Conference Magazine - GoingPublic.de - Deutsches Eigenkapitalforum
Conference Magazine - GoingPublic.de - Deutsches Eigenkapitalforum
Conference Magazine - GoingPublic.de - Deutsches Eigenkapitalforum
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Publishing Partner<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong><br />
21–23 November 2011<br />
Frankfurt /Main<br />
12 – 14 November 2012<br />
Frankfurt / Main<br />
»Entrepreneurs meet investors«<br />
<strong>Conference</strong> <strong>Magazine</strong><br />
Issue No. 3<br />
Corporate Financing • Capital Markets • Equity Markets • Bond Issuance •<br />
International • Legal • Corporate Social Responsibility • Industries &<br />
Sectors • Top 50 Capital Seeking Companies • Sponsors & Partners •<br />
Forum Programme • Exhibitors’ In<strong>de</strong>x
Co-Initiator<br />
Main Sponsors<br />
Sponsors<br />
Partners<br />
Media Partners<br />
Network Partners<br />
Mobility Partner<br />
���������������������������<br />
������������������������������<br />
Scope<br />
Ratings<br />
STEP AWARD<br />
Spirit to expand<br />
D EUTSCHES AKTIENINSTITUT
Dear Rea<strong>de</strong>rs,<br />
If exchanges were mere trading platforms for a self-serving<br />
financial sector, with some post-tra<strong>de</strong> and information<br />
services attached, they would not have survived for nearly<br />
600 years. Exchanges, however, are much more than that.<br />
Fundamentally, they provi<strong>de</strong> companies with access to<br />
capital. They organise the process of capital allocation<br />
according to market principles. They provi<strong>de</strong> investors with<br />
information and platforms that enable them to channel<br />
capital into sectors where it is nee<strong>de</strong>d most. In difficult<br />
times such as those we are going through, with unprece<strong>de</strong>nted<br />
levels of public <strong>de</strong>bt and crippling insecurity about<br />
growth and inflation, this is more important than ever.<br />
Deutsche Börse provi<strong>de</strong>s companies with many ways of<br />
gaining access to capital. Regarding access to equity capital,<br />
there is firstly the Entry Standard for companies that are<br />
relatively young and small, but at the same time already<br />
mature; secondly, the General Standard, which is in line with<br />
EU listing requirements; and thirdly, the <strong>de</strong>manding Prime<br />
Standard that fulfils the most advanced global listing standards.<br />
In addition to equity capital, since the beginning of<br />
2011 small- and medium-sized enterprises and growing<br />
start-ups have been given the opportunity to issue bonds in<br />
the Entry Standard. This year, this is supplemented by a new<br />
bond segment in the Prime Standard, in response to growing<br />
<strong>de</strong>mand both from issuers and investors.<br />
However, while exchanges can set up these channels,<br />
supported by an ever more sophisticated system of gates<br />
and locks, they cannot create the flow that fills them. For<br />
this, they have to rely on the willingness of market participants<br />
to invest – which in turn <strong>de</strong>pends on the economic<br />
and political circumstances of the market. These circumstances<br />
are currently going through a period of stagnation.<br />
An anxious “wait-and-see” attitu<strong>de</strong> prevails, which is not<br />
showing much prospect of abating in the near future.<br />
This is also reflected in part of this year’s primary markets<br />
statistics. In<strong>de</strong>ed, during the first three quarters of 2012, the<br />
total issue volume reached around EUR 57 million, with<br />
seven initial public offerings, four of them in the Prime<br />
Standard and three in the Entry Standard – an admittedly<br />
disappointing result. In the fourth quarter of 2012, though,<br />
the market has seen initial and long-awaited signs of<br />
revival, with three major IPOs raising a total of EUR 2.3<br />
billion in the Prime Standard.<br />
Furthermore, capital increases reached the quite substantial<br />
value of around EUR 6 billion. And in our young<br />
corporate bond segment for “Mittelstand” and younger<br />
companies, the Entry Standard for Corporate Bonds, EUR<br />
474 million was raised during the first ten months of 2012.<br />
The new bond segment, Prime Standard for Corporate<br />
Bonds, <strong>de</strong>signed for the larger corporate bonds, started on<br />
8 October 2012 with the first bond – issued by Deutsche<br />
Börse AG, with very favourable results. Soon after, it was<br />
followed by a second successful bond issue. The aggregated<br />
issuing volume amounted to EUR 675 million. In other<br />
words, the potential is huge.<br />
In any case: We at Deutsche Börse remain not only<br />
committed to maintaining our primary markets, but also to<br />
<strong>de</strong>veloping them in response to the needs of issuers and<br />
investors. Especially the financing needs of issuers remain<br />
among our top priorities. The Frankfurt Stock Exchange<br />
provi<strong>de</strong>s issuers with direct access to professional<br />
investors worldwi<strong>de</strong>, intermediated by around 230 inter -<br />
national trading participants all over Europe and beyond.<br />
Being listed here not only gives access to capital, but also<br />
brings global recognition as a leading brand.<br />
This new <strong>Conference</strong> <strong>Magazine</strong> contains background<br />
articles for this year’s German Equity Forum, written by<br />
capital market experts and practitioners. I hope they will<br />
provi<strong>de</strong> you with useful information and advice on how to<br />
flourish even in times as these.<br />
Yours sincerely,<br />
Dr. Reto Francioni<br />
CEO, Deutsche Börse AG<br />
Dr. Reto Francioni<br />
Editorial<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 3
Content<br />
3 Editorial<br />
Dr. Reto Francioni, Deutsche Börse<br />
Corporate Financing<br />
8 Joining forces<br />
Promoting the German innovation system<br />
Dr. Axel Nawrath, KfW<br />
10 Mezzanine as a value driver for IPOs<br />
Securing growth, corporate in<strong>de</strong>pen<strong>de</strong>nce and<br />
potential for value growth through near-equity<br />
bridge financing<br />
Dr. Jörg Schrö<strong>de</strong>r, Olaf Schreckenberg,<br />
IKB Deutsche Industriebank<br />
12 Acquisition finance for German medium-sized businesses<br />
LBO finance market offers opportunities for corporates as well as<br />
PE companies<br />
Kai Frömert, Arno Fuchs, FCF Fox Corporate Finance<br />
16 What are credit ratings?<br />
Ratings reduce information asymmetry and improve market functioning<br />
and efficiency<br />
Tobias Mock, Standard & Poor’s<br />
Capital Markets<br />
20 Stakehol<strong>de</strong>r relations<br />
The best way to anchor the company story<br />
Nico Baa<strong>de</strong>r, Baa<strong>de</strong>r Bank<br />
22 Research un<strong>de</strong>r fire<br />
The value of equity research for the German small- & mid-cap<br />
sector<br />
Gunnar Cohrs, Berenberg Bank<br />
26 “The use of computers and software is<br />
simply an expression of technological<br />
progress in our industry”<br />
Interview with Dr. Miroslav Budimir, Head of<br />
Business Development, Deutsche Börse<br />
Equity Markets<br />
28 Selective environment for<br />
European IPOs<br />
The need for an optimised<br />
preparation process<br />
Thomas Thurner, Johannes<br />
Borsche, Morgan Stanley<br />
32 TecDAX’s 10th anniversary<br />
The changes to the composition of the in<strong>de</strong>x document a piece of<br />
German stock market history<br />
Roger Peeters, Close Brothers Seydler Research<br />
Page 4 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
36 Hearing versus un<strong>de</strong>rstanding<br />
The role of investor relations in mo<strong>de</strong>rn capital markets<br />
Fraser Thorne, Edison Investment Research<br />
Bond Issuance<br />
40 New ways of <strong>de</strong>bt financing<br />
for large caps<br />
Deutsche Börse has<br />
launched its Prime Standard<br />
for Corporate Bonds<br />
Barbara Georg, Eric<br />
Leupold, Deutsche Börse<br />
42 Corporate financing via bonds for SMEs<br />
The capital market as the “new” source of financing on the <strong>de</strong>bt<br />
capital si<strong>de</strong><br />
Michael Oppermann, Ernst & Young<br />
46 “A success mo<strong>de</strong>l with weaknesses, but a success mo<strong>de</strong>l<br />
nonetheless”<br />
Interview with Frank Heun and Arne Laarveld, equinet Bank, and<br />
Mark Hoffmann, Robus Capital Management<br />
48 Stumbling blocks on the road to SME bonds<br />
The most common mistakes in the issuing process and how they<br />
can be avoi<strong>de</strong>d...<br />
Christoph Schnabel, GBC<br />
50 Transparency in the capital markets<br />
Higher quality and greater security for investors and a simultaneous<br />
challenge to medium-sized enterprises<br />
Dr. Anne <strong>de</strong> Boer, Hendrik Rie<strong>de</strong>l, GSK Stockmann + Kollegen<br />
54 “The fact is that direct offerings simply<br />
do not work well”<br />
Interview with Andreas Wegerich, Member of<br />
the Board, youmex<br />
58 Including employees and stakehol<strong>de</strong>rs<br />
in a bond placement<br />
Why it often makes sense to think of employees,<br />
stakehol<strong>de</strong>rs and retail as investors<br />
Prof. Dr. Wolfgang Blättchen, Dr. Stephan Mahn,<br />
Blättchen Financial Advisory
International<br />
60 “There will be no regulatory arbitrage”<br />
Interview with Marc Renell, CEO, RENELL<br />
Wertpapierhan<strong>de</strong>lsbank<br />
62 China’s move to Europe<br />
The big wave is yet to arrive<br />
Dr. Gebhard Zemke, Tim Sichting, BDO<br />
Legal<br />
64 Synergy potentials versus synergy effects<br />
Valuation of synergies as a key challenge within the M&A process<br />
Markus Kurzhals, Andre Gil<strong>de</strong>meister, RölfsPartner<br />
68 Barbarians at the gate?<br />
Takeover <strong>de</strong>fence: the perspective of bid<strong>de</strong>r and target<br />
Christoph F. Vaupel, Dr. Lars-Gerrit Lüßmann, Taylor Wessing<br />
70 The brave new world of<br />
corporate financing<br />
How traditional financing<br />
patterns may change due to<br />
financial market regulation<br />
Volker Potthoff, Catherine<br />
Jürgens, CMS Hasche Sigle<br />
Special: CSR<br />
74 Sustainability is an investment issue<br />
Shares must be selected based on a dynamic, multi-dimensional<br />
analysis<br />
Marcus Pratsch, DZ BANK<br />
78 Energy management<br />
A requirement for successful long-term corporate<br />
management<br />
Andreas von Sal<strong>de</strong>rn, Ernst & Young Climate<br />
Change and Sustainability Services<br />
Industries & Sectors<br />
80 Clean energy and nuclear<br />
power exit<br />
A sustained investment<br />
story for the capital market?<br />
Heike Härtl, Dr. Stefan<br />
Steib, Lan<strong>de</strong>sbank Ba<strong>de</strong>n-<br />
Württemberg<br />
82 The solar power industry is here to stay!<br />
Investment trends overview<br />
Nakul Kanchan, The Smart Cube<br />
Event-Initiator, Co-Initiator & Sponsors<br />
Event-Initiator & Co-Initiator<br />
86 Deutsche Börse, KfW<br />
87 Ernst & Young<br />
Content<br />
Main Sponsors<br />
88 BERENBERG BANK, Close Brothers Seydler Bank, DZ BANK<br />
89 Edison Investment Research<br />
90 equinet Bank, FCF Fox Corporate Finance, LBBW Lan<strong>de</strong>sbank<br />
Ba<strong>de</strong>n-Württemberg<br />
91 RENELL Wertpapierhan<strong>de</strong>lsbank<br />
Sponsors<br />
92 Baa<strong>de</strong>r Bank (92), BDO (92), biw Bank für Investments und Wertpapiere<br />
(92), BLÄTTCHEN FINANCIAL ADVISORY (94), CMS Hasche<br />
Sigle (94), GBC (94), GSK STOCKMANN + KOLLEGEN (95), heureka<br />
Profitable Communication (96), IKB Deutsche Industriebank (96),<br />
Morgan Stanley (96), RölfsPartner (97), Scope Ratings (98),<br />
Standard & Poor’s Credit Market Services Europe (98), Taylor<br />
Wessing (98), The Smart Cube (99), youmex Invest (99)<br />
Partners<br />
100 Bun<strong>de</strong>sverband Deutscher Kapitalbeteiligungsgesellschaften<br />
(100), Ba<strong>de</strong>n Württemberg: Connected / bwcon (100), Creathor<br />
Venture Management (100), DVFA (101), EQS Group (102), EVCA<br />
European Private Equity and Venture Capital Association (102),<br />
Haubrok Investor Relations (102), Holland Private Equity (103),<br />
PvF Investor Relations (104), STEP Award (104), viaprinto (104)<br />
Media Partners<br />
106 BOND MAGAZINE (106), Börsen Radio Network (106), Börsen-<br />
Zeitung (106), business new europe (107), DAF <strong>Deutsches</strong> Anleger<br />
Fernsehen (108), dpa-AFX Wirtschaftsnachrichten (108), FINANCE<br />
– FINANCIAL GATES (108), FinanzNachrichten.<strong>de</strong> (109),<br />
<strong>GoingPublic</strong> Magazin – <strong>GoingPublic</strong> Media (110), International<br />
Herald Tribune (110), Markt und Mittelstand – FINANCIAL GATES<br />
(110), mergermarket (111), n-tv Nachrichtenfernsehen (112),<br />
Phoenix Chinese News & Entertainment Channel (112), pressetext<br />
Nachrichtenagentur (112), Property Investor Europe (113), The Wall<br />
Street Journal Germany (114), Unternehmer Medien (114), VDI<br />
Verlag (114), VentureCapital Magazin – <strong>GoingPublic</strong> Media (115)<br />
Network Partners<br />
116 Alphazirkel (116), Bun<strong>de</strong>sverband <strong>de</strong>r Deutschen Industrie (116),<br />
BVI Bun<strong>de</strong>sverband Investment und Asset Management (116),<br />
BVMW – Bun<strong>de</strong>sverband mittelständische Wirtschaft, Unterneh -<br />
merverband Deutschlands (117), Deutscher Investor Relations<br />
Verband (118), <strong>Deutsches</strong> Aktieninstitut (118), European Sustainable<br />
Investment Forum (118), Frankfurt International Consulting<br />
(119), High-Tech Grün<strong>de</strong>rfonds (120), Zero2IPO Group (120)<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 5
Content<br />
TOP 50 Capital Seeking Companies<br />
124 4a medicom GmbH<br />
125 Artcline GmbH<br />
126 Bran<strong>de</strong>nburger Group<br />
128 brillen.<strong>de</strong> / Optik AG<br />
129 certon systems GmbH<br />
130 Concentrator Optics GmbH<br />
131 CorTAG GmbH<br />
132 crealytics GmbH<br />
133 CrystAl-N GmbH<br />
134 cube optics AG<br />
135 Cytolon AG<br />
136 Direvo Industrial Biotechnology GmbH<br />
137 DRAUSY GmbH<br />
138 DREHER Aktiengesellschaft<br />
139 e.bootis ag<br />
140 EBS Technologies GmbH<br />
141 Eurographics AG<br />
142 finocom AG<br />
143 healthy planet<br />
144 HiperScan GmbH<br />
145 humangrid GmbH<br />
146 Jedox AG<br />
147 Jennewein Biotechnologie GmbH<br />
148 Joiz<br />
149 Kairos GmbH<br />
150 Koller Formenbau GmbH<br />
151 LeniMed GmbH<br />
152 Lüllau Engineering GmbH<br />
153 Medicyte GmbH<br />
154 mimoOn GmbH<br />
155 NOXXON Pharma AG<br />
156 oncgnostics GmbH<br />
157 PlanET Biogastechnik GmbH<br />
158 PRECISIS AG<br />
159 Scopis GmbH<br />
160 Sea & Sun Technology GmbH<br />
161 Shopgate GmbH<br />
162 SIRION Biotech GmbH<br />
163 t-cell Europe GmbH<br />
164 TomTec Imaging Systems GmbH<br />
165 Torqeedo GmbH<br />
Page 6 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Photo: Deutsche Börse Group<br />
Service<br />
166 Deutsche Börse Listing Partners<br />
173 Imprint/In<strong>de</strong>x of Advertisers<br />
174 Corporate financing at Deutsche Börse on Xetra<br />
Small- and mid-cap financing through the stock exchange<br />
176 Contact Persons at Deutsche Börse Group<br />
Programme <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
178 Programme Overview<br />
Appendix a: Main Level Map<br />
Appendix b: Upper Level Map and Exhibitors’ In<strong>de</strong>x
��������������������������������������������������������������������������������������������������������������������������<br />
Preparing for an IPO<br />
can feel like rounding up<br />
a herd of wild horses.<br />
An IPO is enough to keep your<br />
entire business working at full<br />
tilt. Stand above the noise and<br />
dust – by planning things out<br />
from the start.<br />
Talk to Dr. Martin Steinbach on<br />
+49 6196 996 11574. He’ll show<br />
you how to make a success of your<br />
global share and bond issues.<br />
Find out more about our IPO<br />
readiness assessment: contact<br />
martin.steinbach@<strong>de</strong>.ey.com<br />
See More | IPO readiness
Corporate Financing<br />
Joining forces<br />
Promoting the German innovation system<br />
The challenges of climate change, dwindling resources,<br />
accelerated globalisation and <strong>de</strong>mographic change require<br />
new and more efficient technologies to be continually <strong>de</strong>veloped.<br />
Germany will only be able to sustainably secure its<br />
growth potential if it succeeds in increasing overall economic<br />
productivity in or<strong>de</strong>r to meet the <strong>de</strong>cline in labour force. The<br />
same holds true for increasing globalisation, to which Germany<br />
can successfully respond if the economy retains or<br />
even improves its competitive standing. In brief, innovation is<br />
key if the German economy is to be viable in the future.<br />
Enterprises are the backbone of the German innovation<br />
system<br />
About two-thirds of expenditure on research and <strong>de</strong>velopment<br />
in Germany are ma<strong>de</strong> by private enterprises. German<br />
enterprises are well-known for being innovative in many<br />
high gra<strong>de</strong> technology industries (e.g. mechanical engineering,<br />
chemical industry, automotive industry). The share<br />
of companies which introduce new products or processes,<br />
the so-called innovator rate, is the highest in Germany<br />
among all European countries. However, the German economy<br />
is lagging behind in the field of high-edge technologies (e.g.<br />
Figure 1: Innovator rate in Europe – proportion of companies with<br />
product or process innovation, 2006-2008<br />
Germany<br />
Belgium<br />
Finland<br />
Swe<strong>de</strong>n<br />
Austria<br />
Denmark<br />
Italy<br />
Netherlands<br />
France<br />
42%<br />
41%<br />
39%<br />
39%<br />
49%<br />
48%<br />
48%<br />
Page 8 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
51%<br />
Source: Rammer, Pesau (2011), Innovationsverhalten <strong>de</strong>r Unternehmen in<br />
Deutschland 2008, studies on the German innovation system.<br />
65%<br />
Dr. Axel Nawrath has been a member<br />
of the KfW Management Board since<br />
2009. Before that, he was Secretary<br />
of State at the Fe<strong>de</strong>ral Ministry of<br />
Finance for three years. He has also<br />
held positions at Deutsche Börse AG,<br />
the Fe<strong>de</strong>ral Fiscal Authority and the<br />
Fe<strong>de</strong>ral Audit Office.<br />
bio- and nanotechnologies, microsystem technologies). We<br />
therefore need to boost innovation in this segment.<br />
Innovations need to be financed<br />
Dr. Axel Nawrath, Member of<br />
KfW’s Executive Board<br />
Radical (basic) innovations in the high technology segment are<br />
usually brought forth by high-tech start-ups and young technology-based<br />
enterprises. However, they usually lack sufficient<br />
internal financial clout. In or<strong>de</strong>r to finance their sometimes<br />
very capital-intensive research and <strong>de</strong>velopment activities,<br />
they <strong>de</strong>pend to a great <strong>de</strong>gree on external, risk-bearing<br />
equity and thus on financing partners who support them not<br />
only with money, but also with know-how and networks.<br />
Promotional mo<strong>de</strong>l based on partnership – the ERP<br />
Start Fund<br />
As Germany’s largest promotional bank, KfW provi<strong>de</strong>s<br />
start-ups and young high-tech enterprises with direct external<br />
equity by way of the so-called “ERP Start Fund” (“ERP-<br />
Startfonds”) – and always does so in cooperation with private<br />
investors, venture capital funds or business angels.<br />
Private and public investors have the same opportunities,<br />
but also bear the same risk. The “ERP Start Fund” follows<br />
on from the “High-Tech Start-up Fund” (“High-Tech Grün<strong>de</strong>rfonds”,<br />
in which KfW is the largest investor after the<br />
Fe<strong>de</strong>ral Ministry of Economics and Technology, or “BMWi”),<br />
which can provi<strong>de</strong> very young enterprises with initial
Corporate Financing<br />
financing, even during the early seed stage.<br />
Through the partnership-based approach of the<br />
“ERP Start Fund”, KfW provi<strong>de</strong>s targeted support to<br />
young technology enterprises in the form of venture<br />
capital to finance their growth. Due to the doubling<br />
of private capital through the ERP Start Fund, a<br />
technology-based enterprise can receive public and<br />
private venture capital totalling up to EUR 10 million<br />
through the “ERP Start Fund”.<br />
The “ERP Start Fund” is an important player<br />
in the German venture capital market<br />
The “ERP Start Fund” provi<strong>de</strong>s a total investment<br />
volume of EUR 722 million. In this way, KfW maintains<br />
the staying power nee<strong>de</strong>d to support enterprises, also<br />
in subsequent financing rounds. Since being launched<br />
at the end of 2004, the Fund has invested in more than<br />
400 companies with a volume of approx. EUR 440 million.<br />
The technology focus of the enterprises financed<br />
through the “ERP Start Fund” has shifted over time. In<br />
parallel with the venture capital market, initially investment<br />
in biotechnology companies accounted for a<br />
large share of the investments. Today, it is more often<br />
the case that IT and Internet companies stand out.<br />
Most recently, the number of investments is increasing<br />
for enterprises whose innovative technology in the<br />
area of environment – sustainable energy supply or<br />
energy efficiency – will contribute to the energy turnaround<br />
being successfully implemented and thereby<br />
to sustainable <strong>de</strong>velopment in Germany.<br />
Early-stage financing lacks private capital<br />
In the early-stage financing of the German venture capital<br />
market, the share of public financing is nearly 70%<br />
– public venture capital is in<strong>de</strong>ed available! On the<br />
other hand, there is a lack of private capital. Private<br />
investors are not sufficiently willing to bear the riskreturn<br />
profile associated with investments in young<br />
technology companies or in a venture capital fund.<br />
Venture capital funds have difficulties in motivating<br />
enough fund investors for early-stage investments.<br />
One reason for this may be that in the past, the often<br />
very high return expectations were not met. An attractive<br />
opportunity-risk profile could certainly contribute<br />
to incentivising private fund investors to start investing<br />
more again.<br />
Sufficient supply of risk-bearing equity is a <strong>de</strong>cisive factor<br />
for Germany as a centre of innovation. This supply<br />
should not and cannot come largely from public sources.<br />
As such, a private venture capital market that can sustainably<br />
support itself needs to be set up in this country.<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 9<br />
Taylor Wessing –<br />
Capital Markets<br />
> Proven<br />
Track<br />
Record<br />
> In-Depth<br />
Full<br />
Service<br />
Capability<br />
and<br />
Capacity:<br />
> Strong<br />
Experienced<br />
Team<br />
www.taylorwessing.com<br />
> Europe > Middle East > Asia
Corporate Financing<br />
Mezzanine as a value driver for IPOs<br />
Securing growth, corporate in<strong>de</strong>pen<strong>de</strong>nce and potential for<br />
value growth through near-equity bridge financing<br />
The current financial landscape and its regulatory requirements<br />
mean that companies are increasingly faced with the<br />
prospect of financing their growth opportunities using a<br />
substantial equity component. Various investors can<br />
provi<strong>de</strong> corresponding funds; however, for companies with<br />
insufficient size in particular, the long-term financing base<br />
this offers is only limited and <strong>de</strong>mands a consi<strong>de</strong>rable<br />
portion of the potential income generated. As a form of<br />
bridging finance, mezzanine structures can be an attractive<br />
interim solution.<br />
The “Entry Standard”<br />
Newer and smaller SMEs are often faced with a dilemma.<br />
They need growth capital and equity in or<strong>de</strong>r to make<br />
important major investments and acquisitions; in this<br />
phase, however, they are often not yet ready to surren<strong>de</strong>r<br />
their in<strong>de</strong>pen<strong>de</strong>nce and their potential for value growth.<br />
Most of these companies are unable to access private<br />
equity markets on account of their insufficient size and<br />
the limitation to a minority interest. As such, the public<br />
stock exchange is often the only way for SMEs to raise<br />
equity from investors. To meet the needs of SMEs in<br />
particular, Deutsche Börse launched the Entry Standard<br />
as a transparency segment within the Regulated Unofficial<br />
Market (“Freiverkehr”) in 2005. The aim was to make<br />
it easier for young and rapidly-growing companies to<br />
access the capital markets, particularly by imposing<br />
fewer admission and publicity requirements compared<br />
with the Regulated Market.<br />
However, it must be<br />
noted that the Entry<br />
Standard is of only<br />
limited interest to institutional<br />
investors, particularly<br />
those from<br />
