VIPsight - May 2015
COMPANIES
Südzucker: nothing sweet in being sued
Things are not going too well for Prime Standard-listed Südzucker AG, Germany’s biggest sugar producer. On the one hand the company is having to deal with depressed organic fuel and sugar prices and, on the other, being sued for damages by the confectionary industry for having charged them higher than market prices for their sugar purchases.
Turnover at approximately 6.8 thousand million Euros was down 10 percent over the previous year according to figures available at the end of February. Profit had also dipped from 622 to 180 million Euros. Management is also predicting further losses in the current 2015-16 financial year. Final numbers and forecasts will be published on May 21 together with the year-end accounts.
As if that weren’t enough, the EU law buttressing European sugar manufacturers against international competition expires in 2017 and, of top of that, there is an onslaught of claims lodged by confectionary producers demanding compensation for having been charged excessively high prices for their sugar purchases. Handelsblatt reports that Südzucker is already embroiled in three proceedings, one of which, worth 1.3 million was brought by Vivil.
In 2009, the monopolies commission found the three market leaders guilty of price fixing which last year cost Südzucker almost 200 million Euros in fines.
Bauer: scraping by
Another company far from pleased with last year’s performance is Bauer AG, the advanced infrastructure specialist. The increase in net income that the SDax-listed concern has begun to register derives mainly from the sale of a subsidiary company. Bauer is, however, expecting to pay out a dividend.
The consolidated group income is up by 3.7 percent and stands at 1.56 thousand million Euros. The income that the company has generated of almost 16 million Euros brings it back to profitability, also taking last year’s posted loss of 19 million Euros into account. Shareholders will be getting a dividend of 0.15 Euros per share. The sale of a 21 percent stake to an Omani-based subsidiary company brought 37 million Euros to Bauer’s coffers when it was struggling to counteract restructuring costs of the ambient sector, as well as economic problems having to do with a project in the USA and a fall in sales to clients in the mining industry.
With orders in hand now totalling some 753 million Euros, the company is fast approaching the previous year’s figure. Management is of the opinion that without the crisis in Russia and the sharp fall in oil prices, income would be even higher. The target set for this year’s turnover is roughly 1.8 thousand million Euros and earnings after tax should be in the region of 18 to 23 million Euros. EBIT is expected to be 75 million Euros. Seasonal variants mean first quarter losses.
Indus: Expansion
In a communiqué, Indus AG has notified having surpassed its targets for 2014. The SDax-listed holding company’s turnover is up 5.8 percent and now stands at a record 1.3 thousand million Euros, despite the unfavourable economic climate in Germany. Earnings of 127 million Euros are also up on the previous year’s 118 million Euros and earnings after tax – said to be 4 million Euros – are still at a healthy 63 million Euros, only 1 million less than the previous year’s 64 million, despite the consequences – said to be around 4 million Euros – of the closure of one of its companies. The company has decided to increase the dividend from 1.10 to 1.20 Euros per share.
Indus concluded no fewer than five acquisitions in 2014, bolstering the areas of medical and health-care technology, as well as in machine tools and plant to the tune, last year, of 97 million Euros in investment. Handelsblatt reports that Indus is oriented towards further acquisitions and is presently negotiating two or three transactions. Its other objective is getting an MDax listing. This financial year, Indus has forecast 1.3 thousand million Euros turnover and an EBIT of between 125 and 130 million Euros.
The annual shareholders' meeting season is nearing its end
In Germany, the highlights of this year's season surely included the shareholders' meetings of Deutsche Bank and Adidas,though interesting observations could be made at other shareholders' meetings as well.
An outstanding example was the Deutsche Telekom. The 2500 attendees not only got to enjoy a professional performance by the chairman of the board,: but more importantly an open and appropriate communication at eye level. The supervisory board and management board used the same speaker's desk as the shareholders. The communication at eye level was also reflected in the detailed answers provided to the 152 questions submitted during the meeting.
Another excellent example was the Vossloh shareholders' meeting. The company is in the midst of a restructuring phase, which is due in part to mistakes made by the previous management board. Despite that, the chairman of the board recommended the formal approval of the actions of the members of the previous board. The VIP representative was unable to extrapolate the necessary information from the annual report, nor did he find it anywhere in the explanations of the management board to support that. The request to both the supervisory and management boards to justify their recommendation resulted in the removal of the vote of approval from the agenda and the postponement of the vote to a yet to be determined date.
In general, it was noted that annual shareholders' meetings have significantly increased in importance as communications tools for shareholders in 2014; and it's definitely not a one way street. Two developments during this year's season appear especially significant. Corporations are more willing to seek assessments from shareholders' associations, such as VIP, for major decisions prior to their implementation or presentation at the shareholders' meeting. And investors are more critical than in previous years when it comes to approving the actions of members of the board.
