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Bonus Index Final Results 2009 - Germany
Wirtschafts Woche Article (German only)
In the current Obermatt Bonus Index Ranking, the Deutsche Post division “Express”, followed by the Siemens division “Energy”, the solar company SMA, the division “Elevators” of ThyssenKrupp, reinsurer Hannover Re and semiconductor specialist Aixtron have performed best in 2009 in comparison to their international peer companies. For them, Obermatt recommends a Bonus Multiplier of 1.5 to 1.8.
The management of the division “Express” is the leader of a group of German “crises managers” that not only successfully navigated their company through the deepest recession in decades but indeed took advantage of the difficult times, significantly outperforming their peer companies, gaining market share and thus are now best prepared for the current economic upswing.
For many companies in the financial industry, 2009 was another “annus horribilis”. With the Obermatt concept of relative performance management which neutralizes external, non-company related industry factors, the best in class still could manage to achieve high positions in the Obermatt Bonus Index Ranking. The Deutsche Bank, outperforming 68% of its global peers, is the industry leader with a Bonus Multiplier of 1.4. The executives of the Deutsche Bank deserve an above average bonus package for their performance in the economic crises.
Compared with its international peers, the German car makers barely performed average. While BMW managed to achieve Median performance with a Bonus Multiplier of 1.0 in 2009, Volkswagen (0.8) and Daimler (0.6) have been outpaced by the majority of their competitors.
On the losing side of the Obermatt Bonusindex are the companies Singulus (0.0), Solon, Sky, the Continental divisions „ContiTech“ and „Interior“, Q-Cells as well as the divisions „Material Science“ of Bayer and „Steel“ of Salzgitter (all 0.1). The managements of these companies or divisions respectively have from Obermatt’s point of view earned no or only small bonuses.
Results sorted by Bonus Multiplier
see list sorted alphabetically
see Bonus Index method
| Bonus Multiplier |
Company Name |
Ranked by Metric |
Metric Value |
Operating Index |
Operating Alpha |
Operating Rank |
Peer Universe | Number of Peers |
| 1.8 | Deutsche Post - Express | EBITDA | 9.80% | -1.50% | 11.30% | 88% | Express Delivery | 43 |
| 1.7 | Siemens - Energy | EBITDA | 8.50% | 0.90% | 7.60% | 84% | Power Generating Equipment / Plants | 285 |
| 1.7 | SMA | EBITDA | 10.00% | 0.40% | 9.60% | 84% | Inverter Manufacturer | 29 |
| 1.6 | ThyssenKrupp - Elevators | EBITDA | 2.60% | 0.10% | 2.50% | 82% | Elevator Industry | 20 |
| 1.5 | Hannover Rück | Operating Income | 29.80% | 10.40% | 19.40% | 77% | Reinsurer | 40 |
| 1.5 | Aixtron | EBITDA | 11.60% | -1.20% | 12.70% | 75% | Semiconductor Machinery & Equipment | 137 |
| 1.4 | TUI | EBITDA | 3.40% | -1.00% | 4.40% | 72% | Tourism / Container Shipping | 278 |
| 1.4 | Software | EBIT | 1.70% | -2.70% | 4.40% | 71% | Systems Software | 184 |
| 1.4 | Lanxess | EBITDA | 5.10% | 1.20% | 3.90% | 71% | Diversified Chemicals | 111 |
| 1.4 | Deutsche Bank | Operating Income | 2.90% | 0.80% | 2.10% | 68% | Very Large Diversified Global Banks | 39 |
| 1.3 | BASF - Agricultural Solution | EBITDA | 2.00% | -1.40% | 3.40% | 67% | Crop Protection Chemicals Industry | 76 |
| 1.3 | Deutsche Telekom | EBITDA | 2.00% | 0.90% | 1.10% | 67% | Telecommunication Service Provider Large | 46 |
| 1.3 | Linde - Industrial Gas | EBITDA | -0.40% | -2.60% | 2.20% | 67% | Industrial Gases | 46 |
