Private equity an attractive asset class

Size: px
Start display at page:

Download "Private equity an attractive asset class"

Transcription

1 26 shares Shares Private equity an attractive asset class Private equity is a highly attractive investment option that, compared with other equity investments, especially stock investments, frequently stands out by generating superior returns. Listed private equity companies provide access to this appealing class for the price of a share, which can be bought or sold on a daily basis and in keeping with internationally recognised transparency standards. That makes it possible to avoid the typical disadvantages of closed-end funds, such as the requirement to invest a substantial minimum amount or commit capital for ten years or more. In addition, investors purchase shares in a diversified portfolio of companies in which they would otherwise not be able to invest. One distinguishing feature of DBAG s business model is that, in addition to investing in a diversified portfolio, it also offers access to a continual stream of income generated by investment services that are provided to private equity funds. The size of the DBAG funds that we have raised has increased significantly in the past decade, going from a little less than 350 million euros to about one billion euros at the most recent reporting date almost tripling within ten years. Capital market communication More information on our current investor relations activities More information in our membership page 31 In 2014 / 2015 we again used diverse communication channels for our ongoing dialogue with investors and financial analysts in particular, intensive personal meetings, press and analysts conferences, webcasts and selected stock market conferences. We presented DBAG shares to investors on twelve days in the eleven months of this truncated financial year, the same number as in the preceding full financial year. Finally, our philosophy of fostering an open dialogue with our investors and analysts is underscored by our membership in various associations. The market views our efforts positively: in October 2015, our capital market communications were recognised by the Leipzig Graduate School of Management and manager magazin as the best among the 50 companies included in the S-Dax. Of the 160 stocks listed in the Dax, M-Dax, S-Dax and Tec-Dax, we were the only S-Dax company to rank among the top ten.

2 annual report 2014/ Share performance and analysts recommendations DBAG shares: Very satisfactory performance Performance of DBAG shares and benchmark indices (1 November September 2015, indexed to 1 November 2005 = 100) Nov Nov Nov Nov Nov Nov DBAG Dax S-Dax LPX Direct While DBAG shares moved within a narrow range of their benchmark indices in the first four weeks of the financial year, they broke away at the end of November, recording above-average gains up to the time when the 2015 Annual Meeting took place. At their peak of nearly euros in mid-march, DBAG shares had gained 55 percent compared with the opening amount at the outset of the financial year. The price uptrend was driven by a stream of positive news: we reported on five new investments in five months and thereby directed attention to the contribution delivered by the investment business in increasing the net asset value of DBAG. At the beginning of 2015, we augmented transparency for the stock market by publishing the income contribution generated by our fund investment services, thereby preparing the ground for this part of our business to be considered in the assessment of our shares. Various factors weighed on the international financial markets in the second half of the financial year, including geopolitical conflicts, weaker cyclical signs from China and, towards the end of the financial year, the unfavourable news from the automobile industry. Like the benchmark indices, DBAG shares tended to be volatile from April to September, with a slight downtrend. In total, however, over the truncated financial year DBAG shares recorded a considerable gain, outperforming both the LPX Direct and the Dax. Very satisfactory returns have also been delivered to shareholders over more extended periods of time. Over the past ten years, for example, the average annual total return, consisting of the share price movement and dividends, was 14.8 percent, or more than double that of the S-Dax. In comparison to other key benchmark indices, DBAG shares exhibited the following performance:

3 28 shares Performance of DBAG portfolio over one, five and ten years DBAG shares Dax S-Dax LPX Direct 1 1 year (11 months) (truncated financial year 2014 / 2015) years 2 (financial years 2012 / 2013 to 2014 / 2015) years 2 (financial years 2010 / 2011 to 2014 / 2015) years 2 (financial years 2005 / 2006 to 2014 / 2015) index of 30 listed international private equity companies which like DBAG, make direct investments 2 Calculation based on 2.92, 4.92 and 9.92 years, since 2014 / 2015 was a short eleven-month year Share price liquidity: Trading volume rose again In sum, the liquidity of DBAG shares continued to improve over the past financial year, although there was a clear decrease towards the end of the period. The greater liquidity not only allows more institutional investors to invest in the Company, it also facilitates an alignment of supply and demand. In addition, it dampens the impact of individual trading orders on the share price. Both factors are conducive to rising valuation levels over the medium term. In Xetra trading alone, approximately 8.4 million DBAG shares were traded over the eleven-month period of 2014 / On German stock exchanges as a whole, the trading volume climbed from 7.2 million shares in the twelve months of the preceding year to 12.1 million shares this past truncated financial year, with the daily average turnovers rising from 28,760 to 52,655 shares. According to the Bloomberg information system, another 3.6 million shares (2013/2014: 2.4 million shares) were traded over the counter, i.e. directly between buyers and sellers. Shares in float ownership had an on- and off-board turnover rate of 1.53 (2013/2014: 1.00) 1. Research: Hold recommendations predominate The analysts monitoring our shares quickly accepted the segment reporting we introduced this past financial year, which includes a separate analysis of the income contribution generated by our fund investment services. The new format was rapidly integrated into analysts valuation models, after which they raised their upside targets for our shares. 1 Calculated with a free-float share of 75 percent

4 annual report 2014/ Following the very satisfactory price movement of DBAG shares this past financial year, hold recommendations currently predominate. The following table shows the current recommendations by analysts who regularly monitor our shares. DBAG shares are also tracked by other analysts who exclusively assess listed private equity firms and comparable companies. Analysts ratings for Deutsche Beteiligungs AG HSBC Global Research September 2015 Hold J.P. Morgan Cazenove September 2015 Underweight Oddo Seydler Bank AG September 2015 Neutral Solventis Wertpapierhandelsbank Research March 2015 Hold Warburg Research (M.M.Warburg) September 2015 Hold Analysts recommendations are regularly documented on our website in the section Investor Relations/ Research as soon as they come to our attention. Recommended appropriation of profit Distribution of a higher base dividend in addition to a surplus dividend The shareholders of Deutsche Beteiligungs AG are meant to participate in the Company s performance through regular dividends, if at all possible that is one of our key financial objectives. In keeping with that objective, our dividend policy of more than ten years consists of two components: a base dividend and a surplus dividend, with the latter disbursed when realisation proceeds are particularly high and liquidity sufficient. Overview of dividend policy management report, objectives and strategy, page 50 Despite a slight decline in the past truncated financial year, fee income from fund investment services is stable and readily forecastable. Its growth in recent years is indicative of how greatly our services are appreciated by other investors. That growth is reason enough for us to increase the base dividend by ten eurocents to 0.50 euros per share. Surplus dividends are contingent upon appreciable returns from the portfolio. As previously announced, our focus in the past financial year was on adding new investments to the portfolio. In financial year 2014 / 2015, there were no major exits. However, the profitable realisations in recent years have led to a retained profit in the accounts of 67.1 million euros. For financial year 2014 / 2015, in which DBAG looked back on 50 years of DBAG and 30 years as a listed company, the Board of Management and the Supervisory Board recommend paying a surplus dividend of 0.50 euros per share. Subject to shareholders approval at the Annual Meeting, the total dividend will amount to 1.00 euro per share.

