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VIPsight

Corporate Governance – portrayed in the individual cultural and legal framework, from the standpoint of equity capital.

VIPsight is a dynamic photo archive, sorted by nations and dates, by and for those interested in CG from all over the world.

VIPsight offers, every month:
transparent and independent current information / comments / facts and figures on corporate governance locally and internationally,

  • written by local CG experts,
  • selected and structured by the Club of Florence,
  • financed by its initiator VIP and other sponsors with a background of “Equity and Advisory” interests.
     

VIPsight International


Article Index

VIPsight - November 2015

 

COMPANIES

 

Biotest: Amortization USA

In a profit alert, Biotest AG, the SDax-listed specialist in blood-plasma based medicinal products has announced that it is obliged to amortize 84 million Euros of its US business in the United States. The ruling mainly affects therapeutic initiatives in the United States where companies are under obligation to amortize manufacturing plant, parts of buildings and warehoused stocks of product, and fixed assets. German production is not affected – all the development initiatives are already funded. This measure means Biotest will have to post a loss for the first three quarters of the year.

 

Manz: second profit alert

The weak Asian market, reflected in the 2015 third quarter results is cited by machine tool manufacturer Manz AG as the reason for having to revise downwards its forecast for the whole year. The management of the TDax-listed company is now forecasting a turnover of no more than 200-210 million Euros and a negative EBIT in two figures. Initially Manz had forecast a lower turnover than in the previous year – some 306 million Euros – and a negative EBIT, that although tough, was certainly better than this.

In a note, the company states that revising the forecasts became inevitable after the orders placed in particular by Asian customers became increasingly serviceable by the Energy Storage and Electronics business areas. The present weak condition of the Chinese market and the way capital is being developed mean that fewer resources are being made available for investment there. This business will in all likelihood only appear in next year’s turnover.

Manz’s executive board has resolved to adapt itself to the new scenario by restructuring in order to cut costs and foster growth recovery. The company intends to focus prevalently on market sectors that are growing, such as Consumer Electronics and Energy Storage, but also open the door to strategic options in the Solar business area. This is the second profit alert issued this financial year, indeed the Bafin watchdog is reviewing the fall in value of Manz shares.

 

 

 

 

 

 


 

 

The German Mittelstand

 

 

German SMEs perceive opportunity in diversity

Each and every company must shoulder a certain amount of responsibility and commitment to play an active role in settling important social issues” The chair of the “ChartaderVielfalte.V.” association left no doubt at the recent meeting of the heads of member companies in the Bundeskanzleramt. His reference to important social issues was all too obviously a reference to the flood of migrants coming to Germany who risk becoming a burden to the state, the people and the economy. It is in this sense that the call is to be understood, and to German SMEs in particular, the backbone of the country’s economy.

An ad hoc task force – called ad hoc – has been set up to piece together and recompose the mosaic of skills and expertise that members implement in their business areas, and make them available in the form of mid- to long-term projects to the organizations who provide assistance to migrants. Some details remain to be clarified but it looks increasingly probable that companies will be required to broaden their vista to include migrants when selecting employees. Taking advantage of diversity as a resource for economic success also means integrating candidates with a background of migration.

This should not be a problem for SMEs; many companies have perceived the benefits of diversity for years, with results that are unequivocal. Indeed, a survey carried out jointly by the Institut für Wirtschaftsordnung (IFM) of Bonn and GE Capital confirm the positive relationship between a functioning diversity management and a better than average growth. Top of the class in growth, companies whose turnover increased by more than 10 percent, are much more active in promoting in-house diversity than those whose turnover is static or diminishing. Diversity, however, is not only the prerogative of growth. Almost three-quarters of the companies surveyed stated that diversity had a positive impact on productivity. 68 percent spoke of an enhanced wellbeing among employees and 65 percent noted a stronger innovative drive.

In its more differentiated assessment, limited to a workforce with a migrant past, IFM awarded top marks to SMEs. Companies who see themselves as highly innovative and who have incorporated more than ten innovations into their product range and service portfolio in the last two years are seen to have a high percentage of employees who were migrants.

The idea that the lack of specialised workers and the negative demographic trend can be solved in the future by the waves of migrants presently arriving in droves in Germany is assuredly wishful thinking. The results reported by IFM and GE Capital are to be seen as an opportunity – start seeing broader horizons and opening up to what they can bring.

 

 

 

 


 

 

Buhlmann's Corner

 

 

Winterkorn – The Volkswagen’Ackermann

Both are brilliant, both walk away with a handsome sum and both leave a tarnished legacy of unsolved issues and gray areas of doubt and uncertainty in the company image. Now, that there is at last a hand on the tiller again, Deutsche Bank seems desirous of becoming transparent again. First of all you think aloud then you announce that the shareholders will pay by a stable dividend of 0.00. A few years ago Deutsche Telekom came up with the same idea, only the other way round. The company decides its own future for the next few years whatever the results Nobody seems to care that it is by far much more costly to set the bank on an even keel instead of the company where dividend is generated. Blessed indeed are those who believe that dividend and revenue or even profitability are somehow related.

