Annual Report 2014

technotrans on the Capital Market – Shares

The technotrans trading price comfortably outperformed the market as a whole, represented by the Technology All Share Index, in a market environment strongly influenced by cyclical and political factors in the course of the year.

The stock markets put in a distinctly mixed performance in 2014. Initial euphoria at the start of the year subsequently gave way to concerns about further economic growth in China and emerging economies. In the second quarter, German share indices recovered thanks to an improvement in the monetary environment created by the expansionary monetary policy of the ECB. However uncertainty over the escalating crisis in Ukraine and the possible geopolitical consequences weighed on the share price performance as the year progressed. Fears of a wider economic downturn pervaded European stock markets. Investors were greatly unsettled by the downgrading of economic forecasts and the performance of the main indices, too, weakened further as the year progressed. The outlook nevertheless improved towards the end of the year, giving share prices a significant lift.

Stock price (January 1st - December 30th 2014)

The 2014 financial year also brought two contrasting halves for technotrans’ shares. With technotrans shares initially reaching a first-half high of € 9.10 on May 28, 2014, there then came a marked setback to the trading price in the third quarter and at the start of the fourth quarter due to market factors. The year-low of € 7.41 was recorded on October 15, 2014. Since then – and especially since the publication of the Interim Report at September 30, the trading price has risen significantly. The year-high of € 9.56 was achieved at the end of the year (December 29, 2014). At € 9.28 on the last day’s trading on December 30, 2014, the trading price was more than 20 percent up on the position at the turn of 2013 / 2014 (€ 7.71) and therefore outperformed the SDAX and TecDAX indices.

Performance of technotrans share (XETRA) in 2014 (in €)

Dialogue with Shareholders, Analysts and the Business Press

We again conducted open, ongoing communication with all capital market operators in the 2014 financial year. Supported by internal and external resources, both Chief Executive Officer Henry Brickenkamp and Chief Financial Officer Dirk Engel maintained a dialogue with institutional investors and analysts at roadshows and capital market conferences. There were also numerous conversations with our private shareholders. The business performance of technotrans again featured in the national media in the 2014 financial year. The shares were covered by four analysts in 2014 (Bankhaus Lampe, HSBC Trinkaus and Burkhardt, M.M. Warburg, Montega). At present the analysts’ price targets for technotrans shares range between € 11 and € 14 and without exception represent “buy” recommendations. We expect to see a further increase in interest along with our entry into attractive new markets outside the printing industry and the gradual shift in our peer group.

Capital market oriented   2014 2013
Trading price (Xetra closing price)      
High 9.56 10.35
Low 7.41 6.90
End of financial year 9.28 7.71
Number of shares at end of period Units 6,516,434 6,493,474
Market capitalisation € ' 000 60,473 50,065
Earnings per share
(basic, IFRS)
0.67 0.47
Dividend per share 0.33 0.20

Shareholdings at end of period - by region

Shareholder structure at end of period in percent

Related Parties – Directors’ Holdings

At the reporting date of December 31, 2014 the total number of treasury shares amounted to 391,231. The shareholder structure otherwise remained broadly unchanged. No new voting right notifications according to Sections 21 (1) or (1a) of German WpHG have been received.

    31/12/2014 31/12/2013
Board of Management      
Henry Brickenkamp   47,037 45,037
Dirk Engel   20,000 10,000
Dr. Christof Soest   18,764 10,764
     
Supervisory Board      
Reinhard Aufderheide   3,347 3,309
Dr. Norbert Bröcker   250 250
Heinz Harling   64,854 64,854
Thomas Poppenberg   554 506
Helmut Ruwisch   1,500 1,500
Dieter Schäfer   0 0
     
Family members      
Marian Harling   1,000 1,000

The Board of Management and Supervisory Board will propose that a dividend of € 0.33 per share be distributed for the past financial year. This represents a dividend yield of 3.6 percent, compared with 2.3 percent in the previous year. Our proposal ensures that our shareholders participate appropriately in the company’s profit performance, in keeping with our established dividend policy. The distribution rate envisaged is 50 percent of consolidated net profit.

Financial year   2014 2013 2012 2011
Dividend per share 0.33 1 0.20 0.12 -
Payout ratio % 49 43 25 0
Amount distributed € '000 2,150 3 1,299 776 0
Dividend yield 2 % 3.6 2.3 1.3 0.0