Wacker Chemie AG Annual Report 2009 Paths to Productivity
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Das Zentrum Der Deutschen Wirtschaft S a K R Re Ts I H S Ic De Fs Netzwerk Der Vorstands- Und Aufsichtsratsverflechtungen Utscher Au
A dAR . r b V . e e i t t Das Zentrum der deutschen Wirtschaft s a k r re ts i h s ic de fs Netzwerk der Vorstands- und Aufsichtsratsverflechtungen utscher Au UniCredit Bank AG Wüstenrot & Württembergische AG AXA Konzern AG Zalando SE Bilfinger SE R+V Versicherung AG BP Europa SE Adolf Würth GmbH & Co. KG Landesbank Baden-Württemberg Airbus Group SE HSBC Trinkaus & Burkhardt AG Altana AG Heidelberger Druckmaschinen AG ZF Friedrichshafen AG SAP SE Südzucker AG Top 10 der best vernetzen Commerzbank AG Deutsche Bahn Aktiengesellschaft EnBW Energie Baden-Württemberg AG Vorstände und Aufsichtsräte KUKA AG Dr. Ulrich LANXESS AG 1. Prof. Dr. Ulrich Lehner Deutsche Börse AG Axel Springer SE Schröder Dürr AG SMS Holding GmbH Freudenberg SE 2. Werner Wenning 3. Dr. Ulrich Schröder Dr. Nicola KfW Bankengruppe Fraport AG Voith GmbH Leibinger-Kammüller ThyssenKrupp AG 4. Wolfgang Mayrhuber Carl Zeiss AG Aurubis AG 5. Dr. Jürgen Hambrecht Benteler International AG Trumpf GmbH & Co. KG Norddeutsche Landesbank Girozentrale Hannover Rück SE Talanx AG 6. Dr. Paul Achleitner Deutsche Post AG Software AG Wolfgang Salzgitter AG 7. Dr. Nicola Leibinger-Kammüller Dr. Hubert Lienhard Mayrhuber RAG AG Deutsche Telekom AG RWE AG 8. Stefan Krause FUCHS PETROLUB SE Heraeus Holding GmbH adidas AG 9. Hans Dieter Pötsch HELIOS Kliniken GmbH Deutsche Schaeffler AG Fresenius SE & Co. KGaA Lufthansa AG Continental AG 10. Dr. Hubert Lienhard Boehringer Ingelheim GmbH Siemens AG BMW AG Prof. Dr. E.ON SE Ulrich Lehner Daimler AG Henkel AG & Co. KGaA Vattenfall GmbH maxingvest ag Beiersdorf AG Fresenius Medical Care AG & Co. -
FPM Fonds Monthly Analysis 2017 10 31 Versand.Xlsx
FPM Funds Stockpicker Germany All Cap (Portfolio of share class C and I) 31 October 2017 Fund volume: 109.98 mn € NAV per fund unit share class C: 414.70 € NAV per fund unit share class I: 20,801.40 € ISIN Company weighting Industry Sector weighting DE000WCH8881 Wacker Chemie AG Inhaber-Aktien 8,53% Basic Materials 12,58% DE0007664039 Volkswagen AG Vorzugsaktien 6,66% Communications 5,90% DE0007314007 Heidelberger Druckmaschinen AG Inhaber-Aktien 6,22% Consumer, Cyclical 28,65% DE0007231334 Sixt SE Inhaber-Vorzugsaktien 6,05% Consumer, Non-cyclical 18,26% DE0005140008 Deutsche Bank AG Namens-Aktien 4,83% Financial 15,80% DE0005408884 LEONI AG Namens-Aktien 4,66% Industrial 12,94% DE000CBK1001 Commerzbank AG Inhaber-Aktien 4,28% Technology 3,55% DE0005785802 Fresenius Medical Care KGaA Inhaber-Aktien 4,15% DE000A0Z2ZZ5 freenet AG Namens-Aktien 3,91% Liquidity and Others: 2,30% DE0008232125 Deutsche Lufthansa AG vink.Namens-Aktien 3,86% DE0007100000 Daimler AG Namens-Aktien 3,76% Total: 100,00% DE0008404005 Allianz SE vink.Namens-Aktien 3,63% DE000BAY0017 Bayer AG Namens-Aktien 3,55% DE0007164600 SAP SE Inhaber-Aktien 3,55% Industry Group weighting DE000A12UPJ7 PANTAFLIX AG Inhaber-Aktien 3,48% DE0007030009 Rheinmetall AG Inhaber-Aktien 3,22% Airlines 3,86% DE0005190003 Bayerische Motoren Werke AG Stammaktien 3,18% Auto Manufacturers 13,60% DE000TLX1005 Talanx AG Namens-Aktien 3,07% Auto Parts&Equipment 3,22% DE0005550636 Drägerwerk AG & Co. KGaA Inhaber-Vorzugsaktien 2,66% Banks 9,11% DE000A11Q059 elumeo SE Inhaber-Aktien 2,57% Building -