Now, Volkswagen’s old treasurer Hansdieter Pötsch chairs its Supervisory Board. There was a touch of ingenuity in the company’s invitation to the people to elect the people’s chairman by calling for an extraordinary shareholders meeting (no less ingenuous was the date set for the event). Wrong-footed by an increasingly vociferous public opinion, the company postponed the meeting sine die and delegated the appointment to the tribunal on the basis of a regulation empowering it to “vote” on office bearers which, ironically, is there for the benefit of employees and cooptation. The question of violation of the “cooling-off” period is thus quelled: “unless the vote is proposed by shareholders whose holding is in excess of entitlement to 25 percent of company voting rights”.

Thus did the judge of Brunswick vote, warping the term “election” beyond recognition. But actions are required, not complaints. Dieselgate soldiers on, so, should the person who opened the way for class action of unprecedented magnitude in terms of amount claimed and number of plaintiffs be entrusted with the rectitude of it all? Who are we asking to look after the sheep? A chairman who’s walking on very thin ice?

People are being asked whether Volkswagen is more damaging to Germany’s reputation than football. Is it not odd that soccer has a place and a purse in the cashier’s office of the sponsor in Wolfsburg. Who cares that Volkswagen has no idea what Corporate Governance really means any more than it understands the Chancellor’s Entsenderecht (right to delegation, designation). It was interesting to see who suddenly took centre stage requesting application of best practice. But where’s the problem – everything’s just fine. Going by the quarter results things aren’t really so bad when all is said and done (pity that nobody seems to remember that for 8/9 of the time there was no dieselgate)

And yet everything was just fine – always. The populace paid up and got toys and games in return, and the actors enthusiastically organized everything on behalf of producers and associations. People delegate downwards keeping their ears closed until the letter of the law is almost imperceptible and the rest (of what is needed to apply it) disappears into the mist.. In the end everyone’s happy? Who needs responsibility when ..... ?

 

 

 


 

 

People

 

Delticom: Unfilled vacancy

Staff changes are in the air at Delticom AG, the on-line tyre sales organization. In a communiqué dated end October, the Prime Standard-listed concern announced that executive board member Sascha Jürgensen wished to resign from the board in agreement with the Supervisory Board – No successor has yet been mooted. Delta’s executive board now has four members – Andreas Prüfer, Philip von Grolman, SusannDörsel-Müller and ThierryDelesalle.

 

SKW Metallurgie: a short romance

The SKW Stahl-Metallurgie Holding AG, steel manufacturer has lost its CFO. Sabine Kauper, an executive board member since 2014, unexpectedly tendered her resignation from the post at the end of October, citing personal reasons. CEO Kay Michel finds herself alone at the helm of the the SDax-listed concern with Kauper continuing for an interim period in a consultative capacity. Since joining the company, Kauper worked together with Michel towards making the SKW Group profitable again. The hard times that the company had fallen on were blamed on former CEO Ines Kolmsee presently being sued for damages. Kauper, who has been on the Supervisory Board since 2009 changed the management team after Kolmsee left. SKW was obliged to publish a profit alert last August because the company was again in difficulty.

 

Stabilus: Expertise in the Supervisory Board

With the departure of Nizar Gjoussaini in October, the winds of change have been blowing through the Supervisory Board of Stabilus, supplier to automobile manufacturers. Ghoussaini joined the board by way of former major shareholder Triton, and his position was confirmed after the company’s stock market flotation in 2014.

Ghoussaini will be replaced by Ralf-Michael Fuchs. A graduate in management engineering, Fuchs has held a variety of managerial and senior executive management posts with machine tool manufacturer Dürr AG, including that of CEO in the Measuring and Process Systems division .

Udo Stark will remain as chair of the Supervisory Board with Stephan Kessel and Joachim Rauhut as vice-chair.

 

Kilian Kerner: New position as CFO

Fashion maison Kilian Kerner AG has broadened its executive board. Stefan Rassau has been appointed CFO to the Entry Standard-listed company, and will work together with CEO Stefan Ober at the sharp end in guiding the company. Rassau, a graduate in engineering has held high profile positions in the fashion business with such companies as Calvin Klein Europe and Esprit. In addition, Kilian Kerner AG states that Rassau has gathered experience in the field of strategic consultancy, working with the Roland Berger studio. In Kilian Kerner, Rassau’s tasks will include implementing the resolutions of the last shareholders’ meeting including reducing capital and increasing capital in cash up to a maximum volume of 2.5 million Euros.