outsi<strong>de</strong> Germany, due<br />
to the lower stock market<br />
valuations at<br />
present and the low<br />
liquidity in the respective<br />
securities. In many<br />
cases, the internal<br />
Figure 1: Mezzanine investors at a glance<br />
Page 10 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
statutes of investment funds also prohibit investments in<br />
unregulated market segments. This means that there is only<br />
a mo<strong>de</strong>rate base of primarily domestic investors for Entry<br />
Standard IPOs, which serves to limit the cash generated<br />
and the company’s valuation. On the other hand, the<br />
companies in question do not have the necessary critical<br />
mass to justify an expensive IPO on the Regulated Market<br />
(Prime Standard). The effort and cost involved in an IPO is<br />
often also disproportionate to the income/benefit<br />
generated as a result.<br />
German International Family offices<br />
Volume EUR 5-15 million EUR 10-50 million EUR 5-20 million<br />
Subordinated<br />
collateral<br />
Financial<br />
covenants<br />
No<br />
For operational<br />
monitoring, mostly<br />
without right of<br />
termination<br />
Yes, subordinated via<br />
inter-creditor agreement<br />
For operational<br />
monitoring, mostly with<br />
right of termination<br />
No<br />
For operational<br />
monitoring, mostly<br />
without right of<br />
termination<br />
Term 3-7 years 5-10 years 5-10 years<br />
Direct operational Limited, <strong>de</strong>fined<br />
influence<br />
approval rights<br />
Source: IKB Deutsche Industriebank AG<br />
Dr. Jörg Schrö<strong>de</strong>r, Managing Director,<br />
Head of Equity Capital Markets,<br />
IKB Deutsche Industriebank AG<br />
Limited, <strong>de</strong>fined<br />
approval rights<br />
Olaf Schreckenberg, Vice Presi<strong>de</strong>nt<br />
Alternative Capital Markets,<br />
IKB Deutsche Industriebank AG<br />
Often a strategic<br />
sparring partner
Mezzanine as an interim step<br />
to secure potential for value<br />
growth<br />
Individual mezzanine can serve as a<br />
type of “bridge financing for growth”<br />
with an equity character until the<br />
necessary critical mass for an IPO in<br />
the Prime Standard is achieved.<br />
Unlike the well-known mezzanine<br />
programmes that have expired or are<br />
expiring, the options available for the<br />
current forms of mezzanine financing<br />
are extremely extensive. Nowadays,<br />
various investor groups offer nearequity<br />
and near-<strong>de</strong>bt solutions for<br />
companies in the form of profit participation<br />
rights and silent partner<br />
contributions. The main benefit of<br />
this financing is that it is recognised<br />
by principal banks as economic<br />
equity for credit rating purposes,<br />
without said financing requiring<br />
share dilution or a loss of operational<br />
autonomy. This ensures that the<br />
owners benefit almost entirely from<br />
the potential for value growth in the<br />
event of a subsequent IPO.<br />
Mezzanine agreements are not subject<br />
to standards. However, the<br />
unsecured basic structure with a<br />
minimum term of seven years (unilateral<br />
termination / repayment options<br />
after five years) should have qualified<br />
subordination and change of control<br />
clauses for the case of a potential<br />
IPO. If loss participation is also<br />
necessary in or<strong>de</strong>r for the mezzanine<br />
to be recognised as equity capital for<br />
balance sheet purposes, this<br />
increases the interest cost, which<br />
otherwise ranges from 10.0% to<br />
14.0% p.a. <strong>de</strong>pending on the respective<br />
industry and credit rating.<br />
Tax-<strong>de</strong>ductible, non-cash, “pay-inkind”<br />
accumulation components of<br />
between 4.0% and 8.0% p.a. provi<strong>de</strong><br />
companies with liquidity for<br />
growth and mean that, with a casheffective<br />
interest rate of between<br />
6.0% and 8.0% p.a., mezzanine<br />
financing is very much the equal of<br />
traditional overdraft facilities. In Ger-<br />
many, investors tend to be specialist<br />
investment funds and family offices;<br />
in the United Kingdom, meanwhile,<br />
they tend to be insurance companies<br />
and investment funds (see fig. 1).<br />
Conclusion<br />
Corporate Financing<br />
Participating in the success of a<br />
potential IPO via equity kickers<br />
serves to a significant increase in the<br />
interest of investors and leads to a<br />
reduction in the fixed remuneration<br />
components. In the case of successful<br />
corporate <strong>de</strong>velopment, the mezzanine<br />
can be converted into a direct<br />
investment following the IPO. This<br />
means that the company secures<br />
cornerstone investors at an early<br />
stage, thereby improving the<br />
prospects for a successful IPO.<br />
However, an investor’s <strong>de</strong>cision is<br />
not based on a potential IPO, but<br />
rather on the future free cash flows<br />
that will ensure the company’s <strong>de</strong>bt<br />
service and repayment of the mezzanine.<br />
The professional investment<br />
process of mezzanine financing, including<br />
management presentations,<br />
Q&A sessions and external due diligence,<br />
can be compared with that of<br />
an IPO. The investment process can<br />
leverage information and cost synergies,<br />
sensitise the management<br />
team to value drivers and pitfalls in<br />
the process in advance, and lay the<br />
foundations for a successful IPO.<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 11<br />
– Kapitalmarktberatung<br />
– Eigenkapitalbeschaffung<br />
– Langfristiges Fremdkapital<br />
über Anleihen<br />
– Dual Track<br />
– Incentivierungsprogramme<br />
für Führungskräfte<br />
– Individuell<br />
– Unabhängig<br />
– Diskret<br />
ANSPRECHPARTNER<br />
Prof. Dr. Wolfgang Blättchen<br />
Dr. Stephan Mahn<br />
Uwe Nespethal<br />
BLÄTTCHEN FINANCIAL ADVISORY<br />
T + 49 (0) 71 52. 61 01 94. 0<br />
F + 49 (0) 71 52. 61 01 94. 9<br />
@ info@blaettchen-fa.<strong>de</strong><br />
www.blaettchen-fa.<strong>de</strong>
Corporate Financing<br />
Acquisition finance for German medium-sized<br />
businesses<br />
LBO finance market offers opportunities for corporates<br />
as well as PE companies<br />
The current state of the German and European economy is<br />
driven by the expectation of a new upcoming crisis or – if<br />
not a crisis – more difficult economic market conditions<br />
with reduced growth expectations. However, even in this<br />
challenging environment, an interesting situation for acquisitions<br />
and the financing of such has emerged and provi<strong>de</strong>s<br />
opportunities for corporate buyers or private equity<br />
investors to grow and possibly gain market shares.<br />
M&A / LBO market environment<br />
The market environment for M&A and LBO transactions –<br />
for German medium-sized (“Mittelstand”) corporates 1 – as<br />
well as the financing of such <strong>de</strong>als is currently driven by<br />
1. mo<strong>de</strong>rate prices (enterprise values / multiples) of potential<br />
target companies;<br />
2. larger corporates and multinational companies refocusing<br />
on their core businesses and disposing of noncore<br />
activities;<br />
3. divestments of un<strong>de</strong>rperforming assets to be better<br />
prepared in case of a “crisis”; and<br />
4. “forced sellers” with a cash requirement offering<br />
profitable businesses at reasonable multiples.<br />
Although the current market environment seems to provi<strong>de</strong><br />
ample opportunities, the number of M&A transactions and<br />
volumes is currently at a very low level, creating an opportunity<br />
for market lea<strong>de</strong>rs with the foresight to benefit from this<br />
situation.<br />
The right buyers are able to and un<strong>de</strong>rstand how to navigate<br />
the leveraged finance market for leverages of between<br />
3.5 and 4 times EBITDA, refinancing the remaining equity<br />
value of a target company out of free cash and equity.<br />
In the market for small- and medium-sized transactions, the<br />
number of available financiers and, hence, competition and<br />
liquidity, may be limited.<br />
Overall, the market for LBO transactions for “Mittelstand”<br />
corporates is divi<strong>de</strong>d into three segments, as is illustrated<br />
by fig. 1, and each of them have different dynamics and<br />
requirements.<br />
Page 12 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Kai Frömert, Director,<br />
FCF Fox Corporate Finance GmbH<br />
Arno Fuchs, CEO,<br />
FCF Fox Corporate Finance GmbH<br />
Figure 1: Market for LBO transactions for “Mittelstand” corporates<br />
Deal size EBITDA target Competitive environment<br />
Large > EUR 50 million All major German banks,<br />
international commercial<br />
banks<br />
Mediumsized<br />
EUR 10-50 million German commercial banks,<br />
state banks<br />
(“Lan<strong>de</strong>sbanken”), selected<br />
international banks<br />
Small < EUR 10 million Lan<strong>de</strong>sbanken, selected<br />
savings banks<br />
(“Sparkassen”) and cooperative<br />
banks (“VR-<br />
Banken”), few German<br />
commercial banks<br />
Source: FCF Fox Corporate Finance GmbH<br />
Nevertheless, <strong>de</strong>spite less competition for smaller trans actions<br />
(< EUR 50 million EBITDA), their pricing has aligned with<br />
that of larger <strong>de</strong>als during the last 12 to 18 months. Consi<strong>de</strong>ring<br />
syndication and <strong>de</strong>fault risks, banks now tend to price<br />
each transaction individually instead of using a “market standard”<br />
LBO financing interest rate as has been observed in the<br />
past. Most transactions are still priced in a similar range, as<br />
leverage factors also tend to be in a narrow range between<br />
1) This article does not refer to the market for large-cap / multinational companies<br />
/ conglomerates
Great achievements require taking risks;<br />
if you can i<strong>de</strong>ntify them, you can manage them<br />
Edison is a global research<br />
business with offices in Berlin,<br />
London, New York and Sydney.<br />
We have broad and <strong>de</strong>ep knowledge<br />
across all industry sectors.<br />
Berlin<br />
Friedrichstrasse 95<br />
10117<br />
Berlin<br />
London<br />
Lincoln House<br />
296-302 High Holborn<br />
London<br />
WC1V 7JH<br />
New York<br />
380 Lexington Avenue<br />
Suite 1724<br />
New York<br />
NY 10168<br />
www.edisoninvestmentresearch.co.uk<br />
Edison is regulated and authorised by the FSA<br />
Our services inclu<strong>de</strong>:<br />
� � Investment research<br />
� � Investor targeting<br />
programmes<br />
� � Investor services<br />
� � Investor Access<br />
� � Target i<strong>de</strong>ntification<br />
� � Commercial due diligence<br />
� �<br />
Valuations<br />
Sydney<br />
Level 33, Australia Square<br />
264 George Street<br />
Sydney<br />
NSW 2000
Corporate Financing<br />
Figure 2: Sources of proceeds as EBITDA-multiple<br />
EBITDA-multiple<br />
10x<br />
9x<br />
8x<br />
7x<br />
6x<br />
5x<br />
4x<br />
3x<br />
2x<br />
1x<br />
0x<br />
7.1x 7.0x<br />
6.8x<br />
7.6x<br />
3.5 and 4 times EBITDA (and may potentially be higher in selected<br />
cases) for senior tranches. Over the last few months,<br />
the pricing range has mostly been in the 400 to 550 bps<br />
spread region, although, recently, the market has seen transactions<br />
with interest margins exceeding such a range. Upfront<br />
fees, although they were in a 300 to 400 bps range for<br />
quite some time, also started to rise on average recently,<br />
covering the banks for an increased syndication risk.<br />
However, if acquisition financing would not fully exhaust the<br />
potential leverage of up to 4 times EBITDA, banks would<br />
reconsi<strong>de</strong>r pricing on a rating-driven basis. During recent<br />
months, loan interest margins for BBB-area rated companies<br />
have been in a 150 to 250 bps region, while financing<br />
for sub-investment gra<strong>de</strong> credit quality financing in the BBand<br />
B-areas have averaged out in the 250 to 350 and 350 to<br />
550 bps regions respectively. As such, averages might be<br />
influenced by very large, international transactions with<br />
high banking competition; in<strong>de</strong>ed, the market for “Mittelstand”<br />
corporates can be <strong>de</strong>emed to be at the higher end of<br />
or even exceeding the respective ranges.<br />
(Re)financing opportunities in the private equity<br />
sector<br />
Highly interesting are also opportunities which may occur<br />
for the private equity (“PE”) sector, especially for portfolio<br />
companies acquired between 2005 and 2011. While such<br />
acquisitions have usually been financed with leverages of<br />
Page 14 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
8.3x<br />
8.8x<br />
9.7x 9.7x<br />
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 H1/2012<br />
Senior <strong>de</strong>bt / EBITDA Other <strong>de</strong>bt / EBITDA<br />
Source: FCF Fox Corporate Finance GmbH<br />
8.9x<br />
9.2x<br />
8.8x<br />
9.1x<br />
up to 4 times EBITDA (and even higher before 2008), the<br />
relevant companies can be expected to be <strong>de</strong>-leveraged in<br />
the meantime, either by repaying the acquisition facilities<br />
and/or by growing in EBITDA terms.<br />
As a result, PE players may have the following opportunities:<br />
1. While banks are looking for (new) LBO transactions to be<br />
financed, the <strong>de</strong>bt market is generally open for PE / M&A<br />
trans actions, providing significant and sufficient liquidity<br />
2. When looking at existing portfolio companies, the <strong>de</strong>bt<br />
market does provi<strong>de</strong> an extraordinary refinancing potential,<br />
which can be exploited to either<br />
a. re-finance expensive leverage finance facilities through<br />
a “standard” corporate facility at more favourable<br />
terms and conditions, which would be based on the<br />
positive “rating jump” caused by the leverage that has<br />
<strong>de</strong>creased in the meantime and by other improved<br />
financials or<br />
b. re-capitalise, i.e. additional lending, a portfolio company<br />
up to an incurred leverage of 3.5 to 4 times EBITDA.<br />
Especially in the light of the fact that an exit / a selling<br />
strategy might not be reasonable / interesting due to<br />
below-peak equity multiples, recapitalisation might<br />
offer alternative options to a portfolio company’s<br />
management team or sharehol<strong>de</strong>rs, such as investing<br />
in further growth opportunities and/or in the form of a<br />
divi<strong>de</strong>nd recap, generating a return for the equity<br />
hol<strong>de</strong>rs.
Drive. Ma<strong>de</strong> in Germany.<br />
Also with equity capital procurement.<br />
With many years of experience in the fi eld of equity capital procurement,<br />
we offer you unrivalled access to capital markets. Benefi t from<br />
our individual advice covering Equity Capital Markets and our compre-<br />
2012<br />
IPO<br />
36 m EUR<br />
Sole Lead Manager<br />
2012<br />
Capital Increase<br />
14 m EUR<br />
Sole Lead Manager<br />
2011<br />
Capital Increase<br />
8 m EUR<br />
Sole Lead Manager<br />
2010<br />
Capital Increase<br />
420 m EUR<br />
Co-Lead Manager<br />
2012<br />
Capital Increase<br />
24 m EUR<br />
Sole Lead Manager<br />
2012<br />
Capital Increase<br />
10 m EUR<br />
Sole Lead Manager<br />
2011<br />
Capital Increase<br />
6 m EUR<br />
Sole Lead Manager<br />
2010<br />
Capital Increase<br />
4.2 bn EUR<br />
Co-Bookrunner<br />
Lan<strong>de</strong>sbank Ba<strong>de</strong>n-Württemberg<br />
Wind turbine<br />
Inventor: Prof. Dr. Ulrich W. Hütter<br />
Germany, 1957<br />
2012<br />
Capital Increase<br />
822 m EUR<br />
Joint Lead Manager<br />
2011<br />
Share Placement<br />
114 m EUR<br />
Joint Lead Manager<br />
Joint Bookrunner<br />
2011<br />
Sale of a majority stake<br />
to Centrotec AG<br />
Exclusive M&A Advisor<br />
2010<br />
Share Placement<br />
504 m EUR<br />
Co-Lead Manager<br />
hensive know-how with IPOs, share placements, capital increases,<br />
takeover bids, going private, equity services and <strong>de</strong>signated sponsoring.<br />
LBBW Equity Capital Markets, telephone: +49 711 127-25021.<br />
2012<br />
Capital Increase<br />
23 m EUR<br />
Sole Lead Manager<br />
2011<br />
Capital Increase<br />
5 bn EUR<br />
Co-Manager<br />
2010<br />
Sale of a majority stake in<br />
Behr Group to Mahle Group<br />
Exclusive M&A Advisor<br />
2009<br />
Capital Increase<br />
86 m EUR<br />
Sole Lead Manager<br />
2012<br />
Convertible<br />
240 m EUR<br />
Co-Lead-Manager<br />
2011<br />
Convertible<br />
325 m EUR<br />
Co-Bookrunner<br />
2010<br />
Capital Increase<br />
10.2 bn EUR<br />
Co-Bookrunner<br />
2009<br />
Convertible<br />
190 m EUR<br />
Co-Lead-Manager
Corporate Financing<br />
What are credit ratings?<br />
Ratings reduce information asymmetry and improve<br />
market functioning and efficiency<br />
Credit ratings are opinions about credit risk. Standard &<br />
Poor’s ratings express the agency’s opinion on the ability<br />
and willingness of an issuer, such as a corporation, to meet<br />
its financial obligations in full and on time. Credit ratings<br />
can also allow individuals to get a picture of the credit<br />
quality of an individual <strong>de</strong>bt issue, such as a corporate<br />
bond, and the relative likelihood that the issue may <strong>de</strong>fault.<br />
We express our ratings as letter gra<strong>de</strong>s ranging from ‘AAA’<br />
to ‘D’ to communicate our opinion on the relative level of<br />
credit risk.<br />
We base our ratings on analyses performed by experienced<br />
credit analysts who evaluate and interpret information<br />
received from issuers and other available sources to form a<br />
consi<strong>de</strong>red opinion. Unlike other types of opinions, such<br />
as, for example, those provi<strong>de</strong>d by doctors or lawyers,<br />
credit ratings opinions are not inten<strong>de</strong>d to be a prognosis or<br />
recommendation. Ratings should not be viewed as an<br />
assurance of credit quality nor as an exact measure of the<br />
likelihood of <strong>de</strong>fault. Rather, they are primarily inten<strong>de</strong>d to<br />
Figure 1: Standard & Poor’s analyst-driven rating process<br />
Source: Standard & Poor’s<br />
Page 16 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Tobias Mock is a Managing Director<br />
and Lead Analytical Manager in the<br />
Corporate Ratings <strong>de</strong>partment of<br />
Standard & Poor’s, based in Frankfurt.<br />
He leads the Light Industries team in<br />
EMEA, which covers the telecoms,<br />
high-tech, media, retail, leisure, consumer<br />
goods, healthcare and real<br />
estate industries.<br />
Tobias Mock, Managing Director and<br />
Lead Analytical Manager, Corporate Ratings,<br />
Light Industries, Standard & Poor’s<br />
provi<strong>de</strong> investors and market participants with information<br />
about the relative credit risk of issuers and individual <strong>de</strong>bt<br />
issues that the agency rates.<br />
The corporate rating process<br />
at S&P<br />
When rating a corporation, we<br />
assign a lead analyst, often in conjunction<br />
with a team of specialists,<br />
to evaluate the entity’s credit -<br />
worthiness. Typically, analysts<br />
obtain information from published<br />
reports, interviews and discussions<br />
with the company’s management<br />
team, as well as from their sector<br />
and market analyses. The rating<br />
process is dynamic and evaluates<br />
qualitative and quantitative information<br />
on an ongoing basis. There<br />
is at least a bi-annual review for all<br />
corporate ratings and typically an<br />
annual meeting atten<strong>de</strong>d by the<br />
analytical team and the senior<br />
management team of the rated corporate.<br />
Fig. 1 illustrates the typical<br />
rating process for a corporation.
UNSER PROGRAMM FÜR DIE ZUKUNFT: ERP-INNOVATIONSPROGRAMM<br />
Sie suchen Unterstützung<br />
bei <strong>de</strong>r Realisierung Ihrer I<strong>de</strong>e?<br />
Nutzen Sie unser För<strong>de</strong>rangebot für etablierte Unternehmen und Freiberufl er. Die KfW unterstützt<br />
die Forschung und Entwicklung innovativer Produkte, Verfahren o<strong>de</strong>r Dienstleistungen<br />
sowie <strong>de</strong>ren Markteinführung mit günstigen Finanzierungspaketen. Mehr Informationen<br />
erhalten Sie bei Ihrer Hausbank, unter www.kfw.<strong>de</strong> o<strong>de</strong>r direkt über das Infocenter <strong>de</strong>r KfW.<br />
Tel. 0800 5399001 *<br />
* kostenfreie Rufnummer
Corporate Financing<br />
Figure 2: Main drivers of Standard & Poor’s corporate issuer ratings<br />
• Country Risk<br />
• Industry Characteristics<br />
• Company / Competitive Position<br />
• Profitability / Peer Group<br />
Comparison<br />
• Management & Strategy<br />
• Accounting<br />
• Governance, Risk Tolerance,<br />
Financial Policy<br />
• Cash Flow A<strong>de</strong>quacy<br />
• Capital Structure, Asset<br />
Protection<br />
• Liquidity / Short-Term Factors<br />
Source: Standard & Poor’s<br />
Assigning an issuer rating<br />
To form our rating opinion, we review a broad range of<br />
financial and business risk factors that may influence the<br />
issuer’s prompt <strong>de</strong>bt repayment. We analyse specific risk<br />
factors according to our criteria of rating corporate entities.<br />
Fig. 2 provi<strong>de</strong>s an overview of the factors that we consi<strong>de</strong>r.<br />
We split our analysis into two parts, namely the business<br />
risk profile and the financial risk profile. For example, the<br />
credit analysis of a corporate issuer inclu<strong>de</strong>s an evaluation<br />
of the future operating performance including its profitability;<br />
market and competitive positions; financial condition,<br />
including liquidity; and risk management strategies, including<br />
the governance of a corporation.<br />
What value do ratings provi<strong>de</strong>, and to whom?<br />
Ratings reduce information asymmetry and improve<br />
market functioning and efficiency. Credit ratings can help<br />
reduce the knowledge gap, or “information asymmetry”,<br />
between borrowers (issuers) and len<strong>de</strong>rs (investors). The<br />
essential subject matter of this information asymmetry is a<br />
borrower’s creditworthiness. A borrower knows its own<br />
creditworthiness better than a len<strong>de</strong>r does. Also, because<br />
creditworthiness is not a directly observable attribute, a<br />
len<strong>de</strong>r generally has to use estimates from factors that can<br />
be observed using various approaches. One approach is<br />
for a company to perform its own analysis; another<br />
approach is to use credit ratings from in<strong>de</strong>pen<strong>de</strong>nt rating<br />
agencies; while a further approach is to use information and<br />
Page 18 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Business<br />
Risk<br />
Finan<br />
cial<br />
Risk<br />
RATING<br />
analyses provi<strong>de</strong>d by third<br />
parties or other analysts.<br />
Using multiple approaches<br />
will likely permit a len<strong>de</strong>r to<br />
be more confi<strong>de</strong>nt about its<br />
conclusions, especially if<br />
the approaches lead to<br />
similar conclusions or the<br />
same result.<br />
Credit ratings may play a<br />
useful role in enabling<br />
corporations to raise<br />
money in the capital<br />
markets. Instead of taking a loan from a bank, these entities<br />
sometimes borrow money directly from investors by<br />
issuing bonds or notes. Credit ratings may facilitate the<br />
process of issuing and purchasing bonds and other <strong>de</strong>bt<br />
issues by providing an efficient, wi<strong>de</strong>ly recognised, and<br />
long-standing measure of relative credit risk. Investors and<br />
other market participants may use the ratings as a screening<br />
<strong>de</strong>vice to match the relative credit risk of an issuer or individual<br />
<strong>de</strong>bt issue with their own risk tolerance or credit risk<br />
gui<strong>de</strong>lines in making investment and business <strong>de</strong>cisions.<br />
In<strong>de</strong>pen<strong>de</strong>nt analysis of risk factors for senior management<br />
and owners of corporations. The dialogue with<br />
Standard & Poor’s during the rating process provi<strong>de</strong>s the<br />
senior management teams of corporations with an in<strong>de</strong>pen<strong>de</strong>nt<br />
view on their operational and financial risks. We<br />
will weigh the different risk factors according to our corporate<br />
rating methodology in or<strong>de</strong>r to <strong>de</strong>rive a rating. This<br />
analysis often allows senior management to anticipate what<br />
could be the most likely effect on their company’s credit<br />
quality, thus reflecting on their own strategic and operational<br />
scenarios. It also provi<strong>de</strong>s useful information to the<br />
owners of the corporation, which could be either public or<br />
private sharehol<strong>de</strong>rs.<br />
A credit rating provi<strong>de</strong>s senior management with a<br />
globally recognised measure of creditworthiness,<br />
which eases communication. Companies can use this<br />
measure to communicate and discuss their credit profile<br />
with len<strong>de</strong>rs, including bankers and <strong>de</strong>bt investors.
