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288450726.

xls

Hist Analys

HOME DEPOT INC

Most recent quarter


year to date

Analysis of Quarterly Financial


Statements

08/03/03

Number of quarters of historical data


available (1 to 3 quarters).
Scale factor
Historical Free Cash Flow (FCF)
Assumed marginal tax rate
Reported income tax expense
Taxes reported but not paid
Actual taxes paid
Plus tax saved due to net interest expenses
Minus tax paid on non-operating income
Tax on operating income
Net operating profit after taxes (NOPAT)
NOPAT/Sales
NOPAT adjusted for extraordinary income
Operating current assets
Operating current liabilities
Net operating working capital
Operating long term capital
Operating capital (adjusted for any special asset i
Operating capital/Sales
Investment in operating capital
Free cash flow from ongoing operations
Free cash flow (including extraordinary income)
Annualized free cash flow from ongoing operations
Annualized free cash flow (including extraordinary i

02/02/03

2 quarters of data available


2
37.1%
1,301,000
1,301,000
12,613
10,016
1,303,597
2,210,403
6.7%
2,210,403
15,522,000
10,389,000
5,133,000
19,045,000
24,178,000
73.1%
2,267,000
$
$

(56,597)
(56,597)
2,153,806

2,153,806

2,667,926

Historical Return on Invested Capital


Annualized ROIC (NOPAT/ Beginning capital)
Historical Economic Profit
Historical weighted average costs of capital
Annualized economic profit

Most recent
fiscal year

37.6%
2,208,000
362,000
1,846,000
13,913
29,706
1,830,207
3,999,793
6.9%
3,999,793
11,852,000
8,035,000
3,817,000
18,094,000
21,911,000
37.6%

20.2%

8.0%

Traditional Ratio Analysis (Annualized


Ratios)
Payout ratio
Annual sales growth rate
Quick ratio
Current ratio
LT debt to equity
Total debt to equity
Interest coverage (Times-interest-earned)
Gross margin
EBITD margin
Operating margin
Pre-tax margin
Net profit margin
Return on assets
Receivable turnover
Inventory turnover
Asset turnover

0.0%
13.6%
0.67
1.50
0.06
0.06
103.35
31.5%
10.6%
10.6%
10.6%
6.7%
12.7%
48.00
5.26
1.91

0.0%
0.45
1.48
0.07
0.07
157.57
31.1%
10.0%
10.0%
10.1%
6.3%
12.2%
54.33
4.81
1.94

Annualized Values for Ratios Used to


Project Financial Statements
Ratios to calculate operating profit
Sales growth rate
COGS / Sales
SGA / Sales
Depreciation / Net PPE
Ratios to calculate operating capital
Cash / Sales
Inventory/ Sales
Accts. rec. / Sales
Other short term operating assets/Sales
Net PPE / Sales
Other long-term op. A. / Sales
Accts. pay./ Sales
Accruals / Sales
Other current liabilities / Sales
Ratios to calculate operating taxes
Deferred taxes/Net PPE
Average tax rate (Taxes/EBT)
Marginal tax rate
Dividend and debt ratios
Dividend policy: growth rate
Long-term debt / market value of firm
Preferred stock / market value of firm
Coupon rate on preferred stock
Long-term debt / market value of firm
Ratios to calculate rest of income statement
and balance sheet
Nonop. inc. / Sales
Extr. inc. / Sales
Long-term investments / Sales
Other long-term liab. / Sales

13.6%
68.5%
20.9%
0.0%

68.9%
21.1%
0.0%

7.9%
13.0%
2.1%
0.9%
27.6%
1.2%
8.9%
4.8%
2.0%

3.8%
14.3%
1.8%
0.8%
29.5%
1.6%
7.8%
4.3%
1.7%

2.0%
37.1%
37.1%

2.1%
38%
37.6%

#N/A
#N/A
#N/A
#N/A
#N/A

#N/A
#N/A
#N/A
#N/A
#N/A

0.0%
0.0%
0.0%
0.9%

0.1%
0.0%
0.0%
0.8%

Year
Payout ratio
1
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53
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Michael C. Ehrhardt