5 30 Die Aktie Shareholder profile shareholder profile (as at 30 September 2015) % Private shareholders Germany Private shareholders international Rossmann Beteiligungs GmbH Anpora Patrimonio institutional investors Germany Institutional investors Europe institutional investors USA Institutional investors other countries Private individuals still form the largest group of DBAG shareholders. Their proportion again rose slightly in the past financial year. At 15 September 2015, the most recent disclosure date of the share register, nearly 13,000 private individuals were registered, holding approximately 44 percent of the shares. Three shareholders own more than five percent of the shares in DBAG: Rossmann Beteiligungs GmbH announced on 2 April 2015 that it was invested in DBAG on that day with 2,725,200 shares (19.9 percent). According to our information, Anpora Patrimonio, a family office sited in Spain, continued to hold 684,000 shares (5.0 percent). Based on a voting rights notification dated 20 May 2015, JP Morgan Asset Management (UK) Ltd. held 714,702 shares, which equates to 5.2 percent. Institutional investors held approximately 31 percent of DBAG shares considerably more than a year ago. Since most institutional investors both German and international are not listed directly in share registers but through nominee shareholders (banks, brokerages), we obtain further information on our shareholder profile through disclosures that take place several times each year. According to the voting rights notifications we have received, 75.0 percent of DBAG shares were in free-float ownership, as defined by Deutsche Börse, at 30 September 2015.

6 annual report 2014/ share profile ISIN Symbol Listings Market segment DE000A1TNUT7 DBAGn (Reuters) / DBAN (Bloomberg) Frankfurt (Xetra and trading floor), Berlin-Bremen, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart Regulated Market (Prime Standard) S-Dax (rank 37 1 ); Classic All Share; C-Dax; Prime All Share; Deutsche Börse sector indices: DAXsector All Financial Services, DAXsubsector Private Equity & Venture Capital, LPX Direct, LPX Europe, LPX50; Stoxx Index affiliation (selection) Private Equity 20 Designated sponsors Oddo Seydler Bank AG, M.M.Warburg & CO (AG & Co.) KGaA Share capital 48,533, euros Number of shares issued 13,676,359 thereof outstanding 13,676,359 First traded 19 December 1985 DBAG is a member of: At 30 September 2015, measured by market capitalisation (liquidity measure ranking: 29) Share data 2014 / / /2013 Closing rate Financial year high Financial year low Financial year average rate Annual performance 2 % Market capitalisation 1, 3 mn thereof in free float 4 mn Average daily trading value 5 mn Base dividend per share Surplus dividend per share Distribution sum 6 mn Dividend yield 7 % Earnings per share NAV per share Price/NAV per share Xetra closing rate 2 Adjusted for dividends 3 At end of period 4 As defined by Deutsche Börse AG 5 According to Deutsche Börse AG data /2015 recommended 7 Relative to NAV per share at start of financial year (less dividend paid for previous year)

7 32 Report of the Supervisory Board Andrew Richards Chairman of the Supervisory Board This past financial year, DBAG looked back on 50 years in the private equity business and 30 years as a listed com pany. The review again impressively showed the success with which the Company has worked for its shareowners and other stakeholder groups.

D E U T S C H E B E T E I L I G U N G S A G I N I T I A T E S N E W B U Y O U T F U N D

D E U T S C H E B E T E I L I G U N G S A G I N I T I A T E S N E W B U Y O U T F U N D D E U T S C H E B E T E I L I G U N G S A G I N I T I A T E S N E W B U Y O U T F U N D A N A L Y S T S C A L L 2 7 J U L Y 2 0 1 6 S P E A K E R S SUSANNE ZEIDLER Member of the Board of Management THOMAS

More information

C A P I T A L I S I N G S T R E N G T H S. C R E A T I N G O P P O R T U N I T I E S.

C A P I T A L I S I N G S T R E N G T H S. C R E A T I N G O P P O R T U N I T I E S. C A P I T A L I S I N G S T R E N G T H S. C R E A T I N G O P P O R T U N I T I E S. B U I L D I N G V A L U E W I T H A N A T T R A C T I V E P O R T F O L I O A N D F U N D I N V E S T M E N T S E R

More information

with unique access to hidden champions of the German Mittelstand creating value for shareholders and delivering strong returns

with unique access to hidden champions of the German Mittelstand creating value for shareholders and delivering strong returns M E E T I N G E X P E C T A T I O N S. K E E P I N G P R O M I S E S. C R E A T I N G V A L U E T H R O U G H E X P E R I E N C E A N D P E R S E V E R A N C E G E R M A N E Q U I T Y F O R U M 2 7 N O

More information

HALF-YEARLY FINANCIAL REPORT A T 3 1 M A R C H S T H A L F - Y E A R A N D 2 N D Q U A R T E R /

HALF-YEARLY FINANCIAL REPORT A T 3 1 M A R C H S T H A L F - Y E A R A N D 2 N D Q U A R T E R / HALF-YEARLY FINANCIAL REPORT A T 3 1 M A R C H 2 0 1 7 1 S T H A L F - Y E A R A N D 2 N D Q U A R T E R 2 0 1 6 / 2 0 1 7 H A L F - Y E A R LY F I N A N C I A L R E P O R T AT 3 1 M A R C H 2 0 1 7 2

