VIPsight - July 2015

 

COMPANIES

 

 

Stada AGM: palpable hostility

The Supervisory Board of STADA Arzneimittel came under heavy fire during the AGM for the fees paid out to the executive board. The bone of contention was the new retribution package approved in March by the Supervisory Board, but not only that. The spark that set the haystack on fire was struck – and not for the first time – by the pharma group’s CEO Hartmut Retzlaff and his pension rights claims. His demands are little short of astronomical. STADA set up a pension fund for Retzlaff into which to date it has paid 32 million Euros, expenses included. Management attempted to sidestep the issue by deleting the agenda point approving management pay the day before it was due to be discussed, because of complaints by shareholder representatives and proxy voters that they had insufficient documentation to weigh the matter up. Christian Strenger was particularly critical; he had tabled private motions not only against discharging the executive and Supervisory Boards, but also demanding a special audit on the appropriateness of the emoluments paid to the executive board. The Corporate Governance expert points out that the dip in STADA’s performance compared to the targets set out is a result of the executive board’s having ignored the presence of risks that were obvious to all. The executive board continues to radiate great optimism instead of analysing the effects of the crisis in Ukraine and thus explore alternative avenues. The way things stand, shareholders are continuing to bear the burden of the losses incurred.

 

PNE: Gloves off and no holds barred

It’s a cliff-hanger – the shareholders’ general meeting of Prime Standard-listed wind-farm planner PNE Wind AG ended in such total chaos in mid-June that the police had to be called in. Thirty years of company records have to be sifted through to find a parallel, which then led to the resignation of the AVA Supervisory Board chair.

It all began with a squabble involving the major shareholders, the executive board and the Supervisory Board. In the lead-up to the AGM, Volker Friedrich, major shareholder and former head of WKN Deutschland, was critical of the earnings of the members of the executive and Supervisory Boards.

Despite the disappointingly poor results in company performance lately Supervisory Board fees have all but doubled over the last three years. Friedrichsen spotlights Supervisory Board chair Dieter Kuprian who pocketed a total of 341,000 Euros as head controller of PNE and its subsidiary WKN. Executive board chair, Martin Billhardt’s fee for 2014 was 1.36 million Euros. With 400 staff, the company generated a turnover of some 210 million Euros.

The executive board, on the other hand, accuses Friedrichsen of inflating the value of the WKN AG projects when he sold his company. This allegedly swung the price of the transaction in his favour. PNE is now suing for damages and demands Friedrichsen’s resignation from the Supervisory Board.

During the AGM, Friedrichsen allegedly called for an official warning to be served on three Supervisory Board members DieterKuprian, Peter Fischer and Reza Abhari, for not keeping the executive board sufficiently at arm’s length. The executive board, instead, is moving to have Friedrichsen and his allies Astrid Zielke and Peter Baron von le Fort removed.

At this juncture another major shareholder, Deutsche Balaton AG, applied for the mandates of the Supervisory Board’s members criticised by Friedrichsen to be revoked, and is requesting more information on new Supervisory Board candidates proposed by the executive board.

In the meantime, tempers were getting very frayed. Come late evening, investors were voting on motions and counter-motions surrounding official warnings to be served on members of the Supervisory Board. Shortly after midnight, however, and before results were declared and officialised, executive board chair Bilhardt declared the meeting over since it was no longer in the calendar day of the agenda and thus risked nullifying the resolutions passed. It is not altogether clear why the result had not come through before midnight but in order to safeguard the resolutions officialised, a number of shareholders called in the police.

The summons for a new shareholders’ meeting will soon be issued. Deutsche Balaton AG is calling for a rejection of the two boards’ application for discharge of liability, and for a warning to be served on all members of the Supervisory Board. Furthermore it is to press for a smaller, six-member Supervisory Board, each of whom will earn a fixed yearly fee of 25,000 Euros.

 

Greiffenberg: relief

After a particularly lacklustre beginning, industrial holding company Greiffenberger AG specialised in drive technology and pipeline renovation can now stop holding its breath. In this year’s first quarter, the General Standard-listed concern was expecting a turnover 8 percent down on last year. Over April and May, however, turnover saw a boost that brought first quarter sales close to 60 million Euros, compared to last year’s 63 million Euros. Furthermore, the company reports that its order portfolio has grown by leaps and bounds over the past few weeks and now tips the scales at 63 million Euros. Greiffenberger’s executive board is forecasting a resumption of growth this financial year and expects to achieve an Ebit and Ebitda comparable to 2013/2014.

 

 

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The German Mittelstand

 

Germany full speed ahead with SME start-ups

The number of start ups in Germany in 2014 continued its upward trend and shows no sign of levelling off. The news appeared a few weeks ago in a report on new enterprises that KfW – Kreditanstaltfür Wiederaufbau (KfW) publishes every year at the end of May. A total of 915,000 start-ups were registered in 2014, an increase of 5.4 percent. SMEs offering full-time employment rose by 28 percent, and those run on a part-time basis as a second job dipped by 7 percent. In 2013 the average increase was 12 percent. By contrast to the most recent figures, the growth rate then was weighted by an increase in part-time SMEs.

Setting up a company as a second means of income is typical when the economic climate is difficult. The employment market follows suit to a sluggish economy and the prospects of getting a good job are slim. This is why the figures for 2014 are doubly encouraging; the percentage is higher and the actual start-ups are of better quality. By and large, starting a company as a primary source of income leads to the setup of a new organization and hiring staff – creating a job for oneself and others. Jörg Zeuner, head economist at KfW, is very satisfied with these numbers. An increase in the number of start-ups is good news for the German economy.

There is, however, one small point worth pondering. There are fewer new enterprises in commerce and industry and more in the professions. Perfectly logical in the light of an increased demand for services in education and training. Start-ups in commerce and industry, though, have a more immediate knock-on effect which is more far-reaching on the country’s economy, often leading to the birth of companies.

That said, the direction followed is the right one and the German economy is making the most of all this new SME activity, especially when the start-up is sufficient to make a living. It is with their innovating ideas that entrepreneurs throw down the gauntlet before bigger consolidated companies pushing them to work ever more efficiently and innovatively. And then, there’s always the chance that the small start-up evolves into a large successful company, Either way, it’s all to the favour of Germany dot com.

 

 

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Buhlmann's Corner

 

 

Upside down?

 

The world has lost its head – so where did its brain get to?

We’re going so fast that even our way of speaking has got to be turbo-charged, so we think up slick neologisms like “grexit” or “C2C”. We’re so cool that we’re good with “a quick dusting-over with no loose ends” instead of a “well-thought-out way forward”. Something tells me this is where bubbles dot com flourish and I don’t mean just the Shanghai variety.

Microsoft invests billions so as to deduct double the amount against taxes 12 months later. Telefonica got round the conflict of interest issue by writing the by-laws (AGM June 12, 2015): “ ... the directors SHALL notify …any situation of … conflict with the interest of the company” and then, just to be doubly sure: “conflict of interest situations SHALL be included in the annual report“. But then what are you supposed to do if people don’t abide by the law?

They’ve invented a new breed of shareholder in Japan. Toyota spelled it out in its articles of association. Shareholders who ‘s ambition it is to obtain voting rights must purchase the shares at least 60 months prior to the record date and guard them jealously. In actual fact, though, that kind of shareholder already exists. In France, they didn’t feel like tackling the issue the complicated way by manoeuvring through amendments to articles of association, they just passed a national law, but here, the waiting time is only 36 months. Phitrust in Paris is fighting a lonely battle but it is gaining the upper hand helped out by the Ethos-Proxinvest group. These are in any case always isolated exceptions, just like the ISS public manifestation staged during the Toyota AGM. By and large, policy users are less creative. The national icon of the patriotic proxy advisor has been lost with IVOX swooning in the arms of fellow family-member Glass Lewis, a Californian competitor of Canadian ownership.

