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The Entrepreneurs’ Group

Clarification/ reply to the article published by Spiegel+ on 28 June 2019

July 1, 2019

On Friday, 28 June 2019, Spiegel+ published an article under the headline “Lübeck-based Possehl Group – This is how the forced labourers live who manufacturer our computer chips” and continues with the subheading “In Malaysia’s electronics industry, labourers were kept in debt bondage. Most recently, the cover was blown off the subsidiary of a German-based company.”

With this headline, the Spiegel conveys the impression that our Malaysian Electronics subsidiary has been involved in illegal activities, human rights violations and possibly even forced labour. In this connection, we hereby state the following: Our subsidiary in Malaysia was not, at any time, involved in cases of forced labour or violations of human rights or law.

In the article, the Spiegel itself writes that our subsidiary in Malaysia has “fallen victim to a company” that has possibly failed to comply with statutory laws. Neither does the article mention any violations of law conducted by Possehl’s subsidiary, nor have any such violations ever occurred. On the contrary: In addition to having paid the invoices issued by the temporary employment agency, we paid the outstanding wages to the temporary workers directly – voluntarily and before the article was published by the Spiegel. Moreover, it remains unclear in this article whether or not the temporary employment agency commissioned by us has committed any violation of law at all.

We deplore and disapprove of the Spiegel’s approach to deliberately create such a false and defamatory impression. Furthermore, we entirely fail to comprehend the conduct of the editor, as we have made all the facts available to him.

Lübeck, 1 July 2019

The Executive Board

https://www.possehl.de/wp-content/uploads/175-Jahre-Possehl.png 0 0 Melanie Brauer https://www.possehl.de/wp-content/uploads/175-Jahre-Possehl.png Melanie Brauer2019-07-01 08:15:502019-07-11 08:19:57Clarification/ reply to the article published by Spiegel+ on 28 June 2019

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All News

L. Possehl & Co. mbH

Beckergrube 38-52 | 23552 Lübeck, Germany
Postfach 1684 | 23505 Lübeck, Germany

Phone +49 451 148-0
Fax +49 451 148-255
E-mail: info@possehl.de

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Key figures

Possehl at a glance

    2017 2018 2019 2020 2021
Earnings            
Sales € million 3,809 3,764 4,140 4,430 4,360
thereof sales from precious metal trading € million 1,466 1,266 1,537 1,919 1,907
Sales adjusted for the proceeds from precious metals trading € million 2,343 2,498 2,603 2,511 2,453
Earnings result from ordinary operations (EBIT) € million 175 181 173 140 177
Earnings before taxes € million 158 162 153 120 155
Consolidated net profit € million 100 107 93 65 103
Dividends € million 18 19 20 21 30
EBIT ratio* % 7.5 7.2 6.6 5.6 7.2
Return on equity before taxes % 17.2 16.2 14.3 11.1 13.2
             
Net assets            
Balance sheet total € million 1,619 1,788 1,854 1,859 1,950
Economic equity € million 919 1,002 1,071 1,080 1,172
Equity ratio % 56.8 56.0 57.8 58.1 60.1
Working capital € million 600 706 715 645 766
             
Financial position            
Net financial assets € million 366 268 244 355 303
Cash flow from operating activities € million 121 91 184 254 75
Investment in property, plant and equipment and intangible assets (excluding goodwill) € million 71 108 115 91 90
Depreciation of property, plant and equipment and intangible assets (excluding goodwill) € million 58 61 68 73 75
             
Employees            
Employees, annual average   12,413 13,365 13,331 12,995 12,965
thereof domestic   6,708 6,985 6,913 6,872 6,704
thereof abroad   5,705 6,380 6,418 6,123 6,261
* sales adjusted for precious metals contained in the output