Our shareholders As of January 31, 2004, our ordinary and preference shares were held by 9,230 different shareholders in Germany and abroad. This total comprises 8,841 private investors, 176 institutional investors, 177 commercial enterprises and 36 other shareholders. Since the previous shareholder survey in 2002, there was a particularly strong increase of 14.4% in the number of private shareholders: from 7,726 to 8,841.
The private investors holding FUCHS shares are dominated by salaried employees, pensioners and other non self-employed individuals. With the pleasing growth in the number of private shareholders, this group is by far the most numerous among total FUCHS shareholders. Although the proportion of the capital stock held by private shareholders decreased from 39.1% to 37.0%, this still represents double the percentage in 1995.
The number of institutional shareholders has also increased, and their proportion of the capital stock has risen to 37.5%, from 30.2% in 2002. There has been a shift within this group, however. Whereas German investment companies and asset managers have reduced their shareholdings in the last two years, the number of shares held by institutional investors outside Germany has risen substantially.
The importance of foreign shareholders has grown significantly for FUCHS. The number of shares held outside Germany has increased at an above average rate since 2002, and now accounts for 31.9% of the total capital stock (2002: 9.1%). Switzerland still accounts for the largest proportion of our shares held abroad, 11.9%, although the number of FUCHS shareholders in the country actually decreased. This reduction was nearly offset by an increase in the number of shareholders in other foreign countries. There were particularly significant increases in Luxembourg, the United Kingdom and the United States, where institutional investors now hold significant proportions of our capital stock: 9.5 %, 6.1 % and 2.2 % respecively.