The trail blazed by German corporate governance has virtues in its own right. The retired leader of (or one of) the country’s most influential trade unions was elected to chairmanship of (or one of) the world’s biggest car manufacturers, Volkswagen and the story of how this man, one of the greatest living leaders of a German trade union came to be the highest paid Supervisory Board chairman in the country is in itself a lesson in dissembling commonplace preconceptions. It is he who decides on the composition of the executive board, and the strategic orientation they follow, under the vigilant eye of the two branches of the founding family, not to mention the state representative endowed with special powers. Macchiavelli is indeed the teacher of exemplary pupils in Wolfsburg.

But then again, what can you say when pharmaceutical distributer Stada distinguishes itself by shelling out 10 percent of its quarterly generic drug turnover for the retirement pension of one individual member of its executive board. Only one dissenting voice was heard, Christian Strenger came to within a hairsbreadth of carrying half of the AGM with her. Her motion calling for a special audit obtained 42% of the vote, short by a handful of the 40,000 shares the court needed to order the audit. Stada’s management did not consider it worthwhile to publish the result.

If you’re interested in the Stada speech or other video recordings, send me an email.

This could be called voting feet upwards... and it highlights just how important it is that we get our collective brain back on the job so we can start thinking about our sense of responsibility again.

 

 

 

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ACTIONS CORNER

 

The allegations of improper conduct that has brought the three American banks Morgan Stanley, Goldman Sachs and Wells Fargo into disrepute are now being levelled at a number of non US banks. Deutsche Bank, Barclays, Credit Suisse, HSBC, Royal Bank of Scotland and UBS were all supposedly involved in selling and trading junk bonds in sub-prime American real-estate dealings. Each individual bank will almost certainly have to pay out amounts varying from several hundred million up to 2 or 3 billion Dollars. These nine international majors face charges of having deliberately given misleading information in their dealings based on Residential Mortgage-Backed Securities (RMBS). stated as the mortgage worth of United States real estate. Deutsche Bank has had to pay out billions for its involvement in a long series of financial scandals.

 

During the June 16 hearing of the criminal proceedings against Deutsche Bank, the plaintiff sought to establish whether Jürgen Fitschen was an accomplice in covering up the testimony of the other accused in order to sabotage a claim for damages brought against the bank by Leo Kirch, an allegation that Fitschen denies. There are marked differences between the evidence given by the Co-CEO and that of the other accused as regards the executive board meeting of 29 January 2002. Fitschen stresses that the differences are of a merely immaterial nature. In a separate case, the former Co-CEO of the group gave evidence to the effect that he had understood that former CEO Ernst Breuer intended to approach Kirch to ascertain whether the former media mogul, who was also heavily indebted to Deutsche Bank, would be interested in dismantling his group, leaving it open to be sold off at a profit.

 

 

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People

 

At the midpoint of the year, Brenntag’s executive board had gained three new members, bringing its complement to five. When William Fidler resigned at the expiry of his contract on June 30 the company presented three newcomers for election. On June 1, Supervisory Board chair Stefan Zuschke announced that the additional members were expected to provide the support needed to sustain group growth and development, enabling it to focus more on strategic development. Karsten Beckmann, Markus Klähn and Henri Nejade will serve alongside CEO Steven Holland and CFO Georg Müller shouldering regional responsibilities within the executive board.

 

Beckman, who has been with the company since 2002 served in its distribution sector and in managerial capacities. Latterly he was CEO of the company’s EMEA business (European and, Middle East Areas) and has been appointed executive board director for its EMEA business. Klähn joined the MDax-listed concern in 1994, and will now be executive board head for Brenntag North America, Nejade has been on board since 2008 and is CEO responsible for the Asia Pacific market.

 

Furthermore, the AGM of one of the world’s leading chemical distribution companies appointed Stefanie Berlinger a new member of the Supervisory Board. Berlinger is a partner in the Lilja & Co consultancy company specialised in IPOs and she will replace Stephen R. Clark who resigned from the board on AGM day. During his term as CEO , Clark ushered the company to stock exchange listing in 2010, and in 2011 moved directly to the Supervisory Board.

 

John Cryan moved from the Supervisory Board of Deutsche Bank to the position of its Operations Director, effective July. Up to May 2016, he will share the tasks with Jürgen Fitschen which will smooth the process. Anshu Jain resigned on June 30. After Fitschen leaves, Cryan as sole chairman will have the task of leading Deutsche Bank The decision was reached at an extraordinary meeting of the Supervisory Board on June 7 last.

 

Both Rufolf Humer and Christian Humer resigned from the Supervisory Board of Jenoptik effective June 30. The chair of the Supervisory Board and his son announced they had tendered their resignation after selling a large part of their shares to Jenoptik. The two Austrians represented the ECE group that has its headquarters in Vienna. The process of sourcing candidates for the two vacancies is under way.

 

The Supervisory Board of KUKA reflects the new shareholding quota. The manufacturer of automation technology for industrial robots held its AGM on June 10, when Herbert Lienhard, executive board chair of Voith was appointed to the Supervisory Board. The Württemberg-based plant manufacturer has owned approximately a quarter of the shares since 2014. Friedhelm Loh and Hans Ziegler were also elected to the Supervisory Board. With its 10% stake Loh’s Swoctem holding company is KUKA’s second biggest shareholder. Ziegler was on the executive board of Swisslog, a company that KUKA took over in 2014. Walter Bickel, Micael Alber Proeller and Guy P. Wyser-Pratte resigned from the Supervisory Board for reasons of age. Up till 2003, Wyser-Pratte possessed a 6.5 percent stake in IWKA, the company that became KUKA, and was in strong disaccord with the shift in strategy that he countered by concentrating on industrial robots. At that point, the American investor was instrumental in the fall of a number of members of the executive and Supervisory Boards. In May 2013 his stake fell below 3 percent and since then he has sold off even more shares.

 

On September 16 Markus Riess will join the executive board of Münchener Rückversicherungs Gesellschaft where he will be responsible for the direct insurance and third party insurance of asset manager Meag. The appointment was announced by Munich Re in May pending approval by the Supervisory Board.

 

In the management shakedown in Volkswagen, one of the best known protagonists, Christian Klingler, could lose his job. His sales area looks like coming under the decision by which the regional distributors round the world will have greater independence in deciding model policies Klingler blames the slump of the Volkswagen core brand on discord and market differences, and also on the upshot of the two fewer production days in May, which had a knock-on effect on sales.

 

Effective end June, Patrick Wohlhauser, resigned as COO of Evonik Industrie, a position he had held since 2014. Ralph Sven Kaufmann joined the executive board on July 1. Managing partner of Düsseldorf-based Scopein Management Consultants since 2001 Kaufmann worked for the chemical group in a consultancy capacity during the optimisation process.

 

In a note, Wacker Chemie has announced that with effect from November, its finances will be managed by Tobias Ohler. The present CFO Joachim Rauhut will leave the company on October 31, the natural expiry date of his contract. The company will also propose Christian Hartel as a new member of the executive board.. Currently, Hartel is in charge of Wacker Silicone under a three-year contract.

