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18 activities of the commissions Expert Group Corporate Transaction & Valuation Since January 2009, the Expert Group Corporate Transaction & Valuation has looked at corporate valuations in so-called ‘dominated’ situations, i.e. companies under CPL agreements or involved in squeeze outs. The adequacy of the consideration offered to minority shareholders in such scenarios is examined by the courts in review proceedings, the duration of which usually spans several years. In this context, the courts currently orient their decisions on the IDW S1 auditing principles for corporate valuations. Initially, the Expert Group addressed the legislative framework in Germany and elsewhere, as well as valuation concepts, valuation standards and the corporate perspective. Its objectives include simplification of the review process and development of principles for valuation by the majority shareholder. This will contribute to improved efficiency and prevent unreasonably long court proceedings, provided the principles are also accepted by the German justice system. Furthermore, the recommendations aim to establish international comparability between principles for valuation in dominated situations through promotion of methodological diversity (NPV, DCF, multiples) and transparency. Expert Group Small Caps Equities_ The DVFA Small & Mid Cap Reporting Standard represens a collection of the most important reporting and information elements as a sort of best practice for financial reporting, and fundamental aid for small and medium-sized companies entering the capital market. The DVFA SMCRS are meant to improve the efficiency of capital market communication by small caps in the German market. The Expert Group presented the DVFA SMCRS at the second DVFA Small Cap Forum (SCF_ on 19 April 2010). Based on this presentation, the concept was published in both Börsen Zeitung and GoingPublic magazine. A white paper by the Expert Group was sent to 30 selected companies with the request for a statement of position on the SMCRS. Alongside work on the SMCRS, the Small Cap Expert Group supported a dissertation on ‘Analysis of the investment behaviour of small cap investors’ by Marta Kemter, University of Hamburg. The next task for the Expert Group will be the practical implementation of the DVFA SMCRS.
activities of the commissions Commission Life Science Equities_ In 2010, another interesting, ground-breaking topic was dealt with and presented at the annual DVFA Life Science Conference in various publications. The 3 rd DVFA Life Science Conference ‘Biosimilars’ was held with more than 100 international guests at the DVFA Center on 8 June 2010. This year’s conference was held in English for the first time. Biosimilars or ‘follow-on biologics’ are generic versions of biopharmaceutical products. Given the great interest in this small but growing market segment, which is increasingly an important investment topic, members of the DVFA Commission Life Science - as in previous years - published multiple articles. An in-depth look at of the topic was presented by the DVFA Commission in the publication ‘Life Science in the Capital Market: Biosimilars’, 2,000 copies of which were printed in time for the German Equity Forum on 22 November 2010. This publication is available online at: http://www.dvfa.de/biosimilars In the book, which takes the form of an edited volume, the presenters and panel participants of the 3 rd DVFA Life Science Conference, along with selected experts, delineated their presentations and views expressed at the conference in 12 articles. The publication thus assembles expert viewpoints from a variety of fields (pharma/generics companies, biotech companies, legal experts, VC investors, analysts, fund managers etc.) on the market segment ‘biosimilars’. The 3 rd DVFA Life Science Conference and the release of the volume was generously sponsored by BIO Deutschland, DG Bank AG, Deutsche Börse Group, Mayer Brown LLP and transkript / BIOCOM Media GmbH. Following the great success of the previous DVFA Life Science Symposia, the 4 th DVFA Life Science Symposium is planned in Frankfurt for 17 May 2011, addressíng the use of ‘Life Science Asia/Europe – Getting insight in mutual growth opportunities’. Here, participants will examine the aspects ‘Going East - Growth opportunities and challenges for European life science companies’ as well as ‘Going West - Is the German capital market ready for Asian life science companies?’. 19
Page 1: 50 YEARS Society of Investment Prof
Page 4 and 5: Imprint Publisher: DVFA e.V. Mainze
Page 6 and 7: “ Through our international membe
Page 8 and 9: 06 the board Through our internatio
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Page 12 and 13: 10 featu DVFA celebrates its 50 Equ
Page 14 and 15: 12 featu DVFA celebrates its 50 Equ
Page 16 and 17: 14 the society u u u u u EQUITIES F
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Page 30 and 31: 28 featu Integrated Reporting_ Equi
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Page 44 and 45: 42 featu Training and Qualification
Page 50 and 51: 48 appendix Winfried Becker Fitch I
Page 52 and 53: 50 appendix Successful graduates of
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