Tuesday, January 26, 2016

DBAG annual report 2015


DBAG, 2015, report, front page

Ouch... another ball dropper. I start to see the same trend as last year which means that I definitely have too many companies to keep correct track of them IF technology fails me. With this I mean that I need the email notification or the calendar poke to realise that something happened. Either way DBAG is a long term investment so I do not really care what happens from quarter to quarter. During late autumn the share price did however drop down a little (I noticed that at least!) so my guess is that DBAG did not fully live up to the market expectations.


As always please make sure that you are viable to read the report that can be found in full here. To read the previous summary please go to DBAG report Q3 2015 or why not visit the analysis of DBAG 2015 (a new one will arrive tomorrow most likely).

If we take a look at the financial statement below then 2015 will not go down as being the best year year for DBAG and espcially not because 2014 was an excellent year! Taking a closer look at the data then we see that the "revenue" was down by -34% compared to 2014. After costs and taxes we ended up with 27 million € in earnings which was -35% compared to 2014. So, yeah, not the best year. Last year they paid fixed 0.4 € in dividend + 1.6 € in special dividend and now in 2015 they decided to make the fixed 0.5 € and they will only pay out a special dividend in the size of 0.5 €... so the dividend got halved compared to in 2014. 


DBAG, 2015, financial statement


Conclusion: DBAG had an ok year following an excellent year. Last year I had a YoC of almost 10% and this year it will be around 5% and for me 5% is fully acceptable to receive out as cash. Lately they arrived with an message that the start of the new year has treated them good and have already generated 30 M € in earnings... so let us so if 2016 will beat 2014. I, for one, will keep my fingers crossed! I will of course remain as a shareholder in DBAG.

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