 

Heidelberger Druck: former bank executive becomes head controller

Siegfried Jaschinski has been appointed chair of SDax-listed Heidelberger Druck AG Supervisory Board with effect from June 2015. Former executive board chair of the Baden-Wuerttemberg Landesbank (LBBW) he succeeds Robert J. Koehler who passed away last May.

Jaschinski is a partner of Augur Capital AG and sits on its executive board. He has served on Heidelberg’s Supervisory Board since 2007. He has been a partner with Main First Bank AG. Jaschinski chaired the LBBW executive board from 2006 to 2009 but his resignation became inevitable; after incurring a series of losses totalling 2 thousand million Euros in the recent financial crunch, the bank was only saved by an injection of capital by the banks’ proprietors, namely the Land of Baden-Württemberg, the city of Stuttgart, and local savings banks.

 

Energiekontor: second in charge

Wind power specialist Energiekontor, has augmented its executive board. Günter Eschen is now second in command to the chair of the executive board Peter Szabo in deciding the fortunes of the General Standard-listed company. Eschen joined the company in 2011 and has guided its projects in Germany.

Energiekontor has been listed on the stock-exchange since 2000 and has produced almost 760 megawatts with 550 generating plants in 95 wind-farms.

 

Zooplus: executive board cutback

With effect from July, online retailer of household pet products, Zooplus, is cutting back on the number of its executive board members. COO Jürgen Vedie has resigned from the SDax-listed concern citing personal reasons. Since April 2014, Vedie had been in charge of purchases, logistics and supply chain management. He had been with Zooplus for 3 years. From July onwards logistics and supply chain management will be headed by CFO Cornelius Patt who will also be in charge of purchases.

 

Manz: semiconductors broaden the product range

TecDax-listed Manz AG, has strengthened its standing in the semiconductor market by teaming up with KLEO Halbleiter technik GmbH in June. Hi-tech product specialist Manz acquiered KLEO from the Zeiss group together with its patents and the right to safeguard its intellectual property in LDI (laser direct imaging) developed by KLEO. According to Manz this technology brings a saving of up to 75 percent of the image transfer process costs. No details about the value of the transaction have been disclosed but Manz AG did announce that the transaction was funded by an increase in share capital concluded last April. KLEO’s German premises and its staff of 20 have been incorporated seamlessly. Forecasts suggest that the benefits of the deal will begin to emerge as early as the current financial year2015.

 

Adesso: strong in Switzerland

IT provider Adesso AG acquired Swiss IT specialist BornInformatik AG in a transaction that was finalized in June but back-dated in validity to 1 January 2015. No details on the price of the transaction have been disclosed. General Standard-listed Adesso intends to fund the acquisition with five-, seven- and ten-year loans. The takeover was managed by the group’s Swiss company which will soon be absorbed by BornInformatik. With its staff of 124, Born has a track record of expertise in software development and system integration, which will enhance Adesso’s market status, particularly in the areas of Switzerland that neighbour on Germany. Born’s yearly turnover according to Adesso is some 28 million Swiss francs (approximately 27 million Euros). Company founder and current chair of the executive board André Born will join the executive board of Adesso Schweiz AG. From now on, Born’s COO and co-owner, Daniel Urzyler’s duties will include the operative business of Adesso Schweiz.

 

Tomorrow Focus: premium on-line agency put up for sale

Tomorrow Focus AG is selling its online marriage bureau portal Elitepartner to investment company Oakley Capital Private Equity. Prime Standard-listed EliteMedinetGmbH, parent company of Elitepartner is hoping for a revenue in excess of 23 million Euros with the sale – as soon as the transaction becomes official a first instalment of 14.8 million Euros will be paid. The remaining 22 million Euros will be given to the investment company in the form of a two-year loan. When 7.2 million Euros of this are duly repaid, 1.3 million Euros will added to the remainder in the form of interest. The transaction is still awaiting approval by the monopolies commission.

Tomorrow Focus is increasingly oriented towards its core digital business, shifting it towards the travel agency field. Elitepartner is one of German-speaking Europe’s most important marriage bureaus. Tomorrow Focus states that EliteMedianet with its staff of 80 generated 28 million Euros turnover in 2014 without incurring indebtedness. 

 

 

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Campus

 

How a company’s success is reflected in share-based salaries

According to a study launched by the HKP group there is a strong link between how well a company performs in its chosen line of business and pegging its salaries to the trend of its shares on the stock-exchange. This is particularly so when the highest possible number of staff members receive part of their long-term salary linked to the orientation of the share price on the stock exchange. This idea, extended to as many staff members as possible, tends to foster a share-oriented culture within the group and people begin to adopt an entrepreneurial approach. Many companies worldwide are moving towards this kind of approach and culture. Initiated n th USA, the trend is taking root in a multitude of other economic climates, Europe especially, and the experience accumulated with the so-called long-term incentive programmes is slowly becoming a guide for the development of the practice in a global market.

 

 

 

 

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Capital News

 

Deutsche Annington Immobilen has announced its intention of funding its takeover of Suddetusche Wohnen (Südewo) worth 1.9 billion Euros, by increasing share capital by 107.5 million Euros to 466 million Euros. The takeover was finalised at the beginning of July. The ratio at purchase was ten to three. The purchase price of the 107,538,606 shares is 20.90 Euros, accruing a revenue of 2.25 billion Euros. The amount left over after Südewo will be used to finance loans with collateral and pay transaction expenses. The intention of Deutsche Annington is to consolidate its status as the primary residential real-estate concern in Germany obtaining some 20,000 apartments from investments close to its competitor Patrizia Immobilien. The low interest rates and the excellent state of the economy make investing in German real estate a highly attractive proposition for both German and foreign investors.

 

LEG Immobilien has orchestrated an increase in share capital as a means of financing the fast-track purchase of a real-estate portfolio. On June 23,the Düsseldorf-based real-estate group was successful in placing 1,196,344 shares for a total revenue of 73.6 million Euros. The stock was sold for 61.54 Euros, approximately 6 percent less than the closing price of Xetra and will have the right to a dividend for the 2015 financial year. This increase in share capital tends to water down current participation by about 2 percent. The revenue has been earmarked for the partial funding of a portfolio containing 3,500 homes. LEG has announced that it has agreed on a framework agreement for the purchase of 225 million Euros.

 

KTG Agrar: bolstering equity capital

Agriculture group KT Agrar AG recently raised some 7 million Euros by increasing share capital. The Entry Standard-listed company increased its share capital by placing 506.400 new bearer shares excluding the right to option at the issue price of 14.33 Euros each. The number of shares has therefore risen from 6,243,600 to 6,750,000. In so doing, the group aims to increase its quota of equity capital from 18 to more than 20 percent. With the increase in profits of last financial year – hard on the heels of the 0.7 million Euro loss KTG made a profit of some 6.4 million Euros in 2014 – the company has already taken the first step. Depending on how the AGM votes, KTG will distribute a higher dividend for the fifth time running, this year up by 0.25 Euros per share.

 

Bio-Gate: funding growth

By means of an increase in share capital with no right to option, Medical technology specialist Bio-Gate AG, has earned a shot in the arm of 0.6 million Euros . In the course of the private placement, the hitherto Entry Standard-listed concern supplied 430,347 fresh shares at the price of 1.40 Euros each to anchor shareholders. The capital measure augmented the company’s share capital by 430,367 Euros to approximately 4.7 million Euros. This cash has been earmarked to fund growth this current year. Bio-Gate’s microsilver technology is able to provide a microbe-free protection to both materials and surfaces. The company is currently quoted in the unofficial Frankfurt bourse.