 

Grammer: Growth by takeovers

In taking over the Reum group at the end of October, auto interior producer Grammer AG acquired specialisation in surface refinement, metal working and joining technology. In a communiqué Grammer states that its recent acquisition posted a turnover for 2014 of approximately 130 million Euros. No information was forthcoming as to the cost of the takeover. SDax-listed Grammer intends to finance the transaction through existing credit lines and expects that the takeover will boost its turnover by at least 25 percent over the coming 5 years.

 

Klöckner: extension of its market position

Through its American company MDax-listed Klöckner& Co SE, has purchased American steel transformer American Fabricators of Tennessee. After broadening the base of its product and services in the US, the steelmaker has proceeded to introduce its steel working on the American market. This is expected to give Klöckner more clout in creating production values for complex items of worked steel. In a note, Klöckner states that American Fabricators is highly profitable with a monthly turnover of some 30 million dollars. The newly acquired company will be consolidated from the fourth quarter of 2015. The group has not divulged the amount of the transaction.

 

Twintec: synergy and more OEM

Twintec AG, the distributor of vehicle exhaust gas treatment products, has taken over Kontec GmbH a provider of OEM development services. This takeover will enable Twintec to expand its OEM business with a forecast increase in turnover for next year of 55 – 60 percent. Furthermore, according to Twintec, this new synergy will bring about a cut in costs in 2016 of 1.5 million Euros, and lower investment expenses by approximately 0.5 million Euros.

 

Erlebnis Akademie: TheDax-listed great outdoors

Erlebnis Akademie AG who claims to provide accommodation with nothing to hinder your enjoyment of nature has set its sights on getting listed on the Munich stock exchange. The company, with its four tree-top itineraries in the Black Forest, the Bayerischer Wald, the isle of Rügen and at Lipnonad Vitavou in the Czech Republic, set up on a total investment of approximately 23.5 million Euros is expecting its first listing in m.access on 9 December. The 687,708 shares to increase capital can be subscribed up till the end of November at €7.50 per share. If all the new shares are subscribed, the company’s coffers will be 5.2 million Euros richer, a sum that Erlebnis Akademie AG has earmarked in part to fund the construction of other treetop itineraries in the Saar, the Czech Republic and the Netherlands. Erlebnis Akademie’s 2014 turnover was 5.8 million Euros with an EBIT of 0.4 million Euros. Up till 2018 the company expects turnover to continue rising at around 16 percent per year. The 1,375,416 existing shares are distributed among the company founders, management and various minority shareholders.

 

Hornbach: Family sale

The SDax-listed company has announced that the Hornbach entrepreneur family is placing a million bearer shares of the Hornbach Holding AG & Co KGaA. DIY market group. It is believed that half of the shares purchased in 2014 by former business partner Kingfisher plc came from the family. The private placement amounts to 6.25 percent of the share capital. After this transaction approximately 44 percent of the KGaA will still be owned by the Hornbach family – 16 million shares worth 48 million Euros.

 

 

 


 

 

Director's Dealings

 

 

Company Person Function Buy / Sell Total value in Euro Number of shares Datum
Evonik Industries AG RSK Asset Management GmbH   B 89.640 3.000 30.09.2015
Gerry Weber International Aktiengesellschaft Weber, Irina   B 14.785 975 13.10.2015
Gerry Weber International Aktiengesellschaft Weber, Ralf MB-Head B 7.740 500 12.10.2015
Gerry Weber International Aktiengesellschaft Weber, Ralf MB-Head B 15.660 1.000 12.10.2015
Gerry Weber International Aktiengesellschaft Weber, Ralf MB-Head B 69.641 4.500 09.10.2015
Gerry Weber International Aktiengesellschaft R & U Weber GmbH & Co. KG   B 750.235 50.000 09.10.2015
HeidelbergCement AG VEM Vermögensverwaltung AG   B 9.019.539 150.000 29.09.2015
K+S Aktiengesellschaft Sünner, Dr. Charlotte   B 5.188 220 06.10.2015
K+S Aktiengesellschaft Bethke, Barbara   B 50.000 2.000 05.10.2015
KUKA Aktiengesellschaft Mohnen, Peter MB B 19.496 300 13.10.2015
Nordex SE Ventus Venture Fund GmbH & Co. Beteiligungs KG   S 310.813.932 11.954.382 04.10.2015
Nordex SE momentum-capital Vermögensverwaltungsgesellschaft mbH   S 24.527.620 943.370 04.10.2015
RHÖN-KLINIKUM Aktiengesellschaft Münch, Eugen SB-Head S 108.812 4.650.071 06.10.2015
RHÖN-KLINIKUM Aktiengesellschaft Münch, Ingeborg   S 85.277 3.644.324 06.10.2015
RHÖN-KLINIKUM Aktiengesellschaft B. Braun Melsungen Aktiengesellschaft   S 15.000 500.000 05.10.2015
RHÖN-KLINIKUM Aktiengesellschaft B. Braun Melsungen Aktiengesellschaft   S 2.754 250.374 06.10.2015
RHÖN-KLINIKUM Aktiengesellschaft B. Braun Melsungen Aktiengesellschaft   S 12.600 700.000 28.09.2015
RHÖN-KLINIKUM Aktiengesellschaft B. Braun Melsungen Aktiengesellschaft   S 16.320 800.000 29.09.2015
RHÖN-KLINIKUM Aktiengesellschaft B. Braun Melsungen Aktiengesellschaft   S 12.060 600.000 30.09.2015
RHÖN-KLINIKUM Aktiengesellschaft B. Braun Melsungen Aktiengesellschaft   S 11.883 510.000 01.10.2015
RHÖN-KLINIKUM Aktiengesellschaft B. Braun Melsungen Aktiengesellschaft   S 11.985 510.000 02.10.2015
SAP SE Hahn, Andreas SB S 2.660 38 28.10.2015