We believe in German Mittelstand<br />
www.cbseydler.com<br />
� ������� ����� ���� ��� ����� ���������� �� ��� ������ ����� ��������<br />
�� ���� ����� ������� �������� ��� ��������� �����<br />
� ������ ������ �� ���������� ���������� ��� ������ ������ ���<br />
��������� ���������<br />
� ����������� ������� ������� ���� �������� ��������� ������ ��� ����<br />
������� ������ ������������<br />
� ����� ����� ��� ������� ��������� �� ����� ��� ������� ������<br />
Lösungen nach Maß<br />
� ������������� �������� ���� ����� ����� �� ������ ����� ��� ��������<br />
Close Brothers Seydler Bank AG � �������������� �� � �� � ����� ��������� �� ���� � T ��� ����� ������� � �����������������
Capital Markets<br />
Stakehol<strong>de</strong>r relations<br />
The best way to anchor the company story<br />
The ongoing sovereign <strong>de</strong>bt and banking crisis in Europe<br />
has led to massive changes in the financing situation and<br />
structure of companies. German companies are also finding<br />
themselves forced to adapt to this challenging environment<br />
now that the upswing in the German economy, with its<br />
positive impact on cash flows and financial structures, is<br />
running out of steam. Traditional bank loans will ultimately<br />
come to be supplemented by the market for <strong>de</strong>bt capital in<br />
Europe, as has already been standard practice in the US for<br />
<strong>de</strong>ca<strong>de</strong>s. In other words, companies’ banks will act less<br />
and less often as len<strong>de</strong>rs, whilst businesses will need to<br />
respond to the new challenges and open themselves up to<br />
the capital market.<br />
Optimisation of communications<br />
For many companies, a mix of one-third equity, one-third<br />
traditional bank loans (including syndicated loans) and onethird<br />
issues on the <strong>de</strong>bt capital market will regularly be<br />
advised and required in the future. This will also lead to new<br />
requirements for the entire range of corporate communi -<br />
cations, including the optimisation of communications.<br />
Prompt and intensive communication with all stakehol<strong>de</strong>rs<br />
of a company, in which all of them are treated equally, is of<br />
paramount importance. Above all, consistent handling of<br />
equity and <strong>de</strong>bt capital investors, media representatives<br />
and employees will provi<strong>de</strong> a stable, credible and sufficiently<br />
broad base on which to anchor the company’s story.<br />
While many listed companies take every care to provi<strong>de</strong><br />
support to their sharehol<strong>de</strong>rs, their management team still<br />
does not pay enough attention to support for len<strong>de</strong>rs and<br />
those who make <strong>de</strong>cisions on loans. Whether this involves<br />
the employee at the company’s bank who is responsible for<br />
making a <strong>de</strong>cision on a loan, the broker placing a bond on<br />
the capital market or a provi<strong>de</strong>r of equity or borrowed capital,<br />
the <strong>de</strong>mands placed on the company seeking funding<br />
are increasing massive in terms of providing information<br />
and rigorous communications.<br />
It is advisable to use the full range of communication tools<br />
available, including newsletters, IR and press releases,<br />
<strong>de</strong>tailed website information, etc. The company’s story can<br />
be communicated in various ways, i<strong>de</strong>ally using a combina-<br />
Page 20 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Nico Baa<strong>de</strong>r, born in 1970, has been<br />
a Member of the Board of Directors of<br />
Baa<strong>de</strong>r Bank since May 2009, where<br />
he is responsible for business with<br />
corporate and institutional clients and<br />
corporate communication.<br />
tion of targeted one-on-one meetings, group presentations,<br />
talks at conferences and participation in panel discussions.<br />
The organisation of a Capital Markets Day should also be<br />
consi<strong>de</strong>red, as this provi<strong>de</strong>s an opportunity to give a large<br />
number of different stakehol<strong>de</strong>rs an insight into the inner<br />
workings of a company virtually simultaneously.<br />
Same message<br />
Nico Baa<strong>de</strong>r, Member of the Board,<br />
Baa<strong>de</strong>r Bank<br />
It is important to ensure that the message sent out to all<br />
stakehol<strong>de</strong>rs is the same. There will always be certain differences<br />
and nuances. Different groups of investors will also<br />
require specific pieces of information and data in different<br />
levels of <strong>de</strong>tail, but the story must be consistent to ensure the<br />
company’s credibility. Although this may sound self-evi<strong>de</strong>nt,<br />
time and again in practice, differences in communications<br />
with investors come to light, which is often due to the fact<br />
that communications come from different <strong>de</strong>partments.<br />
In most cases, this will lead to a significant paradigm shift in<br />
the work of those responsible for investor relations. Bond<br />
investors must not be regar<strong>de</strong>d merely as creditors. Having<br />
focused on support for sharehol<strong>de</strong>rs, IR <strong>de</strong>partments will in<br />
the future <strong>de</strong>vote a large proportion of their time to bond<br />
investors and bank employees responsible for making <strong>de</strong>cisions<br />
on loans. The job profile of IR employees will also<br />
change in connection with this. In the area of <strong>de</strong>bt capital in
particular, the volume and relevance of the information and<br />
the promptness with which offers are ma<strong>de</strong> by issuers often<br />
fail to match the expectations of len<strong>de</strong>rs. This applies not<br />
only to newcomers to the bond market, but, astonishingly, it<br />
is also true of regular bond issuers.<br />
Equal treatment<br />
So far, too little attention has been paid to the fact that bond<br />
investors – and to an even greater extent, len<strong>de</strong>rs – have often<br />
entered into much larger and, in some cases, ultimately<br />
more risky commitments than sharehol<strong>de</strong>rs. However, they<br />
are often informed of <strong>de</strong>velopments once sharehol<strong>de</strong>rs have<br />
been or not at all. Len<strong>de</strong>rs are also granted much less access<br />
to management than sharehol<strong>de</strong>rs. Another aspect of equal<br />
treatment is that covenants to protect investors should not<br />
differ significantly between the bond market and the credit<br />
market. In the event of serious difficulties, bond investors<br />
would not like to find that lending banks are in a much better<br />
position than they are. Investors in the bond market are, in<br />
some cases, not provi<strong>de</strong>d with the information they would<br />
like with regard to risk management and risk culture, the refinancing<br />
situation, pension obligations, cash flows, etc. Presentations<br />
of strategic company <strong>de</strong>cisions and their impact<br />
on the com pany’s financing structure are also rarely provi<strong>de</strong>d.<br />
Capital Markets<br />
Moreover, different <strong>de</strong>finitions<br />
are often used for key<br />
figures. The Society of<br />
Investment Professionals in<br />
Germany (“DVFA – Deutsche<br />
Ver einigung für Finanzanalyse<br />
und Asset Management”)<br />
is calling for the way<br />
in which the most important<br />
key figures are presented to<br />
Photo: Deutsche Börse AG<br />
be standardised and in particular for a more <strong>de</strong>tailed, creditor-oriented<br />
information policy, which we would welcome.<br />
A good level of support for <strong>de</strong>bt capital investors and other<br />
stakehol<strong>de</strong>rs will also help to increase the company value.<br />
The lever here lies in the cost of capital, which is calculated<br />
from the total of equity and borrowing costs. Good IR work<br />
can reduce the risk premium to be paid by the company<br />
and thus creates the necessary ad<strong>de</strong>d value. This ad<strong>de</strong>d<br />
value is large enough for us to <strong>de</strong>vote our energies to<br />
optimising our support for bond investors. Good investor<br />
relations work is illustrated OR Good investor relations<br />
work is evi<strong>de</strong>nced when a good and credible story is<br />
reflected in an increase in company value. It is worth optimising<br />
stakehol<strong>de</strong>r communications for this.<br />
SSmart<br />
mar<br />
r t CCube<br />
ubb<br />
e YYo<br />
YYour<br />
ou<br />
r Research RRe<br />
esearc<br />
chh<br />
www.thesmartcube.com www .thesmartcube.com | sales@thesmartcube.com<br />
advertisement<br />
intelligence int<br />
ntel el ell li ig gee<br />
nce<br />
that tth<br />
that<br />
helps h<br />
elp elps<br />
broa<strong>de</strong>n b<br />
roa<strong>de</strong>e<br />
n yyour<br />
our<br />
capabilities ccap<br />
cap<br />
ap abili<br />
itie<br />
ie ies s<br />
In-<strong>de</strong>pth n-<strong>de</strong><br />
epp<br />
th aanalysis<br />
nal<br />
alyyss<br />
is and an<br />
d fully f ffull<br />
ull ullyy<br />
����<br />
Whether an investment bank, asset manager, manager private<br />
������������������������������������������<br />
��<br />
����<br />
����������������������������������������������������������������� ������������������� ������������������� ������������������� ������������������� �������������������<br />
�����������������������������������������<br />
� � ��� �� � �� ������������������������������������������<br />
������������������� ������������������� ������������������� ������������������� �������������������<br />
customised usto<br />
omise<br />
se sedd<br />
rre<br />
rresearch<br />
ese se sea arcc<br />
h<br />
�������������������������������������������<br />
��<br />
���������������������������������������������������������������������� ������������������� ������������������� �������������������<br />
��������������������������������������<br />
�������������������������������������������������� ����������������������������<br />
��<br />
��<br />
�� ���<br />
�� ��<br />
�����������������������<br />
�������������������������������������������<br />
��<br />
�� ��� ����������� ���������� ���������<br />
����������� ��� ��<br />
����������� �������� ����������� �������� ����������� �������� ����������� �������� ����������� �������� �����������<br />
��������<br />
���������������������������������������<br />
������������������������������� � ���������������������������������������������������������������������������������������������������������������������������������� �����������������������������������<br />
���<br />
�����<br />
� ���������������������������������������������������������������<br />
������������������� �������������������<br />
�������������������������������<br />
�������������������������� ����<br />
� �������������������������������������������������������������������������� ��������������������������������������������������<br />
� � ����� �� �� �� ����������������������������������������� ������������������� ������������������� �������������������<br />
��������������������������������������<br />
���������������������� � � � ��<br />
� � ������������������������������������������������������������������������������� �<br />
����������������������������������������<br />
�� ��<br />
�� � ��������������������������������������������<br />
������������������� ������������������� �������������������<br />
������������������������������������������<br />
����������������������� ���<br />
�� ����������������������������������������������������������������������������<br />
� � ��<br />
������������������� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ����<br />
�������������������������<br />
�� �� ���<br />
����������������������������������������������<br />
�������������������<br />
�����������������<br />
� ����<br />
� � � � ��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
�������������������������<br />
�� ��<br />
���<br />
�� ���������������������������������������������� �������������������<br />
��������������������<br />
��<br />
� ������������������������������������������������� �������������������<br />
���������������������������������������������������<br />
������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� �� ����������������������������������������������� �� � ���<br />
����������������������������� ����������������������������������������<br />
�������������������<br />
���������������������������<br />
� �� � ����<br />
���������������������������������������������� ������������������� �������������������<br />
����������������������������������������������������<br />
������������������� ������������������� ������������������� ������������������� ��������������������������������������������������������������������������������������������<br />
�����������������<br />
�� ���<br />
������������������������������������������������Visit thesmartcube.com���������<br />
��������������� ���� ��������������� ���� The ��������������� ����Smart Smart Cube ��� ��<br />
���������������<br />
����<br />
+44(0)20 3301 3940 ����������������<br />
������������������� ������������������� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� ��<br />
Chicago Detroit New York Y ork London Zurich Timisoara T imisoara Montevi<strong>de</strong>o New Delhi
Capital Markets<br />
Research un<strong>de</strong>r fire<br />
The value of equity research for the<br />
German small- & mid-cap sector<br />
The financial crisis is leaving behind ever more significant<br />
marks on the field of equity research. Many banks have<br />
closed their research <strong>de</strong>partments completely or have<br />
entered into partnership arrangements. The research headcount<br />
has been reduced in most banks. This means that<br />
coverage – especially of small to mid-sized companies –<br />
has been <strong>de</strong>creasing.<br />
Berenberg is profiting from this trend. It has steadily built up<br />
its Equity Research <strong>de</strong>partment over the last few years and<br />
currently employs 70 analysts in London, mainly covering<br />
European shares. Split into 22 sectors, the focus is very<br />
much on mid-cap companies, especially those based in<br />
Germany.<br />
More than 90% of the companies listed in the MDAX and<br />
TecDAX indices are covered, as are the larger SDAX<br />
companies. Investment in mid-cap companies often has a<br />
<strong>de</strong>cisive impact on the outperformance of an investment<br />
fund – for example, the MDAX has continuously outperformed<br />
the DAX in recent years.<br />
Fund managers, however, have more difficulty in selecting<br />
companies, as fewer research reports are available and the<br />
Investor Relations and Communications <strong>de</strong>partments are<br />
typically smaller and incapable of competing with the infrastructure<br />
of a blue chip company. This is where Berenberg<br />
steps in, publishing comprehensive research, organising<br />
Figure 1: Performance, DAX vs. MDAX since 2002<br />
260%<br />
240%<br />
220%<br />
200%<br />
180%<br />
160%<br />
140%<br />
120%<br />
100%<br />
80%<br />
60%<br />
Page 22 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
July 2008 – today: Head of Equity Research,<br />
June 2005 – June 2008:<br />
Head of German Equity Research,<br />
December/1996 – May/2005: Analyst<br />
for German Small- and Mid-Caps,<br />
Berenberg Bank<br />
40%<br />
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012<br />
Source: Bloomberg, Berenberg Bank<br />
DAX MDAX<br />
Gunnar Cohrs, Head of Equity<br />
Research, Berenberg Bank<br />
roadshows and hosting conferences, our recent<br />
conference in Munich during Oktoberfest being one example.<br />
In this way, companies can raise their profile.<br />
Banks often claim that there is less to be gained from covering<br />
mid-cap companies, as their market cap is smaller and<br />
the potential commissions are lower, but they tend to overlook<br />
the fact that the mid-cap space, in addition to classic<br />
share trading, offers a range of interesting business opportunities,<br />
such as block trading or placing shares of established<br />
sharehol<strong>de</strong>rs.<br />
Is research a cost or profit centre?<br />
In a market that is over-broked and<br />
structurally shrinking, it is important to<br />
pursue a clear business strategy. For<br />
almost 20 years, Berenberg has<br />
focused on producing high-quality<br />
research and providing a first-class<br />
service for its institutional clients.<br />
Berenberg also benefits from its ownership<br />
and management structure.<br />
Being owner-run, the entrepreneurial<br />
spirit is encouraged and embodied<br />
across the board. Due to the bank’s
Capital Markets<br />
Figure 2: Broker coverage<br />
Broker Coverage<br />
40<br />
35<br />
30<br />
25<br />
20<br />
15<br />
10<br />
5<br />
0<br />
- 1,000 2,000 3,000 4,000 5,000 6,000 7,000<br />
Market Cap (in EURm)<br />
Source: Bloomberg, Berenberg Bank (taking the example of MDAX)<br />
financial in<strong>de</strong>pen<strong>de</strong>nce and low level of proprietary trading,<br />
it is also free from conflicts of interest in its investment<br />
recommendations, which is valued by the clients.<br />
The ownership structure also ensures that cost control and<br />
flat, flexible hierarchies prevail, which is a distinct competitive<br />
advantage in a business with such high fixed costs. In<br />
this way, Berenberg has been able to invest substantially<br />
There are a lot of small- and mid-cap companies, so filtering out the interesting<br />
ones requires more effort.<br />
Photo: PantherMedia / Ingrid Balabanova<br />
Page 24 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
through the financial crisis, while competitors have<br />
reduced the size of their teams or have, in some<br />
cases, withdrawn from cash equities altogether.<br />
What advantages does a small- / mid-cap<br />
company bring with regard to being un<strong>de</strong>r<br />
coverage?<br />
Finding attractive mid-cap shares is har<strong>de</strong>r than in<br />
the large-cap universe. Firstly, there are many<br />
more companies, so filtering out the interesting<br />
ones requires more effort. Secondly, it is har<strong>de</strong>r to<br />
build up positions, as liquidity is lower. Here,<br />
broad coverage and an archive of research<br />
reports can help. Institutional investors are ma<strong>de</strong><br />
aware of companies and this increased interest<br />
leads to increased trading in the share and thus<br />
higher liquidity. Company size correlates clearly with broker<br />
coverage. The bigger the company, the more brokers<br />
cover it on a regular basis.<br />
Small companies in particular have had to resort to paying<br />
for coverage, which we see as unfortunate – it is in<strong>de</strong>ed<br />
difficult to convince an institutional investor that recommendations<br />
are truly unbiased and in<strong>de</strong>pen<strong>de</strong>nt. From a<br />
company perspective, the top priority is keeping the capital<br />
markets informed and building up a track record. In this<br />
way, the company can grow organically to a size that makes<br />
it interesting to institutional investors and therefore also justifies<br />
coverage for the analysts.<br />
How important is a good relationship between an<br />
investment bank and a company?<br />
Transparent capital market communication is vital to ensure<br />
as fair a valuation as possible. The best tool for this is a<br />
stock valuation that can be compared to other companies<br />
in the sector with similar growth. High-quality and frequent<br />
investor relations activities (roadshows, conferences, etc.)<br />
and ambitious yet realistic targets form the foundation of<br />
this. A steady flow of communication with investors paves<br />
the way for future activities, such as capital increases, and<br />
gives companies greater in<strong>de</strong>pen<strong>de</strong>nce from banks when it<br />
comes to seeking financing.
THE FINANCING SPECIALIST<br />
ADVISORY | STRUCTURING | PLACEMENT<br />
FCF is a Corporate Financing specialist arranging, structuring and placing equity and <strong>de</strong>bt capital for private and<br />
listed small-/midcap companies. FCF provi<strong>de</strong>s its clients with growth-financing, acquisition-financing and/or<br />
refinancing advice and services, supporting them in implementing an effective and capital market oriented capital<br />
structure while reducing the <strong>de</strong>pen<strong>de</strong>ncy on bank financing.<br />
FCF FINANCING SERVICES FCF QUALIFICATIONS<br />
Equity Capital<br />
Pre-IPO-financing<br />
Public and private equity<br />
Debt Capital<br />
Short- and long term <strong>de</strong>bt<br />
Hybrid<br />
Coming Events<br />
Corporate financing specialist<br />
Qualified access to leading investors<br />
Experienced and <strong>de</strong>dicated team<br />
In-<strong>de</strong>pth market know-how<br />
Building “lifetime“ relationships<br />
5th FCF Family-to-Family Day<br />
Munich, Germany March 14 th , 2013<br />
5 family owned companies presenting in front of 50 family offices and high net worth individuals (HNIs)<br />
FCF German Industry Capital Markets Day 2013<br />
Abu Dhabi, UAE March 26 th , 2013<br />
up to 12 presenting companies and more than 100 investors from the middle east<br />
For more information on both events please contact info@fcf.<strong>de</strong><br />
FCF Fox Corporate Finance GmbH ● Maximilianstr. 12-14 ● D-80539 Munich ● Tel. +49-89-20 60 409-100 ● Fax: +49-89-20 60 409-299<br />
info@fcf.<strong>de</strong> ● www.fcf.<strong>de</strong><br />
Contact person: Arno Fuchs ● Mobil: +49-172-86 36 777 ● Email: arno.fuchs@fcf.<strong>de</strong>
Capital Markets<br />
“The use of computers and software is simply an<br />
expression of technological progress in our industry”<br />
Interview with Dr. Miroslav Budimir, Head of Business<br />
Development, Deutsche Börse AG<br />
It is now almost impossible to imagine everyday exchange<br />
trading without algorithmic and high-frequency trading. The<br />
highly technological trading world of today results in high<br />
volatility and sud<strong>de</strong>n price drops on the one si<strong>de</strong>, and higher<br />
liquidity and a reduction in the implicit and explicit costs of<br />
trading on the other. Mo<strong>de</strong>rn trading structures constitute a<br />
new challenge to market participants, as these rapid <strong>de</strong>velopments<br />
can often impact upon the performance of a company’s<br />
shares, as well as tra<strong>de</strong>rs’ activities and their strategic<br />
<strong>de</strong>cisions.<br />
<strong>Conference</strong> <strong>Magazine</strong>: High-frequency trading (HFT)<br />
dominates mo<strong>de</strong>rn media. Dr. Budimir, how would you rate<br />
that statement?<br />
Budimir: High-frequency trading is not a strategy, but a<br />
technology. Typical features of HFT inclu<strong>de</strong> a large number<br />
of submitted or<strong>de</strong>rs, or<strong>de</strong>r adjustments and <strong>de</strong>letions, as<br />
well as very short investment horizons. Likewise, the speed<br />
of trading plays a key role. Having said that, it is not easy to<br />
<strong>de</strong>fine the concept of HFT, given that any possible <strong>de</strong>finition<br />
would exclu<strong>de</strong> some of those who are obvious HFTs. For<br />
example, those HFTs who only generate a small number of<br />
or<strong>de</strong>rs. At the same time, “traditional” tra<strong>de</strong>rs could<br />
mistakenly be consi<strong>de</strong>red as HFTs, for instance, if they<br />
provi<strong>de</strong> liquidity and therefore frequently adjust the or<strong>de</strong>r<br />
limits.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Automated trading is a natural<br />
evolution of the trading process. What potential risks are<br />
innate to high-frequency trading?<br />
Budimir: The use of computers and software is simply an<br />
expression of technological progress in our industry. Naturally<br />
there are also risks, which everyone involved needs to<br />
un<strong>de</strong>rstand and address. For example, trading algorithms<br />
could get out of control and unintentionally send a huge<br />
volume of or<strong>de</strong>rs to an exchange within a very short timeframe.<br />
We recently saw this happen in the United States, for<br />
example. Therefore, it is important to have processes and<br />
procedures to protect the market from these events.<br />
<strong>Conference</strong> <strong>Magazine</strong>: And Europe is any better off?<br />
Budimir: In Europe, by contrast, there is a variety of protection<br />
mechanisms built into the process chain. For example,<br />
it is common to <strong>de</strong>ploy mechanisms to prevent so-called<br />
Page 26 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Dr. Miroslav Budimir is an expert in<br />
equity market microstructure. He has<br />
performed aca<strong>de</strong>mic research on the<br />
<strong>de</strong>sign of innovative securities<br />
markets, and was granted several<br />
scholar ships and awards, e.g. by the<br />
George Soros Open Society Institute<br />
(New York). Joining Deutsche Börse<br />
Xetra in 2002, Miro is currently<br />
responsible for Institutional Equity<br />
Business Development. His activities<br />
cover client support, Xetra <strong>de</strong>velopment<br />
and regulatory topics.<br />
Dr. Miroslav Budimir, Head of Business<br />
Development, Deutsche Börse AG<br />
“fat finger errors”. These avert market participants from<br />
inserting clearly false parameters, such as or<strong>de</strong>ring a very<br />
high number of shares which would distort the market.<br />
Also, volatility interruptions are crucial, too, as they prevent<br />
trans actions at prices that exceed a pre<strong>de</strong>fined range.<br />
<strong>Conference</strong> <strong>Magazine</strong>: What is your take on the <strong>de</strong>velopment<br />
of new trading mo<strong>de</strong>ls and the impact they have on<br />
markets?<br />
Budimir: In the 1990s, transparent electronic or<strong>de</strong>r books<br />
replaced the hitherto predominant floor trading systems on<br />
European exchanges. In the past, only exchange members<br />
had the privilege of participating in floor trading. Things<br />
changed with the launch of Xetra. The new market mo<strong>de</strong>l<br />
enabled electronic access to trading. On this basis, new<br />
business mo<strong>de</strong>ls evolved, one of them being HFT. HFTs<br />
provi<strong>de</strong> liquidity and thus compress the bid-ask spreads.<br />
As a result, they reduce trading costs for investors. Or HFTs<br />
link fragmented markets by arbitrage activities. Investors<br />
thereby get better prices, even if they do not have access to<br />
all markets.<br />
<strong>Conference</strong> <strong>Magazine</strong>: What protection mechanisms are<br />
in place to guarantee fair and or<strong>de</strong>rly trading?<br />
Budimir: We frequently hear the objection that HFTs have<br />
increased volatility. But that is not the case: Over a period of<br />
ten years, the market has not become more volatile. On the
contrary, current studies clearly prove that HFTs<br />
have reduced price fluctuations by providing liquidity<br />
– especially in volatile situations. And should<br />
prices start to fluctuate, we have a strong tool at<br />
hand to calm the market down – the volatility interruption<br />
mechanism: Trading is suspen<strong>de</strong>d for a short<br />
period. This interruption enables market players to<br />
take a <strong>de</strong>ep breath, reassess the situation, and if<br />
necessary, amend their or<strong>de</strong>rs.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Both Brussels and the<br />
German legislature have already started initiatives<br />
to reduce the potential risks associated with highfrequency<br />
trading. What is Deutsche Börse’s take<br />
on this <strong>de</strong>velopment?<br />
Budimir: At present, MiFID (the EU Financial Markets<br />
Directive) is being revised. Likewise, a national<br />
German HFT Act is currently at the committee<br />
stage. Both bills contain extensive sections on the<br />
regulation of algorithmic trading and HFT. We<br />
welcome steps such as these that address the risks<br />
of these activities. For example, the requirement<br />
that all parties involved must have safety mechanisms<br />
in place. By contrast, we reject other<br />
measures that intervene in the functioning market<br />
structure, such as the introduction of minimum<br />
or<strong>de</strong>r resting times. They adversely affect the<br />
market’s ability to generate liquidity. As result,<br />
investors would face higher trading costs and<br />
issuers would have to bear higher costs of capital.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Thank you very much<br />
in<strong>de</strong>ed, Dr. Budimir.<br />
The interview was conducted by Robert Steininger.<br />
Photo: PantherMedia / Phil Morley<br />
Capital Markets<br />
Relationship<br />
banking<br />
We build trustful relationships<br />
with our clients, business partners<br />
and investors over many years.<br />
Trust evolves from a long-term<br />
relationship based on integrity.<br />
Trust has to be earned and nurtured.<br />
It is rooted in consistency and<br />
personal relationships.<br />
BankM<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 27 www.bankm.<strong>de</strong>
Equity Markets<br />
Selective environment for European IPOs<br />
The need for an optimised preparation process<br />
Some rea<strong>de</strong>rs will remember the authors’ article which was<br />
published last year with the somewhat enigmatic title<br />
”European IPOs – quo vadis?” and might won<strong>de</strong>r why, in a<br />
year of rather dire IPO activity, we have not stuck by the<br />
Roman theme and have titled this year’s review “European<br />
IPOs – R.I.P.(?)” or similar.<br />
In fact, some cynicism surrounding the current shape of the<br />
European IPO market might be warranted. Out of an<br />
expected pipeline of approx. 25 potential IPOs in Europe for<br />
2012, we have seen 15 official pulls or postponements and<br />
only eight IPOs with an issue size above EUR 100 million<br />
having ma<strong>de</strong> it to the market. Amongst those, Germany,<br />
having been speculated as the most promising IPO market<br />
amid its relative robustness in the global concerto of weakening<br />
economies, has only seen the smaller-than-expected<br />
IPO of Talanx, immediately followed by the IPO of<br />
Telefonica’s German mobile business. Heavyweights such<br />
as Evonik, Osram, Kolbenschmidt, etc., have either chosen<br />
to review their respective float timing or to reconsi<strong>de</strong>r their<br />
IPO plans in light of insufficient valuation expectations or<br />
sub-optimal secondary market conditions.<br />
The reasons for such meagre IPO vintage to date are mostly<br />
tied to an apparent valuation mismatch between sellers’<br />
or issuers’ price expectations and investors’ willingness to<br />
pay up for IPOs. Furthermore, the macro-political storm in<br />
Figure 1: The ECB’s more aggressive stance has boosted<br />
Europe’s PE multiple<br />
MSCI Europe 12m PE<br />
11.5<br />
11.0<br />
10.5<br />
10.0<br />
9.5<br />
9.0<br />
8.5<br />
8.0<br />
Draghi’s “bumblebee” speech (26/07)<br />
End of<br />
LTRO2<br />
Sep 10 Mar 11 Sep 11 Mar 12<br />
Source: DataStream, Bloomberg, Morgan Stanley Research<br />
ECB announces OMT (06/09)<br />
Page 28 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
EU summit<br />
(28/06)<br />
ECB announces<br />
LTRO (8/12)<br />
Thomas Thurner, Vice Presi<strong>de</strong>nt, Equity<br />
Capital Markets for Germany and Austria,<br />
Morgan Stanley*<br />
Johannes Borsche,<br />
Managing Director IBD,<br />
Morgan Stanley**<br />
the Mediterranean region paired with the on-going theme of<br />
the global growth-scare leaves investors in a “risk off”<br />
mo<strong>de</strong> vis-à-vis newly listed stocks that lack a credible track<br />
record.<br />
We would, however, refrain from <strong>de</strong>claring the IPO market<br />
as being dysfunctional and would purposefully remind ourselves<br />
that, on average, the IPO markets have in the past<br />
never been shut for more than twelve months.<br />
As potential issuers bridge the waiting period by focusing<br />
on doing their homework and optimising IPO plans with the<br />
required <strong>de</strong>gree of flexibility, we would like to highlight a few<br />
elements that have helped to make those IPOs which have<br />
worked well this year a great success, such as the EUR 925<br />
million IPO of Dutch cable company Ziggo, which has<br />
tra<strong>de</strong>d up almost 40% since issue.<br />
*) Thomas Thurner is Vice Presi<strong>de</strong>nt Equity Capital Markets for Germany and<br />
Austria. He has 10 years of experience in investment banking at Morgan<br />
Stanley in the Global Capital Markets Group.<br />
**) Johannes Borsche, Managing Director IBD, has served Morgan Stanley<br />
since 2000. Before, he used to work for Deutsche Bank as a Vice Presi<strong>de</strong>nt.<br />
Mr Borsche holds a <strong>de</strong>gree in Economics and Business Administration.