| 1.3 | Freenet | EBITDA | 5.00% | 2.30% | 2.70% | 66% | Internet / Telephone Communication | 254 |
| 1.3 | IDS Scheer | EBITDA | 2.90% | -0.40% | 3.30% | 65% | IT Systems & Services | 142 |
| 1.3 | MediGene | EBITDA | 14.60% | 5.80% | 8.90% | 64% | Oncology Products | 86 |
| 1.2 | Linde | Average | n/a | n/a | n/a | 62% | n/a | n/a |
| 1.2 | Deutsche Post | Average | n/a | n/a | n/a | 62% | n/a | n/a |
| 1.2 | United Internet | EBITDA | 6.40% | 3.00% | 3.40% | 62% | Internet Services & Advertising | 228 |
| 1.2 | Vossloh | EBITDA | 0.20% | -1.70% | 1.90% | 60% | All Industrial Machinery Wholesale | 178 |
| 1.2 | BASF - Oil & Gas | EBITDA | -10.90% | -20.50% | 9.60% | 60% | Oil & Gas Exploration / Production | 259 |
| 1.1 | Siemens - Healthcare | EBITDA | 2.30% | 0.60% | 1.70% | 57% | Analytical Equipment | 178 |
| 1.1 | Carl Zeiss Meditec | EBITDA | 1.90% | 1.70% | 0.60% | 57% | Ophthalmic Equipment | 182 |
| 1.1 | Infineon | EBIT | -4.50% | -6.40% | 1.90% | 56% | Semiconductor Industry | 90 |
| 1.1 | Siemens | Average | n/a | n/a | n/a | 55% | n/a | n/a |
| 1.1 | Deutsche Post - Global Forwarding Freight | EBITDA | -1.20% | -1.70% | 0.50% | 55% | Logistics | 199 |
| 1.1 | QSC | EBITDA | 2.30% | 1.60% | 0.70% | 55% | Internet Telephony / DSL Provider | 130 |
| 1.1 | Hochtief | EBITDA | 1.20% | 0.80% | 0.40% | 53% | Construction & Airport Management | 393 |
| 1.0 | MTU | EBITDA | -1.30% | -1.70% | 0.40% | 52% | Aircraft Engines | 53 |
| 1.0 | BMW - Automobile | EBIT | -2.00% | -2.00% | 0.00% | 50% | Passenger Car Production | 123 |
| 1.0 | Drägerwerk | EBITDA | -1.10% | -1.10% | 0.00% | 50% | Medical / Safety Technology | 111 |
| 1.0 | Linde - Engineering | EBITDA | -1.90% | -1.90% | 0.00% | 50% | Engineering Services | 58 |
| 1.0 | Fresenius Medical Care | EBITDA | 2.30% | 2.40% | -0.10% | 50% | Heath Care Equipment (Dialysis) | 236 |
| 1.0 | ProsiebenSat.1 | EBITDA | 0.70% | 0.90% | -0.20% | 49% | Television Channel Providers | 134 |
| 1.0 | BMW | Average | n/a | n/a | n/a | 49% | n/a | n/a |
| 1.0 | BASF - Plastic | EBITDA | 0.50% | 0.80% | -0.30% | 49% | Chemical Industry (Plastic) | 224 |
| 1.0 | Gildemeister | EBITDA | -6.70% | -6.50% | -0.20% | 48% | Machine tools and special machinery | 37 |
| 0.9 | Roth & Rau | EBITDA | -3.80% | -3.10% | -0.70% | 47% | Photovoltaics | 55 |
| 0.9 | Fielmann | EBITDA | 0.50% | 1.00% | -0.50% | 46% | Ophthalmic goods production & retail | 80 |
| 0.9 | Deutsche Post - Supply Chain | EBITDA | -1.70% | -1.00% | -0.60% | 46% | Supply Chain Service Providers | 174 |
| 0.9 | Bayer - Crop Science | EBITDA | -1.50% | -1.10% | -0.40% | 45% | Agricultural Chemical Industry | 83 |
| 0.9 | Wincor Nixdorf | EBITDA | -1.10% | 0.10% | -1.20% | 44% | Computer Hardware / -Software | 258 |
| 0.9 | Continental - Powertrain | EBITDA | -2.30% | 0.30% | -2.60% | 44% | Powertrain | 56 |
| 0.9 | Symrise | EBITDA | 0.20% | 1.20% | -1.00% | 43% | Flavor & Fragrances | 123 |
| 0.8 | Jenoptik | EBITDA | -8.10% | -7.20% | -0.90% | 42% | Laser & Optical Systems | 55 |
| 0.8 | Fresenius | EBITDA | 0.90% | 2.40% | -1.50% | 42% | Heath Care Equipment (Dialysis) | 236 |
| 0.8 | Centrotherm | EBITDA | 0.30% | 1.90% | -1.60% | 41% | Semiconductor Machinery | 58 |
| 0.8 | Volkswagen | EBITDA | -3.60% | -2.70% | -0.90% | 41% | Car Producers | 114 |
| 0.8 | SAP | EBITDA | -1.30% | -0.20% | -1.10% | 41% | Software Developing / Maintenance / Consulting | 197 |
| 0.8 | Leoni | EBITDA | -3.90% | -1.10% | -2.80% | 40% | Automotive Cable and Wiring | 36 |
