On the final trading day of 2016 the DAX climbed to a 17-month high of 11,482 points. Following gains of 2.7 percent in 2014 and 9.6 percent in 2015, the index consequently put on 6.9 percent in 2016. It had started the past stock market year with a slump of as much as 19 percent within the first few weeks. Only a brisk final spurt after Donald Trump’s election victory enabled the index to end the year on a positive note, after a year of uncertainty and big surprises on the world’s financial markets. Compared to the DAX, the MDAX was up 6.8 percent and the SDAX rose by 4.6 percent.
At EUR 22.90 on the reporting date of December 30, 2016 the technotrans AG share price was 18.7 percent up on the previous year's closing price (EUR 19.30). The price performance of technotrans shares in 2016 thus again outstripped almost all the relevant benchmark indices (DAX, SDAX, DAXsector Prime Technology). Market capitalisation climbed from EUR 126 million to EUR 158 million in the year under review (reporting date December 30, 2016). The shares peaked at EUR 24.77 on November 24, which was also the year-high. The last time the shares had been at such a level was nine years ago, in October 2007.
Nevertheless, in line with the general market performance technotrans shares, too, experienced initial temporary price weakness in the first half of 2016 and dipped to a low of EUR 15.75. The publication of the first-half figures and then the announcement of the interest acquired in GWK Gesellschaft Wärme Kältetechnik mbH in August were followed by a welcome price rise of around three euros. Further benchmark price highs were subsequently achieved.
The highest volume of trades was again achieved via XETRA, accounting for an average of 80 percent of trades (previous year: 72 percent), while the average trades via Tradegate came to 12 percent (previous year: 17 percent) and other trading platforms averaged 8 percent (previous year: 11 percent).
Our investor relations work maintains a continuous and open exchange of information with all capital market players. Our goal is to establish transparency and to promote an understanding of our business model and of the value drivers within our strategy. Supported by internal and external resources, both Chief Executive Officer Henry Brickenkamp and Chief Financial Officer Dirk Engel maintained a dialogue with a large number of institutional investors and analysts at conferences and roadshows nationally and internationally. There were also numerous conversations with our private shareholders. Media coverage of technotrans AG intensified in 2016 and the share performance increasingly attracted attention among investors. The shares were observed regularly by five research houses (Bankhaus Lampe, M.M. Warburg, equinet, Hauck & Aufhäuser and HSBC Trinkaus und Burkhardt) in 2016. The analysts’ price targets for technotrans shares currently range between EUR 24 and EUR 29, and without exception represent recommendations to buy or hold. We provide a steady flow of information about active capital market work on the company’s website and post the regular publications and the financial calendar for the current year there.
|FY 2016||FY 2015||FY 2014|
|Trading price (Xetra closing price)|
|End of financial year||in €||22.90||19.30||9.28|
|Number of shares
at the end of the period
|Market capitalisation||€ '000||158,186||126,040||60.473|
|Net profit per share (basic, IFRS)||in €||1.09||0.96||0.67|
|Dividend per share||in €||0.551||0.48||0.33|
|1 Proposal to the Annual Meeting|
The free float of technotrans shares at the reporting date of 31 December, 2016 represents around 81 percent of the share capital. The three biggest shareholders of technotrans AG are institutional investors with long-term investment horizons from other European countries.
technotrans AG currently holds no treasury shares. On November 3, 2016 all the remaining treasury shares still held by the company (374,915 shares, equivalent to 5.43 percent of the share capital) were sold to institutional investors in Germany and other European countries, excluding the subscription right of shareholders. The proceeds from the successful placement amounting to EUR 8.1 million are being used to increase the company’s financial flexibility following the acquisition of a majority interest in GWK Gesellschaft Wärme Kältetechnik mbH.
The Board of Management and Supervisory Board will propose to the Annual General Meeting on May 12, 2017 that a dividend of € 0.55 per be distributed for the past financial year of 2016. This represents a dividend yield of 2.3 %, compared with 2.1 % in the previous year. Our proposal ensures that our shareholders participate appropriately in the company’s profit performance, in keeping with our established dividend policy. The distribution rate envisaged is 50 % of consolidated net profit.
|Financial year||FY 2016||FY 2015||FY 2014||FY 2013||FY 2012|
|Dividend per share||in €||0.551||0.48||0.33||0.20||0.12|
|Payout ratio||in %||50%||50%||49%||43%||25%|
|Amount distributed3||€ '000||3,799||3.138||2,151||1,299||776|
|Dividend yield 2||in %||2.4%||2.8%||2.1%||2.3%||1.3%|
|1 Proposal to the Annual Meeting
2 Dividend payment / technotrans trading price on day of Annual General Meeting; for FY 2015: dividend payment / technotrans tradin price at year end
3 Based on the estimated number of dividend-bearing shares for the past financial year on the day of the Annual General Meeting