De-risking the IPO upfront<br />
Equity Markets<br />
In light of the “stop-and-go” sentiment in current<br />
IPO markets, it will be critical for the success of any<br />
public listing going forward to arrange the preparatory<br />
work streams in such a way to allow for suf -<br />
ficiently frequent and active interaction between<br />
management and investors as early as possible.<br />
Such early preparation should not only help to testrun<br />
the investment case and provi<strong>de</strong> them with<br />
“real-life” investor sparring, but should i<strong>de</strong>ally<br />
encourage investors to commit early or<strong>de</strong>rs upfront<br />
with a varying <strong>de</strong>gree of size and price sensitivity.<br />
Looking for a read-across of the US and Asian IPO<br />
markets, which have held up relatively well this year,<br />
IPO preparation processes such as Michael Kors or<br />
F1 could attract significant pre-IPO <strong>de</strong>mand, which<br />
ultimately helps to <strong>de</strong>-risk the overall execution<br />
process with granular feedback on positioning, timing<br />
and early valuation thoughts; it also enables the<br />
book building process to be started from a strong<br />
position.<br />
In that context, it is important to highlight that the<br />
pool of potential pre-IPO money is not limited to a<br />
growing list of interested sovereign wealth funds,<br />
but has recently also inclu<strong>de</strong>d prominent examples<br />
of the classic long-only and hedge fund community,<br />
as well as packaged private wealth money. A “first<br />
look” at a promising investment opportunity and the<br />
chance to establish a mutually advantageous relationship<br />
with some of the world’s leading management<br />
teams has proven to be an attractive entry<br />
point for early investor commitment.<br />
Right timing to launch the transaction<br />
The often (ab)used and rather non-aca<strong>de</strong>mic ”rule-ofthumb”<br />
on optimised IPO timing [Target first day of<br />
trading] – [Four to six months of prep. work] = [Time of<br />
project kick-off], no longer holds true. Whilst it is <strong>de</strong>sirable<br />
to agree on a specific launch window as a working<br />
assumption in or<strong>de</strong>r to retain execution discipline<br />
both internally and externally, the flexibility around<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 29<br />
VIB Vermögen AG<br />
Luitpoldstraße C 70<br />
86633 Neuburg/Donau<br />
Tel.: 08431 504-951<br />
www.vib-ag.<strong>de</strong><br />
visionär individuell beständig<br />
Vermögensbildung durch Immobilienaktien<br />
Als Bestandshalter von Gewerbeimmobilien investieren<br />
wir bewusst im wachstumsstarken süd<strong>de</strong>utschen Raum,<br />
da wir hier auch künftig ein weit überdurchschnittliches<br />
Wirtschaftswachstum erwarten.<br />
Kontinuierlich wachsen<strong>de</strong> Umsatz- und Ertragszahlen,<br />
eine nachhaltige Divi<strong>de</strong>n<strong>de</strong>npolitik und Beständigkeit im<br />
Geschäftsmo<strong>de</strong>ll zeichnen unser Unternehmen aus.<br />
���������� ���� ��������������� ����<br />
vielen Jahren von unserem konstanten Unternehmenserfolg.<br />
Fakten Stand 1.8.2012<br />
��„Develop-or-buy-and-hold“-Strategie<br />
��seit 20 Jahren erfolgreich am Markt<br />
��ausgewogener Branchenmix in einem Portfolio mit<br />
94 Immobilien<br />
�����������������������������<br />
��ca. 53,7 Mio. Euro annualisierte Mieterlöse<br />
��7,3 % durchschnittliche Mietrendite zu Marktwerten<br />
��NAV je Aktie: 12,83 Euro (Stand 30.06.12)<br />
Kontakt<br />
Investor Relations:<br />
Frau Petra Riechert<br />
Tel.: 08431 504-952<br />
petra.riechert@vib-ag.<strong>de</strong>
Equity Markets<br />
Figure 2: Market conditions have recently turned more supportive for IPOs<br />
Development of volatility and valuation levels since 2011<br />
Valuation<br />
NTM P/E MSCI<br />
Europe (x)<br />
Volatility and IPO<br />
Pricings<br />
starting with traditional marketing (i.e. investor education<br />
typically starts 4 weeks ahead of targeted pricing) should<br />
be retained for as long as possible. Elements to provi<strong>de</strong> for<br />
such timing flexibility inclu<strong>de</strong> early investor traction as discussed<br />
above, longer pre-marketing phases followed by a<br />
short book building exercise, regular and honest timing and<br />
indicative pricing updates by the banks for the sellers and<br />
issuers, as well as scheduling around key macro events and<br />
potentially competing equity issuance.<br />
Potentially smaller initial free floats to optimise<br />
exit value<br />
In adopting a mo<strong>de</strong>l pioneered and successfully executed<br />
by a vast number of US IPOs, floating an initially smaller<br />
free float of below 25% followed by opportunistic block<br />
%<br />
55<br />
45<br />
35<br />
25<br />
15<br />
V2X In<strong>de</strong>x<br />
Last twelve months<br />
Proposal to Write-down 50%<br />
of Greek Debt and Increase<br />
EFSF to 1 Trn<br />
Resurfacing Greek<br />
Concerns<br />
Greek Elections<br />
Average: 27.4%<br />
EU Summit<br />
Oct-11 Dec-11 Feb-12 Apr-12 May-12 Jul-12 Sep-12 Oct-12<br />
VStoxx Average<br />
Source: Bloomberg<br />
14<br />
12<br />
10<br />
8<br />
Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12<br />
55<br />
40<br />
25<br />
10<br />
Source: Morgan Stanley<br />
Greek <strong>de</strong>bt concerns<br />
and disappointing<br />
macro data<br />
Priced IPO Pulled IPO<br />
Figure 3: Volatility retreated since peak in june<br />
Page 30 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Uncertainties around global<br />
growth and sovereign <strong>de</strong>bt<br />
21.9%<br />
Average: 10.1x<br />
Re-opening of<br />
IPO markets<br />
Renewed<br />
Macro<br />
Concerns<br />
Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12<br />
sell-downs over time has repeatedly proven to <strong>de</strong>liver an<br />
optimised exit valuation and to mitigate the valuation<br />
disequilibrium. Exchanges and investors have become less<br />
vigilant with minimum free float requirements in light of<br />
application rules, in<strong>de</strong>x inclusion and aftermarket liquidity;<br />
the IPO is viewed as tool to set a valuation benchmark, but<br />
leaves sufficient value upsi<strong>de</strong> for both investors and sellers<br />
once the company has <strong>de</strong>livered on their results and established<br />
a credible track record. Ziggo’s IPO, floated at a share<br />
price of EUR 18.50 followed by a block sell-down at EUR<br />
23.50 and a further sell-down at EUR 24.75 four and seven<br />
months post-IPO, respectively, has set a successful European<br />
prece<strong>de</strong>nt for such a staggered path to exit. Talanx’s<br />
initial free float of approx. 10% is also un<strong>de</strong>rlining this trend.<br />
Managing the public perception<br />
“Draghi Put”<br />
and QE3<br />
As witnessed in some of the recent prominent and globally<br />
commented IPOs, the “public voice” has become an<br />
increasingly critical factor with growing influence over the<br />
fate of the IPO. Rumours started or exacerbated by the<br />
press surrounding self-dictated timing <strong>de</strong>adlines, minimum<br />
valuation thresholds or listing locations have become an<br />
often counter-productive swing factor impacting upon<br />
investors’ behaviour; in<strong>de</strong>ed, in several cases, they have<br />
left behind the seclu<strong>de</strong>d shores of the newspapers’ finance<br />
sections to head towards a much broa<strong>de</strong>r and polemic<br />
media coverage.<br />
It almost seems as if some major global IPOs face the risk of<br />
“getting ahead of themselves”, with the public opinion push-
ing up expectations surrounding asset quality and implied<br />
valuation, and thus ultimately triggering a disconnect of what<br />
should be perceived as fair relative valuation. We would<br />
therefore like to issue a remin<strong>de</strong>r that early and focused PR<br />
project management should be more than a lip service; it<br />
should be supported or led by external professionals in the<br />
context of the companies’ overall communication strategy.<br />
Tight bank syndicate for precise judgment and<br />
project lea<strong>de</strong>rship<br />
Several recent European IPOs have been executed by an<br />
oversized syndicate line-up. The resulting battle amongst<br />
banks for “air time” with both management and investors<br />
has obscured visibility on process responsibility and diluted<br />
the banks’ valuation and timing advice. I<strong>de</strong>ally, one or two<br />
senior banks should lead the process and give regular and<br />
straightforward feedback on the feasibility of the IPO, the<br />
achievable valuation levels and the optimised “time to<br />
market”. Such an approach would avoid corporate<br />
management being unduly exposed to the marketplace<br />
and, in the worst case, damaging its credibility and reputation<br />
with investors and the public audience.<br />
These summative observations are not meant to constitute<br />
the new holy grail of IPO-ism and are by no means<br />
complete, but they should help pave the way towards a<br />
more active IPO pipeline over the next six to twelve<br />
months.<br />
Looking ahead, we remain positive that we will see a much<br />
more active European IPO market in the not-too-distant<br />
future. Our optimism is fuelled by a significant backlog of<br />
both high-quality private equity exit candidates and an<br />
increasing number of promising sub-IPOs being put up for<br />
float by top-quality blue chip companies revisiting their<br />
future strategic focus.<br />
This diverse line-up of potential IPO candidates should provi<strong>de</strong><br />
a sceptical and selective marketplace with the required<br />
breath to i<strong>de</strong>ntify the next “winning IPOs”.<br />
Conclusion<br />
�����������������������������������������������<br />
���������������������������������������������<br />
���������������������������������������������<br />
�����������������������<br />
www.roelfspartner.<strong>de</strong>/transactions<br />
transactions@roelfspartner.<strong>de</strong><br />
Arndt Rautenberg<br />
�����������������������������������������������������<br />
Equity Markets<br />
In an Olympic year that has taught us so many valuable<br />
lessons surrounding <strong>de</strong>dication to make it to the finish line,<br />
hyped expectations and unexpected victories, we believe<br />
that early, focused and intense preparation with the right<br />
partners at hand will once again shape the race to success<br />
as and when the IPO market re-opens. After all, an IPO is<br />
neither a marathon nor a sprint, but rather a combination of<br />
the two.<br />
advertisement<br />
Our Competence Center Transactions offers professional support for professionals. And in<strong>de</strong>ed for all companies that value<br />
good advice during the transaction process.������������������������������������������������������������������������������������<br />
������������������������������������������������������������������������������������������������������������������������������������<br />
�����������������������������������
Equity Markets<br />
TecDAX’s 10 th anniversary<br />
The changes to the composition of the in<strong>de</strong>x document<br />
a piece of German stock market history<br />
In a few months’ time, one of the most important German<br />
indices will celebrate its 10th anniversary. The German<br />
TecDAX was launched on 24 March 2003, reason enough<br />
to look back on the changes that took place during this<br />
exciting <strong>de</strong>ca<strong>de</strong>. The recent changes to the composition<br />
of the TecDAX are a good example of changing stock<br />
market trends over the <strong>de</strong>ca<strong>de</strong>. It is not strictly true to<br />
speak of a new in<strong>de</strong>x being “born” when the TecDAX (consisting<br />
of 30 stocks) was launched in 2003, as it was also,<br />
simultaneously, the successor of the Nemax50 which<br />
comprised 20 additional values. It was a gradual transition,<br />
as for a period of time both indices were running in<br />
parallel. Whilst the TecDAX was calculated from March<br />
2003, the actual launch only took place after the<br />
discredited segment “Neuer Markt” was stopped and<br />
Nemax50 en<strong>de</strong>d. Initially, there was a high <strong>de</strong>gree of<br />
overlap in the composition of the two indices and the<br />
Nemax50 was still active until late 2004.<br />
Starting point: 1,000 points (1997)<br />
The calculation bases of the TecDAX are the levels as of 30<br />
December 1997, with a value of 1,000 points. On this basis,<br />
it is noticeable that the current prices are still approximately<br />
20% below this calculated value; however, this does not<br />
reflect the massive hype surrounding the boom times of the<br />
segment “Neuer Markt”. Simply observing the period since<br />
the beginning of 2003 gives an insight into an exciting period<br />
in German stock market history.<br />
The rapid recovery from 2003 onwards, which began with<br />
the start of the Iraq War, is one example, as is the high point<br />
of the bull market directly before the financial crises in 2007<br />
and 2008. The consequential rapid <strong>de</strong>cline and the strong<br />
positive corrections that followed represented a period of<br />
very high volatility for investors.<br />
This view on the major movements of the market should not<br />
disguise the fact that there was also a large number of<br />
exciting changes in the composition of the in<strong>de</strong>x, as shown<br />
in the table below. Particularly interesting is the fact that<br />
more than a third of the 30 stocks which make up today’s<br />
in<strong>de</strong>x were already inclu<strong>de</strong>d in March 2003. Not all were<br />
continuously present and not all in their current form (e.g.<br />
Page 32 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Since its foundation in 2008, Roger<br />
Peeters has been a Board Member of<br />
Close Brothers Seydler Research AG,<br />
one of the leading analyst houses for<br />
mid-sized German companies. Prior<br />
to this, he held a leading position at<br />
“Platow Börse”.<br />
the current freenet is a merger between the “old” freenet<br />
and its former parent company, mobilcom), but there is<br />
clearly a strong backbone.<br />
Three key factors<br />
Roger Peeters, Board Member, Close<br />
Brothers Seydler Research AG<br />
The main changes are based upon three key factors:<br />
1. Fundamental operational <strong>de</strong>velopment in the individual<br />
companies, which may have led to significant gains or<br />
losses.<br />
2. M&A activity leading to one or more <strong>de</strong>-listings and<br />
therefore also exclusions from the in<strong>de</strong>x.<br />
3. Changes in investor valuations concerning sectors<br />
which are currently in vogue.<br />
The first point is straightforward and can be quickly <strong>de</strong>alt<br />
with. Rising and falling “stars” are a fundamental part of<br />
normal business life. The same applies to mergers and<br />
acquisitions, however this only accounts for the corres -<br />
ponding number of firms leaving the in<strong>de</strong>x. Real additions<br />
in terms of IPOs and spin-offs were rare and it is remarkable<br />
that the majority of “newcomers” in today’s composition<br />
were already listed in 2003. Exceptions are Xing and SMA<br />
Solar, first listed on the stock exchange in 2006 and 2008<br />
respectively. Amongst the stocks that are no longer quoted<br />
are, for example, the previously listed T-Online International
Your route to the capital market<br />
Competent advisers are vitally important for a successful IPO or bond issue. As one of the leading law<br />
firms, we provi<strong>de</strong> advice and support in all areas of capital market law:<br />
Excellent track record<br />
Transaction security<br />
International reach<br />
Individual approach<br />
Long-term support<br />
Your contact:<br />
Dr Andreas Zanner, E andreas.zanner@cms-hs.com<br />
Philipp Melzer, E philipp.melzer@cms-hs.com<br />
Advice on more than 75 IPOs and bond issues since 1997<br />
Experienced team with specialist knowledge of capital market law and practice<br />
A lea<strong>de</strong>r in complex cross-bor<strong>de</strong>r transactions<br />
Tailored solutions to suit different business mo<strong>de</strong>ls<br />
Ongoing advice provi<strong>de</strong>d after the IPO or bond issue, including communication,<br />
corporate governance and takeover issues<br />
www.cms-hs.com
Equity Markets<br />
TecDAX<br />
Composition as Composition as<br />
of 24.03.2003 of 01.10.2012<br />
Aixtron ADVA Optical Networking<br />
AT & S Aixtron<br />
BB Biotech BB Biotech<br />
Drägerwerk Bechtle<br />
Elmos Semiconductor CANCOM<br />
EPCOS Carl Zeiss Meditec<br />
Evotec Dialog Semiconductor<br />
FJA Drägerwerk<br />
GPC Biotech Drillisch<br />
IDS Scheer Euromicron<br />
IXOS Software Evotec<br />
Jenoptik freenet*<br />
Kontron Jenoptik<br />
LION bioscience Kontron<br />
MediGene LPKF Laser & Electronics<br />
Micronas Semiconductor Morphosys<br />
mobilcom* Nor<strong>de</strong>x<br />
Nor<strong>de</strong>x Pfeiffer Vacuum<br />
Pfeiffer Vacuum PSI<br />
Plambeck Neue Energien QIAGEN<br />
QIAGEN QSC<br />
Repower Systems Sartorius<br />
SAP Systems Integration SMA Solar Technology<br />
SCM Microsystems Software AG<br />
Singulus Technologies SolarWorld<br />
Software AG STRATEC Biomedical<br />
T-Online International Süss Microtec<br />
United Internet United Internet<br />
WEB.DE Wirecard<br />
WEDECO XING<br />
*) merger between mobilcom and freenet as of 2 March 2007<br />
Source: Deutsche Börse AG, CBS Research AG<br />
and SAP Systems Integration (SAPSI), both of which were<br />
spectacularly re-incorporated with their parent companies.<br />
Making the marks<br />
Particularly interesting is the sector rotation: it is apparent<br />
that at its starting point, the in<strong>de</strong>x was not only dominated<br />
by conventional technology firms, but also had a significant<br />
footprint of biotech and healthcare companies. Overall, the<br />
mixed <strong>de</strong>velopments of these segments in the past <strong>de</strong>ca<strong>de</strong><br />
have also ma<strong>de</strong> their marks. Major players such as Qiagen<br />
or BB Biotech are once more present in the in<strong>de</strong>x. There<br />
were also new entrants such as Morphosys or STRATEC;<br />
however, the influence of the sector is somewhat limited.<br />
Page 34 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Photo: Deutsche Börse AG<br />
Also noticeable are the changes in the area of renewable<br />
energy. Ten years ago, this was already represented on the<br />
trading floor, primarily by companies from the area of wind<br />
energy, whose three representatives (Nor<strong>de</strong>x, Repower,<br />
Plambeck) ma<strong>de</strong> up at least 10% of the in<strong>de</strong>x. The massive<br />
hype that followed surrounding the solar industry in the<br />
middle of the 2000s, which led to around a third of the in<strong>de</strong>x<br />
being ma<strong>de</strong> up of companies from the solar industry, has in<br />
the meantime significantly subsi<strong>de</strong>d. Following the consecutive<br />
entries of SolarWorld, Conergy, ErSol, Q-Cells and<br />
Solon between 2004 and 2006, followed subsequently from<br />
2007 by Centrotherm, Phoenix, Roth & Rau, Manz and SMA<br />
Solar, the in<strong>de</strong>x was sometimes mockingly referred to as<br />
the “solar-DAX”. Only the previously-mentioned SMA Solar,<br />
as well as the SolarWorld concern, which is based in the<br />
former West German capital of Bonn, remain from this long<br />
list of companies.<br />
Outlook<br />
What does the composition of the in<strong>de</strong>x look like today? It<br />
consists of a noticeably large number of “true” technology<br />
companies, primarily from the specialist machine construction,<br />
semiconductor and IT segments. It is an image of<br />
many companies who have established their market position<br />
based upon the technological advantages created<br />
through German engineering know-how. In short, the<br />
TecDAX has, shortly before the entering its teens, matured<br />
to become what followers expect it to be.
