Equities - DVFA

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20 featu DVFA and Germany’s Equities_ SMEs_ DVFA and Germany’s SME sector – initiatives to promote better capital market access for small and medium-sized enterprises Germany’s capital market is still characterised by a vast number of SMEs. Using the definition of less than EUR 100 in market capitalisation, roughly 500 companies in the German capital market, or 60% of all listed companies, can be called ‘small caps’. For the past eight years, DVFA has supported and promoted the interests of small caps as an asset class. Since the late summer of 2003, the Society has been holding the respected SCC_ Small Cap Conference, now the largest independent investor conference for listed SMEs in Germany. Moreover, in February 2009, the SCF_ Small Cap Forum - a further format - was introduced for presentation of annual financial statements. In the spring of 2010, the SCF_ was held for the second time. Its autonomy and neutral positioning permits DVFA to invite buy and sell-side analysts, portfolio managers and asset managers from any company within the market. Thus, the Society can also offer the presenting companies the opportunity to speak with its investors, to uphold existing contacts and establish new ones. Corporates use the DVFA Conference to report on current financial ratios and business developments, as well as to participate in one-on-one discussions with investors. Moreover, on the occasion of the SCF_, the work of the DVFA Expert Group Small Caps was presented along with academic projects, such as the pioneering scholarly work of Petra Oetken. Guideline Analyst Presentation For more than 20 years, DVFA has been working to assist corporates with capital marketoriented financial communication. In 2010, the Guideline Analyst Presentation was released jointly with PwC Deutschland, to delineate approaches for design and distribution of analyst presentations, the role and function of which in the context of financial communication has been largely ignored by companies. The publication offers support for preparing and organising analyst presentations and sets up a series of standards for a reporting format that will be seen as one of the most important information sources for investment professionals. Although investment professionals have clear demands and expectations in this area, no uniform standards have ever been developed for analyst presentations.
featu DVFA and Germany’s Equities_ SMEs_ 2 nd SCF_ Small Cap Forum: Prof. Dr. Max Otte, IFVE GmbH, spoke about value investing - ‘Investing in the Warren Buffett style’ Since the start of 2009, the Expert Group Small Caps has been working to raise capital market visibility of small caps. The work of the group culminated in publication of a white paper on "DVFA Small and Midcap Reporting Standards", as best practice for financial reporting and capital market activities of SMEs in June 2010. In 2011, the discussion phase with small and midcap issuers on the form and scope of the SMCRS. The Expert Group is drafting a discussion paper to be released in the spring of 2011. Minimum standards for bond communication Ralf Frank, Managing Director DVFA: ‘It is imperative for small and midcap companies to provide more focused and targeted reporting on business models and performance in order to assure adequate institutional reach as compared to large caps.’ The Expert Group Bond Communication, established in 2010, is endeavouring to define the demands of bond investors and analysts when it comes to communication by bond issuers. Given the substantial increase in the number of small and medium-sized enterprises issuing bonds, the ‘DVFA minimum standards for bond communication’, developed at the end of 2010 and introduced to the market in 2011, stirred significant interest among capital market participants. These minimum standards serve, e.g. as a point of reference for the small cap bonds segment which was opened by Deutsche Börse in Q1 2011. 21
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
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Page 16 and 17: 14 the society u u u u u EQUITIES F
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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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