 

Cewe: reliable earnings

The dividend to be paid out by Nella CeweStiftung& Co. KGaA has risen again for the sixth time in a row. According to the on-line press release of the Prime Standard-listed concern, the dividend amount has risen by 5 percent to 1.55 Euros per share. Furthermore, the company has announced that it possesses a solid base equity capital and it intends pursuing increasing profits. Of particular profitability is the photo-finish business – photographic products with ad hoc page layout such as photo books, calendars and posters. The group is forecasting a turnover for 2015 of between 515 and 535 million Euros and an operational profit of between 32 and 38 million Euros. Last year’s turnover was some 524 million Euros with an Ebit of approximately 33 million Euros.

 

 

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Director's Dealings

 

Person	Function	Buy / Sell	Total value in Euro	Number of shares	Datum
Diederich, Prof. Dr. Francois	SB	B	28.184	338	04.06.2015
Kirsten, Prof. Dr. A. Stefan	MB	B	9.521	7.647	22.06.2015
Ulbrich, Christian	SB	B	48.072	2.000	19.06.2015
Ulbrich, Jaqueline		B	12.005	500	19.06.2015
Ulbrich, Werner		B	9.608	400	19.06.2015
Buch, Rolf	MB-Head	B	298.536	12.000	17.06.2015
Helmes, Dr. Marion		B	997.268	39.500	17.06.2015
Faber, Dr. Joachim	SB-Head	B	139.836	1.960	09.06.2015
Armbrust, Annette		B	84.600	2.000	05.06.2015
Armbrust, Thomas	SB	B	41.400	1.000	16.06.2015
Armbrust, Thomas	SB	B	8.350	200	12.06.2015
Armbrust, Thomas	SB	B	42.175	1.000	05.06.2015
Armbrust, Thomas	SB	B	41.900	1.000	08.06.2015
AROSA Vermögensverwaltungsgesellschaft m.b.H.		S	193.434.600	4.280.000	28.05.2015
Böge, Claus-Matthias	MB-Head	B	41.700	1.000	08.06.2015
Bravo-Alpha Beteiligungs G.m.b.H		S	57.397.650	1.270.000	28.05.2015
Cattarius-Armbrust, Gabriele		B	41.400	1.000	16.06.2015
Cattarius-Armbrust, Gabriele		B	8.348	200	12.06.2015
Cattarius-Armbrust, Gabriele		B	42.175	1.000	05.06.2015
Cattarius-Armbrust, Gabriele		B	41.900	1.000	08.06.2015
Charlie-Fox Beteiligungs G.m.b.H.		S	60.109.350	1.330.000	28.05.2015
DESAG Vermögensverwaltung G.m.b.H.		B	365.853.525	8.095.000	28.05.2015
PANTA Dreiundsechzigste Grundstücksgesellschaft m.b.H.		S	54.911.925	1.215.000	28.05.2015
Müller, Dr. Michael		B	121.561	7.830	12.06.2015
van Damme, Niek Jan	MB	S	1.091.547	73.816	16.06.2015
Kremer, Dr. Thomas	MB	B	202.748	12.950	04.06.2015
Nemat, Claudia	MB	B	255.734	16.500	08.06.2015
Illek, Dr. Christian P.	MB	B	627.347	39.500	29.05.2015
Wittan, Lars	MB	B	15.996	744	03.06.2015
Zahn, Michael	MB	B	26.101	1.214	03.06.2015
ASSK Verwaltungsgesellschaft mbH & Co. KG		B	124.743	5.802	03.06.2015
Zahn, August Maximilian		B	44.450	2.000	02.06.2015
Zahn, Michael	MB-Head	B	177.600	8.000	03.06.2015
Zahn, Rebecca		B	44.460	2.000	02.06.2015
Binz, Prof.Dr. Mark	SB-Head	B	18.285	300	12.06.2015
Müller, Michael	MB	B	22.684	387	02.06.2015
Brosnan, Michael	MB	Exercise an Option	6.005.963	77.493	01.06.2015
Fuste, Roberto	MB	Exercise an Option	5.822.080	74.800	03.06.2015
Roggemann, Gerhard	SB	B	281.100	5.000	05.06.2015
Lippert, Klaus	SB	B	2.179	100	12.06.2015
N & A Hardieck GmbH & Co. KG		B	1.027.650	50.000	10.06.2015
R & U Weber GmbH & Co. KG		B	4.266.000	200.000	12.06.2015
Weber, Ralf	MB-Head	B	296.400	15.000	15.06.2015
Weber, Ralf	MB-Head	B	4.266.000	200.000	12.06.2015
Henkel, Christoph		B/S	0	100.000	23.06.2015
Mittal, Arunjai	MB	S	257.886	21.598	02.06.2015
Scharpe, Dr. Jochen	SB	B	132.700	2.000	03.06.2015
Scharpe, Dr. Jochen	SB	B	132.880	2.000	03.06.2015
Büchele, Dr. Wolfgang	MB-Head	B	24.900	150	16.06.2015
Blades, Thomas	MB	B	1.518	9	05.06.2015
Lange, Bernd	MB	S	393.440	50.000	11.06.2015
Hostein, Jens	MB	S	221.910	3.381	04.06.2015
Hostein, Jens	MB	S	354.395	5.381	03.06.2015
Hostein, Jens	MB	S	352.673	5.370	02.06.2015
Schottelius, Dr. Arndt	MB	S	354.760	5.370	02.06.2015
Schottelius, Dr. Arndt	MB	S	352.667	5.370	03.06.2015
Schottelius, Dr. Arndt	MB	S	356.457	5.392	03.06.2015
Sproll, Dr. Marlies	MB	S	175.650	2.667	03.06.2015
Sproll, Dr. Marlies	MB	S	175.047	2.667	04.06.2015
Sproll, Dr. Marlies	MB	S	175.088	2.666	02.06.2015
Dautl, Thomas	SB	B	27.744	330	08.06.2015
Albo, Giuseppina	MB	B	59.525	323	09.06.2015
Albo, Giuseppina	MB	B	49.975	276	11.06.2015
Albo, Giuseppina	MB	B	39.560	217	17.06.2015
Albo, Giuseppina	MB	B	8.400	52	15.06.2015
Albo, Giuseppina	MB	B	8.304	50	01.06.2015
Arnoldussen, Dr. Ludger	MB	B	78.019	483	15.06.2015
Arnoldussen, Dr. Ludger	MB	B	77.894	469	01.06.2015
Blunck, Dr. Thomas	MB	B	77.049	477	15.06.2015
Blunck, Dr. Thomas	MB	S	415.262	2.529	08.06.2015
Blunck, Dr. Thomas	MB	B	76.898	463	01.06.2015
Höpke, Dr. Doris	MB	B	20.676	128	15.06.2015
Höpke, Dr. Doris	MB	B	20.595	124	01.06.2015
Jeworrek, Dr. Torsten	MB	B	130.516	808	15.06.2015
Jeworrek, Dr. Torsten	MB	B	130.378	785	01.06.2015
Röder, Dr. Peter	MB	B	85.449	529	15.06.2015
Röder, Dr. Peter	MB	B	85.534	515	01.06.2015
Schneider, Dr. Jörg	MB	B	116.301	720	15.06.2015
Schneider, Dr. Jörg	MB	B	116.260	700	01.06.2015
von Bomhard, Dr. Nikolaus	MB-Head	B	160.398	993	15.06.2015
von Bomhard, Dr. Nikolaus	MB-Head	B	159.941	963	01.06.2015
Wenning, Dr. Joachim	MB	B	82.218	509	15.06.2015
Wenning, Dr. Joachim	MB	B	82.047	494	01.06.2015
Aidem, Lawrence	SB	B	10.958	222	27.05.2015
Hahn, Andreas	SB	B	688	12	28.05.2015
Hahn, Andreas	SB	S	6.742	100	02.06.2015
van Skyhawk, Ingrid		B	631	11	28.05.2015
van Skyhawk, Ingrid		S	5.056	75	02.06.2015
Bertram, Dr. Heinz-Jürgen	MB-Head	B	56.845	1.000	22.06.2015
Thiel, Martin	MB	B	21.385	2.000	22.06.2015
Vaagt, Harboe	MB	B	53.680	5.000	22.06.2015
Hoffmann, Robert Nikolaus	MB	S	3.883.497	91.660	03.06.2015
MB Beteiligungsgesellschaft mbH		B	3.595.000	100.000	10.06.2015
MB Beteiligungsgesellschaft mbH		B	1.454.800	40.000	05.06.2015
MB Beteiligungsgesellschaft mbH		B	2.254.560	60.000	03.06.2015
MB Beteiligungsgesellschaft mbH		B	1.884.000	50.000	02.06.2015
Pape, Jens	MB	S	589.088	4.165	18.06.2015
Pape, Jens	MB	S	919.561	6.374	15.06.2015
Pape, Jens	MB	S	702.779	4.947	16.06.2015
Pape, Jens	MB	S	338.731	2.328	17.06.2015
Pape, Jens	MB	S	324.119	2.061	08.06.2015
Pape, Jens	MB	S	396.286	2.594	10.06.2015
Pape, Jens	MB	S	309.329	2.000	11.06.2015
Pape, Jens	MB	S	326.936	2.150	12.06.2015
Pape, Jens	MB	S	257.646	1.679	09.06.2015