IR-Kommunikation<br />
smart drucken?<br />
„Je<strong>de</strong> Lieferung<br />
zuverlässig, schnell<br />
und in bester Qualität<br />
- und das in je<strong>de</strong>r<br />
��������������������<br />
Ihre Financial-Community fest im Griff:<br />
Mit perfekt gedruckten IR-Unterlagen von viaprinto.<br />
Egal ob Geschäftsberichte, Quartalsberichte, Roadshow- o<strong>de</strong>r IR-<br />
Präsentationen, Finanzanalysen o<strong>de</strong>r Marktanalysen: Mit viaprinto<br />
– Deutschlands schnellster * Online-Druckerei von CEWE – sind<br />
Ihre IR-Unterlagen immer einfach und perfekt erstellt. Gerne<br />
können Sie im Rahmen einer persönlichen 1:1 Webkonferenz ein<br />
kostenloses Musterexemplar bestellen. Sichern Sie sich jetzt<br />
zusätzlich 10% Rabatt ** für Ihre erste Bestellung.<br />
»<br />
viaprinto ist Druck-Partner <strong>de</strong>s Deutschen <strong>Eigenkapitalforum</strong>s 2012.<br />
* viaprinto Overnight bereits in vielen Regionen verfügbar.<br />
** Gilt für Neukun<strong>de</strong>n, nicht für Economy-Bestellungen, zzgl. Versandkosten,<br />
Angebot gültig bis 30.06.2013.<br />
Rufen Sie uns an o<strong>de</strong>r mailen Sie uns:<br />
Telefon: +49(0)251 - 20 311 110 100<br />
Email: ir@viaprinto.<strong>de</strong><br />
Ihr Gutscheinco<strong>de</strong>: UMA8897556<br />
www.viaprinto.<strong>de</strong>
Equity Markets<br />
Hearing versus un<strong>de</strong>rstanding<br />
The role of investor relations in mo<strong>de</strong>rn capital markets<br />
In recent years, capital markets have un<strong>de</strong>rgone a tectonic<br />
change. The shift of financial and industrial power to<br />
emerging markets, the uncertainty over Western<br />
economies and the increased <strong>de</strong>fensiveness of investors in<br />
Europe have all been enduring themes amid volatility in the<br />
markets themselves.<br />
In times like these, management teams face a great <strong>de</strong>al of<br />
difficulty in communicating effectively with the market and<br />
with sharehol<strong>de</strong>rs. The perception is often found that<br />
investors are more short term and that they do not fully<br />
un<strong>de</strong>rstand the companies they might invest in. With the sell<br />
si<strong>de</strong> shrinking, this effect is compoun<strong>de</strong>d by a lack of analysis.<br />
In the new digital age, companies have the ability to take<br />
control of their message and approach investors directly.<br />
The sell si<strong>de</strong> has many fewer analysts than it did pre-<br />
Lehman, while the small- and mid-cap space has borne the<br />
brunt of that shrinkage. In London, 26 brokers have fol<strong>de</strong>d<br />
or been sold since June 2007. Many stocks now find it<br />
har<strong>de</strong>r to get coverage, meaning there are fewer people<br />
Source: Edison Investment Research<br />
Page 36 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Fraser Thorne foun<strong>de</strong>d Edison in<br />
2003. He was previously Managing<br />
Director of Equity Growth Research<br />
and, prior to that, ran Newton Investment<br />
Management’s UK smaller company<br />
fund – a top <strong>de</strong>cile performer for<br />
six out of the seven years that he<br />
worked on the <strong>de</strong>sk. Fraser often<br />
speaks at events hosted by the LSE.<br />
He holds an MBA and is a member of<br />
the CFA. Edison’s German team is<br />
hea<strong>de</strong>d by Reena Dennhardt.<br />
Fraser Thorne, Managing Director,<br />
Edison Investment Research<br />
telling their story. Investors therefore either do not know the<br />
story or do not know how to react to news when they hear<br />
it. The result is either that no one is interested or that share<br />
prices stagnate, as they are not prompted to react to newsflow.<br />
Figure 1: An example biotech stock – coverage starts 17 June 2010 (price 360p); closing price on 19 July 2012 was 606p
Sell-Si<strong>de</strong> Advisory<br />
Corporate Bond Placement<br />
Sell-Si<strong>de</strong> Advisory<br />
Oct 2012<br />
Jun 2012<br />
Jan 2012<br />
Sale of Funkwerk<br />
Dabendorf GmbH<br />
to<br />
novero Canada Inc.<br />
6.75% Corporate Bond<br />
€ 35 m<br />
Sole Lead Manager<br />
Sole Bookrunner<br />
Capital increase and<br />
takeover offer by<br />
China<br />
Corporate Finance<br />
● Mergers & Acquisitions<br />
● Initial Public Offering/<br />
Equity Capital Market Transactions<br />
● Bond Issues<br />
● Private Equity Advisory<br />
● Debt Advisory<br />
“The entrepreneurs among bankers”<br />
Sell-Si<strong>de</strong> Advisory<br />
Corporate Bond Placement<br />
Sell-Si<strong>de</strong> Advisory<br />
Sale of shares<br />
of two families<br />
to<br />
a financial investor<br />
and the managing sharehol<strong>de</strong>r<br />
Oct 2012<br />
May 2012<br />
Nov 2011<br />
7.5% Corporate Bond<br />
approx. € 45 m<br />
Selling Agent<br />
Sale of 100%<br />
of the shares to<br />
The Netherlands<br />
Exclusive member of the<br />
European Securities Network<br />
(ESN)<br />
Capital Increase<br />
Capital Increase<br />
Buy-si<strong>de</strong> Advisory<br />
Research & Sales<br />
● Research<br />
● Support for Institutional<br />
Clients<br />
● Share Placements<br />
● Roadshows<br />
6,644,457 shares<br />
Placement price: € 1.30<br />
Placement volume: € 8.6 m<br />
Aug 2012<br />
Sole Lead Manager<br />
Sole Bookrunner<br />
3,250,000 shares<br />
Placement price: € 1.00<br />
Placement volume: € 3.25 m<br />
Apr 2012<br />
Sole Lead Manager<br />
Acquisition of a minority stake in<br />
WASGAU Food Beteiligungs GmbH<br />
and conclusion of a cooperation<br />
agreement with<br />
Sep 2011<br />
Pirmasens<br />
Capital Increase<br />
Corporate Bond Placement<br />
Sell-Si<strong>de</strong> Advisory<br />
equinet Bank AG<br />
Frankfurt am Main<br />
www.equinet-ag.<strong>de</strong><br />
Tel. 0049 (0)69 58997-0<br />
5,457,243 shares<br />
Placement price: € 6.75<br />
Placement volume: € 36.8 m<br />
Jun 2012<br />
Mar 2012<br />
Aug 2011<br />
No. 1<br />
Equity Analyst<br />
Award 2011<br />
Börsen-Zeitung<br />
Sole Lead Manager<br />
Sole Bookrunner<br />
8.75% Corporate Bond<br />
€ 50 m<br />
Sole Lead Manager<br />
Sole Bookrunner<br />
Sale of all<br />
assets to<br />
Waiblingen<br />
(selected transactions)<br />
Financial Markets<br />
● Designated Sponsoring<br />
Shares/Bonds<br />
● Brokerage Shares/Bonds<br />
● Specialist Shares/Bonds<br />
● Bond Placements<br />
● Electronic Or<strong>de</strong>r Routing
Equity Markets<br />
Figure 2: An example biotech stock – coverage starts 17 June 2010 (72% held by investment advisers, 81% held by investment<br />
advisers on 19 July 2012)<br />
Source: Edison Investment Research<br />
In the long term, what do businesses need from<br />
their sharehol<strong>de</strong>rs?<br />
Sharehol<strong>de</strong>rs are a source of capital for businesses. A wellinformed,<br />
supportive sharehol<strong>de</strong>r base should be a key<br />
objective of any IR strategy. A stock needs to be liquid or<br />
the price can be moved a long way on small volumes, so it<br />
helps to have a large sharehol<strong>de</strong>r base. It is also bene ficial<br />
to have a diverse one, with a mixture of institutional, retail<br />
and intermediate sharehol<strong>de</strong>rs. Smaller hol<strong>de</strong>rs help to<br />
keep the stock liquid where institutions might sit on large<br />
chunks of the equity for a long time. A broad, diverse and<br />
supportive sharehol<strong>de</strong>r base can help a business grow and<br />
provi<strong>de</strong> stability in times of economic turbulence.<br />
How can this be achieved?<br />
1. By creating and maintaining awareness.<br />
2. By promoting un<strong>de</strong>rstanding of the business and of<br />
strategy.<br />
3. By making sharehol<strong>de</strong>rs advocates of the company in<br />
their own financial networks.<br />
By creating and maintaining awareness<br />
To create and maintain awareness, you need to choose a target<br />
audience and make the best first impression you can. That<br />
might be via press coverage, at a roadshow or at a conference.<br />
Before making an investment <strong>de</strong>cision, people will want<br />
to un<strong>de</strong>rstand the investment case and see some form of<br />
third-party opinion. This is where equity research is invaluable.<br />
Bro kers reach out to their institutional clients for you, but<br />
reaching retail investors is more difficult: private ownership of<br />
equities has been in <strong>de</strong>cline in Germany since the dotcom<br />
bubble burst 1 . Private investors rarely have access to research<br />
they can un<strong>de</strong>rstand and have recently shown a preference for<br />
fixed income securities. However, no investor will buy shares<br />
in a company that hey do not know and un<strong>de</strong>rstand.<br />
Page 38 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
By promoting un<strong>de</strong>rstanding of the business and<br />
of strategy<br />
Promoting un<strong>de</strong>rstanding takes time. A company’s investment<br />
story evolves as its strategy matures and the business environment<br />
changes. To really un<strong>de</strong>rstand a company, investors need<br />
to be kept up to date with these <strong>de</strong>velopments and not just<br />
through a <strong>de</strong>tailed snapshot once a year. They need to know<br />
when a target is hit or a milestone passed and they need to<br />
know what that means for the company and its investment<br />
profile. Again, access to management, press releases and<br />
equity research all have a role to play here. It is worth remembering<br />
that to save management time, it is helpful for investors<br />
to be able to call an analyst and ask for an explanation.<br />
It is difficult to measure whether the market un<strong>de</strong>rstands a<br />
company and its investment case. The share price is a<br />
barometer of the market’s opinion, but the difference<br />
between the price and a fair price can be affected by all<br />
sorts of factors. If you can track who is hearing your message,<br />
you will have some measure of its penetration.<br />
Several financial platforms and distribution media make it<br />
possible to see who your communications are reaching.<br />
By making sharehol<strong>de</strong>rs advocates of the company<br />
in their own financial networks<br />
If someone thinks they have had a good i<strong>de</strong>a, they will want to<br />
tell people. A sharehol<strong>de</strong>r who un<strong>de</strong>rstands the investment<br />
case for a company and is convinced by it will become an ambassador<br />
for it. If you can make them see long-term value,<br />
they will endorse the company with their investment and in<br />
their own network. It is not enough just to publish press releases<br />
and expect people to buy shares as a result. Investors need<br />
to be educated and regularly engaged if they are to be loyal.<br />
1) Source: <strong>Deutsches</strong> Aktieninstitut e.V., http://www.dai.<strong>de</strong>/internet/dai/dai-2-<br />
0.nsf/dai_statistiken_e.htm, 10.4% of the German population owns shares.
BANK ON GERMANY<br />
As a central bank for more than 1,000 cooperative banks (Volksbanken und Raiffeisenbanken) and<br />
their 12,000 branch offi ces in Germany we have long been known for our stability and reliability. We<br />
are one of the market lea<strong>de</strong>rs in Germany and a renowned commercial bank with comprehensive<br />
expertise in international fi nancing solutions, maintaining representations in major fi nancial and<br />
commercial centers. Find out more about us: www.dzbank.com
Bond Issuance<br />
New ways of <strong>de</strong>bt financing for large caps<br />
Deutsche Börse has launched its Prime Standard<br />
for Corporate Bonds<br />
Listing shares at Deutsche Börse is an efficient way for companies<br />
to finance growth and achieve their corporate goals.<br />
At the same time, it also enhances the issuers’ creditworthiness,<br />
reputation, reliability and visibility. Similar effects can be<br />
realised by issuing a corporate bond at Deutsche Börse.<br />
In April 2011, Deutsche Börse launched a new segment as<br />
part of its Regulated Unofficial Market, namely the “Entry<br />
Standard for Corporate Bonds”. After just four months,<br />
seven SMEs had issued nine bonds in the segment. To<br />
date, a total of 19 SME companies have issued 21 bonds in<br />
it and raised about EUR 775 million to finance their growth. 1<br />
It is a massive success, <strong>de</strong>monstrating the expan<strong>de</strong>d role<br />
Deutsche Börse plays in helping to finance the real economy.<br />
The distinctive feature of these transactions is that they offer<br />
the issuer the opportunity to place bonds directly with a broad<br />
range of retail investors using Xetra ® , Deutsche Börse’s electronic<br />
trading system. In addition to Xetra, a retail subscription<br />
service is also available, which inclu<strong>de</strong>s a web-based<br />
service to directly place bonds with stakehol<strong>de</strong>rs such as employees,<br />
suppliers or customers. Finally, Deutsche Börse<br />
supports issuers in the form of diverse marketing activities<br />
during the placement. The success of the SME bonds with a<br />
retail option has caught the eye of larger companies, too.<br />
However, larger corporations and family-owned enterprises<br />
that are also interested in a bond issue aim to be registered in<br />
a more exclusive circle of bond issuers.<br />
To respond to this need, Deutsche Börse launched a new<br />
segment in October 2012, offering larger companies with<br />
correspondingly large issue volumes the opportunity to<br />
approach private and institutional investors when placing,<br />
listing and trading bonds on the exchange: the Prime Standard<br />
for Corporate Bonds. The first listing in this new bond<br />
segment was by Deutsche Börse AG itself, which issued a<br />
bond with a volume of EUR 600 million.<br />
The new segment<br />
The Prime Standard for Corporate Bonds is an exclusive<br />
segment where large, medium-sized and internationally<br />
active companies can raise <strong>de</strong>bt capital. The segment<br />
focuses on listed and non-listed companies with bond issu-<br />
Page 40 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Barbara Georg,<br />
Head of Listing & Issuer Services,<br />
Deutsche Börse AG<br />
ing volumes in excess of EUR 100 million. If said volume is<br />
less than EUR 100 million, the issuer can still be listed in the<br />
segment if the annual company turnover in the year prior to<br />
the bond issue was at least EUR 300 million. The bonds<br />
primarily address the institutional bond market, but private<br />
investors will be served, too. A quota of at least 10% should<br />
be allocated to “retail investors” – <strong>de</strong>fined as or<strong>de</strong>rs of less<br />
than EUR 25,000. The <strong>de</strong>nomination of the bonds is set at<br />
EUR 1,000. A listing in the Prime Standard for Corporate<br />
Bonds commits the company to clearly <strong>de</strong>fined transparency<br />
requirements.<br />
Two ways to access the Prime Standard for Corporate<br />
Bonds<br />
Access to the Prime Standard for Corporate Bonds can be<br />
gained either via admission to the Regulated Market or<br />
inclusion in the Open Market/Entry Standard of the Frankfurt<br />
Stock Exchange. In both cases, to participate in the<br />
segment the issuer applies together with a bank or financial<br />
services institution which has a liable equity capital of at<br />
least EUR 730,000 and which is a trading member on a German<br />
stock exchange (in the case of the Open Market/Entry<br />
Standard the co-applicant must be a trading member of the<br />
Frankfurt Stock Exchange). First, the respective admission<br />
1) As per 10th October 2012<br />
Eric Leupold,<br />
Key Account, Issuer Services,<br />
Deutsche Börse AG
or inclusion requirements for the relevant market have to be<br />
fulfilled. For transparency reasons, further requirements then<br />
have to be fulfilled to participate in the segment: the annual<br />
and management reports that were most recently published,<br />
six company key figures, a company or bond rating, a company<br />
and bond profile, and a corporate calendar must all be<br />
provi<strong>de</strong>d. A rating is not required if the issuer is either a member<br />
of one of the select DAX or MDAX indices or its annual<br />
turnover over the past three years was at least EUR 1 billion<br />
in each instance. If these conditions are met, the issuer is<br />
also exempt from presenting company key figures, but it<br />
must, however, provi<strong>de</strong> an explanation for the non-submission,<br />
which is then published by Deutsche Börse.<br />
Follow-up requirements<br />
The Prime Standard for Corporate Bonds entails more extensive<br />
follow-up requirements than the Entry Standard for Corporate<br />
Bonds. These comprise the publication and provision<br />
of annual and half-yearly reports four and two months<br />
respectively after the end of the particular period, an up-todate<br />
company and bond profile, an up-to-date company or<br />
bond rating, an annual update to the six company key figures,<br />
an up-to-date corporate calendar and the publication and<br />
distribution of important company announcements. Additional<br />
transparency is ensured by an analysts’ conference, which<br />
must be held once a year for credit investors and analysts.<br />
With its Prime Standard for Corporate Bonds, Deutsche<br />
Börse Group is initially targeting large German corporates<br />
and is also striving to tap into the extensive pool of large<br />
unlisted companies. Other than the conditions regarding issuing<br />
volume and <strong>de</strong>nomination, the Prime Standard for<br />
Corporate Bonds does not set any formal requirements for<br />
the structure of the bonds. Bonds with a flexible coupon<br />
and subordinate bonds may be listed in the segment. How-<br />
ever, they must be<br />
clearly indicated to<br />
provi<strong>de</strong> investors<br />
with greater transparency.<br />
In summary, the<br />
new Prime Standard<br />
for Corporate<br />
Bonds offers five<br />
major benefits:<br />
■ Image building and brand recognition<br />
by listing in a segment exclusively in Europe meeting the<br />
highest international transparency requirements<br />
■ Enhanced probability of a successful placement<br />
through wi<strong>de</strong>ly diversified distribution supported by the<br />
Retail Subscription Service<br />
■ Greater flexibility and in<strong>de</strong>pen<strong>de</strong>nce from banks<br />
due to greater influence in placing and pricing the bond<br />
■ Direct placement with selected stakehol<strong>de</strong>rs such as<br />
customers, suppliers and employees<br />
through simple integration of the web-based Retail Subscription<br />
Service on the issuer’s website<br />
■ Enhanced tradability of bonds on Xetra<br />
as a result of enhanced transparency requirements and<br />
the liquidity provi<strong>de</strong>d by Xetra specialists<br />
Conclusion<br />
Photo: Deutsche Börse AG<br />
Bond Issuance<br />
The Prime Standard for Corporate Bonds is the logical<br />
extension to the Entry Standard for Corporate Bonds,<br />
particularly for issuers targeting new groups of investors<br />
and <strong>de</strong>monstrating a high level of transparency. It thus also<br />
rounds off Deutsche Börse’s services in the area of <strong>de</strong>bt<br />
financing.<br />
advertisement
Bond Issuance<br />
Corporate financing via bonds for SMEs<br />
The capital market as the “new” source of financing<br />
on the <strong>de</strong>bt capital si<strong>de</strong><br />
Solvency II and Basel III are keywords that are prompting<br />
many companies to reconsi<strong>de</strong>r their corporate financing.<br />
These regulatory measures pose strategic questions such<br />
as: what is the right financing mix of <strong>de</strong>bt and equity if companies<br />
are to continue benefiting from low overall cost of<br />
capital in the future? Which capital sources will continue to<br />
be available in the long term? What advantages does the<br />
capital market offer? Is this financing source a good fit for<br />
my company, and how can I prepare for this step? One of<br />
the <strong>de</strong>cisive factors is how well companies prepare for the<br />
duties of the regulated capital market.<br />
The typical profile of an SME bond<br />
The current and expected changes to classic bank financing<br />
impact upon SMEs in particular. As a result, these companies<br />
are now investigating bond financing through the<br />
capital market. In Germany, a relatively new SME bond market<br />
is taking shape for these companies. Since 2010, five<br />
stock exchanges have generated new segments and a total<br />
issue volume of more than EUR 2.4 billion. By mid-2012,<br />
more than 44 companies had used this financing channel.<br />
Five companies have even placed more than one issue,<br />
making multiple use of the bond market. The 50 issues to<br />
date are characterised by the following typical bond profile:<br />
Terms and conditions<br />
► Issue volume: min. EUR 10 million, max. EUR 200 million,<br />
avg. EUR 54 million<br />
Figure 1: Annual revenue in year prior to issue<br />
Number<br />
16<br />
14<br />
12<br />
10<br />
8<br />
6<br />
4<br />
2<br />
0<br />
12<br />
Less than<br />
50m<br />
Source: Ernst & Young<br />
8<br />
50m to<br />
100m<br />
Page 42 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
4<br />
100m to<br />
150m<br />
7<br />
150m to<br />
200m<br />
14<br />
Greater than<br />
200m<br />
Michael Oppermann has worked at<br />
Ernst & Young since 1986. He has 25<br />
years of experience in auditing IFRS<br />
and US GAAP financial statements<br />
and extensive experience in running<br />
projects for conversion to IFRS and<br />
US GAAP. He is Head of Financial Accounting<br />
and Advisory Services in<br />
Germany, Switzerland and Austria.<br />
Michael Oppermann, Partner, Head of<br />
Financial Accounting and Advisory Services,<br />
Ernst & Young<br />
► Coupon rate: For issue at issue price (usually 100%):<br />
min. 5.9%, max. 11.5%, mean: 7.4% p.a.<br />
► Maturity: Range of three to seven years, generally five years<br />
► Rating: Mostly in the range from BB to BBB+<br />
Profile<br />
► Capital market experience: 38% of the companies already<br />
have shares listed on the stock exchange. 62% of those<br />
issuing bonds are newcomers to the stock exchange<br />
► Accounting: 57% pursuant to German GAAP (“Grundsätze<br />
ordnungsmäßiger Buchführung”) and 43% pursuant<br />
to IFRS<br />
► Legal form: 56% German stock corporations, 32% German<br />
limited liability companies and 12% German limited<br />
partnerships<br />
► Industries: Generally open to all. The focus is currently<br />
on the logistics, energy, automotive and consumer sectors.<br />
Well-known brand names are an advantage when it<br />
comes to placing bonds<br />
Placement<br />
► Placement: Own issues predominate in terms of number<br />
and volume, choice of five stock exchanges in Germany<br />
► Cost: 4.2% to 4.8% of emission volume<br />
► Use of funds: 71% new financing and 29% refinancing<br />
► Rating form: 77% corporate rating and 9% bond rating<br />
(covenants can improve rating) dominate
Global Expertise in Capital Markets<br />
�����������������<br />
������������������<br />
Xetra ® Specialist &<br />
������������<br />
Contact <strong>de</strong>tails:<br />
�������������������������������������������<br />
�������<br />
������������������������������<br />
�����������������������������<br />
��������������������������<br />
�����������������������<br />
Join us at the<br />
Equity Forum<br />
Renell Bank has been a leading and in<strong>de</strong>pen<strong>de</strong>nt<br />
player at the Frankfurt Stock Exchange for more<br />
than 25 years. We advise international clients on<br />
their individual capital markets needs.<br />
�����������<br />
����������<br />
����������<br />
����������
Bond Issuance<br />
Figure 2: EBITDA margin in year prior to issue<br />
Number<br />
25<br />
20<br />
15<br />
10<br />
5<br />
0<br />
0<br />
21<br />
Typical corporate profile of a bond issuer<br />
Investors are key for SMEs bond IPOs. Data from pros -<br />
pectuses and ad-hoc reports provi<strong>de</strong> insight into their<br />
expectations regarding the size and KPIs of the issuer. A<br />
recent analysis of SME bonds by Ernst & Young shows the<br />
implications for newcomers to the stock exchange and<br />
presents the size indicators required to successfully place<br />
bonds with investors.<br />
Specific company size and financing requirements<br />
nee<strong>de</strong>d<br />
For many institutional investors, critical mass (e.g. size of<br />
issuance and business) is an entry criterion that <strong>de</strong>ci<strong>de</strong>s<br />
whether they can or may invest in a company at all. On the<br />
one hand, this refers to the volume of the issue and, on the<br />
other, to the size of the company and financing requirement,<br />
which are implicitly linked to the volume. The mean<br />
corporate revenue in the year before the bond issue is EUR<br />
144 million. Total assets, a further size indicator, have a<br />
mean of EUR 125 million. In the case of both KPIs, however,<br />
the median values do not reflect the extremes of the market.<br />
A balanced financing structure as a starting point<br />
Prior to issuing bonds, companies have a relatively<br />
balanced financing structure, with a mean equity ratio of<br />
29%. Issuers of SME bonds who already have shares listed<br />
naturally have a consi<strong>de</strong>rably higher equity ratio.<br />
Earnings power required to cover <strong>de</strong>bt servicing<br />
The listed bond issuers had diverse, positive earnings power<br />
in the last fiscal year before the issue, for which information<br />
is available. The mean margins are: 10% for EBITDA,<br />
5% for EBIT and 3% for EBT. The majority have a positive<br />
cash flow, with a mean value of around EUR 5 million.<br />
Page 44 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
10<br />
negative 0%–10% 10%–20% 20%–30% >30%<br />
Source: Ernst & Young<br />
4<br />
5<br />
Earnings power increases placement potential<br />
Investors’ expectations regarding earnings power and the<br />
ability to service <strong>de</strong>bt affect the ability to place the bonds<br />
issue. The analysis shows that the majority of bonds (66%)<br />
are placed entirely and the share of the coupon in the available<br />
EBITDA is significantly lower than for bonds that are<br />
not placed entirely with third parties.<br />
Readiness and preparation for bond investors’<br />
<strong>de</strong>mands<br />
The success of bond issues with regard to placement varies<br />
consi<strong>de</strong>rably. Not every bond issue is over-subscribed<br />
within a few hours. As many examples show, if a bond issue<br />
is to succeed, it pays to prepare in good time, thoroughly,<br />
and in line with investors’ requirements.<br />
�����������<br />
��<br />
���<br />
���<br />
�� �� �� �� �� �� �� �� �� �� �� �� �� �� �� ��<br />
�������<br />
��<br />
��<br />
�� ��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
�������<br />
���<br />
������<br />
������ ����� ������<br />
������<br />
���<br />
������ ������ ������ ������ ������ ������ ������ ������ ������ ������ ������ ������ ������ ������ ������ �������������������<br />
�� �� ��<br />
�� �� ��� ��� �� �� ��<br />
��<br />
�� �� �� �� �� �� �� � ��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
�<br />
�������������<br />
�� �� �� �� �� �� �� �� �� �� �� �� �� �� �� ����������������������<br />
��������������� ��������������� ���������������������<br />
��������������� ��������������� ��������������� ��������������� ��������������� ���������������<br />
���������������<br />
���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� � ��� ���<br />
�� � ��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
�<br />
���� ��<br />
�� �� ��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
�<br />
�������������<br />
������� ������� ������� ������� ������� ������� ������� ������� ������� ������� ������� ������� ������� ������� ������� ��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
� ��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
�����������<br />
��<br />
���<br />
���<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
�<br />
�� �� �� �� �� �� �� �� �� �� �� �� �� �� �� ����������<br />
��<br />
� ��� ��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
�<br />
������������<br />
��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ���<br />
��<br />
��<br />
� ��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
�<br />
����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ����� ���������������<br />
��<br />
��<br />
��� ��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
�<br />
Good preparation for bond issues – also known as IPO<br />
readiness – starts with an internal review of the bond<br />
issuer’s current situation. The results are initially tested for<br />
plausibility with regard to the discussed target strategy.<br />
Necessities and preparatory measures i<strong>de</strong>ntified at this<br />
stage lead to savings, some of them consi<strong>de</strong>rable, on<br />
financing costs, and increase the likelihood of a trans -<br />
action. The internal structures (reporting, accounting,<br />
investor relations), the initial and ongoing rating, and an<br />
individual issue concept (volumes, investor target group,<br />
bond features, bond story and the stock exchange) are<br />
important elements of the overall concept.<br />
For many medium-sized companies, an IPO through a<br />
bond issue is a new financing method and their entry into<br />
the capital market. When it comes to attracting investors,<br />
the rule in the capital market is: A good first impression<br />
generates potential for raising further capital or re-financing<br />
expiring <strong>de</strong>bt. This is achieved by preparing the bond IPO in<br />
a structured and holistic manner in collaboration with experts<br />
– for example, through an IPO readiness assessment.
