Net income for 2017/2018 moderately lower than five-year average

  • Most portfolio companies are performing according to expectations, but overall negative impact on valuations through lower multiples on capital markets

  • Ongoing optimism regarding the performance of the economy; at the same time, a number of potentially negative factors are being observed (e.g. a shortage of specialised personnel, higher impact of exchange rate fluctuations as a result of more investments outside the eurozone)

  • Quarterly earnings are strongly influenced by particular events; not advisable to make conclusions regarding the entire financial year

As considerable fluctuation in performance indicators is typical for the business, the forecast is based on the average value for the last five financial years

“slight”:  +/- 0 to 10%      “moderate”: +/- 10 to 20%       “significant”: >20%