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Dear Readers, 

Rarely has equity capital been of such vital importance for 

bolstering the growth opportunities of companies. Companies 

face new challenges in today’s post-crisis economy 

and new capital requirement regimes such as Basel III will 

increase the cost of loans, while the flow of liquidity through 

credit will be scaled down. Indeed, some banks have 

already become more reluctant to provide the economy 

with capital. For these reasons alone, equity capital must 

and will increase its weight in the capital mix, especially for 

small and medium-sized companies, which tend to be 

insufficiently capitalized to meet their growth needs. The 

current situation applies not only to single companies, but 

to economies as a whole: the market turbulence over the 

past two-and-a-half years has called into question whether 

the financial sector does in fact fulfill its role serving the real 

economy. One essential aspect of this role is the sector’s 

function as a facilitator of capital and it is high time it reac - 

tivated that function. 

Providing access to equity capital has always been a major 

aspect of what exchanges do. We at Deutsche Börse provide 

it from the financial capital of Europe’s largest and most 

vibrant economy via the Frankfurt Stock Exchange, which 

we operate. Our global network with major hubs and acti - 

vities over the world supports our service role. Companies 

listed on the Frankfurt Stock Exchange include global 

brands such as Allianz, BASF, Daimler, Munich Re, Siemens 

and ThyssenKrupp. Companies listed on the Frankfurt 

Stock Exchange thus get the opportunity to join interna - 

tionally recognized indices such as the DAX index family. 

Moreover, companies listed on the Frankfurt Stock 

Exchange gain direct access to a global pool of investors 

with some 250 trading participants in 18 countries, includ - 

ing all of Europe’s various financial centres. Deutsche Börse 

is the most sophisticated equity organization worldwide 

and serves the stock markets, the future and options 

markets, while also providing clearing and settlement 

services and, last but not least, makes market information 

available to its customers. 

In the stock market we offer three market segments that are 

tailor-made to suit the lifecycle of companies: the Entry 

Standard as a door opener for firms wishing to take their 

first step into the EU capital market, the more ambitious 

General Standard in line with EU-wide standards for an 

exchange listing, and, finally, the premium-level Prime 

Standard for corporations addressing global institutional 

investors. Companies may of course go public in anyone of 

these segments, depending on their degree of maturity. 

Irrespective of their choice, the exchange offers access to 

capital not only when a company first enters the market, but 

also later, as a platform for capital increases. 

Deutsche Börse has always been committed to bringing 

investors and companies together, both for their common 

good, and for the common good of the economies to which 

they belong. Exchanges take their serving role for the real 

economy very seriously, as providers of access to capital, 

and as organizers of regulated markets for transparent, 

unmanipulated and fair price discovery. Which is why we at 

Deutsche Börse, together with KfW, organize the German 

Equity Forum, thus providing an ideal exhibition floor, meet - 

ing place, and learning center for companies, be they small, 

medium-sized or large; from Germany, Europe or else - 

where, be they listed or still private. In fact, this is the largest 

conference of its kind in Europe to give companies the 

opportunity to present themselves to the international 

inves tor and analyst community, something of which we are 

very proud. The new conference magazine you have in front 

of you, in addition to organizational information, will offer 

you background articles that we trust will prove helpful well 

beyond the actual event. 

Yours sincerely, 

Dr. Reto Francioni 

CEO 

Deutsche Börse AG 

Dr. Reto Francioni 

Editorial 

Deutsches Eigenkapitalforum Fall 2010 Page 3

Contents 

3 Editorial 

Dr. Reto Francioni, Deutsche Börse AG 

Introduction 

8 “China will not win the next 50 years with 

its political system” 

Interview with Prof. Dr. Norbert Walter, Walter 

& Daughters Consult, about China's sustainability, 

speculative bubbles and overexploitation 

of its own heritage 

12 New investors always welcome 

New private equity fund for German SMEs invests long-term 

Albrecht Deißner, KfW Bankengruppe 

14 “The entrepreneur 

will still be the boss” 

Interview with 

Dr. Axel Nawrath, 

member of KfW's 

Executive Board 

16 Not just another “Mega-Trend” 

Sustainability issues will have an increasing impact on financial 

business 

Marc Bernhof, Steffen Pörner, HSBC Trinkaus 

18 “It's the owners who have to decide what they are prepared 

to pay” 

Interview with Dr. Jens Maßmann, Partner at Ernst & Young, 

about pain thresholds, responsibilities and international practices 

with management board salaries 

20 Social media in financial communications 

How you can reach investors in social networks 

Alexander von Preysing, Edda Vogt, Deutsche Börse Group 

24 Future now 

Electronic voting boom ahead? 

Torsten Fues, Haubrok Corporate Events, Dirk Hesse, Gahrens + 

Battermann 

Legal 

26 “Other challenges already exist alongside 

account ing, capital investment and corruption 

cases” 

Interview with Dr. Stefan Heißner, Partner at 

Ernst & Young GmbH Wirtschaftsprüfungs gesellschaft, 

about financial crimes such as 

fraud and compliance risks and how to deal with them in practice 

28 China SOX 

Will Chinese companies adapt to the modern model of cor - 

porate governance? 

Dr. Gebhard Zemke, BDO AG Wirtschaftsprüfungsgesellschaft 

Page 4 Deutsches Eigenkapitalforum Fall 2010 

30 Commercial due diligence 

Requirements and benefits, also for “strategic” investors 

Dr. Rainer Mayer, maconda Corporate Development 

32 Other ways to go 

New securities disclosure rules and their effects on public M&A 

transactions in Germany 

Stephan Heinemann, Taylor Wessing 

34 Driving value in the 

boardroom 

How to make use of increased 

duties to become a proactive 

supervisory board 

Volker Potthoff, CMS Hasche Sigle 

Financing 

36 Growth capital for the German 

“Mittelstand” 

How private equity firms 

successfully support German 

mid-sized companies 

Dörte Höppner, BVK 

38 WEPA case study 

Growth financing during times of financial distress 

Markus Kurzhals, Arndt Rautenberg, RölfsPartner 

42 A tactical financing instrument 

The right mezzanine can be the better equity solution 

Steffen Schneider, Frans-Matthis Pleie, FCF Fox Corporate Finance 

46 “Basel III affects the banks and, therefore, it also affects 

the SMEs” 

Interview with Lutz Weiler, equinet Bank, about the financing 

needs of German small and medium enterprises (SMEs), the 

effects of Basel III and interest equity options 

48 An attractive option 

Corporate bonds as a complement to equity financing 

Dr. Dietmar Schieber, Close Brothers Seydler Bank 

52 HAMBORNER REIT AG 

Reloaded 

Relaunch 

of a Share 

Maren Lorth, 

WestLB 

54 Emergence of mini-bonds 

The new trend to bank-independent debt financing for SMEs 

Ursula Querette, Haubrok Investor Relations

Capital Markets 

Contents 

56 It’s all about value 

and visibility 

Valuation process and 

IPO pricing in volatile 

market environments 

Michael Salcher, 

Florian Frei, KPMG AG 

Wirtschaftsprüfungsgesellschaft 

58 Motives & experiences 

Chinese IPOs in Germany 

Peter Thilo Hasler, Viscardi 

62 GDR Programs in the regulated market of the FSE 

Overview of the specifics 

Robert Michels, Dr. Alexandra Zech, 

BEITEN BURKHARDT Rechtsanwaltsgesellschaft 

64 Going public in volatile markets 

How to de-risk an IPO 

Philip Grosse, Credit Suisse 

66 Family IPOs 

IPOs as an alternative for family companies 

Dr. Elmar Jakob, IPONTIX Equity Consultants 

70 Corporate brokerage 

Continuous dialogue with investors as success factor for small 

and medium-sized enterprises 

Oliver Riedel, Nico Baader, Baader Bank 

Industries & Sectors 

72 LifeScience Forum 

Healthcare reforms 

call for innovative 

strategic answers 

Dr. Christa Bähr, 

DZ BANK 

76 Far reaching impact of the Euro’s financial crisis 

Uncertain outlook for the world’s largest renewable infrastructure 

investment end markets 

Dr. Martina Ecker, Jefferies International Limited 

80 “Germany’s cleantech companies need a spe cific technological 

advantage to stay in the running” 

Interview with Carsten Klante, Macquarie Capi tal, about the challenges, 

investments and sustain ability of Cleantech companies and markets 

84 “Long-term potential for the German real estate sector” 

Interview with Dr. Christian Schlüter, Credit Suisse, about the 

German listed property market, attractive market segments and 

the importance of investor sentiment 

86 Risking the recovery? 

Basel III and the credit crunch 

Michael Rohr, Silvia Quandt Research 

Deutsches Eigenkapitalforum Fall 2010 Page 5 

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Achieving more together

Contents 

Organizer, Co-Inititiator & Sponsors 

Organizer & Co-Initiator 

90 Deutsche Börse, KfW 

91 Ernst & Young Wirtschaftsprüfungsgesellschaft 

Main Sponsors 

92 Close Brothers Seydler Bank, 

Credit Suisse Securities, DZ Bank 

93 equinet Bank 

94 FCF Fox Corporate Finance, Jefferies, 

LBBW/ Baden-Württembergische Bank 

95 Macquarie Capital (Europe), VISCARDI 

Sponsors 

96 BDO AG Wirtschaftsprüfungsgesellschaft (96), CMS Hasche Sigle 

(96), Commerzbank (96), German Venture Capital and Private 

Equity Association (BVK) (97), Haubrok (98), Hauck & Aufhäuser 

Invest ment Banking (98), HSBC Trinkaus & Burkhardt (98), 

KPMG Wirtschaftsprüfungsgesellschaft (99), Morgan Stanley 

(100), Rölfs Partner (100), Silvia Quandt & Cie. (100), Taylor 

Wessing (101), UniCredit Bank (101), WestLB (101) 

Partners 

102 bwcon Baden Württemberg: connected (102), Creathor Venture 

Management (102), DVFA (102), Gahrens + Battermann (103), HPE 

Holland Private Equity (103), PvF Investor Relations (104), STEP 

Award (104), Ventizz Capital Partners Advisory (104) 

Media Partners 

105 ABC New Media (105), bne media (105), Börsen-Radio- 

Net work (105), Börsen-Zeitung (106), DAF Deutsches Anleger 

Fern sehen (106), dpa-AFX Wirtschaftsnachrichten (106), 

Fachverlag der Verlagsgruppe Handelsblatt (107), FINANCIAL 

GATES (108), Frankfurter Allgemeine Zeitung (108), GoingPublic 

Media (108), Haymarket Media (109), Institutional Investment 

Publishing (110), International Herald Tribune (110), mergermarket 

(110), n-tv Nachrichtenfernsehen (111), Pho enixCNE (112), 

Property Investor Europe – PFE (112), RiD Real Estate Infor - 

mation (112), Swiss Equity Medien (113), VDI Verlag (113) 

Supporters 

114 Klassik Radio (114), Nespresso Deutschland (114), 

Radisson Blu Hotel (114) 


TOP 25 Capital Seeking Companies 

116 Accovion GmbH 

118 AMEOS Gruppe 

120 Artificial Life Inc. 

121 Asklepios Kliniken GmbH 

122 Bard Holding GmbH 

124 Biogest Energie- und Wassertechnik GmbH 

126 caprotec bioanalytics GmbH 

128 Cevec Pharmaceuticals GmbH 

129 CureVac GmbH 

130 Diva Video Access AG 

132 FLABEG Holding GmbH 

133 Glycotope GmbH 

134 IONYS AG 

136 itk group GmbH 

137 Mister Spex GmbH 

138 Novaled AG 

140 Novalung GmbH 

141 pvXchange N.V. 

142 REMOS Aircraft GmbH 

144 RIEMSER Arzneimittel AG 

145 SkySails GmbH & Co. KG 

146 stylefruits GmbH 

148 SULFURCELL Solartechnik GmbH 

150 Torqeedo GmbH 

151 voxeljet technology GmbH 

152 WiredMinds AG 

153 Zentrum Mikroelektronik Dresden AG 

Service 

154 Deutsche Börse Listing Partners 

162 Market Segments 

An overview 

164 Contact Persons at Deutsche Börse Group 

165 Imprint 

Program Deutsches Eigenkapitalforum Fall 2010 

166 Program Overview 

Appendix a: Main Level Map 

Appendix b: Upper Level Map and Exhibitors’ Index

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Introduction 

“China will not win the next 50 years with its 

political system” 

Interview with Prof. Dr. Norbert Walter about China's sustainabil ity, 

speculative bubbles and overexploitation of its own heritage. 

Conference Magazine: Prof. Walter, keyword China: are 

we talking here about a developing country or a super - 

power? 

Walter: China is the most important emerging nation, 

with catch-up processes and considerable potential, 

almost everywhere in the country. China is becoming 

Number 2 in the world, it already is economically in this 

runner up position, but it is still behind the USA. 

Conference Magazine: And what about India? 

Walter: In the last three decades, China has provided 

more people with the chance of reasonable brighter living 

conditions within its system than anywhere else in the 

world. I am not observing this in India. 

Conference Magazine: The demographic trend is one of 

the points which differentiates China from India. How 

quickly will China go downhill due to old age? 


Prof. Dr. Norbert Walter was chief 

economist of the Deutsche Bank and 

Head of DB Research until the end of 

2009. He is now managing director of 

Walter & Daughters Consult, his own 

company. 

Prof. Dr. Norbert Walter 

Walter: Pretty quickly. China is approaching the fatal 

situation where it will not have enough young qualified 

skilled workers which the country urgently needs for it to 

catch up with industrial countries. This will already be the 

case in five years. Do not confuse this though with the 

overall supply of workers which China will not be short of 

due to employees leaving rural areas and State-owned 

enterprises. 

Conference Magazine: Shouldn't China simply abolish 

the one-child policy? 

Walter: They will almost certainly do that but it cannot 

produce a quick change. Added to this a disproportionate 

amount of boys was born in the last few years – 127 boys 

were born for 100 girls –, however, future children will be 

born by women, thus demographic recovery is a far off 

phenomenon. 

Conference Magazine: To quote somebody famous in 

recent German public debate, is China therefore “abolish - 

ing itself”? 

Walter: China is a bit too vast to be overwhelmed by 

mass immigration. Also, for selective immigration you 

would need regions in which there is an excess of

Introduction 

women. This, however, is not the case in any important 

country in the world. Also not in India. 

Conference Magazine: Welfare losses, direct and 

indirect, threaten China not least due to its han dling 

of public goods, namely water, air, soil. 

Walter: The demographic problem is not yet 

affecting the country now. China's ecological problems 

are not new though they are now resulting 

in dramatic implications for the food chain and 

living circumstances. The next five-year plan will 

most certainly systematically adopt these issues. 

The measured increase in consumption in China is 

becoming more modest, as in future it will have to 

reallocate resources for environmental conserva - 

tion. This means lower growth rates for China 

overall in the near future. 

Conference Magazine: Is China enlisting help to 

cope with this task? 

Walter: It's interesting that Germany is an important 

research, development and industrial partner 

in this process. China is very curious and open in 

terms of developments which are made in Germany 

in these sectors. 


The Taylor Wessing Capital Markets Team is at 

the forefront of tomorrows’ financing solutions 

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Introduction 

„In certain coastal towns are some luxury amenities which not even Ludwig II would have been able to afford.” 

Conference Magazine: Recently a speculative price 

bubble on the Chinese real estate market was often 

diagnosed from afar, is this true at all? 

Walter: There is certainly a hypertrophic development of 

real estate prices in some coastal towns. There are some 

luxury amenities which not even Ludwig II would have 

been able to afford. This needs to be corrected. China is 

more though than a few coastal towns. It looks very different 

in rural areas. If there is anything to find fault with, 

then rather that there is an undersupply of reasonable 

accommodation for the mass of Chinese people. 

Conference Magazine: What's the situation with the 

exchange rate which China habitually is massaging? 

Walter: Specifically the Anglo-Saxon school of thought 

considers it to be the most normal thing in the world to 

use exchange rate policy as an instrument of national 

economic policy. I have a big problem with this. If there is 

the same economic problem all over the world, then 

everyone also wants to do the same thing at the same 

time. Since the exchange rate reflects the relationship 

between two currencies, both sides cannot be helped by 

both devaluating, since this is logically impossible. As the 

global economic situation currently shows, the exchange 

rate cannot be the method of choice. 


Conference Maga - 

zine: China has done 

pretty well with its attitude 

towards the exchange 

rate. 

Walter: China is one 

of the few countries 

that has controls on 

capital movements. 

In other words: un - 

like other countries, 

the Chinese can actually 

effectively implement 

what they 

want regarding the 

exchange rate. They 

do this, however, at a 

price. 

Conference Magazine: The dollar currency reserves 

accumulated over the last few decades also mustn't lose 

too much value though, aren't the USA and China in the 

same boat? 

Walter: While this at first glance is the case and is coined 

the “locking in effect” of big holdings of assets, it cannot 

stand in the way of correction, since continued accumulation 

only increases the cluster risk of investing in one 

asset class. 

Hong Kong

Conference Magazine: Do you suggest this causes 

diversification in tangible assets? 

Walter: China is purchasing mines, whole companies and 

other currencies. By all means tangible assets. This has 

implications for the USA as it must then acquire other 

depositors to invest in US state bonds etc. It must 

persuade them though, it must win them over. They will 

certainly not succeed in this with the promise of devaluing 

the dollar and offering only low interest rates. 

Conference Magazine: That doesn't sound very uplift - 

ing. What's your prognosis? 

Walter: For the USA this quite clearly means tightening its 

belt. It is a thing of the past that the United States is the 

only country which produces world currency reserves. 

Designated Sponsoring 

Introduction 

The US savings rate will increase, its consumption growth 

will decrease. 

Conference Magazine: So does China then possibly 

have the better economic system? 

Walter: China did well in the last few decades to not give 

up certain hierarchical structures and also to not take 

over the western finance system and/or parts of it. How - 

ever, China will not win the next 50 years with its political 

system. The best advice would be that Peking should 

become like Hong Kong before it was returned to China. 

Conference Magazine: Prof. Walter, many thanks for the 

extremely interesting conversation! 

This interview was conducted by Falko Bozicevic. 

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Introduction 

New investors always welcome 

New private equity fund for German SMEs invests long-term 

Many investments in growth and innovation projects cannot 

be financed with debt capital alone and require private 

equity. However, insufficient equity can hinder the growth 

of enterprises and prevent them from making investments 

in innovation – particularly now, as the economy is on the 

upturn. 

With the new “Eigenkapitalfonds für deutschen Mittelstand” 

(Private Equity Fund for German SMEs), KfW Bankengruppe 

and Commerzbank want to address the need 

of many small and medium-sized enterprises in Germany 

for flexible and entrepreneur-friendly financing offers. The 

fund complements the products already available on the 

market. Its aim is to sustainably strengthen the equity 

base of small and medium-sized enterprises. 

Fund volume of up to EUR 500 million 

The private equity fund for German SMEs has an overall 

volume of up to EUR 500 million, with the two anchor 

investors contributing an initial volume of nearly EUR 100 

million each. KfW and Commerzbank are looking to 

attract further investors to the fund. Banks, insurance 

companies, pension funds or family companies that wish 

to participate are welcome to join at any time. 


Photo © KfW 

Albrecht Deißner has been respon 

sible for equity financing at KfW since 

2004. Beforehand he was the Head of 

Department for Start Ups at the 

formerly independent Deutsche 

Ausgleichsbank, Bonn. 

Albrecht Deißner, Head of Product Deve l 

opment and Private Equity Financing, 

KfW Bankengruppe 

The fund is available to unlisted small and medium-sized 

enterprises in Germany across all sectors with an annual 

turnover of up to EUR 500 million. An equity investment 

can be between EUR 10 and 30 million. 

Focus on family enterprises 

German family enterprises and their sustainabilityorientated 

corporate development are the focus of the 

new private equity fund, which is designed for an investment 

horizon of up to eight years, a longer-term commitment 

than is usually customary in private equity funds, 

and takes into account the specific private equity 

financing requirements of small and medium-sized 

enterprises. 

To meet these specific requirements, the private equity 

fund offers the following key features: 

• The minority equity interest is acquired at market conditions 

and is invested in the enterprise in the form of 

genuine private equity. Such additional private equity 

enables the enterprise to finance expansion investments 

and to bolster its sustainable development. 

Moreover, the aim is for longer-term equity investments.

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• SME-friendly exit policy that gives first preference to 

existing shareholders, for example by granting them a 

buyback option. 

The private equity fund for German SMEs is quite different 

from the leveraged buyout models which are widespread in 

Germany as well and usually aim for complete control of the 

enterprise and short-term profit maximi zation. 

On the basis of a sophisticated selection procedure, KfW 

and Commerzbank have assigned Munich-based Afinum 

Management GmbH to be the manager of the private 

equity fund. Afinum is an independent investment fund 

specialized in equity investments in small and medium-sized 

enterprises. 

Afinum makes independent decisions 

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Introduction 

Afinum will make investment decisions for the fund independently 

on the basis of the investment criteria and the 

SME-friendly parameters of the fund concept. The fund 

manager is also the first point of contact for enterprises 

seeking private equity. An Advisory Board composed of 

fund investors supervises the investment directives and 

decides in the event of possible conflicts of interest. 

In Afinum we have found a competent partner for the fund 

management who is able to implement the core concept 

of the new fund – to create equity investment conditions 

that are SME-friendly and individually tailored to the 

needs of the entrepreneur.

Introduction 

“The entrepreneur will still be the boss” 

Interview with Dr. Axel Nawrath, Member of 

KfW's Executive Board 

Conference Magazine: Dr. Nawrath, why have KfW and 

Commerzbank initiated a private equity fund for German 

SMEs? 

Nawrath: Many are talking about the equity base of small and 

medium-sized enterprises, but hardly anyone is pro viding 

new impetus – we want to change that. The new private 

equity fund concept is specially tailored to the needs of 

SMEs, so we are setting new standards. 

Conference Magazine: What sets the new fund apart from 

similar offers available on the capital market? 

Nawrath: This private equity fund offers genuine private 

equity which remains within the enterprise and is used to 

finance its growth. What is important is that the private 

equity is acquired without leverage, so no liabilities devolve 

on the enterprise. In addition, the fund invests in the long 

term and individual shareholdings can be kept for up to 

eight years. The overall term of the fund will be a maximum 

of 14 years. 

Conference Magazine: So KfW will have a say in the 

enterprises' business decisions? 

Nawrath: Clearly no. We have appointed Afinum Management 

GmbH, an independent external fund manager, to 

manage the fund; it will not interfere with the management 

of the companies' operations but rather support them with 

expertise and contacts as and when necessary – usually at 


Dr. Axel Nawrath has been a member 

of the KfW management board since 

2009. Before that he was Secretary of 

State at the Federal Ministry of 

Finance for three years. He has also 

held positions at Deutsche Börse AG, 

the Federal Fiscal Authority and the 

Federal Audit Office. 

Dr. Axel Nawrath, Member of 

KfW's Executive Board 

the level of the existing regulatory and advisory bodies. The 

investors, and that includes KfW, will not interfere with this 

process nor influence the enterprises in which the fund will 

invest. 

Conference Magazine: The entrepreneur will remain independent 

to make decisions? 

Nawrath: As the fund will only enter into minority share - 

holdings, the entrepreneur's autonomy is ensured in any 

case. He will continue to be the boss but will give the minority 

shareholder – in this case Afinum – reasonable rights of 

co-determination and control. 

Conference Magazine: What returns do you expect this 

fund to deliver? 

Nawrath: We want to attract additional private investors to 

the fund, so we have to offer market-conforming conditions. 

The fund wants to offer the enterprises SME-friendly terms 

and conditions, but it also wants to meet the return expectations 

of private investors. Our target is ten per cent and 

more after costs. 

Conference Magazine: What does the exit scenario look 

like? 

Nawrath: The fund management and the entrepreneurs will 

determine the preferred exit and the exit strategy jointly at

the start of the equity investment. The preferred scenario is 

to have the entrepreneur buy back the shares, but it may 

also be the preparation of a successor arrangement. Only 

where an entrepreneur himself does not wish or is unable to 

buy back the shares, will other exit scenarios come into 

consideration. 

Conference Magazine: What criteria must a small or mediumsized 

enterprise meet to obtain equity from the fund? 

Nawrath: The enterprises must be structurally sound and 

have positive growth prospects. All investment decisions 

will be based on an in-depth analysis of the strengths, 

weak nesses, risks and opportunities of the respective 

enterprise. 

© 2010 KPMG AG Wirtschaftsprüfungsgesellschaft, a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member 

firms affiliated with KPMG International Cooperative („KPMG International“), a Swiss entity. All rights reserved. Printed in Germany. 

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Conference Magazine: Is KfW planning any further financing 

products in the field of private equity finance? 

Nawrath: In our private equity financing, we apply the same 

rule as in other areas of promotion – to constantly review 

our product range and optimize it in accordance with 

changing market conditions. Initiating the new Private Equity 

Fund for German SMEs has been an important step in this 

direction. We also plan to introduce some innovations in the 

area of venture capital in 2011. 

Conference Magazine: Dr. Nawrath, thank you for the 

interview. 

The interview was conducted by Falko Bozicevic. 

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Introduction

Introduction 

Not just another “Mega-Trend” 

Sustainability issues will have an increasing impact 

on financial business 

The public, institutional shareholders, the media and Non 

Governmental Organizations (NGO) have all increased their 

focus on how companies and banks manage sustainability 

issues. 

Important role for the business relationship 

Potential reputational risk has increased, as can be seen 

from sustained NGO campaigns against the Royal Bank of 

Canada (oil sands) and Nestlé (palm oil) in recent months. 

Sustainability or reputational risks arise where banks 

provide financial services to clients whose activities have – 

or are perceived to have – an adverse impact on the environment 

or society. Financial services do not only include 

lending, but also bond issues and initial public offerings (IPO). 

Different organizations monitor financial institutions tracking 

the operations of the private financial sector and their effect 

on people and the planet. One of them, BankTrack, launched a 

benchmark research project to stimulate large, international 

banks to develop adequate credit policies for critical sectors 

and issues in a transparent and accountable way. 

Logo used by BankTrack for their benchmark research project in 2007 

Source: BankTrack, “benchmarking the credit policies of major international 

banks”, 2007 

HSBC’s approach 

HSBC aims to run a sustainable business for the long term 

and seeks to embed social and environmental issues into 

its daily business. Amongst others it already developed its 

own policies for socially and environmentally sensitive sec- 


Marc Bernhof, Associate Director, 

Credit Sustainability Risk Manager, 

HSBC Trinkaus 

tors in 2003, including Chemicals, Defense, Energy, Forest 

Land and Forest Products, Freshwater Infrastructure and 

Mining and Metals. The sector risk policies are based on 

international standards of good practice like The Equator 

Principles and consider the thoughts of clients, share - 

holders, NGOs and industry associations. These policies 

are applied regardless of the value of the transaction or size 

of the business. They set out standards to be followed 

when lending or investing in companies or projects and 

specify areas where an involvement is prohibited or 

restricted. If a customer is currently not compliant with one 

of HSBC’s sector policies but shows a credible path to be 

so, HSBC will consider supporting the customer. That is 

Figure 1: Definition of Sustainability 

Social 

Source: HSBC 

Economic 

Corporate 

Sustainability 

Steffen Pörner, Director, Head of 

Corporate Com munications, 

HSBC Trinkaus 

Environmental

Figure 2: HSBC’s Policies 

Forest 

Land 

& 

Forest 

Products 

(Source: HSBC) 

Freshwater 

12. DEUTSCHER EIGENKAPITALTAG DES BVK 

12. Mai 2011 

Chemicals 

Energy Mining 

& 

Metals 

Glashof des Jüdischen Museums Berlin 

Lindenstraße 9-14 l 10969 Berlin 

Defense 

because HSBC believes it can make a bigger contribution if 

it remains engaged with clients and support them as they 

work to improve the environmental and social impacts of 

their businesses. 

Group Corporate Sustainability is part of Group Management 

Office (GMO) in London and works closely with other 

GMO functions, Customer Groups, Corporate Real Estate, 

Purchasing and IT. HSBC reviews the sector policies 

regularly and maintains a global network of 49 Sustainabi - 

Advertisement 

Introduction 

lity Risk Managers in 26 countries, who mainly work in 

Credit & Risk. They help to implement HSBC’s sector 

policies and ensure that the wider risk management community 

is trained in sustainability risk. 

Conclusion 

Financial institutions and their customers will do well to 

implement sustainability policies and to clearly com - 

municate their intentions. Sustainability will increasingly 

gain attention and will not fade away. Policies such as those 

of HSBC could help to mitigate reputational risks and to 

meet the needs of the shareholders and the wider eco - 

nomy, the environment and society as well. Therefore: mind 

the gap! 

© JMB | Foto: Jens Ziehe 

Der Deutsche Eigenkapitaltag des Bundesverbandes Deutscher Kapitalbeteiligungsgesellschaften 

(BVK) ist die wichtigste Konferenzplattform der 

deutschen Private Equity-Branche. Mit seinen Gästen aus Politik und Gesellschaft 

sowie der Finanz- und Wirtschaftwelt diskutiert der BVK auf seiner 

größten Jahres konferenz aktuelle Herausforderungen und Entwicklungsperspektiven 

für Private Equity in Deutschland und Europa. 

The ‘Deutsche Eigenkapitaltag’ of the German Private Equity and Venture 

Capital Association (BVK) is the biggest and most important annual conference 

on private equity in Germany. Together with renowned representatives 

of political and fi nancial institutions the BVK will discuss current issues 

of the private equity industry – for instance if Germany needs a new private 

equity culture or how private equity investors see the future of the private 

equity business in Germany and Europe.

Introduction 

“It's the owners who have to decide what they 

are prepared to pay” 

Interview with Dr. Jens Maßmann, Partner at Ernst & Young, 

about pain thresholds, responsibilities and international 

practices with management board salaries. 

Conference Magazine: Dr. Maßmann, how do you assess 

the current discussions about the appropriateness of 

management board salaries including the subsequent 

legislative proposals? 

Maßmann: There is a difference between the two. German 

management boards have actually always earned com paratively 

moderately, at least seen internationally. Development 

was always in parallel to the company's economic 

development. If you compare the years 2004 and 2008/09, 

which had a similar economic situation, then you can see 

that salaries are also at a comparable level. It is an inflammatory 

subject ... 

Conference Magazine: ... and it's obviously fun to talk 

about. 

Maßmann: That's always been the case. As a young 

professional footballer you do not only usually earn more 

than German managers, but you are also in the job for 

longer and almost certainly with less qualifications and 

other respon sibilities. In the meantime roughly a third of all 

management boards is replaced every two years. 

“Major companies will always be prepared to pay certain premiums” 


Dr. Jens Maßmann has been a partner 

since 2003 and is responsible for the 

management of Performance & Re 

ward in Germany, Austria and Switzer 

land as well as the EMEIA area at Ernst 

& Young GmbH Wirtschaftsprüfungs 

gesellschaft. 

Dr. Jens Maßmann, Partner, 

Ernst & Young 

Conference Magazine: To what extent is this discussion 

understood outside Germany, is this another case of 

German navel-gazing? 

Maßmann: This discussion is currently topical all over the 

world, Germany is not an isolated case. What's new is that 

due to this synchronicity an international comparison of 

salaries and remuneration systems is taking place. 

Conference Magazine: It is often claimed that German top 

managers must be much better paid because otherwise 

they will migrate abroad. 

Maßmann: You also have to see management board 

salaries as insurance premiums against the risk of failure. 

From a company's point of view, the main priority is that it is 

well managed. Then it's not as important whether top 

managers earn EUR 1 or 2 million more or less. Dax com panies 

make profits in the billions. Major companies will therefore 

always be prepared to also pay certain premiums. 

Conference Magazine: How far should we go with regu - 

lations, where is the pain threshold?

Photo © MACLEG - Fotolia com 

Maßmann: It may be that managers 

say that it's no longer attractive to be 

in management. There is no question 

that transparency is important. How - 

ever, once transparency has been 

established, there is no reason to 

regulate any further. At the end of the 

day it is still a free market economy. 

It's the owners who have to decide 

what they are prepared to pay. 

Conference Magazine: Share holders 

can already be involved in decisions 

about the remuneration system, 

although not about the actual amount, 

at annual general meetings. 

Maßmann: The remuneration amount 

is also implicitly agreed. On the whole, 

the legislator has remained rather 

vague here in its differentiation. The 

difference appears somewhat contrived 

to me. 

Conference Magazine: Should legal 

interference in remuneration systems 

be kept restricted? 

Maßmann: The new legal regu - 

lations force remuneration to be 

much more balanced and evenly 

distributed. This removes the link 

between payment and performance. 

This is a dubious idea. 

Conference Magazine: Aren't it 

usually the enormous severance 

payments which often provoke indignation? 

Maßmann: That's not the way I see 

it. With involuntary resignation you 

at best receive the equivalent pay 

out of the remaining term of your 

employment contract. At the same 

time as management you can't take 

on just any other job, i.e. you have 

to potentially reckon on longer periods 

out of work. It is also pos sible 

that your reputation has suffered. 

Conference Magazine: Looking 

towards the future: what is still to 

come? 

Maßmann: There will be more 

regulations. At the same time the 

desired result will systematically not 

be achieved. Anyone calling for 

transparency must also allow for the 

alignment of German salaries with 

international practices. 

Conference Magazine: Dr. Maßmann, 

many thanks for the interes t - 

ing interview. 

Interview conducted by Falko Bozicevic. 

Introduction 


Rights issue 

Sole Lead Manager 

Entry Standard 

10-2010 

Rights issue 



08-2010 

IPO 



02-2010 

Share buyback 


Prime Standard 

11-2009 until 01-2010 


Research 

General Standard 

since 02-2008 

IPOs / listings 

Corporate actions 

Alternative financing instruments 


Mergers & Acquisitions 

Capital markets consulting 

International road shows 

Research 

IPO 

Joint Lead Manager 


08-2010 

Rights issue 



05-2010 


Research 


since 01-2010 


Research 


since 12-2008 


Research 


since 08-2007 

References (excerpt) 

Representative office of biw Bank fuer Investments 

und Wertpapiere AG 

Mainzer Landstrasse 61 

D - 60329 Frankfurt am Main 

Dirk Blumhoff / Ralf Hellfritsch 

Phone +49 (0)69-71 91 838-10 

E-Mail info@bankm.de 

Internet www.bankm.de 

Rights issue 

Settlement Agent 


08-2010 

Rights issue 



03-2010 

Rights issue and admission of 

new shares with prospectus 

Sole Lead Manager and 

Sole Bookrunner 

Prime Standard / 12-2009 

Admission of new shares with 

prospectus 


General Standard / 05-2008 


Research 


since 07-2007

Introduction 

Social media in financial communications 

How you can reach investors in social networks 

Social networks such as Facebook, Xing, LinkedIn or Twitter 

offer new possibilities for addressing private and 

institu tional investors. Our thesis is that companies can 

reach new groups of people with the help of these strongly 

expanding internet services, develop a direct reverse 

channel for investors, set up a virtual community. Costs 

can be kept relatively low and the related risks are manageable. 

A lot of people have become active in social 

networks … 

User statistics of such services speak for themselves. Here 

is just a small selection of the broad range of statistics 

which is currently been published in the media: in Germany 

42 percent of internet users aged between 14 and 49 are 

registered in a social network. The number of users worldwide 

is expected to be even 60 percent. The market leader 

Facebook alone has around 500 million members in the 

whole world. 1 At present, no other channel of communication 

is growing more strongly than this one. Of course, there is 

plenty of room for stock exchange-related topics, too. 

… particularly investors of tomorrow 

People under the age of 30 labeled “native digitals” 

especially use such Web services to communicate with 

their environment and to keep themselves updated. For 

1) Sources: Socialnomics.net, Internet World, Nielsen, Fittkau & Maaß 

Social networks such as Facebook, Xing, LinkedIn or Twitter offer new possi 

bilities for addressing private and institutional investors. 


Photo © Photojog - Fotolia com 

Alexander von Preysing, Head of Issuer 

Services, Deutsche Börse Group 

Edda Vogt, XETRA Marketing, 

Deutsche Börse Group 

these (potential) investors everything of importance is 

happening in their network. According to US-American 

univer sities, e-mails are deemed to be rather passé these 

days. 

… and an increasing number of professional 

investors 

Social networks are no longer exclusively reserved for 

private gossip and rumour. Internet services such as the 

international LinkedIn or the nationally relevant Xing have 

always been recognized as b2b networks. Recently, private 

matters are also being discussed here. On Facebook in 

turn, which is formerly known as the best location for 

exchanging gossip, there are more and more institutional 

participants in the field. An estimated 20 percent of Börse 

Frankfurt’s 2,000 Facebook friends can be allocated to all 

sorts of institutional clients from the financial industry. 

FINRA, the U.S. American broker association, has reported 

that “a younger generation of U.S. investment advisors is 

pushing employers and industry regulators to allow them 

to use social networking websites like Facebook and Twitter 

to communicate with customers”. Another example is 

Deutsche EuroShop AG which is very active in the field of 

investor relations in social media. According to them, one 

fourth of its Facebook group members are analysts and 

investors. (www.facebook.com/#!/desag).

Every network has a different mentality 

As different as your target groups are, social media services 

differ just as much. Therefore, companies should 

thoroughly consider whom they want to address, how and 

with which message. 

YouTube: Video clips with comment function 

A lot of people still consider YouTube to be an internet 

exchange for fun films. In contrast, the world's biggest 

online video site has importantly developed a lot since then. 

With a daily click rate for videos of more than 1 billion, all 

sorts of film content has in the meantime become available 

there. After Google, YouTube is the most widely-used 

Introduction 

search engine worldwide. The functions to comment on 

video clips, to subscribe and recommend them make 

YouTube a social network. 

MARKTSTARK. UNICREDIT. 

Der Erfolg unserer Transaktionen in 2010 zeigt, dass Emittenten und Investoren ihr Vertrauen zu Recht in die UniCredit 

gesetzt haben. Die Basis: bedingungsloses Engagement, innovatives Denken und ein europaweit erstklassiger Zugang 

zu den Märkten. 

Q-Cells SE 

EUR 128,700,000 

Convertible Bond 

Joint Bookrunner 

Germany 

October 2010 

Q-Cells SE 

EUR 127,600,000 

Rights Issue 


Germany 

October 2010 

Sky Deutschland AG 

EUR 177,400,000 

Rights Issue 


Germany 

September 2010 

KUKA AG 

EUR 45,400,000 

Rights Issue 


Germany 

June 2010 

Advertisement 

Heidelberg Cement AG 

EUR 190,400,000 

ABB Secondary 


Germany 

April 2010 

Diese Anzeige wurde von der UniCredit Bank AG, Mitglied der UniCredit Group, veröffentlicht. Die UniCredit Bank AG wird von der Bundesanstalt für Finanzdienstleistungsaufsicht 

(BaFin) reguliert.

Introduction 

Channel Börse Frankfurt at YouTube 

Topics: Second-hand utilisation of a film for 

newcomers, TV interviews and panel discussions. 

Since: April 2008 

23 uploaded films 

More than 160,000 views since the beginning 

150 subscribers 

www.youtube.com/user/BoerseFrankfurt 

Source: Deutsche Börse 

Open for criticism? 