10/02/2015

Page 1

#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
Payout ratio
Annual sales growth rate
Quick ratio
Current ratio
LT debt to equity
Total debt to equity
Interest coverage (Times-interest-earned)
Gross margin
EBITD margin
Operating margin
Pre-tax margin
Net profit margin
Return on assets
Receivable turnover
Inventory turnover
Asset turnover
Sales growth rate
COGS / Sales
SGA / Sales
Depreciation / Net PPE
Cash / Sales
Inventory/ Sales
Accts. rec. / Sales
Other short term operating assets/Sales
Net PPE / Sales
Other long-term op. A. / Sales
Accts. pay./ Sales
Accruals / Sales
Other current liabilities / Sales
Deferred taxes/Net PPE
Average tax rate (Taxes/EBT)
Marginal tax rate
Dividend policy: growth rate
Long-term debt / market value of firm
Preferred stock / market value of firm
Coupon rate on preferred stock
Long-term debt / market value of firm
Nonop. inc. / Sales
Extr. inc. / Sales
Long-term investments / Sales
Other long-term liab. / Sales
NOPAT/Sales
Operating capital/Sales
Free cash flow from ongoing operations
Annualized ROIC (NOPAT/ Beginning capital)
Annualized economic profit

#VALUE!
#VALUE!

#VALUE!
#VALUE!

#VALUE!
#VALUE!

#VALUE!
#VALUE!

#VALUE!
#VALUE!

#VALUE!
#VALUE!

#VALUE!
#N/A

288450726.xls

Condensed
A
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2
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Condensed Historical Financial Statements


You should not change any
Most recent
quarter year to
Most recent
formulas in this worksheet.
date
fiscal year
HOME DEPOT INC
08/03/03
02/02/03

4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

Sales
Costs of goods sold (COGS)
Sales, general and administrative expense (SGA)
Depreciation

33,093,000
22,659,000
6,920,000
0

58,247,000
40,139,000
12,278,000
0

Operating profit
Interest expense
Interest income
Nonoperating income (Expense)

3,514,000
34,000
0
27,000

5,830,000
37,000
0
79,000

Earnings before taxes (EBT)


Tax expense

3,507,000
1,301,000

5,872,000
2,208,000

Net income before extraordinary items


After-tax extraordinary income (Expense)

2,206,000
0

3,664,000
0

Net income (NI) $

2,206,000

3,664,000

$
$

0
0

$
$

0
0

Additions to RE $

2,206,000

3,664,000

5,209,000
8,621,000
1,379,000
313,000
45,000
15,567,000
18,263,000
782,000
0
34,612,000

2,188,000
8,338,000
1,072,000
254,000
65,000
11,917,000
17,168,000
926,000
0
30,011,000

Total current liabilities $


Long-term debt
Deferred taxes
Preferred stock
Other long-term liabilities

5,875,000
3,180,000
1,334,000
0
10,389,000
1,327,000
362,000
0
601,000

Total liabilities $
Par plus PIC Less treasury (and other adjustments)
Retained earnings (RE)
Total common equity $

12,679,000
16,063,000
5,870,000
21,933,000

10,209,000
16,138,000
3,664,000
19,802,000

Total liabilities and equity $

34,612,000

30,011,000

Dividends-- preferred
Dividends-- common

25

Balance Sheet

26
27
28
29
30
31
32
33
34
35

Assets
Cash
Inventory
Accounts receivable
Other short-term operating assets
Short-term investments

36
37
38
39
40
41
42
43
44
45
46
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49
50
51
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53
54
55
56

Michael C. Ehrhardt

Income Statement

Total current assets $


Net plant, property, & equipment (PPE)
Other long-term operating assets
Long-term investments
Total assets $
Liabilities and Equity
Accounts payable (AP)
Accruals
Other operating current liabilities
All short-term debt

Check to see if sheets balance

57

Statement of Cash Flows

58
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60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97

Operating Activities
Net income
Depreciation
Change in deferred tax

98

Scratch calculations

99
100
101
102
103
104
105
106
107
108
109
110

"Uncapitalizing" Capitalized interest


Annual capitalized interest
Annual reduction in depreciation (assuming straight-line for
Annual addition to interest expense
Annual reduction in tax expense
Annual reduction in RE
Cumulative reduction in gross PPE
Cumulative depreciation of capitalized interest
Cumulative reduction in net PPE
Cumulative reduction in RE
Cumulative reduction in book equity as though company had i

Balance

Balance

3,664,000
0
362,000

(283,000)
(307,000)
(59,000)
1,315,000
703,000
336,000
3,911,000 $

(8,338,000)
(1,072,000)
(254,000)
4,560,000
2,477,000
998,000
2,397,000

(1,095,000) $
144,000

(17,168,000)
(926,000)

Net cash from investing activities $

(951,000) $

(18,094,000)

20,000 $
0
0
6,000
0
0
110,000
(75,000)
0

(65,000)
0
0
1,321,000
0
0
491,000
16,138,000
0

Change in inventory
Change in accounts receivable
Change in other short-term operating assets
Change in accounts payable
Change in accruals
Change in other current liabilities
Net cash from operating activities $
Investing Activities
Investment in PPE
Investment in other long-term oper. ass.