More information

HALF-YEARLY FINANCIAL REPORT

HALF-YEARLY FINANCIAL REPORT HALF-YEARLY FINANCIAL REPORT AT 31 MARCH 2018 FIRST HALF-YEAR AND SECOND QUARTER OF 2017/2018 HALF-YEARLY FINANCIAL REPORT AT 31 MARCH 2018 2 AT A GLANCE The listed Deutsche Beteiligungs AG invests in

More information

Bayer Annual Report 2013 To our Stockholders Investor Information. Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec

Bayer Annual Report 2013 To our Stockholders Investor Information. Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 37 Performance of Bayer Stock in 2013 [Graphic 2.1] (indexed; 100 = Xetra closing price on December 31, 2012; source: Bloomberg) 150 140 130 120 110 100 90 Jan Feb Mar Apr May June July Aug Sept Oct Nov

More information

Bayer Annual Report To our Stockholders Investor Information. Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec

Bayer Annual Report To our Stockholders Investor Information. Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Bayer Annual Report 2015 39 Performance of Bayer Stock in 2015 [Graphic 2.1] (Indexed; 100 = Xetra closing price on December 31, 2014; source: Bloomberg) 130 120 110 100 90 80 Jan Feb Mar Apr May June

More information

CONSOLIDATED HALF-YEAR FINANCIAL REPORT

CONSOLIDATED HALF-YEAR FINANCIAL REPORT CONSOLIDATED HALF-YEAR FINANCIAL REPORT FOR THE FIRST HALF-YEAR 2018 1 FRANKFURT AM MAIN CONSOLIDATED HALF-YEAR IFRS FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2018 TABLE OF KEY FIGURES 1.1.

More information

CONSOLIDATED FINANCIAL SERVICE REPORT STATEMENTS

CONSOLIDATED FINANCIAL SERVICE REPORT STATEMENTS 73.5 The Zalando Share 207 in Review.5 The Zalando Share 207 in Review Positive business development reflected in Zalando share performance High capital market awareness: 28 covering research analysts

More information

Investor Information. Performance of Bayer Stock in 2012 [Graphic 2.1] Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec

Investor Information. Performance of Bayer Stock in 2012 [Graphic 2.1] Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 46 Performance of Bayer Stock in 2012 [Graphic 2.1] (indexed; 100 = Xetra closing price on December 31, 2011; source: Bloomberg) 160 150 140 130 120 110 100 90 80 Jan Feb Mar Apr May June July Aug Sept

More information

Schaeffler on the capital markets

Schaeffler on the capital markets Schaeffler on the capital markets Capital market trends In 2015, the global capital markets were characterized by debate over the change in the Fed s low-interest policy, the bond purchasing program of

More information

Notes to the balance sheet

Notes to the balance sheet The theoretical tax rate for corporations is composed of corporation tax and a solidarity surcharge (15.83 percent) as well as municipal trade tax. The tax rate for Deutsche Beteiligungs AG is 15.83 percent,

More information

Half-Year Interim Report report

Half-Year Interim Report report Half-Year Interim Report 2018 report Consolidated Key Figures Q2 2018 Q2 2017 Half-yearly report 2018 Half-yearly report 2017 Incoming orders (EUR million) 23.3 17.8 44.4 39.5 Revenue (EUR million) 21.4

More information

The Art of Shopping. Interim Report H1 2005

The Art of Shopping. Interim Report H1 2005 The Art of Shopping Interim Report H1 2005 Key Figures Key Group Figures 1 Jan.- 1 Jan.- E million 30 June 2005 30 June 2004 Change Revenue 35.2 30.7 14% EBIT 28.4 24.3 17% Net finance costs -13.9-12.2-14%

More information

INTERIM STATEMENT GODEWIND IMMOBILIEN AG 1

INTERIM STATEMENT GODEWIND IMMOBILIEN AG 1 INTERIM STATEMENT GODEWIND IMMOBILIEN AG 1 GODEWIND IMMOBILIEN AG FRANKFURT AM MAIN CONSOLIDATED INTERIM STATEMENT IN COMPLIANCE WITH IFRS FOR THE PERIOD 1 JANUARY TO 31 MARCH 2018 The following consolidated

More information

Share Information. Key data per share

Share Information. Key data per share Share Information The CompuGroup Medical share is listed on the Frankfurt Stock Exchange, Prime Standard, under the ticker COP (FRA: COP). The shares are traded through the world-wide electronic trading

More information

Financial review of Deutsche Beteiligungs AG (commentary based on the German Commercial

Financial review of Deutsche Beteiligungs AG (commentary based on the German Commercial 84 combined management report Financial review of Deutsche Beteiligungs AG (commentary based on the German Commercial Code HGB) The management report on Deutsche Beteiligungs AG and the Group management

More information

The Hannover Re share

The Hannover Re share The Hannover Re share Share performance of 6.8% including reinvested dividends Proposed dividend of EUR 3.50 plus special dividend of EUR 1.50 per share on the level of the previous year Stock markets

More information

Financial review of Deutsche Beteiligungs AG (Commentary based on the German Commercial

Financial review of Deutsche Beteiligungs AG (Commentary based on the German Commercial 82 combined management report Financial review of Deutsche Beteiligungs AG (Commentary based on the German Commercial Code HGB) The management report on Deutsche Beteiligungs AG and the Group management

More information

CONFERENCE CALL. 9M 2015 Results

CONFERENCE CALL. 9M 2015 Results CONFERENCE CALL 9M 2015 Results 13.11.2015 9M 2015 SHOPPING CENTERS Retail turnover 9M 2015 1) Retail sector % change rent-to-sales ratio in % % of sales % of space Department stores -2.3 6.0 7.8 13.5

More information

Thinking ahead. Shaping the future. 37 To our Shareholders 38 Letter from the Management Board 42 The Aareal Bank Share

Thinking ahead. Shaping the future. 37 To our Shareholders 38 Letter from the Management Board 42 The Aareal Bank Share To our Shareholders To our Shareholders Thinking ahead. Shaping the future. 37 To our Shareholders 38 Letter from the Management Board 42 The Aareal Bank Share 47 113 249 38 To our Shareholders Letter