The comment function on YouTube, a service which is of 

course actively used, seems to be a challenge for many 

companies there. The YouTube community equally criticizes 

and praises contents. Comments aiming below the belt can 

easily and understandably be deleted if editorial guidelines 

for discussions have been provided. Basically, there is often 

a reason why contents get criticized and thus there is the 

possibility to respond to it in a suitable manner. In our experience, 

dealing with critical comments has always stolen 

away the thunder of the harshest critics. 

Facebook: Building a Community 

At the moment, Facebook is the most widely used network 

worldwide. If Facebook was a country, it would be number 

three after China and India, ranking even higher than the 

USA. In this “country” you can keep your network up-to- 

facebook.com/boersefrankfurt 

Topics: Everything worth broadcasting in real-time, e.g. 

the IPO of a company featuring pictures from the floor, 

the current results from the weekly sentiment, but also 

betting games, book reviews etc. 

Since: February 2010 

1,800 friends, 700 of which active per month. 

An average of 20 new friends per day 



date with status messages (and links, pictures or videos, if 

you like). Companies operate Facebook pages, and members 

identify with them. In the meanwhile, many other web 

pages have incorporated the “Like”-button on their websites 

and users can immediately tell their network what they like. 

What makes Facebook an interesting back channel is the 

fact that members are much less anonymous than in 

forums or on YouTube. They might use fake names, but 

they are always visibly present with their networks. They are 

real users, there is almost no spam on Facebook and discussions 

are mostly led constructively. Nevertheless, the 

same rules still apply to criticism, namely to approach it 

openly and equally. 

Twitter: Disseminator for real-time messages 

Even though the Twitter world is limited to 140 characters 

per message including links, the information service is still 

growing. Companies and news services use Twitter for 

spreading news of all kinds, and the followers tweet it to 

their network. Side effects are unknown. 

Our conclusion: It is worth it 

It is not yet clear where social networks are going. Things 

that work today can be different tomorrow. Nevertheless, we 

now have the chance to gain important experience in social

networks. The effort is reasonable. However, one has to stick 

with it and follow what happens on their accounts in order to 

be able to react if necessary. Discussions and gossip – also 

about you – are unavoidable in social networks anyway. It is 

always better to follow the discussions and contribute to 

twitter.com/boersefrankfurt 

Topics: Everything worth broadcasting as original 

Tweet, market news as feed. 

Since: February 2009 

1,600 Followers 


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Introduction 

them if necessary. Authenticity and relevance are best 

re ceived. It does not need to be entertaining, but having a little 

fun in what you do is helpful. Apart from that, the trial and 

error principle applies. In the worst case, nobody clicks the 

“Like”-button – and up until now, there is no “Dislike”-button. 

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Introduction 

Future now 

Electronic voting boom ahead? 

Do you like paper-based voting procedures? Any adult is 

familiar with them, because they are often used for parliamentary 

elections and shareholders’ meetings. Nowadays, 

there are modern alternatives which use environmental 

reserves more carefully. Are you in touch with them? 

If you do not want to use paper any longer, you might 

wonder what alternatives exist. One possibility is to use 

radio- or WLAN-based variants. Our most flexible solution 

is called “EVOS interactive” – EVOS is the abbreviation for 

“Electronic Voting System”. It combines G+B i-nteraktiv, 

using modern iPod touches, with our established and successful 

registration and voting tools. Where can you find 

them? Haubrok Corporate Events GmbH, Germany’s second 

biggest supporter of shareholders’ meetings, and Gahrens 

+ Battermann, one of the leading supplier of technical 

media equipment in Germany, are partners for using this 

techno logy at upcoming AGMs. We have an exclusive 

cooperation for this use. 

At the German Equity Forum you can get a first impression 

of this powerful combined system in a conference environment. 

You can get an iPod touch at the entrance area of the 

investor conference (upper level) that is exclusively con - 

nected to your person. 

German Equity Forum ahead 

Check out the “Eigenkapitalforum App” on the iPod touch 

screen (if you prefer, you can download this App from the App 

Store to your personal iPhone, too). There you can find all 

relevant information about the German Equity Forum. You 

can access the complete program and arrange your personal 

schedule. So you will not miss any interesting events. 

Furthermore, you can find basic information about all presenting 

companies and more detailed information about 

capital seeking companies and their representatives. Additionally 

you can view floor plans of the entire exhibition and 

conference area to find the interesting events you would 

like to attend. 

Additionally, you can use the evaluation function and vote 

real-time on the quality of each speech and presentation at 


Torsten Fues, 

Haubrok Corporate Events 

Dirk Hesse, 

Gahrens + Battermann 

the investor conference and any other forum. Those func - 

tions are comparable to the voting functions in a share - 

holders’ meeting, though naturally at Germany Equity 

Forum the rule is “One vote per head” instead of “One vote 

per share”. 

Check it out 

You can get an idea of voting in a shareholders’ meeting 

from the images. At the beginning you see the company 

logo, then the voting screen appears and the agenda item 

to be voted on is described at the top of the screen. Then 

you decide whether you are for or against the proposal by 

touching the “Yes” or “No” button. You can change your 

vote until you send it. That is done by touching the tick. The 

vote then is finally transferred into the voting report and a 

receipt is shown. 

Conclusion 

There is no question that paper based variants of voting are 

in the majority. However, environmental arguments such as 

sustainability are becoming more important and electronic 

voting systems are becoming simpler to use and more and 

more attractive, these systems clear the way. Most people 

get used to such tools. They are the future, and we are 

proud to be part of it.

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Die Zukunftsförderer

Legal 

“Other challenges already exist alongside accounting, 

capital investment and corruption cases” 

Interview with Dr. Stefan Heißner, Partner at Ernst & Young GmbH 

Wirtschaftsprüfungsgesellschaft, about financial crimes such as 

fraud and compliance risks and how to deal with them in practice. 

Conference Magazine: Dr. Heißner, could it be said that 

during a crisis companies are closest to themselves and, 

therefore, fraud cases increase, also because they are then 

usually more tolerated? 

Heißner: The links cannot be presented in such sweeping 

terms. To begin with, during a crisis employees in a company, 

who for example are responsible for commercial 

success in sales, come under increasing pressure for success 

and thus a tendency towards marginal ethics grows. 

Even more, this is also related to the fact that these 

employees frequently have variable salary components 

which depend on sales success. In a survey which Ernst & 

Young carried out last year against the backdrop of the 

crisis, 25% of the employees surveyed in Germany alone 

admitted that they consider bribery payments to support 

the company in a crisis as morally justified, by the way in 

Russia 45% of the employees surveyed were of this 

opinion. Here in parti cular, this is the perspective of employees 

working in areas at risk of corruption and at best 

that of lower management. 

Conference Magazine: Isn't it interesting that major financial 

crime cases almost exclusively come to light in times of 

crisis, how do you explain that? 

Heißner: Well, at Enron and Madoff for example, the rigging 

was discovered as a result of insolvency. All major “fraud” 

cases have one thing in common which is that the public 

asks why rigging to that extent was not recognized at a 

much earlier stage. In my experience, and I have already 

been working in this field in different roles for almost 20 

years, supervisory institutions, legislators and also companies 

have all been looking for answers, have analyzed 

famous cases in great detail and introduced measures over 

the years to prevent similar cases in future. The key words 

here are SOX regulations, the German Corporate Governance 

Initiative, the minimum requirements of compliance 

management systems in the finance sector and also fraudrelated 

auditing standards as well as an auditor's proposal 

of auditing standards for compliance management sys - 

tems. 


Dr. Stefan Heißner manages the 

Fraud Investigation & Dispute Ser 

vices Germany Switzerland Austria, 

Central & South Eastern Europe, CIS 

Division at Ernst & Young. 

Dr. Stefan Heißner, Partner, 

Ernst & Young GmbH 

Conference Magazine: How do they work? 

Heißner: Leading German companies have compliance 

management systems in the meantime which serve as a 

standard to other companies worldwide. Fundamental 

answers to an increasingly complex business life combined 

with incentive structures as well as organization and control 

weaknesses with fraud and corruption have been specified. 

Now it is all about the continuous further development of 

fraud and compliance management systems and their 

effective and efficient integration into companies' existing 

management systems. However, in the process we must 

not ignore that other challenges already exist alongside 

accounting, capital investment and corruption cases. Here I 

would like to explicitly address data protection, cartel cases 

and foreign trade regulation violations and blacklists. In my 

opinion, more themes will be added in future. 

Conference Magazine: And the Compliance Manager, 

who is not officially governed by management: what are 

your experiences with such a position? 

Heißner: The role of the compliance officer is meanwhile 

generally not only seen in companies listed on the capital 

market but also in owner-managed SMEs. I believe that

this position is necessary against the backdrop of a wide 

range of compliance requirements as well as the fact that 

historically seen fraud and corruption risks particularly 

were not really subject to focused management. At the 

same time it is not important for companies to now 

develop their own compliance departments in addition to 

exis t ing organizational forms. The vast majority of elements 

which make up a compliance management system 

usually already exist in companies, even if “compliance” is 

not written on it. 

Conference Magazine: What needs to be considered? 

Heißner: What is really crucial in the management of fraud 

and compliance risks is that the existing risks, based on an 

individual risk analysis of business activities, are systematically 

recorded and assessed. All typological compliance 

risks such as bribery in purchasing, bribery by sales, 

accounting fraud, breach of trust cases by management, 

data protection vio lations, cartel violations etc. can have 

mitigating sanctions directed at them. For example, this 

might include carrying out targeted training of employees in 

identified risk areas as well as targeted controls aimed at 

individual risk indicators to be able to identify compliance 

violations in good time. All these activities must be subject 

to constant monitoring and regular adaptation, also in the 

sense of a knowledge management system which constantly 

develops and adapts to the company's new challenges. 

And this is a compliance manager's key task. 

Conference Magazine: Dr. Heißner, thank you for the 

interview. 


Holland Private Equity is a private equity firm focused on late-stage growth investments in small and midcap 

technology companies within the Netherlands, Germany and Belgium. Per transaction we deploy 

typically between Euro 10 to 20 million. Companies we invest in are typically already profitable and have 

the ambition to accelerate growth through additional sales and marketing, internationalization, back-office 

professionalization, product differentiation and M&A (buy-and-build). As an equity partner with a hands-on 

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For more information, please visit our website www.hollandprivateequity.com or contact us directly to 

discuss your investment opportunity: 

Hans van Ierland, Managing Partner Tim van Delden, Managing Partner 

Gustav Mahlerplein 3 

1082 MS Amsterdam 

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Fax: +31 20 7143419 

Advertisement 

Legal 

Foto © iMAGINE – Fotolia com

Legal 

China SOX 

Will Chinese companies adapt to the modern model 

of corporate governance? 

The “Basic Standards for Enterprise Internal Control” 

(“C-SOX”) were announced in the summer of 2008 by the 

Ministry of Finance, the China Securities Regulatory Commission 

(CSRC), the National Audit Office, the China Bank - 

ing Regulatory Commission (CBRC) and the China Insurance 

Regulatory Commission (CIRC). The objective of the new 

regulations was to align the quality of the corporate governance 

and internal control systems of Chinese companies 

to international standards. It is intended that the regulations 

will one day extend to all medium-sized and large entities in 

China, and at least to all listed and state-owned companies. 

As a first step, only listed companies were to be obliged to 

publish reports in accordance with C-SOX by the end of 

2010. 

The relevant reference framework for China SOX is pro vided 

by the worldwide familiar COSO Standards. Accordingly, 

China SOX prescribes five minimum elements for an 

effective control system: 

1. Internal environment 

Companies should establish a largely standardized cor - 

porate governance structure with clear process standards 

and clear decision-making and monitoring rules. The interrela 

tionship of the annual general meeting, the board of 

directors and the board of supervisors, including the estab - 

lishment of an audit committee, as well as a special 

committee that coordinates the progress on establishing 

internal controls, will be regulated. A strong internal audit 

function is a firm element of the structure, just as are clear 

standards for sustained personnel policies. Special 

mention is made of the creation of a modern and internationally 

acknowledged corporate culture. 

2. Risk identification and assessment 

On the basis of a comprehensive inventory of the internal 

(e.g. in relation to the personnel or the innovative capability) 

and external (e.g. in relation to the development of the economic 

surroundings or the environment) corporate risks, 

companies should define individual risk strategies, so as to 

be able to keep their risks under control at all times, with 

appropriate measures. 


Dr. Gebhard Zemke, partner of BDO 

AG, is specialized in auditing and con 

sulting international publicly listed 

companies. He is heading the Com 

petence Center China Desk and was 

part of the IPO teams of ZhongDe 

Waste Technology, Asian Bamboo, 

Vtion Technology and Joyou. 

3. Control activities 

Dr. Gebhard Zemke, Partner, BDO AG 


A minimum level of control measures and control fields to 

be established is demanded. This includes the comprehensive 

segregation of duties and clearly defined approval processes 

on the basis of an agreed framework of powers and 

responsibilities. Certified standard systems and welltrained 

staff should be used in the accounting system. A 

special catalogue of duties and responsibilities relates to 

the head of the accounting department and authorization 

systems for access to the accounting system. The control 

system furthermore includes a planning and control system 

that is to be established with due care, performance appraisals 

for employees and an early warning system for signi - 

ficant risks. 

4. Information and communication systems 

For the reliability of information, it is necessary to follow firm 

rules for the recording, processing and utilization of information 

related to the internal control system, which should 

if possible be supported by IT. An effective system of internal 

risk communication is important, and the establishment 

of anti-fraud mechanisms, complaints systems and a whistleblower 

protection system is obligatory.

5. Internal monitoring 

In order to anchor a monitoring system that is independent 

of the processes, the scope of the committee for the internal 

monitoring of the board of directors and other organs of 

the monitoring system (such as the internal audit) has to be 

defined on the basis of powers, the matters to be monitored 

and the methods to be employed. The monitoring activity 

relates not only to the procedures, but in a much broader 

sense to the compliance with or amendment of corporate 

strategies, changes to the organization, the good conduct 

of executive staff, etc. Finally, regular reports should be 

issued to the supervisory bodies on the effectiveness, 

exist ing weaknesses and further development of the 

internal control system that has been established. 

The internal control system should then be audited once a 

year by an external auditor. 

Far reaching challenges 

The implementation of China SOX is associated with 

tremendous challenges. Current corporate practice in 

China shows that many companies are not prepared for 

such a subject. It is well known that, until very recently, even 

the vast majority of listed companies in China had not 

estab lish ed an effective control system or internal monitor - 

ing systems. This is connected with a different understand - 

ing in practice of corporate and management culture, which 

is strongly person-related and less rule-related. 

Accordingly, the successful implementation of China SOX will 

be closely linked to the readiness of the respective top 

management to open itself up conceptually to “modern risk 

management ideas” and to allow a change in the corporate 

culture. It is proving difficult in practice, particularly in ownermanaged 

companies, to create transparency in companies 

and to utilize this in internal and external communication. We 

also frequently encounter similar adjustment processes at 

German SMEs that are going public, but in a comparably 

more favourable environment with greater general acceptance 

of corporate transparency and modern corporate governance. 

Conclusion 

Legal 

It is noticeable that those Chinese companies that have 

contact with foreign investors and derive benefits from 

complying with the wishes and demands of institutional 

investors are the ones that are most prepared to get in - 

volved with western oriented corporate governance models. 

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Legal 

Commercial due diligence 

Requirements and benefits, also for “strategic” investors 

The market for business transactions in Germany has noticeably 

advanced since the middle of the year. The tenderers in 

this process include a large number of financial investors who 

primarily want to leverage their own capital with a more or less 

high level of external financing. This in turn increases the assessment 

requirements of the company that a financial inves - 

tor wants to buy. In the meantime it is common that financial 

investors also commission management consultants in addi - 

tion to financial due diligence and legal due diligence. These 

consultants must thoroughly examine the company strategy 

and analyse the diverse markets in which the company is 

positioned. However, “strategic investors”, which are tenderers 

from the same sector as the company to be sold, can benefit 

from an intelligently developed commercial due diligence. 

A view to the future 

The cooperation with a specialized consultant for commercial 

due diligence is entirely new territory for the majority of companies. 

Suddenly, one has to comment on their very own business, 

strategy and markets, which no-one has ever externally 

questioned in detail. Even if one would gladly forego commercial 

due diligence, it has key advantages – which have at least 

been confirmed afterwards by companies “affected”. 

Yet what really is a commercial due diligence? At its core it is 

the analysis and evaluation of different aspects of the company 

and its business field with a clear focus on the future. These 

range from relevant markets to the performance of the company 

and a strength and weakness profile. In all, it is a question of 

critically assessing the business model of the company and 

ensuring that it truly can be sustainably profitable. The higher 

risk for the capital investor in comparison to a traditional bank 

investment (keyword: liable capital) as well as the often complicated 

financing structure for large transactions with several 

banks and mezzanine investors explains the high initial 

analysis expenditures. 

Vast amounts of data and little time 

Commercial due diligence is much more than just purely compiling 

data. Within a short period of time – less than four weeks 

– the consultants must familiarize themselves with a previously 

unknown company and its business field. In a summarized 


Dr. Rainer Mayer is Managing Director 

of the Commercial Due Diligences and 

operative restructuring specialized 

consultancy company maconda 

Corporate Development, Cologne. 

Since 2005, maconda has carried out 

over 150 commercial due diligences 

in different industrial sectors. 

report they will clearly demonstrate if and why the analysed 

company “is moving in the right direction”. Such a report must 

therefore correspond with the high standards set by the risk 

department of the banks, that is, it must also withstand critical 

questions. It is important that the consultants express their 

opinion clearly – in the end investors and their banks want to 

know where they stand. 

Commercial due diligence 

Dr. Rainer Mayer, Managing Director, 

maconda Corporate Development 

If a partner starts a sales process, this, in most cases, brings a 

lot of work for the management of the company along with it 

and therefore deviates from their daily business. This includes 

– almost on a hourly basis – meetings with investor and banks, 

telephone conferences with the consultants for commercial, 

financial and legal assessments, so-called Q&A lists to answer 

more or less detailed questions which are sent back and forth, 

and the compiling of requested data by the consultants 

amongst much more. 

As a consultant for commercial due diligence, a high level of 

sure instinct is needed. This requires good and close communication 

with the company, its management and the “neighbour - 

ing” team for financial and legal due diligence, in order to obtain 

the essential information for the assessment of a company and 

ensure its plausibility. However, this also serves as restrict ing the 

liability of the company. We have often seen that different

consultants working alongside each other do not coordinate 

with each other and often ask the same questions or require the 

same detailed documents. The fact that this is neither in the 

interest of the company nor the investor, is evident. 

Why not also for industry investors? 

The ordeal for the company does indeed end at some point. If 

experienced consultants were working on commercial due 

diligence, the management will make their advantages accessible 

even though it may often be at a later date. In this way, 

the company receives an experienced, critical partner for the 

duration of the due diligence. This brings new aspects into discussion 

and sheds new light on the company. This can also give 

rise to decisive strategic impetus – the management does 

not only become irritated by overtime but is open to new 

ideas. Furthermore, the professional analysis creates a high 

level of transparency. At best, this can lead to an improvement 

of the financial conditions, as previously raised question 

marks can be eliminated. 

Commercial due diligence is standard for most private equity 

investments. However, it is surprising that investors from the 

same industry as the company being sold, rarely fall back on 

this comprehensive mechanism. Of course, one knows their 

Informationen und Terminabsprachen: 

Dr. Stephan Schleitzer, Tel. 069 971097-100, 

E-Mail schleitzer@buse.de, Neue Mainzer Straße 28, 60311 Frankfurt 

www.buse.de 

Berlin · Düsseldorf · Essen · Frankfurt am Main · Hamburg · München 

www.buseinternational.de 

Brüssel · London · Mailand · New York · Palma de Mallorca · Paris 

Sydney · Zürich 

Legal 

own sector, but does one really know the ramifications for the 

targeted company? Does one know all of their product brands 

and the regions served? Can this perhaps soon new 

investment really impose so easily on their own strategy? A 

large number of progress reports from companies and managers 

who are anything but satisfied with their new investment 

or their new parent company and expected everything to be 

quite different, speak volumes. 

Conclusion 

A commercial due diligence creates insights in a company 

which are extremely valuable for a responsible buying and 

financing decision both for private equity sponsors and strategic 

investors. The quality of the analysis is only bene ficial, if it is 

presented as open-ended, that is, if commercial due diligence 

does not confirm a previously made purchase decision, but 

rather if it should result in a distancing from the investment. In 

order to make full use of all advantages, includ ing a negative 

report, in the search for a “trusted advisor”, interested buyers 

should collect references from other inves tors and banks. The 

consultant should hereby have extensive experience in the 

differentiated analysis of companies and markets and not shy 

away from clear terms. It is better to have no deal than a bad 

deal. 

Eigenkapitalforum 2010 

Wir sehen uns! 

Stand Nr. 6.04 R · 22.–24. November 2010 

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Legal 

Other ways to go 

New securities disclosure rules and their effects on public 

M&A transactions in Germany 

A widely discussed topic in the context of public M&A transactions 

in Germany has been the so-called secret stake 

build ing in advance of a public takeover bid. Although 

German capital market laws request rather comprehensively 

the public disclosure of direct or indirect shareholdings in 

publicly listed companies within a certain threshold system 

(starting with 3% shareholding), there are still instruments 

available which allow secret stake building without triggering 

discloser requirements. The most prominent example for 

such instruments are “contracts for difference” (CfD). 

Although such instruments technically provide no access to 

the underlying shares for the bidder the risk hedging policies 

of the banking counterparts combined with the effects of a 

public takeover bid on the targets share price, makes it highly 

likely that the banking partners consider offering delivery of 

the underlying shares instead of cash settlement. The most 

visible examples for the utilization of such instruments have 

been the public takeover of Continental by Schaeffler and the 

attempt of Porsche to take over Volkswagen. 

The Government draft 

On 22nd September 2010, the German government introduc - 

ed a draft of an Act on Strengthening Investor Protection and 

Improving the Functionality of the Capital Markets. This bill, 

amongst other topics, provides for a substantial extension of 

the existing obligations to publicly disclose indirect share - 

hold ing in publicly listed companies and aims to create more 

transparency, in particular, to prevent secret stake building. 

The proposed legislation adds a new Sec. 25a to the Securities 

Trading Act (WpHG Wertpapierhandelsgesetz) which 

changes the current system of an enumerative catalog of dis - 

closure obligations by adding a comprehensive general clause 

which comprises all instruments which, due to their structure 

and commercial logic, give their owners the opportunity to 

acquire listed shares. This disclosure obligation is triggered if 

the shares attributed to the above referred instruments are 

equal to 5% or more of the entire voting rights of the company. 

Effects on public M&A transactions 

Assessing the proposed disclosure obligation it can be 

stated that the intention of the German legislator to 

substantially narrow down the possibilities for secret stake 


Stephan Heinemann is a partner of 

Taylor Wessing and heads the Ger 

man Capital Markets team. He spe 

cializes in on and off market equity 

capital finance, listings, capital mar 

ket oriented corporate acquisitions 

and capital markets compliance. 

Stephan Heinemann, Partner, 

Taylor Wessing 

building in publicly listed companies has been achieved. In 

particular the use of the rather general language in the 

proposed Sec. 25a WpHG which links the disclosure requirement 

to a particular economic consequence of an instrument 

rather than to the instrument itself leads to the effect 

that all instruments which give their owner the factual or 

economical opportunity to acquire listed shares will fall 

within the scope of its applicability. This would in particular 

apply for CfD structures, swaps, call options with cash 

settlement, put options and similar instruments which so far 

have not necessarily been covered by the existing disclo - 

sure obligations. However, it is exactly this very comprehensive 

wording which has lead to the concern that the new 

Sec. 25a WpHG may not only become applicable to instruments 

like CfDs but also to standard preparatory agreements 

used in the early stage of basically every public M&A 

transaction, such as letters of intent, exclusivity agreements 

or lock-in agreements for major shareholders. 

More or less every public M&A process is initiated by a letter 

of intent and/or an exclusivity agreement. Both agreements 

are preparatory instruments in a process intending to acquire 

listed shares and, thus, from a pure literal understanding of 

the new law, may open up the opportunity to acquire listed 

shares. However, given the very preliminary nature of these 

agreements and their intention to initiate negotiations on 

share purchases rather than to procure these purchases

themselves, these types of agreements will usually not trigger 

disclosure obligations under the new disclosure provisions. 

Irrevocable undertakings 

Lock-in agreements like irrevocable undertakings or conditioned 

share purchase agreements (“SPA”) may be more 

exposed to the risk of early disclosure. The meaning and 

purpose behind irrevocable undertakings and conditioned 

SPAs is to secure access to major shareholdings, before 

publicly announcing the takeover bid. Therefore, these 

agreements ultimately give the opportunity to acquire listed 

shares. Although it is argued that the acquisition prospects 

which result out of those agreements are very low due to 

the numerous conditions usually provided for, it must be 

BDO AG Wirtschaftsprüfungsgesellschaft 

Ferdinandstrasse 59 · D-20095 Hamburg 

Telephone: +49 40 30293-0 · www.bdo.de 

china.desk@bdo.de · india.desk@bdo.de · russia.desk@bdo 

considered as more likely than before that these types of 

agreements may trigger disclosure obligations in the future. 

Conclusion 

Legal 

If the proposed Sec. 25a WpHG will become enforceable 

law (which is expected to happen in spring 2011), secret 

stake building as a tactical measure for enhancing the success 

of a public takeover bid will become almost impos - 

sible. However, also very common preparatory transaction 

steps, such as the conclusion of lock-in agreements with 

major shareholders, will require careful review and drafting 

of the contractual language in order to avoid conflicts with 

disclosure rules or the obligation of a usually unwanted 

early disclosure of shareholdings in the target. 

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Legal 

Driving value in the boardroom 

How to make use of increased duties to become a proactive 

supervisory board 

Today’s supervisory board chairs are sitting in the “hot seat”, 

whether they serve large corporations such as Siemens and 

Deutsche Telekom or smaller ones. Super visory board duties 

have increased due to improvements in the German capital 

markets’ international competitiveness underpinned by recent 

legislation. Transparency and dis clo sure, management compensation 

and accounting law modernization are all issues 

that bring about new challenges. Liability issues loom large. 

Accordingly, the supervisory board needs to get more involv ed 

in a company’s operations: 

• Monitoring compensation means a new level of control 

over management. 

• As listed companies are now required to have a “financial 

expert” on their board, the supervisory board will request 

more information from management on financial matters. 

• The supervisory board will need to take a greater interest 

in strategic issues and topics with a potential impact on 

business development. 

The proactive supervisory board 

Concerns about increased liability raise the risk of excessive 

caution or over-zealous interference on the part of the supervisory 

board. A structured, proactive approach that com bines 

controlling and advisory functions provides a viable way 

forward that can help drive value creation: 

• Discuss, agree and monitor quantitative and qualitative 

goals with management for each year. Important issues 

include financial targets, the action needed to achieve 

them, key projects, and assigning the right managers. 

• Get a proper picture of human assets – take a critical look 

at the middle management, the use of development tools, 

and succession planning. 


Volker Potthoff is an attorney with CMS 

and holds several supervisory board 

positions. He is a former executive 

board member of Deutsche Börse AG 

and was a member of the German 

Corporate Governance Commission. 

• Turn budget discussions into an opportunity to check that 

business plans are on track. 

• Consider whether the vision and business plans are 

sound, and also whether the company has the capacity to 

execute them. 

• Request regular reporting on cash flow and financial stability, 

e.g. regarding possible breaches of financial covenants. 

Regular risk assessment is also vital. 

• If an exceptional situation arises that has a major impact 

on the business, support management in finding an answer; 

hold an extraordinary supervisory board meeting if necessary. 

The supervisory board (especially the chair) should support, 

rather than control, and encourage open discussion. A 

proactive approach acts as a driver for value and helps 

avoid liability issues. Good news for shareholders and other 

stakeholders! 

Conclusion: Be more proactive 

Volker Potthoff, Of Counsel, 

CMS Hasche Sigle 

Despite the increasing focus of supervisory boards on operational 

matters, the legal situation remains that the 

management board has sole responsibility for the day- today 

management of a company; these functions cannot be 

transferred to the supervisory board. Nonetheless, recent 

legal changes mean that supervisory boards need to act 

proactively as well as more independently and, therefore, 

may have to tap the expertise of external advisors.

Dusseldorf • Frankfurt • Hamburg • Luxembourg • Munich • Paris • Vienna • Zurich 

Tailor-made 

solutions for our 

mid-market clients 

Hauck & Aufhäuser is one of the leading German independent banks engaged in Private Banking, Asset Management and Investment 

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and Mid Cap research and has excellent access to international institutional investors. The commitment to our clients means independent 

quality advice firmly based on thorough and comprehensive expertise in financial and capital markets. www.ha-ib.com 

Carl-Friedrich von Schumann 

Head of Equity Capital Markets 

Tel.: +49 (0)69 505 00 4995 

Mail: Carl.Schumann@ha-ib.com 

Vincent Bischoff 

Head of Equity Sales 

Tel.: +49 (0)40 414 3885 88 

Mail: Vincent.Bischoff@ha-ib.com 

Hauck & Aufhäuser Investment Banking • Neue Mainzer Straße 28 • 60311 Frankfurt/Main • Tel +49 (0)69 505 00 49 0 • Fax: +49 (0)69 505 00 49 66

Financing 

Growth capital for the German “Mittelstand” 

How private equity firms successfully support German 

mid-sized companies 

More and more companies are taking a serious look at the 

options private equity provides. And quite rightly so: For 

more than two years, the financial and economic crisis has 

been dominating companies and capital markets alike. As a 

result, many medium-sized businesses are being forced to 

revise their corporate financing. In short, equity ratios have 

to be increased to improve creditworthiness, helping insulate 

companies against crises and making them more independent 

of debt capital providers. Increasingly businesses 

are understanding that private equity financing is a possible 

alternative. 

Sufficient capital available 

The private equity industry has enough capital to invest in 

German companies. After the industry’s investment vol - 

umes dropped considerably in 2009, our association is 

expecting a considerable rise in business in 2010. The 

economy has bounced back and company valuations are 

once again possible. Last year saw about 1,200 German 

companies being funded with private equity, from startups 

to large corporations. As a result, the German eco - 

Figure 1: Quarterly investment in Germany since 2008 

4,500 

4,000 

3,500 

3,000 

2,500 

2,000 

1,500 

1,000 

500 

0 

1,714 

2,407 

3,944 

1,217 

2008: m€ 9,282 

1,330 Companies 

346 353 

Dörte Höppner is Managing Director 

of the BVK German association of pri 

vate equity and venture capital com 

panies. Prior to joining the BVK she 

headed the information and organiza 

tion department at DIW Berlin. 

780 

1,258 

Dörte Höppner, Managing Director, 

BVK 

1,569 

I/08 II/08 III/08 IV/08 I/09 II/09 III/09 IV/09 I/10 II/10 

Private Equity Investors (m€) Funded Companies 

2009: m€ 2,738 

1,208 Companies 

Source: PEREP Analytics/BVK, Market Statistics = investments in Germany regardless of the nativity of financing Private Equity Investor 


nomy record ed an inflow of almost EUR 2.7 billion to fund 

urgently need ed growth. According to a survey among 

BVK members, the trend to minority investments and 

higher equity ratios is continuing. Unsurprisingly, one of 

the first larger-scale transactions this year was a minority 

673 

600 

500 

400 

300 

200 

100 

0

stake assumed by KKR in the family-run business Rudolf 

Wild GmbH. 

Demand among German companies for new forms of corporate 

finance remains strong. The ratings of many companies 

are unlikely to improve in 2010, in many cases they 

may even take a turn for the worse as banks base ratings on 

2009 figures. This is very likely to compound the financing 

situation of companies even further. Another funding issue 

faced by German medium-sized businesses relates to 

refinancing and follow-up funding for expiring standardized 

mezzanine program. The recipe for such program entering 

the market from 2004 on was simple: favourable mezzanine 

terms thanks to securitization. 

PARTNER OF THE GERMAN SAVINGS BANKS 

Outlook 

Financing 

These program have, however, now fallen victim to the 

capital market crisis. And they won’t be back any time soon 

in this shape and form as the securitization market has collapsed 

around the globe and a more significant recovery 

isn’t on the cards. Mezzanine program are expiring over the 

course of the coming years. And this marks another 

significant challenge for medium-sized companies. The 

objective is to find new follow-up financing solutions for 

these funding components. Equity will gain even more 

significance against this backdrop and private equity firms 

will lend their full support to companies, helping them 

master the challenges ahead. 

Focusing on Your Goals. 

Delivering Equity Solutions. 

Growth. Acquisition. Succession. Your goals and motives might be manifold – our 

solutions are tailor-made. Thanks to our profound market expertise, we develop 

state-of-the-art solutions for the financial needs of your company. With an 

integrated equity approach, WestLB offers customised equity and mezzanine 

solutions as a one-stop service. With more than 100 equity capital markets 

transactions, e.g. IPOs, capital increases, and 50 mezzanine transactions during 

the past years, as well as a current mezzanine portfolio of over € 200 million, 

WestLB is one of the key players for equity solutions. 

Christian Fuest, Head of Equity Solutions, Tel. + 49 211 826-8612 

www.westlb.markets.com 

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Financing 

WEPA case study 

Growth financing during times of financial distress 

As one of the consequences of the global financial and economic 

crises, small and medium sized entities found it difficult 

to obtain financing through bank loans and mezzanine 

capital. Private equity has become a more common source 

of financing in the last decade and is getting more important 

for the German “Mittelstand”. WEPA has set yet another 

example for a successful growth financing strategy in the 

mid-market. It shows how a family-owned business can 

improve its financial leeway through a private-equity fund 

after a large leveraged acquisition. 

Market consolidation and the importance of growth 

The WEPA Group, a leading German producer of hygiene 

paper, initiated the strategy “Growing instead of yielding” in 

order to maintain and expand its position in a capital-intensive 

and fast-changing market segment. Through organic 

growth and targeted acquisitions, the WEPA Group nearly 

doubled its sales by 2007 from EUR 180 million in 2000. In 

2008, WEPA faced the possibility of further strengthening its 

market position as one of the main European tissue suppliers. 

By acquiring the Kartogroup with production facilities in 

Germany, France and Italy, the WEPA management made 

clear that it was serious about not just being a regional supplier 

but also being an international player in the market that 

follows its main customers with their own growth strategy. 

Although the tissue industry was not as affected by the 

financial and economic crises, WEPA had to face a challeng ing 

environment for debt financed acquisitions. The management 

reacted by pursuing a financing strategy which combined 

bank loans and equity capital which, for the first time 

in the history of the family business, was provided by an out- 

The WEPA Group case shows that external support can help to get the right mix 

of debt and equity financing for a successful growth strategy. 


Photo © Photodisc 

Markus Kurzhals, Partner, CPA and 

Tax Consultant, RölfsPartner 

Arndt Rautenberg, Partner, Head of 

Competence Center Transactions, 

RölfsPartner 

side investor. RölfsPartner and other specialized consultants 

were appointed by WEPA to advise on the financing process 

and the following implementation of the new financing structure 

together with WEPA’s legal advisors. In doing so, they 

also assisted in negotiations with prospective lenders and 

investors. A major key was to indentify partners with longterm 

commitment to WEPA’s strategic direction and values. 

Debt financing backed by guarantees 

WEPA management attracted a banking syndicate of 

WestLB, Commerzbank and HVB to provide debt financing. 

KfW provided additional financing through its programme 

“Sonderprogramm für Großunternehmen (special programme 

for major enterprises)”, partly secured by guarantees provid 

ed by the state of NRW. In return for their engagement 

the banks required increased transparency through monthly 

banking reports and regular bank meetings. The planning 

and reporting processes, as well as the liquidity and working 

capital management, were reviewed. RölfsPartner supported 

WEPA throughout this transitional period. 

Growth opportunities through private equity capital 

To capitalize on future growth opportunities, WEPA management 

decided for the first time in the family history to have 

a third party invest in the company. WEPA mandated

Anzeige 

Die Baader Bank treibt Ausbau des Investment Bankings voran – 

Kapitalmarktberatung für den Mittelstand 

Autor: Nico Baader, Mitglied des Vorstands der Baader Bank AG 

Die Baader Bank treibt den Ausbau des Investment Bankings 

voran und verstärkt die gesamte Wertschöpfungskette von 

der Beratung institutioneller Anleger und dem Kundenhandel, 

über Aktien Research bis hin zur Beratung von Unternehmen 

in den Bereichen Eigen- und Fremdkapital. In der Überzeugung, 

dass die Bedeutung kapitalmarktbasierter Finanzierungen 

im Nachgang der Finanz- und Wirtschaftskrise auch für 

kleine und mittlere Unternehmen in Deutschland und Österreich 

an Bedeutung gewinnen wird, beschließt das Unternehmen 

mit Sitz in Unterschleißheim bereits Ende 2009 den 

sukzessiven Ausbau des Investment Bankings. 

Nico Baader, Mitglied des Vorstands 

Ressort Kunden & Produkte 

Oliver Riedel, Bereichsleiter 

Equities & Derivatives 

Klares Ziel der Baader Bank ist es, 

die führende Positionierung als 

Wertpapierspezialist in Deutschland 

zur Rolle eines unabhängigen Beraters 

für institutionelle Anleger in 

Deutschland, Großbritannien, Kontinentaleuropa 

und dem Mittleren 

Osten auszubauen und auf diese 

Weise eine leistungsfähige Plattform 

zu schaffen, den deutschen und 

österreichischen Mittelstand bei der 

kapitalmarktbasierten Finanzierung 

zu begleiten. „Wir verstehen uns als 

regionaler Kapitalmarktspezialist, 

der aus Deutschland heraus das 

Kapitalmarktgeschäft betreibt und 

als eigentümergeführte Bank Unternehmen 

den Zugang zum internationalen 

Kapitalmarkt sichert“, so 

Nico Baader. 

Hierzu hat sich die familiengeführte 

Baader Bank in den letzten Monaten 

ein Team von erfahrenen Spezialisten 

der relevanten Bereiche zusammen- 

Christian Bacherl, 

gestellt. Das Geschäftsfeld wird von 

(ab 01.01.2011) Bereichsleiter Oliver Riedel, als Bereichsleiter 

Kapitalmarktdienstleistungen 

Equities and Derivatives, und ab dem 

1. Januar 2011 gemeinsam mit Christian Bacherl, als Bereichsleiter 

Kapitalmarktdienstleistungen, aufgebaut und verantwortet. 

In seiner Funktion berichtet das erfahrene Gespann 

an Nico Baader als zuständiges Vorstandsmitglied. 

Neben den Handels- und Kapitalmarkteinheiten wird ein 

Team renommierter und erfahrener Research Analysten den 

Baader Bank AG 

Weihenstephaner Straße 4 / 85716 Unterschleißheim / www.baaderbank.de / www.baadermarkets.de 

Ausbau des Bereichs komplettieren. Zunächst werden insbesondere 

die Sektoren Automobil und Automobilzulieferer, 

Bau und Bauzulieferer, Nahrungsmittel und Handel, Immobilien, 

Industriegüter und Service, Maschinenbau sowie 

Versorger abgedeckt. Die Kompetenz des Research Teams 

wird nicht zuletzt durch die zahlreichen Team- und Einzelauszeichnungen 

der Analysten in den letzten Jahren belegt. 

