Annual Report 2015

technotrans on the capital market - shares

Share Price (January 1, 2014 to December 30, 2015)

After lean gains in 2014, German standard shares brought much better yields for investors in 2015. With a closing level of 10,743 points, the DAX rose by 9.6 percent over the year. This change conceals sharp fluctuations in the market, which were a much more prominent feature of the past stock market year. After a sizzling start and a record high of more than 12,000 points, the index slipped back to a year-low of 9,325 points in September. Above all the surprising scale of the European Central Bank’s monetary easing initially propelled prices to new heights on the capital market. On top of this was the falling value of the euro, which especially benefited Germany’s export-oriented industry. Several factors clouded the fundamental picture in the second and third quarters, greatly unsettling the markets. The bottoming-out of the euro’s decline, the delayed decision to increase interest rates in the USA, the crisis in Greece and China’s development proved to be irritations to stock markets worldwide until into the autumn.

Performance of technotrans shares (XETRA) in 2015

At EUR 19.30 on the reporting date of December 30, 2015 the share price of technotrans AG was slightly more than EUR 10 up on the previous year's closing price. Market capitalisation more than doubled in the year under review to EUR 126 million (reporting date December 30, 2015). technotrans shares consequently achieved a price performance of plus 108 percent in 2015, easily outstripping not only the relevant benchmark indices (DAX, SDAX, DAXsector Prime Technology) but also a large number of benchmark companies. The shares peaked at a year-high of EUR 19.90 on December 17. The last time the shares had been at such a level was over eight years ago, in October 2007. Nevertheless, in line with the general market performance technotrans shares, too, experienced a temporary dip to a low of EUR 13.50 in the late summer of last year. XETRA trading volumes equally developed healthily, achieving a monthly average of approx. EUR 4.4 million (+132 percent compared with the average figure for 2014). The highest volume of trades was achieved via XETRA, accounting for an average of 72 percent of trades, while the average trades via Tradegate came to 17 percent and other trading platforms averaged 11 percent.

Capital market oriented

    FY 2015 FY 2014 FY 2013
Trading price (Xetra closing price)        
High 19.90 9.56 10.35
Low 9.21 7.41 6.90
End of financial year 19.30 9.28 7.71
Numbers of shares at end of period Units 6,530,588 6,516,434 6,493,474
Market capitalisation € '000 126,040 60,473 50,065
Earnings per share 0.96 0.67 0.47
Dividend per share 0.48 0.33 0.20

Investor Relations Work

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. The business performance of technotrans again featured in the national media in the 2015 financial year. The shares were observed regularly by five analysts (Bankhaus Lampe, M.M. Warburg, equinet, Hauck & Aufhäuser and HSBC Trinkaus und Burkhardt) in 2015. The analysts’ price targets for technotrans shares currently range between EUR 17.50 and EUR 24, and without exception represent recommendations to buy or hold. We also 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.

Treasury Shares held by the Company

At the reporting date of December 31, 2015 the total number of treasury shares came to 377,077. The shareholder structure otherwise remained broadly unchanged.
As at January 1, 2016 Hauck & Aufhäuser Investment Gesellschaft S.A., Luxembourg, gave notification of a share of voting rights of 4.48 percent pursuant to Sections 21 and 22 of German WpHG.

Dividend

Financial year   FY 2015 FY 2014 FY 2013 FY 2012 FY 2011
             
Dividend per share 0.48 1 0.33 0.20 0.12 -
Payout ratio % 50% 49% 43% 25% 0
Amount distributed € '000 3,1353 2,151 1,299 776 0
Dividend yield 2 % 2.5% 2.1% 2.3% 1.3% 0.0%

The Board of Management and Supervisory Board will propose that a dividend of € 0.48 per share be distributed for the past financial year of 2015. This represents a dividend yield of 2.5 %, 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.