Das Zentrum Der Deutschen Wirtschaft S a K R Re Ts I H S Ic De Fs Netzwerk Der Vorstands- Und Aufsichtsratsverflechtungen Utscher Au
A dAR . r b V . e e i t t Das Zentrum der deutschen Wirtschaft s a k r re ts i h s ic de fs Netzwerk der Vorstands- und Aufsichtsratsverflechtungen utscher Au UniCredit Bank AG Wüstenrot & Württembergische AG AXA Konzern AG Zalando SE Bilfinger SE R+V Versicherung AG BP Europa SE Adolf Würth GmbH & Co. KG Landesbank Baden-Württemberg Airbus Group SE HSBC Trinkaus & Burkhardt AG Altana AG Heidelberger Druckmaschinen AG ZF Friedrichshafen AG SAP SE Südzucker AG Top 10 der best vernetzen Commerzbank AG Deutsche Bahn Aktiengesellschaft EnBW Energie Baden-Württemberg AG Vorstände und Aufsichtsräte KUKA AG Dr. Ulrich LANXESS AG 1. Prof. Dr. Ulrich Lehner Deutsche Börse AG Axel Springer SE Schröder Dürr AG SMS Holding GmbH Freudenberg SE 2. Werner Wenning 3. Dr. Ulrich Schröder Dr. Nicola KfW Bankengruppe Fraport AG Voith GmbH Leibinger-Kammüller ThyssenKrupp AG 4. Wolfgang Mayrhuber Carl Zeiss AG Aurubis AG 5. Dr. Jürgen Hambrecht Benteler International AG Trumpf GmbH & Co. KG Norddeutsche Landesbank Girozentrale Hannover Rück SE Talanx AG 6. Dr. Paul Achleitner Deutsche Post AG Software AG Wolfgang Salzgitter AG 7. Dr. Nicola Leibinger-Kammüller Dr. Hubert Lienhard Mayrhuber RAG AG Deutsche Telekom AG RWE AG 8. Stefan Krause FUCHS PETROLUB SE Heraeus Holding GmbH adidas AG 9. Hans Dieter Pötsch HELIOS Kliniken GmbH Deutsche Schaeffler AG Fresenius SE & Co. KGaA Lufthansa AG Continental AG 10. Dr. Hubert Lienhard Boehringer Ingelheim GmbH Siemens AG BMW AG Prof. Dr. E.ON SE Ulrich Lehner Daimler AG Henkel AG & Co. KGaA Vattenfall GmbH maxingvest ag Beiersdorf AG Fresenius Medical Care AG & Co. -
Disclosure of Conflict of Interest with Regards to Redistribution of MAINFIRST BANK AG Research Services
Disclosure of Conflict of Interest with regards to redistribution of MAINFIRST BANK AG research services Pursuant to Commission Delegated Regulation (EU) 2016/958 Persons who disseminate recommendations produced by a third party shall communicate to the persons receiving the recommendations all relationships and circumstances that may reasonably be expected to impair the objective presentation of the recommendation, including interests or conflicts of interest concerning any financial instrument or the issuer to which the recommendation, directly or indirectly, relates and in particular its own interests or indication of conflicts of interest as laid down in Article 5 and Article 6(1) and (2) of this regulation. Therefore Erste Securities Polska S.A. as distributor of investment research produced by MAINFIRST BANK AG discloses in the below table in its own interests or indication of conflicts of interest concerning any financial instrument or the issuer to which the recommendation, directly or indirectly, relates, if such exist. This disclosure is updated on current basis. Affiliates of Erste Securities Polska S.A. are not a party to the research services redistribution agreement with MAINFIRST BANK AG and therefore are not included in this disclosure. Affiliates companies of Erste Securities Polska S.A. as well as its representatives and employees may, to the extent permitted by law, have a position in the securities of (or options, warrants or rights with respect to, or interest in the financial instruments or other securities of) the issuer to which the recommendation, directly or indirectly, relates. Further, associated companies of ESP as well as representatives and employees may offer investment services to the such issuers or may take over management function in the issuers. -