Mit dem Ziel unabhängige Kapitalmarktberatung anzubieten, 

verstärken insgesamt über 40 erfahrene neue Mitarbeiter die 

bislang mehr als 275 Wertpapierspezialisten der Baader Bank. 

Die Mehrheit der neuen Mitarbeiter war in den vergangenen 

Jahren in vergleichbaren Positionen im Investment Banking 

einer europäischen Großbank tätig. Die Baader Bank freut 

sich, ihren Kunden mit einem ebenso eingespielten Team wie 

klarem Fokus unmittelbaren Mehrwert bieten zu können. 

Als Sektorspezialist mit regionalem Fokus profitieren Investoren 

und Emittenten gleichermaßen von der auf Erfahrung 

und Marktnähe basierenden Qualität der Beratung. Hierbei 

gewährleistet die Baader Bank als ausgewiesener Kapitalmarktspezialist 

eine hohe Unabhängigkeit in ihrer Beratung. 

Nicht zuletzt liegen die Wurzeln des Unternehmens als eigentümergeführtes 

Institut selbst im Mittelstand und versetzen 

die Bank so in die Lage, den Bedarf mittelständischer Unternehmen 

aus einzigartiger Perspektive zu erfassen. 

Die Erfahrungen aus der Finanzkrise erfordern vom langfristig 

agierenden Unternehmer ein grundlegendes Überdenken 

der Finanzierungsstruktur. Eine bankenunabhängigere und 

damit stärker kapitalmarktorientierte Finanzierungsstruktur 

erleichtert die unternehmerische Unabhängigkeit insbesondere 

in Zeiten hoher Unsicherheit. Die Baader Bank versteht 

sich dabei als Partner des Unternehmens und deckt mit Eigenund 

Fremdkapitaltransaktionen wesentliche Bausteine der 

Unternehmensfinanzierung ab. Bank und Team greifen dabei 

auf die Erfahrung aus mehr als 150 in den letzten Jahren 

durchgeführten Transaktionen zurück. 

„Es gilt das gesprochene Wort“ gilt auch weiterhin als 

Philosophie für die Kapitalmarktdienstleistungen der 

Baader Bank 

Die verbindliche Einhaltung des gesprochenen Wortes als 

integraler Bestandteil der langjährigen Handelstätigkeit ist 

weiterhin untrennbar mit der operativen Arbeitsweise der 

Baader Bank verbunden. Als eignergeführte Bank prägt die 

unternehmerische Denkweise der verantwortlichen Personen 

eine nachhaltige Geschäftstätigkeit im Sinne unserer Kunden.

Financing 

Figure 1: Transaction Process 

1 

2 

Disposal Preparation 

3 

Source: RölfsPartner 

Transaction Process 

Initiation n of Disposal Process 

Selection of Potential Buyers 

4 Due Diligence and Revised Offers 

5 Contract Negotiations and Closing 

RölfsPartner and other specialized consultants for the M&A 

process to ensure that a partner was found who understood 

the business and supported the owners’ and management’s 

growth visions and values. The services encom - 

passed the complete M&A process, such as investor 

screen ing and approaching, management presentations and 

Q&A sessions as well as the preparation of financial information 

and the data-room set-up. 

Following talks with a number of interested parties and in 

the wake of an intensive M&A process, WEPA reached an 

agreement with Pamplona Capital Management. Pamplona’s 

bid was accepted because of its long-term commitment, 

shared strategic vision and its know-how brought into the 

WEPA Group. Not least, the investment provided capacity 

for additional debt financing and growth. 

Factors for successful growth financing 

Banks have increased their requirements on lending with 

respect to the reporting quality, covenants and collateralization. 

Companies striving for external funding need to be 

aware of the increased requirements and need to prepare 

early. Key factors are effective reporting structures and 


Time and action schedule 

Business plan and indicative valuation 

Data room preparation 

Fact book and management presentation 

Long Long list 

Contacting 

Non disclosure agreement (NDA) 

Tender evaluation 

Selection of buyers for DD process 

(Short list) 

Data room set up 

Q&A sessions 

Revised offers 

Selection of prospects 

Prepared negotiations 

Contracts 

Assistance in negotiations 

Closing of the transaction 

transparent communication with the lending banks. Change 

processes that often need external support due to a lack of 

internal resources or time restrictions. Companies seeking 

funding from private equity investors will face similar reporting 

and transparency requirements. They will also have to consider 

the fact that a Merger & Acquisition process requires 

time, personnel resources, knowledge in the fields of finance, 

tax, legal, commercial and operational and due to the diversity 

of private equity investors often foreign language skills. For 

many small and medium sized entities this raises the bar to 

perform a M&A process on their own. 

Summary 

Output 

The WEPA Group case shows that external support can help 

to get the right mix of debt and equity financing for a successful 

growth strategy. The company, the owner family and Pamp - 

lona will continue to pursue their vision and corporate strategy 

as a value-based and profit-orientated family company, des - 

pite the prevailing financial and economic cycle. This example 

has shown that especially for family-owned business engag - 

ing private equity funds, it is important to have common goal 

setting and that the private equity management understands 

the company’s culture and the operating business.

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Financing 

A tactical financing instrument 

The right mezzanine can be the better equity solution 

During the last few years, mezzanine capital has gained a 

mixed reputation. On the one hand, as an attractive and 

highly flexible instrument to find financing even in complex 

situations. On the other hand, as an instrument which 

disappointed investors’ return and performance expec - 

tations as well as companies’ expectations as an equity 

surrogate. 

Currently, mezzanine capital is especially known from the 

refinancing discussion surrounding the so-called Standard 

Mezzanine Programs, e.g. PREPS or H.E.A.T. Furthermore, 

mezzanine facilities are often associated with the financing 

of LBOs. Hence, mezzanine capital is seen as an “on-top” 

financing instrument for private companies. However, in the 

form of convertible bonds, mezzanine is also often used by 

public companies. 

Definitions 

Mezzanine can be structured as debt, equity or hybrid. The 

definition depends on the actual structure and the respec - 

tive GAAP. The most important characteristic of each alternative 

mezzanine structure is its high flexibility. Therefore, 

mezzanine facilities are perfectly suited to be “tactical” 

financing instruments. 

Figure 1: Potential Manifestations of Mezzanine Capital 

Sources: FCF Fox Corporate Finance GmbH 


Steffen Schneider, Managing Director, 

FCF Fox Corporate Finance GmbH 

Debt mezzanine 

Frans Matthis Pleie, Analyst, 


Typically, “debt mezzanine” can increase the financial leverage 

of a company by approx. 1.0x EBITDA. While senior 

debt is currently in general capped at approx. 3.0-3.5x 

EBITDA, “debt mezzanine” provides additional “on top” 

financing capacity raising the maximum leverage up to 

4.0-4.5x EBITDA. 

Equity mezzanine 

“Equity mezzanine”, however, pro - 

vides a company with an increased 

equity base. Although mezzanine 

investors require a risk premium for 

assuming equity risk, market expe - 

rience has shown that such mezzanine 

risk premiums are usually still signi - 

ficantly cheaper than the cost of “classic” 

equity. In addition to the cost of 

capital advantage, “equity mezzanine” 

entails several other benefits. One of 

the most important is the ability to 

avoid dilution for existing sharehold - 

ers. Especially for public companies, a 

necessary capital increase at a low 

valuation can be onerous as existing

Investments and services offered by securities affiliates of Morgan Stanley. In the UK, issued and approved by Morgan Stanley & Co. 

International PLC, regulated by the FSA. © 2010 Morgan Stanley. 

shareholders will be significantly diluted. A company could 

partially overcome this dilution by issuing convertible bonds. 

However, the success of such a structure depends on the 

conversion price and the larger size requirements of most 

convertible investors. Mezzanine capital such as “Genussscheine” 

helps to avoid such a dilution. Furthermore, in 

contrast to “classic” equity investors who like to exert some 

form of influence on a company’s strategy as an active shareholder 

in the “passenger seat”, mezzanine investors are 

usually more flexible and take a passive approach from a 

“backseat” or “silent shareholder” position. 

Moreover, the investment horizon of these “silent share - 

holders” is highly flexible, enabling both early and late 

repayment. The most elegant refinancing solution is 

Financing 

certainly amortization using corporate cash flows. Other 

options include a later refinancing with senior debt and/or a 

future capital increase at a higher valuation. Regardless of 

the sources of refinancing, mezzanine can be a temporary 

and as such a “tactical” financing instrument at the dis cre - 

tion of a company. 

Recent transactions have shown that mezzanine facilities 

can cover ranges from EUR 3.0 up to 300 million. While 

smaller facilities are generally provided by single funds, 

larger transactions can be structured through a group of 

mezzanine funds or direct investors. Given the need by 

both institutional and retail investors to find attractive 

investment opportunities in the current market environment, 

there is significant demand for mezzanine instruments. 

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Financing 

Figure 2: Sources of Mezzanine Capital 

Pros & cons 

Public Sources 

Institutional Investors 

Retail Investors 

Mezzanine 

Sources: FCF Fox Corporate Finance GmbH 

Private Sources 

Specialized Mezzanine 

Funds 

Private Equity Funds 

Both types of mezzanine investors have distinct pros and 

cons. The preferred route ultimately depends on the individual 

needs and objectives of a company. Issuing a mezzanine 

facility directly to a group of direct investors enables a 

company to structure the transaction in its preferred way. In 

addition, a company can exclude certain investors if sufficient 

demand can be generated. However, there are also 

potential downsides with such an approach. Depending on 

the number of investors addressed in a placement, a 

prospectus might be required. The most important risk is 

the market reception, as investors might not be willing to 

invest at the proposed terms. It is therefore important to 

sense the demand well ahead of a “public” road show in 


order to avoid disappointment as a failed placement could 

add additional pressure on the share price. 

If a public mezzanine offering is not desired or if the amount 

of work is disproportionate to the potential proceeds, a 

company should individually approach mezzanine funds in 

a private transaction. The clear advantage of a mezzanine 

fund approach is the confidentiality and greater transaction 

certainty. A transaction will only be announced once it has 

been signed, thus effectively excluding market risk. Additionally, 

the transaction size can potentially be increased at 

short notice, depending on the mezzanine fund’s capability. 

However, advantages of private transactions also have associated 

costs. A particular downside of just one investor is 

the relative strong negotiation and control position com - 

pared to a group of institutional and/or retail investors as a 

single investor will exert more influence to manage and 

protect his investment. 

Conclusion 

Overall, it can be stated that the possible applications of 

mezzanine capital are vast. The ultimate success of mezzanine 

financing depends on the specific needs of the respective 

company and the chosen mezzanine structure. Mezzanine 

facilities are especially interesting if used as a tactical 

or intermediate financing solution to “bridge” a need for 

capital. Currently, the high liquidity in the capital market 

translates into sufficient volumes of mezzanine financing 

and number of mezzanine investors, making it an attractive 

option compared to alternative financing solutions. 

Regardless of the sources of refinancing, mezzanine can be a temporary and as such a “tactical” financing instrument at the discretion of a company. 

Photo © www BilderBox com

BANK ON GERMANY 

As a central institution for around 1,000 cooperative 

banks in Germany we have long been known for our 

stability and reliability. We are one of the market 

leaders in Germany and a renowned commercial bank 

with comprehensive expertise in international financing 

solutions and representations in major financial 

and commercial centers. Find out more about us: 

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Financing 

“Basel III affects the banks and, therefore, 

it also affects the SMEs” 

Interview with Lutz Weiler about the financing needs of 

German small and medium enterprises (SMEs), the effects 

of Basel III and interest equity options 

Conference Magazine: Mr Weiler, equity is in demand 

again, specifically by smaller companies. How do you 

assess the current situation? 

Weiler: As an universal bank we have a good overview of 

the private equity needs of our customers and a close ear to 

the financial markets. Therefore, we can tell you that getting 

equity wasn’t an issue for smaller companies for a long 

time. Up until the financial and economic crisis, banks 

happily provided easy financing – then they suddenly faced 

big financial problems themselves. This led banks to 

change their policies with regard to equity financing, which 

puts up new obstacles for companies. 

Conference Magazine: With what effect? 

Weiler: Companies do not only have to think about their own 

equity but about their whole equity structure. With PREPs, 

roughly EUR 5.5 billion is probably wandering like a ghost 

through the country coming to maturity in 2012 or 2013. 

Even if it is only half of that, this amount finally has to be replaced 

by equity. That’s a rather large chunk. Many of those 

affected haven’t really thought about follow-up financing yet. 

Conference Magazine: What about private equity as an 

alternative? 

Weiler: The tables have turned. Before the crisis I would 

have been able to only name five or six private equity companies 

that would have been satisfied with a minority stake. 

Now the whole private equity market is saying: of course we 

also do minority shareholdings! However, some are only 

apparent minorities, granting themselves disproportionate 

rights in return. One has to find a balance here. 

Conference Magazine: Why is that a problem? 

Weiler: No, don’t get me wrong. In general private equity 

issuers develop the company with the best of intentions 

and in line with company interests. Nevertheless, negative 

examples are picked out. In fact, it is the professionalization 

of supervisory bodies or the placement of advisory councils 

through private equity issuers that position a medium sized, 

fast growing company well to excel in the future. 


Lutz Weiler is CEO of equinet Bank 

AG. The universal bank offers its cus 

tomers tailor made solutions for all fi 

nancing and capital market issues 

with a special focus on medium sized 

companies. 

Lutz Weiler, CEO, equinet Bank AG 

Conference Magazine: Company bonds are currently the 

instrument of choice – the market is booming. 

Weiler: Yes, company bonds are increasingly gaining 

importance. Investors prefer listed bonds, a developing 

phenomenon still in the early stages as seen by Bondm in 

Stuttgart, for example. We welcome such a development in 

the market since now also bonds with a volume from EUR 

30 to 150 million are accepted in the market. 

Conference Magazine: And bonus certificates? 

Weiler: They actually fit into this repertoire but are not 

de sired by investors at all times. I think a standardised 

bonus certificate with sufficient liquidity and reasonable 

profitability is also attractive. 

Conference Magazine: Basel III will probably require some 

banks to first of all take care of themselves. Does this 

support the argument per stock exchange listing? 

Weiler: A very important point. Small and medium sized 

enterprises discovered Basel II quite late. They practically 

slept through it. After the financial crisis, sensitivity to and 

awareness of it has heightened. Companies know: Basel III

affects the banks and, therefore, it also affects us. Entre - 

preneurs know that in the future they must in some way 

market themselves to their bank. 

Conference Magazine: Specifically in the USA, listing is 

used far more aggressively, for example in the case of a 

takeover. A double disadvantage for German SMEs? 

Weiler: A listed competitor simply has another option up his 

sleeve. After the death of the new market, the Entry Standard 

was created. This tool should appeal to SMEs and help them 

to obtain equity without facing major ob stacles. In the USA it 

is almost certain that one will go public at some point in time. 

Conference Magazine: Have you already told a potential 

public offering candidate that he should do his homework 

first? 

Weiler: Of course, several in fact! In certain cases, we 

would be poor advisors if we didn’t. We explicitly tell some 

companies to do their homework first so that in two years, 

we can look at the listing option again. Throughout this 

process we fully support the company. 

Conference Magazine: Mr Weiler, many thanks for the 

interesting interview. 


Berlin / Bremen / Hamburg / Köln / München 

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Financing 

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Financing 

An attractive option 

Corporate bonds as a complement to equity financing 

The collapse of the US mortgage market in 2008 started a 

financial crisis where banks tightened the lending terms 

and restricted access to credit. German mid-sized (Mittelstand) 

companies were especially affected by this development. 

In Germany, despite the avoidance of a credit crunch 

and normalising bank lending, the issuance of corporate 

bonds increased significantly in 2009. This was driven by 

the credit demand of publicly listed corporations – many of 

them in the automobile and telecom sector. In the last 

couple of months, a number of smaller companies have 

started to follow this lead and have become active in this 

market. 

Driven to a large extent by low government bond yields, institutional 

investors welcomed these sub-investment grade 

bonds offering substantially higher coupons. Furthermore, 

a portion of these bonds were sold in a public offering, 

hence tapping the hitherto rarely accessed retail market. 

The inclusion of private investors in an offering has the 

advantage of addressing a less price sensitive investor 

base with a longer investment horizon than the investment 

period of insti tutional investors usually is. 

A minimum of covenants 

Compared to other high yield bond markets, especially in 

the US, publicly offered bonds in Germany have been 

structured with a minimum of covenants. US-style high 

yield bonds generally limit, amongst other things, the com- 


Photo © Andy Dean - Fotolia com 

Dr. Dietmar Schieber is Executive 

Director Equity & Debt Capital Markets 

at Close Brothers Seydler Bank AG, 

Frankfurt. From 2001 to July 2010 he 

was Director Equity Capital Markets at 

a major German bank. Prior to that he 

worked for the German Institute for 

Share Promotion (Deutsches Aktien 

institut e.V.). 

Dr. Dietmar Schieber, Executive Director 

Equity & Debt Capital Markets, 

Close Brothers Seydler Bank AG 

pany’s ability to borrow, to distribute dividends or to sell 

and pledge assets. The absence of such covenants gives 

the issuer a great deal of flexibility not offered in other 

markets. 

However, a public offering requires a prospectus approved 

by the German Federal Financial Supervisory Authority 

(Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) 

or another competent authority of an EEA member state. 

The prospectus contains foremost the description of the 

issuer, a list of risk factors, an overview of the business and 

the relevant markets, as well as audited historical financial 

information for the two most recent financial years including 

interim financial information. 

Need for rating opinions 

Most of the issuers chose to mandate a rating agency for a 

rating opinion. Usually institutional investors have caps on 

the amount to be invested in different classes of bonds, 

e.g. unrated vs. rated issues and investment grade vs. 

non- investment grade. Some institutional investors even 

require a bond and/or an issuer to be rated in order to 

participate in the offering. The selection of one of the three 

international rating agencies S&P, Moody’s or Fitch seems 

a safe bet when accessing institutional investors. The

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Financing 

rating is also an important tool when marketing the offering 

to retail investors. However, the latter group accepts rating 

opinions from less well-known agencies. Hence, in order to 

access a larger investor audience, attain ing a rating could 

be worthwhile. 

Marketing to retail investors may involve advertising the 

offering in financial media, including specialized websites 

as well as promoting the issuance by way of press releases, 

interviews and other public relation activities. Retail inves - 

tors are targeted far more easily if the issuer is widely 

known with a brand or a recognised household name. A 

German stock exchange recently launched its retail trading 

platform for marketing new bond issues and accessing the 

exchange’s registered private investor base besides banks 

as distributors for their retail customers. Taking advantage 

of a specialized market segment targeted to private 

investors will help issuers with less well-known brands in a 

placement wich may lower marketing costs significantly. 

With oder without prospectus? 

Most of the bonds issued have generally been admitted to 

the regulated unofficial market (Freiverkehr). The admission 

does not require a prospectus or any obligation by the 

issuer, thus bonds placed without a prospectus are equally 

qualified to trade. A liquid aftermarket, however, does require 

a market maker willing to take on risk by actively buying 

and selling securities if no other market participant is 

active. Since institutional investors require a minimum level 

of liquidity in order to buy the issuance, the issuer should 

take note of the mandated syndicate bank’s relevant market 

making track record. 


Photo © Deutsche Börse AG 

The process involved for a publicly offered corporate bond 

from preparation to placement takes approximately four 

months. The most critical part of the transaction is the preparation 

of the prospectus, a process which requires 

around three months, including the approval process with the 

supervisory authority. The rating process takes about six to 

ten weeks, depending on the complexity of the company, 

but is carried out in parallel to the prospectus preparation. 

Pre-sounding with institutional investors takes another one 

or two weeks – followed by prospectus approval and a subscription 

period of usually up to two weeks. 

Successful recent examples 

One of the first issues offered on a stock exchange’s retail 

platform was a EUR 150 million, 7.25%, 2010/15 senior unsecured 

bond of Dürr Aktiengesellschaft, the German automotive 

production system supplier. The offer consisted of a 

public offering in Germany and Austria as well as a European 

institutional private placement among European institutional 

investors conducted by Close Brothers Seydler Bank 

AG. The bond was unrated, although Dürr already had a 

corporate rating (S&P: B, Moody’s: B2). The preparation for 

the issue started in mid June. Feedback collected by the 

syndicate bank during a one week pre-marketing roadshow 

in early September was used to determine the coupon and 

the final terms. Due to institu tional investor indications of interest, 

the company and the syndicate bank were able to 

secure a full placement of the bond issue before the offer 

period even began. Books opened on September 13th and 

were closed early on the same day with the issuance being 

three times oversub scribed. Institutional investors accounted 

for approximately 61% of the order book. 

Conclusion 

The issuance of a corporate bond is an effective complement 

to equity finance. The current market environment 

enables issuers to secure attractive bond terms, especially 

if retail investors are included in the offering. However, in 

order to anticipate a successful bond placement earlier in 

the process, it is advisable to include an institutional 

investors’ tranche.

Financing 

HAMBORNER REIT AG reloaded 

Relaunch of a share 

HAMBORNER REIT AG has been listed on the German 

Stock Exchange since 1954. Having never approached 

the capital market before meant raising interest 

amongst institutional investors for a so far “hidden 

champion”. 

Getting ready for the capital market 

Notwithstanding a market cap of nearly EUR 200 million 

the commercial real estate company was still relatively 

unknown to most capital market participants in 2008. 

There fore, HAMBORNER’s management decided to 

start marketing the HAMBORNER share more actively. 

Important steps were the change from the German 

exchange segment General Standard to Prime Standard 

in 2009 as well as the announcement to become a 

Deutsche Börse REIT at the beginning of 2010. WestLB 

supported HAMBORNER’s intentions by sett ing up a 

comprehensive marketing concept including regular 

research reports and a roadshow plan for 2009/2010. 

Great interest was raised amongst European institu - 

tional investors in the HAMBORNER share but due to its 

low trading volume, inves tors were waiting for a trans - 

action enabling them to buy significant stakes. 

Figure 1: Timetable and Regional Demand Breakdown 

23.09. Announcement of transaction 

Publication of prospectus 

04.10. Start Pre-placement 

07.10. End Pre-placement 

12.10. Start subscription period 

13.10. 1st Settlement 

(Shares w/o claw-back) 

25.10. End subscription period 

28.10. 2nd Settlement 

(Shares with claw-back and 

subscribed shares respectively) 


Since 2006, Maren Lorth has been 

working as Executive Director in the 

Equity Capital Markets Department at 

WestLB. Before, she worked 5 years 

at BNP Paribas (London) & 3 years at 

Dresdner Kleinwort. WestLB was sole 

lead manager and sole bookrunner of 

the HAMBORNER REIT AG capital 

increase. 

Maren Lorth, Executive Director Equity 

Capital Markets, WestLB AG 

Innovative transaction structure maximising 

issue proceeds 

After having significantly increased their real estate portfolio, 

HAMBORNER needed additional equity to finance 

further property. When HAMBORNER planned to increase 

TIMETABLE – MILESTONES REGIONAL BREAKDOWN PRE-PLACEMENT 

Source: WestLB AG 

25,2% 

42,1% 

15,3% 

5,5% 

11,9% 

UK Germany Netherlands 

Belgium Rest of Europe

its capital by 50%, the major 

shareholder HSH Real Estate 

(52.7%) decided that it would not 

exercise any of its subscription 

rights. Therefore, a transaction 

structure was chosen that has 

never been used for a German real 

estate company before: a rights 

issue with a pre-placement and 

claw-back structure. The transaction 

was divided into two phases. 

During the first phase all new 

shares were pre-placed to inves - 

tors in a private placement prior to 

the start of the subscription period. 

How ever, only the new shares 

assigned by HSH Real Estate could 

be firmly allotted at that time lead - 

ing to a potential claw-back of up 

to 47% for the rest of the new 

shares that might be subscribed for 

during the subscription period by 

the other shareholders. Due to intense 

marketing and the transaction 

structure a placement price of 

EUR 7 was achieved which was also 

served as subscription price; only 

2.4% discount on the closing price 

before bookbuilding started. The 

trans action volume of EUR 79.5 

million was oversubscribed and 

rais ed high demand from inter - 

national institutional investors. 

In phase two, 96% of the other 

shareholders (excluding HSH Real 

Estate) exercised their rights during 

the subscription period. As a result, 

54% of the new shares were finally 

allotted to the investors taking part 

in the pre-placement. 

Conclusion 

Object from the HAMBORNER Portfolio: Johann Krane Weg in Münster 

Photo: HAMBORNER REIT AG 

Financing 

The extensive marketing concept 

as well as an innovative transaction 

structure helped to maximize the 

proceeds generated by the capital 

increase, diversify the investor base 

from a very German to a much more 

international one and well establish 

HAMBORNER REIT AG alongside 

other listed German real estate 

companies. 


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Financing 

Emergence of mini-bonds 

The new trend to bank-independent debt financing for SMEs 

Despite the very much improved market outlook for the 

German “Mittelstand”, combined with a recently very positive 

development of small and mid cap shares, initial public 

share offerings of such companies remain rare. At the same 

time, the issue volume of corporate bonds seems to remain 

at a very high level. 

Price Base 100 for Germany Prime/Pharmaceuticals & Health – 

SEC (DE) in EUR as of 05/11/10 

110 

100 

90 

80 

70 

60 

50 

40 

40 

Sep 07 Dez 07 Mrz 08 Jun 08 Sep 08 Dez 08 Mrz 09 Jun 09 Sep 09 Dez 09 Mrz 10 Jun 10 Sep 10 Dez 10 

Prime Pharmaceuticals & Health STOXX Healthcare DAX 

Source: Bloomberg 

Especially interesting this year is the increasing demand for 

“mini-bonds” issued by small and mid cap companies 

with investment grade or lower (or no) ratings. Some of 

these companies, like the solar provider Solarwatt AG, do 

not even have shares listed on the stock market. Nevertheless, 

they were obviously having no problems in placing 

an issue volume of EUR 30 million. Other examples of nonpublic 

issuers of small bonds are the wind energy operator 

Selected bonds, “own-issues” in 2010 


110 

100 

90 

80 

70 

60 

50 

Ursula Querette joined Haubrok In 

vestor Relations in 2010, after six 

years of investor relations work for 

AIXTRON. From 1996 to 2002, she 

worked in investment banking, with a 

focus on equity transactions. 

Windreich AG (placement volume of EUR 50 million), or the 

health food store supplier Schneekoppe (EUR 10 million). 

All of these bonds are now listed and can be traded on the 

open market. 

Own issue – own communication 

Ursula Querette, Senior Consultant, 

Haubrok Investor Relations 

These type of bonds are placed on an “own issue” basis 

by the company itself, i.e. without the help of an 

underwriting bank. Like institutional investors, private 

investors can directly subscribe the bonds before the 

Issuer Beginning % Volume End % Yield Rating Listing 

of term Coupon (EUR m) of Term (28/10/10) 

Windreich AG 01.03.2010 6,50 50 01.03.2015 6,56 BBB Stuttgart/bondm 

KTG Agrar AG 14.09.2010 6,75 50 14.09.2015 5,43 BBB Stuttgart/bondm 

Schneekoppe 20.09.2010 6,45 10 20.09.2015 5,31 - Düsseldorf, 

Frankfurt 

Dürr AG 28.09.2010 7,25 150 28.09.2015 5,24 - Stuttgart/bondm 

Nabaltec AG 14.10.2010 6,50 30 14.10.2015 6,15 BBB- Stuttgart/bondm 

Solarwatt AG 31.10.2010 7,00 30 31.10.2015 7,00 BB+ Stuttgart/bondm 

WGF Westfälische Grundbe- 15.06.2010 

sitz und Finanzverwaltung AG 

4,875 100 14.12.2010 5,25 BBB- Düsseldorf, Frankfurt 

Energiekontor GmbH & Co. KG30.03.2010 

Sources: Börse Stuttgart, Anleihen Finder GmbH 

6,00 10 01.04.2015 5,34 - Frankfurt

listing starts. Therefore, within a short period of 

time before and during the placement period, the 

company needs to generate a maximum investor 

interest – ideally supported by a professional 

capital markets communication partner. After the 

placement, sufficient investor relations measures 

must be kept in place to retain and maintain the 

investor base. 

High yield for the investor 

An investment in corporate bonds currently offers 

comparably high yields. Some of the “Mittelstand”bonds, 

recently issued, are yielding between 5 and 

7%, while a 10-year Bundesanleihe currently yields 

2.5%. Of course, the risk profile is different. Both, 

a potential price risk and the risk of bankruptcy, 

must be considered. Before investing, the investor 

needs to inform himself about the issuer and its 

financial results, e.g. by consulting the issuer fact 

sheet, the issue prospectus and (if available) the 

rat ing report. 

Various advantages for the issuer 

From the issuer’s point of view, a bond is interesting 

for various reasons. Firstly, the issuer can profit from 

the currently low interest rates for refinancing (the 

bond rate might even be lower than a bank credit 

rate). Secondly, he might be able to optimize his 

total capital costs by a positive financial leverage 

effect. Thirdly, he can diversify his sources of liqui - 

dity and become more independent from finan - 

cial institutions. Fourthly, he will gain access to a 

variety of interested investors. And last but not 

least, he can develop and extend his capital markets 

competence. 

Conclusion 

Financing 

In times of low interest rate levels, like today, debt 

financing through a corporate bond seems to make 

more and more sense even for small and mid cap 

companies. With an open market listing, guaran - 

teeing fungibility, and a good enough communication 

concept, sufficient and sustainable investor interest 

may be generated. And who knows, by getting 

acquainted with the investor relations tasks and the 

capital markets’ world in general, a non-public bond 

issuer might even be tempted to place equity 

through the stock market at a later stage. 


www.reits-in-deutschland.de 

Catch up on all you need 

to know on REITs and 

real estate investment 

in Germany. 

REITs in Deutschland is initiated by ergo Kommunikation, 

a leading German communications consultancy specialising 

in business, finance and politics.


It’s all about value and visibility 

Valuation process and IPO pricing in volatile 

market environments 

To determine and achieve an appropriate price for shares, 

in volatile market environments, is a challenging task, but 

one of the most important issues – especially during an 

IPO. In recent years, several IPO projects have been abort - 

ed, the price and the lack of demand being announced as 

decisive factors for the decision to stop the process. What 

went wrong? Do we need more effective IPO pricing strategies 

for today’s markets – or are market orientation and 

driving demand the bigger challenges? 

Volatile markets lead to massive complications and uncertainty 

in setting the right share price when going public 

these days. Especially family-owned businesses, particularly 

in Germany, tend to be reluctant regarding IPOs as risk 

and costs of failure seem too high, even though investment 

capital or new ownership structures are often desperately 

needed. And they are not the only ones. 

Three aspects that include both methodological and process 

issues can help IPO candidates to gain a safer ground 

and succeed in capital markets: 

Market orientation: Balancing different parties’ 

intentions 

IPO candidates as well as their owners basically aim to 

realise a high offering price, thus maximizing the cash 

inflow from the disposal of shares as well as from the 

Especially family owned businesses, particularly in Germany, tend to be 

reluctant regarding IPOs as risk. 


Photo © Deutsche Börse AG 

Michael Salcher, Partner, KPMG AG 


Florian Frei, Partner, KPMG AG 


capital increase. On the other hand, forthcoming shareholders 

prefer a relatively low share price which increases 

their chance for a positive share price development and 

enables a cheaper purchase price. The challenge is to 

price the asset in a market-oriented way, balancing the 

intentions of all parties: issuers, owners and investors. 

This includes spreading the risk of placement to all 

parties evenly. Therefore, investment banks or the underwriters 

of the IPO are acting as advisor and arbitrator 

to all parties, determining a balanced placement structure 

and strategy. 

Evidence based valuation: backing pricing with 

facts, not just visions 

Valuation approaches like market multiples and discounted 

cash flow methods are, unvaried, most commonly applied 

and will remain as such. Whereas market multiples 

consider the actual situation of the capital market and 

enable a direct comparison to guideline companies, a 

fundamental discounted cash flow valuation approach 

based on the company´s business prospects and plann - 

ing lead to the value of the company, which should ideally 

be realized on the occasion of the IPO. It is evident that in 

times of volatility both benchmark prices and planning 

figures show respective uncertainties. Thus, today, an 

IPO candidate is more than ever requested to thoroughly

prepare the business planning and underlie the 

value-determining assumptions with analyzes and 

fact based information prepared during an IPO 

readiness assessment and preparation phase. 

Particularly factors like contractual-based revenues, 

stable margins, diversified product portfolio etc. 

should be emphasised as they make an enterprise 

independent from economic cycles. 

Pre-IPO relations management: Providing 

investors with relevant information 

Market prices are not determined by fact based 

asset values only – valuation is also a process of 

comparison of the asset by investors, on the basis 

of available information. To reduce uncertainty 

regarding both the placement risk and the pricing 

in today’s volatile markets, it is usual to get in contact 

with investors at a very early stage, which is 

known as “pilot fishing” or “anchor marketing” – 

the former to assess opinions pre-IPO in order to 

customize plans and initiate potential changes; 

the latter to also have institutional investors commit 

to subscribe to a certain amount of shares. 

After all, an easy and not unusual way to raise the 

appetite of investors is to consider a certain IPO 

discount of the listed shares compared to peer 

companies. 

What’s next 


Uncertainty and volatility of capital markets have 

to be accepted and cannot be influenced by both 

IPO candidates and investors. However, it is 

essential to prepare all relevant documentation 

prior to the IPO phase, particularly the unique factors 

of a company, the sustainability of the business 

model and the equity story and, on this 

basis, a well-documented business plan as basis 

for a valuation. And it is necessary that all information 

with impact on pricing is based on valuedetermining 

factors of the business model, the 

profitability and the prospects of the business set 

out in the business plan. 


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Motives & experiences 

Chinese IPOs in Germany 

Three years ago, it looked as if a new trend was emerging. 

After the first Chinese company – ZhongDe Waste – had 

ventured onto the German regulated capital market in July 

2007, the second – Asian Bamboo – followed just four 

months later. Today (October 2010), a total of 23 Chinese 

companies are listed in Germany. What have been their motives 

for going public in Frankfurt and what experiences have 

German investors made so far with Chinese equities? 

Motives for going public in Germany 

In an environment characterized by buoyant economic 

growth, both former state-owned companies and startups 

are vying for access to capital. Larger issuers mostly 

obtain listings in their home market, but Frankfurt has 

also been a focus of interest since 2007. Although a 

listing on the Shanghai stock exchange is likely to regularly 

generate higher valuation ratios than an IPO on the 

German financial market, most companies have no 

access to the Chinese exchanges. There is even a multiyear 

waiting list for potential IPO candidates, and regulatory 

approvals are, as a basic principle, difficult to obtain 

for private companies. What is more, an IPO abroad also 

allows companies to tap coveted international investor 

groups, and a balanced regulatory and tax framework 

likewise offers benefits in overseas IPOs. Last but not 

least, management and existing shareholders hope to 

gain prestige by going public abroad, thereby enhancing 

their image on the domestic market. Unlike similar moves 

in New York or London, an IPO in Frankfurt has the 

distinct benefit of generating high publicity and media 

impact. At the same time, direct IPO expenses and the 

follow-up costs of being public are much lower than in 

Anglo-Saxon financial hubs. 

Off-shore structure of Chinese IPOs 

Shares in Chinese companies are not tradable abroad. 

For this reason, a Chinese company cannot be listed 

directly on a German stock exchange. Instead, a foreign 

holding company – in the form of a “special purpose 

vehicle” or SPV – must be interposed. A three-tier model is 

used here: the former founding shareholder (in many cases 

an individual who is a Chinese national) switches to a 


Peter Thilo Hasler joined Viscardi AG 

as Director Research in 2006. He has 

over 17 years of experience as a re 

search analyst in a variety of sectors. 

During his career, he was responsible 

for more than 20 IPOs and SPOs. 

merely indirect shareholding in the Chinese company via a 

foreign entity. The structure involving an overseas holding 

company turns the former Chinese domestic entity into a 

“wholly foreign owned entity” (WFOE) – without any change 

in the ultimate shareholder. This is also known as the ”redchip 

model”, referring to the official color of the Communist 

party. 

The preferred market segments 

Peter Thilo Hasler, Director Research, 

Viscardi AG 

The placement volume of the 23 Chinese companies listed 

in Germany to date totals approximately EUR 445 million. 

With EUR 109 million, ZhongDe Waste staged not only the 

first, but also the hitherto largest IPO, followed by JoYou 

with EUR 105 million. By far the largest transactions have 

taken place in the Prime Standard segment, where the average 

issuance volume has come to EUR 88 million. The Entry 

Standard and First Quotation Board segments have 

seen significantly lower average volumes of EUR 12 million 

and 3 million, respectively. Eight companies preferred to 

purely list their shares in the First Quotation Board without 

any proceeds. 

So far, more than half of the Chinese companies opting in 

favor of this step have preferred a pure listing with low 

publication requirements. This allows them to circumvent

the obligation to prepare a time-consuming and 

cost- intensive prospectus prior to offering their 

shares to the public. In some instances, efforts to 

also keep the being-public expenses as low as 

possible go as far as not even fulfilling the financial 

markets' most basic requirements, such as the 

publication of audited annual financial statements. 

Figure 1: A total of 23 Chinese companies have gone 

public in Germany since 2007 

14 

First Quotation 

Board 


Sources: Deutsche Börse AG, VISCARDI AG, October 2010 

The reluctance to pursue a professional IR and PR 

strategy displayed by some companies is also 

reflected in the underperformance of the shares 

listed in the Open Market: whereas the capitalization-weighted 

index of equities included in the 

Prime Standard is trading an average of 6% above 

its inception price, the index of Entry Standard 

stocks is trailing its inception level by 11%. The 

shares included in the First Quotation Board of the 

Open Market have shown significantly poorer 

performance: on average, they have lost more 

than 85% of their value. Nevertheless, the capitalization-weighted 

China All Share Index of com panies 

of Chinese origin and listed in Germany is 

trading more or less around the level recorded on 

its launch date. 

4 

Prime 

Standard 

Entry 

Standard 


5 

Der Nachrichtensender. 

Nichts bewegt mehr als die Wirklichkeit – jede Stunde live und aktuell bei n-tv. 

Händler an der New Yorker Börse


Figure 2: Poor performance of shares traded in the Open Market 

160 

140 

120 

100 

80 

60 

40 

20 

0 

China FQB Index 

China All Index 

China PS Index 

China ES Index 

Sources: Capital IQ, VISCARDI AG 

Shortcomings 

The geographical separation of the exchange trading location 

and a company's registered office is not free of conflicts. 

Inadequate language proficiency on the part of Chinese 

management – English is not the first language of 

business in China – and a time difference of eight hours 

make confidential communications difficult. If this is aggravated 

by the fact that the transparency of the company's 

reporting leaves room for improvement, a dubious situation 

might easily arise, leading to lackluster after-market performance. 

It does not have to be that way – as evidenced by 

Asian Bamboo, which can hold its own against anyone in 

the sphere of public relations. 

Expectations for 2011 

With an issuance volume of EUR 234 million, 2007 still 

marks the peak of Chinese IPOs on the German capital 

market. After a pronounced decline in 2008 und 2009 to 

EUR 36 million and 56 million, respectively, 2010 seems on 


m€ 

250 

200 

150 

100 

50 

0 

20/11/2007=100 

track to becoming a satisfactory year, not only in terms of 

the number of IPOs, but also with respect to issuance 

volume. The timing of Chinese transactions thus seems to 

follow the lead of German companies' issuance activities, 

although Chinese IPOs will probably show significantly 

stronger momentum this year. 