Author: Hans-Hermann Mindermann
The German Mittelstand
According to a recent survey, it emerged that one in every five researchers in academia is thinking of setting up in business. Conducted by the Institut für Mittelstandsforschung of Bonn among 6000 researchers in 73 universities, the survey was viewed positively as regards German SMEs; the establishment of a new company is “a very important step in the constant renewal necessary to the implementation of our economic policies” commented Dr. Jörg Zeugner, Chief Economist of the KfW banking group. Researchers possess the innovative knowledge that constitutes a perfect base for launching start-ups in the field of technology. The path between mulling the idea and actually setting up is often fraught with hazards and risks; the pioneering spirit is often stifled by a need for security. The current edition of "Mannheimer Gründungspanel" is a survey by the Zentrum für Europäische Wirtschaftsforschung (ZEW) and Creditreform Wirtschaftsforschung according to which more than 20 percent of young companies set up in Germany between 2010 and 2013, is treated by at least one of the founders as a second job – they make their living doing something else.
This is especially true of companies set up by researchers, of whom a higher than average percentage will rely on another source for their livelihood, and who develop their start-up alongside it.
48% of companies with a researcher among the founders is developed as a sideline, and in start-ups with a high technology content, the figure quoted is said to be no less than 71 percent. The findings of the survey coincide with results obtained by research conducted by KfW. In 2014, the number of recently launched companies rose by 12 percent in Germany mainly as the result of the sideline option.
German research centres are clearly highly fertile terrain for the development of innovative high-tech products. In developing these to industrialisation and marketing, German universities and research centres work as a team with funding earmarked for start-ups. This bridge between science and economics ought to lead to more companies being set up as a main activity. Being able to count on a reliable source of finance is essential, but it is even more important that the management team be made up of members who, in addition to scientific knowledge should be familiar with financial matters and have awareness on how the market works. Many start-up companies that get launched on the new market are not short of money but have no skills in creating sales networks able to take the product on to the market.
One example of a fortuitous combination of good luck, financial expertise, entrepreneurial courage and innovative know-how is the biotech company Biofrontera. Set up in 1997 by a scientist, it was the first small German biotech company to be authorized to develop and market a product in accordance with the centralized European procedure to combat skin cancer. This medication is now on sale in Europe and Is currently nearing FDA approval for sale in the United States.
Buhlmann's Corner
The German Federal Republic is still a better shareholder, and it shows
April 30 – the meeting of the shareholders of Commerzbank, the bank that “from Lehman onwards” hasn’t paid out a cent in dividends but has instead requested ten or so (depending on which brand of arithmetic you use) share capital increases. The State of Germany, currently owner of 17% of the bank, was invited to the meeting just like every other shareholder..
So the state sent its representative to Frankfurt. No faceless bureaucrat nor, by contrast to previous occasions did it delegate the company to vote for it by proxy. A week before the AGM, the media usually has a fairly clear idea as to how the voting will go. After the votes on item 9 on the agenda had been counted, it was obvious that the German Federal Republic had said “no”.
The fact that the point at issue was an increase in bonuses for bank employees, and the exploitation of an opting out provided by law (The decision shall be approved by a majority of at least 66% of the votes submitted, provided that at least 50% of the voting rights are represented when the decision is taken, or by a majority of at least 75% of the votes submitted.) is of little importance just as of little importance was the bank’s nota bene “we’re asking for your blessing but just so’s you know if we don’t get it we’ll go ahead regardless“. In the event, the motion was denied by 64.6% of votes and 45.5% of voting rights present.
So how does that make the State of Germany a better shareholder? Because it’s there, it shows its face, it takes the items on the agenda and the votes seriously, because it put a lot of thought into its votes beforehand, and it checked to see if and how its votes had reached the ballot box. And that is the heart of the issue Who ever checks to see if his/her votes were counted?
There is no shortage of examples:
Last year, an important MDax-listed group with a vast shareholding had to make do with a 19% presence of voting rights..
In IBEX 35 we have witnessed the mathematical impossibility of the presence of voting rights in excess of 100%. Unfortunately, though the attendance fees promised didn’t quite trickle down to the bank account of the shareholder, who still has no way of knowing or finding out about his voting rights .
A resolution passed by the AGM of another company was erroneous because the representative of several percent of voting rights had unwittingly cast his votes wrongly.
Two years ago an MDax listed company found its ballot box mistakenly bereft of three quarters of the votes that had been sent in
In one Finnish Euro-listed company, voting is by acclamation.
I can remember one instance of thirty years ago when the decision to salvage a company failed because the bank’s representative mistakenly voted one way instead of another and the company went bankrupt shortly after..
My belief is that the German State is a better shareholder because it is more conscientious about managing third parties’ money and because its sponsor – the German taxpayer – could bring it to book to face its responsibilities.
But shouldn’t ETFs (exchange trading funds), institutional investors and pension funds be concerned about this too?