 

 

 

 


 

 

VIPsight Shareholders

in Oktober 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. 5,12 St 28,41 0,85 Capital Research and Management Company 3,53
    O. Mason Hawkins 3,06 St        
    The Capital Group Companies Inc. 3,02 St        
    Albert Frère 3 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. 6,26 St 25,93 -0,06 DeAWM Investment GmbH 1,68
    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        
    Societe Generale S.A. 0,07 St        
    Commerzbank AG 0,04 St        
               
BASF SE   BlackRock, Inc. 6,33 St 18,08 0,06 BlackRock Asset Management Deutschland AG 1,42
    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. 7,06 St 29,73 -0,01 Capital Research and Management Company 5,13
    The Capital Group Companies Inc. 4,96 St        
    Sun Life Financial Inc. 2,98 St        
    Bayer-Mitarbeiter 1 St        
    Vorstand & Aufsichtsrat 1 St        
    Credit Suisse Group AG 0,31 St        
               
Bayerische Motoren Werke AG   Stefan Quandt 25,81 St 15,22 0,01 Dodge & Cox Funds 1,51
    Susanne Klatten 20,93 St        
    BlackRock 3,15 St        
    Norges Bank (norwegische Zentralbank) 3,01 St        
    Credit Suisse Group AG 0 St        
               
Beiersdorf AG 9,99 (St) maxingvest ag 50,69 St 9,97 0,04 Commerz Funds Solutions S.A. 1,26
    BlackRock, Inc. 2,68 St        
               
Commerzbank AG   Bundesrepublik Deutschland 15,6 St 17,32 -0,02 Capital Research and Management Company 4,89
    BlackRock, Inc. 4,98 St        
    The Capital Group Companies Inc. 4,54 St        
    EuroPacific Growth Fund 2,75 St        
               
Continental AG   Schaeffler Group 46 St 20,27 -0,09 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 21,18 -0,03 Harris Associates L.P. 1,32
    BlackRock, Inc. 6,04 St        
    Renault S. A. 3,1 St        
    Norges Bank (norwegische Zentralbank) 2,99 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 0,01 (St) BlackRock, Inc. 6,41 St 15,65 -0,07 BlackRock Asset Management Deutschland AG 1,57
    Paramount Services Holdings Ltd. 3,05 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 3,25 (St) BlackRock, Inc. 5,35 St 33,16 0,18 Capital Research and Management Company 3,33
    Invesco Ltd. 5,02 St        
    The Capital Group Companies Inc. 2,98 St        
    Dodge & Cox 2,96 St        
    Baillie Gifford & Co. 2,95 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 4,93 St 28,88 0,12 Franklin Templeton Investments 4,82
    BlackRock, Inc. 3,09 St        
    The Capital Group Companies Inc. 2,94 St        
    UBS AG 2,88 St        
    Morgan Stanley 0,35 St        
    Societe Generale S.A. 0,18 St        
    The Goldman Sachs Group, Inc. 0,08 St        
    Credit Suisse Group AG 0,02 St        
               
Deutsche Post AG 0,12 (St) KfW - Kreditanstalt für Wiederaufbau 20,96 St 18,65 -0,14 BlackRock Asset Management Deutschland AG 1,19
    BlackRock, Inc. 5,96 St        
               
Deutsche Telekom AG 0,40 (St) KfW - Kreditanstalt für Wiederaufbau 17,17 St 13,21 -0,01 Capital Research and Management Company 1,00
    Bundesrepublik Deutschland 14,04 St        
    BlackRock, Inc. 5,17 St        
               