| 0.8 | Bayer - Health Care | EBITDA | 2.00% | 3.00% | -1.00% | 40% | Pharmaceutical Industry | 215 |
| 0.8 | Henkel - Laundry & Home Care | EBITDA | 1.70% | 3.50% | -1.80% | 39% | Laundry & Home Care | 80 |
| 0.8 | Bechtle | EBITDA | -1.20% | 0.20% | -1.40% | 39% | Computer Related Services | 270 |
| 0.8 | Hugo Boss | EBITDA | -1.40% | 0.20% | -1.70% | 39% | Apparel / Accessories | 330 |
| 0.8 | MAN - Renk | EBITDA | -2.70% | 0.60% | -3.20% | 38% | Engine Parts Manufacturer | 51 |
| 0.8 | RWE | EBITDA | 0.80% | 2.40% | -1.60% | 38% | Multi-Utilities | 66 |
| 0.8 | Kontron | EBITDA | -3.10% | -1.10% | -2.00% | 38% | Computer Hardware Components | 124 |
| 0.7 | BASF | Average | n/a | n/a | n/a | 37% | n/a | n/a |
| 0.7 | Nordex | EBITDA | -1.60% | -0.20% | -1.40% | 37% | Wind Energy | 92 |
| 0.7 | Fraport | EBITDA | -2.20% | 1.20% | -3.30% | 36% | Airport Operator | 47 |
| 0.7 | Bilfinger Berger | EBITDA | -0.70% | 0.20% | -0.90% | 36% | Large Engineering / Construction | 79 |
| 0.7 | Daimler - Mercedes Benz Cars | EBITDA | -5.00% | 3.00% | -8.00% | 36% | Automobile Producers | 39 |
| 0.7 | Praktiker | EBITDA | -1.80% | -0.50% | -1.30% | 35% | Hardware Stores | 143 |
| 0.7 | Allianz | Operating Income | -0.40% | 5.50% | -5.90% | 35% | Full Line Insurance Large Global | 145 |
| 0.7 | GEA Group | EBITDA | -2.90% | -1.20% | -1.70% | 35% | Engineering Providers | 148 |
| 0.7 | E.ON | EBITDA | 0.20% | 1.30% | -1.10% | 35% | Electricity & Gas Europe | 90 |
| 0.7 | Merck - Performance & Life Science Chemicals | EBITDA | -1.20% | 2.10% | -3.30% | 34% | Performance & Life Science Chemicals | 108 |
| 0.7 | Henkel | Average | n/a | n/a | n/a | 34% | n/a | n/a |
| 0.7 | Solarworld | EBITDA | -11.40% | -4.70% | -6.70% | 34% | Solar Cell Manufacturers | 148 |
| 0.7 | Fuchs Petrolub | EBITDA | 0.50% | 2.10% | -1.60% | 33% | Commodity Chemicals | 72 |
| 0.7 | Salzgitter - Trade | EBITDA | -4.40% | -0.70% | -3.70% | 33% | Metal Trader | 60 |
| 0.7 | Bayer | Average | n/a | n/a | n/a | 33% | n/a | n/a |
| 0.7 | Siemens - Industry | EBITDA | -3.30% | -1.10% | -2.30% | 33% | Diversified Industrial Activities | 463 |
| 0.6 | Merck - Consumer Health Care | EBITDA | -2.40% | 2.70% | -5.10% | 32% | Consumer Health Care | 180 |
| 0.6 | Henkel - Cosmetics / Toiletries | EBITDA | 0.20% | 3.30% | 3.10% | 32% | Cosmetics / Toiletries | 114 |
| 0.6 | Salzgitter - Tubes | EBITDA | -5.30% | -1.80% | -3.50% | 31% | Tubes / Pipes Manufacturer | 132 |
| 0.6 | Stada Arzneimittel | EBITDA | -0.40% | 2.10% | -2.50% | 31% | Generics & OTC | 69 |
| 0.6 | MAN - Diesel Engines | EBITDA | -2.30% | 0.20% | -2.50% | 31% | Diesel Engines | 66 |
| 0.6 | Daimler | Average | n/a | n/a | n/a | 30% | n/a | n/a |
| 0.6 | MAN - Turbo Machinery | EBITDA | -4.70% | -2.20% | -2.50% | 30% | Turbo Machinery | 56 |
| 0.6 | Gerresheimer | EBITDA | -1.90% | 1.00% | -2.90% | 29% | Packaging Products | 153 |
| 0.6 | Aurubis | EBITDA | -6.80% | -1.00% | -5.80% | 28% | Copper Products / Processing | 88 |
| 0.6 | Thyssenkrupp | Average | n/a | n/a | n/a | 28% | n/a | n/a |
| 0.5 | Henkel - Adhesives | EBITDA | -3.10% | 2.00% | -5.10% | 27% | Adhesives | 72 |
| 0.5 | Merck | Average | n/a | n/a | n/a | 27% | n/a | n/a |
| 0.5 | Kuka | EBITDA | -8.80% | -3.20% | -5.60% | 27% | High-Tech Industrial Machinery | 140 |
| 0.5 | Merck - Merck Serono | EBITDA | -3.20% | 7.60% | -10.80% | 27% | Oncology Products | 85 |
| 0.5 | Continental - Chassis & Safety | EBITDA | -3.70% | 1.50% | -5.20% | 26% | Automotive Safety Systems | 166 |
| 0.5 | Münich Re | Operating Income | 4.20% | 10.40% | -6.20% | 26% | Reinsurer | 40 |