ACTIONS CORNER
Daimler has been sanctioned in China to the tune of 53 million Euros for price fixing aganst a background of price manpulation in concert with certain Mercedes retailers in the province of Jiangsu. The monopolies commission ruled that the Mercedes Benz brand compact cars were in violation of the law on unfair competition to the detriment of consumers. The auto manufacturer allegedly fixed the minimum prices not only for spare parts but also for E and S class automobiles. The Chinese authorities have been monitoring the price policies implemented by manufacturers and other companies in the automobile industry since last year. In addition to BMW and Audi, the spotlight has been turned on Chrysler and other suppliers, some from Japan.
In a note dated April 23, NYDFS, the New York financial watchdog announced that Deutsche Bank is to disburse 2.5 thousand million dollars (2.33 thousand million Euros ) to call off the investigation into interest manipulation. One division of the bank had confessed in a US court of law to fraudulent conduct in LIBOR manipulation. The bank will pay NYDFS 600 million Dollars, 800 million Dollars to CFTC, the stock-market supervisory body, 775 million Dollars to the US Justice Department and 227 million pounds (340 million Dollars) to the United Kingdom Financial Conduct Authority.
Politics
The federal Government favours curtailing auditor mandates
The Ministry of Justice and Consumer Protection has tabled a draft measure for aligning the commercial and company laws concerning auditors with European directives.
European directives demand that auditors follow an external rotation system, and no mandate may grant any auditor more than 10 years, the mandatory auditor rotation period. If on June 16 an auditor’s mandate is for fewer than 11 successive years, the incumbent auditor may only be confirmed until the expiry date of the mandatory auditor rotation period. The deadline for conversion into national law is 17 June 2016. Member States have the right to shorten the mandatory rotation period or, in certain circumstances allow Public Interest Entities to extend the rotation period to a maximum of 20 years if a public tender takes place on expiry of the 10 year period or 24 years where a joint auditor is appointed. The draft tabled by the German Ministry of Justice ensures that the option rights granted by Brussels be guaranteed at national level thus making the full scope of the legislation available as widely as possible.
RWE crisis deepens
According to Peter Terium head of the RWE group, 17 of their 20 coal-fired power stations fulfil liability conditions for payment of the duty set by the German Ministry of the Economy for old coal-fired power stations. Introduction of this duty would almost inevitably lead to their immediate closure. The Essen-based group is Germany’s largest producer of coal-fired, environment-hostile energy. The share price is conditioned by this pressure, revenue accrued in companies of this kind are plummeting and such a fiscal millstone increasingly discourages any investment for conversion towards renewable energy. “The industry framework for the traditional production of electricity is deteriorating at such a rate that the group is finding it hard to respond adequately” remarked the CEO during the AGM of April 23. Another item for discussion was the call for an increase in share capital and the amount of the dividend. Apparently, the state fund of the Emirate of Abu Dhabi has announced its intention to purchase 10 percent of the German energy colossus, which would reduce the quota held by municipalities to less than 20 percent because of their inability to contribute fresh capital. This would cost them not only a seat on the Supervisory Board but also the fiscal benefits they enjoy as regards dividends. In conclusion, the present chair of the Supervisory Board has announced his intention to resign next year.
People
At their next AGM on May 21, Deutsche Telekom shareholders are expected to elect Michael Kaschke as a new member to the company’s Supervisory Board. Kaschke, CEO of Carl Zeiss, is proposed to replace Ines Kolmsee who will shortly join the board of management of EWE. The reason for Kolmsee’s resignation lies in a presumed conflict of interest; an EWE energy group subsidiary is a telecommunication service provider.
Rainer Klug has been appointed to the management board of Drägerwerk of Lubeck, the medical technology and security specialist, and will take on the responsibilities previously held by Herbert Fehrecke who resigned as expected on March 31 to go into retirement. On March 25, the company announced that Klug began his career in the field of industrial technology and processes with KSB.
Michel Perraudin is set to become the new chair of the Supervisory Board of Hugo Boss. On April 1, the group announced that the former member of the Adidas board of management, and long-time partner in McKinsey, will be proposed to the shareholders’ AGM scheduled for May 12 next as chair of the Supervisory Board of the garment manufacturer. At the same time Kirsten Kistermann-Christophe, Axel Salzmann and Hermann Waldemer are standing for election to the future Supervisory Board. Kistermann-Christophe, Head of Equity Advisory Germany with Société Générale comes with thirty years of experience in investment banking and consultancy. Salzmann, CFO of Bilfinger, and Waldemer, for many years CFO with Philip Morris International will make major contributions to the company, above all with their knowledge of the media and of consumer goods. In addition to Gaetano and Luca Marzotto representing the Marzotto interest, the Supervisory Board will therefore have a further four independent members on the shareholders’ benches. Hellmut Albrecht who has chaired the present Supervisory Board since 2008 and Klaus Maier will resign their seats at the natural expiry date, namely the day of the AGM. Neither will the members who stand in representation of Permira, Damon Marcus Buffini and Martin Weckwerth, stand for re-election. The private equity company sold its share quota back to Boss in March.