More information

Xetra. Supersector: Sector: Subsector: Turnover. x X X

Xetra. Supersector: Sector: Subsector: Turnover. x X X Overview Stock Report November 218 FinTech Group AG ISIN: WKN: Symbol: Description: Country: Specialist: Designated Sponsor: DEFTG1111 FTG111 FTK H GROUP AG NA O.N. Germany ICF BANK AG WERTPAPIERHANDELSBANK

More information

Xetra. Supersector: Sector: Subsector: Turnover. x X X

Xetra. Supersector: Sector: Subsector: Turnover. x X X Overview Stock Report August 218 FinTech Group AG ISIN: WKN: Symbol: Description: Country: Specialist: Designated Sponsor: DEFTG1111 FTG111 FTK FINTECH GROUP AG NA O.N. Germany ICF BANK AG WERTPAPIERHANDELSBANK

More information

Xetra. Supersector: Sector: Subsector: Turnover. x X X

Xetra. Supersector: Sector: Subsector: Turnover. x X X Overview Stock Report December 217 FinTech Group AG ISIN: WKN: Symbol: Description: Country: Specialist: Designated Sponsor: DEFTG1111 FTG111 FTK FINTECH GROUP AG NA O.N. Germany ICF BANK AG WERTPAPIERHANDELSBANK

More information

feelestate.de Key Group Data Key Share Data Dear Shareholders, Dear Readers, 3 million million, up from million in 2007.

feelestate.de Key Group Data Key Share Data Dear Shareholders, Dear Readers, 3 million million, up from million in 2007. Key Group Data Letter from the Executive Board 2007 2008 3 million 01.01.-30.06. 2008 01.01.-30.06. 2007 Change Revenue 55.2 45.6 21% EBIT 46.0 37.8 22% Net finance costs -24.1-19.7-22% EBT 26.3 18.2 45%

More information

S E T T I N G T H E C O U R S E. E N A B L I N G G R O W T H.

S E T T I N G T H E C O U R S E. E N A B L I N G G R O W T H. S E T T I N G T H E C O U R S E. E N A B L I N G G R O W T H. 2017 ANNUAL MEETING FRANKFURT AM MAIN, 22 FEBRUARY 2017 THE 2015/2016 FINANCIAL YEAR AT A GLANCE Strategic course through dual fundraising

More information

Retail: Jacob-Winter-Platz, Dresden. Interim statement Q3/2017. WCM Beteiligungs- und Grundbesitz-Aktiengesellschaft [1]

Retail: Jacob-Winter-Platz, Dresden. Interim statement Q3/2017. WCM Beteiligungs- und Grundbesitz-Aktiengesellschaft [1] Retail: Jacob-Winter-Platz, Dresden Interim statement Q3/2017 WCM Beteiligungs- und Grundbesitz-Aktiengesellschaft [1] Consolidated key figures (IRFS) as at 30 September 2017 Revenue and income 1 January

More information

Did you know. that in The Global Top 50 IR Awards? was ranked 6th in excellence in. the Amadeus Investor Relations team

Did you know. that in The Global Top 50 IR Awards? was ranked 6th in excellence in. the Amadeus Investor Relations team Did you know that in 2013 the Amadeus Investor Relations team was ranked 6th in excellence in The Global Top 50 IR Awards? Members of the Investor Relations team Our commitment to shareholders 10 We have

More information

CONFERENCE CALL HALF-YEAR FINANCIAL REPORT AUGUST 2017

CONFERENCE CALL HALF-YEAR FINANCIAL REPORT AUGUST 2017 CONFERENCE CALL HALF-YEAR FINANCIAL REPORT 207 6 AUGUST 207 RETAIL TURNOVER H 207 RETAILERS Retail sector % change to 206 rent-to-sales ratio in % % of sales % of space Department stores -.4 6.3 7.3 3.0

More information

TRANSFORMATION VALUE SUCCESS

TRANSFORMATION VALUE SUCCESS Increased maneuverability More efficient IT organization Optimal Business Support Managing Change In IT TRANSFORMATION VALUE SUCCESS Henry Göttler COO SNP Schneider-Neureither & Partner AG Eigenkapitalforum

More information

THE GROUP AND UNDERLYING CONDITIONS

THE GROUP AND UNDERLYING CONDITIONS ANNUAL REPORT 2013/14 55 THE GROUP AND UNDERLYING CONDITIONS STRUCTURE AND BUSINESS ACTIVITY Positioning: Listed private equity company Deutsche Beteiligungs AG (DBAG) is a publicly listed private equity

More information

Half-Year Report 2016

Half-Year Report 2016 DEMIRE Deutsche Mittelstand Real Estate AG Half-Year Report 2016 Fiscal Year January 1 December 31, 2016 2 DEMIRE at a glance Key Figures Group in EURK Consolidated income statement 01/01/2016 30/06/2016

More information

The Art of Shopping. Interim Report Q1 2005

The Art of Shopping. Interim Report Q1 2005 The Art of Shopping Interim Report Q1 2005 Key Figures Key Group Figures 1 Jan. 1 Jan. E million 31 Mar. 2005 31 Mar. 2004 Change Revenue 17.4 14.9 17% EBIT 13.8 13.2 5% Net finance costs -6.8-5.0-36%

More information

Rolling Up German Real Estate

Rolling Up German Real Estate Rolling Up German Real Estate Initiative Immobilien-Aktie Frankfurt / Main Frank Schaich, CEO Page 1 1. Snapshot 2. Fair Value s strategy 3. Real estate portfolio 4. Direct investments 5. Participations

More information

FINANCIAL REPORT 30 NOVEMBER ST HALF OF FISCAL YEAR 2017/2018

FINANCIAL REPORT 30 NOVEMBER ST HALF OF FISCAL YEAR 2017/2018 FINANCIAL REPORT 30 NOVEMBER 2017 1ST HALF OF FISCAL YEAR 2017/2018 CONTENTS 03 KEY PERFORMANCE INDICATORS 04 HIGHLIGHTS 05 HELLA ON THE CAPITAL MARKET 07 INTERIM GROUP MANAGEMENT REPORT 07 Economic development

More information

From melting steel to 3D-printing: investing in the technology-driven German Mittelstand. as at 31 October 2016

From melting steel to 3D-printing: investing in the technology-driven German Mittelstand. as at 31 October 2016 From melting steel to 3D-printing: investing in the technology-driven German Mittelstand as at 31 October 2016 1. The business model GESCO an association of industrial SMEs including market and technology