Online-Appendix Zu
Online-Appendix zu „Impact of Weather on the Stock Market Returns of Different Industries in Germany“ Astrid Schulte-Huermann WHU – Otto Beisheim School of Management Junior Management Science 5(3) (2020) 295-311 Appendix Appendix A. List of companies included in each sector Financials Telecommunication Technology Consumer Non- Industrials Healthcare Basic Materials Consumer Cyclicals Utilities Cyclicals ALLIANZ SE DT TELEKOM N INFINEON TECH BEIERSDORF DEUTSCHE POST BAYER N AG BASF SE ADIDAS N RWE DEUTSCHE BANK 1&1 DRILLISCH SAP SE BAYWA N DT LUFTHANSA A FRESENIUS MEDI HEIDELBERGCEMEBAY MOT WERKE ENCAVIS DT BOERSE N FREENET N AG BECHTLE KWS SAAT SIEMENS N FRESENIUS SE HENKEL AG&CO V CONTINENTAL AG E ON MUENCH. RUECK UNITED INTERNE DIALOG SEMICON SUEDZUCKER WIRE CARD MERCK KGAA LINDE PLC DAIMLER AG N AAREAL BANK NEMETSCHEK AIRBUS SE CARL ZEISS MED THYSSENKRUPP A VOLKSWAGEN VZ ALSTRIA OFF RE SOFTWARE DUERR AG EVOTEC AURUBIS A SPRINGER SE COMMERZBANK ADVA OPTICAL N FRAPORT GERRESHEIMER FUCHS PETRO VZ FIELMANN DEUTSCHE WOHNE AIXTRON NA GEA GROUP MORPHOSYS K+S AG NA HUGO BOSS N DT EUROSHOP NA CANCOM SE HOCHTIEF QIAGEN NV LANXESS PROSIEBENSAT1 HANNOVER RUECK COMPUGROUP MED MTU AERO ENGIN SARTORIUS VZ SYMRISE AG PUMA TAG IMMOBILIEN ISRA VISION AMADEUS FIRE DRAEGERWERK VZ WACKER CHEMIE RHEINMETALL ADLER REAL ES S&T AG BERTRANDT RHOEN KLINIKUM KLOECKNER + CO RTL GROUP DIC ASSET SMA SOLAR TECH BILFINGER SALZGITTER BOR. DORTMUND DT BETEIL AG TAKKT CEWE STIFTUNG SGL CARBON CECONOMY GRENKE XING DEUTZ CTS EVENTIM HAMBORNER REIT ZOOPLUS DR HOENLE HORNBACH HYPOPORT AG HAMBURGER HAFE RATIONAL PATRIZIA IMMOB HEIDELBERG DRU SAF HOLLAND SA WUESTENR&WUERT INDUS HOLDING STEINHOFF JENOPTIK JUNGHEINRICH V KOENIG & BAUER KRONES AG LEONI AG N NORDEX PFEIFFER VACUU SIXT SE VOSSLOH AG WACKER NEUSON WASHTEC Company data retrieved from Thomson Reuters Datastream, 2019 40 Appendix B. -
Chemicals Initiating Coverage 6 December 2018
Chemicals Initiating Coverage 6 December 2018 Good value in a fundamentally sound Sector Chemicals sector Market cap in bn EUR 400 Germany’s chemical sector has traditionally a strong global standing. 350 Besides world market leaders like BASF and Linde plc, there are a 300 number of companies with strong positions in profitable market niches. After a muted year-to-date performance, we see good value 250 in a couple of shares. With this report, we are initiating coverage on 200 eight German chemicals. 150 Six clusters of chemical companies 100 In order to facilitate orientation in the sector, we introduce in this 50 overview a “typology” comprising six company clusters, which should 0 not only work well to categorize the German names but can also be Germany Western Europe applied to the European universe: Industrial gases (which includes the Industrial Gases Integrated / BASF SE Other Non-integrated Application-oriented Agrochemicals Logistics German Linde plc), agrochemicals (K+S and KWS Saat), application- driven companies (Symrise and Fuchs Petrolub), non-integrated chemicals (Covestro, Evonik, Lanxess and Wacker), which is the segment comprising most of the “traditional” business models, Target Last Up/ MC logistics (Brenntag) and of course BASF, which constitutes its own Name Rating Price Price Downside (EURm) investable segment, in our view. Brenntag Buy 53 41 30% 6.280 Evonik Buy 37 23 58% 10.886 In this report, we also discuss eight investment cases in detail. Fuchs Petrolub Buy 50 36 38% 5.043 KWS Saat Buy 353 290 22% 1.914 K+S AG Buy 24 17 45% 3.177 Performance and current valuation Lanxess Buy 68 49 38% 4.512 The sector faced a tough environment in 2018 and a number of shares Linde Hold 143 163 -13% 79.923 Symrise AG Hold 70 72 -2% 9.315 got hammered. -
Annual Report 2006 Wacker Chemie Ag
ANNUAL REPORT 2006 WACKER CHEMIE AG CREATING TOMORROW’S SOLUTIONS Wacker2006_Umschlag_E.indd 1 13.03.2007 8:33:17 Uhr KEY FIGURES WACKER at a Glance 2006 2005 Change in % Results / Return Sales € million 3,336.9 2,755.7 21.1 EBITDA € million 786.3 613.7 28.1 EBIT € million 456.3 262.5 73.8 Net income € million 311.3 143.7 116.6 Earnings per share € 6.46 2.90 122.8 ROCE % 17.9 10.3 – Balance Sheet / Cash Flow Total assets € million 3,258.2 2,922.9 11.5 Equity € million 1,585.8 934.4 69.7 Equity ratio % 48.7 32.0 – Capital expenditures (incl. financial assets) € million 525.3 299.0 75.7 Depreciation (incl. financial assets) € million 330.0 351.2 – 6.0 Net cash flow € million 184.7 158.7 16.4 Research Research expenditures € million 152.3 146.9 3.7 Employees Personnel expenses € million 962.4 867.8 10.9 Employees (December 31) No. 14,668 14,434 1.6 This Annual Report contains forward-looking statements based on assumptions and estimates of WACKER’s Executive Board. Although we assume the expectations in these forward-looking statements are realistic, we cannot guarantee they will prove to be correct. The assumptions may harbor risks and uncertainties that may cause the actual fi gures to differ considerably from the forward-looking statements. Factors that may cause such discrepancies include, among other things, changes in the economic and business environment, variations in exchange and interest rates, the introduction of competing products, lack of acceptance for new products or services, and changes in corporate strategy. -
18Th German Corporate Conference
18th German Corporate Conference Programme Frankfurt, 21 – 23 January 2019 More than 170 companies confirmed their participation Tue 1&1 Drillisch AG* Mon, Tue Covestro AG Mon Hamburger Hafen und Logistik AG Wed Munich Re* Mon Ströer SE & Co. KGaA Wed Aareal Bank AG Wed CropEnergies AG Wed Hannover Rück SE Tue Mutares AG Tue Südzucker AG* Mon-Wed adidas Group* Mon CTS EVENTIM AG & Co. KG aA* Wed Hapag-Lloyd Aktiengesellschaft Tue NEMETSCHEK SE Tue Symrise AG Wed Adler Modemärkte AG Wed Delivery Hero SE Wed Hawesko Holding AG* Tue Nordex SE Mon TAG Immobilien AG Mon ADLER Real Estate AG* Wed Deutsche Börse AG Mon HeidelbergCement AG Mon, Wed NORMA Group SE Wed TAKKT AG Wed AGRANA Beteiligungs-AG* Tue Deutsche EuroShop AG* Mon Heidelberger Druckmaschinen AG Tue OSRAM Licht AG Wed Talanx AG* Wed AIXTRON SE* Tue, Wed Deutsche Lufthansa AG Tue HELLA KGaA Hueck & Co.* Tue PALFINGER AG Tue Tele Columbus AG* Wed Allianz SE* Wed Deutsche Pfandbriefbank AG Tue HOCHTIEF Aktiengesellschaft* Mon PATRIZIA Immobilien AG Tue Telefónica Deutschland Holding AG Tue alstria office REIT-AG* Mon Deutsche Telekom AG* Tue, Wed Hugo Boss AG Mon Pfeiffer Vacuum Technology AG* Tue thyssenkrupp AG* Wed ANDRITZ AG* Mon, Tue Deutsche Wohnen SE Tue IMMOFINANZ AG Tue PORR AG Tue TLG IMMOBILIEN AG Tue Aroundtown S.A. Mon Deutz AG Mon innogy SE* Tue Porsche Automobil Holding SE* Wed TOM TAILOR Holding SE* Mon AT&S AG Mon, Tue Dialog Semiconductor plc Mon Instone Real Estate Group AG Tue, Wed ProCredit Holding AG & Co. KGaA Tue, Wed TUI Group Tue Aurubis AG Wed Drägerwerk AG & Co. -
