2.3 Análisis de los registros de representación usados en el estudio de
2.3.6 Conversiones entre el registro gráfico y el algebraico
trend on the DAX and TecDAX, it was able to partly narrow the gap in the
second half of the year, closing 2009 trading with a gain of 15 percent.
SHARE PRICE
In the fiscal year 2009, the Dräger share developed weaker than the market overall. Although the share price on December 30, 2009, was up on the level at the beginning of the year (+15 percent), it was unable to keep pace with the overall development of the DAX (+20 percent) and the TecDAX (+56 percent).
On the first day of trading in 2009, the Dräger share was worth EUR 26.08. By February 19, 2009, when Dräger published an ad-hoc release outlining the possible buy-back of the 25 percent stake in Dräger Medical AG & Co. KG, the share price had fallen to EUR 20.69. On the back of reporting the preliminary figures for 2008 on Febru- ary 24, 2009, the price fell further to EUR 17.54. Although the stock markets recovered somewhat in March, the Dräger share was unable to latch on to this development and recorded its low for the year on March 11, 2009, with EUR 13.28. On March 19, 2009, the day the final fig- ures for 2008 were published, the share was trading at EUR 14.86. Up to the publication of the first quarter report on May 6 and the annual shareholders’ meeting on May 8, 2009, the price rose to around EUR 20 with volatile over- all development. After the turnaround program was announced on June 15, 2009, and another minor market downturn, the Dräger share price fell again to EUR 17.59.
It was able to recover somewhat to EUR 20.40 by the time the half-yearly financial report was released on August 6, 2009. Following extraordinarily upbeat share development in September and the start of October 2009, the share price was trading at EUR 29.90 by the time the third quar- ter report was released on November 5, 2009. On Decem- ber 15, 2009, the Dräger share recorded its annual high at EUR 31.80 and closed the year at EUR 29.89 following the ad-hoc reporting on taking over the minority share in Dräger Medical AG & Co. KG on December 29, 2009.
ANNUAL SHAREHOLDERS’ MEETING
Some 1,100 shareholders attended the annual share- holders’ meeting of Drägerwerk AG & Co. KGaA on May 8, 2009, at the Lübeck Music and Congress Center. In total, 100 percent of the Company’s common shares and 9.22 percent of its preferred shares were represented. The annual shareholders’ meeting also authorized the Executive Board and Supervisory Board of Drägerwerk Ver- waltungs AG to buy-back up to 10 percent of its own pre- ferred shares until November 7, 2010. In addition, the Exec- utive Board and Supervisory Board of Drägerwerk Ver- waltungs AG were given the right to increase the Compa- ny’s capital stock with the approval of the Supervisory Board through a single or multiple issue of new bearer
25 THE DRÄGER SHARE CORPORATE GOVERNANCE
REPORT OF THE SUPERVISORY BOARD JOINT COMMITTEE
THE EXECUTIVE BOARD
common shares (no-par value shares) in return for cash and deposits in kind of up to EUR 16,256,000.00 (approved capital) by May 7, 2014.
EARNINGS PER SHARE
Earnings per Dräger preferred share amounted to EUR 1.20 for 2009 (2008: EUR 2.53). Earnings per com- mon share were lower, as the dividend claim is smaller than that of preferred shareholders (EUR 1.14; 2008: EUR 2.47). Minority interests in net profit amounted to EUR 13.5 million in the fiscal year 2009 (2008: EUR 14.1 mil- lion). From a financial point of view, the portion of earnings from the medical division previously attribut- able to Siemens is already available to Dräger share- holders for the fiscal year 2009. However, this portion is still reported as minority interests in net profit in the annual report.
DIVIDENDS
The Executive Board of the general partner and the Supervisory Board of Drägerwerk AG & Co. KGaA propose to distribute a dividend of EUR 0.34 per common share and EUR 0.40 per preferred share and have this approved at the annual shareholders’ meeting.
ANALYSTS
The Company’s business performance is currently being regularly monitored and covered by the following institutions: Bankhaus Lampe, CA Cheuvreux, Com- merzbank, DZ Bank, equinet, fairesearch under CBS Research, HSBC, LBBW, M.M. Warburg & Co., NORD / LB, Sal. Oppenheim and UniCredit.
PERFORMANCE OF THE DRÄGER PREFERRED SHARE ( WKN 555063 / ISIN DE0005550636)
2004 – 2009 (indexed) in percent Dräger TecDAX DAX
100 80 60 40 20 0 –20 –40 –60 –80 Dec. 31, 2009 Dec. 31, 2007 Dec. 31, 2008 Dec. 31, 2006 Dec. 31, 2005 Dec. 31, 2004
26 THE DRÄGER SHARE
2007 2008 2009
Share figures
No. of shares No. 12,700,000 12,700,000 12,700,000
thereof preferred No. 6,350,000 6,350,000 6,350,000
thereof common No. 6,350,000 6,350,000 6,350,000
Free-floating preferred shares % 100 100 100
Trading figures
Average daily trading volume1 No. 39,466 32,549 29,981
Annual high € 73.80 50.63 31.80
Annual low € 54.10 22.47 13.28
Share price as of December 31 € 49.80 26.20 29.89
Market capitalization2 € 632,460,000 332,740,000 379,603,000
Earnings figures as of December 31
Earnings per preferred share € 3.60 2.53 1.20
Earnings per common share € 3.54 2.47 1.14
Cash flow (from operating activities) per share € 12.99 8.24 15.23
Equity per share € 42.93 43.61 31.01
Price/equity ratio 1.2 0.6 1.0
Price/earnings ratio 12.6 9.4 19.9
Dividend figures
Dividend per preferred share3 € 0.55 0.35 0.40
Dividend per common share3 € 0.49 0.29 0.34
Dividend yield (preferred shares) as of December 31 % 1.1 1.3 1.3
Dividend payout ratio4 % 13.2 11.5 24.7
1All German share exchanges (Source: Deutsche Börse) 32009: dividend proposed to the annual general meeting of the shareholders 2Total number of shares x share price as of December 31 4Proposed dividend divided by group net profit after minority interests DRÄGER SHARE INDICATORS
T E C H N O L O G Y F O R LIFE