More information

Company presentation. Scherzer & Co. Aktiengesellschaft. As of April 29, 2011

Company presentation. Scherzer & Co. Aktiengesellschaft. As of April 29, 2011 Company presentation Scherzer & Co. Aktiengesellschaft As of April 29, 2011 1. Overview 1. Executive Summary 2. Positioning 3. Strategy / Safety 4. Strategy / Opportunity 5. Significant Individual Positions

More information

Xetra. Supersector: Sector: Subsector: Turnover. x X X

Xetra. Supersector: Sector: Subsector: Turnover. x X X Overview Stock Report October 217 FinTech Group AG ISIN: WKN: Symbol: Description: Country: Specialist: Designated Sponsor: DEFTG1111 FTG111 FTK FINTECH GROUP AG NA O.N. Germany ICF BANK AG WERTPAPIERHANDELSBANK

More information

CORESTATE Capital Group

CORESTATE Capital Group CORESTATE Capital Group Q3 2017 Earnings Presentation November 2017 Disclaimer This presentation contains forward-looking statements that involve a number of risks and uncertainties. Such statements are

More information

technology-driven German Mittelstand

technology-driven German Mittelstand From melting steel to 3D-printing: investing in the technology-driven German Mittelstand as at 9 October 2015 1. Business model GESCO Group an association of industrial SMEs with market and technology

More information

Xetra. Subsector: Supersector: Turnover. x X X Index No shareholder data available (100% free float) available

Xetra. Subsector: Supersector: Turnover. x X X Index No shareholder data available (100% free float) available Overview Stock Report July 216 FinTech Group AG ISIN: WKN: Symbol: Description: Country: Specialist: Designated Sponsor: DE524961 52496 FLA Germany ICF BANK AG WERTPAPIERHANDELSBANK Transparency Level:

More information

Identifying potential. Exploiting potential. SECA Conference Zurich, 3 July 2013

Identifying potential. Exploiting potential. SECA Conference Zurich, 3 July 2013 Identifying potential. Exploiting potential SECA Conference Zurich, 3 July 2013 Deutsche Beteiligungs AG at a glance Well established in German private equity market More than 300 private equity investments

More information

14,808 million as of December 2014

14,808 million as of December 2014 Market capitalisation 14,808 million as of December 2014 Share performance since IPO in 2010: +200% 8 Our commitment to shareholders 50% pay-out ratio 2 years running 8. Our commitment to shareholders

More information

ANNUAL REPORT 2017 A NEW DYNAMIC

ANNUAL REPORT 2017 A NEW DYNAMIC ANNUAL REPORT 2017 A NEW DYNAMIC DEUTZ GROUP: KEY FIGURES million 2017 2016 Change (%) New orders 1,556.5 1,261.4 23.4 Unit sales (units) 161,646 132,539 22.0 Revenue 1,479.1 1,260.2 17.4 EBITDA 240.0

More information

9M 2018 RESULTS 09 NOVEMBER 2018 TLG IMMOBILIEN AG 9M 2018 RESULTS

9M 2018 RESULTS 09 NOVEMBER 2018 TLG IMMOBILIEN AG 9M 2018 RESULTS TLG IMMOBILIEN AG 9M 208 RESULTS DISCLAIMER This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of TLG IMMOBILIEN ("Forward-Looking

More information

CONFERENCE CALL QUARTERLY STATEMENT 9M NOVEMBER 2017

CONFERENCE CALL QUARTERLY STATEMENT 9M NOVEMBER 2017 CONFERENCE CALL QUARTERLY STATEMENT 9M 207 6 NOVEMBER 207 RETAIL TURNOVER 9M 207 Retail sector % change to 206 rent-to-sales ratio in % % of sales % of space Department stores -0.5 6.2 7.4 3. Food -0.4

More information

Retail: Potsdamer Strasse 51, Ludwigsfelde. Quarterly statement Q1/2017. WCM Beteiligungs- und Grundbesitz-Aktiengesellschaft

Retail: Potsdamer Strasse 51, Ludwigsfelde. Quarterly statement Q1/2017. WCM Beteiligungs- und Grundbesitz-Aktiengesellschaft Retail: Potsdamer Strasse 51, Ludwigsfelde Quarterly statement Q1/2017 WCM Beteiligungs- und Grundbesitz-Aktiengesellschaft WCM Key Figures (IFRS) as at 31 March 2017 1 January - 31 March 2017 1 January

More information

On track! Results for Q1 Q3 2017

On track! Results for Q1 Q3 2017 On track! Results for Q1 Q3 2017 Technology-based financial services Investment highlights in Q1 Q3 2017 and forecast for 2017 Key figures for Q1 Q3 2017 (yoy) Revenue: 143.7 million (+27%) EBIT: 18.6

More information

H PRODUCED BY: OBJEKT: INTERIM REPORT BUILDING BUSINESS

H PRODUCED BY: OBJEKT: INTERIM REPORT BUILDING BUSINESS OBJEKT: INTERIM REPORT H1 2006 PRODUCED BY: BUILDING BUSINESS 24.8 KEY FIGURES KEY GROUP FIGURES 1 Jan. 1 Jan. million 30 June 2006 30 June 2005 Change Revenue 45.9 35.2 30% EBIT 39.0 28.2 38% Net finance

More information

Institutional Investors and Austrian Stocks in 2015

Institutional Investors and Austrian Stocks in 2015 Institutional Investors and Austrian Stocks in 2015 After a very challenging year for financial markets, international institutional investors remained the largest stakeholders in the ATX prime at year-end

More information

Engelskirchen 30 June Annual accounts press conference / analysts meeting

Engelskirchen 30 June Annual accounts press conference / analysts meeting Engelskirchen 30 June 2016 Annual accounts press conference / analysts meeting Overview 1. Business model 2. Financial year 2015/2016 3. Financial year 2016/2017 4. Capital market and M&A 5. Portfolio

More information

INDUS business model We are passionate about SMEs

INDUS business model We are passionate about SMEs 2 INDUS business model We are passionate about SMEs * As of 1 October 2017, the Group has 45 instead of 46 investments. This is the result of the integration of the FICHTHORN investment in the SELZER Group.