 

 

---

 

 

VIPsight Shareholders

in June 2015

 

VIPsight Shareholder ID MDAX & SDAX <click here>

 

VIPsight Shareholder ID: …….. Holdings in per cent
Companies	Own-shares	Notifiable shareholders	Share	Investment companies (KAGs) making disclosures*
				Total	Change	Biggest KAG	Share
DAX
adidas AG		BlackRock, Inc.	3,39 St	27,22	-0,75	Capital Research and Management Company	3,53
		O. Mason Hawkins	3,06 St
		The Capital Group Companies Inc.	2,88 St
		Thornburg Investment Management Inc.	2,73 St
		UBS AG	1,83 St
		Vorstand & Aufsichtsrat	1 St
		Credit Suisse Group AG	0,38 St
		The Goldman Sachs Group, Inc.	0,16 St
		Morgan Stanley	0,15 St
		Commerzbank AG	0,03 St
Allianz SE	0,60 (St)	BlackRock, Inc.	6,11 St	26,73	-0,22	BlackRock Asset Management Deutschland AG	2,17
		NEU Societe Generale S.A.	5,19 St
		Harris Associates L.P.	3,05 St
		Credit Suisse Group AG	2,84 St
		UBS Group AG	2,66 St
		Morgan Stanley	0,21 St
		Commerzbank AG	0,04 St
BASF SE		BlackRock, Inc.	6,45 St	18,65	-0,06	BlackRock Asset Management Deutschland AG	2,18
		Norges Bank (norwegische Zentralbank)	3,32 St
		Credit Suisse Group AG	2,26 St
		UBS Group AG	1,78 St
		Morgan Stanley	0,35 St
		Commerzbank AG	0,11 St
Bayer AG		BlackRock, Inc.	6,42 St	30,64	-0,27	Capital Research and Management Company	5,13
		NEU The Capital Group Companies Inc.	4,96 St
		Sun Life Financial Inc.	3 St
		Bayer-Mitarbeiter	1 St
		Credit Suisse Group AG	0,31 St
Bayerische Motoren Werke AG		AQTON SE	17,4 St	16,04	-0,01	Dodge & Cox Funds	1,51
		Johanna Quandt	16,7 St
		Susanne Klatten Beteiligungs GmbH	12,6 St
		BlackRock	3,15 St
		Credit Suisse Group AG	0 St
Beiersdorf AG	9,99 (St)	maxingvest ag	50,69 St	8,47	-0,08	Artisan Partners Funds, Inc.	1,06
		BlackRock, Inc.	2,68 St
		Societe Generale S.A.	0,01 St
Commerzbank AG		Bundesrepublik Deutschland	15,6 St	17,22	0,06	Capital Research and Management Company	4,89
		BlackRock, Inc.	5,05 St
		The Capital Group Companies Inc.	4,54 St
		EuroPacific Growth Fund	2,75 St
Continental AG		Schaeffler Group	46 St	20,78	0,12	DeAWM Investment GmbH	1,18
		BlackRock, Inc.	3,3 St
		The Royal Bank of Scotland Group plc	0,02 St
		Commerzbank AG	0 St
Daimler AG		Kuwait Investment Authority	6,8 St	21,15	-0,07	BlackRock Asset Management Deutschland AG	2,02
		BlackRock, Inc.	5,3 St
		Renault S. A.	3,1 St
		Norges Bank (norwegische Zentralbank)	3,05 St
		UBS Group AG	1,3 St
		Deutsche Bank AG	1,11 St
		Morgan Stanley	0,22 St
		Commerzbank AG	0,11 St
Deutsche Bank AG	0,02 (St)	BlackRock, Inc.	6,13 St	16,21	0,06	BlackRock Asset Management Deutschland AG	2,30
		Paramount Services Holdings Ltd.	5,83 St
		LYXOR INTERNATIONAL ASSET MANAGEMENT S.A.S.	2,04 St
		UBS AG	1,77 St
		JPMorgan Chase & Co.	0,07 St
		Anshuman Jain	0,06 St
		Henry Ritchotte	0,02 St
		Jürgen Fitschen	0,02 St
		Rainer Neske	0,01 St
		Dr. Stephan Leithner	0,01 St
Deutsche Börse AG	4,57 (St)	BlackRock, Inc.	5,26 St	31,24	-0,60	Capital Research and Management Company	3,33
		Invesco Ltd.	5,02 St
		Baillie Gifford & Co.	3 St
		The Capital Group Companies Inc.	2,98 St
		Dodge & Cox	2,96 St
		Franklin Mutual Advisers, LLC	2,9 St
		UBS AG	2,52 St
		Credit Suisse Group AG	1,24 St
Deutsche Lufthansa AG		Templeton Global Advisors Limited	5 St	26,79	0,63	Franklin Templeton Investments	4,84
		BlackRock, Inc.	2,96 St
		The Capital Group Companies Inc.	2,95 St
		UBS AG	2,89 St
		Credit Suisse Group AG	1,12 St
		Morgan Stanley	0,35 St
		The Goldman Sachs Group, Inc.	0,2 St
Deutsche Post AG	0,12 (St)	KfW - Kreditanstalt für Wiederaufbau	20,96 St	19,58	-0,28	BlackRock Asset Management Deutschland AG	1,76
		BlackRock, Inc.	6,07 St
Deutsche Telekom AG	0,41 (St)	KfW - Kreditanstalt für Wiederaufbau	17,44 St	13,85	-0,14	BlackRock Asset Management Deutschland AG	1,50
		Bundesrepublik Deutschland	14,26 St
		BlackRock, Inc.	4,97 St
E.ON SE	2,43 (St)	BlackRock, Inc.	5,86 St	16,93	-0,14	BlackRock Asset Management Deutschland AG	2,34
		Societe Generale S.A.	0,96 St
Fresenius Medical Care AG & Co. KGaA	2,42 (St)	Fresenius SE & Co. KGaA	30,27 St	16,81	0,57	Vanguard Group, Inc., The	1,32
		BlackRock, Inc.	4,09 St
		Thornburg Investment Management Inc.	2,95 St
		UBS AG	2,65 St
		Commerzbank AG	0,01 St
Fresenius SE & Co. KGaA		Else Kröner-Fresenius-Stiftung	26,7 St	20,22	0,29	Harbor Fund	2,35
		BlackRock, Inc.	4,97 St
		Allianz SE	3,83 St
		Henderson Group plc	3,01 St
HeidelbergCement AG		Ludwig Merckle	25,81 St	24,75	0,56	First Eagle Funds (division of ASB Securities LLC)	5,71
		Arnhold and S. Bleichroeder Holdings, Inc.	5,11 St
		BlackRock, Inc.	4,1 St
		Morgan Stanley	2,98 St
		Commerzbank AG	0 St
Henkel AG & Co. KGaA	2,07 (Vz)	Familie Henkel	60,84 St	22,50	-0,34	DeAWM Investment GmbH	2,43
Infineon Technologies AG		Dodge & Cox	9,46 St	36,98	-0,05	Dodge & Cox Funds	5,88
		The Capital Group Companies Inc.	7,85 St