E.ON SE 2,43 (St) BlackRock, Inc. 6,24 St 16,76 -0,23 BlackRock Asset Management Deutschland AG 1,44
               
Fresenius Medical Care AG & Co. KGaA 2,42 (St) Fresenius SE & Co. KGaA 30,21 St 16,94 0,12 Vanguard Group, Inc., The 1,23
    BlackRock, Inc. 4,08 St        
    Thornburg Investment Management Inc. 2,94 St        
    UBS AG 2,64 St        
    Commerzbank AG 0,01 St        
               
Fresenius SE & Co. KGaA   Else Kröner-Fresenius-Stiftung 26,55 St 21,56 0,07 Harbor Fund 2,34
    BlackRock, Inc. 4,95 St        
    Allianz SE 3,81 St        
    Henderson Group plc 2,99 St        
               
HeidelbergCement AG   Ludwig Merckle 26,2 St 27,25 0,00 First Eagle Funds (division of ASB Securities LLC) 5,71
    Arnhold and S. Bleichroeder Holdings, Inc. 5,11 St        
    Capital Research and Management Company 5,07 St        
    BlackRock, Inc. 4,1 St        
    EuroPacific Growth Fund 3,03 St        
    Morgan Stanley 2,98 St        
    Commerzbank AG 0 St        
               
Henkel AG & Co. KGaA 2,07 (Vz) Familie Henkel 60,84 St 21,14 0,04 DeAWM Investment GmbH 2,43
               
Infineon Technologies AG   Dodge & Cox 9,45 St 38,61 0,12 Dodge & Cox Funds 5,88
    The Capital Group Companies Inc. 7,85 St        
    BlackRock, Inc. 5,22 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. 4,83 St 22,42 0,32 Commerz Funds Solutions S.A. 4,30
    Meritus Trust Company Limited 2,97 St        
    EuroPacific Growth Fund 2,49 St        
    UBS Group AG 1,92 St        
    The Goldman Sachs Group, Inc. 0,92 St        
    Societe Generale S.A. 0,14 St        
    Morgan Stanley 0,07 St        
    Credit Suisse Group AG 0,04 St        
               
Linde AG 0,05 (St) Norges Bank (norwegische Zentralbank) 6,62 St 33,68 -0,11 Capital Research and Management Company 2,77
    BlackRock, Inc. 5,49 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        
               
MERCK KGaA   BlackRock, Inc. 5,86 St 30,75 -0,19 Franklin Templeton Investments 2,69
    Templeton Investment Counsel, LLC 4,99 St        
    Sun Life Financial Inc. 4,91 St        
    Allianz Global Investors GmbH 3,02 St        
    The Goldman Sachs Group, Inc. 1,41 St        
    UBS AG 1,26 St        
    Credit Suisse Group AG 1,12 St        
    Morgan Stanley 0,05 St        
    Commerzbank AG 0,01 St        
               
Münchener Rückversicherungs-Gesellschaft AG 1,33 (St) Warren E. Buffett 9,71 St 22,77 0,07 BlackRock Asset Management Deutschland AG 1,40
    BlackRock, Inc. 6,39 St        
    People's Bank of China / State Administration of Foreign Exchange (SAFE) 3,22 St        
    Allianz Global Investors GmbH 3 St        
    UBS Group AG 1,64 St        
    Credit Suisse Group AG 0,95 St        
    Citigroup Inc. 0,77 St        
    Commerzbank AG 0,28 St        
    Societe Generale S.A. 0,06 St        
               
RWE AG   RWEB GmbH 16,15 St 17,03 -0,46 Alken AM LLP (UK) 2,46
    Privataktionäre 13 St        
    BlackRock, Inc. 4,82 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 8,54 St 13,12 -0,05 BlackRock Asset Management Deutschland AG 1,01
    Erbengemeinschaft nach Dr. h.c. Klaus Tschira 7,5 St        
    BlackRock, Inc. 5,36 St        
    Dr. Dietmar Hopp 5,31 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 0,6 St        
    Commerzbank AG 0,1 St        
               
Siemens AG 8,53 (St) Siemens (Familie) 6 St 16,23 -0,03 BlackRock Asset Management Deutschland AG 1,25
    BlackRock, Inc. 5,42 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 11,74 -0,21 Commerz Funds Solutions S.A. 1,86
    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 52,2 St 19,40 -0,02 Capital Research and Management Company 3,52
    Land Niedersachsen 20 St        
    Katar Holding 17 St        
               