With effect from the conclusion of the next AGM on June 24, Nathan James Brown will resign his mandate to the Supervisory Board of LEG Immobilien. The CFO of Perry Capital UK has been on the Supervisory Board since 2 January 2013. The Supervisory Board is proposing thirty-nine year old Natalie C. Hayday as new member. Hayday has worked with Goldman Sachs and UBS Warburg.
Werner Brandt has announced his intention to enter the running for one last term as chair of the Supervisory Board of QIAGEN on June 23. The former SAP CFO who has been on the Supervisory Board since 2007 states that his decision stems from professional and personal commitments. He will maintain office until the AGM in June 2016 when he will no longer stand for re-election .
Udo Faulhaber will take over the helm of sales for QSC, the IT provider in Cologne, presently in difficulty, by taking over the area of responsibility that up to the end of April, had been led by Henning Reinecke. With Faulhaber the company is expected to boost its dialogue with business clients for whom the TecDax-listed group aims at becoming the first-choice provider for Cloud services. Felix Höger, who up till 31 December 2014 was chair of the Pironet NDH management board, will join the QSC management board as head of technology and operations. Höger launched NDH in 1995 when still an undergraduate, and merged it in 2000 with Pironet, today PironetNdH. Up to now, Faulhaber, who will attend to the future business developments of QSC until the arrival of Höger, was also with PironetNdH.
Shareholders of TecDax-listed Software will be called upon to elect a new, more compact Supervisory Board at the AGM on May 30. The future weighting of the Supervisory Board make-up will no longer be equal; the number of members will halved from 12 to 6. In accordance with the law on third-party participation, four members of the Supervisory Board will represent the capital, and two members the company staff. The new candidates include Eun-Kyung Park who has been on the management board of ProSiebenSat1 in Germany since 2014 and Markus Ziener from the management board of Software AG Stiftung, that up to now has been represented by Heinz Otto Geidt. Probable departures from the board in addition to the former representative of the major shareholder include Prof. Willi Berchtold, Anke Schäferkordt and Prof. Hermann Requardt.
In a communiqué dated April 23, TecDax-listed United Internet announced that Frank Krause has been appointed CFO to replace Norbert Lang who is resigning with effect from June 30 next. Lang joined the Internet company 21 years ago and has been its CFO for 13 years. Until recently, Krause was a member of Vodafone Deutschland’s board of management with responsibility for Strategy & Corporate Development.
April 25. Ferdinand Piech tendered his resignation, effect immediate, from the Supervisory Board of VOLKSWAGEN. His wife, Ursula Piech also resigned. Piech’s vice chair on the Supervisory Board, BertholdHuber, will replace him until a new chair can be elected. A Supervisory Board joint communiqué stated that Piech’s resignation was the consequence of serious disagreements with the Board.
Curasan: putting its finances in order
Medical product manufacturer Curasan AG has a new head of investor relations. Ingo Middelmenne has been invited to reorganize and reposition the General Standard-listed company’s status on the capital market. Middelmenne began his career in investment banking with HSBC. He later held managerial positions in investor relations in two listed companies before setting up Middelmenne & Cie. in Munich in 2007 specialising in consultancy for companies with temporary staff at management level. As a freelancer he provided consultancy to many SMEs and groups in their transactions on the capital market and on how to communicate on the capital market. Middelmenne will work under Michael Schlenk, CEO of Curasan since 2014, in plotting the new company orientation.
Tomorrow Focus: hello goodbye
To begin with, it seemed that Tomorrow Focus’s CEO’s contract, expiry date 2016 would not be renewed. Now, the Prime Standard-listed company has announced that by common consent, CEO Toon Bouten will leave the company at the end of July. Bouten joined the company in 2013 to succeed Stefan Winners who had joined the board of management of the parent company Huber Burda Media. As of today, the company has presented no candidate for the CEO slot.
Euromicron: Board of Management full house
The Supervisory Board of software house Euromicron AG has appointed two new members to the board of management after dismissing the last CEO Willbald Späth last May for errors in the accounts. Bettina Meyer has taken on the position of CEO and CFO of the Prime Standard-listed telecommunications company. Up to now, she had been head of the company’s legal department but she began her career in Deutsche Bank working in risk management. In addition to financial and legal matters, her area of activity on the board of management will encompass human resources, compliance and auditing.
The new COO, Jürgen Hansjosten, was managing director of Euromicron Networks GmbH and boasts more than 20 years of experience in telecommunications in posts held in Siemens, Adva Optical Networking and TeraGate. Meyer and Hansjosten will work as a team with Thomas Hoffmann, interim chair of the board of management and who will now be the board of management head of strategy, corporate marketing, IT, M&A and communications on the capital market.