Private Banking | Investment Banking | Asset Management | Corporate Banking www.berenberg.com<br />
Berenberg Bank<br />
German Equity Forum 2012<br />
Monday, 12. November 2012<br />
12:15h | Room Hong Kong | Panel Discussion<br />
Listed Real Estate as attractive Investment Opportunity<br />
Current <strong>de</strong>velopments and trends in the field of listed real estate<br />
Background to the legal framework<br />
Speaker’s report on optimising the process of attracting investors and on future trends in the real estate industry<br />
Mo<strong>de</strong>ration<br />
Oliver Diehl – Head of Equity Capital Markets, Berenberg Bank<br />
Speaker<br />
Markus Koch – CFO, DIC Asset AG<br />
Hans Richard Schmitz – Board member, Hamborner REIT AG<br />
Dr. Hans Volkert Volckens – CFO, IVG Immobilien AG<br />
Dr. Herbert Harrer – Partner, Linklaters LLP<br />
Alexan<strong>de</strong>r von Cramm – CFO, Prime Office REIT-AG<br />
Kai Klose – Analyst Real Estate, Berenberg Bank<br />
Contact:<br />
Boris Kögel<br />
Capital Markets · Head of Sales Germany<br />
Phone +49 69 91 30 90-740
Bond Issuance<br />
“A success mo<strong>de</strong>l with weaknesses, but a<br />
success mo<strong>de</strong>l nonetheless”<br />
Interview with Frank Heun and Arne Laarveld, equinet Bank AG,<br />
and Mark Hoffmann, Robus Capital Management<br />
equinet Bank AG is one of the most<br />
active participants in “SME bonds”.<br />
<strong>Conference</strong> <strong>Magazine</strong> spoke to<br />
Frank Heun and Arne Laarveld, from<br />
equinet, as well as Mark Hoffmann,<br />
of Robus Capital Management,<br />
about previous experiences and improvement<br />
potential on the relatively<br />
new market for capital borrowed by<br />
small and medium enterprises.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Gentlemen,<br />
what is your current stock-take on<br />
the market for SME bonds?<br />
Hoffmann: The supply si<strong>de</strong> dropped extremely rapidly over<br />
the summer, as it did on capital markets elsewhere. The situation<br />
was then totally different in September. What can<br />
easily be established is that brand names apparently work<br />
well across the board. Not everything can be placed fully,<br />
which is a bit like the opposite of an accola<strong>de</strong> for us.<br />
Laarveld: After more than two years and over 50 issues, the<br />
instrument can be referred to as established. The current<br />
trend shows that issuers were on the starting blocks, just<br />
waiting for the summer to end and for as little instability as<br />
possible with regard to economic and political grounds. Just<br />
like investors.<br />
Heun: Even if the topic of SME bonds is not fully applau<strong>de</strong>d in<br />
public, it can without a doubt be called a success mo<strong>de</strong>l; it may<br />
have its weaknesses, but it is a success mo<strong>de</strong>l nonetheless.<br />
<strong>Conference</strong> <strong>Magazine</strong>: What are investors paying attention<br />
to, then? It can’t just be the brand name alone.<br />
Hoffmann: The fact that brand names more or less sell<br />
themselves is a sign of market inefficiency or non-transparency<br />
for me, rather than an indicator of a success<br />
mo<strong>de</strong>l. Surely this cannot be the only pillar of placement.<br />
After all, there are not many regional brewers or spirit producers<br />
that representative for a typical German SMEs.<br />
Heun: Naturally, it is also an indicator that the market for<br />
SME bonds is still new and that it does not yet work in a<br />
completely professional or institutional manner.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Is the SME bond actually as im -<br />
portant a form of financing as it often ma<strong>de</strong> out to be, or<br />
Page 46 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
From left to right: Falko Bozicevic, Frank Heun, Arne Laarveld and Mark Hoffmann<br />
were the issuers, possibly to a certain extent, simply unable<br />
to obtain a<strong>de</strong>quate funding elsewhere?<br />
Laarveld: Especially with the first SME bonds you sometimes<br />
had the impression that a bond was simply more convenient<br />
than tedious negotiations with house banks.<br />
Issuers did not even make a secret of this. The topic of<br />
covenants/credit clauses was almost entirely omitted. This<br />
situation has clearly <strong>de</strong>veloped over the last two years.<br />
Heun: Absolutely. It is simply becoming more expensive for<br />
banks to grant loans, there is no way around this. As a<br />
result, SME bonds have found their role, both from en<br />
economic as well as from an issuers point of view. However,<br />
what we must move away from is saying that a particular<br />
bond is of higher or lower quality than another. From a systematic<br />
perspective, this is somehow inaccurately. What<br />
would be correct is to <strong>de</strong>mand that each bond has an a<strong>de</strong>quate<br />
risk-return profile.<br />
Hoffmann: We don’t have a problem with this as investors.<br />
However, one thing that is <strong>de</strong>finite is that banks must tighten<br />
their belts. We therefore completely un<strong>de</strong>rstand where<br />
issuers are coming from.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Is there potential for improvement<br />
with issuers?<br />
Heun: Generally, management must be clear about getting<br />
external investors on board, and in some cases, doing so for<br />
the first time. This means that in future, the company will<br />
communicate with the public. Simply taking people’s money<br />
and reporting back in five years’ time will not work or bring<br />
success. In fact, I could provi<strong>de</strong> some examples where there
is already room for improvement.<br />
Laarveld: It’s a new world for some previous issuers. It is<br />
not obvious everywhere that these bonds also have to be<br />
refinanced at some point in the future. Very few companies<br />
are able to do this from the cash flow alone; but doing that<br />
wouldn’t make any sense, either. A good relationship with<br />
investors, based on continuous and up-to-date information,<br />
forms a good foundation for future issues.<br />
<strong>Conference</strong> <strong>Magazine</strong>: What about placement? Some<br />
bonds sell like hotcakes, whilst others are placed in an<br />
awfully long period of time post the inital subscription<br />
period.<br />
Hoffmann: I think the ongoing placement of bonds after the<br />
inital subscription period is preposterous. Just imagine<br />
subscribing at the start and then learning that only 30% has<br />
been placed. Things don’t work this way anywhere else,<br />
neither with syndicated bank loans nor with IPOs. As a<br />
bond investor, I am looking for the upsi<strong>de</strong>, making bonds<br />
that are difficult to place a taboo. Ongoing placements<br />
practically <strong>de</strong>activates the market mechanism.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Does this mean the direction will<br />
move towards a bookbuilding procedure in future, so that the<br />
bond volume does not represent an outlet for the market?<br />
Heun: That would seem to<br />
be the path that’s mapped<br />
out. The price must be an<br />
outlet, through which supply<br />
and <strong>de</strong>mand are compared.<br />
The book building procedure<br />
is an established practice for<br />
placing almost all institutional<br />
bonds on the world’s capi-<br />
Photo: Deutsche Börse AG<br />
tal markets.<br />
Laarveld: Some bonds issued recently even started trading<br />
with stock exchange prices over 100%. The issuers’ question<br />
is thus certainly justified. Shouldn’t the coupon have<br />
been fine-tuned, as it was when the book building procedures<br />
were conclu<strong>de</strong>d? The issuer would probably have<br />
been able to offer a return amounting to several basis<br />
points less. Sooner or later, the book building procedure will<br />
also come into play for SME bonds, just as certain<br />
covenants only establish themselves at a later date.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Gentlemen, I can see that there is<br />
also plenty for us to talk about in the future. Many thanks for<br />
the interesting interview!<br />
The interview was conducted by Falko Bozicevic.<br />
advertisement<br />
Bond Issuance
Bond Issuance<br />
Stumbling blocks on the road to SME bonds<br />
The most common mistakes in the issuing process<br />
and how they can be avoi<strong>de</strong>d...<br />
It is no secret that bonds have been a popular financing<br />
option for large institutions since the 20th century. Whether<br />
wars, railways or business expansions, much has been<br />
successfully fun<strong>de</strong>d in this way. Bonds are seeing a renaissance<br />
in the SME sector, too, finally enabling them to curtail<br />
the dominance of bank financing.<br />
As a classic substitute for conventional bank financing, their<br />
use in this sector has been limited until now. This brings us to<br />
the first misconception about bonds: namely, that the conditions<br />
attached to them are comparable to those of current<br />
bank financing. After all, if we aim for a purely quantitative<br />
comparison, bonds most obviously come out in second<br />
place. Naturally, the advantages of the bond are primarily<br />
qualitative, such as a long-term guaranteed availability of<br />
funds (usually around five years) or the high <strong>de</strong>gree of flexi -<br />
bility in the use of funds. It is also important to emphasise<br />
that the issuer may individually provi<strong>de</strong> the creditor with<br />
security rights, although they are not mandatory.<br />
It should be noted, however, that all of these benefits<br />
should be reconciled with market expectations. In the event<br />
of doubt, this can translate into higher yield requirements<br />
by investors and the aforementioned gap between bond<br />
coupons and the interest on a bank loan.<br />
Pre-sounding as a backbone<br />
Bond issuers are therefore well advised, as soon as the <strong>de</strong>cision<br />
is taken to choose a bond as a financing alternative,<br />
to familiarise themselves with the market and its requirements.<br />
And here, we hit another stumbling block. These<br />
days, a thorough pre-sounding of investors is the backbone<br />
of every bond construction process and can <strong>de</strong>termine<br />
success or failure even at an early stage. If this is conducted<br />
too late in the borrowing process, it not only threatens the<br />
success of the placement, but also adds to the likelihood<br />
that existing resources (such as potential collateral) are<br />
not used, or are in<strong>de</strong>ed used, but only in a less-than-i<strong>de</strong>al<br />
manner. This therefore unnecessarily increases the cost of<br />
financing.<br />
This of course also holds true if pre-sounding is in<strong>de</strong>ed carried<br />
out on the market, but the findings from it are subjected<br />
Page 48 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
As a Member of the Board of Directors<br />
at GBC AG, Christoph Schnabel<br />
has for many years advised SMEs on<br />
matters relating to capital markets. His<br />
core responsibilities inclu<strong>de</strong> structuring<br />
and supporting bond issues. As<br />
listing partner of Deutsche Börse AG,<br />
GBC advises on bonds in the Entry<br />
and Prime Standard.<br />
to insufficient analysis and processing. Usually it comes<br />
down to a lack of time, which leads to processing errors.<br />
Allocating sufficient time is a <strong>de</strong>ciding factor when it<br />
comes to the capital market. Without allowing for appropriate<br />
time scales and a contingency plan, these days an<br />
issuer risks not only the issuing process completely failing,<br />
but also the possibility of further consequences on<br />
the capital market in later years. Investors, after all, are<br />
very slow to forget if someone damages their reputation<br />
in the market.<br />
Following the rules of the timetable<br />
Christoph Schnabel, Member of the<br />
Board of Directors, GBC AG<br />
A well-structured schedule is normally built around the date<br />
when the issuer’s most recent annual and half-year financial<br />
statements are available, which form the basis of the bond.<br />
This is an indispensable part of the securities prospectus<br />
which is required for the issue of a bond and which usually<br />
takes about three to four weeks to formulate. This must be<br />
followed by a five-to-six-week process of gaining approval<br />
from the relevant financial supervisory authority (in Germany<br />
this is “BaFin”, the Fe<strong>de</strong>ral Financial Supervisory<br />
Authority). Only after approval has been granted the issue<br />
can be placed publicly on the stock exchange, usually<br />
every two weeks. As a rule, the bond process will thus take<br />
three months to complete. However, it can make sense to<br />
allow a much longer lead time.
Investments and services offered through Morgan Stanley & Co. LLC, member SIPC. © 2012 Morgan Stanley<br />
Photo: Deutsche Börse AG<br />
Making up for the difference<br />
A possible reason for this might be, firstly, that the issuer is<br />
thus far completely unknown to the capital market and<br />
therefore it takes time and effort to gain investor confi<strong>de</strong>nce.<br />
A targeted PR campaign in the run-up can make the<br />
difference, very much so, in this regard. But a much longer<br />
planning period may also be required for the sake of win-<br />
Morgan Stanley is proud to support<br />
dow dressing the balance sheets. Depending on the success<br />
of previous accounting and financial reporting, it may<br />
be helpful in the run-up to adjust reporting methods to the<br />
standard format used in the capital market, such that the<br />
investor can be offered a picture that is as easy to compare<br />
as possible.<br />
On the whole, investors can initially be brought up to speed<br />
by providing just the minimum information. An external<br />
analysis around 10 to 15 pages long on the issuer and the<br />
envisaged issue (credit research) can thus give significantly<br />
higher ad<strong>de</strong>d value than extensive internally created documents.<br />
The principle of “less is more” becomes less valid,<br />
however, in the case of institutional investors with their own<br />
audit processes. In general, though, the following principle<br />
applies: the higher the volume of the envisaged issue, the<br />
more extensive the preceding audit process should be.<br />
Outlook<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong><br />
Bond Issuance<br />
And what holds true for the investor should ultimately also<br />
apply to the issuer. The more significant the envisaged<br />
bond is to the financing mix, the more extensive the audit<br />
and preparatory process should be in the run-up to the<br />
<strong>de</strong>cision.<br />
advertisement
Bond Issuance<br />
Transparency in the capital markets<br />
Higher quality and greater security for investors and<br />
a simultaneous challenge to medium-sized enterprises<br />
The German and European capital markets are focusing on<br />
increased transparency requirements. In response to the<br />
events of the past few years, issuers of securities – whether<br />
they be stocks or bonds – are to provi<strong>de</strong> their investors with<br />
more comprehensive information in the wake of numerous<br />
reforms, the intention being to guarantee enhanced security<br />
for the investor and to increase the quality of the capital<br />
markets overall.<br />
Market <strong>de</strong>velopment towards more transparency<br />
on the part of issuers<br />
As per 1 July this year, the prospectus regime has been<br />
thoroughly revised, among other changes that have been<br />
ma<strong>de</strong>. The summary of the prospectus is affor<strong>de</strong>d particular<br />
significance and it has to inform the investor of all material<br />
subjects. A duty to publish a (simplified) prospectus<br />
now also applies to rights issues (“Bezugsrechtsemis sionen”)<br />
in Germany. At the same time, the Entry Standard has<br />
introduced a general duty to publish a prospectus for the<br />
initial admission of stocks and bonds. The trading segments<br />
specialising in bonds also provi<strong>de</strong> for binding publication<br />
of a prospectus.<br />
In addition, voluntary standards continue to <strong>de</strong>velop. The<br />
German Association for Financial Analysis and Asset<br />
Management (“DVFA – Deutsche Vereinigung für Finanzanalyse<br />
und Asset Management”) recommends, for<br />
instance, six parameters for key company figures for<br />
bonds. At the present time, they are only binding for companies<br />
in Entry Standard for Corporate Bonds and the Prime<br />
Standard for Corporate Bonds based on the regulations of<br />
the Frankfurt Stock Exchange. Other reforms have already<br />
been ma<strong>de</strong> or are pending. Following the EU Market Abuse<br />
Directive, the rules on insi<strong>de</strong>r <strong>de</strong>aling, including ad-hoc<br />
rules, are expected to be exten<strong>de</strong>d by law both as regards<br />
content and including the Regulated Unofficial Market.<br />
Means of transparency<br />
The following publication duties apply fundamentally to the<br />
capital market <strong>de</strong>pending on the stock exchange segment:<br />
u Duty to publish a prospectus: A prospectus must be published<br />
for the public offer.<br />
Page 50 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Dr. Anne <strong>de</strong> Boer, Partner,<br />
GSK Stockmann + Kollegen<br />
Hendrik Rie<strong>de</strong>l, Partner,<br />
GSK Stockmann + Kollegen<br />
u Publication of annual financial statements and figures for<br />
each quarter and half year.<br />
u Publication of indicators: In addition, the German Association<br />
for Financial Analysis and Asset Management also<br />
recommends that certain key financial figures be published<br />
for bonds.<br />
u Rating: The special trading segments for bonds generally<br />
require a rating; in addition, this rating has to be updated<br />
at least once a year.<br />
u (Quasi) ad-hoc disclosure: Both in the Regulated Market<br />
and also in the special trading segments, issuers are<br />
obliged to publish without <strong>de</strong>lay insi<strong>de</strong>r information<br />
directly relating to the issuer and capable of influencing<br />
the stock exchange price.<br />
u Websites for investors: There is now, to a certain extent, a<br />
requirement for respective information on the securities<br />
to be published on a website throughout the entire term.<br />
Terms and conditions of the securities<br />
With securities such as bonds, issuers are also able to offer<br />
investors additional transparency rulings and security by<br />
means of the terms and conditions of the bonds. Essential<br />
rulings are the right of the investor to terminate in the event<br />
of cause, for instance in case of liquidation, insolvency,<br />
non-payment and negative pledges. In the event of a<br />
change of control clause, the issuer should possibly restrict
BDO CHINA DESK – THE COMPETENT PARTNER<br />
FOR YOUR CHINA BUSINESS<br />
Our China Desk can assist you in entering the Chinese market or in <strong>de</strong>veloping your<br />
business in China further. The team consisting of German and Chinese experts will<br />
gui<strong>de</strong> you from concept <strong>de</strong>velopment to implementation. The team members of<br />
our China <strong>de</strong>sk in Hamburg, Frankfurt and Düsseldorf have not only <strong>de</strong>ep un<strong>de</strong>rstanding<br />
of the local market and the Chinese language; they also have profound<br />
knowledge of typical local problems and can analyze them well.<br />
Therefore, we can help you to gain financial and tax benefits specifically and avoid<br />
some common mistakes and pitfalls possibly hid<strong>de</strong>n in your business activities in<br />
the Chinese market. Our China Desk team in Germany works very closely with our<br />
partners in China.<br />
BDO AG Wirtschaftsprüfungsgesellschaft<br />
Ferdinandstraße 59 | 20095 Hamburg<br />
Telephone +49 40 30293-0 | china.<strong>de</strong>sk@bdo.<strong>de</strong> | www.bdo.<strong>de</strong><br />
BDO AG Wirtschaftsprüfungsgesellschaft, a German company limited by shares, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of in<strong>de</strong>pen<strong>de</strong>nt member firms.<br />
BDO is the brand name for the BDO network and for each of the BDO Member Firms.
Bond Issuance<br />
Figure 1: Covenants – the usual suspects<br />
Transparency ruling Effect on the issuer<br />
Duty to publish a prospectus Expense incurred on the prospectus<br />
This duty now also applies to rights issues<br />
(Quasi) ad-hoc disclosure Publication of insi<strong>de</strong>r information without <strong>de</strong>lay or examination<br />
of an exemption option<br />
Publication of financial information Expense on additional publication duties<br />
Insi<strong>de</strong>r ruling Training and raising the awareness of employees. Regulations<br />
with respect to business partners<br />
Change of control clause Avoidance of financial risks for the issuer in the case of a<br />
successor being appointed or in the case of exit<br />
Block on distribution of divi<strong>de</strong>nds Financing limits for sharehol<strong>de</strong>rs<br />
Cross <strong>de</strong>fault Casca<strong>de</strong> of termination with financing risks<br />
Source: GSK<br />
the termination right in cases of succession, (anticipated)<br />
inheritance or exit so as not to cause a financial risk. Similarly,<br />
issuers can limit the distribution of profits so as to<br />
guarantee to the investor that profits will be available to<br />
pay interest and repay the bond. Additional conceivable<br />
rulings are those of cross <strong>de</strong>fault, whereby investors can<br />
terminate the bonds if another of the issuer’s creditors<br />
terminates its financing, if certain managers leave the<br />
company or in the event of non-compliance with certain<br />
financial parameters.<br />
The challenge of capital market compliance for<br />
issuers<br />
To issuers, the transparency requirements mean that they<br />
have to be able to comply with the publication and other<br />
conditions imposed. In this context, issuers must consi<strong>de</strong>r<br />
taking the following actions as a matter of principle:<br />
u Employee training: If securities are issued on the capital<br />
market, employees, directors, officers, consultants and<br />
also sharehol<strong>de</strong>rs should be given regular training on<br />
insi<strong>de</strong>r <strong>de</strong>aling and market manipulation legislation and<br />
have their awareness raised in this respect.<br />
u Insi<strong>de</strong>r lists: Even if the value of insi<strong>de</strong>r lists is subject to<br />
dispute and they are only obligatory in the Regulated<br />
Market at the current time, companies should nonethe-<br />
Page 52 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
less consi<strong>de</strong>r them in or<strong>de</strong>r to raise their employees’<br />
awareness of the subject.<br />
u Contractual rulings: If contractual rulings, in particular confi<strong>de</strong>ntiality<br />
agreements, have been reached, the problems<br />
of insi<strong>de</strong>r <strong>de</strong>aling should be explicitly pointed out to business<br />
partners.<br />
u Directors’ <strong>de</strong>alings: As far as is possible un<strong>de</strong>r employment<br />
contract or service agreement legislation, executive<br />
personnel can be obliged to disclose any <strong>de</strong>alings in<br />
the company’s securities.<br />
u Financial information, rating and ad-hoc disclosure: When<br />
securities are issued on the Regulated Market or in the<br />
special trading segments, issuers have to be prepared to<br />
disclose internal information more fully and should take<br />
greater care with regard to the flow of information within<br />
the company.<br />
Conclusion<br />
Companies issuing securities should be aware of the fact<br />
that the transparency granted to investors means that<br />
issuers have to be more open. However, they must also<br />
simultaneously structure their internal processes so as to<br />
ensure that, in particular, regulations applying to insi<strong>de</strong>r<br />
<strong>de</strong>aling are complied with.
www.baa<strong>de</strong>rbank.<strong>de</strong><br />
Unsere Kun<strong>de</strong>n fi n<strong>de</strong>n es gut,<br />
dass wir zwischen zwei Stühlen sitzen.<br />
Unternehmensfinanzierung über <strong>de</strong>n Kapitalmarkt. Eine attraktive Alternative zu klassischen Finanzierungsinstrumenten.<br />
Als einer <strong>de</strong>r Marktführer bieten wir intelligente Eigen- und Fremdkapitallösungen für Unternehmen<br />
unterschiedlichster Größe. Aus einer Hand. Und aus einem Guss. Dazu beste Verbindungen zum Kapitalmarkt,<br />
Unabhängigkeit in <strong>de</strong>r Beratung und natürlich exzellente Kontakte zu einem breiten Investorenkreis. Interessiert?<br />
Dann wen<strong>de</strong>n Sie sich einfach an: financing.group@baa<strong>de</strong>rbank.<strong>de</strong><br />
1983 gegrün<strong>de</strong>t und bis heute inhabergeführt ist die Baa<strong>de</strong>r Bank die führen<strong>de</strong> Investmentbank im Han<strong>de</strong>l und in <strong>de</strong>r Abwicklung<br />
von Finanzinstrumenten. Investoren beraten wir unabhängig und auf Augenhöhe. Unternehmern bieten wir mo<strong>de</strong>rnste<br />
Finanzierungslösungen. Kurz: Wir bieten Ihnen 360 Grad Performance – mit höchstem Anspruch an Qualität und Expertise.<br />
Die Bank zum Kapitalmarkt.