Vonovia SE   BlackRock, Inc. 8,33 St 11,46 0,15 MFS Massachusetts Financial Services Company 1,35
    Lansdowne Partners Limited/Lansdowne Partners International Limited 5,61 St        
    Norges Bank (norwegische Zentralbank) 4,56 St        
    The Wellcome Trust Ltd 3,43 St        
    Sun Life Financial Inc. 3,1 St        
    Wellington Management Group LLP 2,41 St        
    Jeremy Coller 1,5 St        
    Guy Hands 1,41 St        
    Citigroup Inc. 1,14 St        
    Barclays PLC 0,96 St        
    Lion Residential Holdings S. à r.l. 0,66 St        
    Morgan Stanley 0,61 St        
    JPMorgan Chase & Co. 0,35 St        
    Abu Dhabi Investment Authority 0,31 St        
    Rolf Buch 0,08 St        
    Societe Generale S.A. 0,03 St        
    Dr. Marion Helmes 0,01 St        
    Dr. A. Stefan Kirsten 0,01 St        
    Thomas Zinnöcker 0,01 St        
               
TecDAX              
               
ADVA Optical Networking SE   EGORA Holding GmbH 16,5 St 12,61 0,94 DeAWM Investment GmbH 7,72
    Deutsche Asset & Wealth Management Investment GmbH 7,72 St        
    DNB Asset Management AS 4,85 St        
    Dimensional Holdings Inc. 2,99 St        
    Norges Bank (norwegische Zentralbank) 2,98 St        
    NN Investment Partners Belgium S.A. 2,93 St        
    FMR LLC 2,89 St        
    Source Markets plc 1,13 St        
    Brian L. Protiva 0,82 St        
    Eric Protiva 0,65 St        
    Anthony T. Maher 0,02 St        
               
AIXTRON SE 0,98 (St) Camma B.V. 6,79 St 35,37 -0,01 Allianz Global Inv. Europe 7,34
    Allianz Global Investors Europe GmbH 6,04 St        
    Baillie Gifford & Co. 5,8 St        
    Generation Investment Management LLP 5,16 St        
    UBS Group AG 3,87 St        
    Caisse des Dépôts et Consignations 3,11 St        
    BlackRock, Inc. 2,96 St        
    NN Group N.V. 2,93 St        
    Credit Suisse Group AG 1,11 St        
    The Goldman Sachs Group, Inc. 0,02 St        
               
Bechtle AG   Karin Schick 35,02 St 27,38 0,00 Flossbach von Storch AG 9,61
    Flossbach von Storch Invest S.A. 10,07 St        
    Allianz Global Investors GmbH 5,42 St        
    Deutsche Asset & Wealth Management Investment GmbH 3,01 St        
    Norges Bank (norwegische Zentralbank) 2,99 St        
    Alceda Fund Management SA 2,93 St        
    Jürgen Schäfer 0,02 St        
               
CANCOM SE   Allianz Global Investors Europe GmbH 9,93 St 25,38 0,66 Threadneedle Asset Management Limited 3,19
    Ameriprise Financial, Inc. 5,04 St        
    Allianz Global Investors Luxembourg S.A. 4,78 St        
    Denver Investment Advisors LLC 2,9 St        
    Astellon Capital Partners LLP 2,46 St        
    UBS Group AG 2,31 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 10,48 -0,14 Oddo Asset Management 2,10
    ODDO ET CIE 2,99 St        
               
CompuGROUP Medical AG 6,57 (St) Frank Gotthardt 33,65 St 17,71 0,19 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 2,99 St        
    Oppenheimer Funds, 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 30,75 0,19 CI Investments Inc. 4,01
    Citigroup Global Markets 9,44 St        
    State Street 5,92 St        
    Deutsche Bank AG 5,03 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        
    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        
    BNP Paribas Investment Partners S.A. 2,89 St        
    Black Creek Investment Management Inc. 2,68 St        
               
Drillisch AG   Ralph Dommermuth 20,11 St 29,91 -0,01 Union Investment Privatfonds GmbH 5,37
    Alken Luxembourg S.A. 5,13 St        
    Allianz Global Investors Europe GmbH 5 St        
    Union Investment Privatfonds GmbH 2,89 St        
    FMR LLC 2,84 St        
    Deutsche Bank AG 2,28 St        
    Marc Brucherseifer 1,97 St        
    Mellon Capital Management Corporation 1,72 St        
    Paschalis Choulidis 0,78 St        
    Vlasios Choulidis 0,73 St        
    Johann Weindl 0,02 St        
    Dr. Horst Lennertz 0 St        
               
Drägerwerk AG & Co. KGaA   Familie Dräger 71,42 St 36,24 1,55 Templeton Investment Counsel LLC 2,66
    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 Meriten Asset Management S.A. 2,97 St        
    Dräger Stiftung 0,12 St        
               