Figure 3: 2010 might turn out to be another record-setting year 

First Quotation Board 



Nr. of companies (right hand scale) 

2007 2008 2009 2010 

Sources: Deutsche Börse AG, VISCARDI AG 

8 

7 

6 

5 

4 

3 

2 

1 

0

September 2010 

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GDR Programs in the regulated market of the FSE 

Overview of the specifics 

On 9 November 2010, with IBS Group Holding Limited, the 

Frankfurt Stock Exchange (FSE) welcomed the first global 

depositary receipts (GDR) program in the regulated market 

(General Standard). 1 In connection with such a listing, a securities 

pros pectus for depositary receipts was, for the first time, 

filed for approval and approved by the German Federal 

Financial Supervisory Authority (BaFin Bundesanstalt für 

Finanz dienst leistungsaufsicht). 

A survey regarding Russian companies on the FSE 

Russian companies access the international capital markets 

either through so-called “dual listings” (listings of the Russian 

original shares on a Russian stock exchange and of the corres - 

ponding depositary receipts (GDRs/ADRs) on a foreign exchange) 

or through the issue of securities (shares/GDRs/ADRs) 

by a holding company incorporated outside of Russia and the listing 

of these securities exclusively on a foreign stock exchange. 

C.A.T. Oil AG (with a holding in Austria) can be named as an 

example of a Russian group of companies listed on the FSE 

through a non-Russian holding with original shares, such 

shares being admitted to trading on the regulated market 

(Prime Standard) of the FSE. The GDR program of IBS (with a 

holding in the Isle of Man) was included for trading in the 

Open Market (First Quotation Board) in 2007. Numerous 

depositary receipts programs of Russian companies such as 

Aeroflot, Gazprom, Lukoil, Rostelecom and Sberbank, the 

original shares of which are listed on MICEX and/or RTS in 

Moscow, are furthermore included in trading in the Second 

Quotation Board of the Open Market. 

With IBS’ GDR program, for the first time, GDRs have been 

admitted to trading on the regulated market of the FSE and a 

securities prospectus for GDRs has been approved by BaFin. 

We trust that this transaction has paved the way for GDRs of 

other Russian companies and also for companies from other 

regions, which are targeted by the FSE, and from which issuers 

typically access the international capital markets through GDR 

programs, for example India. 

What are depositary receipts? 

Depositary receipts represent a single share, several shares 

or fractions of a share in a foreign issuer, who is, as a general 

rule, restricted for regulatory or other reasons from directly 


Robert Michels, BEITEN BURKHARDT 

Rechtsanwaltsgesellschaft mbH 

listing the shares outside of their home country. The underlying 

shares are generally deposited with a depositary (in most 

cases a subsidiary of the US-depositary) in the home country 

of the issuer and then issued as depositary receipts by such a 

US-depositary. On the international capital markets, American 

depositary receipts (ADRs) and global depositary receipts 

(GDRs) are well-established financial instruments. 

Specifics of the securities prospectus 

Dr. Alexandra Zech, BEITEN BURK 

HARDT Rechtsanwaltsgesellschaft mbH 

One pre-requisite for the admission of securities to trading on 

the regulated market is a securities prospectus approved by the 

competent authority. The securities prospectus must at least 

contain the information which has to be included in the prospectus 

pursuant to Regulation (EC) No. 809/2004 of 29 April 

2004 (Prospectus Regulation). With Annex X, the Prospectus 

Regulation provides a separate annex for depositary receipts 

regulating the minimum content of the securities prospectus. 

Pursuant to this Annex, information has to be included in the 

securities prospectus for depositary receipts with respect to the 

issuer of the underlying shares and the securities, which are the 

subject matter of the prospectus, as well as information relating 

to the depositary, which has issued the depositary receipts. 

In accordance with the interpretation by BaFin of the word 

”issuer” as contained in the German Securities Prospectus 

Act (WpPG Wertpapierprospektgesetz), the issuer of the 

depositary receipts has to take responsibility for the prospectus. 

Financial authorities in other member states, where FSE 

1) Beiten Burkhardt advised IBS on all matters of German and Russian law in 

connection with this listing.


competes with stock exchanges for issuers from 

emerging markets, may have a different interpretation 

and certainly does not mean that the relevant depositary 

bank needs to assume responsibility for the 

prospectus. However, BaFin permits, that the responsibility 

statement of the depositary (in contrast to the 

responsibility statement of the issuer of the underlying 

shares and the applicant for the admission of the securities) 

may be limited to the prospectus information 

imposed by Annex X items 26 and 28 of the Prospectus 

Regulation. Such provisions deal with the required 

information relating to the issuer of the depositary 

receipts and the relevant securities. It has to be noted, 

that the information required according to items 26 

and 28 of Annex X might not be covered by the information 

contained in the Terms and Conditions of the 

GDRs which are displayed in the prospectus. 

Specifics of post-listing obligations 

Within the IBS transaction, BaFin made it clear that 

only the issuer of the underlying shares and not the 

issuer of the GDRs is required to fulfil the post listing 

obligations according to the German Securities 

Trading Act (WpHG Wertpapierhandelsgesetz). There 

was a degree of uncertainty in this regard due to the 

fact that the clarification contained in the Directive 

2004/109/EG of the European Parliament and of the 

Council dated 15 December 2004 (Transparency 

Directive) has not been implemented in the WpHG. 

Regarding the applicable post listing obligations it 

needs to be added that there are considerable differ - 

ences between post listing obligations for shares and 

GDRs, especially in the General Standard. An issuer 

of shares, for example, is not obliged to publish its 

half-yearly financial reports or to make any interim 

management statements. In case the underlying 

shares are not admitted to trading on an organized 

market pursuant to section 2 para. 5 WpHG, the 

provisions on disclosure of directors’ dealings (section 

15a WpHG) and the provisions on voting rights notifications 

(sections 21ff WpHG) shall not apply. 

Outlook 

Besides IBS, other Russian companies announced 

their plans to seek a stock exchange listing in the 

coming months. Due to its various market segments 

and its services portfolio, the FSE is considered to be 

well-positioned to attract new issuers from target 

regions such as Russia/the CIS region and India. The 

future will show whether the IBS transaction was an 

“ice-breaker” for the FSE in this regard. 


Das hören 

Investoren! 

BÖRSE 

HÖREN. 

www.comdirect.de · www.sbroker.de 

www.postbank.de · www.brn-ag.de ...


Going public in volatile markets 

How to de-risk an IPO 

IPO activity in Europe has picked up considerably in 

2010. However, the IPO market went through various 

phases driven by sovereign risk in Europe; concerns with 

respect to economic growth in certain areas; monetary 

policy and the perceived stability of the banking sector. 

This has resulted in volatility metrics for equities moving 

within a wide range. As sentiment for IPOs is closely correlated 

with volatility, many offerings have been cancelled 

– in EMEA almost 30% until the end of October 2010 

according to Bloomberg. Improving transaction certainty, 

i.e. “de-risking” an IPO has therefore been a crucial 

element of the IPO preparation process. The article describes 

important elements of “de-risking”, namely secur - 

ing support from anchor/cornerstone investors, diffe - 

rentiation of the equity story and optimizing the IPO offer 

structure. 

IPO preparation 

The targeting of anchor or cornerstone investors is done 

through a pre-sounding process, which has become an 

integral part of the IPO preparation. There are various 

ways in which the commitment of a particular investor 

and the level of associated prospectus disclosure can be 

structured: in its simplest form an anchor investment is an 

order on the first day of bookbuilding without disclosure 

of the investor name. In some instances investors may 


Philip Grosse is Director Equity 

Corporate Finance and Austria at 

Credit Suisse. 

Philip Grosse, Director, Credit Suisse 

accept disclosure of their name as anchors. Alternatively 

an investor may be willing to participate as a cornerstone 

at the IPO price with a pre-agreed order size disclosed in 

the prospectus and may consider a lock-up post IPO in 

return for a guaranteed allocation. 

Being able to disclose support for the transaction is a key 

mechanism to de-risk execution and provides the ability 

to negotiate from a position of strength with investors by 

encouraging competition for the shares on offer. Engag - 

ing anchor or cornerstone investors also validates the 

issuers’ equity story and emphasises credibility of the 

management. Credit Suisse has successfully managed to 

deliver anchor or cornerstone investors in several recent 

IPOs, with average demand representing approx. 20% of 

total demand for all such investors targeted in the presounding. 

IPO execution 

Differentiating the issuer’s equity story is another key 

element to de-risk the IPO execution. It summarizes the 

issuer's investment case and growth prospects. Shaping 

the equity story in the right way is crucial for transaction 

certainty. Credit Suisse’s proprietary HOLT framework 

links corporate actions to valuation; it is an extremely 

valuable tool to provide pre-IPO capital markets pers -

pectives on the issuer and to identify the key value drivers 

to fine tune the equity story. This tool is used by many 

institutional investors worldwide and was applied successfully 

in many IPOs, where Credit Suisse was a book - 

runner. 

Investor appetite will also be significantly affected by the 

IPO offer structure. In order to get leading fund managers 

engaged, it is important to give visibility of expected liquidity 

of the stock in the secondary market, particularly in a 

market where volatility levels are high. Consequently, 

most issuers with large offerings and therefore more 

liquid stocks have outperformed the average for all issuers, 

both in absolute terms but also relative to the benchmark 

index. Secondly, investors scrutinize an issuer’s 


capital structure in the current market. De-risking an IPO 

includes an analysis of the issuer’s leverage and refinanc - 

ing risk against the background of its peers; cyclicality of 

the business and investors’ risk appetite. Finally, choos - 

ing the right window is critical for achieving optimal IPO 

execution in volatile markets. Being well prepared is 

therefore important for “de-risking” by creating optionality 

for an opportunistic launch. 

Conclusion 

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The current IPO market environment is still affected by 

increased uncertainty. Issuers and the advising banks 

need to address the above topics early on in the process 

to maximize transaction certainty. 

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Family IPOs 

IPOs as an alternative for family companies 

Many family companies and/or their shareholders were 

not really keen on going public. The loss of influence, fear 

of opposing non-family shareholders and the publicity 

associated with going public were often the disadvan - 

tages that were stated for an IPO. However, times change. 

Family companies are also increasingly considering going 

public and establishing that when looked at more closely 

it's not actually that bad. Some entrepreneurs actually see 

solid advantages having concretely examined the “IPO 

option”. 

Many reasons for more equity 

Family companies today see themselves as facing a whole 

range of challenges. Some are in an industry which has a 

strong trend towards consolidation. Anyone who wants to 

actively use this consolidation, also in an international context, 

must show a healthy financial balance and sufficient 

equity. 

However, it is often also internal family matters which 

prompt the question of equity. Heirs are sometimes more 

interested in a payout than being an entrepreneur in the 

long-term. This also frequently results in full-bloodied disputes 

which can only be solved by paying out to a group of 

shareholders. The remaining shareholders must in this case 

1) Yes; concrete measures/preparations have already been introduced 

2) Yes; preparations will begin in 2011 13 


Dr. Elmar Jakob is a managing partner 

at IPONTIX Equity Consultants GmbH 

in Frankfurt am Main. He primarily ad 

vises SMEs and family companies on 

corporate finance topics. He was pre 

viously employed at the BHF BANK 

and McKinsey. 

3) Yes; in principle we could imagine going public 27 

Dr. Elmar Jakob, Managing Partner, 

IPONTIX Equity Consultants GmbH 

often spend significant amounts which are not available 

without more liquidity. A pressing special topic: many family 

companies borrowed standard mezzanine programmes 

which have to be paid back from the middle of 2011. Many 

CFOs from these mezzanine holding companies who have 

switched on their “financial planning high beam headlights” 

are also taking into account an IPO as an alternative worth 

considering. 

Figure 1: IPONTIX study on family companies: Would your company consider going public in the next three years*? 

4) Total yes (total of 1 to 3) 47 

No opinion: have not discussed going public before 45 

7 

Going public is a realistic 

option in the medium term 

for 28% of family companies 

No 76 

0 10 20 30 40 50 60 70 80 

*Results from a survey of German family companies during the period August September 2010 (168 family companies participated) 

Source: IPONTIX Equity Consultants GmbH

Private equity as an equity source? 

If takeovers are envisaged and the banks are sig - 

naling that there is no major leeway for acquisition 

financing with a given equity amount, venture capital 

companies are occasionally rightly being conceived 

as a financing alternative. These provide equity 

for a fixed period and become temporary share - 

holders. Many family companies find individual 

private equity companies' contractual restrictions 

and the exit fixing which often exists as unsuitable 

for their own company situation. A possible solution 

can be family offices which usually act somewhat 

more informally than a pure private equity company 

and yet are particularly well accepted if the family 

offices' wealth background perhaps even comes 

from the same industry in which the target company 

is active. Many family offices are also long-term 

focused and – provided there are ample dividend 

payments – they can also imagine a so-called long 

term equity partnership. And yet: there is a new shareholder 

at the table who also has a say according to 

his percentage of investment and contractual 

arrangements. 

Family companies are increasingly 

considering the stock exchange 


In the last two years, the tendency has significantly 

increased that family companies are actively considering 

the option of going public. The change in 

generation has brought with it a positive contribution. 

Many family companies have also become more 

aware through the financial crisis and their changed 

relationship with the banks that capital market 

financing and thus a certain degree of independence 

from the banks has become more important. A study 

carried out by IPONTIX in the late summer of 2010 

confirmed that many family companies are considering 

going public. 

It has also become clear to companies that equity 

is an ever increasing competitive factor. The theme 

of strengthening equity is therefore increasingly 


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Figure 2: IPONTIX study on family companies: What are the significant reasons for possibly going public*? 

Equity increase to finance growth/strengthening of equity base 81% 

Sale of shares for the (partial) realization of the company value 49% 

Greater (entrepreneurial) independence compared to incorporating 

private equity or selling the company 

Higher value of company compared to selling company/private equity 23% 

Management and staff participation 

Positive external effect/increased recognition 17% 

Easier use of capital market for further financing options 15% 

Share as "acquisition currency" for planned takeovers 6% 

appearing on management's agenda; the changing role and 

often stronger position of financial management and/or CFOs 

in many companies also support this trend. When weighing 

up between the incorporation of a PE investor or an IPO, the 

IPO often wins the upper hand. Why is this the case? 

Tangible advantages of going public 

From the family company's perspective it is sometimes 

“more pleasant” not to have a private equity issuer on 

board but to have a number of smaller shareholders. With 

the right issuing concept, the majority can be kept in family 

hands not just with an IPO but also with one or more capital 

increases. Going public brings about the fungibility of company 

shares. Individual family shareholders can reduce 

their share in the company with an IPO and thus diversify 

their assets. At the same time they still have a share of the 

company and can profit from company growth. 

Family companies today are more frequently asking about 

KGaA (partnership limited by shares) and the new SE, 


Other reasons 9% 

21% 

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 

which are increasingly establishing themselves as legal 

forms of incorporation. Depending on the organization, the 

family influence can be preserved in these legal forms and 

co-determination is restricted, with simultaneous acceptance 

of investors on the capital market. 

Prospects 

36% 

Equity increase, sales of shares 

(diversification of assets) and 

preservation of company inde 

pendence are the main reasons 

for family companies going public 

*Percentage of family companies who see going public as a realistic option in the medium term (47 companies); multiple answers possible 

Source: IPONTIX Equity Consultants GmbH 

2010 was also not a year for celebrations for IPOs in Germany. 

The German IPO market is running behind those abroad, 

where numerous companies also went public in 2010. 

For 2011 and subsequent years it can, however, be assumed 

that more companies will again also go public in Germany: 

an increasing percentage of stock exchange candidates 

will be family companies who want to increase their equity 

base in this way. Family companies, whether well-known 

brand items or much-lauded hidden champions have 

nothing to fear with the stock exchange: with the right preparation 

and corresponding organisation, an initial public 

offering might not be a walk in the park, but it is a promising 

financing option with lots of opportunities for the future.

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Corporate brokerage 

Continuous dialogue with investors as success factor for 

small and medium-sized enterprises 

Queuing, tea with milk, warm beer and corporate broking are 

readily quoted in continental Europe as anachronistic features 

of the United Kingdom. In this context, the tradition of corporate 

broking does not fall short of the seemingly bizarre culinary 

delicacies from the home country of capital markets. 

Despite the demise of “Gentlemanly Capitalism” the City of 

London has always remained loyal to the concept of cor porate 

broking. With good reason: corporate broking stands for a 

comprehensive long-term corporate finance advisory partnership 

with the clear aim to optimise the terms of capital market 

funding. In the aftermath of the recent global financial crisis, a 

dire outlook on heightened capital adequacy ratios for financial 

institutions and as such more restrictive bank lending behaviour 

is likely to force com panies to diversify their sources of funding 

via the capital markets. Particularly in the traditionally loan 

financed countries in continental Europe, a financing bottle - 

neck and a fierce competition for (equity) funding has emerged 

in the recent past. Generally, with the gradual opening of capital 

markets and a likely demand overhang for capital marketbased 

funding, close ties to key investors and as such the role 

of corporate brokerage is expected to gain in importance. 

Enabling frictionless communications between companies and 

(institutional) investors and thus improving the terms of capital 

market financing builds the foundation of a corporate brokerage 

mandate. It has to be emphasised that the engage ment of the 

corporate broker is not limited to marketing of a stock as part of 

a primary market transaction, but primarily focuses on extensive 

support in the secondary market. Usually, the corporate broker 

commences his work well in advance of transaction providing 

comprehensive pre-IPO advisory services. The gradual introduction 

of the company to capital markets through a bond or 

share placement typically constitutes the basis for a series of 

trans actions. 

Advantages of corporate broking for small and 

medium-sized enterprises 

The corporate broker's central task is to keep abreast with the 

latest developments in the capital markets on behalf of the 

company: The corporate broker analyses the company’s profile 

from a capital market perspective, investigates inves tors' 

assessments and expectations and critically examines the 


Nico Baader, Member of the Board, 

Baader Bank 

Oliver Riedel, Head of Institutional Equities 

and Derivatives, Baader Bank 

acceptance of the company's strategy with financiers. This is 

important since a volatile investor base may significantly increase 

financing costs as the company may not be able to rely on 

its key investors to raise additional funding. Furthermore, the 

corporate broker upholds a constant dialogue with opinion 

leaders and is therefore ideally positioned to enhance the company's 

market perception and to improve the acceptance of 

the company’s strategy with existing and potential investors. 

A better understanding of the company’s strategy and a more 

precise definition of the investment profile not only lower the 

company's financing costs through an increase of transparency, 

but also enhance demand in the secondary market. Similarly to 

the real economy, improving a product's perceived position ing 

and visibility may lead to an increase in demand relative to other 

products competing in the same market. In addition, a 

company's valuation in the secondary market is also based on 

the liquidity of a stock, as investors deliberately discount illiquid 

investments. An increase in the liquidity on the back of corpo - 

rate broking activities is also advantageous as the size of 

institutional investors' positions in a stock and thus their 

demand generally grow with the liquidity of the shares. 

Unlike large companies, small and medium-sized enterprises 

are neither the focus of both the financial press and the 

research departments of numerous banks, nor are they represented 

in well-known stock indices. Therefore an active and 

transparent communication with capital market participants is

of critical importance to these com - 

panies to gradually increase the 

aware ness of investors and analysts 

for their traded shares. 

Engaging in a continuous dialogue 

with investors via a corporate broker, 

like Baader Bank, increases the probability 

of a successful placement since 

demand and supply of shares, price 

sensitivity and timing can be duly identified 

prior to launching a transaction. 

Areas of interactions between 

the corporate broker and market 

participants 

The interactions with market participants 

occur on three levels: 

1) The corporate broker's equity 

research is the backbone for the dialogue 

with institutional investors independent 

of the direct involvement of 

company officials. The initiation of the 

research coverage through the corporate 

broker's research analysts im proves 

the appreciation of a firm’s operations 

with investors and the general 

public as more information on the 

company’s operation are made available 

on a regular basis. In addition, the 

distribution of company research 

enables the corporate broker to explicitly 

target new key investors with the 

aim to expand and diversify the inves - 

tor base. Clearly, research reports are 

not an end in itself, but open the door 

for an ongoing dialogue with investors 

and as such constitute the basis for 

meaningful investor feedback. As 

such, a comprehensive research coverage 

allows companies to compare 

and potentially align their corporate 

strategy according to market feedback 

and analysts’ perception. The market 

impact as a reaction to the release of 

research and the access to opinion 

leaders amongst the institutional investors 

predominantly depend on the 

reputation of the respective analyst. 

2) A direct dialogue between company 

officials and institutional investors 

is facilitated through national and international 

roadshows. In addition, 

investor conferences with focus on 

specific sector and firms sizes are 

organised periodically by the corporate 

broker to provide a platform 

where dedicated specialist investors 

and companies both prosper from 

exchanging the latest developments 

and industry trends. Usually, roadshow 

activities are not limited to the 

marketing of less frequent primary 

market transactions, but are applied 

regularly to convey relevant company 

information to market participants 

efficiently. 

3) Contracting of a market maker and 

a designated sponsor ultimately ensures 

the availability of market quotes 

and provides stock supply and 

demand in the absence of an appropriate 

counterparty. Since the 

designated sponsor is the prime 

dealer in a company’s stock, infor - 

mation on share positions, share 

demand of selected investors and 

price sensitivity can be easily determined 

prior to a possible equity 

transaction. 

Conclusion 


Scarcity of available bank financing 

has forced Anglo-Saxon companies 

to nurture a close dialogue with exist - 

ing shareholders in order to bank on 

their financial support. In contrast, 

com panies in continental Europe have 

largely relied on classic bank loans. 

As a consequence of the international 

financial crisis the equity require - 

ments of banks are expected to increase 

in the near future, parti cularly 

with a view to Basel III. Restrictive 

lending behaviour in particular to 

small and medium-sized companies 

is considered to be a major outcome 

following the introduction of higher 

capital adequacy ratios. It is therefore 

reasonable to assume that demand 

for capital market-based financing is 

likely to increase. In times of heighten - 

ed competition for funding the role of 

a corporate broker will gain in im - 

portance to draw on investors’ support 

to meet financing needs. 


Die INDUS Holding AG 

● hat durch ihr Geschäftsmodell 

den „Stresstest 2009“ hervorragend 

bestanden 

● ist ein attraktiver 

Wachstumswert 

● vereint im Portfolio aktuell 

40 erfolgreiche mittelständische 

hidden champions 

● ist mit ihren Beteiligungsunternehmen 

technologisch 

führend und hoch spezialisiert 

in attraktiven Nischen - 

märkten tätig 

● löst Nachfolgeprobleme 

im deutschsprachigen 

Mittelstand 

● setzt 2010 über 900 Mio. € 

um und erreicht ein EBIT 

von mehr als 80 Mio. € 

● hat seit Beginn 2010 eine Kursperformance 

von +60 % erzielt 

● liefert seit Jahren attraktive 

Dividendenrenditen bis 6% 

INDUS Holding AG 

Kölner Str. 32 

51429 Bergisch Gladbach 

Telefon: (02204) 4000-0 

Telefax: (02204) 4000-20 

Email: indus@indus.de 

Internet: www.indus.de 

WKN 620 010 

ISIN: DE 000 620 01 08


LifeScience Forum 

Healthcare reforms call for innovative strategic answers 

Healthcare around the world is currently the target of 

government reforms aimed at achieving rapid spending 

cuts and fundamental structural changes since demand for 

healthcare provision is growing at a time of tight public 

finances. Healthcare companies able to find the right strategic 

answers to these reform efforts should have good 

access to financing on the capital market and be among the 

winners on the stock market. 

Healthcare reforms in Germany 

In the last few years, the German healthcare sector has 

been confronted on an almost yearly basis with fresh reform 

efforts such as: 

• GKV-Modernisierungsgesetz (GMG – Modernisation of the 

Statutory Health Insurance System Act) in 2004 

• GKV Wettbewerbsstärkungsgesetz (GKV-WSG – Act to 

strengthen competition in the statutory health insurance 

system) in 2007 

• Krankenhausfinanzierungsrahmengesetz (KHRG – Hospital 

Finance Act) in 2009 

• GKV-Finanzierungsgesetz (GKV-FinG – reform of statutory 

health insurance) in 2011 

In view of the threat of a financing deficit of EUR 11 billion in 

2011, reform measures currently under discussion in the 

German healthcare sector are aimed at achieving spending 

cuts in the short term as well as continuing with fundamental 

In the last few years, the German healthcare sector has been confronted on 

an almost yearly basis with fresh reform efforts. 


Dr. Christa Bähr is Head of Life 

Science Team, Lead Analyst Health 

care and Group Leader in Equity 

Research at DZ BANK. She is a 

CEFA Investment Analyst/DVFA, 

Chartered Financial Analyst (CFA) 

and chair woman of the DVFA Life 

Science Commission. 

structural measures. Once the GKV-Finanzierungs gesetz 

(GKV-FinG – reform of statutory health insurance) has come 

into effect, it should lead to total healthcare savings of EUR 

3.5 billion in 2011 and around EUR 4 billion in 2012, especially 

in terms of administration costs and expenditure on drugs, 

physicians and hospitals. The structural reform – which has 

been under discussion for some time – is aimed at creating 

a healthcare system for the future that is “fair, stable, competitive 

and transparent for all”. The draft law currently under 

discussion (GKV-FinG, AMNOG) is expected to come into 

force on 1.1.2011. 

Promising company strategies 

These political reforms call for forward-looking strategies 

on the part of healthcare companies, such as extending 

their value chain, internationalisation and innovation, as 

well as providing cost-efficient high-quality medical care. 

Personalized medicine 

Dr. Christa Bähr, Equity Research, 

Head of Life Science, DZ BANK 

In view of the huge costs of treatment in oncology, the 

savings potential through personalized medicine is likely to 

play an ever greater role. The aim of personalized medicine 

is to allow doctors to prescribe a customized and hence 

promising treatment to their patients early on, which takes

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BRINGT. 

Die Vorbereitung eines Börsengangs gleicht einem Hürdenlauf. 

Diese Schwierigkeiten lassen sich mit unseren Ideen und rechtssicheren 

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das „Imaginative Thinking“. Mehr unter: osborneclarke.de 

Besuchen Sie uns beim Eigenkapitalforum in 

Frankfurt am Main vom 22.- 24.11.2010, Stand 7.15R.


Figure 1: Sector Performance – Three-Year Comparison 

120 

100 

80 

60 

40 

Nov 07 May 08 Nov 08 May 09 Nov 09 May 10 Nov 10 

Prime Pharmaceuticals & Health 

Sources: FactSet, DZ BANK 

into account their individual genetic profile. Patients benefit 

from this type of made-to-measure treatment through 

greater chances for treatment success and fewer side 

effects, which also offers companies a chance to reduce 

R&D costs through smaller, pre-selected patient groups 

and a smaller failure risk in clinical trials. The close inter - 

connection between diagnosis and treatment presents 

major opportunities not only for big pharmaceutical companies 

which offer diagnostic tests together with a treatment, but 

also for many smaller companies involved in the develop - 

ment and distribution of genetic tests and biomarkers. 

Integrated healthcare concepts 

STOXX Healthcare DAX 

The idea of tapping into efficiency reserves through integrated 

care concepts in the area of healthcare services entered into 

a new dimension with the GMG (2004). Among other things, 

the act has opened up hos pitals to out-patient treatment and 

made it possible to set up MVZs (multi-discipli nary healthcare 

centres) with the aim of improving the quality of medical 

provision. Since then, the number of MVZs has risen sharply 

and the boundaries between acute, rehabilitation and care 

and between in- patient and ambulatory healthcare facilities 

are becoming increasingly fluid. Horizontal and vertical 

integration as well as cooperations are opening up subs - 

tan tial rationalization and synergy potential for efficient 

health care operators. This means firstly that integrated 

com panies are in a much better position to offset the nega- 


tive impact from cost-cutting than stand-alone facilities 

and, secondly, that efficiency reserves in the healthcare 

system can be tapped. 

Emerging markets 

A greater focus on value-for-money in medical technology 

is leading to opportunities for innovative products such as 

telemedicine and molecular diagnostics. However, the sector 

is depressed by spending cuts in healthcare systems and 

by a change in demand behavior on the part of hospitals 

and pharmaceutical companies – especially in developed 

markets. Many companies are therefore focusing on the 

emerging markets where the main aim of healthcare 

reforms is to secure basic care for the population as a whole 

and to raise the level of medical care. This is opening up 

opportunities, especially for medical technology companies 

with a product portfolio that is geared to such countries and 

with the relevant distribution channels. 

Conclusion 

In healthcare, political reforms are part-and-parcel of the 

business model. Healthcare companies have to prove themselves 

over and over again and come up with the right 

strategic answers to reform efforts aimed at dampening 

costs and at structural reform in the healthcare market. 

Healthcare companies in particular which help tap into 

efficiency reserves in healthcare systems and which ensure 

affordable, high-quality medical care for all, are likely to have 

good access to financing on the capital market and outperform 

on the stock market; this also applies to innovative 

companies which are concentrating successfully on the 

treat ment of unmet medical needs and the development of 

customized treatments in nichebuster indications such as 

cancer.

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Far reaching impact of the Euro’s financial crisis 

Uncertain outlook for the world’s largest renewable 

infrastructure investment end markets 

The 2010 Euro sovereign debt crisis has caused turbulence 

across the Cleantech sector, spawning a changing 

regulatory landscape, volatile public and private capital 

markets, as well as foreign exchange turbulence across 

an increasing global supply chain. The outlook for the 

world’s largest end markets for renewable infrastructure 

investment remains uncertain. 

Sovereign debt and capital markets 

The “credit crunch” and global economic downturn have 

led countries around the world to apply fiscal and monetary 

stimulus packages in order to soften the impact of 

reduced credit supply. Resultant Eurozone policy decisions 

across the economic region highlight regional complexity 

due to the tension of a common monetary policy 

without a unified fiscal strategy. Whereas in 2008 and 

2009 company and country-level policy decisions were in 

the spotlight, towards the end of 2009 the focus changed 

as it became increasingly clear that Greece’s sovereign 

debt levels were not sustainable, and markets shortly 

thereafter realized that other countries may also be head - 

ing for fiscal trouble. Major European countries entered 

the financial crisis in 2007 with an average budget deficit 

of 1.1% of national income. By mid-2010, this figure had 

risen nearly eight-fold with countries such as Spain show - 

ing more extreme deficits (shifting from a budget surplus 

of approximately 1% to a projected deficit of 10.4% over 

the same period). Ultimately, the EU’s rescue package 

has helped to restore investor confidence in Eurozone 

debt. However, concerns remain around countries such 


Martina Ecker is a Managing Director 

at Jefferies International Ltd. in the 

Frankfurt office with more than 15 

years of experience with Cleantech 

and industrial companies. Prior to 

joining Jefferies in 2007, she spent ten 

years with KPMG. 

as Spain, Ireland and Italy as shown by widened spreads 

over German sovereign debt. 

Investor confidence weakens 

Dr. Martina Ecker, Managing Director, 

Jefferies International Limited 

Against the backdrop of European government efforts to 

counteract rising public debt levels and nervous financial 

markets, generous government subsidies for the Cleantech 

sector have come under increased scrutiny. While 

some changes to feed-in tariffs (FiTs) had been planned 

for some time, the pressure on governments to cut spend - 

ing may have led to an additional revision of targets. 

Government regulation still plays a major role in shaping 

industry developments, particularly in the solar industry, 

thus these announced changes, coupled with the 

ongoing uncertainty regarding the evolution of potential 

tariff plans over the next 12-18 months, have made inves - 

tors cautious. Spanish government evaluation of retroactive 

cuts for PV tariffs on assets commissioned in 2007 

and 2008 caused havoc in the market and forced T-Solar 

and Engyco to put their IPOs on hold. The idea has fallen 

out of favor as retroactive cuts would likely have had a 

ripple effect that would have been felt across the wider 

renewable energy sector and may have caused a significant 

loss of investor confidence in FiTs more broadly. As 

of now, discussions around reducing the government 

subsidies retroactively have been doused, although go-

vernments throughout Europe are proceeding with plans 

to reduce FiTs for new installations. 

Reduced capital availability 

In the European public equity capital markets (including 

IPOs, follow-ons and convertible issues) monthly total 

deal volumes had increased by 40% from 2008 to 2009 to 

USD 30.4 billion issuance. However, this uptick in deal 

activity reversed in 2010, with year to date monthly average 

deal total of approximately USD 11.1 billion, down about 

60% year on year. These statistics are mirrored across 

the Cleantech sector. The number of completed IPOs in 

Europe peaked in Q4 2007 with around 12 deals (total 

deal value of approximately USD 8.6 billion). The total 

Investment Banking 

basiert auf Vertrauen. 

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deal value of European Cleantech IPOs in 2009 and 2010 

(year to date) was approximately USD 21.8 million and 

456.6 million, respectively. Similarly, venture capital as 

well as private equity investment volumes into Cleantech 

have been flat compared to last year. In 2010, European 

VC/PE investments totaled around USD 1.2 billion, year 

to date; this compares with investments of approximately 

USD 2.1 billion in the same period in 2008. European high 

yield bond activity was one of the few bright spots, surg - 

ing in April with EUR 5.6 billion of new issues, the second 

largest monthly total this year and the third largest 

monthly number in terms of volume since the beginning 

of 2008. On the debt financing side, the number of large 

project deals closed in the first half of the year has been 

disappointing, despite an increase in the general availability 

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Die Silvia Quandt & Cie. AG handelt als gebundener 

Agent im Sinne des § 2 Abs. 10 Kreditwesengesetz 

(KWG) namens und auf Rechnung der biw Bank für 

Investments und Wertpapiere AG, soweit sie Dienst- 

Advertisement 

leistungen erbringt, die der Anlage- und Abschlussvermittlung 

sowie dem Platzierungsgeschäft im Sinne 

des § 1 Abs. 1a Satz 2 Nr. 1, 1c und Nr. 2 KWG 

zuzurechnen sind.


Figure 1: European equity capital markets activity (September 2009 – September 2010) 

60.000 

50.000 

40.000 

30.000 

20.000 

10.000 

0 

$m 

2009 

September 

Source: Dealogic 

2009 

October 

2009 

November 

of debt 1 . Q2 2010 total Cleantech asset finance in Europe 

was around USD 6 billion, versus approximately USD 14 

billion in Q2 2009. Project finance has also been affected, 

with average spreads on debt finance for on shore wind 

and PV projects in Europe being at around 235 basis 

points (bps) 2 . This is still far below the 80bps level 

reached during 2007. Spreads are not consistent across 

Europe; worries about public spending cuts in general 

and reduced support for Cleantech projects in particular 

have tended to keep margins higher in Southern Euro - 

pean countries. 

Is the European crisis over? 

2009 

December 

2010 

January 

It seems that the European rescue measures, such as the 

European Financial Stability Facility (EFSF) package, have 

eased the immediate pressure from capital markets, but 


2010 

February 

Deal Value 1 Year Cumulative Moving Average 

2010 

March 

2010 

April 

2010 

May 

2010 

June 

2010 

July 

the environment will continue to be challenging for Cleantech 

companies. The meltdown of the financial system in 

September 2008 put an end to the illusion that Cleantech 

companies can operate unaffected from the broader 

financial and economic environment. Two years later, 

Cleantech companies continue to be heavily impacted – 

the wind sector due to a particularly challenging project 

financing environment, the solar sector because of 

ongoing discussions around FiT decreases – the lifeblood 

of the industry. Successfully navigating this environment 

means a relentless focus on cost and a stable financing 

base, which allows for the seizing of opportunities for 

growth as they present themselves in a consolidating 

sector. 

1) Source: Bloomberg New Energy Finance, July 2010. 

2) Source: Bloomberg New Energy Finance, July 2010. 

2010 

August 

2010 

September

�� 

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“Germany’s cleantech companies need a specific 

technological advantage to stay in the running” 

Interview with Carsten Klante about the challenges, 

investments and sustainability of Cleantech companies 

and markets 

Conference Magazine: Mr Klante, how do you define the 

generic term “cleantech” or clean technologies? 

Klante: They are predominantly companies with the aim of 

sustainably producing energy from renewable resources. 

Plus also those who help to save energy or raw materials 

and resources in general. These include sectors such as 

photovoltaics, wind, solar thermal energy. 

Conference Magazine: Cleantech and capital market, this 

hasn't been such a great combination this year when you 

think about local solar technology companies. Am I wide of 

the mark? 

Klante: In the short term that may be right. Overall though 

it is a success story. There is currently a strong headwind 

on the solar market, which is making it mainly difficult for 

European companies. China in comparison is constantly 

rapidly expanding. We are seeing a time of profound 

change. 

Conference Magazine: This year and also before in 2009, 

companies from these industries were no longer found on 

the German stock exchange, why the reservation also this 

year? 


Carsten Klante is Head of Equity 

Capital Markets, Germany and Austria 

at Macquarie Capital (Europe) Limited, 

Frankfurt. He has many years of 

experience with IPOs and SPOs. 

Carsten Klante, Head of Equity Capital 

Markets, Germany and Austria, Macquarie 

Capital (Europe) Limited, Frankfurt 

Klante: The state of the market is still not intact. That would 

be the prerequisite for further IPOs. Especially fast-growing 

companies are often rather small, in view of the market 

environment investors, however, prefer larger, liquid invest able 

companies. This fits with all of the most recent capital market 

activity, cleantech is no exception. 

Conference Magazine: Last year the share markets climbed 

significantly, the base rate is almost zero, volatility is falling, 

how much more ideal could the environment be? 

Klante: Investors' appetite for risk is still limited. Volatility 

had already decreased by the start of the year, but then 

returned again in April and May. At the end of the day it is 

this which attracts or deters investors. Therefore, there 

were several major initial public offerings in Germany in the 

spring with Kabel Deutschland and Brenntag, afterwards 

though only a few with small volumes. 

Conference Magazine: Against this backdrop do you 

consider wind energy to be more exciting? 

Klante: Growth in the wind energy sector is also currently 

quite clearly in Asia. The market is, however, very isolated.

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“In my view solar thermal energy production is the industry with the largest medium term potential.” 

Topics like offshore wind energy are certainly exciting, 

although the risks at the moment are still too unclear for 

investors to want to commit yet. Therefore, this sub-item 

has not reached the capital markets yet. Investments are 

restricted to major energy suppliers or here and there 

through private equity. 

Conference Magazine: Doesn't insurances also need to 

take a totally different stance in terms of investments? 

Klante: This is certainly an issue. On the one hand, German 

insurance companies practically have an all-time low in terms 

of investment in stocks but on the other hand insurance 

companies have opportunities of getting involved in different 

projects. This is also happening. 

Conference Magazine: Many investors are a little afraid of 

this industry because the cloud of subvention sticks to it, 

political regulatory basic conditions are constantly changing. 

How can this conflict be solved? 

Klante: Anglo-Saxon investors specifically are concerned 

about investing in industries which depend on subvention 

pots. The funding mechanisms must be clear. 

Conference Magazine: … how can that be achieved, are 

you suggesting a change in legal framework? 