| 0.5 | Celesio | EBITDA | -0.10% | 0.70% | -0.80% | 25% | Pharmaceutical Wholesale | 108 |
| 0.5 | Deutsche Lufthansa | EBITDA | -2.40% | 0.80% | -3.20% | 24% | Airlines & Services | 208 |
| 0.5 | Salzgitter | Average | n/a | n/a | n/a | 24% | n/a | n/a |
| 0.5 | Demag Cranes | EBITDA | -6.70% | 0.20% | -6.90% | 23% | Cranes and related components | 50 |
| 0.5 | Krones | EBITDA | -8.00% | -1.50% | -6.50% | 23% | Industrial Machinery | 167 |
| 0.4 | Daimler - Trucks | EBITDA | -8.80% | 1.80% | -7.00% | 22% | Trucks | 63 |
| 0.4 | Tognum | EBITDA | -6.20% | -1.20% | -5.00% | 22% | Engine Industry | 253 |
| 0.4 | BASF - Chemical | EBITDA | -4.30% | -1.60% | -2.70% | 22% | Chemicals | 151 |
| 0.4 | Homag Group | EBITDA | -8.90% | -2.10% | -6.80% | 21% | Woodworking Machinery | 39 |
| 0.4 | MAN | Average | n/a | n/a | n/a | 20% | n/a | n/a |
| 0.4 | Continental | Average | n/a | n/a | n/a | 20% | n/a | n/a |
| 0.4 | Grammer | EBITDA | -4.90% | -1.10% | -3.70% | 20% | Car seating systems | 57 |
| 0.4 | Wacker Chemie | EBITDA | -10.40% | -0.90% | -9.50% | 20% | Specialty Chemical Industry | 216 |
| 0.4 | ThyssenKrupp - Steel | EBITDA | -13.80% | -7.10% | -6.70% | 20% | Heavy Industry | 81 |
| 0.4 | Bauer | EBITDA | -6.40% | 0.10% | -6.60% | 19% | Construction & Construction Machinery | 365 |
| 0.4 | MorphoSys | EBITDA | -5.30% | 3.50% | -8.80% | 19% | Life Science Tools & Services | 123 |
| 0.4 | Rheinmetall | EBITDA | -6.00% | 1.40% | -7.30% | 18% | Automotive / Armament Industry | 108 |
| 0.4 | Heidelbergcement | EBITDA | -6.90% | 0.40% | -7.30% | 18% | Cement & Building Materials | 384 |
| 0.3 | Adidas | EBITDA | -4.60% | 0.10% | -4.70% | 17% | Footware / Apparel / Sport Equipment | 151 |
| 0.3 | BASF - Performance Products | EBITDA | -3.40% | 0.50% | -3.90% | 17% | Performance Chemicals Industry | 139 |
| 0.3 | Continental - Tires | EBITDA | -2.20% | 4.20% | -6.40% | 17% | Tires | 77 |
| 0.3 | Pfeiffer | EBITDA | -7.80% | -0.60% | -7.20% | 16% | Water / Liquid Pumps | 104 |
| 0.3 | SGL Carbon | EBITDA | -11.50% | 0.70% | -12.20% | 16% | Carbon and Graphite Products | 62 |
| 0.3 | ThyssenKrupp - Technologies | EBITDA | -12.10% | -2.60% | -9.50% | 16% | Machine Parts & Naval Architects | 295 |
| 0.3 | HHLA | EBIT | -13.60% | -2.70% | -10.90% | 15% | Port Services / Logistics | 291 |
| 0.3 | Douglas | EBITDA | -4.00% | 0.10% | -4.10% | 15% | Specialty Stores | 277 |
| 0.3 | Puma | EBITDA | -5.10% | -0.80% | -4.30% | 14% | Footware / Apparal / Sport Accessories | 122 |
| 0.3 | Salzgitter - Technology | EBITDA | -13.80% | -0.20% | -13.60% | 14% | Packaging Machinery Manufacturer | 75 |
| 0.3 | Smartrac | EBITDA | -4.50% | 5.20% | -9.70% | 13% | RFID Manufacturer | 49 |
| 0.3 | MAN - Commercial Vehicles | EBITDA | -9.90% | -1.00% | -8.80% | 13% | Commercial Vehicles | 176 |
| 0.3 | BMW - Motorcycle | EBIT | -3.30% | -1.80% | -1.50% | 13% | Motorcycle Producers | 48 |
| 0.2 | Rofin-Sinar | EBITDA | -14.30% | -3.20% | -11.10% | 12% | Welding / Cutting Equipment | 66 |
| 0.2 | ThyssenKrupp - Stainless | EBITDA | -14.50% | -3.50% | -11.10% | 11% | High-Quality Steel & Metals | 139 |
| 0.2 | Merck - Liquid Crystals | EBITDA | -17.50% | -0.70% | -16.80% | 11% | Liquid Crystal | 42 |
| 0.2 | Manz | EBITDA | -18.40% | -2.40% | -16.00% | 8% | Automation Machinery | 61 |
| 0.1 | Salzgitter - Steel | EBITDA | -17.40% | -3.50% | -13.90% | 7% | Steel Producers | 153 |
| 0.1 | Continental - Interior | EBITDA | -9.20% | 0.70% | -9.90% | 7% | Interior Equipment | 54 |
| 0.1 | Bayer - Material Science | EBITDA | -6.60% | 0.50% | -7.10% | 7% | Chemical Industry (Material Science) | 170 |
