The international stock markets continued their positive performance at the beginning of 2013 and reached interim highs in the period up to the end of May, driven by the unchanged expansionary monetary policies adopted by central banks around the world and positive economic data. Initial indications that the U.S. Federal Reserve might end its expansionary monetary policy and emerging fears of a liquidity squeeze in the Chinese banking market then saw share prices decline around the world from May to the beginning of July, before the stock markets rallied to new record highs at the end of the fiscal year on the back of a further dynamic upswing. Key factors driving up share prices were the global recovery of various leading indicators, together with the European Central Bank’s decision to keep its key interest rate at its current low level for some time, and the U.S. Federal Reserve’s surprising decision to continue its large-scale bond-buying activities. The DAX reached an all-time high of 9,589 points on December 27. It closed on December 30 at 9,552 points, up 25.5 percent over the course of the year. The MDAX also reached its highest-ever level on December 27, at 16,626 points. It closed on December 30 at
16,574 points, a 39.1 percent gain. The STOXX® Europe TMI Industrial Engineering Index – the more
relevant index for GEA – recorded a record high of 354.37 points on September 19 and closed the year at 345.86 points, an 11.9 percent increase during the year.
GEA shares also performed extremely well in 2013 in the wake of the general recovery in the global stock markets. The share price rose sharply at the beginning of the year in particular, before profit taking resulting from what was considered to be a conservative business outlook for 2013 led to a low for the year of EUR 24.66 on April 17. Better-than-expected results for the second quarter boosted the share price and hence led to strong gains, allowing GEA Group Aktiengesellschaft’s shares to clearly break through their resistance level of EUR 30. The publication of further excellent order figures in the third quarter lifted GEA shares to a new high of EUR 34.89 on December 27. They closed at EUR 34.60 on December 30, an increase of 41.4 percent in 2013. After adjustment for the reinvestment of the dividend, GEA shares actually increased by 44.5 percent, significantly outperforming both the
DAX and the MDAX by a considerable amount, as well as the even more important STOXX® Europe
TMI Industrial Engineering benchmark index in the past fiscal year.
90 % 100 % 110 % 120 % 130 % 140 % 150 % MDAX GEA Group STOXX® Europe TMI Industrial Engineering
90 % 100 % 110 % 120 % 130 % 140 % 150 % MDAX GEA Group STOXX® Europe TMI Industrial Engineering
Jan. Feb. Mär. Apr. Mai Jun. Jul. Aug. Sep. Okt. Nov. Dez. Jan.
GEA Group shares compared to STOXX ® Europe TMI Industrial Engineering
Last 3 months percentage points
Last 6 months Last 9 months
percentage points percentage points
Last 12 months percentage points
Last 24 months percentage points
Last 36 months percentage points
> 10 percentage points 3 to 10 percentage points 3 to -3 percentage points -3 to -10 percentage points > -10 percentage points *) Based on shares issued by GEA Group Aktiengesellschaft as of the particular reporting date
+13.5 +16.1 +31.0 +29.5 +21.5 +47.1 Share development
Balance sheet date (12/31/2013) Market capitalization *
+13.5 +16.1 +31.0 +29.5 +28.9 +54.7
Shareholder structure
As of December 31, 2013, GEA Group Aktiengesellschaft did not hold any treasury shares, meaning that the number of outstanding shares was unchanged at the end of the year, at 192,495,476. This corresponded to a market capitalization of EUR 6.7 billion as of the end of December compared with EUR 4.7 billion in December 2012, a 41.4 percent increase. In the monthly index ranking of all listed German companies in the DAX, MDAX, SDAX, and TECDAX published by Deutsche Börse on December 30, GEA Group Aktiengesellschaft was ranked 32nd (previous year: 34th) in terms of market capitalization and 41st (previous year: 34th) in terms of trading volume. At 0.4 million shares, the average daily trading volume in official exchange trading in fiscal 2013 was below the prior-year figure of 0.5 million shares. The main reasons for this are the general decline in trading volumes on official stock exchanges and the growing importance of alternative trading platforms.
As in recent years, GEA Group Aktiengesellschaft once again performed detailed analyses of its shareholder structure in 2013. GEA Group Aktiengesellschaft has a stable shareholder structure, which has changed only slightly over time. The current analysis from the fourth quarter of 2013 identified 82 percent of the Company’s shareholders. Institutional investors held 74 percent of the shares and Kuwait Investment Office accounted for an unchanged figure of around 7.9 percent. Institutional investors headquartered in the UK remained the largest investor group, holding 24 percent of all shares (previous year: 23 percent). Scandinavian investors now hold second place with nearly 14 percent of all GEA shares (previous year: 12 percent), followed by French investors, who hold around 11 percent of the shares (previous year: 15 percent). The share of American investors rose from 8 percent to nearly 11 percent, while that of institutional investors from Germany fell from 11 percent to 8 percent.
Continental Europe excl. Germany UK and Ireland
Germany North America Rest of world Not identified
Regional breakdown of identified institutional investors (%)
Based on 192,495,476 shares, which were issued by GEA Group Aktiengesellschaft at the date of the survey (October 2013)
28.9 17.6 9.9 24.1 8.4 11.1
Growth GARP* Value Index Hedge fund
Others inclusive Kuwait Investment Office Not identified
Investment styles of identified institutional investors (%) 29.4 10.6 17.6 0.7 20.6 7.1 14.0 * Growth At a Reasonable Price
Based on 192,495,476 shares, which were issued by GEA Group Aktiengesellschaft at the date of the survey (October 2013)
Sixty-four percent of all GEA Group Aktiengesellschaft shares were held by institutional investors with a long-term orientation (previous year: 65 percent). Less than 1 percent of shares were held by hedge funds.