		BlackRock, Inc.	5,15 St
		Allianz Global Investors GmbH	5,01 St
		Kuwait	3,25 St
		Sun Life Financial Inc.	3 St
		UBS AG	2,4 St
K+S AG		BlackRock, Inc.	4,12 St	16,43	0,23	Capital Research and Management Company	3,66
		Meritus Trust Company Limited	2,97 St
		EuroPacific Growth Fund	2,49 St
		UBS Group AG	1,92 St
		Credit Suisse Group AG	1,83 St
		Bank of America Corporation	0,45 St
		Morgan Stanley	0,14 St
		The Goldman Sachs Group, Inc.	0,05 St
LANXESS AG		Dodge & Cox	5,09 St	28,89	3,78	Dodge & Cox Funds	4,96
		BlackRock, Inc.	5,07 St
		Union Investment Privatfonds GmbH	3,16 St
		Allianz Global Investors Europe GmbH	2,92 St
		UBS Group AG	1,91 St
		The Goldman Sachs Group, Inc.	1,28 St
		Societe Generale S.A.	0,92 St
Linde AG	0,05 (St)	Norges Bank (norwegische Zentralbank)	6,51 St	32,34	-0,20	Capital Research and Management Company	2,77
		BlackRock, Inc.	5,27 St
		Sun Life Financial Inc.	4,66 St
		The Capital Group Companies Inc.	2,99 St
		Commerzbank AG	2,94 St
		Credit Suisse Group AG	0,75 St
		Societe Generale S.A.	0,05 St
MERCK KGaA		BlackRock, Inc.	5,83 St	35,61	-0,67	Newton Fund Managers Ltd.	5,52
		Sun Life Financial Inc.	5,76 St
		Templeton Investment Counsel, LLC	4,99 St
		The Goldman Sachs Group, Inc.	1,41 St
		UBS AG	1,26 St
		Credit Suisse Group AG	1,12 St
		Societe Generale S.A.	0,09 St
		Morgan Stanley	0,05 St
		Commerzbank AG	0,01 St
Münchener Rückversicherungs-Gesellschaft AG		Warren E. Buffett	12 St	21,33	-0,28	BlackRock Asset Management Deutschland AG	2,09
		BlackRock, Inc.	6,25 St
		People's Bank of China / State Administration of Foreign Exchange (SAFE)	3,22 St
		NEU Allianz Global Investors GmbH	3 St
		UBS Group AG	1,64 St
		NEU Citigroup Inc.	1,27 St
		Credit Suisse Group AG	0,95 St
		Commerzbank AG	0,28 St
		Societe Generale S.A.	0,06 St
RWE AG		RWEB GmbH	16,15 St	15,86	-0,12	Alken AM LLP (UK)	2,09
		Privataktionäre	13 St
		BlackRock, Inc.	5,36 St
		MIPL Group Limited	3,02 St
		Alken Luxembourg S.A.	2,97 St
		UBS Group AG	1,62 St
		Belegschaftsaktionäre	1 St
		Morgan Stanley	0,36 St
		Credit Suisse Group AG	0,01 St
SAP SE	2,71 (St)	Prof. Hasso Plattner	8,65 St	12,98	-0,09	BlackRock Asset Management Deutschland AG	1,58
		Erbengemeinschaft nach Dr. h.c. Klaus Tschira	7,84 St
		Dr. Dietmar Hopp	5,31 St
		BlackRock, Inc.	4,46 St
		Deutsche Bank Trust Company Americas	3,95 St
		Morgan Stanley	1,21 St
		Credit Suisse Group AG	0,79 St
		Bank of America Corporation	0,12 St
		Commerzbank AG	0,1 St
Siemens AG	5,19 (St)	Siemens (Familie)	6 St	16,21	-0,20	BlackRock Asset Management Deutschland AG	1,95
		BlackRock, Inc.	5,12 St
		DIC Company Limited	3,04 St
		UBS Group AG	1,44 St
		Credit Suisse Group AG	1,14 St
		Morgan Stanley	0,19 St
		Vorstand	0,03 St
		Commerzbank AG	0,02 St
		Aufsichtsrat	0,01 St
ThyssenKrupp AG		Alfried Krupp von Bohlen und Halbach-Stiftung	23,03 St	10,70	-0,25	BlackRock Asset Management Deutschland AG	1,37
		Cevian Capital II GP Limited	15,08 St
		Franklin Mutual Advisers, LLC	4,97 St
		BlackRock, Inc.	4,2 St
VOLKSWAGEN AG		Porsche Automobil Holding SE	50,73 St	21,14	0,75	Capital Research and Management Company	3,52
		Land Niedersachsen	20 St
		Katar Holding	17 St
TecDAX
ADVA Optical Networking SE		EGORA Holding GmbH	17,92 St	13,06	0,03	DeAWM Investment GmbH	7,81
		Deutsche Asset & Wealth Management Investment GmbH	7,81 St
		DNB Asset Management AS	5,43 St
		Norges Bank (norwegische Zentralbank)	2,98 St
		NN Investment Partners Belgium S.A.	2,96 St
		FMR LLC	2,93 St
		Brian L. Protiva	0,83 St
		Eric Protiva	0,66 St
		Anthony T. Maher	0,02 St
AIXTRON SE	0,98 (St)	Camma B.V.	6,79 St	33,83	0,60	Allianz Global Inv. Europe	7,75
		Allianz Global Investors Europe GmbH	6,04 St
		UBS Group AG	5,38 St
		Generation Investment Management LLP	5,16 St
		Baillie Gifford & Co.	4,62 St
		Vanguard Group Inc.	3 St
		BlackRock, Inc.	2,96 St
		Credit Suisse Group AG	1,11 St
		Societe Generale S.A.	0,04 St
Bechtle AG		Karin Schick	35,02 St	27,48	-0,73	Flossbach von Storch AG	9,61
		Flossbach von Storch Invest S.A.	10,07 St
		Allianz Global Investors GmbH	4,99 St
		LOYS Sivac	3,34 St
		Norges Bank (norwegische Zentralbank)	2,99 St
		Deutsche Asset & Wealth Management Investment GmbH	2,86 St
		Jürgen Schäfer	0,02 St
CANCOM SE		Allianz Global Investors Europe GmbH	9,93 St	24,75	0,56	Threadneedle Asset Management Limited	3,61
		Ameriprise Financial, Inc.	5,04 St
		Allianz Global Investors Luxembourg S.A.	4,78 St
		Denver Investment Advisors LLC	3 St
		Klaus Weinmann	0,89 St
		Source Markets plc	0,8 St
		Dominik Eberle	0,07 St
Carl Zeiss Meditec AG		Carl Zeiss AG	65,05 St	10,81	0,00	Oddo Asset Management	2,14
		Massachusetts Mutual Life Insurance Company	3,01 St
		ODDO ET CIE	2,99 St
CompuGROUP Medical AG	6,57 (St)	Frank Gotthardt	33,65 St	18,38	0,22	Fidelity Managem.& Research Co.	5,41