Evotec AG   Roland Oetker 13,17 St 9,87 -0,08 DeAWM Investment GmbH 2,41
    TVM V Life Science Management GmbH & Co. KG 7,82 St        
    BVF Inc. 4,23 St        
    Allianz Global Investors GmbH 2,99 St        
    Mark N. Lampert 2,95 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   Deutsche Asset & Wealth Management Investment GmbH 5,23 St 40,57 0,51 DeAWM Investment GmbH 6,06
    Allianz Global Investors GmbH 5,16 St        
    The Capital Group Companies Inc. 3,7 St        
    BlackRock, Inc. 3,08 St        
    BNP Paribas Investment Partners S.A. 3,01 St        
    J.P. Morgan Investment Management Inc 2,98 St        
    Flossbach von Storch Invest S.A. 2,86 St        
    Norges Bank (norwegische Zentralbank) 2,82 St        
    UBS Group AG 2,65 St        
               
GFT Technologies SE   Ulrich Dietz 28,08 St 12,25 -0,33 Fidelity Investments Luxembourg S.A. (FIL) 2,94
    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        
    Andreas Bernhardt 0,1 St        
               
JENOPTIK AG   Thüringer Industriebeteiligungs GmbH & Co. KG 11 St 29,04 0,17 DeAWM Investment GmbH 8,02
    Deutsche Asset & Wealth Management Investment GmbH 5,2 St        
    Templeton Investment Counsel, LLC 3,08 St        
    ODDO ET CIE 3,03 St        
    Dimensional Fund Advisors LP 3,01 St        
    Norges Bank (norwegische Zentralbank) 2,63 St        
    Source Markets plc 0,25 St        
               
LPKF Laser & Electronics AG   Lazard Frères Gestion S.A.S. 5,65 St 19,37 0,32 Allianz Global Inv. Europe 3,32
    Allianz Global Investors Europe GmbH 3,32 St        
    Rock Point Advisors LLC 2,99 St        
    Deutsche Asset & Wealth Management Investment GmbH 2,92 St        
    WA Holdings, Inc. 2,89 St        
    Henderson Global Investors Limited 2,72 St        
    Andrew Gibbs 2,63 St        
    Bernd Hackmann 0,56 St        
    Dr. Ingo Bretthauer 0,25 St        
    Bernd Lange 0,11 St        
    Kai Bentz 0,07 St        
    Societe Generale S.A. 0,07 St        
    Dr. Heino Büsching 0,04 St        
    Prof. Dr. Erich Barke 0,01 St        
               
Manz AG   Dieter Manz 35,2 St 14,51 0,35 Allianz Global Inv. Europe 1,36
    Ulrike Manz 3,8 St        
    Otto Angerhofer 2,77 St        
    AXA S.A. 2,65 St        
    ETHENEA Independent Investment S.A. 2,4 St        
    Union Investment Privatfonds GmbH 2,1 St        
               
MorphoSys AG 2,04 (St) Flossbach von Storch Invest S.A. 5,78 St 28,69 0,03 OppenheimerFunds, Inc. 4,39
    Novartis Pharma AG 5,56 St        
    Templeton Global Advisors Limited 3,1 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        
    AVIVA plc 2,78 St        
    Invesco Advisers, Inc. 2,65 St        
    Dr. Simon Moroney 1,8 St        
    Dr. Marlies Sproll 0,14 St        
    Vorstand und Aufsichtsrat 0,08 St        
               
Nemetschek AG   Prof. Georg Nemetschek 53,57 St 5,62 0,01 Union Investment Privatfonds GmbH 0,73
    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 22,79 St 14,93 -0,23 DeAWM Investment GmbH 2,89
    JPMorgan Chase Bank 4,94 St        
    Deutsche Bank AG 4,92 St        
    Old Mutual plc 3,02 St        
    Norges Bank (norwegische Zentralbank) 2,95 St        
    Dr. Wolfgang Ziebart 0,01 St        
    UniCredit Bank AG 0,01 St        
               