Sixt: CFO in the lead-up to market listing
Sixt Leasing AG has had a new CFO since April. Björn Waldow is responsible for finance, accounts and control, as well as for investor relations, risk management, auditing, legal and compliance. Waldow has been with the Sixt group since 2010, handling acquisitions and risk management. He has also held posts in Roland Berger Strategy Consultants and Deutsche Bank. Waldow’s position is now in support to CEO Rudolf Rizzoli. Sixt’s leasing subsidiary, the SDax-listed car-rental concern, is oriented towards stock-market flotation.
Campus
Once again, former Supervisory Board chair Piech gets more than anybody
Frankfurt-based HKB group has announced that 2014 remuneration for the chairpersons of the 30 DAX-listed companies had risen by 6.6% and now stood at 390,000 Euros. Most of the increase appears in the fixed and attendance fees, and this turn of events was accompanied by a reduction in short-term variables. In the meantime 14 of the 30 DAX-listed group of companies shifted to fixed emoluments. An additional two companies, SAP and Heidelberg Cement also announced their intention of adopting this system in 2015. Future emoluments paid to Supervisory Board members will become progressively unrelated to the success or otherwise of their company. Appearances gave the impression that there was an enormous gap between the highest and the lowest paid. Last year the highest figure went to Ferdinand Piech who recently resigned as chair of the Supervisory Board at Volkswagen; his total remuneration of 1.48 million Euros was the biggest amount paid out since 2006 when the law obliging companies to publish the amounts they pay their top management came into force.
Record dividends for ever fewer shareholders
Deutsche Schutzvereinigung für Wertpapierbesitz (DSW) has announced that the 620 German stock market-listed companies will be paying out a record dividend of 41.7 thousand million Euros in 2015, beating the 2008 highpoint of 38.2 thousand million Euros by 9.2 percent and an improvement on 2014 by no less than 13.4 percent. Year on year, almost one third of the DAX, MDAX, TecDAX and SDAX-listed companies are increasing their percentage to be paid out compared to 2014. The number of German savers who are interested in making cash investments in stocks and shares are very few and they will be happy with this bonanza is the wry comment by DSW. The number of shareholders has fallen from 4.5 million in 2014 to 4.1 million today despite a constant rise in share listings. Some 64 percent of the stock of DAX-listed companies is held by foreign investors. Within the DAX group this year, Allianz takes the King Midas slot with 3.13 thousand million Euros followed by Siemens (2.91 thousand million Euros) Daimler is third with 2.62 thousand million.
Capital News
CTS Eventim: upswing
The CTS Eventim AG ticket sales organization recently migrated from the SDax index to the MDax-listing of the mid-sized groups where a vacancy had emerged after the departure of Tui. At present, the company, which has been traded since 2000, is setting its sights on the export market, in particular Latin America and Russia. Eventem announced that it has begun selling tickets for the2016 Olympics in Rio de Janeiro, and, furthermore, that it was recently commissioned for the ticketing for the Formula 1 event in Sochi in October. Last year Eventim posted a turnover of approximately 690 million Euros and a pre-tax revenue of some 121 million Euros.
DIC Asset: new bonds
La SDax-listed DIC Asset AG, has increased its September 2014 bond with a private placement of 50 million Euros. The volume of the real estate company’s bond is now up to 175 million Euros and, as originally planned, will fall due in September. The shares, which will be traded as Entry Standard on the Frankfurt bourse from the end of April onwards, and the company bonds listed as Prime Standard should proceed towards unification in June at the current price. The net revenue accruing from the placement is earmarked for repaying bank loans.
Mologen: resources for research
An increase in capital in April assured Prime Standard-listed Molgen AG revenue of some 28 million Euros. The Prime Standard-listed bio-tech concern issued 5,657,875 new shares to both German and international investors and at 5 Euros per share, existing shareholders were given indirect right of first refusal for 2.8 million new shares. The company placed a further 450,000 shares with existing shareholders by warrant and the remainder went to new investors by international private placement. Share capital increased by capital measure to over 22.6 million Euros. And the revenue of the transactions will be used to fund current clinical studies.