More information

COLLATERALISED AND LIQUID ETC SIMPLE TRADING. SIMPLY COLLATERALISED. SIMPLY LIQUID. The bank for a changing world

COLLATERALISED AND LIQUID ETC SIMPLE TRADING. SIMPLY COLLATERALISED. SIMPLY LIQUID. The bank for a changing world ETCs SIMPLE INVESTMENT IN COMMODITIES ETC COLLATERALISED AND LIQUID SIMPLE TRADING. SIMPLY COLLATERALISED. SIMPLY LIQUID. The bank for a changing world 4 WHY ETCs? 6 FUNCTIONING OF ETCs DAILY DETERMINATION

More information

The Art of Shopping. Interim Report Q

The Art of Shopping. Interim Report Q The Art of Shopping Interim Report Q1 3 2005 Key Figures Key Group Figures 1 Jan. 1 Jan. E million 30 Sept. 2005 30 Sept. 2004 Change Revenue 53,3 45,3 18% EBIT 42,9 39,7 8% Net finance costs -20,8-17,7-18%

More information

DESIGNATED SPONSOR RATING

DESIGNATED SPONSOR RATING July 2018 Xetra. The market. DESIGNATED SPONSOR RATING Rating of Designated Sponsors for the second quarter of 2018 Sorted by name of the Designated Sponsor. Rating AA Designated Sponsor Registered shares

More information

S IMMO. Accumulate (old: Buy) Target: Euro (old: Euro 16.00)

S IMMO. Accumulate (old: Buy) Target: Euro (old: Euro 16.00) S IMMO Accumulate (old: Buy) Target: Euro 17.50 (old: Euro 16.00) 06 April 2018 Price (Euro) 16.50 52 weeks range 16.50 / 11.50 Key Data Country Austria Industry Real Estate Market Segment Prime Market

More information

The Jungheinrich share

The Jungheinrich share The Jungheinrich share Price performance outdoes German stock price indices Jungheinrich share greatly improved in stock market ranking Stable dividend guaranteed despite high special burdens Higher ratio

More information

FINANCIAL REPORT NOVEMBER 30, ST HALF OF FISCAL YEAR 2018/2019

FINANCIAL REPORT NOVEMBER 30, ST HALF OF FISCAL YEAR 2018/2019 FINANCIAL REPORT NOVEMBER 30, 2018 1ST HALF OF FISCAL YEAR 2018/2019 H1 CONTENTS 03 KEY PERFORMANCE INDICATORS 04 HIGHLIGHTS 05 HELLA ON THE CAPITAL MARKET 07 INTERIM GROUP MANAGEMENT REPORT 07 Economic

More information

03/09 THE CHANGING FACE OF RETAIL. HSBC Real Estate Conference Frankfurt, 4 March feelestate.de

03/09 THE CHANGING FACE OF RETAIL. HSBC Real Estate Conference Frankfurt, 4 March feelestate.de 03/09 feelestate.de THE CHANGING FACE OF RETAIL HSBC Real Estate Conference Frankfurt, 4 March 2009 Contents Company Shopping Centers Financials Shopping Center Share Appendix Company Shopping Centers

More information

Letter from the Executive Board

Letter from the Executive Board H1 Interim Report for the first half of 2012 Letter from the Executive Board Dear Shareholders, Dear Readers, The first half of 2012 went completely according to plan for Deutsche EuroShop. The center

More information

The Group and underlying conditions

The Group and underlying conditions annual report 2015/2016 45 The Group and underlying conditions Structure and business activity Positioning: Listed private equity company Deutsche Beteiligungs AG (dbag) is a publicly listed private equity

More information

Interim Report to 30 June 2004

Interim Report to 30 June 2004 Interim Report to 30 June 2004 Q2 Rolls-Royce Motor Cars Limited 02 BMW Group an Overview 06 Automobiles 09 Motorcycles 11 Financial Services 13 BMW Stock 14 Financial Analysis 20 Group Financial Statements

More information

Half-Year Interim Report report. optimize!

Half-Year Interim Report report. optimize! Half-Year Interim Report 2017 report optimize! Consolidated Key Figures Q2 2017 Q2 2016 Half-yearly report 2017 Half-yearly report 2016 Incoming orders (EUR million) 17.8 21.9 39.5 39.6 Revenue (EUR million)

More information

Quarterly Statements 1st to 3rd Quarter 2017

Quarterly Statements 1st to 3rd Quarter 2017 1st to 3rd Quarter 2017 Key figures Fair Value Group Revenues and earnings 1/1 30/9/2017 1/1 30/9/2016 Rental income in thousand 17,037 17,145 Net rental income in thousand 12,643 11,606 Operating result

More information

BCP Shares on the Stock Market

BCP Shares on the Stock Market BCP Shares on the Stock Market Stock Market Performance The start of 2003 was marked by the considerable instability and volatility of the equity markets largely as a result of the imminent conflict in

More information

RELAUNCH. Presentation November as at 14 Nov. 2017

RELAUNCH. Presentation November as at 14 Nov. 2017 RELAUNCH Presentation November 2017 as at 14 Nov. 2017 1989 Founding LONG TERM Investor 4 GROUP SEGMENTS GESCO PROFILE 17 PORTFOLIO COMPANIES 01 IN BRIEF ~ 500 million GROUP SALES 100% TAKEOVER UP TO 3

More information

> Nine-month report Profit target raised propelled growth

> Nine-month report Profit target raised propelled growth > Nine-month report 2013 Profit target raised propelled growth > Key figures of comdirect group 2013 2012 Change in % Customers, assets under custody and key products 30.9. 31.12. comdirect group* Customers

More information

Solid preliminary FY 2014 results released. Net asset value increased by 3.5% in H 2014 with difficult trading environment

Solid preliminary FY 2014 results released. Net asset value increased by 3.5% in H 2014 with difficult trading environment A cc or # $T ypcap$ 1628 1 0 4 2 Equity flash Trading Update Financial Services Scherzer & Co. AG BUY (BUY) Target 1.80 EUR (1.80 EUR) Price (last closing price) : 1.56 EUR Upside : 15% Est.. change 2015e