Klante: It's not so much a 

ques tion of how funding is 

organized but that it must be 

reliable. This is why the 

current problems lie else - 

where. German and also 

European companies are find - 

ing it difficult at the moment 

due to competition from the 

Far East, they already need a 

specific technological ad - 

vantage to stay in the 

running. SMA Solar would be 

such an example. Therefore, 

some are offering visible 

ratings and even opportunities 

for investors in the cleantech 

sector. 

Conference Magazine: China has to do something in terms 

of environmental protection, in its own interest. Can we expect 

the right foreign issuers from this sector, even in Germany? 

Klante: Some wind energy producers are currently going 

public on the Hong Kong stock exchange. There is also 

some activity in the USA: I am confident that we will also 

have some more examples again in Europe. 

Conference Magazine: What is the best way to invest if 

you are thinking about imminent climate change? – direct 

investments, funds etc.? 

Klante: Institutions have the option of directly investing in 

infrastructure projects. Private investors should contemplate 

investing in leading technology companies using the stock 

market. If we look to the future in a visionary way, I believe 

that in perhaps ten years we will most probably support 

ourselves using solar thermal energy production. In my 

view this is the industry with the largest medium-term 

potential. In Germany we have several of these leading 

technology companies like Solar Millennium and Schott Solar. 

Conference Magazine: Mr Klante, many thanks for the 

interesting interview. 

The interview was conducted by Falko Bozicevic.

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“Long-term potential for the German real 

estate sector” 

Interview with Dr. Christian Schlüter about the German listed 

property market, attractive market segments and the importance 

of investor sentiment 

Conference Magazine: Dr. Schlüter, the German Real 

Estate Investment Trust, in short G-REIT, still seems to be a 

complete non-event, why is that? 

Schlüter: The number of G-REITs, market capitalization 

and the low level of investor interest in the G-REIT segment 

is definitely not what many market participants had expected. 

One reason for this is the volatile market conditions, driven 

by the negative sentiment resulting from the real estate crisis. 

Although this was not nearly as marked in Germany as in 

other countries, the conditions are still unfavourable. Inves - 

tor confidence first needs to be rebuilt for this to happen. 

Conference Magazine: How do you do that? 

Schlüter: With sensible business models, management 

teams, deals and capital structures. Sensible in this context 

would mean: sustainable value creation for all stakeholders. 

This is the only way to revive the sector. Non-value creative 

transactions will not be considered in the future. 

Conference Magazine: Are you hinting at several companies 

that went public in 2006 and 2007? 

Schlüter: Some companies were not actually in the best 

position to do this. Access to the German capital market will 

be challenging for many of these companies going forward. 

Conference Magazine: Does that mean the G-REIT regime 

is okay per se, but it is the real estate companies themselves 

causing the problem? 

Schlüter: The public debate alongside the legal process 

took far too long. At one point, nobody was able to understand 

what the discussion was all about. For instance, the 

debate on the exclusion of residential property was held in 

a rather irrational way. And once the bill had been passed, 

the market suddenly started turning. In summary, the whole 

timing was simply very unfortunate. 

Conference Magazine: Why are such large discounts to 

net asset value, in short NAV, still being observed with German 

real estate stocks, is there a general explanation for this? 

Schlüter: Discounts to NAV are not as high as they used to 

be even just a few months ago. Investors have started to 

take a different view on the listed property company universe. 


Dr. Christian Schlüter is a Director of 

Credit Suisse and heads the bank's 

Real Estate Investment Banking fran 

chise for Germany, Austria and Swit 

zerland. He joined Credit Suisse in 

2005. 

Dr. Christian Schlüter, Director, 

Credit Suisse 

Some players recorded significant devaluations in their 

2008 and 2009 accounts and have also been actively 

addressing their upcoming debt refinancings. Investors 

appreciate this approach and the NAV gap has narrowed 

down to a range of perhaps 10-15% discount for these 

companies. 

Conference Magazine: And how about the others? 

Schlüter: Those companies which are still perceived by 

investors to not have done enough of their homework to 

date, continue to show NAV discounts of 30% and more. 

Conversely, higher NAV discounts may indicate in part a 

higher share performance potential from an investor 

perspective, provided that the respective companies will 

clearly address their issues. 

Conference Magazine: Is the German market any different 

from the ones of our neighbouring countries? 

Schlüter: If you consider how few listed real estate companies 

there are in existence in Germany compared with the 

size of the economy, there is a real opportunity. Austria and 

Switzerland, for instance, have a higher developed listed 

real estate sector relative to their national economies. To us, 

this is clearly an indicator of the long-term potential of the 

German market.

Conference Magazine: Which segments do you 

favour? 

Schlüter: What matters is what investors favour. 

The office and special purpose real estate segments 

are likely to continue to suffer given their characteristics 

as long as there remains uncertainty 

about the current economic environment. In contrast, 

the two most resilient property segments have 

been residential and retail. In both segments, we are 

observing investor demand which could lead to 

increased transaction activity in the listed sector in 

the medium-term. 

Conference Magazine: Where are the Anglo- 

Amer i can investors now who were once so en - 

thusiastic about the German real estate market? 

Schlüter: Most of them are still around, but they 

have been focusing on asset management. The 

ones who came in late and whose fingers got burnt 

at the 2006/2007 peak are unlikely to be making 

many new investments in the short term. The ones, 

however, who already invested in 2003/2004 did 

good business. Lesson learned: either one gets the 

timing of playing the cycle right, or one needs a 

longer-term horizon and a business plan that is not 

just based on yield compression. 

Conference Magazine: The German real estate 

market did not have a speculative bubble like many 

others – is this an advantage for the future? 

Schlüter: The bubble has by far been less excessive 

in Germany. In this respect, you are right. Lower 

price volatility than in other places is testimony to 

Germany’s defensive and long-term focused real 

estate culture. This is something that market parti - 

cipants – domestic as well as international ones – 

may appreciate and be able to benefit from going 

forward. 

Conference Magazine: Dr. Schlüter, many thanks 

for your revealing insights! 




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Risking the Recovery? 

Basel III and the credit crunch 

Following our analysis of Basel III rules, we see a manageable 

impact on capital ratios of most German listed banks. 

While Aareal Bank should be able to pay back the state aid 

already by 2011 and Postbank will now be recapitalized 

through Deutsche Bank, we see Commerzbank having to 

raise at least EUR 4.8 billion of capital to pay back its state 

aid by 2018 at the latest. However, we believe that new 

regu latory requirements will not lead to a shortage of credit 

supply in Germany. This is based on three key observations 

in the German banking market. 

Fragmented market structure 

We believe the fragmentation of the German banking sector 

will help to digest potential lending supply cuts thanks to a 

stable savings and co-operative banks sector pooling a 

combined 40% market share in non-bank loans. While this 

market structure led to lower returns in the German banking 

market, we now believe it is a structural advantage against 

those markets where the banking system is mainly geared 

towards capital markets e.g. UK or Ireland. The German 

market is still characterized by a high proportion of retail 

deposits (thanks to a high savings rate and the risk-averse 

German consumer) while other EU banking markets were 

much more geared towards wholesale funding in the past. 

Of course, the Landesbanks remain over-invested in highrisk 

corporate loans and structured credit vehicles limiting 

their credit supply function. However, we believe that future 

Figure 1: Total lending capacity (risk-weighted assets, €bn) 

of German banking sector 1995-2010 

400,000 

300,000 

200,000 

100,000 

0 

100,000 

200,000 

300,000 

400,000 

1995 2000 2005 2010 

Sources: Deutsche Bundesbank, Silvia Quandt Research GmbH 


Michael Rohr joined Silvia Quandt 

Research GmbH in September 2010 

to become Head of Financials, main 

taining his local focus in a European 

context. Former stations were Main 

First Bank and AMB Generali Asset 

Managers. 

consolidation will see a shift in market shares towards savings 

banks and larger private banks taking up the missing supply 

from the Landesbanks. In essence, we do not see a major 

credit crunch in Germany, further supported by the emergence 

of alternative forms of funding. 

Lending capacity restored 

Michael Rohr, Head of Financials, 

Silvia Quandt Research GmbH 

German banks increased their capacity to lend based on our 

assumptions and Bundesbank data, mainly due to a reduction 

in risk-weighted assets outside their core lending 

Figure 2: German corporate deposits stabilize on high levels 

(Sight, Term and Saving deposits, 1999-2010, €m) 

1,200,000 

1,000,000 

800,000 

600,000 

400,000 

200,000 

0 

2000 2005 2010 

Source: Deutsche Bundesbank 

Large Corporates

Photo © Markus Gössing - Fotolia com 


activities for corporate and retail clients. We were 

also struck by the fact that corporate lending 

makes up only 14% of German banks’ total balance 

sheet. 

Alternative forms of funding emerge 

Global high-yield corporate debt is poised to set 

another record year in 2010. Albeit the high-yield 

market seems to be in a near-bubble state, we 

believe it to be continuously fuelled by highly liquid 

investors looking for yield pick-ups. Therefore, we 

believe this market to remain a strong source of 

funding for many corporates. In addition, we were 

positively surprised to see that two years into the 

crisis, corporates continued to build up deposits in 

German banks. Total corporate sight deposits has 

grown by EUR 54.7 billion or 5% since Lehman 

Brothers went bankrupt. We believe this shows 

how liquid German corporates still are, helping 

them to self- finance a certain part of any missing 

credit supply during the crisis. 


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Deutsche Börse 90 

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Phone +49-(0) 69 211 1 88 88 

E-mail issuerrelations@deutsche-boerse.com 

Website www.deutsche-boerse.com/listing 

Address Mergenthalerallee 61 

65760 Eschborn 

Germany 

KfW 

Contact Person Infocenter der KfW Bankengruppe 

Phone +49-(0) 18 01 24-11 24 

E-mail infocenter@kfw.de 

Website www.kfw.de 

Address Palmengartenstraße 5-9 

60325 Frankfurt 

Germany 


Organizers 

As one of the world’s leading exchange organizations, 

Deutsche Börse Group provides investors, financial institutions 

and companies access to global capital markets. Our 

business covers the entire process chain from securities 

and derivatives trading, clearing, settlement and custody, 

through to market data and the development and operation 

of electronic trading systems. With a high value on stock 

liquidity, Deutsche Börse Group serves the interests of 

listed companies as well as investors, offering its profes - 

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feature of the Deutsche Börse service & event portfolio is 

the German Equity Fall Forum, Europe’s largest networking 

platform in the field of equity financing. For further information, 

please visit www.deutsche-boerse.com. 

KfW Bankengruppe gives impetus to economic, social and 

ecological development worldwide. As a promotional bank 

owned by the Federal Republic and the federal states it supports 

the sustainable improvement of the social and ecolo - 

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areas which include small and medium-sized enterprises, 

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education, project and export finance and development 

cooperation. KfW Bankengruppe provides one-stop 

finance for SMEs and business start-ups. Its financing programs 

and advisory products make it a competent partner 

in all matters concerning company finance. Long-term promotional 

loans at favourable conditions play a central role as 

the classical building block of a financing scheme. KfW provides 

mezzanine financing that helps to overcome financing 

barriers and to strengthen the financing structures of SMEs 

and business start-ups. It promotes innovative projects with 

special programs to raise equity. KfW gives impetus to 

business and helps to arrange venture capital for enterprises 

that work today on the technologies of tomorrow. KfW 

regards the improvement of business advice provided to 

small and medium-sized enterprises and start-ups as a very 

essential task. Entrepreneurs can obtain personal advice on 

financing programmes from the Infocenter as well as from the 

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�� 

Co-Initiator 

The global Ernst & Young organization is a leader in assurance, 

tax, transaction and advisory services. It makes a 

difference by helping its people, its clients and its wider 

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people are united by shared values and an unwavering 

commitment to quality. The global Ernst & Young organi - 

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Limited (EYG). Each EYG member firm is a separate legal 

entity and has no liability for another such entity’s acts or 

omissions. Ernst & Young Global Limited, a UK private 

company limited by guarantee, does not provide services 

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Contact Person Lutz G. Frey 

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Website www.ey.com 

Address Mergenthalerallee 3-5 


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DZ Bank AG 

Contact Person Kersten Schmitz 

Phone +49-(0) 69-74 47-9 20 99 

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Website www.dzbank.de 

Address Platz der Republik 


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equinet Bank offers tailor-made solutions for all financing 

and capital market issues. As the entrepreneurs among 

bankers, we are a partner of credibility and integrity with a 

special grasp for mid-sized companies. With our corporate 

finance and M&A expertise, combined with an universal 

bank status, we develop and implement individual solu - 

tions. Financial investors and banks value our advanced 

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highest quality. equinet Bank is the exclusive partner for the 

European Securities Network (ESN) in Germany. 

Key Person Interviews 

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equinet Bank AG 

Contact Person Gerald Diezel 

Phone +49-(0) 69-5 89 97-2 00 

Fax +49-(0) 69-5 89 97-2 99 

E-mail gerald.diezel@equinet-ag.de 

Website www.equinet-ag.de 

Address Gräfstraße 97 


Germany 

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Contact Person Arno Fuchs 

Phone +49-(0) 89-2 06 04 09-1 00 

E-mail arno.fuchs@fcfcompany.com 

Website www.fcfcompany.com 

Address Burgstraße 8 


Germany 

Jefferies 

Contact Person Dr. Martina Ecker 

Phone +49-(0) 69-71 91 87-7 90 

E-mail mecker@jefferies.com 

Website www.jefferies.com 

Address Bockenheimer Landstraße 24 


Germany 

LBBW/ Baden-Württembergische Bank AG 

Contact Person Jobst Bartmer 

Phone +49-(0) 7 11-1 27-2 50 21 

E-mail jobst.bartmer@lbbw.de 

Website www.lbbw.de 

Address Am Hauptbahnhof 2 

70173 Stuttgart 

Germany 


Main Sponsors 

FCF is a Corporate Financing Boutique specializing in 

arranging, structuring and placing equity and debt capital 

for privately owned and publicly listed small-/midcap companies. 

FCF provides its clients with growth-financing, 

acquisition-financing and/or refinancing advice and 

services, supporting them in implementing an effective, 

capital markets-oriented capital structure while reducing 

their dependency on traditional bank financing. 

Jefferies, a global securities and investment banking firm, 

has served companies and their investors for nearly 50 

years. Headquartered in New York, with offices in more than 

25 cities around the world, as the largest independent 

investment bank, we strive to add value and create opportunity 

in all that we do. Our transparent and client-centric 

approach, combined with wide-ranging experience, deep 

industry and product expertise and extensive relationships 

help distinguish Jefferies from competitors. The firm offers 

a full spectrum of investment banking providing clients with 

capital markets and financial advisory services, institutional 

brokerage, securities research and asset management. 

Landesbank Baden-Württemberg (LBBW) is a universal 

bank with regional roots. In approx. 210 branches and 

offices in Germany as well as in more than 20 international 

offices, more than 13,000 employees cultivate customer 

relationships. Together with the legally dependent institu - 

tions Baden-Württembergische Bank, Rheinland-Pfalz Bank 

and Sachsen Bank LBBW is active in a variety of banking 

activities. LBBW assists companies in equity financing and 

provides support in IPOs, capital increases, convertible 

bonds, public takeover bids as well as secondary and 

private placements. Since 1996, it has taken part in more 

than 200 equity issues, of which more than 100 were initial 

stock market listings.

Main Sponsors 

Macquarie Group (Macquarie) is a global provider of 

banking, financial, advisory, investment and funds 

management services. Macquarie’s main business focus is 

making returns by providing a diversified range of services 

to clients. Macquarie acts globally on behalf of institutional, 

corporate and retail clients and counterparties. Founded in 

1969, Macquarie operates in more than 70 office locations 

in 28 countries. Macquarie employs approximately 14,600 

people and has assets under management of approxi - 

mately EUR 221 billion at 31 March 2010. 

VISCARDI is an independent full service investment bank 

and provides a broad product offering covering the entire 

range of investment banking services for small and mid cap 

companies. Our Corporate Finance practice includes 

Equity Capital Markets, Mergers & Acquisitions and Private 

Financing transactions for both listed and private companies. 

Moreover, VISCARDI offers Sales & Trading, Equity 

Research and Designated Sponsoring services to its institutional 

clients. VISCARDI primarily is active in six industry 

sectors: Technology, Renewable Energy & Infrastructure, 

Industrial Goods & Services, Healthcare & Life Sciences, 

Consumer Goods & Retailing and Real Estate. With a separate 

subsidiary we also focus on the Chinese market. 

Macquarie Capital (Europe) Limited 

Contact Person Carsten Klante 

Phone +49-(0) 69-50 957 8000 

E-mail macquarie.deutschland@macquarie.com 

Website www.macquarie.com 

Address Niederlassung Deutschland 

Untermainanlage 1 


VISCARDI AG 

Contact Person Markus Fischer 

Phone +49-(0) 89-2 55 58-1 33 

E-mail markus.fischer@viscardi.com 

Website www.viscardi.com 

Address Brienner Straße 1 


Germany

BDO AG Wirtschaftsprüfungsgesellschaft 

Contact Person Dr. Gebhard Zemke 

Phone +49-(0) 40-3 02 93-5 25 

E-mail gebhard.zemke@bdo.de 

Website www.bdo.de 

Address Ferdinandstraße 59 

20095 Hamburg 

Germany 

CMS Hasche Sigle 

Contact Person Dr. Andreas Zanner 

Phone +49-(0) 69-7 17 01-1 39 

E-mail andreas.zanner@cms-hs.com 

Website www.cms-hs.com 

Address Barckhausstraße 12-16 


Germany 

Commerzbank AG 

Contact Person Ute Gerbaulet 

Phone +49-(0) 69-1 36-2 29 74 

E-mail ute.gerbaulet@commerzbank.com 

Website www.commerzbank.de 

Address Mainzer Landstraße 153 


Germany 


Sponsors 

BDO is one of the leading companies for audit and auditrelated 

services, tax and business law consulting as well as 

advisory services. Over 1,900 employees work at 25 loca - 

tions in Germany. BDO attends to domestic and interna - 

tionally operating companies of all industries and sizes. In 

addition, our clients include municipal contractors, public 

authorities and private individuals. BDO is founding member 

of the international BDO network, existing of legally 

independent entities since 1963. BDO network operates in 

over 100 countries with approximately 46,000 employees 

and is the only one of the five globally operating accountancy 

groups with a European tradition. 

CMS Hasche Sigle is one of the leading commercial law 

firms in Germany. From small and mid-sized companies to 

major groups, more than 600 lawyers, tax consultants and 

notaries assist our clients with all aspects of national and 

international commercial law. As a member of CMS, the 

organisation of nine independent European law firms and 

tax consultancies, we offer access to a network with a special 

focus on supporting companies, banks and organisa - 

tions that operate in Europe or wish to extend their activities 

to Europe. Highly qualified lawyers and personal integrity 

are crucial aspects of this service. CMS Hasche Sigle combines 

outstanding expertise and commercial knowledge 

with a comprehensive full-service offering that covers all 

areas of the law. 

Commerzbank is the leading bank for private and corporate 

clients in Germany. With the segments Private Clients, 

Mittelstandsbank, Corporates & Markets, Central & Eastern 

Europe as well as Asset Based Finance, the bank offers its 

customers an attractive product portfolio and is a strong 

partner for the export-oriented SME sector in Germany and 

worldwide. With a future total of some 1,200 branches, 

Commerzbank has the densest network of branches 

among the German private banks. It has above 60 sites in 

more than 50 countries and serves approximately 14 million 

private clients as well as one million business and corporate 

clients. In 2009 it posted gross revenues of EUR 10.9 billion 

with some 63,000 employees.

Sponsors 

BVK is the association of private equity and venture capital 

firms operating in Germany. BVK has 223 full members 

(private equity and venture capital firms and institutional 

inves tors) and 106 associate members (e.g. law firms, 

auditors, etc.) as of October 2010. We aim to create the 

best possible conditions for private equity and venture 

capital in Germany and to promote public understanding 

for the role of private equity firms. Therefore, we cooperate 

closely with media, policymakers, universities and associations. 

We support our members in communicating their 

business and promoting cooperation between different 

members. BVK members work in four specialist groups: 

Venture Capital, Small and Medium Sized Enterprises, SME 

Private Equity and Venture Capital firms and Large Buy- 

Outs. 

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German Venture Capital and Private Equity Association (BVK) 

Contact Person Dörte Höppner 

Phone +49-(0) 30-30 69 82-0 

E-mail hoeppner@bvkap.de 

Website www.bvkap.de 

Address Reinhardtstraße 27c 

10117 Berlin 

Germany 

PDF-Newsletter 

Online-Fachportal 

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Haubrok AG 

Contact Person Dorothea Schneider 

Phone +49-(0) 89-2 10 27-5 20 

E-mail d.schneider@haubrok.de 

Website www.haubrok.de 

Address Landshuter Allee 10 


Germany 

Hauck & Aufhäuser Investment Banking 

Contact Person Carl-Friedrich von Schumann 

Phone +49-(0) 69-5 05 00-49 95 

E-mail carl.schumann@ha-ib.com 

Website www.ha-ib.com 

Address Neue Mainzer Straße 28 


Germany 

HSBC Trinkaus & Burkhardt AG 

Contact Person Mark Kahlenberg 

Phone +49-(0) 2 11-9 10-44 66 

E-mail mark.kahlenberg@hsbctrinkaus.de 

Website www.hsbctrinkaus.de 

Address Königsallee 21/23 

40212 Düsseldorf 

Germany 


Sponsors 

Since 1990, Haubrok Investor Relations partnered over 40 

companies through their stock exchange listing, and 

assum ed responsibility for communications with the financial 

community on their behalf. Haubrok Investor Relations 

still acts for many of these companies, and advises them on 

their communications with the capital markets. 

Hauck & Aufhäuser is one of the leading German independent 

banks engaged in Private Banking, Asset Management 

and Investment Banking. Our Investment Banking 

division provides financial advisory services to mid-market 

companies, Family Offices and financial sponsors in 

German-speaking countries. We offer comprehensive 

advisory services including Mergers & Acquisitions, Debt 

Advisory as well as Equity Capital Markets. In addition, our 

recognised equity brokerage team publishes highly res - 

pected Small and Mid Cap research and has excellent 

access to international institutional investors. The commitment 

to our clients means independent quality advice firmly 

based on thorough and comprehensive expertise in finan - 

cial and capital markets. 

HSBC Trinkaus with its long tradition as a German bank 

offers comprehensive capital market know-how of a global 

operating investment bank with a local highly-personalized 

service culture. Our customers benefit from the resources 

and the international network of one of the world’s largest 

and most capable banking groups, HSBC. 

For their long-term capital markets success our corporates 

can expect tailored and consistent solutions in all areas of 

equity support. We have been one of the leading desig - 

nated sponsors in Germany for many years now. The large 

number of our client base also reflects the outstanding 

quality of our services for mid-cap and small-cap enter - 

prises.

Sponsors 

KPMG is a global network of legally independent profes - 

sional firms with 140,000 employees in 146 countries. In 

Germany too, KPMG is one of the leading auditing and 

advisory firms and has about 8,500 employees at over 20 

locations. Our services are divided into the functions Audit, 

Tax and Advisory. Our Audit services are focused on the 

auditing of consolidated and annual financial statements. 

The Tax function incorporates the tax advisory services 

provided by KPMG. Our high level of specialist know-how 

on business, regulatory and transaction-related issues is 

brought together within our Advisory function. We have 

established teams of interdisciplinary industry specialists 

for key sectors of the economy. These pool the experience 

of our specialists around the world. 

KPMG AG Wirtschaftsprüfungsgesellschaft 

Contact Person Robert Gutsche 

Phone +49-(0) 30-20 68-42 82 

E-mail robertgutsche@kpmg.com 

Website www.kpmg.de 

Address Ganghoferstraße 29 


Germany 

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Morgan Stanley 

Contact Person Silke Hofmann 

Phone +49-(0) 69 2166 1827 

E-mail silke.hofmann@morganstanley.com 

Website www.morganstanley.com 

Address Junghofstraße 13-15 


Germany 

RölfsPartner 

Contact Person Markus Kurzhals 

Phone +49-(0) 2 11-69 01-2 76 

E-mail markus.kurzhals@roelfspartner.de 

Website www.roelfspartner.de 

Address Grafenberger Allee 156 


Germany 

Silvia Quandt & Cie. AG 

Contact Person Joachim Paech 

Phone +49-(0) 69-95 92 90 93-0 

E-mail info@silviaquandt.de 

Website www.silviaquandt.de 

Address Grüneburgweg 18 


Germany 


Investment Banking is based on trust. 

Sponsors 

Morgan Stanley, one of the world’s largest financial services 

firms, has been active with clients in Germany for more than 

20 years. We have steadily built our relationships and 

expanded our offerings in the region: our comprehensive 

range of services includes mergers and acquisitions, 

corporate finance, equity and debt capital markets, and 

sales and trading activities, as well as asset management 

and private wealth management. 

Our firm’s local presence is enhanced by our broad reach in 

the global capital markets, innovative thinking and un - 

wavering focus on meeting our clients’ needs. Together 

these have made Morgan Stanley an especially strong 

name in the German marketplace. By providing first class 

advisory and corporate finance services we have earned 

leading roles in historic equity, debt and M&A transactions. 

RölfsPartner, with a business volume of EUR 100 million 

and over 700 employees at 11 German locations, is one of 

the leading independent accountancy and consulting firms 

in Germany. Team orientation and a holistic basic approach 

towards consulting are the characteristics of the profes - 

sional work of RölfsPartner: accountants, lawyers, tax 

advisors, management consultants and restructuring 

specialists work together closely and in an interdisciplinary 

way. RölfsPartner is, by being a member of Baker Tilly International, 

represented in all major industrial countries. Baker 

Tilly International, with 26,000 employees in 114 countries, 

is the eighth biggest international network of independent 

accountancy and consulting firms. 

The owner-managed Silvia Quandt & Cie. AG offers comprehensive 

Investment Banking services for the Mittelstand. 

The provided services include Institutional Broke - 

rage, Investment Research, Corporate Finance and Debt 

Advisory. Silvia Quandt & Cie. AG’s success is founded on 

its excellent equity market expertise with a solid track 

record, a broad network providing access to private and 

public equity, and strong placement power. Our entrepreneurially 

thinking employees see themselves as advisory 

partners who will follow from the first strategy discussion to 

the conclusion of the transaction and beyond.

Sponsors 

Taylor Wessing is a European full service law firm with over 

750 lawyers in Germany, France and the UK as well as 

further offices in Belgium, China and the U.A.E. Our capital 

markets practice is one of the largest in Europe, with 

genuine cross-border capability, offering a flexible onestop-shop 

service through our network of partners and 

offices on pan-European matters. We act for clients from 

the technology and know-how fields, leading investment 

banks, financial services companies, bidders and target 

companies at a national and international level through all 

phases of public takeovers. Our particular expertise in 

capital markets law and regulation allows us to effectively 

deal with the increasing notification and reporting obliga - 

tions of quoted companies in various jurisdictions. 

UniCredit is a major international financial institution with 

strong roots in 22 European countries as well as representative 

offices in 27 other markets, with over 10,000 branches. 

UniCredit Corporate & Investment Banking gives 

companies, from small and medium Corporates to multi - 

nationals and institutional clients, access to the largest network 

of banks in Central and Eastern Europe, as well as to 

branches in major financial centers worldwide. The 

successful collaboration between our relationship managers 

and specialists in our product lines (Financing & Advisory, 

Markets, Leasing, Global Transaction Banking) 

enables UniCredit to respond promptly to our clients’ entrepreneurial 

requirements. Thus, UniCredit supports the 

growth and internationalization of the Group’s clients. 

WestLB AG is a European commercial bank with firm roots 

in North Rhine-Westphalia, Germany’s largest federal state. 

WestLB’s key strengths include the close and strategic 

alliance with the savings banks and a distinctive expertise 

in the development of innovative capital market products 

and customized structured financings for German and 

international clients. WestLB employs 4,780 staff (full time 

equivalents as of June 30, 2010). With an integrated equity 

approach, WestLB offers the whole range of investment 

banking products including private placements, IPOs, capital 

increases and mezzanine products. With more than 100 

equity capital markets transactions and 50 mezzanine 

transactions during the past years, WestLB is one of the key 

players for equity solutions. 

Taylor Wessing 

Contact Person Stephan Heinemann 

Phone +49-(0) 69-9 71 30-0 

E-mail s.heinemann@taylorwessing.com 

Website www.taylorwessing.com 

Address Senckenberganlage 20-22 


Germany 

UniCredit Bank AG 

Contact Person Peter Schaede 

E-mail peter.schaede@unicreditgroup.de 

Website www.unicreditgroup.eu 

Address Arabellastraße 12 


Germany 

WestLB AG 

Contact Person Christian Fuest 

Phone +49-(0) 2 11-8 26-86 12 

E-mail christian.fuest@westlb.de 

Website www.westlb.de 

Address Herzogstraße 15 


Germany 


wcon Baden Württemberg: connected 

Website www.bwcon.de 

Address Breitscheidstraße 4 


Germany 

Creathor Venture Management GmbH 

Website www.creathor.de 

Address Marienbader Platz 1 

61348 Bad Homburg 

Germany 

DVFA GmbH 

Contact Person Karin Wenzel 

Phone +49-(0) 69-26 48 48-0 

E-mail info@dvfa.de 

Website www.dvfa.de 

Address Mainzer Landstraße 47a 


Germany 


Partners 

Baden-Württemberg: Connected e.V., or bwcon for short, is 

the top business initiative promoting Baden-Württemberg 

as a high-tech location. As one of the most successful 

European technology networks, bwcon connects more 

than 460 companies and research institutes. Currently 

more than 4,600 experts are benefiting from systematic 

networking via the bwcon hub. With its fields of activity 

bwcon: ICT network, bwcon: creative and bwcon: Health 

Care, bwcon is creating a base for the cross-sectoral usage 

of technologies and an interdisciplinary cooperation which 

is unique in Baden-Württemberg. The network promotes 

young and growing companies via the bwcon: CyberOne 

High-tech Award and the extensive counselling and 

coaching program Coach&Connect plus+ in the Network 

for Business Excellence. 

CREATHOR VENTURE is an independent fund company 

with offices in Bad Homburg (Germany) and Zurich (Switzerland). 

CREATHOR VENTURE has 25 years of venture capital 

experience, acting as lead investor for more than 200 

companies and participating in over 20 IPOs. CREATHOR 

VENTURE provides not only capital but also industry 

knowledge, expertise at building companies, and the 

network to develop a sustainable business model with a 

globally competitive advantage. The investment focus is on 

fast growing high-tech companies in global technology 

markets such as telecommunications and information technology, 

internet/media, life science, nanotechnology, new 

materials, electronics and cleantech. 

Examples current portfolio: Doodle (CH), Diva.AG (CH), 

Stylefruits, aka-aki, netbiscuits, Mobiles Republic (F), 

Sofialys (F), Phenex Pharmaceuticals, caprotec bioanalytics, 

CEVEC Pharmaceuticals, Accovion. 

DVFA is the Society of Investment Professionals in Ger - 

many, founded in 1960. Currently, DVFA has more than 

1,200 individual members representing over 400 investment 

firms, banks, asset managers, consultants and counseling 

businesses. DVFA is a leading qualifier for the capital 

market in Germany with more 3,500 graduates altogether. 

DVFA is also a leading platform for financial communication 

(organizer of analyst conferences and forums). DVFA offers 

investment professionals access to a worldwide network 

via EFFAS – European Federation of Financial Analysts 

Societies, with more than 17,000 investment professionals 

in Europe, and ACIIA – Association of Certified International 

Investment Analysts, with more than 60,000 investment 

professionals worldwide.

Partners 

Gahrens + Battermann has been a successful provider of 

event technology for more than 27 years. Our rental pool consists 

of design-oriented video, audio, lighting and IT equipment 

for any project volume. Locations nationwide guarantee 

short methods and fast services. Our range of services 

includes consulting, planning, realisation and stand-by 

service on location. Technical experts are available for every 

area of technology. Our top expertise and maximum commitment 

are at your disposal. Gahrens + Battermann guarantees 

customised solutions and professionalism down to the last 

detail. 

Holland Private Equity is a private equity firm focused on 

late-stage growth investments in small and mid-cap technology 

companies within the Netherlands, Germany and 

Belgium. Per transaction we deploy typically between EUR 

10 to 20 million in exchange for a minority stake. Companies 

we invest in are typically already profitable and have 

the ambition to accelerate growth through additional sales 

and marketing, internationalization, back-office profes - 

sionalization, product differentiation and M&A (buy-andbuild). 

As an equity partner with a hands-on approach, we 

have built an advisory network of financial and operational 

veterans which we put at the disposal of our portfolio 

companies through long lasting partnerships. 

GoingPublicMedia AG– die Zeitschriftenprofis. 

Gahrens + Battermann GmbH 

Contact Person Markus Busch 

Phone +49-(0) 89 614557 55 

E-mail m.busch@gb-rental.com 

Website www.gb-rental.com 

Address Lustheide 77 

51427 Bergisch Gladbach 

Germany 

HPE Holland Private Equity 

Contact Person Tim van Delden 

Phone +31-(0) 20 7143400 

E-mail tvandelden@hollandpe.com 

Website www.hollandprivateequity.com 

Address Gustav Mahlerplein 109/111 

1082 MS Amsterdam 

Netherlands 

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PvF Investor Relations 

Contact Person Dr. Alexander Serfas 

Phone +49-(0) 61 96-7 77 99-22 

Fax +49-(0) 61 96-7 77 99-66 

E-mail alexander.serfas@pvf.de 

Website www.pvf.de 

Address Hauptstraße 129 


Germany 

STEP AWARD 

Spirit to expand 

STEP Award 

Contact Person Michael Klapproth 

Phone +49-(0) 69-75 91-30 28 

E-mail m.klapproth@faz-institut.de 

Website www.step-award.de 

Address Mainzer Landstraße 199 


Germany 

Ventizz Capital Partners Advisory AG 

Contact Person Dr. Helmut Vorndran 

Phone +49-(0) 211-862-86910 

E-mail info@ventizz.com 

Website www.ventizz.com 

Address Graf-Adolf-Straße 18 


Germany 


Partners 

PvF Investor Relations provides advice and support in 

financial communications with corporate clients in all fields 

of business. PvF offers the full range of IR and PR services, 

in terms of content and strategy, in the identification of specific 

target groups and the implementation of individual 

communication methods and measures, as well as the preparation 

of annual, interim financial and sustainability/CSR 

reports. Based in Eschborn next to Deutsche Börse as well 

as in Berlin, in the Rhein-Neckar region, and in Jinan 

(Shandong Province), China, expertise, experience, independence, 

and a high quality standard define PvF’s way of 

working. Both partners act as lecturers at the Frankfurt 

School of Finance for the professional training of future 

Certified Investor Relations Officers C.I.R.O. 

The STEP Award is a competition designed to recognize 

growth companies in Germany, Austria and Switzerland. 

The STEP Award is being presented for the second time. 

The initiators, Infraserv Höchst and F.A.Z.-Institut Innova - 

tion Projects, are pursuing the same goal together with 

numerous sponsors and partners of the competition: to 

give companies in their growth phase an important boost in 

their successful development. The STEP Award focuses on 

the pharmaceutical, chemical, life-science, biotechnology, 

nanotechnology, medical engineering and greentech 

industries – businesses that are considered the sectors of 

the future. 

Ventizz Capital Partners exclusively advises the Ventizz 

private equity funds that offer equity capital for the growth 

of high-tech companies in German-speaking Europe. 

Ventizz advises four funds with capital under management 

totaling EUR 675 million. Ventizz Capital Fund IV L.P. has a 

capital volume of EUR 450 million and is one of the largest 

private equity funds for growth capital and medium-sized 

tech buy-outs in German-speaking Europe. To date, the 

Ventizz funds have invested in 35 companies focusing on 

renewable energy, medical technology, information and 

communication technology and on other industries offering 

high value-add. In addition to a large number of trade sales, 

Ventizz has successfully taken three of its portfolio com - 

panies public (ersol, SAF, PV Crystalox Solar).


FinanzNachrichten.de is the leading financial news portal 

in German language and one of the biggest financial 

websites on the German market. Whilst financial portals 

usually only offer news gathered from their own in-house 

journalists, FinanzNachrichten.de offers a wide spectrum 

of news from different media in different countries. 

FinanzNachrichten.de offers around 11,000 financial news 

per day, in German or English, from more than 300 different 

media sources. The website has 14 million page impres - 

sions and 3.4 million visits per month (IVW) by 600,000 

users (AGOF). According to surveys, 87% of the users are 

men, around 41% of the users hold an academic title and 

half of the users are buying/selling shares at least once a 

week. FinanzNachrichten.de – www.finanznachrichten.de 

business new europe (bne) is the only magazine covering 

business, economics, finance and politics in the dynamic 

new markets of central, eastern and southeast Europe. 

bne’s veteran team of journalists has more than 50 years 

of collective experience of reporting on this dynamically 

growing region and can explain the “why” of “what” is going 

on. Meet the captains of industry that are building the new 

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Börsen Radio Network AG produces radio reports and podcasts 

around the stock market, with executives, analysts 

and market observers. We deliver this content bank portals, 

e.g. comdirect.de, sbroker, rzb.at etc. 

ABC New Media AG 

Contact Person Markus Meister 

Phone +41-(0) 4 46 83-11-01 

E-mail markus.meister@finanznachrichten.de 

Website www.finanznachrichten.de 

Address Zollikerstraße 27 

8008 Zürich 

Switzerland 

bne media Ltd. 

Contact Person Viktoria Chupina 

E-mail chupina@businessneweurope.eu 

Website www.businessneweurope.eu 

Address Shluterstraße 19 

10707 Berlin 

Germany 

Börsen-Radio-Network AG 

Contact Person Peter Heinrich 

Phone +49-(0) 9 21-7 41 34 00 

E-mail redaktion@brn-ag.de 

Website www.brn-ag.de 

Address Denzenlohestraße 47 

95500 Heinersreuth 

Germany 


Börsen-Zeitung 

Contact Person Thorsten Dieterle 

Phone +49-(0) 69-27 32-5 63 

E-mail leserservice@boersen-zeitung.de 

Website www.boersen-zeitung.de 

Address Düsseldorfer Straße 16 


Germany 

DAF Deutsches Anleger Fernsehen AG 

Contact Person Thomas Eidloth 

Phone +49-(0) 92 21-90 51-6 71 

E-mail t.eidloth@daf.fm 

Website www.daf.fm 

Address Kressenstein 15 

95326 Kulmbach 

Germany 

dpa-AFX Wirtschaftsnachrichten GmbH 

Contact Person Marion Köhler 

Phone +49-(0) 69-9 20 22-4 57 

E-mail koehler@dpa-AFX.de 

Website www.dpa-AFX.de 

Address Gutleutstraße 110 


Germany 


Börsen-Zeitung: Profit from your reading 

Daily Newspaper for the financial markets 


The Börsen-Zeitung compiles facts and researches background 

information to give you a daily information edge. 

The Börsen-Zeitung covers banking and finance, capital 

markets, companies and sectors as well as economy and 

policy. 