Financing Activities
Change in short-term investments
Change in long-term investments
Change in short-term debt
Change in long-term debt
Preferred dividends
Change in preferred stock
Change in other long-term liabilities
Change in common stock (Par + PIC)
Common dividends

2,206,000
0
0

4,560,000
2,477,000
998,000
0
8,035,000
1,321,000
362,000
0
491,000

Net cash from financing activities $

61,000

17,885,000

Net cash flow


Starting cash

3,021,000
2,188,000

2,188,000
0

Ending cash

5,209,000

Check for consistency with cash shown in balance shee

OK

2,188,000
OK

Page 2

10/02/2015

288450726.xls

288450726.xls

A
1
2

B
Most recent quarter
year to date

HOME DEPOT INC

Income Statement

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6
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8
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10
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13
14
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17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46

Total net revenues


33,093,000.0
Cost of goods sold expense
22,659,000.0
Cost of services or operations expense
Depreciation expense (for tangible assets, if reported separately)
Amortization expense (for goodwill and Intangible, if reported separately)
Depreciation and amortization expense (if reported combined)
Research & development expense
Sales & marketing expenses (if not included in SGA)
General & administrative expenses (if not included in SGA)
Selling, gen. & admin. expense [if reported as a single item]
6,920,000.0
Minority interest expense (if shown as pre-tax operating expense)
Merger and restructuring costs
Asset impairment losses or write-downs
Extraordinary charges or expenses (if shown on pre-tax basis)
Extraordinary credit or income (if shown on a pre-tax basis)
Other operating expenses (Income)
Interest expense (Income)
34,000.0
Interest capitalized
Interest income
Reserve expense (income) (increase in reserves is expense, decrease is income)
Investment income (Expense) (if shown on pre-tax basis)
Gain (loss) on sale of assets or discontinued operation (if shown on pre-tax basis)
Remitted income (Expense) or equity earnings (Losses) in affiliates
Unremitted income (Expense) or equity earnings (Losses) in affiliates
Minority interest expense (if shown as pre-tax nonoperating expense)
Losses on equity investees and other (if shown on pre-tax basis)
Other nonoperating income (Expense) (if shown on pre-tax basi
27,000.0
Special nonrecurring items income (Expense) (if shown on pre-tax basis)
Provision for income tax expense (Rebate)
1,301,000.0
Minority interest expense (if shown on after-tax basis)
Equity in earnings expense (if shown on after-tax basis)
Extraordinary items (if shown on after-tax basis)
Discontinued operations (if shown on after-tax basis)
Extraordinary items and discontinued operations (if shown on af
Investment gains (Losses) (if shown on after-tax basis)
All other income (Losses) (if shown on after-tax basis)
Cumulative effect of accounting changes
Net income from Actual Sheet
2,206,000.0
Calculated net income from Comprehensive Sheet
2,206,000.0
ee if calculated net income is consistent with Actual sheet
OK

47

Balance Sheet

48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
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73
74
75
76
77
78
79
80
81
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105
106
107
108
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110
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112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141

Assets
Cash and equivalents
Marketable securities
Notes receivable
Short-term investments or investment securities
Accounts receivable
Tax refund receivable
Progress payments
Prepaid expenses
Current deferred tax asset
Inventories
Other nonoperating current assets

143
144
145
146
147
148
149
150
151
152
153
154
155

Comprehensive

Comprehensive Statements
For all yellow cells, fill in links to the Actual Worksheet or other inputs.

142

C
Most recent
fiscal year

8/3/03

Other operating current assets


Total current assets

2/2/03

12,278,000.0

37,000.0

79,000.0
2,208,000.0
-

3,664,000.0
3,664,000.0
OK

5,209,000.0
45,000.0
-

2,188,000.0
65,000.0
-

1,379,000.0

1,072,000.0

8,621,000.0

8,338,000.0

313,000.0
15,567,000

254,000.0
11,917,000

Long-term receivables
Investments in unconsolidated subsidiaries
Other investments
Net property, plant, & equip (PPE)
18,263,000.0
Goodwill (if shown separately)
Intangibles (if shown separately)
590,000.0
Cost in excess of fair value of net assets acquired also called goodwill)
Goodwill and intangibles (if shown combined)
Deferred tax asset (Long-term)
Long-term notes receivable
Other operating long-term assets
109,000.0
Deferred charges
Deposits
83,000.0
Investments & advances to subsidiaries
Other nonoperating long-term assets
Total assets from Actual Sheet
34,612,000.0
Calculated total assets from Comprehensive Sheet
34,612,000.0
Check to see if total assets consistent with Actual sheet
OK
Liabilities and Equity
Notes payable
Current portion of long-term debt
Current portion of capitalized leases
All other short-term debt
Accounts payable
Short-term unearned revenue
Interest payable (or accrued interest)
Dividends payable
Short-term deferred taxes
Taxes payable or accrued taxes
Accrued wages or salary
Other accrued expenses or accruals
Other nonoperating current liabilities
Other operating current liabilities