Share ID Petrobas - ISIN BRPETRACNOR9
| domicile | investment_company | asset_manager | report_date | 2014_2 | 2014_1 | 2013_2 | 2013_1 | 2012_2 | 2012_1 |
| St | |||||||||
| Deutschland | Deutsche Asset & Wealth Management Investment GmbH | Deutsche Asset & Wealth Management Investment GmbH | 30-Jan-15 | 0 | 0 | 0 | 0 | 138.000 | 186.000 |
| ADR | |||||||||
| Deutschland | PRIMA Management AG | ACATIS Investment GmbH | 30-Jun-14 | 0 | 0 | 0 | 0 | 12.000 | |
| Deutschland | Adviser I Funds | Albrech & Cie Vermögensverwaltung AG | 31-Aug-14 | 0 | 0 | 0 | 21.500 | 31.000 | 19.000 |
| Deutschland | Allianz Global Investors Europe GmbH | Allianz Global Investors Europe GmbH | 30-Jun-14 | 122.000 | 162.000 | 162.000 | 0 | 0 | |
| Deutschland | Allianz Global Investors Europe GmbH | Allianz Global Investors Europe GmbH | 31-Dez-14 | 0 | 0 | 0 | 0 | 0 | 11.035 |
| Deutschland | Allianz Global Investors Europe GmbH | Allianz Global Investors Europe GmbH | 31-Dez-14 | 0 | 0 | 0 | 0 | 0 | 16.658 |
| Deutschland | Ampega Investment AG | Ampega Investment AG | 30-Sep-14 | 0 | 0 | 0 | 0 | 0 | 22.100 |
| Deutschland | AmpegaGerling Investment GmbH | AmpegaGerling Investment GmbH | 31-Dez-14 | 0 | 0 | 0 | 0 | 750 | 750 |
| Deutschland | Deka Investment GmbH | Deka Investment GmbH | 31-Dez-14 | 0 | 0 | 0 | 0 | 0 | |
| Deutschland | Deka Investment GmbH | Deka Investment GmbH | 31-Dez-14 | 6.700 | 0 | 0 | 0 | 0 | |
| Deutschland | Deka Investment GmbH | Deka Investment GmbH | 31-Dez-14 | 18.800 | 0 | 0 | 0 | 0 | 0 |
| Deutschland | Deka Investment GmbH | Deka Investment GmbH | 31-Dez-14 | 8.800 | 0 | 0 | 0 | 0 | 0 |
| Deutschland | Deka Investment GmbH | Deka Investment GmbH | 31-Dez-14 | 58.000 | 0 | 0 | 0 | 0 | 0 |
| Deutschland | Deka Investment GmbH | Deka Investment GmbH | 31-Dez-14 | 53.000 | 0 | 0 | 0 | 0 | 0 |
| Deutschland | Deutsche Asset & Wealth Management Investment GmbH | Deutsche Asset & Wealth Management Investment GmbH | 30-Jan-15 | 0 | 180.000 | 0 | 0 | 0 | 0 |
| Deutschland | Deutsche Asset & Wealth Management Investment GmbH | Deutsche Asset & Wealth Management Investment GmbH | 30-Jan-15 | 188.000 | 0 | 0 | 0 | 0 | 0 |
| Deutschland | Deutsche Asset & Wealth Management Investment GmbH | Deutsche Asset & Wealth Management Investment GmbH | 30-Jan-15 | 0 | 0 | 0 | 85.000 | 0 | 0 |
| Deutschland | Deutsche Asset & Wealth Management Investment GmbH | Deutsche Asset & Wealth Management Investment GmbH | 30-Jan-15 | 0 | 25.000 | 0 | 0 | 0 | 0 |
| Deutschland | Deutsche Postbank Vermögens-Management S.A. | Deutsche Postbank Financial Services GmbH | 30-Jan-15 | 0 | 0 | 0 | 0 | 0 | 110.000 |
| Deutschland | Frankfurt-Trust Investment-Gesellschaft mbH | Frankfurt-Trust Investment-Gesellschaft mbH | 30-Sep-14 | 0 | 0 | 0 | 0 | 0 | 50.000 |
| Deutschland | FG&W Fund | Franzen, Gerber & Westphalen Asset Management GmbH | 31-Mrz-14 | 35.000 | 0 | 0 | 0 | 0 | |
| Deutschland | ARBOR INVEST | Huber, Reuss & Kollegen Vermögensverwaltung GmbH | 30-Jun-14 | 0 | 0 | 0 | 0 | 3.000 | |
| Deutschland | ARBOR INVEST | Huber, Reuss & Kollegen Vermögensverwaltung GmbH | 30-Jun-14 | 0 | 0 | 0 | 15.000 | 15.000 | |
| Deutschland | HRK INVEST | Huber, Reuss & Kollegen Vermögensverwaltung GmbH | 30-Jun-14 | 0 | 0 | 0 | 0 | 3.500 | |
| Deutschland | HRK INVEST | Huber, Reuss & Kollegen Vermögensverwaltung GmbH | 30-Jun-14 | 0 | 0 | 0 | 0 | 3.500 | |
| Deutschland | HRK INVEST | Huber, Reuss & Kollegen Vermögensverwaltung GmbH | 30-Jun-14 | 0 | 0 | 0 | 0 | 6.000 | |
| Deutschland | HRK INVEST | Huber, Reuss & Kollegen Vermögensverwaltung GmbH | 27-Jun-14 | 0 | 0 | 0 | 0 | 4.000 | |
| Deutschland | Landesbank Berlin Investment GmbH | Landesbank Berlin Investment GmbH | 30-Sep-14 | 130.000 | 0 | 0 | 0 | 0 | 0 |