Deutsches Anleger Fernsehen is a German television 

station covering the stock markets. The program can be 

viewed via satellite and cable and online. The DAF accomplished 

to establish one of the largest free video on demand 

archives in the financial sector in Germany. The mission is 

to inform especially private investors about the stock markets 

as well as new trends with focus on the investor’s value 

of benefit. Therefore, the DAF provides the viewers with 

access to up to date news and professional opinions. In order 

to offer the viewers the best information possible, the 

DAF continuously searches for new interview guests every 

day. Every hour the DAF-correspondents also report live 

from the Stock Exchange in Frankfurt and the NYSE. DAF 

– up to date – close to the markets – comprehensible. 

dpa-AFX Wirtschaftsnachrichten GmbH is one of Germany’s 

leading realtime financial news agencies. dpa-AFX 

reports independently, reliably and fast about the international 

finance events and economic events – in text, audio and 

video. Via intranets, websites or terminals, the dpa-AFX 

news reach daily more than 12 million private and professional 

investors. dpa-AFX is part of a worldwide network of 

1,500 journalists and so is represented in the most important 

financial locations of the world. Among the customers 

are banks, brokers, analysts, financial specialists as well as 

websites, corporates and the financial press. Business 

partners are dpa – Deutsche Presse-Agentur, Hamburg, 

APA – Austria Presse Agentur, Wien, and awp Finanznachrichten, 

Zürich.


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CHOOSE THE ORIGINAL! 

BOND MAGAZINE 

DER NEWSL ETTER FÜ R ANL E IHEEMITTENTEN UND I NVESTOR EN 

Fachverlag der Verlagsgruppe Handelsblatt GmbH 

Contact Person Andreas Walter 

Phone +49-(0) 2 11-8 87-14 57 

E-mail a.walter@fachverlag.de 

Website www.corporate-finance-fachportal.de 

Address Grafenberger Allee 293 


Germany 

INSTITUTIONAL INVESTMENT PUBLISHING GMBH 

www.fixed-income.org, +49 (0) 81 71 /41804-91 

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FINANCIAL GATES GmbH 

Contact Person Dione Bork 

Phone +49-(0) 60 31-73 86-17 03 

E-mail d.bork@financial-gates.de 

Website www.finance-magazin.de 

Address Bismarckstraße 24 

61169 Friedberg 

Germany 

Frankfurter Allgemeine Zeitung 

Contact Person Annette Rückert 

Phone +49-(0) 69-75 91-14 01 

E-mail a.rueckert@faz.de 

Website www.faz.net 

Address Hellerhofstraße 2-4 


Germany 

GoingPublic Media AG 

Contact Person Daniela Gebauer 

Phone +49-(0) 89-2 00 03 39-13 

E-mail gebauer@goingpublic.de 

Website www.goingpublic.de 

Address Hofmannstraße 7a 


Germany 



Since its founding in 2001, the FINANCIAL GATES has 

grown into a leading publishing house of finance-related 

cross-media platforms. We are majority-owned by the 

F.A.Z. Group, the publishing house of Germany’s leading 

daily F.A.Z. We have successfully staked out a relevant 

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publications speak to three distinct core target groups: 

->CFOs of private-sector companies (the German maga - 

zine “FINANCE” and the English “FINANCE Emerging 

Europe”, “FINANCE Europe” magazines) ->treasurers of 

municipalities and public-sector companies (newspaper 

Der Neue Kämmerer) ->shareholders, founders and CEOs 

of large family owned businesses (“wir” magazine, as well 

as “Markt und Mittelstand”). 

The FAZ is one of the leading national newspapers in 

Germany. It is published 6 days a week and counts as one 

of the clearest and consistent journalistic voices in Germany. 

The paper is held in very high regard due to the comprehensive 

and exclusive background reporting. The FAZ has 

won a number of prizes for the business coverage. On a 

daily basis over 277,000 managers and senior executives 

reach for the FAZ (LAE 2009). The Sunday edition is a 

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1.90 million readers (AWA 2010). It has one of the world’s 

largest correspondent networks and Europe’s most comprehensive 

archives. www.faz.net 

GoingPublic Media AG is one of the leading publishers of magazines 

on capital markets, corporate finance and tech nology 

trends. In addition to the monthly issued “GoingPublic Magazin”, 

the “VentureCapital Magazin” is likewise published monthly 

and it stands as a hub for the German speaking private equity 

and venture capital industry. Since 2003, the monthly issued 

magazin “Smart Investor” addresses retail investors. The 

quarterly published “HV Magazin” focuses on share holder 

meetings. The bi-monthly publication “Unternehmer edi tion” 

addresses small and medium- sized entrepreneurs. With more 

than 15,000 recipients, “DIE STIFTUNG” is the magazine with 

the highest coverage in the foundation system market within the 

German-speaking area. GoingPublic Media’s share is listed in 

the Open Market of Frankfurt Stock Exchange.


FinanceAsia was established in September 1996 and 

during the past decade has become one of the world’s 

foremost information sources on the Asian financial 

markets. Published monthly from our Asia Pacific office in 

Hong Kong, FinanceAsia magazine provides our readers 

with the latest financial trends, interviews, features and 

investigative reports. The publication has a monthly circu - 

lation of more than 23,000 copies, including key decision 

makers at corporations, governments, investment and 

commercial banks, institutional investors and financial 

intermediaries. FinanceAsia also publishes the region’s 

foremost daily updated financial website: 

www.financeasia.com. 

Reach your investors - 

in motion! 

Haymarket Media Ltd 

Contact Person Richard Santoro 

Phone +852-(0) 3175 1980 

E-mail richard.santoro@haymarket.asia 

Website www.financeasia.com 

Address 23/F, The centrium, 60 Wyndham Street 

Central, Hong Kong 

China 

with Germany´s Financial TV Station 

DAF on Satellite: 

DAF in Cable Networks: 

DAF on the Web: www.daf.fm, www.onvista.de, www.deraktionaer.de 

and much more... 

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Free Financial 

Video Portal - 

Over 22.000 clips 

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Institutional Investment Publishing GmbH 

Contact Person Christian Schiffmacher 

Phone +49-(0) 81 71-4 18 04-91 

E-mail schiffmacher@fixed-income.org 

Website www.fixed-income.org 

Address Bahnhofstraße 28 

82515 Wolfratshausen 

Germany 

International Herald Tribune 

Contact Person Jörg Müller 

Phone +49-(0) 69-71 67 79-0 

Website global.nytimes.com/ 

Address Friedrichstraße 52 


Germany 

Mergermarket 

Contact Person David Kubatzky 

Phone +49-(0) 30 889 222 61 

E-mail david.kubatzky@mergermarket.com 

Website www.mergermarket.com 

Address 80 Strand 

London WC2R 0RL 

Great Britain 


Founded in October 2006, Institutional Investment 

Publishing GmbH is an independent publisher of maga - 

zines on institutional asset management and corporate 

finance topics. Its most well-known publication is “Institutional 

Investment Real Estate Magazin”, which is positioned 

at the point of intersection between the real estate industry, 

asset management and the corporate finance industry. 

October 2009 saw the publication of “BONDBOOK”, the 

first independent bond magazine in German-speaking 

Europe. A complement to BONDBOOK, “bond magazine”, 

is published bimonthly and addresses current topics 

(bond issues and investments). www.fixed-income.org, 

www.realestate-magazin.de 

The International Herald Tribune, the global edition of The 

New York Times, creates, collects and distributes world 

news, information, entertainment and opinion of the highest 

journalistic integrity. Its balanced perspective addresses all 

areas of human interest and is trusted and enjoyed by 

people in all corners of the globe. global.nytimes.com, the 

home on the Web for the IHT’s unique brand of international 

journalism means that the IHT is able to provide you with a 

round-the-clock source for world news, business, sports, 

style and opinion from a truly global perspective, plus give 

you access to all the innovative, interactive tools that make 

nytimes.com a multi-award winning site. 

mergermarket is an independent Mergers and Acquisitions 

(M&A) intelligence service with an unrivalled network of 

dedicated M&A journalists based in 62 locations across the 

Americas, Europe, Asia-Pacific, the Middle-East and Africa. 

Unlike any other service of its kind, mergermarket specia - 

lizes in providing forward-looking origination and deal flow 

opportunities integrated with a comprehensive deals database 

– resulting in real revenues for clients. 

Visit www.mergermarket.com 

Media Partners


n-tv is Germany’s first news channel standing for reliable, 

fast, comprehensive and independent news: 24 hours a 

day, 365 days a year. For 18 years, n-tv has been informing 

round-the-clock and, due to the mobile services, also any 

time and everywhere. Day-to-day, n-tv offers cutting-edge 

stock market news, enterprise news and service-formats – 

investigated solidly, processed understandably and presented 

competently. Up-to-date political talks, high-quality 

magazines and documentations from a wide range of 

topics complete the n-tv-program. 

n-tv Nachrichtenfernsehen GmbH 

Contact Person Bettina Klauser 

Phone +49-(0) 2 21-45 63-13 00 

E-mail bettina.klauser@n-tv.de 

Website www.n-tv.de 

Address Picassoplatz 1 

50679 Köln 

Germany 

Advertisement 

Hilft navigieren. 

Auch bei Sichtweiten 

unter 10 Metern. 

Einzeln: 

im gut sortierten Zeitschriftenhandel 

Immer wieder: 

www.finance-magazin.de/abonnement

PhoenixCNE 

Contact Person Pingping Luo 

Phone +49-(0) 69-35 35 78-26 

E-mail pingping.luo@phoenixcne.eu 

Website www.pcne.tv 

Address Neue Mainzer Straße 75 


Germany 

Property Investor Europe – PFE GmbH 

Contact Person Gaby Wagner 

Phone +49-(0) 69-2 44 33 31 12 

E-mail gaby.wagner@pie-mag.com 

Website www.pie-mag.com 

Address Friedrich-Ebert-Anlage 36 


Germany 

RiD Real Estate Information GmbH 

Contact Person Matthias Freutel-Thoms 

Phone +49-(0) 69-27 13 89-18 

E-mail redaktion@reits-in-deutschland.de 

Website www.reits-in-deutschland.de 

Address Münchener Straße 36 


Germany 



As a bridge connecting Europe and China, Phoenix 

Chinese News & Entertainment Channel (PCNE) brings to 

its audience the major political and business news and 

entertain ment programs through a wide distribution 

network.PCNE broadcasts its program 24/7 across Europe 

via transponder Eurobird D9S. Phoenix CNE is dedicated to 

promote economic partnerships and cultural exchanges 

between China and Europe, creates waves for Chinese 

enterprises and provinces in their efforts to open up new 

trade and investment opportunities. Apart from serv ing the 

needs of the European Chinese communities, PCNE also 

offers a window of opportunity for investors to target the 

most affluent and educated European Chinese as well as 

for European companies to generate publicity as they 

charge into the China market. 

The mission of Property Investor Europe is to bring transparency 

to Mainland Europe real estate for US & global investment 

professionals. Via a magazine, Online Weekly, HTML 

Letter, daily intelligence and events, its hard news-analysiscommentary 

fosters investment capital flows in and around 

the continent. A subscription-based service founded in 

2005, PIE is uniquely published in English from Frankfurt, 

Germany, with editors around Europe. Weekly, PIE reaches 

over 50,000 institutional professionals via the PIE Letter, 

and once per month goes to 4,000-5,000 targeted subscribers 

and others in print. PIE is written for investing institutions, 

capital allocators and managers, banks, global REITs 

and other funds, corporate treasurers, academics and 

private investors. 

REITs in Deutschland (www.reits-in-deutschland.de) is the 

information portal on Real Estate Investment Trusts and 

other investment vehicles linking real estate and capital 

markets. 

We create transparency, provide independent in-depth 

reports, and promote an effective dialogue between 

investors and issuers. REITs in Deutschland is an initiative 

of ergo Kommunikation (www.ergo-komm.de), one of the 

leading communications consultancies and PR agencies in 

Germany. ergo is focused on Business, Finance and 

Politics. With ergo are more than 70 employees, the 

agency’s offices are located in Cologne, Frankfurt/Main, 

Munich and Berlin.


Swiss Equity magazine provides monthly coverage of 

public companies traded on the SIX Swiss Exchange, the 

BX Berne eXchange, over-the-counter or private equitybakked 

companies. It features the latest market 

developments, company profiles, and interesting investment 

advices. Readers are provided with a decisive 

information advantage based on the magazine’s in-depth 

financial news, analysis, backgrounder stories, as well as 

an informative statistics section. And this already since 18 

years. Since January 2008, Swiss Equity Media Ltd. is 75% 

owned by Neue Zürcher Zeitung AG. 

VDI nachrichten is the leading opinion-forming weekly 

magazine for engineers and technical management. It provides 

up-to-date, comprehensive and competent infor - 

mation on trends in technology, the economy and society. 

The newspaper book Technik & Finanzen describes and 

illustrates with examples how finances can be used to 

expand and increase efficiency in business. Panels of 

experts and surveys keep you informed of the capital 

market, start-up initiatives as well as financial and investment 

strategies. And analysts and market observers offer 

an assessment of trends. According to the 2010 Allens - 

bacher Communication Media Analysis, the VDI nachrichten 

reaches around 298.000 readers every Friday. It is 

published by VDI Verlag GmbH. 

Swiss Equity Medien AG 

Contact Person Björn Zern 

Phone +41-(0) 43-3 00-53 81 

E-mail zern@se-medien.ch 

Website www.se-medien.ch 

Address Freigutstraße 26 

8002 Zürich 

Switzerland 

VDI Verlag GmbH 

Contact Person Ulrike Gläsle 

Phone +49-(0) 2 11-61 88-0 

E-mail service@vdi-nachrichten.com 

Website www.vdi-nachrichten.com 

Address VDI-Platz 1 


Germany

Klassik Radio AG 

Phone +49-(0) 0821-5070-0 

E-mail info@klassikradio.de 

Website www.klassikradio.de 

Address Imhofstraße 12 

86159 Augsburg 

Germany 

Nespresso Deutschland GmbH 

Contact Person Vincenzo Di Fina 

Phone +49-(0) 800-026 34 66 

Website www.nespresso-pro.com 

Address Zollhof 8 


Germany 

Radisson Blu Hotel 

Contact Person Stephanie Schomburg 

Phone +49-(0) 69 77 01 55-3646 

E-mail stephanie.schomburg@radissonblu.com 

Website www.radissonblu.com/hotel-frankfurt 

Address Franklinstraße 65 


Germany 


NESPRESSO Business Solutions 

Perfect coffee for your business 

Supporters 

The Klassik Radio AG operates in the broadcasting of a 

nationwide radio programme, sale of radio-advertising, 

distribution of merchandising products and entertainment 

news as well as book publishing. More than 1.6 million 

people listen to Klassik Radio every day. 

With more than 1.6 million listeners per day it is one of the 

leading German communication mediums for decisionmakers. 

Its special mix of film-music, new classics, classic 

hits, and lounge-music makes the programme unique, 

modern and innovative. 

Klassik Radio can be received in more than 270 German 

cities, in Austria, Innsbruck, via VHF, and worldwide via 

satellite and internet. 

Klassik Radio AG is the only publicly listed radio station in 

Germany. 

Offering a coffee is a daily gesture. However, when this 

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Nespresso reinvent the coffee break with a selection of high 

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With 8 Grand Crus, the Nespresso range offers a huge 

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Designed to be different! A hotel made of glass. 428 Rooms 

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space, the Radisson Blu Hotel is the perfect place for 

conferences, meetings and celebrations. All 9 meeting 

rooms are fully air-conditioned, equipped with the latest 

technology and contain a Nespresso coffee machine. 

Floor-to-ceiling panoramic windows provide maximum 

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�� 

�� 

Top 25 capital seeking companies 

Company Page 

Accovion GmbH 116 

AMEOS Gruppe 118 

Artificial Life Inc. 120 

Asklepios Kliniken GmbH 121 

Bard Holding GmbH 122 

Biogest Energie- und 

Wassertechnik GmbH 124 

caprotec bioanalytics GmbH 126 

Cevec Pharmaceuticals GmbH 128 

CureVac GmbH 129 

Diva Video Access AG 130 

FLABEG Holding GmbH 132 

Glycotope GmbH 133 

IONYS AG 134 

itk group GmbH 136 

Mister Spex GmbH 137 

Novaled AG 138 

Novalung GmbH 140 

pvXchange N.V. 141 

REMOS Aircraft GmbH 142 

RIEMSER Arzneimittel AG 144 

SkySails GmbH & Co. KG 145 

stylefruits GmbH 146 

SULFURCELL Solartechnik GmbH 148 

Torqeedo GmbH 150 

voxeljet technology GmbH 151 

WiredMinds AG 152 

Zentrum Mikroelektronik 

Dresden AG 153

Capital Seeking Companies 

Profile 

Year of establishment 2002 

Number of employees >200 

Equity (in m€) 0.086 

Financing needs (in m€) none 

Positive result since 2002 

Revenues 2008 (in m€) 23.6 


Revenues 2010e (in m€) 22.0 


Contact 

Contact Person Dusan Kosijer 

Phone +49-(0) 61 96-77 09-2 69 

E-mail dusan.kosijer@accovion.com 

Website www.accovion.com 

Address Helfmann-Park 10 


Germany 

Martin Schröder, CEO Ivana Waller, COO 


Accovion GmbH 

Healthcare 

Business Field 

As a European full-service CRO, ACCOVION supports local 

and global projects of all types and phases for the Pharmaceutical, 

Biotechnology and Medical Device industries. Our 

premium services include study planning and management, 

clinical monitoring, pharmacovigilance – including 

post-marketing safety –, data management, biostatistics, 

statistical programming, medical writing and electronic 

publishing. 

Our customers benefit from ACCOVION’s comprehensive 

experience spanning all stages of product development as 

well as a significant contribution to a large number of NDAs, 

BLAs and MAAs in all major therapeutic areas. ACCOVION 

is known for its expertise in managing and conducting large 

international clinical trials. 

Strategic Market Position 

Global Reach – Personal Touch 

We support the clinical development of drugs, devices and 

biotechnology products. But also gene therapies, orphan 

drugs, human growth hormones, monoclonal antibodies, 

biopharmaceuticals, advanced therapies and biosimilars. 

We operate internationally. 

Management 

Martin Schröder, Chief Executive Officer 

Ivana Waller, Chief Operating Officer 

Dusan Kosijer, Chief Financial Officer 

Regina Freunscht, Director Clinical Operations, Marketing 

and Communication 

Helmut Sayn, Director Statistical Services 

Planned Investment, Shareholders/Investors 

Shareholders are: 

- The management and senior staff of Accovion 

- HeidelbergCapital-Private Equity 

- Creathor Venture

As one of a bank in Germany with many years of experience in the fi eld 

of equity capital procurement, we offer you unrivalled access to capital 

markets. Benefi t from our individual advice service covering Equity 

Landesbank Baden-Württemberg 

Jet engine 

Inventor: Hans Joachim Pabst von Ohain 

Germany, 1936 

Drive. Made in Germany. 

Also with equity capital procurement. 

2010 

Capital Increase 

10,2 Mrd. EUR 

Co-Bookrunner 

2009 


86 Mio. EUR 

Sole-Lead-Manager 

2007 


98 Mio. EUR 

Lead-Manager 

2007 

Stake Replacement 

91 Mio. CHF 

Joint-Lead-Manager 

2010 


420 Mio. EUR 

Co-Lead-Manager 

2009 

Convertible 

190 Mio. EUR 


2007 

IPO (Wien) 

1.325 Mio. EUR 

Co-Manager 

2007 


23 Mio. EUR 

Lead-Manager 

2010 


21 Mio. EUR 

Sole-Lead-Manager 

2008 


39 Mio. EUR 

Lead-Manager 

Bookrunner 

2007 

IPO 

43 Mio. EUR 


2007 

Advisory and 

Financing of 

Acquisition of 

Parsytec AG 

30 Mio. EUR 

Capital Markets and our comprehensive know-how with IPOs, share 

placing, capital increases, takover bids, going private and designated 

sponsoring. Equity Capital Markets: telephone +49 711 127-25021. 

2010 


504 Mio. EUR 


2008 


156 Mio. EUR 


2007 

Convertible 

200 Mio. EUR 


2007 

IPO 

76 Mio. EUR 


2010 


4,2 Mrd. EUR 

Co-Bookrunner 

2008 

IPO 

361 Mio. EUR 


2007 

IPO 

185 Mio. EUR 


2007 

IPO 

16 Mio. EUR 

Lead-Manager 

2009 


25 Mio. EUR 


2008 


61 Mio. CHF 

Lead-Manager Bookrunner 

2007 

Stake Replacement and 


48 Mio. EUR 

Lead-Manager 

2007 

IPO 

214 Mio. EUR 

Co-Lead-Manager


Profile 


Number of employees 6,700 

Equity (in m€) 70 

Financing needs (in m€) 200 


Revenues 2008 (in m€) 324 


Revenues 2010e (in m€) 360 


Contact 

Contact Person Dr. Volker Wendel 

Phone +41-(0) 87-8 35 33 66 

E-mail cfo@ameos.ch 

Website www.ameos.eu 

Address Bahnhofplatz 14 

8021 Zürich 

Switzerland 


The AMEOS business model includes the acquisition, the 

reorganisation as well as the sustainable management of 

hospitals, nursing homes, social reintegration facilities and 

psychiatric clinics for the general public (to the highest level 

of service quality). AMEOS operates in four business divi - 

sions: AMEOS Medical Services, AMEOS Psychiatric 

Services, AMEOS Nursing Services and AMEOS Reintegration 

Services. AMEOS provides medical services for the 

general public and focuses on major regional medical 

centres with 400-600 beds offering various medical spe - 

cialties, but also runs network hospitals offering general 

care. AMEOS is a major private operator of psychiatric facilities 

in Europe with broad expertise in the field of operating 

forensic facilities. The nursing homes and reintegration 

services of AMEOS complement the integrated healthcare 

approach of an AMEOS Region. Therefore, many of the 

nursing facilities specialize in psycho-geriatric care, thus 

complementing psychiatric services. 


AMEOS Gruppe 

Healthcare 


AMEOS is among Europe’s leading health service providers, 

focusing mainly on German-speaking regions. AMEOS 

hospitals, nursing and social integration facilities offer highquality 

medical and nursing services that are cost- effective 

while still putting people first. AMEOS institutions offer full 

in- and outpatient services and a wide range of medical 

treatment and nursing care in regional networks – the 

AMEOS regions. This is where AMEOS stands out from its 

competitors. With its growth strategy, AMEOS is aiming to 

establish new healthcare regions and expand existing ones. 

AMEOS has become a highly distinctive brand in the health 

market. 

Management 

The AMEOS group is lead by a management team of five: 

Dr. Axel Paeger (CEO), Dr. Volker Wendel (CFO), Michael 

Dieckmann (COO), Dr. Stephan Zahn (CTO) und Dr. Marina 

Martini (CDO). 

from left to right: Stephan Zahn, Marina Martini, Axel Paeger, Michael Dieck 

mann, Volker Wendel 


Institutional investors with a long-term investment horizon 

such as pension funds and life insurances indirectly make 

the majority of the shareholders; furthermore the members 

of the management team are personally invested. Because 

AMEOS follows a growth strategy, future growth will require 

both private and debt capital.

We believe in German Mittelstand 

Capital demands new ideas. Entrepreneurs need capital. 

Bringing the two together – that is what we do successfully. 

Equity & Debt 


Dr. Dietmar Schieber 

+49 (0) 69-92054-196 

Institutional Sales 

Raimar Bock 

+49 (0) 069-92054-115 


Silke Schlünsen 

+49 (0) 69 92054-140


Profile 


Number of employees ca. 80 






Revenues 2010e (in m€) 40+ 

Revenues 2011e (in m€) 60+ 

Contact 

Contact Person Eberhard Schöneburg 

Phone +852-(0) 31 02 28 00 

E-mail es@artificial-life.com 

Website www.artificial-life.com 

Address Franklinstraße 12A 

10557 Berlin 

Germany 

Eberhard Schöneburg, CEO 


Artificial Life Inc. 

Wireless Telecommunication 


Artificial Life, Inc. is a leading, global, full-service provider of 

mobile content and technology for smart phones (3G/4G) 

providing broadband technology, mobile participation TV, 

mobile and social gaming, augmented reality and m-commerce. 


As a focused medium-sized mobile media company, 

Artificial Life, Inc. focuses particularly on the mobile smart 

phone content market which will reveal its huge potential 

within the next few years. 

Management 

Eberhard Schöneburg, CEO 

Ernest Axelbank, CTO 

Frank Namyslik, CFO 


Funding 50 Mio EUR 

Key investors 

Eberhard Schöneburg (founder): 15% 

Directors and executive officers: 4% 

3M Corp: 9% 

Free float, others: 75%

Asklepios Kliniken GmbH 

Healthcare 

Profile 




Financing needs (in m€) - 

Positive result since - 

Revenues 2008 (in m€) 2,022 

Revenues 2009 (in m€) 2,163 

Revenues 2010e (in m€) 2,300 

Revenues 2011e (in m€) - 

Contact 

Contact Person Stephan Leonhard 

Phone +49-(0) 61 74-90-11 20 

E-mail ir@asklepios.com 

Website www.asklepios.com 

Address Debusweg 3 

61462 Königstein 

Germany 


With a market share of over 20%, the Asklepios Group is 

one of the three largest operators of private hospitals in 

Germany. The group’s strategy – which focuses on highquality, 

innovation and sustainable growth – has been 

rewarded with dynamic growth since its formation 25 years 

ago. At the end of 2009, Asklepios ran a total of 66 hospitals 

with over 18,000 beds. 


Asklepios has a strong growth record, is profitable and 

generates stable cash flows on the basis of a long-term 

orientated business model. The group also has a sound 

financial structure and a strong capital base. Asklepios is 

thus excellently positioned, both strategically and commercially, 

to actively shape the structural transformation of the 

German healthcare system. 

Management 

Highly experienced and committed management team: 

Dr. Tobias Kaltenbach (CEO, Chairman of the Group 

Management Board) 

Stephan Leonhard (CFO, Member of the Group Management 

Board) 

Dr. Peter Coy (Member of the Group Management Board) 


Family owned background with sole shareholder 

Stephan Leonhard, CFO 




Profile 



Equity (in m€) - 



Revenues 2008 (in m€) - 




Contact 

Contact Person Klaus F. Gründel 

Phone +49-(0) 4 21-5 96 60-4 09 

E-mail klaus.gruendel@bard-offshore.de 

Website www.bard-offshore.de 

Address Am Freihafen 1 

26725 Emden 

Germany 

Klaus F. Gründel, Executive 

Director Corporate Finance 


Bard Holding GmbH 

Basic Resources 


Renewable Energies/Offshore Wind Power 


BARD, headquartered in Emden (Germany), was founded in 

September 2003 with a focus on developing and operating 

offshore wind projects. The Company has since then grown 

to a fully integrated turnkey manufacturer of Offshore Wind 

Power Plants (OWPPs), adopting an end-to-end approach 

– from offshore wind component design and manufacturing 

to OWPP development, installation, operation, maintenance 

and management. 

Management 

BARD is led by an experienced, dedicated and young management 

team, combining strong project management 

skills with deep knowledge of the wind energy market and 

wind technology. The family of Dr. Arngolt Bekker – 

BARD’s founding shareholder, a former supervisory board 

member at Gazprom and founder of construction company 

Stroytransgaz – is highly committed to success in the offshore 

wind market and contributes a wealth of experience, 

especially in the realization of large-scale projects in the 

energy sector; in addition, the family background creates a 

highly dynamic corporate culture, evidenced by entrepreneurial 

spirit and rigorous business execution in the tra di tion 

of German mechanical engineering. 

Klaus F. Gründel, Executive Director Corporate Finance, 

BARD Holding GmbH. Responsible for corporate financing 

activities within the BARD Group. Extensive corporate 

finance, M&A, capital markets, and IPO experience with a 

number of international companies. Joined BARD in 2010. 


The Company is 100% owned by the Bekker family and intends 

to raise a significant amount of equity to strengthen 

its manufacturing and installation capacities and to enable 

the realization of a number of offshore wind farms.


Biogest Energie- und 

Wassertechnik GmbH 

Multi-Utilites 

Profile 


Number of employees 19 








Contact 

Contact Person Christian Riel 

Phone +43-(0) 22 43-2 08 40-00 

E-mail office@biogest-biogas.com 

Website www.biogest-biogas.com 

Address Inkustraße 1-7/5/2 

3400 Klosterneuburg 

Austria 


Biogest is an international biogas plant manufacturer with 

headquarters in Austria and subsidiaries in the Czech 

Republic, Romania and Hungary. Biogest spans the entire 

biogas value chain from project development, engineering 

design and turnkey construction to providing biological and 

technical services for operational plants. Biogest has already 

entered the biogas markets of most CEE/SEE countries, including 

the Czech Republic, Hungary, Poland, Romania, 

Slovakia, Bulgaria and the Ukraine. It has more than 40 

reference projects in the region to its name, and is aiming 

for leadership in these markets. Biogest has an attractive 

project pipeline in the target markets. 


Biogest is a pioneer in biogas plants in the emerging 

markets for biogas. The main business was originally in the 


construction of sewage treatment plants in Austria and in 

CEE. Since the management buyout in 2007, the company 

has focused solely on biogas in CEE and SEE. In addition, 

Biogest will set up and operate biogas plants in the new 

business unit “Own plant operations”. Due to its pioneer 

role, Biogest had early access to the markets, which is why 

the already constructed reference plants represent key 

growth drivers for the future. 

Management 

Christian Riel; CFO, res - 

ponsible for Finance, HR 

and Law (for 9 years with 

Biogest); Education: Vienna 

University of Economics, 

University of Vienna; Graduate 

degrees in Economics 

and Business Admi - 

nistration, Law 

Christian Riel; CFO 

Martin Schlerka; CEO, responsible for Sales and Distribution, 

R & D (for 11 years with Biogest); Education: University 

of Natural Resources and Applied Life Sciences/Vienna; 

Graduate Engineer in Environmental Engineering 

Gerald Bartl; CTO, responsible for Project Execution and 

Operations (for 13 years with Biogest); Education: University 

of Natural Resources and Applied Life Sciences/Vienna; 

Graduate Engineer in Environmental Engineering 


Biogest is looking for an investment of EUR 5 million in 

Biogest Energie- und Wassertechnik GmbH (equity and 

similar long-term financial instruments) to be paid in two 

tranches (EUR 3 million in 2010 and EUR 2 million in 2011). 

The capital will support the balance sheet structure for the 

expansion of the engineering business and will be used to 

finance the investments in the own plant operation business.

We open up new vistas 

High quality commercial due diligence 

for responsible investors 

Hands-on operational and strategic 

realignment of distressed companies 

A wealth of experience from numerous successful projects, 

large sector expertise, the right toolbox for precise analysis 

and reliable findings plus a passion for service combine to 

ensure your success! 

You can count on our professional expertise in the following 

commercial sectors: consumer goods, food, retail, wholesale 

and e-commerce, franchised business, various service 

industries, hospitality, healthcare, media & entertainment, 

telecommunications and IT. In Germany and throughout 

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If you are interested in very clear messages supported by 

robust detail – please feel free to contact us! 

Please contact Dr. Rainer Mayer 

+49 / 2 21 / 5 69 64 - 0 

R.Mayer@maconda.de 

www.maconda.de 

Germany · Poland · Czech Republic · 

The Netherlands


Profile 




Financing needs (in m€) 5.0 


Revenues 2008 (in m€) > 0.5 




Contact 

Contact Person Prof. Dr. Hubert Köster 

Phone +49-(0) 30-63 92-39 88 

E-mail hubert.koester@caprotec.com 

Website www.caprotec.com 

Address Volmerstraße 5 

12489 Berlin 

Germany 

Prof. Dr. Hubert Köster 

Founder and Managing Director 


caprotec bioanalytics GmbH 

Biotechnology 


1. Kits & Devices: Kit-based analysis of biological samples 

for identifying proteins; devices to ensure reproducible 

binding of substances to proteins. 

2. ImproMed (improved medicines): Collaboration with 

pharma companies for identifying proteins that are responsible 

for side effects (off-targets) and for the desired effect 

(targets) of drug candidates. Optimization of these candi - 

dates in order to reduce attrition rates in clinical trials – the 

pharmaceutical industry's most daunting problem. 


caprotec's USP rests on its robustly patented CCMS-technology 

(capture compound mass spectrometry) consisting 

of 19 issued patents and numerous applications. The technology 

offers advantages over established “pull-down”technologies 

(e.g. smaller biological sample sizes and 

identification of weakly interacting proteins). A further 

expansion of the market position will be pursued by 

launching several new kit products and by expanding pharma 

collaborations. In addition, proprietary drug optimiza - 

tion programs will be initiated on the basis of known drugs 

that are efficacious but toxic. caprotec aims to create new 

IP on such optimized drug candidates and to commercia - 

lize these assets through out-licensing. 

Management 

Prof. Dr. Hubert Köster, Founder and Managing Director; 

founder and ex-CEO of Sequenom (NASDAQ: SQNM); 

long-term experience in top-management 


Target financing: EUR 3 million 

Investors: 

Creathor Venture Capital, Funds managed by IBB Beteiligungsgesellschaft, 

KfW, experienced private investors from 

the biopharmaceutical industry



PC-Ware Information 

Technologies AG, Leipzig 

1,842,936 shares 

Placement price: €19.5 

Placement volume: €35 9 m 

Jul 2010 

Sole Leadmanager 

SÜSS MicroTec AG 

Garching 

1,701,912 shares 


Placement volume: €6.8 mio 

Mai 2010 



Corporate Finance 

● Mergers & Acquisitions 



● Initial Public Offerings/ 

Capital Market Transactions 

● Private Equity Advisory 

● Debt Advisory 

● Corporate Evaluations 

euromicron AG 

Frankfurt/Main 

465,999 shares 


Placement volume: €7.7m 

Apr 2010 

Solar-Fabrik AG 

Freiburg im Breisgau 

1,168,499 shares 


Placement volume: €6.0 m 

Jul 2010 





Research & Sales 

● Research 

● Support for Institutional Clients 

● Share Placements 

● Bond Placements 

● Roadshows 

Exclusive member of the 

European Securities Network 

(ESN) 

Sell-Side Advisory 

Sell-side Advisory 

LEIFHEIT AG, Nassau 

Sale of 

Kleine Wolke Textil GmbH & Co. KG 

Bremen to 

Possehl Mittelstandsbeteiligungen 

GmbH & Co. KG, Lübeck 

Jun 2010 

Geneart AG, Regensburg 

Acquisition of a majority stake 

by 

Apr 2010 

Life Technologies Corp. 

Carlsbad, CA, USA 

Sell-side Advisory 


Trading 

equinet Bank AG 

Frankfurt/Main 

www.equinet-ag.de 

Tel. 0049 (0)69 58997-0 

● Designated Sponsoring 

● Brokerage 

SINGULUS TECHNOLOGIES AG 

Kahl am Main 

3,694,640 shares 


Placement volume: €15.15m 

Mar 2010 

LEIFHEIT AG, Nassau 

Sale of 

spirella s a. 

Embrach, Switzerland to 

Cross Equity Partners AG Zurich, 

Switzerland 

Jun 2010 



(selected transactions) 

● Lead Brokerage 

● Electronic Order Routing 

● Stock Exchange Access


Profile 










Contact 

Contact Person Dr. Rainer Lichtenberger 

Phone +49-(0) 2 21-46 02 08-00 

E-mail lichtenberger@cevec-pharmaceuticals.com 

Website www.cevec-pharmaceuticals.com 

Address Gottfried-Hagen-Straße 62 

51105 Köln 

Germany 


CEVEC is a global solution provider for the production of 

biopharmaceuticals (vaccines, therapeutic proteins, antibodies) 

focusing on the development of top notch human 

cell expression systems with highest ethical standards. Our 

platform expression technologies CAP and CAP-T are 

based on specific, amniocyte derived human cell lines. 


With the increasing regulatory hurdles, price pressure from 

reimbursement systems and product quality demands 

pharmaceutical and vaccine producers are constantly look - 

ing to improve their production platforms with respect to 

product attributes (glycosylation pattern, human homology) 

safety (i.e. avoiding virus contamination), IP protection 

(protection via production process), yield improvement etc. 


Cevec Pharmaceuticals GmbH 

Biotechnology 

Through its human cell based CAP/CAP T expression platform 

CEVEC addresses the needs of its pharma, biotech 

and vaccine company customers and is in the unique position 

by not being bound to a large pharma company. 

Management 

Rainer Lichtenberger (CEO) has more than 20 years of 

management experience in renowned pharmaceutical 

companies. Within Merck KGaA, he held various positions 

of increasing responsibility in R&D, project management 

and global marketing, among them head business unit 

“Osteoporosis & Women’s Health” and vice president of 

global marketing. In 2002, Dr. Lichtenberger joined the 

Merckle/Ratiopharm group on executive board level. 

Wolgang Kintzel (Chief Commercial 

Officer) has more than 16 years of experience 

in different roles within the pharmaceutical, 

medical device and biotech 

industry in leading European and USbased 

organizations with full P&L 

responsibility up to EUR 100 million. 

From 2000 til 2008 he built up amaxa 

AG as global VP Marketing & Sales from 

a true start-up situation to a successfull 

M&A in 2008. 

Wolgang Kintzel, CCO 


Cevec is currently raising EUR 6 million from internal and 

external investors. Current investors include Creathor, NRW 

Bank, KfW and others.

CureVac GmbH 

Biotechnology 

Profile 



Equity (in m€) approx. 65 







Contact 

Contact Person Oliver Schlüter, Ph.D. 

Phone +49-(0) 70 71-9 20 53-20 

E-mail oliver.schlueter@curevac.com 

Website www.curevac.com 

Address Paul-Ehrlich-Straße 15 

72076 Tübingen 

Germany 


CureVac, a biopharmaceutical company, is developing therapeutic 

and prophylactic vaccines as well as adjuvants. 

The company is pioneering the therapeutic application of 

messenger RNA (mRNA), opening up an entirely novel class 

of drugs. Two tumor immunotherapeutics for the treatment 

of prostate and non-small cell lung cancer are currently in 

phase IIa clinical development. CureVac set up a proprietary 

cGMP production facility for mRNA-based compounds. 


CureVac is seeking strategic alliances and partnerships in 

order to fully exploit the potential of its technology platform 

and its maturing product pipeline. 

Management 

Ingmar Hoerr, PhD, MBA, CEO 

Florian von der Mülbe, PhD, MBA, COO 

Karl-Josef Kallen, MD, PhD, CSO 

Oliver Schlüter, PhD, CFO 


dievini Hopp BioTech holding GmbH&Co. KG 

Oliver Schlüter, CFO 




Profile 










Contact 

Contact Person Kai Henniges 

Phone +41-(0) 44-5 86 66 71 

E-mail kai.henniges@diva.ag 

Website www.diva.pro 

Address Holbeinstraße 25 

8008 Zürich 

Switzerland 


The TV market is undergoing the most fundamental change 

in 50 years: in the age of broadband Internet filmed entertainment 

is increasingly provided when and how users want 

it. The total video on-demand market is expected to reach 

CHF 5.7 billion by 2013. Diva’s market segment, ‘over the 

top’ VoD, is growing 300% annually. Diva has its seat in 

Switzerland, was founded in March 2007 and today is an 

integrated video on demand powerhouse. 

Diva’s head office is in Zurich with a management team of 

four; a team of six in Berlin processes contents and season ed 

media professionals based in London and the Silicon Valley 

handle business development. 


