Germany

		Inapa Deutschland is the subholding that aggregates the business of paper, packaging and visual communication in that country. The German market currently represents 55% of consolidated sales.
Arndt Klippgen CEO	Holger Pfund CFO

	PAPER
Thomas Schimanowski Graphic Rainer Augstein Office Holger Wagner Factoring Ludger Hasecker Purchase David Wischmann Marketing
With a strong presence in the German market, Inapa operates through Paper Union in the paper distributing business. It has a portfolio of 35,000 customers, with a market share around 18%, occupying a leading position in the market. Its product offer also comprises logistics services - Logistics Print Media - and is already a reference in the graphic segment, and the supply of graphic consumables developed in partnership with some of the leading companies. It also provides factoring services through PMF (Print Media Factoring GmbH). Paper Union ensures the full coverage of the market through its seven warehouses and six logistics platforms, offering a high quality service to its customers.
	PACKAGING
Michael Potthoff Packaging	The Group is present in Germany in the packaging business through Inapa Packaging GmbH. This sub holding consolidates the business of distribution of packaging solutions and products of HTL and Hennessen & Potthoff. This business has been increasing its weight on the Group sales in Germany. Inapa Packaging offers standard packaging solutions (such as cardboard boxes and cardboard, protection systems, adhesives, foams, films) and tailored solutions that meet the specific solutions for each client, associated with logistics solutions. Its operations currently have two warehouses.
	VISUAL COMMUNICATION
Thorsten Moritz Viscom	With regard to Visual Communication business, Complott - Paper GmbH is present in one of the most dynamic markets on the printing industry, Wide Format Printing. There are ongoing developments in technology and increasing product range, requiring a team with a high level of experience and technical knowledge, able to provide the solution that best fits the customer's needs. It is the fourth largest player in this country, the largest market in Europe, presenting a diverse range of products like large format printers, inks, substrates, cutting systems and spare parts. Is a partner of the industry leading providers, including HP, Roland, Mimaki and Epson. It has operations in four locations, north and south of Germany, and a showroom. The LFP-Academy, a learning center for professionals in the field of visual communication is a reflection of the significant investment that has been done on human resources, in order to have the professionals that are up to date of the latest technologies in this area, to offer a high quality and personalized service.