| 0.1 | Q-Cells | EBITDA | -34.80% | -4.70% | -30.10% | 7% | Solar Cell Manufacturers | 148 |
| 0.1 | Continental - ContiTech | EBITDA | -5.20% | 1.70% | -6.90% | 5% | Rubber Based Products | 63 |
| 0.1 | Sky | EBITDA | -21.90% | 2.20% | -24.10% | 5% | Television Channel Providers | 132 |
| 0.1 | Solon | EBITDA | -40.70% | -4.70% | -36.00% | 5% | Solar Cell Manufacturers | 148 |
| 0.0 | Singulus | EBITDA | -32.80% | -3.90% | -29.00% | 0% | Optical Data Storage Equipment | 144 |
Results sorted by company
see list sorted by bonus multiplier
see Bonus Index method
| Company Name |
Ranked by Metric |
Metric Value |
Operating Index |
Operating Alpha |
Operating Rank |
Bonus Multiplier |
Peer Universe | Number of Peers |
| Adidas | EBITDA | -4.60% | 0.10% | -4.70% | 17% | 0.3 | Footware / Apparel / Sport Equipment | 151 |
| Aixtron | EBITDA | 11.60% | -1.20% | 12.70% | 75% | 1.5 | Semiconductor Machinery & Equipment | 137 |
| Allianz | Operating Income | -0.40% | 5.50% | -5.90% | 35% | 0.7 | Full Line Insurance Large Global | 145 |
| Aurubis | EBITDA | -6.80% | -1.00% | -5.80% | 28% | 0.6 | Copper Products / Processing | 88 |
| BASF | Average | n/a | n/a | n/a | 37% | 0.7 | n/a | n/a |
| BASF - Agricultural Solution | EBITDA | 2.00% | -1.40% | 3.40% | 67% | 1.3 | Crop Protection Chemicals Industry | 76 |
| BASF - Chemical | EBITDA | -4.30% | -1.60% | -2.70% | 22% | 0.4 | Chemicals | 151 |
| BASF - Oil & Gas | EBITDA | -10.90% | -20.50% | 9.60% | 60% | 1.2 | Oil & Gas Exploration / Production | 259 |
| BASF - Performance Products | EBITDA | -3.40% | 0.50% | -3.90% | 17% | 0.3 | Performance Chemicals Industry | 139 |
| BASF - Plastic | EBITDA | 0.50% | 0.80% | -0.30% | 49% | 1.0 | Chemical Industry (Plastic) | 224 |
| Bauer | EBITDA | -6.40% | 0.10% | -6.60% | 19% | 0.4 | Construction & Construction Machinery | 365 |
| Bayer | Average | n/a | n/a | n/a | 33% | 0.7 | n/a | n/a |
| Bayer - Crop Science | EBITDA | -1.50% | -1.10% | -0.40% | 45% | 0.9 | Agricultural Chemical Industry | 83 |
| Bayer - Health Care | EBITDA | 2.00% | 3.00% | -1.00% | 40% | 0.8 | Pharmaceutical Industry | 215 |
| Bayer - Material Science | EBITDA | -6.60% | 0.50% | -7.10% | 7% | 0.1 | Chemical Industry (Material Science) | 170 |
| Bechtle | EBITDA | -1.20% | 0.20% | -1.40% | 39% | 0.8 | Computer Related Services | 270 |
| Bilfinger Berger | EBITDA | -0.70% | 0.20% | -0.90% | 36% | 0.7 | Large Engineering / Construction | 79 |
| BMW | Average | n/a | n/a | n/a | 49% | 1.0 | n/a | n/a |
| BMW - Automobile | EBIT | -2.00% | -2.00% | 0.00% | 50% | 1.0 | Passenger Car Production | 123 |
| BMW - Motorcycle | EBIT | -3.30% | -1.80% | -1.50% | 13% | 0.3 | Motorcycle Producers | 48 |
| Carl Zeiss Meditec | EBITDA | 1.90% | 1.70% | 0.60% | 57% | 1.1 | Ophthalmic Equipment | 182 |
| Celesio | EBITDA | -0.10% | 0.70% | -0.80% | 25% | 0.5 | Pharmaceutical Wholesale | 108 |
| Centrotherm | EBITDA | 0.30% | 1.90% | -1.60% | 41% | 0.8 | Semiconductor Machinery | 58 |
| Continental | Average | n/a | n/a | n/a | 20% | 0.4 | n/a | n/a |
| Continental - Chassis & Safety | EBITDA | -3.70% | 1.50% | -5.20% | 26% | 0.5 | Automotive Safety Systems | 166 |
| Continental - ContiTech | EBITDA | -5.20% | 1.70% | -6.90% | 5% | 0.1 | Rubber Based Products | 63 |
| Continental - Interior | EBITDA | -9.20% | 0.70% | -9.90% | 7% | 0.1 | Interior Equipment | 54 |
| Continental - Powertrain | EBITDA | -2.30% | 0.30% | -2.60% | 44% | 0.9 | Powertrain | 56 |
| Continental - Tires | EBITDA | -2.20% | 4.20% | -6.40% | 17% | 0.3 | Tires | 77 |