Diva Video Access AG 

Movies & Entertainment 


Diva has deals with the most important sales channels in its 

market: Google, Hulu, iTunes, LG, Philips, Sony, Samsung, 

Sharp, Netflix and 90 further customers. Diva aggregates 

premium entertainment programming from 120 different 

Hollywood based suppliers and holds exclusive VoD rights 

to the majority of its 3,000 items strong library. Across its 

sales channels Diva currently has 7 million monthly video 

views. Diva has built a proprietary media asset and content 

management system allowing it to easily integrate and man - 

age new sales channels. End users pay to watch Diva’s 

movies or view dynamically inserted video advertising. Diva 

has created entry barriers: Diva holds a VoD exclusivity to 

most of its current catalogue of 3’000 titles; Diva has signed 

deals with sales channels for 30+ territories that are 

extremely hard to replicate; Diva has built a proprietary VoD 

software platform that allows us easy integration and 

management of new partners; Base 100+ existing customers 

give Diva unique insights and reduce the risk of offer - 

ing an end-to-end solution. Diva has achieved break even 

within twelve months of its Series A financing; existing 

revenue streams & 3-5 year contracts. 

Management 

Diva's founders are both serial successful entrepreneurs 

and have both previously had exits from growth stage companies. 

Jörg Boksberger, Diva's COO, holds an engineer - 

ing degree from ETH in Zurich. Kai Henniges, Diva's CEO, 

holds an MBA and LLM from the University of St. Gallen. 


Diva is looking for investors to contribute a total of CHF 4.5 

million in form of a contribution in cash. Existing institutional 

investors will participate proportionately. Closing of the 

private placement planned for End 2010.

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Registerführung 

Aktionärsstrukturanalyse 

Proxy Solicitation 

IR-Reporting 

Hauptversammlung 

STARvote ® 

STARiX ® 

www.adeus.de


Profile 






Revenues 2008 (in m€) 167.5 

Revenues 2009 (in m€) 151.1 



Contact 

Contact Person Axel Buchholz 

Phone +49-(0) 9 11-9 64 56-1 01 

E-mail axel.buchholz@flabeg.com 

Website www.flabeg.com 

Address Waldaustraße 13 

90441 Nürnberg 

Germany 


The FLABEG-Group is divided into three Business-Lines (BL): 

The BL Automotive includes all types of mirrors used today in 

motor vehicles (exterior mirrors, interior mirrors, and sunvisor 

mirrors). In the BL Solar our activities are combined in the 

market segment “concentrated solar applications” (parabolic 

mirrors, mirrors for solar towers, heliostats and Stirling dish 

systems). The BL Technical Glass includes high-tech special 

glass, finished with special coating technologies that give the 

glass properties such as conductivity or anti-reflection. 


FLABEG has significant market shares in the relevant 

markets. In the BL Automotive the company is market 

leader in supplying exterior mirrors, interior mirrors, and 

sunvisor mirrors as well as cover glass for display instruments. 

As pioneers in the sector solar mirrors FLABEG has 


FLABEG Holding GmbH 

Glass finishing 

been the market leader for over thirty years. Almost all solar 

thermal power plants in operation today are equipped with 

solar mirrors from FLABEG. The BL Technical Glass includes, 

along with TV screens, traffic safety mirrors, display glass 

and other special glass, picture glass where FLABEG ranks 

among the top 3 in Europe. These market shares are to be 

maintained and extended. 

Management 

CEO Axel Buchholz, who 

holds a degree in business 

studies, has presided over 

the FLABEG Group since 

2002 after holding executive 

positions with, among others, 

Metzeler Automotive Profiles, 

Magna Spiegeldivision and 

the Heyde AG. From 1991 to 

2000 CFO Peter Brauer, 

who also has a degree in 

business studies, worked as 

European Chief Financial Of- Axel Buchholz, CEO 

ficer for the Pilkington-Group 

and, in 2000, initiated the 

Management Buy-Out; from then on, with a two year interruption, 

he worked as CFO for the FLABEG Group. With a 

degree in plastics engineering COO Rainer Gsell, after 

hold ing executive positions with BTR Automotive, Metzeler 

and Hymer Leichmetallbau, has been responsible for the 

FLABEG Group factories worldwide since April 2005. 


IK Investment Partners (formerly known as Industri Kapital) 

is a European private equity firm with Nordic roots, manag ing 

EUR 5.7 billion in fund commitments. IK acquires and devel - 

ops companies with the objective of delivering attractive 

returns to its investors. The company creates lasting value 

by applying a hands-on operating approach in working with 

FLABEG and its management team. Together, FLABEG and 

IK strive to significantly improve the performance of their 

business and to create a strong, focused company with 

excellent, long-term prospects.

Glycotope GmbH 

Biotechnology 

Profile 




Financing needs (in m€) 100-150 






Contact 

Contact Person Dr. Steffen Goletz 

Phone +49-(0) 30-94 89-26 00 

E-mail info@glycotope.com 

Website www.glycotope.com 

Address Robert-Roessle-Straße 10 

13125 Berlin 

Germany 


Glycotope is one of the leading companies in the development 

& production of biotherapeutics with an optimized 

glycosylation. Based on GlycoExpress, Glycotopes 

proprietary and regulatory approved technology platform, 

glycooptimized therapeutic proteins exhibit a manifold 

increased activity, elongated half-life time and reduced immunogenicity, 

permitting more effective treatments at lower 

dose and higher patient comfort. Glycotope's proprietary 

pipeline of such glycooptimized products currently consists 

of 2 novel antibodies and 2 improved versions of already 

marketed antibodies for the treatment of cancer – and an 

improved protein-hormone for the treatment of infertility. 

Further application of the GlycoExpress-technology to 

Bloodfactors and enzyme replacement therapy is in early 

development stages. 



GlycoExpress is surpassing existing glycosylation technologies 

in its applicability to the entire class of glycosylated 

proteins, allowing adjustment of multiple glycosylation 

components in a fully human setting, thereby increasing the 

therapeutic potential while avoiding immunogenic sideeffects 

typical for therapeutics produced in non-human cell 

lines. The technology is made available to external partners 

within the scope of a licensing agreement. Regading its 

product-pipeline, Glycotope is in advanced negotiations 

regarding outlicensing of some of it's projects to reknown ed 

partners in the pharmaceutical industry for the further 

development until market approval. The remaining projects 

are planned to be fully developed by Glycotope itself. 

Management 

Dr. Steffen Goletz, CEO, CSO & Founder; Dr. Franzpeter 

Bracht, CFO & CBO; Dr. Hans Baumeister, COO 


App. EUR 100 million – a) Advancement of Glycotope's 

pipeline through further clinical stages. By end of 2011, two 

products are scheduled to have reached phase II, three 

products should have entered phase I. b) Further expansion 

of Glycotope-Biotechnology’s GMP production site to 

supply demands of later clinical trial stages. 

Major Shareholders: 

Jossa Arznei GmbH; Eckert Wagniskapital und Frühphasen 

finanzierung GmbH; Dr. Steffen Goletz 

Management of Glycotope GmbH 



Profile 






Revenues 2008 (in m€) 0.043 

Revenues 2009 (in m€) 0.200 



Contact 

Contact Person Dr. Rüdiger Werp 

Phone +49-(0) 7 21-9 13 45-33 

E-mail r.werp@ionys.de 

Website www.ionys.de 

Address Hermann-von-Helmholtz-Platz 1 

76344 Eggenstein-Leopoldshafen 

Germany 


Due to changing environmental conditions and stress scenarios 

public infrastructure is increasingly exposed to external 

impacts. These impacts result in substantial damages 

which occur earlier than planned in the infrastructure’s life 

cycle and need to be repaired in a time-consuming, ecologydamaging 

and expensive process. Thus, there is a grow ing 

demand among public authorities and private investors for 

technologies and concepts by means of which construction 

repairs can be avoided. This can be achieved by utilizing 

new effective and innovative materials in construction 

industry. IONYS AG is a leading company in the area of 

development of innovative high performance materials for 

preventive, sustainable and cost-effective building. 


IONYS AG – chemistry in engineer - 

ing for durable constructions 

Chemicals, Specialty 


IONYS AG develops and markets high performance materials 

allowing for a substantial extension of construction life 

cycles. Due to IONYS’s close links to the Karlsruhe Institute 

of Technology (KIT), cutting-edge research results are used 

for product innovations and can usually be protected by 

patents. IONYS AG currently develops new products in the 

area of mineral materials and surface protection systems. 

Besides own product developments, IONYS AG maintains 

strategic partnerships with leading construction chemistry 

companies and other partners along the value creation 

chain to accelerate the market launch of product innova - 

tions. IONYS AG additionally strengthens its market position 

by the business field services in which construction analysis 

are carried out and prevention concepts are created. 

Management 

CEO: Dr. Rüdiger Werp; supervisory board: chairman: 

Prof. Dr. Andreas Gerdes (KIT, Hochschule Karlsruhe), 

vice chairman: Guido Hillebrandts (CEO innoveas AG), 

Dr.-Ing. Peter Fritz (president of KIT) 


financial requirements: EUR 1 million to extend our business 

field design of high-performance construction materials; 

shareholders: Prof. Dr. Andreas Gerdes, engage AG, KIT, 

Hochschule Karlsruhe 

Dr. Rüdiger Werp, CEO Prof. Dr. Andreas Gerdes, 

supervisory board chairman

Werkanndem 

Alter schon ein 

Schnippchen 

schlagen 

Gewiss, jede Medizin hat ihre Grenzen. Aber die Biotechnologie kann einige sprengen. Biotechnologische 

Medikamente setzen direkt bei den Ursachen einer Krankheit an. Biotech-Unternehmen 

forschen mit Hochdruck an neuen wirksamen und sicheren Medikamenten – für Gesundheit und 

Lebensqualität bis ins höchste Alter. Die Entwicklung entsprechender Innovationen ist zwar aufwändig 

und erfordert Ausdauer, doch bringt sie schliesslich allen Gewinn: Patienten, Spitälern 

und Kassen, aber auch Herstellern und Investoren. Die Spezialisten von BB Biotech haben die 

weltweit führenden Biotech-Unternehmen für Sie zusammengefasst.Wer zu spät einsteigt, wird 

alt aussehen. Investieren Sie jetzt in den Markt der Zukunft – und in den medizinischen Fortschritt. 

ISIN: CH0038389992 

Biodays 2010 – Frankfurt, Hamburg, Stuttgart 

Anmeldung unter: www.bbbiotech.com/biodays-2010 

Die BB Biotech AG ist im TecDAX notiert. 

Obige Angaben sind Meinungen der 

BB Biotech AG und sind subjektiver Natur. 

Die vergangene Performance ist keine 

Garantie für zukünftige Entwicklungen.


Profile 










Contact 

Contact Person Dirk Walla 

Phone +49-(0) 30-8 89 11 99-2 55 

E-mail u.kuetbach@itk-group.de 

Website www.itk-group.de 

Address Gotzkowskystraße 20/21 

10555 Berlin 

Germany 


The itk group GmbH offers individual solutions for business 

customers in the voice and data environment and is one of 

the leading ICT service provider in the corporate customer 

segment in Germany. Beside the support of several 1,000 

locations in the subsidiary and corporate group customersegment 

also medium-sized companies count to their customers. 

The focus in large enterprise lies on customized unfied 

communications-solutions. In the SME the focus is on 

“cloud-” solutions. With the itk voice solution the itk group 

GmbH developed its own “hosted” phone system. This complete 

telephone service is offered as managed service and is 

available for the customer in his own network via VoIP. That 

way the company offers a complete “phone system on the 

Internet”, which will replace the traditional telephone system 

in the mass market (especially in medium-sized businesses) 

on long term. Inter alia Gartner, Berlecon Research, IDC, 

BNA, VATM see a very dynamic growth in this market. It’s the 

company’s premise to help business customers with intelli- 


itk group GmbH 

Telecommunication Services 

gent and personalized communications solutions to work 

more efficiently. From the headquarters in Berlin, the itk group 

GmbH is currently coordinating more than 300 sites employing 

over 3,500 technicians nationwide. 


The itk group GmbH focuses on two different customer 

segments in the business environment: 

Large enterprise customers: For this segment individual UC 

solutions are being developed. 

Medium-sized enterprises: Here the own hosted solution, itk 

voice solution, meets the customer needs exactly. The itk 

group GmbH is one of the fastest growing ICT solutions providers 

in Germany. In October 2010 this success was awarded 

the Deloitte Fast 50 Award. 

In the years 2005 to 2009, the company grew more than 50%. 

From 2009 to 2010 the revenues and earnings increased 

again by 100%. 

Management 

The Company is directed by two Managing Directors: Dirk 

Walla who is also the founder of itk group GmbH and speaker 

of the management board and Björn Stange, who was 

ordered three years ago. Both manage the company with a 

strong entrepreneurial spirit. 

Dirk Walla, Managing Director Björn Stange, Managing Director 


The existing, very strong growth was almost entirely financed 

from the company’s cash flow. To permit such a strong 

growth further on and to be able to make an IPO, the itk group 

GmbH requires capital of EUR 3.5 million to invest in sales 

expansion and internationalization.

Mister Spex GmbH 

Retail, Internet 

Profile 



Equity (in m€) aprox. 10 







Contact 

Contact Person Dirk Graber 

Phone +49-(0) 30-4 43 12 30-1 20 

E-mail dirk.graber@misterspex.de 

Website www.misterspex.de 

Address Greifswalder Straße 156 

10409 Berlin 

Germany 


Mister Spex is the largest online retailer of branded eyewear 

in Germany. Via its Internet shop http://misterspex.de the 

company sells prescription glasses (including varifocals), 

sunglasses, sports eyewear and contact lenses from wellknown 

brands and suppliers at favorable prices. Mister 

Spex provides a number of interactive tools on the website, 

as well as personal support by a competent team of opti - 

cians, to help its customers to find the right pair of glasses 

for them. Mister Spex is currently expanding abroad and is 

planning to build the leading online optician in Europe. 


Mister Spex has positioned itself as a retailer of high quality 

branded products with value for money prices – not as a discounter. 

This differentiates the company from the competition 

– both online and offline. The main advantages offered by 


Mister Spex to the end consumer are: a large selection of 

branded glasses (more than 5,500 models from over 90 different 

labels and designers), prices for complete prescription 

glasses including lenses are up to 60% cheaper (in 

comparison with standard high street opticians) and Mister 

Spex offers comprehensive help, service and information to 

the customers via the website and its other communication 

channels. Mister Spex wants to bring about change in the 

current optical industry, which has so far been characterized 

by intransparent prices for customers, high profit margins for 

opticians and dominant chains with focus on own brands. 

Management 

Dirk Graber (founder, CEO, former BCG consultant, HHL 

graduate), Björn Sykora (founder, head of marketing, former 

Jamba employee, HHL graduate), Philipp Frenkel 

(founder, head of IT, programmer), Thilo Hardt (founder, 

head of product management, programmer), Tobias Jörk 

(CFO, former employee at Arthur Andersen and Lafarge), 

Stefanie Budesheim (head of operations, former Spread - 

shirt employee), Eva Nöll (head of HR, co-initiator of the 

Startup-Lounge), Martina Dier (head of PR, former employee 

of Mars and Asstel, EBS graduate) 


The main investors are the venture capitalists DN Capital, 

Xange, Grazia Equity and High-Tech Gründerfonds. Also involved 

are multiple Business Angels such as Lukasz Gadowski 

(Team Europe Ventures), Oliver Beste and Karsten Schneider. 

Dirk Graber, CEO 



Profile 










Contact 

Contact Person Harry Böhme 

Phone +49-(0) 3 51-7 96 58-65 

E-mail harry.boehme@novaled.com 

Website www.novaled.com 

Address Tatzberg 49 

01307 Dresden 

Germany 

Harry Böhme, CFO 

Gerd Günther, CMO 


Novaled AG 

R&D Technology Provider 


Novaled AG is a world-class technology provider in organic 

light-emitting diode (OLED) technologies. Together with its 

proprietary materials, Novaled markets its advanced Novaled 

PIN OLED ® technology to display and lighting makers 

preparing their entry into this promising new field. 


In operation since March 2003, the company has developed 

into a leading technology provider with a strong intellectual 

property position. In this short time Novaled has attained 

various world records in power efficiency of OLEDs. 

Today, the company is well positioned in the display as well in 

the lighting industry, and delivers materials, technology and/or 

services to many of the major players in these industries 

Management 

Gildas Sorin, CEO 

Harry Böhme, CFO 

Gerd Günther, CMO 

Gildas Sorin, CEO 


TechnoStart, Credit Agricole Private Equity, eCapital, Tech- 

Fund, CDC, DresdenFonds, KfW and others

Wir stecken unsere Nase gern 

in fremde Angelegenheiten. 

Wenn es um die Entwicklung, Umsetzung oder Optimierung von Finanzierungsstrategien geht, mischen wir uns ein. 

Seit 10 Jahren gehören wir zu den etablierten, unabhängigen Investmentbanken mit Fokus auf dem unternehmergeführten 

Mittelstand. Sie suchen einen kompetenten Berater, der Sie fair und langfristig begleitet? 

Fordern Sie unser Investment Banking-Team: 

Telefon +49 (0)69 24 75 049-30 

Fax +49 (0)69 24 75 049-33 

investment.banking@quirinbank.de 

www.quirinbank.de 

> Börseneinführung 

> Sekundärmarktbetreuung 

> Hybridfi nanzierungen 

> Mergers & Acquisitions 

> Vorbörsliche Finanzierung


Profile 










Contact 

Contact Person Dr. med. Georg Matheis 

Phone +49-(0) 71 31-27 06-1 24 

E-mail jan.bardewyk@novalung.com 

Website www.novalung.com 

Address Im Zukunftspark 1 

74076 Heilbronn 

Germany 

Georg Matheis, CEO 

Hannes Wetscher, COO 


Novalung GmbH 

Medical Technology 


Development and introduction of novel solutions for lung 

failure with the potential of an organ-protecting and lifesaving 

approach in pulmonary support that is superior to 

current concepts. Novalung’s goal is to replace mechanical 

ventilation for improving the patient’s outcome and quality 

of life. 


Novalung is the first and exclusive developer, manufacturer 

and distributor for medical devices that breathe outside the 

human lung for pulmonary assist and replacement. The 

company receives a broad interest and support among the 

international key opinion leaders in critical care. Novalung 

is the driver of a paradigm shift in mechanical ventilation 

and covers a multi bn US $ market. More than 5,000 

patients have successfully been treated in the last years 

with Novalung devices. 

Management 

Georg Matheis, Priv. Doz. Dr. med., Prof. h.c., CEO 

Hannes Wetscher, Lic. Oec. HSG, COO 

Nicholas Strout, EVP Global Sales and Marketing 


Novalung is funded by Zukunftsfonds Heilbronn, Landeskreditbank 

Baden-Württemberg and Business Angels. 

Novalung is looking for strategic investors and/or financial 

investors with profound experience in the MedTech 

business focused on the introduction of innovative 

therapies in the US market. 

Investment volume: EUR 10 million

pvXchange N.V. 

Renewable Energies 

Profile 










Contact 

Contact Person Michael Maximilian Müller 

Phone +41-(0) 79 22-7 75 02 

E-mail m.m.mueller@3m-london.com 

Website www.pvxchange.com 

Address Obentrautstraße 57 

10963 Berlin 

Germany 


pvXchange operates in the photovoltaic industry. The value 

chain stretches from the refining of sand into silicon to the 

development and management of power plants and retail - 

ing of electricity. The company provides a unique solution 

to the distribution step of the value chain by providing a 

direct exchange between module manufacturers and 

installers/project developers. 


pvXchange is the globally leading broker for photovoltaic 

modules. It was established to bring transparency to the 

market through a brokerage model facilitated by an online 

B2B exchange. The exchange forms a liquid spot market 

offering players a flexible alternative to bilateral and/or 

long-term agreements between sellers and buyers. Due to 


its liquidity, it offers customers greater transparency, more 

information and a wider range of products than classical 

distributors. Pricing, products, and volumes are visible at a 

glance. Products from over 200 manufacturers have been 

listed in the last two years and are offered to more than 

4,500 registered customers. 

Management 

CEO and founder, Kai Malkwitz: E-commerce background 

with experience in renewable energy sector since 2002 

Director Product Development and founder, Martin 

Schachinger: More than 16 years experience in solar 

energy industry 

Director Sales Development, Florian Meyer-Delpho: More 

than eight years experience in solar energy industry 

from left to right: Kai Malkwitz, Florian Meyer Delpho and Martin Schachinger 


pvXchange is funded by the founders, friends and family 

and seeks capital to further its international expansion build 

out its market position by continuing its growth path of 

>100% revenue CAGR between ’06 and ‘10 into the future. 



Profile 










Contact 

Contact Person Ed Roberto 

Phone +49-(0) 39 73-22 55 19-55 

E-mail ed.roberto@remos.com 

Website www.remos.com 

Address Franzfelde 31 

17309 Pasewalk 

Germany 

Edward P. Roberto, CEO Gretchen Jahn, COO 


REMOS Aircraft GmbH 

Aircraft 


REMOS manufactures and markets advanced carbon-fibre 

aircraft from its modern factory facility in Pasewalk, north of 

Berlin in Germany. REMOS has a fully industrialized and 

scalable production operation including an established 

supply-chain and proven processes. The company sells 

directly to end customers as well as through its dealer 

channels in the US and in Europe. The current REMOS 

model is the GX aircraft. The GX features contemporary 

aesthetic design built to exacting German engineering 

standards, and features modern avionics and excellent 

flight handling characteristics. REMOS has sold up to now 

about 400 aircrafts in its global markets. 


Despite the young company history, REMOS is one of the 

top 5 leaders in the market with over 21% market share. 

REMOS enjoys the role as one of the emerging players of 

General Aviation, with strong support from its existing customer 

base and influential aviation advocacy groups such 

as the Aircraft Owners and Pilot Association (AOPA). 

Management 

During the second quarter, the management was considerably 

strengthened and new organizational and leadership 

structures were established, setting the prerequisites for a 

high productive industrial manufacturing and international 

growth. Edward P. Roberto, CEO, brings 25 years of experience 

in the area of company growth in high tech companies. 

Gretchen Jahn was appointed to the team as COO. 

She can look back to more than 30 years entrepreneurial 

experience in manufacturing, IT and leadership in aviation 

companies. 


REMOS is seeking a funding commitment with EUR 6 mil - 

lion to be provided for working capital to fund the growth 

phase to break-even and additional EUR 4 million to be 

available for strategic investments in either additional 

markets and/or strategic partnerships.


Profile 








Revenues 2010e (in m€) n/a 

Revenues 2011e (in m€) n/a 

Contact 

Contact Person Dr. Michael Mehler 

Phone +49-(0) 3 83 51-76-59 

E-mail mehler@riemser.de 

Website www.riemser.com 

Address An der Wiek 7 

17493 Greifswald-Insel Riems 

Germany 

Dr. Michael Mehler, CEO 


RIEMSER Arzneimittel AG 

Pharmaceuticals 


RIEMSER Arzneimittel AG is a mid-sized specialty pharmaceutical 

company that markets primarily branded specialty/ 

niche products mainly for the area of Human Rx Specialties. 

Founded in 1991, RIEMSER has acquired more than 200 

drugs and marketing authorisations from leading pharmaceutical 

companies. Recent acquisitions include the antiinfectives 

package RIFA from Grünenthal GmbH (2010). 

The Company's headquarters is located in Greifswald on 

the Isle of Riems. RIEMSER has about 600 employees 

mainly in Germany and a subsidiary in the United States 

(North Carolina). 


RIEMSER is an international specialty pharmaceutical company, 

focussed on attractive niches in selected therapeutic 

areas with high medical need, blending hands-on Mittelstand-culture 

with top industry processes and standards, 

thereby delivering sustained top-tier growth rates, driven by 

targeted acquisitions, organic growth and geographic 

expansion. 

Key strategic areas comprise oncology, dermatology, antiinfectives 

and oral surgery technologies. 

Management 

Dr. Michael Mehler, Chief Executive Officer, joined RIEMSER 

in 2009. He has 20 years of industry experience in leading 

pharmaceutical companies, such as Merck-Sharp & Dohme, 

Novartis AG and Actelion Pharmaceuticals. Dr. Michael 

Mehler managed worldwide successfully blockbuster and 

specialty/niche product portfolios. 


59.4% of the shares are held by family Braun, founders of 

the company. The remaining shares are held in equal parts 

by General Electric Equity and TVM Capital.

Profile 



Equity (in m€) 2.5 (31.12.2009) 







Contact 

Contact Person Dipl. Wirtsch.-Ing. Stephan Wrage 

Phone +49-(0) 40-7 02 99-4 44 

E-mail stephan.wrage@skysails.de 

Website www.skysails.com 

Address Veritaskai 3 

21079 Hamburg 

Germany 


The Hamburg-based company SkySails GmbH & Co. KG is 

developing, producing and selling an internationally patented 

wind propulsion system based on large towing kites. 

The SkySails-System is the highest-performance wind propulsion 

system for cargo ships and thus enables commercial 

shipping to harness wind power again. Depending on the 

prevailing wind conditions, a ship’s average annual fuel 

costs can be reduced by 10 to 35% by using the SkySails- 

System. The latest product has a propulsion power of more 

than 2 MW (> 3.000 horse powers; equivalent ship engine) 

and can save 2-5 tons of oil per day – this equals US-$ 

1,000-2,500. For comparison: A normal family home needs 

2 tons of oil for heating and warm water – per year! 


SkySails GmbH & Co. KG 

Green Technology/Shipping 


SkySails is the market and technology leader for automated 

towing kite systems. Due to its universal design, the 

SkySails-System has a great market potential: a major part 

of the existing world merchant fleet (approx. 60,000 ships), 

as well as new builds, superyachts and fishing trawlers over 

60m in length can be retro-/outfitted with SkySails propul - 

sion. Yet, Shipping is not the only application area for the 

SkySails technology: The existing know-how can serve as 

technology platform for different additional product lines. 

This opens up further promising markets for the future. 

Management 

The business and operations of SkySails 

GmbH & Co. KG are led by the managing 

directors Stephan Wrage (founder 

and chairman of the executive 

board), Martin Lohss (COO), Hanns- 

Ulrich Hasse (CFO) and Stephan 

Brabeck (CTO). They are supported 

by an advisory board of five renowned 

experts from the fields of shipping, 

corporate development/financing, and 

investors of the company. 

Stephan Wrage, CEO 


To date, over EUR 45 million have been invested in the 

development of the SkySails technology and the establishment 

of the company. Lead investors are the well known 

ship financing company Oltmann Gruppe and the highly 

respected marine engine supplier Zeppelin Power Systems. 

Besides private investors, the group of SkySails investors 

also includes numerous notable shipping com panies. 

SkySails seeks to raise a) EUR 5-10 million as convertible 

loan to faster develop the different international marine 

markets and build up production. b) EUR 5-10 million equity 

capital to further develop the technology for a promis ing 

new business area. 



Profile 










Contact 

Contact Person Ingo Heinrich 

Phone +49-(0) 89-5 40 41 29-11 

E-mail ingo.heinrich@stylefruits.de 

Website www.stylefruits.de 

Address Lucile-Grahn-Straße 37 


Germany 

Michael Vietze (left) and Mathias Ziegler 


stylefruits GmbH 

Retail, Internet 


stylefruits is an innovative Social Commerce Platform, 

which provides internet users with inspiration recommendations 

and entertainment when shopping for fashion 

online. With its self-developed, scalable software as well as 

a comprehensive data mining process, stylefruits is able to 

recommend matching fashion products from a great variety 

of suppliers, thus supporting its target group in their purchase 

decision. The company’s business model is based 

on transactions, with a commission fee for every sale. 


stylefruits is the leading social commerce site for fashion in 

Germany. The company is seeing continous strong growth 

in reach and revenues, having already overtaken all estab - 

lished online fashion magazines as the leading source for 

fashion inspiration on the internet. 

Management 

Ingo Heinrich 

Michael Vietze 

Mathias Ziegler 

Ingo Heinrich 


Shareholders are the founders and the investor Creathor 

Venture. stylefruits is planning a later stage investment 

round for its upcoming internationalization.

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Profile 










Contact 

Contact Person Dagmar Strauß 

Phone +49-(0) 30-467777-193 

E-mail strauss@sulfurcell.de 

Website www.sulfurcell.de 

Address Groß-Berliner Damm 149 

12487 Berlin 

Germany 

from left to right: Dr. Rüdiger Stroh, COO, Dr. Nikolaus Meyer, CEO, and 

Henrik Krüpper, CSO 


SULFURCELL Solartechnik GmbH 

Thin-Film Solar Modules 


Sulfurcell has been manufacturing and developing thin-film 

solar modules based on chalcopyrite-type semiconductors 

(CIS/CIGSe) since 2003. As an industrial company in Berlin, 

Sulfurcells origin is at the Helmholtz-Zentrum Berlin, 

Europe’s largest research institute on thin-film photovoltaics. 


Sulfurcell is one of the world’s three leading companies in 

the development and production of thin-film solar modules 

based on CIS semiconductors. The Berlin company offers 

innovative solar power technology whose quality and 

appearance have already received many awards. 

Management 

Dr. Nikolaus Meyer (CEO and founder) 

Dr. Rüdiger Stroh (COO) 

Henrik Krüpper (CSO) 


Sulfurcell can rely on a broad basis of renowned investors. 

In addition to Intel Capital (Santa Clara) and Climate 

Change Capital (London), these also include the BEU (Berlin) 

(a joint investment fund of Vattenfall Europe and GDF 

Suez), along with Ventegis Capital (Berlin), Demeter (Paris), 

Zouk (London), AIG (Zürich), BankInvest (Copenhagen), IBB 

(Berlin), Engelbert Giesen (Berlin) and Masdar (New York).

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Profile 




Financing needs (in m€) 4 to 5 






Contact 

Contact Person Dr. Christoph Ballin 

Phone +49 (0) 8151 268 67-60 

E-mail christoph.ballin@torqeedo.com 

Website www.torqeedo.com 

Address Petersbrunner Straße 3a 

82319 Starnberg 

Germany 


Torqeedo is the leader in clean outboards (for boats). Due to 

its unique characteristics, the boating market is very 

suitable for a pioneering role in e-mobility. 


Torqeedo outboards convert the limited battery supply better 

into propulsive power than any other outboard on the 

market. In addition they offer product-specific advantages 

like ultra-lightweight design, integrated GPS-based range 

calculation, competitive price-points etc. Drivers for 

Torqeedo’s unique performance are unique technological 

advantages with regards to module-technologies (motor-, 

battery-, propeller-technology) as well as system-techno - 

logies (e.g. safety, user-interface, corrosion resistance). 

Torqeedo is leveraging the unique product advantages to 


Torqeedo GmbH 

Energy Efficiency & Reduction of Emission 

build an international consumer brand for clean outboards. 

As the global pioneer in this field, Torqeedo stands already 

today for clean high-tech drives with superior performance. 

Management 

Christoph Ballin, Co-Founder and Managing Director 

(Sales, Marketing, Finance) – prior positions include 

Manag ing Director Gardena Deutschland GmbH, Corporate 

Sales Director Gardena AG, Engagement Manager 

McKinsey & Company Inc. 

Friedrich Böbel, Co-Founder and Managing Director (R&D, 

Sourcing, Supply Chain, Quality) – prior positions include 

COO Gardena AG, COO Müller Milch (Müller Dairy), VP Production 

Infineon AG, Team Manager Fraunhofer IIS 

Dr. Friedrich Böbel (left) and Dr. Christoph Ballin 


Main current investors: Wheb Ventures, Brose Trust AG, 

Extorel AG

voxeljet technology GmbH 

Advanced Industrial Equipment 

Profile 










Contact 

Contact Person Dr.-Ing. Ingo Ederer 

Phone +49-(0) 8 21-74 83-1 00 

E-mail ie@voxeljet.de 

Website www.voxeljet.com 

Address Paul-Lenz-Straße 1 

86316 Friedberg 

Germany 


voxeljet is a technology company that specialises in the development, 

production and marketing of generative production 

systems. The company's core know-how lies in the 

area of high-performance ink jet technology. 


voxeljet is the market leader for industrial 3D printing sys - 

tems. 

Management 

Dr. Ingo Ederer: Founder, partner and managing director of 

voxeljet technology (born in 1967). After graduating from 

the Technical University of Munich with a degree in mechanical 

engineering, he completed his university studies by 

earning a doctorate in piezo dosage of liquids. Dr. Ederer is 

recognized as a renowned rapid prototyping expert and 

acts in this capacity as a consultant for the Bavarian Research 

Foundation and other organizations. 

Rudolf Franz: Chairman of the Advisory Board of voxeljet 

technology (born in 1967). The qualified industrial engineer 

Rudolf P. Franz has been active in the world of venture capital 

for over 15 years – currently in the capacity of business 

angel. Previously he was a member of the management 

board of 3i Deutschland Gesellschaft für Industriebetei - 

ligungen mbH, where he was responsible for technology 

investment business in Germany, Austria and Switzerland. 

Franz Industriebeteiligungen AG has been a shareholder of 

voxeljet since December 2003. Within the company, Mr 

Franz is responsible for marketing and sales as well as 

finance. 

Dr. Ingo Ederer Rudolf Franz 


The company needs growth capital in order to open up the 

international markets. 

Dr. Ingo Ederer, 38% 

Franz Industriebeteiligungen AG, 17% 

Bayern Kapital GmbH, 11% 




Profile 










Contact 

Contact Person Albert Denz 

Phone +49-(0) 7 11-58 53 31-29 

E-mail albert.denz@wireminds.de 

Website www.wiredminds.de 

Address Immenhofer Straße 21 


Germany 


a) Web analytics & tracking of smart web applications 

The market for mobile applications grows by 90% per year 

worldwide and is expected to show a revenue growth up to 

EUR 700 million by 2013 in Germany. Worldwide there will 

be more than 600,000 applications by 2013. To exploit this 

market potential there is an urgent need of intelligent software, 

which allows to monitor and analyze the behaviour of 

consumers who use these apps. Based on classical webanalytics, 

WiredMinds’ technology is adjusted to the requirements 

of the app environment and allows to track behavior 

patterns and statistical data. Assuming a 10% market 

share of this widely uncovered potential, WiredMinds could 

generate EUR 15 million additional revenue in 2013. 

b) Online sales & marketing automation. WiredMinds’ technology 

identifies visitors of a website and augments potential 


WiredMinds AG 

Internet 

customers with behavioral and searching profiles. Based on 

this data, WiredMinds generates instantly leads and reports 

to relevant sales channels or integrates in CRM systems. 


Ad a) 

Web analytics & tracking of smart web applications: Standard 

products offer to be launched based on existing platform. 

Ad b) 

Online Sales & Marketing Automation: WiredMinds is the lead - 

ing Plug & Play webanalytics solution company in Germany; 

successful start in UK with around 15 customers & recently 

closed contract with an international web hosting platform. 

Management 

Albert Denz, CEO: Former IBM and SAP executive and 

experienced start-up manager 

Markus Müller, CTO and Co-Founder: 15 years experience 

in developing Internet Business Solutions 


Planned investment: EUR 4 million 

Shareholder/Investor: Creathor Venture 

Albert Denz, CEO

Zentrum Mikroelektronik 

Dresden AG 

Semiconductors 

Profile 




Financing needs (in m€) Refinancing liabilities 






Contact 

Contact Person Thilo von Selchow 

Phone +49-(0) 3 51-88 22-2 04 

E-mail tvs@zmdi.com 

Website www.zmdi.com 

Address Grenzstraße 28 

01109 Dresden 

Germany 


Analog mixed-signal based products for energy efficient 

solutions in electronics. ZMDI focuses on ICs for sensors 

and Power Management as well as LED. 


Leading in signal conditioning and processing of sensors. 

USP in LED through dimming capability and operation on 

rectified line power option (230 V). USP in Digital Power 

Management through several patents. 

Management 

Thilo von Selchow (CEO & President) 

Thilo von Selchow is CEO & President since 1999. He 

turned the company around from a struggling state-owned 


enterprise into a growing global Fabless player. He holds a 

degree in Economics from the University of Munich. Between 

1991 and 1999, he served several Managing Director- and 

Chairman positions in the Heitkamp & Thumann Group. He 

is a cofounder of “Silicon Saxony e.V.”, serves as Chairman 

of the Board at Novaled AG and is member of the Advisory 

Board to the Microelectronics Group of the Fraunhofer 

Association. 

Steffen Wollek (CFO) 

Steffen Wollek joined ZMD AG in March 2005 as Head of 

Finance, Controlling & Treasury and became CFO of ZMD 

AG in 2007 and since 2009 he is member of the executive 

board. He has been working for several SMEs in Berlin 

before, basically being responsible for Corporate Finance, 

International Accounting & Controlling. He studied at the 

Technische Universität Berlin and at the University of 

Berkeley in California and holds a Diploma in Business 

Administration. 

Thilo von Selchow, CEO & President 

Steffen Wollek, CFO 


Restructuring of liabilities (see presentation). 