Bond Issuance<br />
“The fact is that direct offerings simply do not<br />
work well”<br />
Interview with Andreas Wegerich, Member of the Board,<br />
youmex AG<br />
The communication problem, vague perceptions and<br />
rationality of new markets: <strong>Conference</strong> <strong>Magazine</strong> spoke to<br />
Andreas Wegerich from youmex AG, one of the most active<br />
players in the market for SME bonds, about titles, theories<br />
and temperaments.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Mr Wegerich, youmex is one of the<br />
main players on the market for SME bonds. What is your<br />
take on the market today?<br />
Wegerich: The trend towards brand items cannot be missed;<br />
in fact, it is pretty extreme. You could almost say that the interest<br />
in brand item manufacturers appears to be excessive.<br />
<strong>Conference</strong> <strong>Magazine</strong>: And is this rightly or wrongly so?<br />
Wegerich: Nobody knows at the moment. Issuers will have to<br />
prove this first. They can prove it, of course, but the investors’<br />
mood is a little bit too euphoric for my liking. Some top, solid<br />
companies are being neglected, compared with brand names<br />
that are already well over the nominal value. I don’t really un<strong>de</strong>rstand<br />
this. In<strong>de</strong>ed, something similar to this happened<br />
once before, twelve years ago in fact: namely, the New Market<br />
(“Neuer Markt”) segment on the Deutsche Börse.<br />
<strong>Conference</strong> <strong>Magazine</strong>: But don’t brand names, such as<br />
Valensina, Berentzen and so on, have the right to play their<br />
strongest card?<br />
Wegerich: Of course. The last thing I want to do is launch a<br />
broadsi<strong>de</strong> attack on brand names. youmex itself was involved<br />
in placing some of them. But some are listing at<br />
108% or even higher on the secondary market, and we<br />
have to ask whether investors are doing their calculations<br />
accurately. I really don’t un<strong>de</strong>rstand the difference between<br />
Steilmann-Boecker at 99% and Sei<strong>de</strong>nsticker at 110%.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Do issuers have the right un<strong>de</strong>rstanding<br />
of transparency? After all, they are entering the<br />
capital markets and opening themselves up to external investors.<br />
What are the compulsory aspects, and what are<br />
the voluntary aspects?<br />
Wegerich: To be honest, the requirements for the SME segment,<br />
such as half-yearly reports, rating updates and virtually<br />
ad-hoc statements, are not that difficult to meet. Compare<br />
this with a bank credit of the same amount, i.e. EUR<br />
20, 30 or 50 million...<br />
Page 54 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Andreas Wegerich is CEO of youmex<br />
Invest AG as well as youmex AG. He<br />
is specialised on IPO-management,<br />
stock markets, and equity sales.<br />
youmex was foun<strong>de</strong>d in 1999 and is<br />
a Deutsche Börse Listing Partner.<br />
Andreas Wegerich<br />
<strong>Conference</strong> <strong>Magazine</strong>: …where there would certainly be<br />
very consi<strong>de</strong>rable requirements and obligations…<br />
Wegerich: …and not just that. It is simply illogical that a<br />
company viewing its rating update as being at risk would<br />
cancel it to avoid publishing it, and then assume that<br />
market participants will not find out about it. If corporate<br />
lea<strong>de</strong>rs believe that they only have to provi<strong>de</strong> their investors<br />
with a<strong>de</strong>quate information during the good times, then they<br />
have no business outlook for a bank credit or public listing<br />
on SME segments.<br />
<strong>Conference</strong> <strong>Magazine</strong>: To what extent are ratings in<br />
<strong>de</strong>mand or relevant, if at all? This type of scepticism is quite<br />
prevalent.<br />
Wegerich: We do want to see rating reports. One or two of<br />
the current rating research provi<strong>de</strong>rs would very much like<br />
to storm the market, which would also result in major discrepancies<br />
between credit reform and alternative provi<strong>de</strong>rs.<br />
<strong>Conference</strong> <strong>Magazine</strong>: How much transparency is the<br />
public actually interested in? There are hardly any analytical<br />
articles about issuers in the media; they are purely <strong>de</strong>scriptive.<br />
Wegerich: It would therefore be more logical if issuers<br />
could generate transparency, preferably on a voluntary basis,<br />
which at the end of the day is common practice on regulated<br />
markets and that starts with the obligation to provi<strong>de</strong>
Detects what you don’t<br />
manage to see.<br />
On the road, we cannot see everything, at least not until now. Today, the advanced<br />
technology of the new Audi Q5 with Audi si<strong>de</strong> assist inclu<strong>de</strong>s radar sensors which,<br />
within the limits of the system, are able to <strong>de</strong>tect a vehicle – perhaps even before<br />
you see it. When changing lanes, these sensors cover the blind spots and alert the<br />
driver, by LED indicators on the wing mirror, of the presence of another vehicle<br />
consi<strong>de</strong>red critical during a lane change. www.audi.com/q5<br />
The new Audi Q5 with Audi si<strong>de</strong> assist.<br />
You‘ll never drive alone.
Bond Issuance<br />
Photo: Deutsche Börse AG<br />
quarterly reports. PLCs (“GmbHs”) that are not listed in particular<br />
still have to <strong>de</strong>liver on this. We would certainly like to<br />
see one or two additional reports from them. They are more<br />
than happy to take the cash at the time of issue. But then,<br />
you hear nothing more from them for a long period of time.<br />
That’s not the i<strong>de</strong>a. A different kind of investor un<strong>de</strong>rstanding<br />
needs to be introduced here…<br />
<strong>Conference</strong> <strong>Magazine</strong>: …because?<br />
Wegerich: …because these issuers will undoubtedly want<br />
to trouble the capital market again in five years time, as they<br />
cannot pay back their first bond from their cash flow,<br />
regardless of whether they believe this themselves or not.<br />
And it is for this precise reason that it would be good to<br />
keep in contact with investors, and not just when everything<br />
is about to go belly up.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Isn’t this what we normally employ<br />
IR agencies for, though? How much can they achieve?<br />
Wegerich: That’s very tricky. When the agency is pressing<br />
on about the points addressed, issuers are asking themselves<br />
whether the agency is perhaps just <strong>de</strong>livering a sales<br />
talk and they don’t see it as honest advice. Issuers are very<br />
cost-sensitive in this regard. The cost/benefit un<strong>de</strong>rstanding<br />
has not sunk in everywhere yet when it comes to this<br />
point.<br />
Page 56 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
<strong>Conference</strong> <strong>Magazine</strong>: What we can establish, though, is<br />
the fact that direct offerings (self-managed issuances) are<br />
dragging. Is this also a topic that warrants communication?<br />
Wegerich: That’s a massive un<strong>de</strong>rstatement. Off the top of<br />
my head, I can’t think of a single direct offering that was<br />
launched on time. How on earth is it supposed to work? An<br />
issue is a complex process. How can anyone imagine that it<br />
could be a do-it-yourself job? Almost an entire market of<br />
services would no longer be justified as a result. Direct<br />
offerings simply do not work well, and that’s a fact.<br />
<strong>Conference</strong> <strong>Magazine</strong>: If we move back to transparency<br />
and consequences, which covenants are in<strong>de</strong>ed essential<br />
and which ones are, simply put, nonsensical?<br />
Wegerich: Mea culpa: At the moment, I think more highly of<br />
some covenants, but I have good reason for doing so! For<br />
example, the covenant concerning a certain equity ratio.<br />
This should not just be paid lip service, but it must actually<br />
mean tolerating a corresponding <strong>de</strong>gree of watering down<br />
as a result of the necessary increase in equity. In the case of<br />
issuers that are not listed, this means taking on board additional<br />
sharehol<strong>de</strong>rs, if necessary.<br />
<strong>Conference</strong> <strong>Magazine</strong>: …therefore capital measure instead<br />
of extraordinary right to terminate?<br />
Wegerich: The investor’s right to terminate is naturally not<br />
the right option, as the company already has obvious<br />
problems. No, borrowed capital must then become equity,<br />
with all the consequences for the issuer. Originally, that was<br />
what the credit clause was for.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Don’t many issuers mistake equity<br />
for bonds, anyway?<br />
Wegerich: Yes, <strong>de</strong>finitely. In many cases, we as investors<br />
had to say, “People, if you want to sell this story, then we<br />
also want to be there for the upsi<strong>de</strong>. That won’t work<br />
going down the bond track; that’s an equity story!” And<br />
yet it was precisely these bonds that were placed. This is<br />
due to the hype, albeit partial, that we discussed. And<br />
now, we’ve come full circle; we’re back to what I said at<br />
the beginning.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Thank you very much for talking to<br />
us, Mr Wegerich!<br />
The interview was conducted by Falko Bozicevic.
Partner <strong>de</strong>r<br />
Top 50<br />
Die EQS Group ist mit über 7000 Kun<strong>de</strong>n ein führen<strong>de</strong>r<br />
Anbieter für Online Unternehmenskommunikation im<br />
<strong>de</strong>utschsprachigen Raum. Wir bieten Ihnen innovative<br />
Lösungen für die professionelle Online-Kommunikation<br />
mit allen Stakehol<strong>de</strong>rn.<br />
Kommunizieren Sie das hohe Wachstum ihrer Gesellschaft<br />
mit uns.<br />
» Speed Dating «<br />
Online Unternehmenskommunikation mit <strong>de</strong>r EQS Group<br />
EQS Group<br />
EquityStory AG<br />
Seitzstr. 27<br />
80538 München<br />
+49 (0)89 210 298 0<br />
info@eqs.com<br />
www.eqs.com
Bond Issuance<br />
Including employees and stakehol<strong>de</strong>rs in a bond<br />
placement<br />
Why it often makes sense to think of employees,<br />
stakehol<strong>de</strong>rs and retail as investors<br />
Issuing <strong>de</strong>bt on the capital market has become the “flavour<br />
of the year”. In<strong>de</strong>ed, a year on as at 30 September 2012,<br />
German companies (excluding the financial sector) have<br />
issued bonds worth more than EUR 58 billion vs. EUR 39<br />
billion in 2011, or even EUR 48 billion in 2010, according to<br />
Thomson Financial. Demand on the institutional investors’<br />
si<strong>de</strong> originates in low yields for government bonds with<br />
regard to “core” countries and high perceived risks for<br />
”peripheral” countries. Companies use the “window of<br />
opportunity” to raise funds because spreads have come<br />
down from their peaks in H2 2011 and bank financing is not<br />
always viewed as a reliable single source of <strong>de</strong>bt.<br />
So if all this works, why would these issuers need<br />
new target groups as investors?<br />
The standard offering process involving investment banks,<br />
roadshows and book building usually results in a placement<br />
which is completed in just a few hours, or perhaps one or<br />
two days at most. In addition to the usual documentation, the<br />
preparation inclu<strong>de</strong>s continuous communication between the<br />
investment banks and the institutional investors to find out<br />
their willingness to subscribe to the bond at a certain price.<br />
The pricing is narrowed in the book building spread, which is<br />
published in the run-up to the offering, and gets pinned down<br />
in the book building process itself when institutional or<strong>de</strong>rs<br />
come in at different prices and volumes. The allotment is predominantly<br />
performed by investment banks inter alia, taking<br />
into account their relationship with the investors and the or<strong>de</strong>r<br />
book as a whole. The following day, the bond is often being<br />
quoted on a German stock exchange’s Regulated Unofficial<br />
Market (“Freiverkehr”). If the or<strong>de</strong>r book was strong and the<br />
allotment has been crafted carefully, usually the bond starts<br />
to tra<strong>de</strong> above 100%. This is when private investors, including<br />
the issuer’s employees and stakehol<strong>de</strong>rs, can start to<br />
invest – in the secondary market.<br />
Why do retail investors (including employees and<br />
stakehol<strong>de</strong>rs) matter?<br />
They matter because this is a group of investors, even if<br />
they only account for a small fraction of total <strong>de</strong>mand, that<br />
always invests at market prices and tends not to exert any<br />
pricing power in the process. Also, because this group of<br />
Page 58 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Prof. Dr. Wolfgang Blättchen, Managing<br />
Director, Blättchen Financial Advisory<br />
Dr. Stephan Mahn, Managing Director,<br />
Blättchen Financial Advisory<br />
investors <strong>de</strong>serves to be treated at least as well as insti -<br />
tutional investors, who to some extent use these private<br />
investors’ interest and relationship with the company to flip<br />
their positions and turn a quick profit in the secondary market.<br />
In addition, a more retail-oriented investor mix tends to<br />
stimulate secondary market activities. This in turn will result<br />
in more interested retail investors in the first place, because<br />
they can reasonably expect to be able to dispose of their<br />
(smaller) individual positions.<br />
What can Deutsche Börse do to support these i<strong>de</strong>as?<br />
First of all, it could open up and enhance its placement tool,<br />
such that private investors have a fair chance. As the Entry<br />
Standard for Corporate Bonds and specific segments on other<br />
German stock ex changes have shown, using the stock exchanges’<br />
own capability to act as a primary market has been<br />
well received in over 60 medium-sized business (“Mittelstand”)<br />
bond placements with a total volume of roughly EUR<br />
3 billion. Out of these, EUR 0.8 billion has been raised by the<br />
exchanges themselves. That capability is enhanced by<br />
Deutsche Börse’s Retail Subscription Service (“RSS” as provi<strong>de</strong>d<br />
by ICUBIC), where<br />
• the issuer offers to subscribe to his issue using his own<br />
website as an information and communication tool, addressing<br />
4,600 Xetra ® linked trading participants<br />
• interested private investors can print their individual<br />
certificate of subscription and invest exempt from charges
• a coordinated process of addressing the issuer’s employees<br />
or stakehol<strong>de</strong>rs in the offering can be administered efficiently<br />
using a field-tested and proven procedure<br />
• last but not least, the issuer knows his investors and can<br />
direct his communication efforts efficiently at his investor<br />
base, e.g. informing them in time about future placements.<br />
On top of this, in trading the bond on the <strong>de</strong>signated sponsor<br />
or specialist market mo<strong>de</strong>l, investors will be able to rely<br />
on a proven secondary market infrastructure, providing<br />
maximum liquidity at fair conditions. The Xetra environment<br />
will be increasingly important since regulations such as<br />
MiFID and CRD IV will require institutional investors to bring<br />
a larger share of their or<strong>de</strong>r volume to the trading floor. As of<br />
today, the vast majority of all institutional secondary market<br />
transactions are being performed OTC – skipping exchanges,<br />
shunning publicity and transparency.<br />
How does all this work?<br />
Deutsche Börse offers a maximum <strong>de</strong>gree of flexibility with<br />
the option of including the “RSS” tool<br />
• in advance of the institutional placement requiring investors<br />
to invest “at market”.<br />
IPO<br />
• simultaneously with the institutional book building<br />
process. This is particularly attractive for transactions<br />
in the Entry Standard for Corporate Bonds where the<br />
subscription period is usually not terminated until two<br />
weeks have passed<br />
• after the book building process with market prices that<br />
have already been <strong>de</strong>termined institutionally and with a<br />
fraction of the total volume being offered to private investors,<br />
employees or stakehol<strong>de</strong>rs.<br />
What’s more, the cost of execution will not be above regular<br />
institutional rates offered by investment banks.<br />
Conclusion<br />
Bond Issuance<br />
Addressing retail investors in general, or employees and<br />
stakehol<strong>de</strong>rs in particular, is not something every issuer<br />
would like to do, especially if “high yield” transactions also<br />
involve high risk which is better spread among institutional<br />
investors that specialise in the segment. In most other<br />
cases, though, an issuer’s private investors, employees and<br />
stakehol<strong>de</strong>rs may ask “Why?” if they are left out – although<br />
it would be extremely easy to get them involved in the first<br />
place.<br />
PvF Investor Relations = Persönliches Vertrauen<br />
Bond Relations<br />
Peer Group<br />
Equity Story<br />
Vertrauen<br />
Analysten Coaching a<br />
Best Practice<br />
<strong>Conference</strong> Call<br />
Erfahrung r<br />
Fact Book<br />
Anleiheemission<br />
Roadshow a<br />
Public Relations<br />
Geschäftsbericht<br />
schäftsbericht<br />
Investor Relations<br />
» Creditor Relations beim ibo<br />
» Platzierung und tägliche Routine<br />
» Mittwoch 14. November 2012<br />
14:45 Uhr Raum ffm<br />
Small Caps<br />
advertisement<br />
Finanzierung<br />
Hauptstraße 129 | 65760 Eschborn | Telefon + 49 (0) 6196.777 99 0 | Telefax + 49 (0) 6196.777 99 66 | office@pvf.<strong>de</strong> | www.pvf.<strong>de</strong><br />
IBO
International<br />
“There will be no regulatory arbitrage”<br />
Interview with Marc Renell, CEO,<br />
RENELL Wertpapierhan<strong>de</strong>lsbank AG<br />
It is estimated that more than 200 companies will be<br />
affected by the forced exclusion from the First Quotation<br />
Board at the end of 2012. <strong>Conference</strong> <strong>Magazine</strong> spoke to<br />
the market lea<strong>de</strong>r for listings on the open market about the<br />
changing framework conditions and the consequences.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Mr Renell, the market segments on<br />
the Frankfurt Stock Exchange will look slightly different at<br />
the end of 2012. What do you think of the new situation as a<br />
specialist in small- and micro-caps?<br />
Renell: In fact, the First Quotation Board has been closed<br />
to new issues since the start of the year. For this reason, we<br />
have been able to prepare extensively for the new situation<br />
and we welcome the <strong>de</strong>cision to increase requirements for<br />
issuers and thus to improve the quality of the companies.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Can the obstacles be overcome?<br />
Renell: Interestingly enough, a case such as Facebook<br />
would not meet the new criteria for a primary listing in the<br />
Entry Standard. The par value of EUR 1 per share would<br />
have been breached at the very least.<br />
<strong>Conference</strong> <strong>Magazine</strong>: What direction have companies,<br />
which are in the First Quotation Board and threatened by possible<br />
<strong>de</strong>-listing as of 15 December, been moving in so far?<br />
Renell: I can only speak for the issuers that we support.<br />
Their consensus was that the foreseeable extra expense<br />
and effort involved in changing segments and subsequently<br />
being public with half-yearly reports, FREP statements, etc.<br />
is not worth it. We have specialised in helping those companies<br />
who would like to move up into a higher market segment,<br />
generally into the Entry Standard, but in some cases,<br />
also into the Prime Standard.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Would you be able to give us a figure?<br />
Renell: Taking a look at our customers, I would say roughly<br />
15%. Assuming that this estimate is representative, 250 to<br />
300 companies in the current First Quotation Board should<br />
be forcibly <strong>de</strong>-listed by the end of the year.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Would those companies consi<strong>de</strong>r<br />
any other alternative regional stock exchanges, whether<br />
they are approved from a neutral perspective or not? Or is<br />
this not possible?<br />
Page 60 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Marc Renell is CEO of RENELL Wertpapierhan<strong>de</strong>lsbank<br />
AG. The company,<br />
which was foun<strong>de</strong>d in 1985, is a<br />
member of the Fe<strong>de</strong>ral Association of<br />
Securities Trading Firms on the German<br />
Stock Exchanges (“bwf – Bun<strong>de</strong>sverband<br />
<strong>de</strong>r Wertpapierfirmen an<br />
<strong>de</strong>n Deutschen Börsen” ).<br />
Marc Renell, CEO,<br />
RENELL Wertpapierhan<strong>de</strong>lsbank AG<br />
Renell: No, regional stock exchanges have practically<br />
changed their requirements in the same breath. The German<br />
Fe<strong>de</strong>ral Financial Supervisory Authority (“BaFin – Bun<strong>de</strong>s<br />
anstalt für Finanzdienstleistungsaufsicht”) was <strong>de</strong>finitely<br />
among those who were happy that no door had been<br />
opened for any kind of regulatory arbitrage here. In this way,<br />
it has at least been ensured here in Germany that the new<br />
standard and quality benchmark is placed at a roughly<br />
equal level everywhere, as far as is possible. One or two<br />
other regional stock exchanges are still looking for a final<br />
solution to suit them, but the situation <strong>de</strong>finitely looks very<br />
promising.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Was this along the lines of where<br />
you envisaged things going?<br />
Renell: We should not make the mistake of saying that all<br />
the companies that were previously in the First Quotation<br />
Board were ina<strong>de</strong>quate with regard to quality. This is not<br />
true, not even for those companies that will soon be <strong>de</strong>-listed.<br />
In<strong>de</strong>ed, there are also German SMEs among these<br />
companies. However, the foreseeable costs of being public<br />
are not worthwhile for every company. Issuers will make a<br />
conscious and <strong>de</strong>liberate <strong>de</strong>cision not to be public and will<br />
not make a dramatic scene out of doing so.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Won’t smart issuers try to remain<br />
in the Quotation Board as a secondary listing by using<br />
foreign primary listings on foreign stock exchanges?