Pfeiffer Vacuum Technology AG   Pangea/Busch 27,19 St 49,09 -1,08 Parvest Investment Management Company S.A. 3,45
    Privataktionäre 4,9 St        
    Hakuto - Handelsvertretung 3,48 St        
    Allianz Global Investors Europe GmbH 3,08 St        
    Credit Suisse Group AG 2,98 St        
    Montanaro Asset Management Ltd 2,94 St        
    Sun Life Financial Inc. 2,81 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. 3,56 (St) PRIMECAP Management Company 9,3 St 18,15 -0,02 Franklin Templeton Investments 2,99
    BlackRock, Inc. 7,35 St        
    Templeton Global Advisors Limited 5,76 St        
    UBS Global Asset Management (UK) Ltd. 5,5 St        
    Templeton Investment Counsel, LLC 3,38 St        
    Platinum Investment Management Limited 2,99 St        
    Baillie Gifford & Co. 2,9 St        
    Generation Investment Management LLP 2,88 St        
    Johnston Asset Management 2,48 St        
    Societe Generale S.A. 2,21 St        
    Amundi Group 2,03 St        
    ClearView Life 2,02 St        
    Vanguard Group Inc. 1,98 St        
    First Trust Advisors L.P. 1,93 St        
    Dr. Metin Colpan 1,73 St        
    Cramer Rosenthal McGlynn LLC 1,25 St        
    Credit Agricole Asset Managements 1,22 St        
    Manning & Napier Advisors, LLC 1,03 St        
    Peer M. Schatz 0,89 St        
    Prof. Dr. Detlev H. Riesner 0,61 St        
    Deutsche Bank AG 0,27 St        
    Roland Sackers 0,01 St        
    Dr. Werner Brandt 0,01 St        
    Prof. Dr. Manfred Karobath 0,01 St        
               
QSC AG   Gerd Eickers 12,55 St 22,60 0,20 Kempen Capital Management NV 10,17
    Dr. Bernd Schlobohm 12,5 St        
    J O Hambro Capital Management Limited 5,19 St        
    Kempen Oranje Participaties 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        
    Stefan A. Baustert 0,01 St        
               
RIB Software AG 2,68 (St) Thomas Wolf 18,65 St 30,40 0,90 Capital Research and Management Company 6,78
    Capital Group Companies Inc. 5,94 St        
    SAP AG 3,97 St        
    Hans-Joachim Sander 3,5 St        
    Ameriprise Financial, Inc. 3,13 St        
    Lagoda Investment Management LLC 2,96 St        
    Henderson Global Investors Limited 2,76 St        
    Invesco Ltd. 2,74 St        
    Schroders Investment Management 2,73 St        
    FIL Investments International 2,67 St        
    UBS Global Asset Management GmbH 1,81 St        
    Credit Suisse Group AG 1,32 St        
    Michael Sauer 0,83 St        
               
Sartorius AG 8,89 (St) Erbengemeinschaft nach Horst Sartorius 50,1 St 23,34 -1,54 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 7,36 -0,13 Vanguard Group, Inc., The 2,51
    Danfoss A/S 20 St        
    Peter Drews 4,76 St        
    Reiner Wettlaufer 4,76 St        
    Prof. Dr. Werner Kleinkauf 4,39 St        
               
Software AG 1,09 (St) Software AG Stiftung 31,59 St 21,99 0,15 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        
    Deka Investment GmbH 3,16 St        
    Norges Bank (norwegische Zentralbank) 2,97 St        
    Universal-Investment-Gesellschaft mbH 2,92 St        
    Shareholder Value Beteiligungen AG 2,3 St        
               
STRATEC Biomedical AG 0,10 (St) Herdor GmbH & Co. KG 9,62 St 26,26 0,31 Montanaro Asset Management Limited 6,50
    Ralf Leistner 9,5 St        
    Bettina Siegle 9,42 St        
    Tanja van Dinter 9,31 St        
    Ameriprise Financial, Inc. 4,97 St        
    Montanaro Asset Management Ltd 4,75 St        
    BNP Paribas Investment Partners S.A. 3,04 St        
    Financière de l'Echiquier 2,94 St        
    Hermann Leistner 0,38 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 3,48 0,13 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 0,47 (St) Ralph Dommermuth 40 St 16,80 0,15 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        
    Robert Nikolaus Hoffmann 0,05 St        
               
Wirecard AG   MB Beteiligungsgesellschaft mbH 6,4 St 44,95 -0,37 Jupiter Unit Trust Managers Limited 5,27
    Jupiter Asset Management Limited 6,27 St        
    Alken Luxembourg S.A. 5,02 St        
    T. Rowe Price Group, Inc. 3,15 St        
    Comgest Global Investors S.A.S. 3,05 St        
    Standard Life Investments Limited 3,03 St        
    Artisan Partners Limited Partnership 3,01 St        
    Massachusetts Mutual Life Insurance Company 2,97 St        
    The Capital Group Companies Inc. 2,94 St        
    Select Equity Group, L.P. 2,92 St        
    Ameriprise Financial, Inc. 2,39 St        
    Credit Suisse Group AG 0,13 St        
               
XING AG 0,00 (St) Burda Digital GmbH 50,26 St 29,30 0,01 Union Investment Privatfonds GmbH 6,01
    Union Investment Privatfonds GmbH 4,98 St        
    Deutsche Asset & Wealth Management Investment GmbH 4,95 St        
    Schroders plc 2,98 St        
    Schroder Investment Management North America Ltd 2,95 St