Of course this also punches holes, everything else would be ne rough Fehlkonstruktion :) It is not a problem if you punch normal or very thin paper - no problem and achieve a clean cut. The basic function is fulfilled.
But I draw from 2 stars for processing.
1. have been on the new punch directly to scratches on metal. Sure, it is not important for the function, but the product is new and not no name.
2. the stop rail is cheap. It is on the one hand hard pull out, on the other hand it seems to me as if I'd rip out the plastic part equal.
Conclusion: the function is fulfilled, but Leitz quality is unfortunately only made in China.