More information

BEST EXECUTION POLICY WOLFGANG STEUBING AG WERTPAPIERDIENSTLEISTER

BEST EXECUTION POLICY WOLFGANG STEUBING AG WERTPAPIERDIENSTLEISTER BEST EXECUTION POLICY OF WOLFGANG STEUBING AG WERTPAPIERDIENSTLEISTER Wolfgang Steubing AG Wertpapierdienstleister Goethestrasse 29, D - 60313 Frankfurt am Main Supervisory Board: Wolfgang Steubing (Chairman),

More information

PRELIMINARY INDICATION FOR FULL YEAR 2012 RESULT

PRELIMINARY INDICATION FOR FULL YEAR 2012 RESULT PRELIMINARY INDICATION FOR FULL YEAR 2012 RESULT JANUARY 2013 AGENDA OVERVIEW OF EXTRAORDINARY EFFECTS AND IMPACT ON 2012 RESULT 1 2 EBT TARGET OF 50 MIO IN 2012 WRITE DOWN OF GOODWILL AND INTANGIBLE ASSETS

More information

2011 feelestate.de CONFERENCE CALL INTERIM REPORT H August 2011

2011 feelestate.de CONFERENCE CALL INTERIM REPORT H August 2011 2011 feelestate.de CONFERENCE CALL INTERIM REPORT H1 2011 11 August 2011 H1 2011 Highlights H1 2011 January: Increase of the shareholding in Stadt-Galerie Hameln to 100% March: Opening of the Extension

More information

Interim report 9M InTiCa Systems moved back into profit as scheduled in the third quarter. Innovation for the future

Interim report 9M InTiCa Systems moved back into profit as scheduled in the third quarter. Innovation for the future Interim report 9M 29 InTiCa Systems moved back into profit as scheduled in the third quarter Innovation for the future The first nine months of 29 in figures The Group Q3 28 Q3 29 9M 28 9M 29 Change to

More information

comdirect bank German Corporate Conference Deutsche Bank Frankfurt, 1 June 2005 Dr. Andre Carls, CEO

comdirect bank German Corporate Conference Deutsche Bank Frankfurt, 1 June 2005 Dr. Andre Carls, CEO comdirect bank German Corporate Conference Deutsche Bank Frankfurt, 1 June 2005 Dr. Andre Carls, CEO Agenda 1 Overview and 2004 results New record result 2 Strategy and programme Growth and value added

More information

Business continuity planning A company s emergency planning, covering all of its units.

Business continuity planning A company s emergency planning, covering all of its units. 182 Glossary Asset-backed securities Instrument for transforming claims tied up in the balance sheet into negotiable securities. Assets held for dealing purposes Under this balance-sheet item, securities,

More information

RELAUNCH. Presentation January as at 8Jan. 2018

RELAUNCH. Presentation January as at 8Jan. 2018 RELAUNCH Presentation January 2018 as at 8Jan. 2018 1989 Founding LONG TERM Investor 4 GROUP SEGMENTS GESCO PROFILE 17 PORTFOLIO COMPANIES 01 IN BRIEF ~ 500 million GROUP SALES 100% TAKEOVER UP TO 3 Acquisitions

More information

120 consolidated financial Statements. consolidated. Financial Statements

120 consolidated financial Statements. consolidated. Financial Statements 120 consolidated financial Statements consolidated Financial Statements Annual Report 2014/2015 121 122 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 123 CONSOLIDATED STATEMENT OF CASH FLOWS 124 CONSOLIDATED

More information

Report on the IIIrd Quarter of 2005 Period under review January 1st, 2005 until September 30, 2005

Report on the IIIrd Quarter of 2005 Period under review January 1st, 2005 until September 30, 2005 Report on the IIIrd Quarter of 2005 Period under review January 1st, 2005 until September 30, 2005 Regenerative Medicine Vorwort CONSOLIDATED GROUP curasan AG, D-Kleinostheim curasan Benelux BV, NL-Barneveld

More information

HSBC Real Estate Conference. Frankfurt, 27 February 2008

HSBC Real Estate Conference. Frankfurt, 27 February 2008 HSBC Real Estate Conference Frankfurt, 27 February 2008 Contents Company Shopping Centers Financials Shopping Center Share Appendix 2 Equity Story Deutsche EuroShop is Germany s only public company that

More information

Press release sentix Economic Index 04. June 2018

Press release sentix Economic Index 04. June 2018 Registration for the press distribution list and further information at www.sentix.co.uk Manfred Hübner CEFA, Managing Director manfred.huebner@sentix.de sentix GmbH Wiesenhüttenstraße 17, 60329 Frankfurt

More information

Quarterly report 2010 INTERIM MANAGEMENT REPORT 19

Quarterly report 2010 INTERIM MANAGEMENT REPORT 19 Quarterly report 2010 INTERIM MANAGEMENT REPORT 19 > Key figures of comdirect bank group 1 st quarter 2010 2009 Change in % comdirect group as of 31.3. Customers number 2,143,051 2,079,794 3.0 Custody

More information

German Equity Forum in Frankfurt / Main

German Equity Forum in Frankfurt / Main 3-month report 2013 / 2014 Key figures at a glance (IFRS) 3 months 2012 / 2013 (Jul 1, 2013 Sep 31, 2013) Comparable period (Jul 1, 2012 Sep 31, 2012) Revenue 14,535 13,409 Earnings before interest and

More information

Exchange New Product News

Exchange New Product News Exchange New Product News Journal of Derivatives & Hedge Funds (2008) 14, 66 70. doi:10.1057/jdhf.2008.1 EUREX CLEARING LOWERS CLEARING FEES FOR CASH MARKET TRANSACTIONS: CLEARING OF TRANSACTIONS FROM

More information

Quarterly Report January to September Years. With experience into future

Quarterly Report January to September Years. With experience into future Quarterly Report January to September 2017 Years With experience into future Key Stock Figures 9M 2017 Letter to the Shareholders Ticker symbol / Reuters symbol V3V / V3VGn.DE Securities number / ISIN

More information

Key figures of M1 Kliniken AG

Key figures of M1 Kliniken AG INTERIM REPORT 2018 M1 Kliniken AG Key figures Key figures of M1 Kliniken AG Consolidated profit and loss statement according to IFRS (in ) 30.06.2018 30.06.2017 k Sales 28,926,972.60 22,257 EBT 4,276,814.69

More information

Nine-month report as of 30 September Weak market. Reduced costs. Satisfactory results.