| Deutschland | MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH | MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH | 30-Sep-14 | 0 | 0 | 0 | 0 | 0 | 10.000 |
| Deutschland | Nordinvest Norddeutsche Investment-Gesellschaft mbH | Nordinvest Norddeutsche Investment-Gesellschaft mbH | 30-Sep-14 | 0 | 0 | 50.000 | 0 | 0 | 0 |
| Deutschland | GANADOR | PEH Wertpapier AG | 30-Jun-14 | 3.500 | |||||
| Deutschland | StarCapital S.A. | StarCapital AG | 30-Jun-14 | 50.000 | 50.000 | 50.000 | |||
| Deutschland | Universal-Investment-Gesellschaft mbH | Universal-Investment-Gesellschaft mbH | 30-Sep-14 | 35.000 | 35.000 | 22.000 | 10.000 | 0 | 0 |
| Deutschland | Universal-Investment-Gesellschaft mbH | Universal-Investment-Gesellschaft mbH | 31-Jan-15 | 8.000 | 11.000 | 0 | 0 | 0 | 0 |
| Deutschland | Universal-Investment-Gesellschaft mbH | Universal-Investment-Gesellschaft mbH | 30-Sep-14 | 25.000 | 0 | 0 | 0 | 0 | 0 |
| Deutschland | Universal-Investment-Gesellschaft mbH | Universal-Investment-Gesellschaft mbH | 30-Sep-14 | 0 | 0 | 0 | 2.910 | 2.180 | 0 |
| Deutschland | Universal-Investment-Gesellschaft mbH | Universal-Investment-Gesellschaft mbH | 30-Sep-14 | 21.000 | 21.000 | 21.000 | 0 | 0 | 0 |
| Vz | |||||||||
| Deutschland | Allianz Institutional Investors Series | Allianz Global Investors Europe GmbH | 31-Dez-13 | 79.800 | |||||
| Deutschland | Deka Investment GmbH | Deka Investment GmbH | 30-Nov-14 | 221.336 | 122.977 | 115.477 | 151.477 | 140.477 | 217.477 |
| Deutschland | Deutsche Asset & Wealth Management Investment GmbH | Deutsche Asset & Wealth Management Investment GmbH | 30-Jan-15 | 0 | 0 | 0 | 0 | 264.000 | 272.000 |
| Deutschland | INKA Internationale Kapitalanlagegesellschaft mbH | INKA Internationale Kapitalanlagegesellschaft mbH | 31-Dez-14 | 0 | 0 | 0 | 68.400 | 0 | 0 |
| Deutschland | Universal-Investment-Gesellschaft mbH | Universal-Investment-Gesellschaft mbH | 30-Jun-14 | 0 | 0 | 0 | 0 | 130.500 | |
| Deutschland | Universal-Investment-Gesellschaft mbH | Universal-Investment-Gesellschaft mbH | 30-Jun-14 | 8.000 | 6.000 | 4.000 | 6.600 | 6.600 | |
| ADR Vz | |||||||||
| Deutschland | AmpegaGerling Investment GmbH | AmpegaGerling Investment GmbH | 30-Sep-14 | 8.500 | 0 | 0 | |||
| Deutschland | BlackRock Asset Management Deutschland AG | BlackRock Asset Management Deutschland AG | 31-Okt-14 | 0 | 0 | 0 | 0 | 0 | 37.425 |
| Deutschland | BNY Mellon Service Kapitalanlage-Gesellschaft | BNY Mellon Service Kapitalanlage-Gesellschaft | 30-Sep-14 | 0 | 22.500 | 0 | 0 | 0 | |
| Deutschland | Deka Investment GmbH | Deka Investment GmbH | 30-Jun-14 | 0 | 0 | 0 | 0 | 6.964 | |
| Deutschland | Deka Investment GmbH | Deka Investment GmbH | 31-Dez-14 | 0 | 0 | 0 | 0 | 51.900 | |
| Deutschland | Deka Investment GmbH | Deka Investment GmbH | 31-Dez-14 | 0 | 0 | 0 | 0 | 1.200 | |
| Deutschland | Deka Investment GmbH | Deka Investment GmbH | 31-Dez-14 | 0 | 0 | 0 | 0 | 0 | 410 |
| Deutschland | Deka Investment GmbH | Deka Investment GmbH | 31-Dez-14 | 0 | 0 | 0 | 0 | 0 | 1.100 |
| Deutschland | Deka Investment GmbH | Deka Investment GmbH | 31-Dez-14 | 0 | 0 | 0 | 0 | 0 | 9.000 |
| Deutschland | Deka Investment GmbH | Deka Investment GmbH | 31-Dez-14 | 0 | 0 | 0 | 0 | 0 | 1.284 |
| Deutschland | Deka Investment GmbH | Deka Investment GmbH | 30-Jun-14 | 0 | 0 | 0 | 0 | 35.000 | |
| Deutschland | Deka Investment GmbH | Deka Investment GmbH | 30-Sep-14 | 25.606 | 27.972 | 20.771 | 13.290 | 3.250 | 3.250 |
| Deutschland | Deka Investment GmbH | Deka Investment GmbH | 30-Jun-14 | 0 | 0 | 0 | 0 | 3.200 | |
| Deutschland | Universal-Investment-Gesellschaft mbH | FIVV AG FinanzInformation & VermögensVerwaltung AG | 30-Jun-14 | 0 | 0 | 0 | 0 | 6.380 | |
| Deutschland | Warburg Invest Luxemborg S.A. | GS&P Grossbötzl, Schmitz & Partner VV GmbH | 30-Sep-14 | 0 | 0 | 12.500 | |||