Stoxx® Germany Total Market Esg-X Ex Nuclear Power Index
STOXX® GERMANY TOTAL MARKET ESG-X EX NUCLEAR POWER INDEX Components1 Company Supersector Country Weight (%) SAP Technology Germany 8.36 LINDE Chemicals Germany 8.07 SIEMENS Industrial Goods & Services Germany 6.48 ALLIANZ Insurance Germany 5.80 DAIMLER Automobiles & Parts Germany 4.19 BASF Chemicals Germany 3.84 DEUTSCHE TELEKOM Telecommunications Germany 3.69 DEUTSCHE POST Industrial Goods & Services Germany 3.59 ADIDAS Consumer Products & Services Germany 3.47 BAYER Health Care Germany 3.36 INFINEON TECHNOLOGIES Technology Germany 2.74 VOLKSWAGEN PREF Automobiles & Parts Germany 2.59 MUENCHENER RUECK Insurance Germany 2.15 BMW Automobiles & Parts Germany 1.89 Vonovia SE Real Estate Germany 1.84 DEUTSCHE BOERSE Financial Services Germany 1.78 DEUTSCHE BANK Banks Germany 1.47 MERCK Health Care Germany 1.27 FRESENIUS Health Care Germany 1.20 DELIVERY HERO Consumer Products & Services Germany 1.17 ZALANDO Retail Germany 1.13 DEUTSCHE WOHNEN Real Estate Germany 1.12 HENKEL PREF Consumer Products & Services Germany 1.03 HELLOFRESH AG Personal Care, Drug & Grocery Stores Germany 0.93 PORSCHE PREF Automobiles & Parts Germany 0.91 SYMRISE Chemicals Germany 0.90 FRESENIUS MEDICAL CARE Health Care Germany 0.90 CONTINENTAL Automobiles & Parts Germany 0.87 SIEMENS ENERGY Energy Germany 0.78 BRENNTAG Chemicals Germany 0.77 MTU AERO ENGINES Industrial Goods & Services Germany 0.76 SIEMENS HEALTHINEERS Health Care Germany 0.73 HEIDELBERGCEMENT Construction & Materials Germany 0.68 BEIERSDORF Personal Care, Drug & Grocery Stores Germany 0.66 SARTORIUS -
The Goldman Sachs
Sixth German Corporate Conference Agenda – Subject to Change Forum 1 – Ballsaal Alpsee Forum 2 – Ammersee I Forum 3 – Ammersee II Forum 4 – Bodensee I Forum 5 – Bodensee II Monday 18 September 07:30 – 08:30 Breakfast and Registration Fresenius Medical Care AG & Co CTS EVENTIM AG & Co. KGaA Hapag-Lloyd AG PATRIZIA Immobilien AG KGaA Marco Häckermann 09:00 – 09:45 Rolf Habben Jansen Karim Bohn Michael Brosnan VP Corporate Development & CEO CFO CFO Strategy Merck KGaA Fielmann AG Fraport AG zooplus AG VIB Vermögen AG Stefan Oschmann 09:45 – 10:30 Georg Alexander Zeiss Matthias Zieschang Andreas Grandinger Holger Pilgenröther Chairman of the Executive Board & CFO CFO CFO CFO CEO 10:30 – 11:00 Coffee Break SAF-HOLLAND SA Infineon Technologies AG Evotec AG Detlef Borghardt ZEAL Network SE TOM TAILOR Holding SE 11:00 – 11:45 Dominik Asam Enno Spillner CEO Jonas Mattsson Thomas Dressendörfer CFO CFO Dr. Matthias Heiden CFO CFO CFO ProSiebenSat.1 Media AG NEMETSCHEK SE Thomas Ebeling Sixt Leasing SE CompuGroup Medical SE TAG Immobilien AG Patrik Heider 11:45 – 12:30 CEO Björn Waldow Christian Teig Martin Thiel Spokesman of the Executive Board & Dr. Jan Kemper CFO CFO CFO CFO CFO Auditorium – Lunch Keynote Presentation & Welcome Address Dr. Hans-Walter Peters – Spokesman of the Managing Partners, Berenberg Dr. Joerg Kukies – co-chairman of the Executive Board of Germany and Austria, Goldman Sachs 12:30 – 13:45 Keynote Presentation: Decision time: What may change in Germany and Europe after the German election? Dr. Holger Schmieding, Chief Economist, Berenberg Healthy Economic Performance, Unhealthy Politics Mickey Levy, Chief Economist, Berenberg LANXESS AG Axel Springer SE Matthias Zachert CORESTATE Capital Holding S.A. -
