         activities                        (367)    (270)  (1,495)  (1,146)

    CASH FLOWS FROM FINANCING ACTIVITIES:
      Issuance of long-term debt            300      ---      300      300
      Proceeds from Employee stock plans     35       73      260      132
      Payments of long-term debt and
       capital lease obligations           (470)     (12)    (607)    (149)
      Payments of cash dividends            ---      ---      (14)     (14)
      Repurchase of common stock           (200)     ---     (800)     (55)
      Excess tax benefits from share-
       based compensation arrangements        5       28       60       47
      Other, net                             (3)       1      ---       (1)
        Net cash provided by (used in)
         financing activities              (333)      90     (801)     260

    NET INCREASE (DECREASE) IN CASH AND
     CASH EQUIVALENTS                      (557)    (148)    (890)   1,232
    CASH AND CASH EQUIVALENTS AT
     BEGINNING OF PERIOD                  1,947    2,428    2,280    1,048

    CASH AND CASH EQUIVALENTS AT END OF
     PERIOD                              $1,390   $2,280   $1,390   $2,280



    SOUTHWEST AIRLINES CO
    737-700 DELIVERY SCHEDULE

                             The Boeing Company
                                            Purchase   Previously
                          Firm    Options    Rights      Owned      Total

    2006                   34                              2 *        36 **
    2007                   37                                         37
    2008                   30        4                                34
    2009                   18       18                                36
    2010                   10       32                                42
    2011                   10       30                                40
    2012                   10       30                                40
    2008-2014             ---      ---         54                     54
                          149      114         54          2         319


     *  Acquired two previously owned 737-700 aircraft from Ford Company (one
        during third quarter and one during fourth quarter 2006).
     ** 2006 delivery dates: six in first quarter, eleven in second quarter,
        thirteen in third quarter and six in fourth quarter.






  • Palma.guide



Kontakt zum Verfasser der Nachricht:

[contact-form-7 id="53822" title="KontaktAutorArtikel"]




Schreibe einen Kommentar

Deine E-Mail-Adresse wird nicht veröffentlicht. Erforderliche Felder sind mit * markiert

*
*