| Deutschland | KAS Investment Servicing GmbH | KAS Investment Servicing GmbH | 31-Dez-14 | 0 | 0 | 0 | 68.948 | ||
| Deutschland | Landesbank Berlin Investment GmbH | Landesbank Berlin Investment GmbH | 30-Sep-14 | 139.700 | 139.700 | 139.700 | 139.700 | 147.700 | 123.700 |
| Deutschland | Landesbank Berlin Investment GmbH | Landesbank Berlin Investment GmbH | 30-Sep-14 | 0 | 0 | 0 | 0 | 15.300 | 15.300 |
| Deutschland | MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH | MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH | 30-Sep-14 | 22.000 | 22.000 | 10.000 | 10.000 | 10.000 | 0 |
| Großbritannien | Aberdeen Global SICAV | Aberdeen Asset Managers Limited | 31-Mrz-14 | 3.591.900 | |||||
| Großbritannien | Aberdeen Investment Funds ICVC | Aberdeen Unit Trust Managers Limited | 30-Apr-13 | 179.400 | |||||
| Großbritannien | Aberdeen Investment Funds ICVC | Aberdeen Unit Trust Managers Limited | 30-Apr-13 | 152.300 | |||||
| Großbritannien | Aberdeen Unit Trust Managers Limited | Aberdeen Unit Trust Managers Limited | 30-Apr-13 | 286.700 | |||||
| Großbritannien | Aberdeen Investment Funds ICVC | Aberdeen Unit Trust Managers Limited | 30-Apr-13 | 589.000 | |||||
| Großbritannien | Artemis Fund Managers Limited | Artemis Fund Managers Limited | 07-Apr-14 | 0 | 102.600 | 0 | 0 | 0 | |
| Großbritannien | Dimensional Fund Advisors Ltd. (ICVC) | Dimensional Fund Advisors Ltd. (ICVC) | 30-Jun-14 | 410.962 | 396.662 | 328.328 | |||
| Großbritannien | JPMorgan Fund ICVC | JPMorgan Asset Management (UK) Ltd. | 31-Jul-14 | 0 | 2.059.207 | ||||
| Großbritannien | Schroder Investment Management Ltd. | Schroder Investment Management Ltd. | 20-Jun-14 | 650.900 | 0 | 0 | |||
| Großbritannien | SWIP Multi-Manager ICVC | Scottish Widows Investment Partnership ICVC | 31-Mrz-14 | 103.357 | 127.660 | 127.660 | 65.462 | 325.809 | |
M & A
MeVis: new ownership
Ownership of Me Vis Medical Solutions AG, the Prime Standard-listed medical technology concern passed to Varian Medical Systems Inc of North America at the end of April. Varian acquired the majority holding of Me Vis through its German subsidiary VMS Deutschland Holdings GmbH. Me Vis shareholders accepted the takeover bid at the end of January for 1337995 shares at 17.5 Euros per share, amounting to some 74% of share capital.
Faced with the scenario of being absorbed, the chair of the Supervisory Board Heinz-Otto Peitgen will resign his mandate to the shareholders’ at the meeting in early June. One of the founders of the company, Peitgen left his mark on the company’s development as chair of the Supervisory Board up to and beyond its stock-market listing in 2007. Peter Kuhlmann-Lehmkuhle, a fellow Supervisory Board member over the last four years, will also tender his resignation.
The Supervisory Board intends proposing Jörg Fässler and Glen Hilton as candidates to the shareholders for election. Both hold managerial posts in the new majority shareholder.
Drillisch: shopping spree in the mobile phone shop
Mobile phone provider Drillisch AG has purchased the entire share quota of The Phone House from Dixons of the UK for 62 million Euros. The amount of the transaction is made up partly of Drillisch TecDax-listed shares and partly of The Phone House’s future income. Drillisch as a provider does not run its own network but buys up contingency blocks from networks for resale. According to Drillisch, in selling contracts for mobile, land-line, and telecommunication equipment networks The Phone House has an annual turnover of some 350 million Euros. Drillisch expects this transaction, which should be finalised in May, to expand its new off-line sales channel to the whole territory.
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