		Dr. Daniel Gotthardt	6,71 St
		Dr. Brigitte Gotthardt	6,35 St
		Fidelity Management & Research Company (FMR)	5,66 St
		FMR LLC	5,09 St
		Dr. Reinhard Koop	3,86 St
		Armor Advisors, LLC	3 St
		OppenheimerFunds, Inc.	2,96 St
		Massachusetts Mutual Life Insurance Company	2,95 St
Dialog Semiconductor PLC	3,96 (St)	The Bank of New York Mellon SA/NV	12,42 St	28,67	-0,35	CI Investments Inc.	4,01
		Citigroup Global Markets	9,44 St
		State Street	5,92 St
		Robert Citrone	4,68 St
		Clearstream Banking S.A.	4,25 St
		Chase Nominees Ltd	4,1 St
		Nortrust Nominees Limited	3,79 St
		BNP Paribas Securities Services	3,69 St
		Waddell and Reed Financial Inc.	3,5 St
		CACEIS Bank Deutschland	3,21 St
		Kleinwort Benson (Jersey) Trustees Limited as Trustee of the Dialog Semiconductor plc Employee Benefit Trust	2,98 St
		RBC Investor Services Trust	2,9 St
		Black Creek Investment Management Inc.	2,68 St
		Deutsche Bank AG	2,51 St
Drillisch AG		Ralph Dommermuth	20,7 St	27,35	0,40	Union Investment Privatfonds GmbH	5,25
		Allianz Global Investors Europe GmbH	5,15 St
		Union Investment Privatfonds GmbH	4,58 St
		Alken Luxembourg S.A.	3,25 St
		FMR LLC	2,93 St
		Marc Brucherseifer	2,03 St
		Mellon Capital Management Corporation	1,77 St
		Paschalis Choulidis	0,8 St
		Vlasios Choulidis	0,75 St
		Johann Weindl	0,02 St
		Dr. Horst Lennertz	0,01 St
Drägerwerk AG & Co. KGaA		Familie Dräger	71,42 St	31,59	-1,46	Allianz Global Inv. Europe	2,88
		Norges Bank (norwegische Zentralbank)	3,27 St
		SICAV Objectif Small Caps Euro	3,19 St
		Lazard Frères Gestion S.A.S.	3,04 St
		Oddo Asset Management	2,97 St
		Dräger Stiftung	0,12 St
Evotec AG		Roland Oetker	13,23 St	9,36	0,30	DeAWM Investment GmbH	2,42
		BVF Inc.	12,57 St
		TVM V Life Science Management GmbH & Co. KG	5,37 St
		Allianz Global Investors GmbH	3 St
		Dr. Werner Lanthaler	0,4 St
		Dr. Mario Polywka	0,05 St
		Mary C. Tanner	0,05 St
		Dr. Walter Wenninger	0,03 St
		Dr. Cord Dohrmann	0,03 St
		Morgan Stanley	0 St
freenet AG		Allianz Global Investors GmbH	5,16 St	39,66	-0,06	DeAWM Investment GmbH	6,06
		Deutsche Asset & Wealth Management Investment GmbH	4,65 St
		NEU The Capital Group Companies Inc.	3,7 St
		BlackRock, Inc.	3,08 St
		J.P. Morgan Investment Management Inc	2,98 St
		Norges Bank (norwegische Zentralbank)	2,82 St
		UBS Group AG	2,65 St
		Flossbach von Storch SICAV	2,63 St
GFT Technologies AG		Ulrich Dietz	28,08 St	9,63	1,79	DFA Invest Dimensions Gr. Inc.	1,68
		Maria Dietz	9,68 St
		Dr. Markus Kerber	4,99 St
		Baden-Württembergische Versorgungsanstalt für Ärzte, Zahnärzte und Tierärzte	2,99 St
		JPMorgan Asset Management (UK) Limited	2,99 St
		Fidelity Funds SICAV	2,91 St
		Dr. Jochen Ruetz	0,38 St
		Marika Lulay	0,14 St
		Societe Generale S.A.	0,13 St
		Andreas Bernhardt	0,1 St
JENOPTIK AG		Thüringer Industriebeteiligungs GmbH & Co. KG	11 St	27,90	0,02	DeAWM Investment GmbH	8,02
		Deutsche Asset & Wealth Management Investment GmbH	5,2 St
		Norges Bank (norwegische Zentralbank)	3,55 St
		NEU Dimensional Fund Advisors LP	3,01 St
		Oddo Asset Management	2,97 St
		Source Markets plc	0,25 St
LPKF Laser & Electronics AG		Allianz Global Investors Europe GmbH	3,32 St	20,19	-0,63	Allianz Global Inv. Europe	3,32
		Lazard Frères Gestion S.A.S.	3,24 St
		Rock Point Advisors LLC	3,04 St
		Andrew Gibbs	3,01 St
		Deutsche Asset & Wealth Management Investment GmbH	2,92 St
		WA Holdings, Inc.	2,89 St
		Henderson Global Investors Limited	2,72 St
		Bernd Hackmann	0,56 St
		Dr. Ingo Bretthauer	0,25 St
		Bernd Lange	0,11 St
		Kai Bentz	0,07 St
		Dr. Heino Büsching	0,04 St
		Prof. Dr. Erich Barke	0,01 St
Manz AG		Dieter Manz	35,2 St	12,15	0,78	DFA Invest Dimensions Gr. Inc.	1,18
		Ulrike Manz	3,8 St
		Otto Angerhofer	3,04 St
		AXA S.A.	2,65 St
		ETHENEA Independent Investment S.A.	2,4 St
		Union Investment Privatfonds GmbH	2,1 St
		Societe Generale S.A.	0,14 St
MorphoSys AG	2,04 (St)	Flossbach von Storch Invest S.A.	5,78 St	28,90	1,29	OppenheimerFunds, Inc.	4,39
		Novartis Pharma AG	5,56 St
		OppenheimerFunds, Inc.	4,91 St
		Templeton Global Advisors Limited	3,1 St
		AVIVA plc	3,01 St
		Celgene Alpine Investment Co., LLC	3,01 St
		Credit Suisse Fund Management S.A	2,95 St
		BlackRock, Inc.	2,95 St
		Perceptive Life Sciences Master Fund, Ltd.	2,94 St
		Invesco Advisers, Inc.	2,65 St
		Dr. Simon Moroney	1,71 St
		Dr. Marlies Sproll	0,11 St
		Vorstand und Aufsichtsrat	0,08 St
Nemetschek AG		Prof. Georg Nemetschek	53,57 St	20,31	3,34	Union Investment Privatfonds GmbH	2,93
		NEU Capital Research and Management Company	3,12 St
		Union Investment Privatfonds GmbH	3,05 St
		Universal-Investment-Gesellschaft mbH	2,95 St
		Allianz SE	0,96 St
Nordex SE		SKion/momentum capital/Klatten	22,85 St	15,07	-0,25	DeAWM Investment GmbH	2,89
		JPMorgan Chase Bank	3,22 St
		Deutsche Bank AG	3,06 St
