Stock Markets Continue to Be Volatile
Global stock markets were volatile on the whole in the reporting year of 2015. While they were supported at the beginning of the year primarily by the ECB’s expansive fiscal policy, the remainder of the year was characterized by uncertainty, on the one hand, over China’s economic development and, on the other, the extent and speed of the recovery of the U.S. economy. For instance, the leading German stock index DAX reached its all-time high of 12,375 points on April 10, but leveled off at 10,743 points at year-end. For the DAX, this represented an overall gain of 9.6% over the previous year. The industry-specific index NASDAQ Biotechnology soared to its annual high of 4,166 points on June 20 and stood at 3,540 points at year-end, which represented a gain of 5.5% over the prior year. The German technology index TecDAX, to which the Sartorius preference shares belong, rose in the same period much more dynamically by 33.5%, and closed at 1,831 points on December 31, 2015.
Double-Digit Increase in Sartorius Share Prices
Sartorius shares performed very dynamically during the 2015 fiscal year. Up 220.4%, Sartorius ordinary shares more than tripled in value, reaching their all-time high of €314.00 at the end of 2015. The company’s preference shares gained 137.5%, closing at €240.45 on December 31, 2015.
The position of the Sartorius preference share in the German technology index TecDAX further improved during the year under review: based on the criterion of market capitalization, our preference share moved up the ranks from 14th in 2014 to 8th at the end of 2015. In trading volume – i.e., the volume traded on the Frankfurt Stock Exchange over the preceding twelve months – the Sartorius preference share jumped nine places compared with the year before, ranking 19th.
Facts about the Shares
|ISIN||DE0007165607 (ordinary shares)|
|DE0007165631 (preference shares)|
|Designated sponsor||Oddo Seydler Bank AG | M.M. Warburg & Co. (AG & Co.) KGaA|
|Market segment||Prime Standard|
|Indexes||TecDAX | CDAX | Prime All Share Index | Technology All Share Index | NISAX20|
|Stock exchanges||Xetra | Frankfurt | Hanover | Duesseldorf | Munich | Berlin | Hamburg | Bremen | Stuttgart|
|Number of shares||18,720,000 no-par individual share certificates with a calculated par value of €1 per share|
|Of which||9,360,000 ordinary shares|
|9,360,000 preference shares|
|Of which shares outstanding||8,553,056 ordinary shares|
|8,544,017 preference shares|
Trading Volume and Share Price Development
|2015||2014||Change in %|
|Preference share in € (Xetra year-end closing price)||240.45||101.25||137.5|
|Ordinary share in € (Xetra year-end closing price)||314.00||98.00||220.4|
|Market capitalization in millions of €1)||4,740.1||1,698.3||179.1|
|Average daily trading volume of preference shares||16,175||8,324||94.3|
|Average daily trading volume of ordinary shares||776||592||31.1|
|Trading volume of preference shares in millions of €||706.2||192.4||267.0|
|Trading volume of ordinary shares in millions of €||33.8||10.7||216.3|
|Total trading volume in millions of €||740.0||203.1||264.4|
1) Without treasury shares
Sources: Bloomberg, Deutsche Börse AG
Sartorius Shares in €
January 3, 2011 to December 31, 2015
Sartorius Shares in Comparison to the DAX, TecDAX and NASDAQ Biotechnology Index
January 3, 2011 to December 31, 2015
Market Capitalization and Trading Volume
The market capitalization of the Sartorius ordinary and preference shares rose to €4.7 billion as of December 31, 2015, which corresponds to an increase of around 179% compared with the previous year’s value of €1.7 billion.
The average number of preference shares traded daily on the Frankfurt Stock Exchange (Xetra and trading floor) increased during the reporting year from 8,324 to 16,175 shares. The respective trading volume was €706 million.
The average number of ordinary shares traded daily was 776 compared with 592 the previous year owing to the low free float, with a corresponding trading volume of around €34 million.
Investor Relations Activities
Our investor relations work focuses on maintaining an ongoing, open dialog with shareholders, potential investors and financial analysts.
During the 2015 reporting year, we regularly published press releases presenting significant company business developments and other material events in addition to providing quarterly, first-half and annual reports and holding quarterly telephone conferences. Moreover, our management team was available to capital market participants at our sites in Goettingen, Germany, and in Aubagne, France, and at conferences and roadshows conducted in international financial market centers, such as London, Paris, Frankfurt am Main and New York, to hold one-on-one meetings. During the year under review, our communication focused in particular on explaining our current operating developments as well as our portfolio expansion in the wake of acquisitions.
All information and publications about our company and its shares are available on our website at www.sartorius.com.
The assessments and recommendations of financial analysts serve as an important foundation for the decisions of private and institutional investors when acquiring shares. During the reporting year, we maintained an ongoing dialog with a total of eleven institutions.
The Sartorius Group strives to enable its shareholders to participate adequately in the company’s success and has continuously raised dividends over the past years. Our dividend policy is basically oriented toward distributing an approximately stable share of relevant net profit (see definition on page XX) to our shareholders.
The Supervisory Board and the Executive Board will submit a proposal to the Annual Shareholders’ Meeting on April 7, 2016, to pay dividends of €1.52 per preference share and €1.50 per ordinary share for fiscal 2015.
This would substantially increase the total profit distributed by 41.5%, from €18.2 million in the previous year to €25.8 million. The corresponding dividend payout ratio would be 24.0% relative to 24.7% a year earlier. Based on the 2015 year-end prices of the Sartorius preference and ordinary shares, this would result in a dividend yield of 0.5% for preference shares (previous year: 1.1%) and 0.6% for ordinary shares (previous year: 1.1%). Treasury shares held by the company are not entitled to dividend payments.
Sartorius AG’s issued capital comprises 9.36 million ordinary shares and the same number of preference shares, each with a calculated par value of €1 per share. A good 50% of the ordinary shares are held by the Sartorius family and are under the management of an executor. Approximately 5% are held directly by members of the family, and approximately 9% are owned as treasury shares by the corporation. According to the most recent information available, the U.S. company Bio-Rad Laboratories Inc. holds around 34% of the ordinary shares. To our knowledge, the remaining approximately 2% of the ordinary shares are in free float.
Key Figures for Sartorius Shares
|Ordinary shares1) in €||Reporting date||314.00||98.00||84.98||65.30||30.83|
|Preference shares1) in €||Reporting date||240.45||101.25||86.52||67.25||35.50|
|Market capitalization2) in millions of €||4,740.1||1,698.3||1,461.8||1,129.8||565.3|
|Dividend per ordinary share3) in €||1.50||1.06||1.00||0.94||0.80|
|Dividend per preference share3) in €||1.52||1.08||1.02||0.96||0.82|
|Total dividends3) 4) in millions of €||25.8||18.2||17.2||16.2||13.8|
|Payout ratio3) 5) in %||24.0||24.7||26.6||25.7||26.2|
|Dividend yield per ordinary share6) in %||0.5||1.1||1.1||1.4||2.6|
|Dividend yield per preference share6) in %||0.6||1.1||1.1||1.4||2.3|
1) Xetra daily closing price
2) Without treasury shares
3) For 2015, amounts suggested by the Supervisory Board and the Executive Board of Sartorius AG
4) Calculated on the basis of the number of shares entitled to dividends
5)Based on the relevant net profit: net profit adjusted for extraordinary items and non-cash amortization, based on the normalized
financial result, including the corresponding tax effects
6) In relation to the closing price in the year concerned