List of the European Clean Hydrogen Alliance Members
List of the European Clean Hydrogen Alliance Members Companies 1W1 GmbH 2G Energy AG A.H.T. Syngas Technology N.V. A2A S.p.A. AB Sjöbohem ABB ABB AB Abbaco ABEI Energy & Infrastructure SL Abengoa ABN AMRO NV Accenture PLC ACCIONA ACERINOX EUROPA SAU ACM-e S.r.l. ADHEX TECHNOLOGIES ADRONA Advanced Surface Plating ApS AECOM AEG Power Solutions AENA S.M.E. S.A. Aeronautics AS AG der Dillinger Huettenwerke & Saarstahl AG AGC Chemicals Europe, Ltd. Agfa-Gevaert AGGM Austrian Gas Grid Management AG AHMON, S.L. AIK GREEN ONE S.R.L. Air Liquide Air Products NV/SA Airbus SAS Aker Clean Hydrogen AS AKUO ALAUSATI, S.L. Alboran Hydrogen Spa Alcazar Investment Management Ltd ALESTIS AEROSPACE Aliaxis Allocate International GmbH Alma CIS srl Alstom Altran Deutschland SAS & Co KG Amber Grid Amf bakery systems europe bv AMPO VALVES Ancitel Energia e Ambiente Spa Ansaldo Energia APEX ENERGY CONCEPTS APRIA Systems S.L. ArcelorMittal Europe Ardagh Group ARENA INNOVATION ARGE Netz GmbH & Co. KG ARGUS SERVICW LLC Arhyze ArianeGroup ARIEMA Energía y Medioambiente S.L. Ariston Thermo SpA ARKEMA Artech International BVBA AS Alexela AS Tartu Terminal Aspens GmbH ASPİLSAN ENERJİ SANAYİ VE TİCARET A.Ş. Assarel-Investment JSC Assist Energy AS ATAWEY ATB RIVA CALZONI S.p.A. ATHENA SPA Atlantica Infraestructura Sostenible S.L.U. Atlas Copco Crépelle SAS Auguste Cryogenics Slovakia s.r.o. Aurelia Turbines Oy Aurubis AG AUTO-JUNTAS, S.A.U. (AJUSA) Avacon Netz GmbH AVL List GmbH AW-Energy Oy Axpo 2 Baker Hughes Ballard Power Systems Europe A/S Balti Gaas OÜ Baltur Spa BASF SE bayernets GmbH bayerngas energy GmbH Bayernoil Raffineriegesellschaft mbH BayWa r.e. -
Süss Microtec
Süss MicroTec Germany/ Technology Hardware & Equipment Post results note Investment Research 7 November 2014 Hold FY14e outlook in line – 4Q14 FCF most likely red from Accumulate Still waiting for 3D - Downgrade to ‘Hold’/PT EUR 5 Share price: EUR 4.65 The facts: Please remember that SMHN released preliminary figures already on closing price as of 06/11/2014 Target price: EUR 5.00 October 13, 2014. 3Q14 sales and order intake were already known as well as the Target Price unchanged order intake forecast for 4Q14. The EBIT came to EUR minus 3.3m in the quarter, but contained a c. EUR 1m severance amount. Consequently, the EBIT would have Reuters/Bloomberg SMHNn.DE/SMH GY been at EUR minus 2.3m on an adjusted basis and thus between our forecast of Daily avg. no. trad. sh. 12 mth 396,450 EUR 1.5m and the consensus of EUR minus 2.8m. Daily avg. trad. vol. 12 mth (m) 1,883.66 Price high 12 mth (EUR) 9.15 We noted that the Litho segment sales were in line with our forecast of EUR 16m, Price low 12 mth (EUR) 3.90 while 3Q14 Bonders were weak at EUR 1.3m (equinet: EUR 2m) and Mask Cleaning Abs. perf. 1 mth 5.6% came to EUR 6.8m (EUR 6m). The Litho margin in 3Q14 was negative. Abs. perf. 3 mth -38.5% Management repeated the sales target of EUR 135-145m for the full year while the Abs. perf. 12 mth -41.8% EBIT expectation became now more concrete.