		Norges Bank (norwegische Zentralbank)	2,95 St
		Societe Generale S.A.	0,13 St
		Dr. Wolfgang Ziebart	0,01 St
		UniCredit Bank AG	0,01 St
Pfeiffer Vacuum Technology AG		Privataktionäre	4,9 St	44,68	0,27	Parvest Investment Management Company S.A.	3,45
		Hakuto - Handelsvertretung	3,48 St
		Allianz Global Investors Europe GmbH	3,08 St
		NEU Credit Suisse Group AG	2,98 St
		Sun Life Financial Inc.	2,96 St
		Montanaro Asset Management Ltd	2,94 St
		Capital Research and Management Company	2,68 St
		Ameriprise Financial, Inc.	2,53 St
		BNP Paribas Investment Partners S.A.	2,28 St
		Henderson Global Investors Limited	1,97 St
		Mitglieder von Vorstand und Aufsichtsrat	0,06 St
QIAGEN N.V.	3,21 (St)	PRIMECAP Management Company	9,21 St	19,79	0,24	Franklin Templeton Investments	2,99
		BlackRock, Inc.	7,31 St
		Templeton Investment Counsel, LLC	5,75 St
		Platinum Investment Management Limited	4,17 St
		Manning & Napier Advisors, LLC	2,89 St
		Generation Investment Management LLP	2,88 St
		Baillie Gifford & Co.	2,43 St
		UBS Group AG	2,2 St
		Harding Loevner LLC	2,18 St
		Norges Bank (norwegische Zentralbank)	2,07 St
		Amundi Group	2,03 St
		Dr. Metin Colpan	1,52 St
		Peer M. Schatz	0,82 St
		Prof. Dr. Detlev H. Riesner	0,61 St
		Deutsche Bank AG	0,27 St
QSC AG		Gerd Eickers	12,55 St	22,79	-0,02	Kempen Capital Management NV	10,17
		Dr. Bernd Schlobohm	12,5 St
		J O Hambro Capital Management Limited	5,19 St
		Kempen European Participations N.V.	5,09 St
		Credit Suisse Fund Management S.A	2,98 St
		Allianz Global Investors Europe GmbH	2,96 St
		Jürgen Hermann	0,27 St
		Dr. Frank Zurlino	0,01 St
		Barbara Stolz	0,01 St
RIB Software AG	2,89 (St)	Thomas Wolf	20,08 St	27,79	-0,45	Capital Research and Management Company	7,31
		Capital Group Companies Inc.	6,4 St
		Hans-Joachim Sander	4,58 St
		SAP AG	4,28 St
		Lagoda Investment Management LLC	3,19 St
		Schroders Investment Management	3 St
		Henderson Global Investors Limited	2,97 St
		Invesco Ltd.	2,95 St
		FIL Investments International	2,88 St
		UBS Global Asset Management GmbH	1,95 St
		Credit Suisse Group AG	1,42 St
		Michael Sauer	0,9 St
Sartorius AG	8,89 (St)	Erbengemeinschaft nach Horst Sartorius	50,1 St	25,80	0,12	Vanguard Group, Inc., The	2,65
	8,98 (Vz)	Bio-Rad Laboratories Inc.	30,01 St
		Familienbesitz	5 St
SMA Solar Technology AG		Pool SMA Solar Technology AG	25,2 St	7,50	-0,10	Vanguard Group, Inc., The	2,51
		Danfoss A/S	20 St
		Peter Drews	4,76 St
		Rainer Wettlaufer	4,76 St
		Irene Cramer	4,75 St
		Prof. Dr. Werner Kleinkauf	4,39 St
Software AG	0,10 (St)	Software AG Stiftung	31,59 St	21,39	0,06	Shareholder Value Management AG	2,31
		FMR LLC	3,8 St
		Remo Stoffel	3,66 St
		Templeton Investment Counsel, LLC	3,29 St
		Deutsche Asset & Wealth Management Investment GmbH	3,26 St
		Universal-Investment-Gesellschaft mbH	3,22 St
		Deka Investment GmbH	3,16 St
		Norges Bank (norwegische Zentralbank)	3,15 St
		Shareholder Value Beteiligungen AG	2,3 St
STRATEC Biomedical AG	0,10 (St)	Herdor GmbH & Co. KG	9,66 St	24,77	0,80	Threadneedle Asset Management Limited	4,45
		Ralf Leistner	9,55 St
		Bettina Siegle	9,5 St
		Tanja van Dinter	9,35 St
		Ameriprise Financial, Inc.	4,99 St
		Montanaro Asset Management Ltd	4,77 St
		BNP Paribas Investment Partners S.A.	3,06 St
		Oppenheimer International Small Company Fund	3 St
		Financière de l'Echiquier	2,96 St
		Hermann Leistner	0,39 St
		Doris Leistner	0,34 St
		Allianz Global Investors Europe GmbH	0,33 St
Telefónica Deutschland Holding AG		Telefónica Germany Holdings Limited	62,1 St	3,05	0,04	T. Rowe Price Investment Services Inc.	0,70
		Citigroup Inc.	0,42 St
		UBS AG	0,21 St
		Bank of America Corporation	0,02 St
		Morgan Stanley	0 St
		HSBC Holdings plc	0 St
United Internet AG	0,60 (St)	Ralph Dommermuth	40 St	15,45	-0,13	OppenheimerFunds, Inc.	2,49
		BlackRock, Inc.	4,94 St
		Allianz Global Investors Europe GmbH	3 St
		Deutsche Asset & Wealth Management Investment GmbH	2,84 St
		Norbert Lang	0,22 St
		Michael Scheeren	0,15 St
		Morgan Stanley	0,02 St
Wirecard AG		Jupiter Asset Management Limited	6,27 St	44,58	0,04	Jupiter Unit Trust Managers Limited	5,13
		MB Beteiligungsgesellschaft mbH	6,09 St
		Alken Luxembourg S.A.	4,94 St
		T. Rowe Price Group, Inc.	3,15 St
		Standard Life Investments Limited	3,03 St
		Massachusetts Mutual Life Insurance Company	2,97 St
		The Capital Group Companies Inc.	2,94 St
		Ameriprise Financial, Inc.	2,39 St
		Credit Suisse Group AG	2,07 St
XING AG	0,00 (St)	Burda Digital GmbH	50,4 St	27,53	0,05	Union Investment Privatfonds GmbH	6,04
		Oppenheimer International Small Company Fund	5,07 St
		Union Investment Privatfonds GmbH	5 St
		Deutsche Asset & Wealth Management Investment GmbH	4,97 St
		Schroder Investment Management North America Ltd	4,96 St
		Schroders plc	2,99 St

 

 

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