| Daimler | Average | n/a | n/a | n/a | 30% | 0.6 | n/a | n/a |
| Daimler - Mercedes Benz Cars | EBITDA | -5.00% | 3.00% | -8.00% | 36% | 0.7 | Automobile Producers | 39 |
| Daimler - Trucks | EBITDA | -8.80% | 1.80% | -7.00% | 22% | 0.4 | Trucks | 63 |
| Demag Cranes | EBITDA | -6.70% | 0.20% | -6.90% | 23% | 0.5 | Cranes and related components | 50 |
| Deutsche Bank | Operating Income | 2.90% | 0.80% | 2.10% | 68% | 1.4 | Very Large Diversified Global Banks | 39 |
| Deutsche Lufthansa | EBITDA | -2.40% | 0.80% | -3.20% | 24% | 0.5 | Airlines & Services | 208 |
| Deutsche Post | Average | n/a | n/a | n/a | 62% | 1.2 | n/a | n/a |
| Deutsche Post - Express | EBITDA | 9.80% | -1.50% | 11.30% | 88% | 1.8 | Express Delivery | 43 |
| Deutsche Post - Global Forwarding Freight | EBITDA | -1.20% | -1.70% | 0.50% | 55% | 1.1 | Logistics | 199 |
| Deutsche Post - Supply Chain | EBITDA | -1.70% | -1.00% | -0.60% | 46% | 0.9 | Supply Chain Service Providers | 174 |
| Deutsche Telekom | EBITDA | 2.00% | 0.90% | 1.10% | 67% | 1.3 | Telecommunication Service Provider Large | 46 |
| Douglas | EBITDA | -4.00% | 0.10% | -4.10% | 15% | 0.3 | Specialty Stores | 277 |
| Drägerwerk | EBITDA | -1.10% | -1.10% | 0.00% | 50% | 1.0 | Medical / Safety Technology | 111 |
| E.ON | EBITDA | 0.20% | 1.30% | -1.10% | 35% | 0.7 | Electricity & Gas Europe | 90 |
| Fielmann | EBITDA | 0.50% | 1.00% | -0.50% | 46% | 0.9 | Ophthalmic goods production & retail | 80 |
| Fraport | EBITDA | -2.20% | 1.20% | -3.30% | 36% | 0.7 | Airport Operator | 47 |
| Freenet | EBITDA | 5.00% | 2.30% | 2.70% | 66% | 1.3 | Internet / Telephone Communication | 254 |
| Fresenius | EBITDA | 0.90% | 2.40% | -1.50% | 42% | 0.8 | Heath Care Equipment (Dialysis) | 236 |
| Fresenius Medical Care | EBITDA | 2.30% | 2.40% | -0.10% | 50% | 1.0 | Heath Care Equipment (Dialysis) | 236 |
| Fuchs Petrolub | EBITDA | 0.50% | 2.10% | -1.60% | 33% | 0.7 | Commodity Chemicals | 72 |
| GEA Group | EBITDA | -2.90% | -1.20% | -1.70% | 35% | 0.7 | Engineering Providers | 148 |
| Gerresheimer | EBITDA | -1.90% | 1.00% | -2.90% | 29% | 0.6 | Packaging Products | 153 |
| Gildemeister | EBITDA | -6.70% | -6.50% | -0.20% | 48% | 1.0 | Machine tools and special machinery | 37 |
| Grammer | EBITDA | -4.90% | -1.10% | -3.70% | 20% | 0.4 | Car seating systems | 57 |
| Hannover Rück | Operating Income | 29.80% | 10.40% | 19.40% | 77% | 1.5 | Reinsurer | 40 |
| Heidelbergcement | EBITDA | -6.90% | 0.40% | -7.30% | 18% | 0.4 | Cement & Building Materials | 384 |
| Henkel | Average | n/a | n/a | n/a | 34% | 0.7 | n/a | n/a |
| Henkel - Adhesives | EBITDA | -3.10% | 2.00% | -5.10% | 27% | 0.5 | Adhesives | 72 |
| Henkel - Cosmetics / Toiletries | EBITDA | 0.20% | 3.30% | 3.10% | 32% | 0.6 | Cosmetics / Toiletries | 114 |
| Henkel - Laundry & Home Care | EBITDA | 1.70% | 3.50% | -1.80% | 39% | 0.8 | Laundry & Home Care | 80 |
| HHLA | EBIT | -13.60% | -2.70% | -10.90% | 15% | 0.3 | Port Services / Logistics | 291 |
| Hochtief | EBITDA | 1.20% | 0.80% | 0.40% | 53% | 1.1 | Construction & Airport Management | 393 |
| Homag Group | EBITDA | -8.90% | -2.10% | -6.80% | 21% | 0.4 | Woodworking Machinery | 39 |
| Hugo Boss | EBITDA | -1.40% | 0.20% | -1.70% | 39% | 0.8 | Apparel / Accessories | 330 |
| IDS Scheer | EBITDA | 2.90% | -0.40% | 3.30% | 65% | 1.3 | IT Systems & Services | 142 |
| Infineon | EBIT | -4.50% | -6.40% | 1.90% | 56% | 1.1 | Semiconductor Industry | 90 |
| Jenoptik | EBITDA | -8.10% | -7.20% | -0.90% | 42% | 0.8 | Laser & Optical Systems | 55 |
| Kontron | EBITDA | -3.10% | -1.10% | -2.00% | 38% | 0.8 | Computer Hardware Components | 124 |