58,247,000.0
40,139,000.0

17,168,000.0
575,000.0

107,000.0
244,000.0
30,011,000.0
30,011,000.0
OK

5,875,000.0

Total current liabilities


Non-current portion of long-term debt
Mortgages
Non-current portion of capitalized leases
Convertible debt
Any other long-term debt
Provision for risks and charges
Reserve accounts
Deferred tax liability in untaxed reserves
Deferred income taxes (Long-term)
Deferred income
Long-term unearned revenue
Restructuring obligations
Commitments and contingencies
Other long-term liabilities
Retirement, pension, and health insurance related liabilities
Minority interest
Nonequity reserves
Preferred stock
Common stock (at par)
Common stock capital suprplus or paid-in-capital
Revaluation of reserves
Other appropriated reserves
Unappropriated (free) reserves
Retained earnings
Equity in untaxed reserves
ESOP guarantees
Treasury stock
Common stock warrants and stock options
Other equity
Unrealized gain (loss) on marketable securities
Accumulated other comprehensive income or cumulative other adj.
Unrealized gain (loss) on foreign exchange
Cumulative foreign currency translations
Total shareholder equity from Actual Sheet
ulated total shareholder equity from Comprehensive Sheet
ee if shareholder total eq. is consistent with Actual sheets

4,560,000.0

643,000.0

227,000.0

2,537,000.0

2,250,000.0

1,334,000.0
10,389,000

998,000.0
8,035,000

1,327,000.0
-

1,321,000.0
-

362,000.0

362,000.0

601,000.0

491,000.0

118,000.0
5,990,000.0

118,000.0
5,858,000.0

17,901,000.0

15,971,000.0

(2,028,000.0)

(2,000,000.0)

(48,000.0)

(145,000.0)

21,933,000.0
21,933,000.0
OK

19,802,000.0
19,802,000.0
OK

Total Liabilities and Equity from Actual Sheet


ted Total Liabilities and Equity from Comprehensive Sheet
e if Total Liab. & Eq. consistent with Comprehensive sheet

34,612,000.0
34,612,000.0
OK

30,011,000.0
30,011,000.0
OK

Check for balancing of statements

Balances

Balances

Required Items: You must supply these inputs in


the yellow cells, unless they are truly zero.
Required Items from Statement of Cash Flows
Preferred dividends paid
Common dividends paid
Depreciation of PPE and tangible Assets
Amortization of goodwill and intangibles
Required Items from Footnotes or Annual Report
Number of shares outstanding
Required Items from Financial Statements or User's Judgment
Assumed marginal tax rate

2,365,365.0

9,398,000.0

37.1%

37.6%

Optional Items for Special Accounting


Adjustments: If you choose to make any of the
156
special accounting adjustments described in the
Chapter 10 Appendix, then you must supply
these inputs in the yellow cells; otherwise, just
leave them as the default values already here.
157
158
159
160
161
162
163
164
165

LIFO reserve (from Footnotes of Annual Report)


Interest rate on pension liabilities
Interest rate on operating leases
Capitalized value of operating leases
Stock options (Warrants)
Capitalized operating costs
Special goodwill impairment or accounting change

166

Statement of Cash Flows (Calculated


from the Income Sheet and Balance
Sheets shown above.

167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198

0%
0%
- ###
- ###
- ###

###
0%
0%
-

Operating Activities
Net income
Adjustments for reconciliation of RE account
Depreciation and amortization
Change in deferred tax
Change in operating current assets
Change in operating current liabilities
Net cash from operating activities

2,206,000.0
(276,000)
(649,000.0)
2,354,000
3,635,000

3,664,000.0
12,307,000
362,000
(9,664,000.0)
8,035,000
14,704,000

Investing Activities
Investment in PPE
Investment in other long-term oper. ass.
Net cash from investing activities

(1,095,000)
(17,000)
(1,112,000)

(17,168,000)
(682,000)
(17,850,000)

Net cash from financing activities

20,000
161,000
6,000
110,000
132,000
69,000
498,000

(65,000)
(244,000)
1,321,000
491,000
5,976,000
(2,145,000)
5,334,000

Net cash flow


Starting cash from balance sheet
Ending cash
eck to see if ending cash is consistent with balance sheet

