KEY PERFORMANCE INDICATORS
FINANCIAL YEAR 2016/2017
The net income of 90.4 million euros (previous year: 49.5 million euros) is the second-highest seen since the introduction of IFRS accounting 14 years ago. It is based, in particular, on the proceeds from several disposals, which were also extremely successful in a long-term comparison. Positive changes on the capital market also contributed to the result. The portfolio showed positive development overall. The Private Equity Investments segment contributed 85.7 million euros to earnings before tax (previous year: 52.3 million euros), while the Fund Investment Services segment reported net income of 4.7 million euros (previous year: -3.0 million euros) following the start of the investment period of DBAG Fund VII and the associated marked increase in income.
Equity per share exceeds the cost of equity by far. The exceptionally good net income and what was (for the first time) clearly positive other comprehensive income push equity up to 29.57 euros per share. After a dividend of 1.20 euros was paid out in February 2017, this corresponds to an increase of 6.20 euros per share, or 26.5 percent – the third- highest return on equity reported since IFRS accounting was implemented. Over the last ten years, our average return on equity per share after taxes comes to 9.1 percent. The cost of equity in the same period came to an average of 6.9 percent.
Our share price rose from 29.57 euros to 45.51 euros in the financial year 2016/2017. In addition to this increase (54 percent), the dis tribution of 1.20 euros per share (February 2017) also contributed to the 59.5 percent increase in value (total return) for our shareholders. This means that our shares significantly outperformed the S-Dax, which serves as a benchmark for German companies of a similar size, and the LPX50, the index for listed private equity companies. Once again, it also performed much better than the Dax.
This also applies to other periods: over a ten-year period, the increase in value for our shareholders has averaged 13.5 percent per annum. The other indices have only reported performance of between 4.0 and 7.5 percent.