| Krones | EBITDA | -8.00% | -1.50% | -6.50% | 23% | 0.5 | Industrial Machinery | 167 |
| Kuka | EBITDA | -8.80% | -3.20% | -5.60% | 27% | 0.5 | High-Tech Industrial Machinery | 140 |
| Lanxess | EBITDA | 5.10% | 1.20% | 3.90% | 71% | 1.4 | Diversified Chemicals | 111 |
| Leoni | EBITDA | -3.90% | -1.10% | -2.80% | 40% | 0.8 | Automotive Cable and Wiring | 36 |
| Linde | Average | n/a | n/a | n/a | 62% | 1.2 | n/a | n/a |
| Linde - Engineering | EBITDA | -1.90% | -1.90% | 0.00% | 50% | 1.0 | Engineering Services | 58 |
| Linde - Industrial Gas | EBITDA | -0.40% | -2.60% | 2.20% | 67% | 1.3 | Industrial Gases | 46 |
| MAN | Average | n/a | n/a | n/a | 20% | 0.4 | n/a | n/a |
| MAN - Commercial Vehicles | EBITDA | -9.90% | -1.00% | -8.80% | 13% | 0.3 | Commercial Vehicles | 176 |
| MAN - Diesel Engines | EBITDA | -2.30% | 0.20% | -2.50% | 31% | 0.6 | Diesel Engines | 66 |
| MAN - Renk | EBITDA | -2.70% | 0.60% | -3.20% | 38% | 0.8 | Engine Parts Manufacturer | 51 |
| MAN - Turbo Machinery | EBITDA | -4.70% | -2.20% | -2.50% | 30% | 0.6 | Turbo Machinery | 56 |
| Manz | EBITDA | -18.40% | -2.40% | -16.00% | 8% | 0.2 | Automation Machinery | 61 |
| MediGene | EBITDA | 14.60% | 5.80% | 8.90% | 64% | 1.3 | Oncology Products | 86 |
| Merck | Average | n/a | n/a | n/a | 27% | 0.5 | n/a | n/a |
| Merck - Consumer Health Care | EBITDA | -2.40% | 2.70% | -5.10% | 32% | 0.6 | Consumer Health Care | 180 |
| Merck - Liquid Crystals | EBITDA | -17.50% | -0.70% | -16.80% | 11% | 0.2 | Liquid Crystal | 42 |
| Merck - Merck Serono | EBITDA | -3.20% | 7.60% | -10.80% | 27% | 0.5 | Oncology Products | 85 |
| Merck - Performance & Life Science Chemicals | EBITDA | -1.20% | 2.10% | -3.30% | 34% | 0.7 | Performance & Life Science Chemicals | 108 |
| MorphoSys | EBITDA | -5.30% | 3.50% | -8.80% | 19% | 0.4 | Life Science Tools & Services | 123 |
| MTU | EBITDA | -1.30% | -1.70% | 0.40% | 52% | 1.0 | Aircraft Engines | 53 |
| Münich Re | Operating Income | 4.20% | 10.40% | -6.20% | 26% | 0.5 | Reinsurer | 40 |
| Nordex | EBITDA | -1.60% | -0.20% | -1.40% | 37% | 0.7 | Wind Energy | 92 |
| Pfeiffer | EBITDA | -7.80% | -0.60% | -7.20% | 16% | 0.3 | Water / Liquid Pumps | 104 |
| Praktiker | EBITDA | -1.80% | -0.50% | -1.30% | 35% | 0.7 | Hardware Stores | 143 |
| ProsiebenSat.1 | EBITDA | 0.70% | 0.90% | -0.20% | 49% | 1.0 | Television Channel Providers | 134 |
| Puma | EBITDA | -5.10% | -0.80% | -4.30% | 14% | 0.3 | Footware / Apparal / Sport Accessories | 122 |
| Q-Cells | EBITDA | -34.80% | -4.70% | -30.10% | 7% | 0.1 | Solar Cell Manufacturers | 148 |
| QSC | EBITDA | 2.30% | 1.60% | 0.70% | 55% | 1.1 | Internet Telephony / DSL Provider | 130 |
| Rheinmetall | EBITDA | -6.00% | 1.40% | -7.30% | 18% | 0.4 | Automotive / Armament Industry | 108 |
| Rofin-Sinar | EBITDA | -14.30% | -3.20% | -11.10% | 12% | 0.2 | Welding / Cutting Equipment | 66 |
| Roth & Rau | EBITDA | -3.80% | -3.10% | -0.70% | 47% | 0.9 | Photovoltaics | 55 |
| RWE | EBITDA | 0.80% | 2.40% | -1.60% | 38% | 0.8 | Multi-Utilities | 66 |
| Salzgitter | Average | n/a | n/a | n/a | 24% | 0.5 | n/a | n/a |
| Salzgitter - Steel | EBITDA | -17.40% | -3.50% | -13.90% | 7% | 0.1 | Steel Producers | 153 |
| Salzgitter - Technology | EBITDA | -13.80% | -0.20% | -13.60% | 14% | 0.3 | Packaging Machinery Manufacturer | 75 |
| Salzgitter - Trade | EBITDA | -4.40% | -0.70% | -3.70% | 33% | 0.7 | Metal Trader | 60 |
| Salzgitter - Tubes | EBITDA | -5.30% | -1.80% | -3.50% | 31% | 0.6 | Tubes / Pipes Manufacturer | 132 |