3,021,000
2,188,000
5,209,000
OK

2,188,000
2,188,000
OK

Financing Activities
Changes in short-term investments
Changes in long-term investments
Changes in all short-term debt
Changes in all long-term debt
Changes in all other long-term liabilities
Change in preferred stock
Change in Par + PIC
Change in common stock warrants and stock options
Change in treasury and cumulative adjustments
Preferred dividends
Common dividends

Michael C. Ehrhardt

Page 3

10/02/2015

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48

HOME DEPOT INC


QUARTERLY FINANCIAL INFORMATION
BALANCE SHEET
QUARTERLY ASSETS (000s)
FISCAL QUARTER ENDING
CASH
MRKTABLE SECURITIES
RECEIVABLES
INVENTORIES
RAW MATERIALS
WORK IN PROGRESS
FINISHED GOODS
NOTES RECEIVABLE
OTHER CURRENT ASSETS
TOTAL CURRENT ASSETS
PROP, PLANT & EQUIP
ACCUMULATED DEP
NET PROP & EQUIP
INVEST & ADV TO SUBS
OTHER NON-CUR ASSETS
DEFERRED CHARGES
INTANGIBLES
DEPOSITS & OTH ASSET
TOTAL ASSETS
QUARTERLY LIABILITIES (000S)
FISCAL QUARTER ENDING
NOTES PAYABLE
ACCOUNTS PAYABLE
CUR LONG TERM DEBT
CUR PORT CAP LEASES
ACCRUED EXPENSES
INCOME TAXES
OTHER CURRENT LIAB
TOTAL CURRENT LIAB
MORTGAGES
DEFERRED CHARGES/INC
CONVERTIBLE DEBT
LONG TERM DEBT
NON-CUR CAP LEASES

a (2nd quarter) fiscal year-end


8/3/2003
2/2/2003
5,209,000
2,188,000
45,000
65,000
1,379,000
1,072,000
8,621,000
8,338,000
0
0
0
0
0
0
0
0
313,000
254,000
15,567,000
11,917,000
22,306,000
20,733,000
4,043,000
3,565,000
18,263,000
17,168,000
0
0
109,000
107,000
0
0
590,000
575,000
83,000
244,000
34,612,000
30,011,000

0
5,875,000
0
0
2,537,000
643,000
1334000
10,389,000
0
362,000
0
1,327,000
0

0
4,560,000
0
0
2,250,000
227,000
998000
8,035,000
0
362,000
0
1,321,000
0

A
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96

OTHER LONG TERM LIAB


TOTAL LIABILITIES
MINORITY INT (LIAB)
PREFERRED STOCK
COMMON STOCK NET
CAPITAL SURPLUS
RETAINED EARNINGS
TREASURY STOCK
OTHER EQUITIES
SHAREHOLDER EQUITY
TOT LIAB & NET WORTH
QUARTERLY INCOME (000s)
FISCAL QUARTER ENDING
NET SALES
COST OF GOODS
GROSS PROFIT
R & D EXPENDITURES
SELL GEN & ADMIN EXP
INC BEF DEP & AMORT
DEPRECIATION & AMORT
NON-OPERATING INC
INTEREST EXPENSE
INCOME BEFORE TAX
PROV FOR INC TAXES
MINORITY INT (INC)
INVEST GAINS/LOSSES
OTHER INCOME
NET INC BEF EX ITEMS
EX ITEMS & DISC OPS
NET INCOME
OUTSTANDING SHARES

B
601,000
12,679,000
0
0
118,000
5,990,000
17,901,000
2028000
-48,000
21,933,000
34,612,000

C
491,000
10,209,000
0
0
118,000
5,858,000
15,971,000
2000000
-145,000
19,802,000
30,011,000

gh 2nd quarter) cent fiscal year


8/3/2003
2/2/2003
33,093,000
58,247,000
22,659,000
40,139,000
10,434,000
18,108,000
0
0
6,920,000
12,278,000
3,514,000
5,830,000
0
0
27,000
79,000
34,000
37,000
3,507,000
5,872,000
1,301,000
2,208,000
0
0
0
0
0
0
2,206,000
3,664,000
0
0
2,206,000
3,664,000
2,365,365
9,398,000

A
97
98
99
100
101
102
103
104
105
106
107
108
109
110

D
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48

D
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96

D
97
98
99
100
101
102
103
104
105
106
107
108
109
110

J
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48

J
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96

J
97
98
99
100
101
102
103
104
105
106
107
108
109
110

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