Service 

Deutsche Börse Listing Partners 

ACON Actienbank AG China Expert 

Contact Person Christoph Weideneder 

E-mail weideneder@aconbank.de 

Phone +49-(0) 89-24 41 18-3 00 

Web www.aconbank.de 

China, Russia & CIS 

Allen & Overy LLP and Entry Standard Expert 

Contact Person Dr. Oliver Seiler 

E-mail oliver.seiler@allenovery.com 

Phone +49-(0) 69-26 48 50 00 

Web www.allenovery.com 

Ashurst LLP Russia & CIS Expert 

Contact Person Sergei Ostrovsky, Reinhard Eyring 

E-mail sergei.ostrovsky@ashurst.com 

reinhard.eyring@ashurst.com 

Phone +44-(0)207-638-1111, +49-(0) 69-97 11 26 

Web www.ashurst.com 

Asiasons WFG Financial China Expert 

Phone +65-(0) 6319 4999 

AWT Horwath GmbH China and 

Wirtschaftsprüfungsgesellschaft Entry Standard Expert 

Contact Person Manuel Rauchfuss, Günter Wörl 

E-mail manuel.rauchfuss@awt-horwath.de 

guenter.woerl@awt-horwath.de 

Phone +49-(0) 89-76 90 63-27, -28 

Web www.awt-horwath.de 

India and 

Baader Bank Aktiengesellschaft Entry Standard Expert 

Contact Person Nico Baader, Ulrich Drumm 

E-mail nico.baader@baaderbank.de 

ulrich.drumm@baaderbank.de 

Phone +49-(0) 89-51 50 0 

Web www.baaderbank.de 

Bankhaus Lampe KG 

Contact Person Ludger Meckenstock, Dr. Carsten Lehmann 

E-mail ludger.meckenstock@bankhaus-lampe.de 

lehmann@lampe-cf.de 

Phone +49-(0) 2 11-49 52-6 33, +49-(0) 69-33 99 51-0 

Web www.bankhaus-lampe.de 

Bankhaus Main AG Russia & CIS Expert 

Contact Person Rainer Bergmann, Klaus Armbrust 

E-mail rainer.bergmann@bankhaus-main.com 

klaus.armbrust@bankhaus-main.com 

Phone +49-(0) 69-59 76 76-105, -106 

Web www.bankhaus-main.com 

BankM – Representative Office of biw Bank for 

Investments and Wertpapiere AG Entry Standard Expert 

Contact Person Ralf Hellfritsch, Peter Sang 

E-mail ralf.hellfritsch@bankm.de, peter.sang@bankm.de 

Phone +49-(0) 69-719 18 38-32, -11 

Web www.bankm.de, www.biw-bankm.de 


Bayerische Landesbank Entry Standard Expert 

Contact Person Alf Niezold, Helmut Steinhauser 

E-mail alf.niezold@bayernlb.de 

helmut.steinhauser@bayernlb.de 

Phone +49-(0) 89-2 17 12 39 60 

Web www.bayernlb.de 

BDO Deutsche China, Russia & CIS 

Warentreuhand AG and Entry Standard Expert 

Contact Person Dr. Gebhard Zemke, Andrea Bilitewski 

E-mail gebhard.zemke@bdo.de, andrea.bilitewski@bdo.de 

Phone +49-(0) 40-302 93-525, -209 

Web www.bdo.de 

Beiten Burkhardt 

Rechtsanwalts- China, India, Russia & CIS 

gesellschaft mbH and Entry Standard Expert 

Contact Person Robert Michels, Dr. Dirk Tuttlies 

E-mail robert.michels@bblaw.com 

dirk.tuttlies@bblaw.com 

Phone +49-(0) 69-75 60 95-0 

Web www.bblaw.com 

BHF - BANK AG 

Contact Person Cornelius Clotten 

E-mail cornelius.clotten@bhf-bank.com 

Phone +49-(0) 69-71 80 

Web www.bhf-bank.com 

Blättchen & Partner AG Entry Standard Expert 

Contact Person Prof. Dr. Wolfgang Blättchen 

Dr. Stephan Mahn 

E-mail wb@blaettchen.de, sm@blaettchen.de 

Web www.blaettchen.de 

BNP Paribas Entry Standard Expert 

Contact Person Lars Stiewe 

E-mail lars.stiewe@bnpparibas.com 

Phone +44-(0) 207-5 95 20 84 

Web www.bnpparibas.com 

Brunswick Group China Expert 

Contact Person Christian Weyand, Gundolf Moritz 

E-mail cweyand@brunswickgroup.com 

gmoritz@brunswickgroup.com 

Phone +49-(0) 69 24 00 55 10 

Web www.brunswickgroup.com 

Business Wire - A Berkshire Hathaway Company 

Contact Person Susanne Minneker, Henrik Adelmann 

E-mail susanne.minneker@businesswire.com 

henrik.adelmann@businesswire.com 

Phone +49-(0) 69-91 50 66-0 

Web www.businesswire.de, www.businesswire.com

CdC Capital AG Entry Standard Expert 

Contact Person Jörn J. Follmer, Alexander Schwaab 

E-mail follmer@cdc-capital.com 

schwaab@cdc-capital.com 

Phone +49-(0) 89-480 580 6-0 

Web www.cdc-capital.com, www.trust-research.com 

Citigate Dewe China, Russia & CIS 

Rogerson GmbH and Entry Standard Expert 

Contact Person Hanning Kempe, Ilka Schwarz 

E-mail hanning.kempe@citigatedr.de 

ilka.schwarz@citigatedr.de 

Phone +49-(0) 69-90 50 0-0 

Web www.citigatedr.de, www.citigatedr.co.uk 


Clifford Chance and Entry Standard Expert 

Contact Person Markus Pfüller 

E-mail markus.pfueller@cliffordchance.com 

Phone +49-(0) 69-71 99-01 

Web www.cliffordchance.com 

Close Brothers Seydler Bank AG China Expert 

Contact Person Thomas Kaufmann 

E-mail thomas.kaufmann@cbseydler.com 

Phone 49-(0) 69-9 20 54-0 

Web www.cbseydler.com 

Service 

China, India, Russia & CIS 

CMS Hasche Sigle and Entry Standard Expert 

Contact Person Dr. Andreas Zanner 

E-mail andreas.zanner@cms-hs-com 

Phone +49-(0) 69-71 70 10 

Web www.cms-hs.com 

cometis AG China, Russia & CIS and Entry Standard Expert 

Contact Person Michael Diegelmann 

E-mail diegelmann@cometis.de 

Phone +49-(0) 611-20 58 55-0 

Web www.cometis.de 

Commerzbank AG Entry Standard Expert 

Contact Person Ute Gerbaulet 

E-mail ute.gerbaulet@commerzbank.com 

Phone +49-(0) 69-136-2 29 74 

Web www.commerzbank.com 

Computershare Deutschland GmbH & Co. KG 

Contact Person Steffen Herfurth 

E-mail steffen.herfurth@computershare.de 

Phone +49-(0) 89 - 30 90 3 - 0 

Web www.computershare.de 

Cortent Kommunikation AG Russia & CIS Expert 

Contact Person Volker Siegert , Nikolai Zhur 

E-mail volker.siegert@cortent.de, kirezova@m-p.ru 

Phone +49-(0) 69-5 77 03 00-61 

Web www.cortent.de 

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Deloitte & Touche GmbH China, Russia & CIS Expert 

Contact Person Daniel Döpfner, Mike Braun 

E-mail ddoepfner@deloitte.de, mibraun@deloitte.com.cn 

Phone +49-(0) 69-7 56 95-01 

Web www.deloitte.de 

Deutsche Bank AG China, Russia & CIS Expert 

Contact Person Georg Hansel, Theodor Hertfelder 

E-mail georg.hansel@db.com, theodor-a.hertfelder@db.com 

Phone +49-(0) 69-910-3 89 30, -3 88 13 

Web www.deutsche-bank.com 

Dewey & LeBoeuf LLP 

Contact Person Philipp von Ilberg 

E-mail pvonilberg@deweyleboeuf.com 

Phone +49-(0) 69-36 39-30 

Web www.dl.com 

DGAP Deutsche Gesellschaft 

für Ad-hoc-Publizität mbH Entry Standard Expert 

Contact Person Robert Wirth 

E-mail marketing@dgap.de 

Phone +49-(0) 89-21 02-1 98 49 

Web www.dgap.de 

Donner & Reuschel AG 

Contact Person Svenja Weber, Andra John 

E-mail svenja.weber@donner-reuschel.de 

andra.john@donner-reuschel.de 

Phone +49-(0) 40-3 02 17-0 

Web www.donner-reuschel.de 

DZ BANK AG Entry Standard Expert 

Contact Person Andreas John 

E-mail andreas.john@dzbank.de 

Phone +49-(0) 69-74 47 01 

Web www.dzbank.de 

Ebner Stolz Mönning Bachem Entry Standard Expert 

Contact Person Christian Fuchs, Jan Maertins 

E-mail christian.fuchs@ebnerstolz.de 

jan.maertins@ebnerstolz.de 

Phone +49-(0) 711-20 49-12 76, +49-(0) 40-3 70 97-1 47 

Web www.ebnerstolz.de 

India, Russia & CIS 

equinet Bank AG and Entry Standard Expert 

Contact Person Lutz Weiler, Götz Gollan 

E-mail lutz.weiler@equinet-ag.de, goetz.gollan@equinet-ag.de 

Phone +49-(0) 69-58 99 70 

Web www.equinet-ag.de 

EquityStory AG Russia & CIS Expert 

Contact Person Marcus Sultzer 

E-mail marcus.sultzer@equitystory.ru 

Phone +7 (495) 916 62 74 

Web www.equitystory.de 


Ernst & Young GmbH and Entry Standard Expert 

Contact Person Heinrich Lind, Philipp Turowski 

E-mail heinrich.lind@de.ey.com, philipp.turowski@ru.ey.com 

Phone +49-(0) 211-9352 10327,+7-(0) 495-7 55-96 95 

Web www.de.ey.com 


Financial Dynamics GmbH China, Russia & CIS Expert 

Contact Person Dr. Lutz Golsch, Markus Breidenstein 

E-mail lutz.golsch@fd.com, markus.breidenstein@fd.com 

Phone +49-(0) 69-9 20 37-0 

Web www.fd.com 

fischerAppelt, ziegler GmbH Entry Standard Expert 

Contact Person Ulf Ziegler, Dr. Matthias Larisch 

E-mail uz@fischerappeltziegler.de, ml@fischerappeltziegler.de 

Web www.fischerappelt.de 

Fortune China Financial Holdings Ltd. China Expert 

Contact Person Johnny Chen 

E-mail jchen@goipo.cn 

Phone +86-(0) 21 6887 2995 

Web www.goipo.cn 

Goldman, Sachs & Co. oHG China, Russia & CIS Expert 

Contact Person Dr. Christoph Stanger, Dr. Philip Schnedler 

E-mail christoph.stanger@gs.com 

philip.schnedler@gs.com 

Phone +44-(0) 20 77 74-47 33, -99 17 

Web www.goldman-sachs.de 

GolinHarris China and Entry Standard Expert 

Contact Person Jürgen Parr, Christian Fuchs 

E-mail parr@golinharris.de, fuchs@golinharris.de 

Phone +49-(0) 69-91 30 43-39, -17 

Web www.golinharris.de 

Grant Thornton GmbH 

Wirtschaftsprüfungsgesellschaft China Expert 

Contact Person Friedrich Graf von Kanitz, Tim Robinson 

E-mail f.kanitz@cgn.grantthornton.de 

t.robinson@ham.grantthornton.de 

Phone +49-(0) 221 912 84-535, +49-(0) 40 415 22-143 

Web www.grantthornton.de 

Halter Financial Group China Expert 

Contact Person Jennifer Guan 

E-mail jennifer@halter.com.cn 

Phone +86-(0) 21-50120990-193 

Web www.halter.com.cn, www.halterfinancial.com 

Haubrok AG Entry Standard Expert 

Contact Person Axel Haubrok 

E-mail office@haubrok.de 

Phone +49-(0) 2 11-30 12 60 

Web www.haubrok.de 


Hauck & Aufhäuser and Entry Standard Expert 

Contact Person Carl-Friedrich von Schumann 

E-mail carl.schumann@ha-ib.com 

Phone +49-(0) 69-50 500 49 95 

Web www.ha-ib.com 

Helaba Landesbank Hessen-Thüringen 

Contact Person Albrecht von der Chevallerie, Thorsten Kiwitz 

E-mail albrecht.chevallerie@helaba.de 

thorsten.kiwitz@helaba.de 

Phone +49-(0) 69-91 32-41 85 

Web www.helaba.de

Hogan Lovells China, Russia & CIS Expert 

Contact Person Dr. Karsten Müller-Eising 

E-mail karsten.mueller-eising@hoganlovells.com 

Phone 49-(0)69-962 36-341 

Web www.hoganlovells.com 

Holme Roberts & Owen Germany LLP Entry Standard Expert 

Contact Person Jens Röhrborn 

E-mail jens.roehrborn@hro.com 

Phone +49-(0) 89-38 39 80-0 

Web www.hro.com 

HSBC Trinkaus Burkhardt AG Entry Standard Expert 

Contact Person Dr. Ralf Neuhaus, Mark Kahlenberg 

E-mail ralf.neuhaus@hsbctrinkaus.de 

mark.kahlenberg@hsbctrinkaus.de 

Phone +49-(0) 2 11-9 10 25 90 

Web www.hsbctrinkaus.de 

ICF Kursmakler AG 

Contact Person Rainer Roubal, Sascha Rinno 

E-mail s.rinno@icfag.de 

Phone +49-(0)60-92 877-316,-501 

Web www.icfag.de 

Independent Research GmbH Entry Standard Expert 

Contact Person Pierre Drach 

E-mail pdrach@irffm.de 

Phone +49-(0) 69-971 490 0 

Web www.irffm.de 

Service 

IPONTIX Equity 

Consultants GmbH China and Entry Standard Expert 

Contact Person Ulrich Barnickel, Manuel Knaus 

E-mail ubarnickel@ipontix.com, mknaus@ipontix.com 

Phone +49-(0) 69-9 54 54-0 

Web www.ipontix.com 

JP Capital China Expert 

Contact Person Jane Wang 

E-mail jane.wang@jpc-i.com 

Phone +86-(0) 21-61650998 

Web www.jpc-i.com 

JP|KOM GmbH China Expert 

Contact Person Boris Bolwin 

E-mail boris.bolwin@jp-kom.de 

Phone +49-(90) 69 921019-36 

Web www.jp-kom.de 

JPMorgan 

Contact Person Dr. Karl Georg Altenburg, Klaus H. Hessberger 

E-mail klaus.h.hessberger@jpmorgan.com 

Phone +49-(0) 69-7 12 40, +44-207-3 25 16 49 

Web www.jpmorgan.com 

Kepler Capital Markets China, Russia & CIS Expert 

Contact Person Dr. Serge Ragotzky, Andrej Kirschke 

E-mail serge.ragotzky@keplercm.com, andrej.kirschke@keplercm.com 

Phone +49-(0) 69-756 96-380 

Web www.keplercapitalmarkets.com 

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Kirchhoff Consult AG China, India and Entry Standard Expert 

Contact Person Klaus Rainer Kirchhoff, Jens Hecht 

E-mail kirchhoff@kirchhoff.de, jens.hecht@kirchhoff.de 

Phone +49-(0) 40-6 09 18 60 

Web www.kirchhoff.de 

KIT Finance Russia & CIS Expert 

Contact Person Elnur Kurbanov, Sergey Shlyuger 

E-mail e.kurbanov@kf.ru, s.shlyuger@kf.ru 

Phone +7-(0) 495 641 4414 (ext. 51034, ext. 51370) 

Web www.kf.ru/eng 

KMO – Kestler Mielert & Partner Entry Standard Expert 

Contact Person Hubertus Kestler 

E-mail kestler@kmo-legal.de 

Phone +49-(0) 69-97 16 00 

Web www.kmo-legal.de 

KPMG Deutsche China, India, Russia & CIS 

Treuhand-Gesellschaft AG and Entry Standard Expert 

Contact Person Michael Salcher, Thorsten Amann 

E-mail msalcher@kpmg.com, tamann@kpmg.com 

Phone +49-(0) 89-92 82 12 39, +49-(0) 30-20 68 11 44 

Web www.kpmg.de/emergingmarkets 

Landesbank Baden- 

Württemberg (LBBW) Entry Standard Expert 

Contact Person Jobst Bartmer, Jan Schwendemann 

E-mail jobst.bartmer@lbbw.de 

jan.schwendemann@lbbw.de 

Phone +49-(0) 711-1 27-250-21,-40 

Web www.lbbw.de 

Lang & Schwarz Broker GmbH Entry Standard Expert 

Contact Person Peter Zahn, Marc Evertz 

E-mail peter.zahn@ls-d.de, marc.evertz@ls-d.de 

Phone +49-(0) 211-13 840-410, -893 

Web www.ls-d.de 

Latham & Watkins LLP China, Russia & CIS Expert 

Contact Person Dr. Roland Maass, Rudolf Haas 

E-mail roland.maass@lw.com, rudolf.haas@lw.com 

Phone +49-(0) 69-6062-66-24, -04 

Web www.lw.com 


Linklaters LLP and Entry Standard Expert 

Contact Person Dr. Herbert Harrer, Christoph F. Vaupel 

E-mail herbert.harrer@linklaters.com 

christoph.vaupel@linklaters.com 

Phone +49-(0) 69-71 00 30 

Web www.linklaters.com 

Luther Rechtsanwalts- China, India and 

gesellschaft mbH Entry Standard Expert 

Contact Person Dr. Julia Petersen, Dr. Angelika Yates 

E-mail julia.petersen@luther-lawfirm.com 

angelika.yates@luther-lawfirm.com 

Phone +49-(0) 30-5 21 33-2 11 46, +49-(0) 221-99 37-2 57 97 

Web www.luther-lawfirm.com 


Mayer Brown LLP China Expert 

Contact Person Dr. Ulrike Binder, Patrick C. K. Wong 

E-mail ubinder@mayerbrown.com 

patrick.wong@mayerbrownjsm.com 

Phone +49-(0) 69-79 41 0 

Web www.mayerbrown.com 

Merrill Lynch International 

Bank Limited Russia & CIS Expert 

Contact Person Magnus von Schlieffen, Riccardo Orcel 

E-mail riccardo.orcel@baml.com 

Phone +49-(0) 69-58 99-50 00, +44-(0) 20-9953203 

Web www.ml.com 

M.M.Warburg & CO KGaA China and Entry Standard Expert 

Contact Person Till Wrede 

E-mail twrede@mmwarburg.com 

Phone +49-(0) 40-32 82 - 22 98 

Web www.mmwarburg.com 

Morgan, Lewis & Bockius LLP 

Contact Person Dr. Christian O. Zschocke 

E-mail czschocke@morganlewis.com 

Phone +49-(0) 69-71 40 07-11 

Web www.morganlewis.de 

Morgan Stanley Bank AG China Expert 

Contact Person Klaus Froehlich, Mille Cheng 

E-mail klaus.froehlich@morganstanley.com 

mille.cheng@morganstanley.com 

Phone +44-(0) 207-425-23 12 

Web www.morganstanley.com 

mwb fairtrade 

Wertpapierhandelsbank AG China Expert 

Contact Person Elke Fürstenau, Alexander Tietze 

E-mail efuerstenau@mwbfairtrade.com 

atietze@mwbfairtrade.com 

Phone +49-(0) 89-85852-300, -100 

Web www.mwbfairtrade.com 

news aktuell GmbH Entry Standard Expert 

Contact Person Lars Müller 

E-mail euroadhoc@newsaktuell.de 

Phone +49-(0) 40-41 13-28 59 

Web www.newsaktuell.de 

Noerr LLP China, Russia & CIS and Entry Standard Expert 

Contact Person Dr. Laurenz Wieneke, RA Dr. Tobias Bürgers 

E-mail laurenz.wieneke@noerr.com 

tobias.buergers@noerr.com 

Phone +49-(0) 69-9 71 47 70, +49-(0) 89-28 62 80 

Web www.noerr.com 


Norton Rose LLP and Entry Standard Expert 

Contact Person Dr. Frank Peter Regelin, Dr. Sascha Grimm 

E-mail frank.regelin@nortonrose.com 

sascha.grimm@nortonrose.com 

Phone +49-(0)69-50 50 961-97, -91 

Web www.nortonrose.com

GoingPublic 

Omiris AG Entry Standard Expert 

Contact Person Sam Winkel, Robert Zeiss 

E-mail winkel@omiris.de, zeiss@omiris.de 

Phone +49-(0) 89 - 5457 8550 

Web www.consult.omiris.de 

O&R Oppenhoff & Rädler AG Entry Standard Expert 

Contact Person Dieter Heidemann, Ralf Otto 

E-mail dieter.heidemann@or-ag.com, ralf.otto@or-ag.com 

Web www.or-ag.com 

Orrick Hölters & Elsing China and Entry Standard Expert 

Contact Person Dr. Olaf Müller-Michaels, Edwin Luk 

E-mail omueller-michaels@orrick.eu, eluk@orrick.com 

Phone +49-(0) 211-3 67 87-0, +85-(0) 2-22 18 9138 

Web www.orrick.com 

PricewaterhouseCoopers China, Russia & CIS Expert 

Contact Person Christoph Gruss, Nadja Picard 

E-mail christoph.gruss@de.pwc.com 

nadja.picard@de.pwc.com 

Phone +49-(0) 69-95 85 34 15, +49-(0) 211-981 29 78 

Web www.pwc.de 

quirin bank AG Entry Standard Expert 

Contact Person Johannes Eismann 

E-mail info@quirinbank.de 

Phone +49-(0) 30-890 21-372 

Web www.quirinbank.de 

3 Sonderbeilage März 2010 / 5,00 EUR www.goingpublic.de 

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Riemann Investment Holdings Ltd. China Expert 

Contact Person Qianping Huang 

E-mail catherine.huang@shrminvest.com 

Web www.shrminvest.com 

Rödl & Partner China Expert 

Contact Person Michael Wiehl, Björn Stübiger 

E-mail michael.wiehl@roedl.de, bjoern.stuebiger@roedl.com 

Phone +49-(0) 911-91 93-13 00 

Web www.roedl.com 

Sal. Oppenheim jr. & Cie. KGaA China Expert 

E-mail ecm@oppenheim.de 

Phone +49-(0) 69-71 34 - 51 95 

Web www.oppenheim.de 

SALANS LLP China, Russia & CIS and Entry Standard Expert 

Contact Person Dr. Hermann Meller, 

Dr. Benjamin Kroymann 

E-mail hmeller@salans.com, bkroymann@salans.com 

Phone +49-(0) 30 2 64 73-405, -219 

Web www.salans.com 

Shearman & Sterling LLP China Expert 

Contact Person Dr. Stephan Hutter, Dr. Hans Diekmann 

E-mail shutter@shearman.com, hdiekmann@shearman.com 

Phone +49-(0) 69-97 11-12 30, +49-(0) 211-17 88 8-818 

Web www.shearman.com 

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Silvia Quandt & Cie. AG and Entry Standard Expert 

Contact Person Robin Huber, Didier Beltai-Menth 

E-mail huber@silviaquandt.de, menth@silviaquandt.de 

Phone +49-(0) 69-95 92 90 93-04, -08 

Web www.silviaquandt.de 

Skillnet GmbH China Expert 

Contact Person Sabine Böhmer, Bodo Kräter 

E-mail sabine.boehmer@skillnet.com 

bodo.kraeter@skillnet.com 

Phone +49-(0) 40-2 80 15 4-0 

Web www.skillnet.com 

Sparkasse KölnBonn Entry Standard Expert 

Contact Person Ralf Braun, Simone Schulze Zumloh 

E-mail ralf.braun@sparkasse-koelnbonn.de 

simone.schulze-zumloh@sparkasse-koelnbonn.de 

Phone +49-(0) 221-226-2215, -2076 

Web www.sparkasse-koelnbonn.de 

China and Entry 

Süddeutsche Aktienbank AG Standard Expert 

Contact Person Hartwig Traber, Lin Liu 

E-mail traber@sab-bank.com, liu@sab-bank.com 

Phone +49-(0) 711-229 315-0, +86-(0) 10 5169 0690 

Web www.sab-bank.com 

Taylor Wessing China, India Expert 

Contact Person Stephan Heinemann 

E-mail s.heinemann@taylorwessing.com 

Phone +49-(0) 69-9 71 30-0 

Web www.taylorwessing.com 

The Royal Bank of Scotland N.V. 

Contact Person Klaus Schinkel, Dr. Barbara Böhnlein 

E-mail klaus.schinkel@rbs.com 

barbara.boehnlein@rbs.com 

Phone +49-(0) 69-17006-228, -383 

Web www.rbs.de 

UBJ. GmbH Entry Standard Expert 

Contact Person Ingo Janssen 

E-mail ingo.janssen@ubj.de 

Phone +49-(0) 40 - 6378 5410 

Web www.ubj.de 

UniCredit Bank AG 

Contact Person Peter Schaede 

E-mail peter.schaede@unicreditgroup.de 

Phone +49-(0) 89 378-11650 

Web www.unicreditgroup.eu 

VEM Aktienbank AG China and Entry Standard Expert 

Contact Person Justus Linker, Markus Becker 

E-mail j.linker@vem-aktienbank.de 

m.becker@vem-aktienbank.de 

Phone +49-(0) 89 3 09 03 48-60, -85 

Web www.vem-aktienbank.de 


VISCARDI AG China Expert 

Contact Person Markus Fischer, Dr. Liming Ge 

E-mail markus.fischer@viscardi.com 

Phone +49-(0) 89 25 558-0, -127 

Web www.viscardi.com 

WestLB China, Russia & CIS and Entry Standard Expert 

Contact Person Christian Fuest, Heiko Trapp 

E-mail christian.fuest@westlb.de, heiko.trapp@westlb.de 

Phone +49-(0) 211-8 26-8612, -2592 

Web www.westlb.de 

WGZ BANK Entry Standard Expert 

Contact Person Dr. Reiner Selbach 

E-mail reiner.selbach@wgzbank.de 

Phone +49-(0) 211-7 78-28 81 

Web www.wgzbank.de 

White & Case LLP Russia & CIS Expert 

Contact Person Dr. Lutz Robert Krämer, Dr. Benedikt Gillessen 

E-mail lkraemer@whitecase.com 

bgillessen@whitecase.com 

Phone +49-(0) 69-29994-1132 

Web www.whitecase.com 

Willkie Farr & Gallagher LLP 

Contact Person Prof. Dr. Michael Schlitt 

E-mail mschlitt@willkie.com 

Phone +49-(0) 69-79302-170 

Web www.willkie.com 

Wolfgang Steubing AG 

Contact Person Dr. Jochen Grossmann, Kai Jordan 

E-mail jochen.grossmann@steubing.com 

kai.jordan@steubing.com 

Phone +49-(0) 69-297 16-168, -112 

Web www.steubing.com 

youmex AG China and Entry Standard Expert 

Contact Person Andreas Wegerich 

E-mail wegerich@youmex.de 

Phone +49-(0) 69-79 53-98-0 

Web www.youmex.de

IT IS WHAT 

YOU KNOW 

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macquarie.com/forwardthinking

Service 

Market Segments 

An overview 

In Europe, there 

are two points of 

access to the capital 

market: access 

via markets regulated 

by the EU 

(EU-regulated 

markets) and access 

via markets 

regulated by the 

stock exchanges 

themselves (regulat 

ed unofficial markets). 

At Deutsche 

Börse, operator of the FSE (the Frankfurt Stock Exchange), a 

listing on the EU-regulated market leads either to the General 

or to the Prime Standard. A primary listing on the Open 

Market (regulated unofficial market), on the other hand, can 

lead to the First Quotation Board or Entry Standard. 

The EU-regulated market 

Figure 1: Issuers have the choice 

Two ways to access the 

capital market 

Deutsche Börse 

Primary Market Segments 

Source: Deutsche Börse AG 

The EU-regulated market is an organized market in the 

sense of § 2 para. 5 German Securities Trade Act (WpHG). 

Prior to trading, the issuer of the securities must file an application 

for admission to the EU-regulated market together 

with a bank, a financial service provider or a company 

which operates in accordance with § 53 para. 1 clause 1, or 

§ 53b para. 1 clause 1 of the German Banking Act, to the 

Management Board of FWB Frankfurter Wertpapierbörse 

(Frankfurt Stock Exchange). The bank or company must be 

admitted to a domestic stock exchange with the right to 

participate in trading and submit proof of a liable capital of 

EUR 730,000. If the issuing company itself fulfils these 

conditions, it may file the application for admission alone. 

The legal principles of admission are regulated in detail in 

the German Stock Exchange Act, the Stock Exchange 

Admission Regulation, the Prospectus Act and the 

Exchange Rules for the Frankfurt Stock Exchange. 

Main criteria for the first admission of shares to the 

EU-Regulated Market: 

• The issuer must have existed as a company for at least 

three years, exceptions are possible. 


EU-Regulated Market Regulated Unofficial Market 

(Exchange Regulated Market) 

Prime Standard Entry Standard 

General Standard First Quotation Board 

(Open Market) 

• The anticipated market value of the shares to be admitted 

or – if an estimate is not possible – the equity of the company 

amounts to at least EUR 1.25 million. 

• The minimum number of shares is 10,000 for no-par value 

shares. 

• Free float of at least 25%. According to § 9 BörsZulV 

(Stock Exchange Admission Regulation) exceptions are 

possible. 

• The admission document is a listing prospectus with 

information about the actual and legal circumstances 

which are essential for the assessment of the issuer and 

the security. The listing prospectus must be accurate and 

complete and must include the balance sheets, income 

statements and cash flow statements of the last three 

fiscal years and the notes as well as the management 

report of the last fiscal year. 

• The language of publication is German, for foreign issuers 

English. 

• The decision-making body is the Management Board of 

the Frankfurt Stock Exchange.

Main follow-up obligations for the issuers of 

shares: 

• publication of annual financial statements 

• publication of an interim report for the first six 

months of the fiscal year 

• ad-hoc disclosure in accordance with §15 

Securities Trading Act (WpHG) 

• duty of notification in accordance with §21 

Securities Trading Act (WpHG). 

Open Market (regulated unofficial market) 

The Open Market (regulated unofficial market), which is 

organized by Deutsche Börse, is divided into the First 

Quotation Board and the Second Quotation Board. It represents 

the second German market segment regulated by 

law, besides the EU-regulated market. However, in contrast 

to the EU-regulated market, the Open Market is not an 

official market segment, but is governed by private law. A 

stock exchange may choose to provide this type of segment 

in accordance with article 48 of the Stock Exchange 

Act (BörsG Börsengesetz), if the securities included herein 

are neither listed nor included in the EU-regulated market 

and as long as orderly trading and business conduct can be 

guaranteed. 

Besides German shares, mainly international shares, bonds 

of German and international issuers, and certificates and 

warrants are traded on the Open Market. Shares from more 

than 80 countries are listed on the Open Market. According 

to article 2, para. 5 of the Securities Trading Act (WpHG 

Wertpapierhandelsgesetz), the Open Market does not 

represent an organized or EU- regulated market. The inclusion 

of securities on the Open Market is governed by the Directives 

for the regulated un official market of Deutsche Börse AG. 

The inclusion of securities in exchange trading on the Open 

Market represents one of the easiest and fastest ways to 

the stock exchange. A registered trading member of the 

Frankfurt Stock Exchange files the application for inclusion 

in exchange trading. As the organizing body of the Open 

Market, Deutsche Börse AG makes the decision about 

inclusion. Issuers must fulfil only a few formal inclusion 

requirements and no follow-up obligations. 

Figure 2: “Roadmap” to an IPO at Deutsche Börse 

An IPO covers the following steps: 

Phase 1: Planning and preparation 

Initial consultation with Deutsche Börse 

Form an IPO team within the company 

Recruit advisors (e.g. Deutsche Börse Listing 

Partner) 

Choose the right syndicate bank 

Meet legal requirements within the company 

Phase 2: Structuring 

Set up time plan 

Create business plan and IPO strategy 

Due diligence for key business areas 

Prepare EU prospectus 

Source: Deutsche Börse AG 

Phase 3: Realization and marketing 

Prepare IR activities (establish an IR department; 

draft a catalogue of IR procedures) 

Publish EU prospectus 

Allocate research coverage 

File application for admission 

Brief analysts 

Contact investors 

Phase 4: Price determination secondary market 

Price determination and delivery process 

First price determination (fully electronic price de- 

Service 

termination on Xetra or price determination using 

market makers) 

Structure of the first trading day by Deutsche Börse 

with media presence on the floor of the 

Frankfurt Stock Exchange 

Continuous trading on the Xetra electronic 

trading system 

Main inclusion criteria for the Open Market: 

Application for inclusion: 

• It must include an accurate designation of the security to 

be included and information as to the domestic or foreign 

organized market where prices are already fixed for this 

security. 

• If the securities are not already traded on an organized 

market, the applicant must provide more detailed information 

about the issuer in the form of a prospectus or an 

issuer data form, which allows proper assessment. 

• A company already admitted to the trading on Frankfurt 

Stock Exchange must make the application for inclusion 

of an issuer. 

• The applicant must inform Deutsche Börse AG imme - 

diately and in writing about important circumstances 

concerning the included securities and/or the issuer. 

• The decision-making body for the inclusion is Deutsche 

Börse AG as the operating body of the Open Market. 

• Publication language: German or English. The Open 

Market provides an alternative to the EU-regulated 

segment, the EU-regulated Market, as a point of access 

to the capital market. Small and medium-sized companies, 

in particular, benefit from easy, fast and costeffective 

admission to exchange trading. 

The Open Market provides an alternative to the EU-regulat - 

ed Market, as a point of access to the capital market. Small 

and medium-sized companies, in particular, benefit from 

easy, fast and cost-effective admission to exchange 

trading. 

Learn more about the Deutsche Börse market segments at: 

www.deutsche-boerse.com/listing e > market structure 


Service 

Contact Persons at Deutsche Börse Group 

Head of Listing & Issuer Services 

Telephone: +49-(0) 69-2 11-1 72 97 

E-mail: barbara.georg@deutsche-boerse.com 

Barbara Georg 

Dr. Albrecht Bürger 

Key Account Manager: Russia & CIS 

Telephone: +49-(0) 69-2 11-1 58 85 

E-mail: albrecht.buerger@deutsche-boerse.com 

Nicole Koludrovic 

Key Account Manager: Consumer, Media, 

Retail, Food & Beverages 

Telephone: +49-(0) 69-2 11-1 26 83 

E-mail: nicole.koludrovic@deutsche-boerse.com 

Michael Rieß 

Key Account Manager: Basic Resources, Banks, Construction, 

Financial Services, Industrials, Insurance, Software, Telecommunication, 

Utilities, Deutsche Börse Listing Partner 

Telephone: +49-(0) 69-2 11-1 49 03 

E-mail: michael.riess@deutsche-boerse.com 

Key Account Manager: Russia & CIS 

Telefon: +49-(0) 69-2 11-1 93 47 

E-mail: marian.valkov@deutsche-boerse.com 


Marian Valkov 

Alexander von Preysing 

Head of Issuer Services 

Telephone: +49-(0) 69-2 11-1 72 71 

E-mail: alexander.von.preysing@deutsche-boerse.com 

Stefan Höfer 

Key Account Manager: Chemicals, Pharma & Healthcare, 

Deutsche Börse Listing Partner, Russia & CIS 

Telephone: +49-(0) 69-2 11-1 57 03 

E-mail: stefan.hoefer@deutsche-boerse.com 

Susanne Lotz 

Key Account Manager: Automobile, Financial Servi ces/Real 

Estate, Transportation & Logistics, India, REITs 

Telephone: +49-(0) 69-2 11-1 52 71 

E-mail: susanne.lotz@deutsche-boerse.com 

Key Account Manager: China 

Telephone: +49-(0) 69-2 11-1 52 32 

E-mail: yuxing.ruan@deutsche-boerse.com 

Yuxing Ruan

Index of Advertisers 

Advertiser Page 

ADEUS 131 

Baader Bank 39 

BankM 19 

BDO Wirtschaftsprüfungsgesellschaft 33 

Beiten Burkhardt 75 

Bellevue Asset Management 135 

BNE Business Europe 99 

Börsen Radio Network 63 

Börsen-Zeitung 87 

Buse Heberer Fromm 31 

BVK e.V. 17 

Close Brothers Seydler Bank 119 

CMS Hasche Sigle 69 

Commerzbank 5 

Creathor Venture Management 29 

Credit Suisse 51 

Currenta/Chempark 41 

DAF Deutsches Anleger Fernsehen 109 

Deutsche Börse U4 

DZ Bank 45 

equinet 127 

Ernst & Young 7 

Fachverlag der Verlagsgruppe Handelsblatt 97 

Frankfurter Allgemeine Zeitung 91 

FCF Fox Corporate Finance 81 

FinanceAsia 67 

Financial Gates 111 

FinanzNachrichten 155 

Gansch & Partner 79 

GoingPublic Media 103, 159 

Haubrok 83 

Hauck & Aufhäuser 35 

Heuking Kühn Lüer Wojtek 49 

Holland Private Equity 27 

HSBC Trinkaus & Burkhardt 11 

ICF Kursmakler 123 

INDUS 71 

Institutional Investment Publishing 107 

International Herald Tribune 85 

IPONTIX Equity Consultants 149 

Jefferies & Company 88 

KfW Bankengruppe 25 

KPMG 15 

Landesbank Baden-Württemberg 117 

maconda 125 

Macquarie Group 161 

Morgan Stanley 43 

n-tv Nachrichtenfernsehen 59 

Neue Zürcher Zeitung 147 

Osborne Clarke 73 

Phoenix CNE Channel 157 

Property Investor Europe 93 

quirin bank 139 

REITs in Deutschland 55 

RölfsPartner 23 

Silvia Quandt & Cie. 77 

Stratec Biomedical Systems 53 

Swiss Equity magazin 57 

Taylor Wessing 9 

UHY 47 

UniCredit Bank 21 

VDI Verlag 65 

Ventizz Capital Partners Advisory 13 

Viscardi 143 

WestLB 37 

youmex 61 

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Imprint Conference Magazine 

Publisher: 


Mergenthalerallee 61, 65760 Eschborn, Germany 

www.deutsche-boerse.com/listing 

issuerrelations@deutsche-boerse.com 

Tel. +49-(0) 69 211 1 88 88 

Publishing Partner: 

GoingPublic Media AG 

Hofmannstr. 7a, 81379 Munich, Germany 

www.goingpublic.de, info@goingpublic.de 

Tel. +49-(0) 89-2000 339-0 

Project Management: 

Nicole Koludrovic, Deutsche Börse AG 

Carola Lübbing-Raukohl, Deutsche Börse AG 

Editorial: 

Falko Bozicevic, Maximiliane Worch, Oliver Bönig 

Editorial assistance: 

Valentyna Byelkina, Tatiana Larina, Stefan Leisner, Alexander 

Novikov, Alexandra Rößer, Iona Ursachi 

Service 

Authors: 

Nico Baader, Dr. Christa Bähr, Marc Bernhof, Albrecht Deißner, 

Dr. Martina Ecker, Dr. Reto Francioni, Florian Frei, Torsten Fues, 

Philip Grosse, Peter Thilo Hasler, Stephan Heinemann, Dirk 

Hesse, Dörte Höppner, Dr. Elmar Jakob, Markus Kurzhals, 

Maren Lorth, Dr. Rainer Mayer, Robert Michels, Frans-Matthis 

Pleie, Alexander von Preysing, Volker Potthoff, Steffen Pörner, 

Ursula Querette, Arndt Rautenberg, Oliver Riedel, Michael Rohr, 

Michael Salcher, Dr. Dietmar Schieber, Steffen Schneider, Edda 

Vogt, Dr. Alexandra Zech, Dr. Gebhard Zemke 

Interviewees: 

Dr. Stefan Heißner, Carsten Klante, Dr. Jens Maßmann, Dr. Axel 

Nawrath, Dr. Christian Schlüter, Prof. Dr. Norbert Walter, Lutz Weiler 

Layout: 

Holger Aderhold, Elisabeth Bayer, Robert Berger, Andreas 

Potthoff 

Picture editing: 

Robert Berger, Andreas Potthoff 

Proofreading: 

Ade Team, Magdalena Lammel 

Printing: 

Kastner & Callwey, Forstinning, Germany 

Reproduction: 

All rights reserved, © 2010 Deutsche Börse AG, Eschborn, 

Germany 

Order number 1110-4023 

issuerrelations@deutsche-boerse.com 


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FACTory 

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Capital Seeking 

Companies Gallery 

(8.01- 8.26) 

One on Ones (A-C) One on Ones (D-F) 

Bar 

Internet Lounge 

Deutsches Eigenkapitalforum Fall 2010 Appendix a

Innovative business ideas grow in 

innovative capital markets. 

Think ahead today, move the world tomorrow. The IPO success of innovative companies 

requires an innovative environment. Deutsche Börse strategically positions your company 

alongside international peers. This way you join fi rst class sector coverage, encounter demand 

and interest on the part of investors, and experience high valuation. Beyond participating in 

the most exciting market for leading innovative industries, as a listed company you profi t from 

raising capital world-wide and staying independent at the same time. Add to this our modern 

primary market segments and cutting edge trading technology, worldwide investors, and you’ll 

understand why Deutsche Börse is your most fi tting match for a successful future. 

Please contact our IPO experts: E-mail issuerrelations@deutsche-boerse.com 

Phone +49-(0) 69-2 11-1 88 88, www.deutsche-boerse.com /listing_e 

Deutsche Börse Listing: Welcome to Your Future

Conference Magazine - Deutsches Eigenkapitalforum

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