| SAP | EBITDA | -1.30% | -0.20% | -1.10% | 41% | 0.8 | Software Developing / Maintenance / Consulting | 197 |
| SGL Carbon | EBITDA | -11.50% | 0.70% | -12.20% | 16% | 0.3 | Carbon and Graphite Products | 62 |
| Siemens | Average | n/a | n/a | n/a | 55% | 1.1 | n/a | n/a |
| Siemens - Energy | EBITDA | 8.50% | 0.90% | 7.60% | 84% | 1.7 | Power Generating Equipment / Plants | 285 |
| Siemens - Healthcare | EBITDA | 2.30% | 0.60% | 1.70% | 57% | 1.1 | Analytical Equipment | 178 |
| Siemens - Industry | EBITDA | -3.30% | -1.10% | -2.30% | 33% | 0.7 | Diversified Industrial Activities | 463 |
| Singulus | EBITDA | -32.80% | -3.90% | -29.00% | 0% | 0.0 | Optical Data Storage Equipment | 144 |
| Sky | EBITDA | -21.90% | 2.20% | -24.10% | 5% | 0.1 | Television Channel Providers | 132 |
| SMA | EBITDA | 10.00% | 0.40% | 9.60% | 84% | 1.7 | Inverter Manufacturer | 29 |
| Smartrac | EBITDA | -4.50% | 5.20% | -9.70% | 13% | 0.3 | RFID Manufacturer | 49 |
| Software | EBIT | 1.70% | -2.70% | 4.40% | 71% | 1.4 | Systems Software | 184 |
| Solarworld | EBITDA | -11.40% | -4.70% | -6.70% | 34% | 0.7 | Solar Cell Manufacturers | 148 |
| Solon | EBITDA | -40.70% | -4.70% | -36.00% | 5% | 0.1 | Solar Cell Manufacturers | 148 |
| Stada Arzneimittel | EBITDA | -0.40% | 2.10% | -2.50% | 31% | 0.6 | Generics & OTC | 69 |
| Symrise | EBITDA | 0.20% | 1.20% | -1.00% | 43% | 0.9 | Flavor & Fragrances | 123 |
| Thyssenkrupp | Average | n/a | n/a | n/a | 28% | 0.6 | n/a | n/a |
| ThyssenKrupp - Elevators | EBITDA | 2.60% | 0.10% | 2.50% | 82% | 1.6 | Elevator Industry | 20 |
| ThyssenKrupp - Stainless | EBITDA | -14.50% | -3.50% | -11.10% | 11% | 0.2 | High-Quality Steel & Metals | 139 |
| ThyssenKrupp - Steel | EBITDA | -13.80% | -7.10% | -6.70% | 20% | 0.4 | Heavy Industry | 81 |
| ThyssenKrupp - Technologies | EBITDA | -12.10% | -2.60% | -9.50% | 16% | 0.3 | Machine Parts & Naval Architects | 295 |
| Tognum | EBITDA | -6.20% | -1.20% | -5.00% | 22% | 0.4 | Engine Industry | 253 |
| TUI | EBITDA | 3.40% | -1.00% | 4.40% | 72% | 1.4 | Tourism / Container Shipping | 278 |
| United Internet | EBITDA | 6.40% | 3.00% | 3.40% | 62% | 1.2 | Internet Services & Advertising | 228 |
| Volkswagen | EBITDA | -3.60% | -2.70% | -0.90% | 41% | 0.8 | Car Producers | 114 |
| Vossloh | EBITDA | 0.20% | -1.70% | 1.90% | 60% | 1.2 | All Industrial Machinery Wholesale | 178 |
| Wacker Chemie | EBITDA | -10.40% | -0.90% | -9.50% | 20% | 0.4 | Specialty Chemical Industry | 216 |
| Wincor Nixdorf | EBITDA | -1.10% | 0.10% | -1.20% | 44% | 0.9 | Computer Hardware / -Software | 258 |
The bonus multiple in the table is the multiplier by which individual target bonuses (typically expected bonuses or average historic bonuses) are multiplied to calculate the deserved indexed bonus for 2009.
Notes
Obermatt has analyzed 149 DAX companies/divisions
Metric values used:
- Deutsche Postbank: Operating income of the division “Übriges” was excluded from total operating income
- Deutsche Bank: Only Operating income of the division Private Client and Asset Management“ was taken into account
Excluded are the following companies due to missing data at time of data anaysis:
- Conergy
Excluded due to impact of acquisition not stated separately in the annual report:
- Commerzbank
Excluded due to fiscal year end date March through July:
- Südzucker
- Heidelberger Druckmaschinen
Excluded due to Peer Universe still under development:
- K+S
- Phoenix Solar
- Beiersdorf
- Pfleiderer
- Symrise
- Klöckner & Co.
- Metro
Excluded due to mainly hold by state:
- EADS
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