Nine-month report as of 30 September Weak market. Reduced costs. Satisfactory results. Nine-month report as of 30 September 2004 Weak market. Reduced costs. Satisfactory results. www.comdirect.de www.comdirect.de Key figures of comdirect bank group Nine months 2004 1) 2003 Change in % Customer

More information

Results of Q1/2018. April 26, 2018

Results of Q1/2018. April 26, 2018 Results of Q1/2018 April 26, 2018 Q1 2018: TAKKT Group Sales (in EUR million) 288.8 276.1 EBITDA (in EUR million) and margin (in %) 44.9 33.4 15.6% 12.1% Sales decrease by 4.4%, mainly due to negative

More information

Quarterly statement Significant improvement in all key figures Major steps on the way to break-even

Quarterly statement Significant improvement in all key figures Major steps on the way to break-even Quarterly statement 01.01. 30.09.2016 Significant improvement in all key figures Major steps on the way to break-even 2 REGISTERED CUSTOMERS BILLINGS REVENUES EBIT in thousand (accumulated) in EUR thousand

More information

Information document pursuant to Sec. 4 para. 1 no. 4 WpPG, amended on May 1, 2014*

Information document pursuant to Sec. 4 para. 1 no. 4 WpPG, amended on May 1, 2014* Information document pursuant to Sec. 4 para. 1 no. 4 WpPG 1/9 E.ON SE Securities Identification No. ENAG99 ISIN CODE: DE000ENAG999 Information document pursuant to Sec. 4 para. 1 no. 4 WpPG, amended on

More information

PROSPECTUS. February 28, Horizons ETF Trust I

PROSPECTUS. February 28, Horizons ETF Trust I PROSPECTUS February 28, 2018 Horizons ETF Trust I Horizons DAX Germany ETF (DAX) Horizons NASDAQ 100 Covered Call ETF (QYLD) Principal U.S. Listing Exchange for above Funds: The NASDAQ Stock Market Horizons

More information

Driving Innovation. Developing Potential. Quarterly Statement as of March 31, 2018

Driving Innovation. Developing Potential. Quarterly Statement as of March 31, 2018 Driving Innovation. Developing Potential. Quarterly Statement as of March 31, 2018 Werdohl, April 26, 2018 Disclaimer Note: This presentation contains statements concerning the future business performance

More information

Half-Year Financial Report. DEMIRE Deutsche Mittelstand Real Estate AG. Fiscal Year January 1 December 31, 2015

Half-Year Financial Report. DEMIRE Deutsche Mittelstand Real Estate AG. Fiscal Year January 1 December 31, 2015 DEMIRE Deutsche Mittelstand Real Estate AG Half-Year Financial Report Fiscal Year January 1 December 31, 2015 (Version from October 13, 2015 with technical and editorial error corrections) DEMIRE Deutsche

More information

1/28. Deutsche Beteiligungs AG Frankfurt am Main WKN ISIN DE Agenda for the 2010 Annual Meeting

1/28. Deutsche Beteiligungs AG Frankfurt am Main WKN ISIN DE Agenda for the 2010 Annual Meeting Deutsche Beteiligungs AG Frankfurt am Main WKN 550 810 ISIN DE0005508105 Agenda for the 2010 Annual Meeting This is a translation of the German Agenda. Please note that only the German text of this Agenda

More information

Q PRODUCED BY: PROJECT: INTERIM REPORT BUILDING BUSINESS

Q PRODUCED BY: PROJECT: INTERIM REPORT BUILDING BUSINESS PROJECT: INTERIM REPORT PRODUCED BY: Q1-3 2006 BUILDING BUSINESS 24.8 KEY FIGURES KEY GROUP FIGURES 1 Jan. 1 Jan. million 30 Sep. 2006 30 Sep. 2005 Change Revenue 68,728 53,328 29% EBIT 57,170 42,816 34%

More information

Conditions for Participation

Conditions for Participation Exchange Traded Funds & Exchange Traded Products Segment Deutsche Börse AG Page 2 Preamble 3 1 Trading Segment 3 2 Participation Requirements 4 3 Designated Sponsor 4 4 Duties of Participant 5 5 Data and

More information

Office Leasing and Investment Germany

Office Leasing and Investment Germany MARKET REPORT 217/218 Accelerating success. Office Leasing and Investment Germany Market Data Office Leasing TOP 7 BERLIN DÜSSELDORF FRANKFURT HAMBURG COLOGNE MUNICH STUTTGART STOCK OF OFFICE SPACE 9.52

More information

2006 BCSECCOM 721. Applicable British Columbia Provisions Securities Act, R.S.B.C. 1996, c. 418, ss , and 114(2) and

2006 BCSECCOM 721. Applicable British Columbia Provisions Securities Act, R.S.B.C. 1996, c. 418, ss , and 114(2) and November 16, 2006 Headnote Mutual Reliance Review System for Exemptive Relief Applications - Securities Act s. 114(2) Takeover Bids - Exemption from the formal take over bid requirements in Part 13 of

More information

STOXX Benchmark Indices

STOXX Benchmark Indices STOXX Benchmark Indices Stocks rebounded in April, paring more than half of the losses from the previous two months, amid strongerthan-expected economic and earnings data, and an easing of geopolitical

More information

FY 2016 Results. 28 April DEMIRE Deutsche Mittelstand Real Estate AG April 2017

FY 2016 Results. 28 April DEMIRE Deutsche Mittelstand Real Estate AG April 2017 FY 2016 Results 28 April 2017 Agenda Section Page Highlights 2016 3 Market Update 4 Portfolio Performance 5 Key Financials 9 Strategic Review and Next Steps 12 Share Information 13 Contact Details 14 2

More information

Interim management statement

Interim management statement Interim management statement 1st to 3rd quarter of 2017 FIRST TO THIRD QUARTER AT A GLANCE DEUTZ Group: Overview 7 9/2017 7 9/2016 1 9/2017 1 9/2016 New orders 370.8 258.1 1,173.8 935.3 Unit sales (units)

More information

// DEAG OVERVIEW COMPANY PROFILE DEAG S CORE MARKETS

// DEAG OVERVIEW COMPANY PROFILE DEAG S CORE MARKETS //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

More information