Renell: I believe that some will try<br />
this, but only a few. What Deutsche<br />
Börse accepts as a primary stock<br />
exchange was addressed again in<br />
<strong>de</strong>tail during the summer. But even if<br />
an issuer with Mauritius or Bermuda<br />
as its “domestic exchange” opts to<br />
keep its secondary listing in Frankfurt,<br />
the question remains as to whether<br />
this notion of bypassing is really less<br />
expensive than a segment upgra<strong>de</strong>.<br />
<strong>Conference</strong> <strong>Magazine</strong>: What will<br />
change for you as a service provi<strong>de</strong>r<br />
in the future?<br />
Renell: We are already being affected<br />
by these changes. We would like to see<br />
additional services, such as research,<br />
<strong>de</strong>signated sponsoring and continuous<br />
investor relations support, in some<br />
cases to such an extent that foreign<br />
issuers ask for a German contact.<br />
Services with regard to IPOs and being<br />
public are becoming more complex,<br />
which is not necessarily inopportune<br />
for us.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Now, be<br />
honest. Are the new hurdles and costs<br />
high, too high, or do they not even fall<br />
un<strong>de</strong>r the <strong>de</strong>cisive criteria for small<br />
companies?<br />
Renell: You still have to be fair. If<br />
examine the situation on an international<br />
scale, Germany is in a fantastic<br />
position with regard to the friendliness<br />
of the stock exchange, i.e. expenses,<br />
time and costs. If we take a look at the<br />
likes of Singapore, Hong Kong and so<br />
on, a listing in Frankfurt has a significantly<br />
faster approval process. We do<br />
not have any queues like in Shanghai.<br />
Naturally, costs are important for a<br />
Marc Renell talking with Falko Bozicevic.<br />
International<br />
small SME are certainly not negligible.<br />
But when you compare the situations,<br />
you can’t go far wrong by going and<br />
being public in Germany.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Do foreign<br />
issuers have the same opinion?<br />
Surely there is a difference between<br />
old and new issuers.<br />
Renell: There is in<strong>de</strong>ed. New issuers<br />
certainly see things differently to companies<br />
un<strong>de</strong>r imminent threat of being<br />
forcibly <strong>de</strong>-listed. Old issuers that are<br />
currently still in the First Quotation<br />
Board have already been affected by<br />
the negative headlines of certain black<br />
sheep in the past. For this reason, they<br />
have mixed feelings about the re-group -<br />
ing process. And why does a company<br />
go public? To attract investors. Many<br />
institutional investors were not even<br />
able to invest in the FQB. This also<br />
results in new opportunities.<br />
<strong>Conference</strong> <strong>Magazine</strong>: And what<br />
about new issuers?<br />
Renell: We don’t even present the “old<br />
world” to them; rather, we highlight the<br />
requirements and obligations they<br />
face. In<strong>de</strong>ed, there is nothing within<br />
these that surprises the issuers. Generally<br />
speaking, the only crunch factor<br />
is the reference value requirement, i.e.<br />
the equity in proportion to the number<br />
of shares. Then issuers have to either<br />
initially increase the equity and/or consolidate<br />
their stock.<br />
<strong>Conference</strong> <strong>Magazine</strong>: Mr Renell,<br />
thank you very much for the interesting<br />
insights.<br />
The interview was conducted by Falko Bozicevic.<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 61<br />
��������������<br />
Unverwechselbar.<br />
Als Unternehmer-Anwälte konzentrieren wir<br />
uns auf ein Ziel: individuelle und pragmatische<br />
Lösungen. Lösungen, die für unsere<br />
Mandanten wirtschaftlichen Mehrwert schaffen.<br />
Unternehmerisches Verständnis und<br />
exzellentes rechtliches Know-how bil<strong>de</strong>n<br />
dabei unseren „roten Fa<strong>de</strong>n“. Eine einzigartige<br />
und un ver wechselbare Beratung, auch<br />
in kapitalmarktrechtlichen Fragen.<br />
Luther arbeitet mit 350 hoch spezialisierten<br />
Rechtsanwälten und Steuerberatern in elf<br />
<strong>de</strong>utschen und sechs internationalen Büros<br />
für Sie. Die Luther Rechtsanwaltsgesellschaft<br />
mbH ist das <strong>de</strong>utsche Mitglied von Taxand,<br />
einem weltweiten Zusammenschluss unabhängiger<br />
Steuerberatungsgesellschaften.<br />
���������������<br />
�������
International<br />
China’s move to Europe<br />
The big wave is yet to arrive<br />
Following Deng Xiaoping’s economic reforms at the end<br />
of the Seventies, a big wave of global investment<br />
targeting China set in. For several years, foreign capital<br />
was flowing into China, but not in the opposite direction.<br />
Over time though, China has begun to invest capital in<br />
other parts of the world. At first, this happened mainly<br />
through acquisitions in resource-rich regions such as<br />
Canada, Australia or Africa. But over the last few years,<br />
Chinese investment behaviour has changed.<br />
Chinese investors are now focusing on sectors such as<br />
machinery, food, retail, education, clean technologies,<br />
industrial technologies and healthcare; the preferred<br />
countries within Europe are the United Kingdom, France<br />
and Germany. In the early phases, Chinese investors<br />
mainly concentrated on un<strong>de</strong>rvalued and often financially<br />
distressed enterprises; nowadays, their focus has<br />
shifted to solid acquisition targets that are well established<br />
in the market. One example is the acquisition of<br />
the biggest German concrete pump manufacturer,<br />
Putzmeister, which took place in early 2012. The Chinese<br />
machine tool manufacturer Sany Heavy Industry, as well<br />
as Citic Private Equity Funds Management Co. Ltd.,<br />
invested EUR 360 million in the German enterprise. The<br />
hitherto biggest investment of a Chinese food company<br />
in Europe was the acquisition of the British breakfast<br />
cereal producer Weetabix in 2012 for EUR 1.46 billion<br />
through a purchase by the Shanghai-based Bright Food<br />
Group.<br />
Enormous growth rates<br />
Compared to foreign direct investment from the United<br />
States to Europe, the Chinese engagement still seems<br />
small in total numbers, but the picture is changing when<br />
looking at the growth rates. According to a recently-published<br />
report by the New York-based Rhodium Group<br />
consultancy firm, annual foreign direct investment from<br />
China to Europe tripled from 2006 to 2009. It tripled again<br />
up to 2011, to USD 10 billion (EUR 7.7 billion). Additionally,<br />
the average size of investment increased significantly.<br />
The number of transactions with a value of over<br />
USD 1 million doubled, from less than 50 in 2010 to<br />
almost 100 in 2011.<br />
Page 62 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Dr. Gebhard Zemke, Partner,<br />
BDO AG Wirtschaftsprüfungsgesellschaft<br />
Economic opportunities<br />
Tim Sichting, Audit Senior Manager,<br />
BDO AG Wirtschaftsprüfungsgesellschaft<br />
The past has seen concern towards Chinese investments;<br />
this is due to worries about job cuts and technology transfer<br />
to China. However, this perception has largely changed<br />
with time. From a regional economic perspective, the difference<br />
between an investment being from China, from another<br />
European country or from local sources is minimal. Direct<br />
investments can foster the economic welfare of a region<br />
either way. From the perspective of an entrepreneur,<br />
increased competition from potential buyers of a company<br />
enables entrepreneurs interested in selling shares to set<br />
higher prices for their company. From a company perspective,<br />
meanwhile, the additional investment also enables<br />
capacity extensions that can lead to economies of scale<br />
and, due to <strong>de</strong>creased production costs, to a better positioning<br />
in the market.<br />
From a local perspective, tax revenue increases and the<br />
expansion of production capacities usually lead to an<br />
increased <strong>de</strong>mand in skilled labour. The majority of European<br />
employees are well-educated by international standards<br />
and are hence urgently nee<strong>de</strong>d in the Chinese value<br />
chain, especially in the areas of environmental management,<br />
quality assurance, <strong>de</strong>sign and innovation and hightech.<br />
In recent times, across Europe 45,000 jobs have been<br />
created or secured by Chinese direct investments. Impor-
tantly, the support from cash-rich<br />
Chinese investors has prevented the<br />
closure of a number of jeopardised<br />
enterprises.<br />
Strategic advantages on both<br />
si<strong>de</strong>s<br />
The Chinese interest in investing in<br />
European firms is not one-si<strong>de</strong>d.<br />
In<strong>de</strong>ed, there are often win-win situations.<br />
It can be attractive and helpful<br />
to have a Chinese investor on<br />
board, over and beyond liquidity<br />
consi<strong>de</strong>rations. China and the European<br />
Union are highly complementary<br />
in economic terms. China represents<br />
a sales market of strategic<br />
relevance for many European enterprises.<br />
Nonetheless, the entry and<br />
<strong>de</strong>velopment of this future market<br />
poses challenges. A Chinese investor<br />
as part of the enterprise can<br />
present a bridge to the target market<br />
– China.<br />
In or<strong>de</strong>r to secure and establish<br />
these advantages, it is important for<br />
policy makers to initiate and provi<strong>de</strong><br />
a beneficial political framework. A<br />
key priority would be to forge reliable<br />
long-term investment promotion<br />
patterns tailored to the needs of Chinese<br />
investors. This would i<strong>de</strong>ally be<br />
in the form of a pan-European<br />
framework, to reduce the high fragmentation<br />
of the existing investment<br />
promotion landscape in Europe that<br />
only experts can foresee, but not the<br />
foreign investors who potentially<br />
may be interested. A step in the right<br />
direction was taken in 2009 whereby<br />
the Lisbon Treaty enabled the exclusive<br />
competence for investment policy<br />
to be transferred to the European<br />
Commission; this will have a beneficial<br />
impact on the harmonisation of<br />
market access and legal aspects.<br />
An even bigger barrier to Chinese<br />
investment is often the Chinese<br />
investors’ lack of experience when it<br />
comes to operating a business in<br />
Europe. Examples such as the City<br />
International<br />
of Hamburg’s tailor-ma<strong>de</strong> local<br />
investment promotion programmes<br />
can be a very effective way of<br />
attracting Chinese funds. Support is<br />
nee<strong>de</strong>d in aspects such as market<br />
intelligence, the new regulatory environment,<br />
management of local<br />
labour, and also in terms of new tax<br />
and accounting rules.<br />
Professionalism as a key factor<br />
The execution of an investment<br />
<strong>de</strong>cision or acquisition by a Chinese<br />
investor often appears to be hasty<br />
and does not always consi<strong>de</strong>r the<br />
relevant factors in advance. A common<br />
occurrence is that necessary<br />
due diligences are not conducted.<br />
Consulting services in areas such as<br />
market entry, taxes, legal issues or<br />
valuation can significantly reduce<br />
the investment risk in this context. It<br />
is important for both parties in a<br />
transaction to have a partner or advisor<br />
that has profound knowledge<br />
in terms of the original and target<br />
market, as well as the capacity to<br />
accompany the transaction from<br />
start to finish. In or<strong>de</strong>r to fully realise<br />
the potential of the acquisition, it appears<br />
to make sense to use such<br />
services early on. In the future, a<br />
strong increase in investments from<br />
China to Europe is expected. Assuming<br />
constant further <strong>de</strong>velopment,<br />
additional Chinese investments<br />
in Europe amounting to USD<br />
250-500 billion by 2020 can be expected.<br />
Photo: Deutsche Börse AG<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 63<br />
KAPITAL WIRD ZUM<br />
STRATEGIEFAKTOR<br />
Abschlusssicherheit und<br />
Konditionenoptimierung bei<br />
Ihren internationalen M&A-,<br />
Kapitaleinwerbungs- und<br />
Restrukturierungsprojekten<br />
Zugang zu Kapitalgebern auf<br />
Entschei<strong>de</strong>rebene und aktuelle<br />
Kenntnis <strong>de</strong>r Konditionen aus<br />
<strong>de</strong>r laufen<strong>de</strong>n Strukturierung<br />
von €2 Mrd. p.a. an Eigen-,<br />
Fremd- und Hybridkapital<br />
Erfahrung aus über 250<br />
Transaktionen<br />
Corporate Finance Boutique Firm<br />
of the Year 2012 Germany<br />
www.equitygate.<strong>de</strong>
Legal<br />
Synergy potentials versus synergy effects<br />
Valuation of synergies as a key challenge within the<br />
M&A process<br />
Synergies are usually already emphasised during the initial<br />
stage of an M&A transaction. However, many executives<br />
use synergies to <strong>de</strong>monstrate the strategic value of an M&A<br />
transaction incorporating potential synergies. It is in<strong>de</strong>ed<br />
one aspect to <strong>de</strong>fine synergy potentials. Much more important<br />
is the question as to how synergies may be valued and<br />
finally be realised.<br />
Synergy potentials versus synergy effects<br />
Ambitious synergy forecasts, as well as insufficient consi<strong>de</strong>ration<br />
of negative synergies, often result in an increased<br />
purchase price and an increased acquisition premium<br />
respectively. Thus, these forecasts increase pressure to realise<br />
synergies at the post-closing stage to avoid goodwill<br />
impairment. It is therefore important to guarantee that synergies<br />
do not only serve to justify a potential transaction in<br />
the absence of a substantial transaction rationale, but can<br />
in<strong>de</strong>ed be verified.<br />
I<strong>de</strong>ntification and quantification of synergy potentials<br />
Based on the <strong>de</strong>fined acquisition goals and after submission<br />
of the indicative offer, the potential buyer is usually<br />
granted access to a data room in the due diligence phase.<br />
During this phase, one of the key purposes of a transaction<br />
is to <strong>de</strong>termine the overall P&L impact from positive and<br />
negative synergies. This task can often be challenging due<br />
to often incomplete information and <strong>de</strong>manding time<br />
constraints.<br />
Synergy potentials are i<strong>de</strong>ntified based on complementarities<br />
(e.g. similar input factors, comparable vertical range of<br />
manufacturing, overlapping product portfolios, duplicated<br />
support sectors), which may either be realised by any buyer<br />
(“unreal synergies”) or by a few buyers (“real synergies”) or<br />
even by only one specific buyer (“real individual synergies”).<br />
The operationalisation and quantification of the i<strong>de</strong>ntified<br />
synergy potentials and their impacts (measurability) on the<br />
respective profit and loss items are carried out in a next<br />
step. The acquisition premium increases if the valuation of<br />
the synergy potentials and the <strong>de</strong>termination of the overall<br />
P&L impact were based on optimistic estimates during pre-<br />
Page 64 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Markus Kurzhals, Partner and Head of<br />
Transactions & Advisory, Competence<br />
Center Transactions, RoelfsPartner<br />
Andre Gil<strong>de</strong>meister, Senior,<br />
Competence Center Transactions,<br />
RoelfsPartner<br />
closing. In this context, it constitutes another problem that<br />
the acquisition premium must be paid in advance, whereas<br />
the net synergy value (balance from positive and negative<br />
synergies) must still be generated and realised both within<br />
an in<strong>de</strong> finite future term.<br />
Evaluation of synergies in post-closing<br />
After the transaction has been closed, the synergies are<br />
evaluated based on complete information. At this stage, the<br />
evaluated synergy potentials and findings from the due diligence<br />
(“pre-closing”) are evaluated utilising extensive<br />
information and direct access to the <strong>de</strong>cision-makers of the<br />
acquired company, such that inaccuracies from the due<br />
diligence can be overcome and further potential hid<strong>de</strong>n<br />
synergies can be i<strong>de</strong>ntified. Additionally, events that trigger<br />
goodwill impairment, such as overestimated synergy<br />
potentials, negative synergies that were not taken into consi<strong>de</strong>ration<br />
(e.g. losses from shrinking volumes and customer<br />
losses), as well as <strong>de</strong>viations from synergy potentials<br />
quantified in the due diligence, may be i<strong>de</strong>ntified during the<br />
post-closing evaluation. As a result, following the evaluation<br />
(a) individual measures are assigned to each i<strong>de</strong>ntified<br />
synergy potential, (b) potential overlaps in measures are<br />
examined and (c) transferred into a quantifiable controlling<br />
system (synergy management).
Als Pionier im Mittelstandsmarkt ist youmex seit 2010 mit einem Platzierungsvolumen von über 300 Millionen Euro am Erfolg von über<br />
20 Mittelstandsanleihen in Deutschland beteiligt. Damit ist youmex führend im Markt <strong>de</strong>r Mittelstandsanleihen.<br />
Mehr Informationen fi n<strong>de</strong>n Sie auf www.youmex.<strong>de</strong>/<strong>de</strong>/mittelstandsanleihen/<br />
Auszug unserer Referenzen:<br />
September 2012<br />
KTG Energie AG<br />
EUR 25.000.000<br />
Inhaberschuldverschreibung<br />
Sales Agent<br />
Juni 2012<br />
Steilmann-Boecker Fashion<br />
Point GmbH & Co. KG<br />
EUR 23.000.000<br />
Inhaberschuldverschreibung<br />
Lead Manager<br />
Juni 2011<br />
KTG Agrar AG<br />
EUR 100.000.000<br />
Inhaberschuldverschreibung II<br />
Lead Institutional Sales<br />
youmex Invest AG, Taunusanlage 19, 60325 Frankfurt / Germany, +49 69 50 50 45 000, www.youmex.<strong>de</strong><br />
Stellen Sie<br />
Ihren Wettbewerb<br />
in <strong>de</strong>n Schatten<br />
Unternehmenswachstum vom<br />
Kapitalmarkt. Wir sind Ihr<br />
Spezialist für Mittelstandsanleihen!<br />
Dezember 2010<br />
S.A.G. Solarstrom AG<br />
EUR 25.000.000<br />
Inhaberschuldverschreibung<br />
Lead Manager<br />
September 2010<br />
KTG Agrar AG<br />
EUR 50.000.000<br />
Inhaberschuldverschreibung<br />
Lead Institutional Sales
Legal<br />
Figure 1: Challenges of synergy valuation<br />
Pre-Closing<br />
Post-Closing<br />
1<br />
Source: RölfsPartner<br />
Acquisition Goals<br />
Strategic<br />
motivation /<br />
“<strong>de</strong>al logic”<br />
4 5<br />
Bottom-Up Evaluation of Synergies<br />
Sales synergies<br />
Synergy potentials<br />
Realisable synergies<br />
Post-merger integration as a starting point for<br />
realisation of synergies<br />
At post-closing it is often misleadingly assumed that anticipated<br />
synergy potentials automatically arise and thus help<br />
the companies involved to create additional value.<br />
Although during a pre-closing phase, synergy potentials are<br />
often <strong>de</strong>termined in a theoretically correct way, in the<br />
course of integration they are either not exhausted in full,<br />
only with a <strong>de</strong>lay or not at all. This can be regularly attributed<br />
to a lack of responsibility, the number of staff assigned<br />
to realising synergy potentials or employees are busy running<br />
the daily business. Occasionally, the assigned teams<br />
also lack the specific competence and experience to<br />
successfully enforce the actual realisation of synergies.<br />
This requires a synergy management team solving the<br />
problem of realising synergies by consistently <strong>de</strong>fining and<br />
implementing, as well as constantly monitoring, the necessary<br />
measures. Synergy controlling also has to enforce<br />
appropriate amendments, if required. Accordingly, efficient<br />
Page 66 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
2<br />
Stand-alone<br />
(buyer's<br />
perspective)<br />
Top-Down Valuation of Synergies<br />
Quantification of synergy potentials<br />
(financial, cost and market synergies)<br />
Unreal<br />
synergies<br />
Real<br />
synergies<br />
Real<br />
individual<br />
synergies<br />
Synergy Management<br />
Transfer into a<br />
quantifiable<br />
controlling system<br />
(synergy management)<br />
synergy management ought to take into account the following<br />
aspects:<br />
• Determination of objectives and responsibilities<br />
• Assignment of <strong>de</strong>tailed measures to each i<strong>de</strong>ntified synergy<br />
potential<br />
• Application of a stringent implementation controlling<br />
process<br />
• Integration into an existing incentive system<br />
Summary<br />
6<br />
3<br />
Determination of Purchase Price<br />
Net<br />
synergy<br />
value<br />
Stand-alone<br />
(buyer's<br />
perspective)<br />
Goodwill<br />
Assets<br />
Risk<br />
premiums<br />
Realisation of Synergies<br />
Purchase price<br />
allocation (closing)<br />
Buyer’s<br />
subjective<br />
value<br />
Impairment<br />
Accurately assessing synergies is regularly a challenging<br />
task in the M&A process, as forecasting synergy effects is<br />
complex and, in<strong>de</strong>ed, unique to each M&A transaction. In<br />
many cases the success of a transaction is significantly<br />
<strong>de</strong>termined by evaluating synergies with a sense of proportion<br />
concerning the probability of realisation, <strong>de</strong>fining an<br />
appropriate acquisition premium, as well as con sistently<br />
implementing an efficient synergy management process.<br />
t 1<br />
Negotiation<br />
result<br />
?<br />
Purchase<br />
price<br />
t 2
Transparenz ist <strong>de</strong>r Anfang<br />
eines je<strong>de</strong>n erfolgreichen<br />
Investments.<br />
Unsere Leistungen: Unternehmensanalyse<br />
Kapitalmarktberatung<br />
Kapitalmarktkonferenzen<br />
Kontakt:<br />
GBC AG .Tel.: +49 821 241133-0<br />
anleihe@gbc-ag.<strong>de</strong> . www.gbc-ag.<strong>de</strong><br />
Sie wollen auch eine<br />
erfolgreiche Unternehmensanleihe<br />
begeben?<br />
Sprechen Sie<br />
uns an!
Legal<br />
Barbarians at the gate?<br />
Takeover <strong>de</strong>fence: the perspective of bid<strong>de</strong>r and target<br />
In the recent past, the operational success of German enterprises<br />
has often not been reflected by their stock market<br />
valuation. At the same time, more and more international<br />
companies are seeking know-how or strategic acquisitions<br />
and some financial investors are un<strong>de</strong>r significant pressure<br />
to invest. Therefore, even potentially hostile takeovers become<br />
an increasingly realistic scenario for many companies.<br />
The perspective of the bid<strong>de</strong>r – swift, cheap and silent<br />
It is among the key interests of the bid<strong>de</strong>r to conduct the<br />
transaction with the least possible use of resources, while<br />
maintaining a high level of transaction certainty. The bid<strong>de</strong>r<br />
must therefore aim to avoid rival offers or <strong>de</strong>fence measures<br />
that might <strong>de</strong>lay or even frustrate the process. In addition, a<br />
bid<strong>de</strong>r may want to swiftly implement the necessary legal<br />
integration measures to bring about the <strong>de</strong>sired operational<br />
integration following the offer. This usually requires a qualified<br />
majority in the target’s sharehol<strong>de</strong>rs’ meeting. While a<br />
media <strong>de</strong>bate, political attention or even interference is<br />
usually counter-productive in this regard, the bid<strong>de</strong>r might<br />
have to offer a significant premium to reach the required<br />
acceptance threshold.<br />
Unfriendly takeovers – a way to succeed?<br />
A takeover is predominantly driven by the bid<strong>de</strong>r, who sets<br />
the terms and conditions of the offer, as well as the timeline<br />
of the process. Even though the German Securities Acquisition<br />
and Takeover Act (“Wertpapiererwerbs- und Übernahmegesetz”)<br />
does not require the bid<strong>de</strong>r to involve the<br />
target’s management prior to the announcement of the offer,<br />
takeover offers are consi<strong>de</strong>red “hostile” when the target’s<br />
management is not “on board”.<br />
Nevertheless, the support of the target company’s<br />
management team consi<strong>de</strong>rably facilitates the process. In<br />
contrast, an “unfriendly” takeover might become a long and<br />
rocky road for the bid<strong>de</strong>r: The target will not allow the<br />
bid<strong>de</strong>r to conduct a due diligence and it is likely that<br />
<strong>de</strong>fence measures will be taken. Also, the target’s management<br />
team may turn to politicians and media with the plea<br />
for help and reject the offer for not being in the target<br />
company’s best interests. As a consequence of a lack of<br />
Page 68 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Christoph F. Vaupel, Partner,<br />
Taylor Wessing<br />
Dr. Lars-Gerrit Lüßmann, Partner,<br />
Taylor Wessing<br />
management support and a critical public <strong>de</strong>bate, many<br />
sharehol<strong>de</strong>rs may refuse to ten<strong>de</strong>r or require a higher premium<br />
to be convinced. Hence, the bid<strong>de</strong>r must carefully<br />
evaluate whether these si<strong>de</strong> effects are acceptable and<br />
outweighed by the benefits of an unfriendly approach.<br />
The perspective of the target – just say “no” or<br />
“yes – but”?<br />
Generally, the target has a rather reactive role in the<br />
takeover process. It is the primary duty of the target’s management<br />
team, however, to carefully evaluate the offer. The<br />
only valid parameter for an evaluation (and, possibly,<br />
rejection) is the interest of the company. Key aspects which<br />
the management team must also assess in its mandatory<br />
reasoned opinion are the consi<strong>de</strong>ration offered, the objects<br />
pursued by the bid<strong>de</strong>r and the expected consequences of a<br />
successful offer for the target, its business and employees.<br />
Defence measures following the public announcement of<br />
the offer which are apt to prevent the success of the offer<br />
are generally prohibited. Nevertheless, the target’s management<br />
team may search for a rival offer and take all the<br />
actions that “a pru<strong>de</strong>nt and responsible management<br />
would take”. Based on the company’s best interests and<br />
the management team’s evaluation of the offer, <strong>de</strong>fence<br />
actions with the consent of the supervisory board or autho-
ised by the general meeting are also possible. Preemptive<br />
measures, e.g. the creation of authorised<br />
capital and a supermajority for sharehol<strong>de</strong>r resolutions,<br />
are always an option.<br />
Furthermore, the reasoned opinion of the management<br />
and supervisory board is one of the key<br />
sources of information for outsi<strong>de</strong> sharehol<strong>de</strong>rs and<br />
its influence must therfore not be un<strong>de</strong>restimated.<br />
Many sharehol<strong>de</strong>rs may base their <strong>de</strong>cision on the<br />
evaluation of the offer by “their” management.<br />
There is no guarantee that <strong>de</strong>fence measures prevent<br />
an “unfriendly” takeover (as illustrated by the<br />
ACS / Hochtief situation). Certain <strong>de</strong>fence measures<br />
may even turn out to be <strong>de</strong>trimental to the company<br />
if they prevent any transaction, even if it is <strong>de</strong>sired<br />
and in the interest of the company. Defense measures<br />
can nevertheless help the target’s management<br />
to exert pressure on the bid<strong>de</strong>r to open the door for<br />
negotiations with the intention of optimising the situation<br />
of the target, its sharehol<strong>de</strong>rs and employees.<br />
Conclusion – seeking dialogue<br />
Legal<br />
Although the bid<strong>de</strong>r has the leading role in the<br />
takeover process, the target has a number of tools<br />
with which to influence the process to the benefit of<br />
the company and its sharehol<strong>de</strong>rs, and with which it<br />
can put the transaction at risk. It must therefore be<br />
the common interest of the parties involved to seek<br />
dialogue at an early stage. An ongoing dialogue may<br />
secure and facilitate the takeover process for the<br />
bid<strong>de</strong>r, while enabling the target’s management to<br />
play a more influential role and seek concessions for<br />
the benefit of the target, its sharehol<strong>de</strong>rs and<br />
employees. Despite being consi<strong>de</strong>red an unfriendly<br />
situation, the talks between Terex and Demag Cranes<br />
led to the signing of a Business Combination Agreement<br />
and, eventually, to an increased offer price.<br />
Bearing this in mind, many takeovers that have<br />
begun as unsolicited and potentially hostile turn<br />
“friendly” over time.<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 69<br />
Germany<br />
Connected for Success<br />
Connections<br />
for Success<br />
��Audit<br />
��Tax<br />
���Transaktionsberatung<br />
��Risk Advisory Services<br />
���Corporate Recovery<br />
��Legal Advisory<br />
RSM Germany –<br />
your competent partner<br />
www.rsmgermany.<strong>de</strong><br />
Connect to rsmgermany.<strong>de</strong> and connect with success
Legal<br />
The brave new world of corporate financing<br />
How traditional financing patterns may change due to<br />
financial market regulation<br />
The winds of change are inevitable. In the aftermath of the<br />
financial crisis, there is a risk of financial markets being<br />
inundated by new European regulatory measures directed<br />
primarily at (i) reducing systemic risks, (ii) enhancing transparency<br />
and competitiveness in the financial industry, (iii)<br />
increasing investor protection and (iv) improving inter -<br />
nationally aligned supervision and governance of financial<br />
institutions.<br />
Impact of Basel III and CRD IV on banks<br />
Basel III and CRD IV will require banks to provi<strong>de</strong> higher<br />
Common Equity ratios. Instruments are only recognised as<br />
Common Equity (core Tier 1 capital) if they satisfy a set of<br />
criteria un<strong>de</strong>r which all instruments must be structured,<br />
such that they are equivalent to paid-up share capital. By<br />
2019 at the latest, Basel III will require banks to hold:<br />
• 6% of Tier 1 capital (up from 4%) including Common<br />
Equity of 4.5% (up from 2%) of risk-weighted assets<br />
• a total capital of 8% and<br />
• additional capital buffers.<br />
Figure 1: IPOs vs. capital increase in Germany<br />
Volume in millions of EUR<br />
2 ,500<br />
2 ,000<br />
1 ,500<br />
1 ,000<br />
500<br />
0<br />
5<br />
2 ,076<br />
Q4/2011<br />
Page 70 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
0<br />
34<br />
IPOs Capital increase<br />
Source: “PWC, Emissionsmarkt Deutschland”<br />
1,165<br />
1,785<br />
Q1/2012 Q2/2012<br />
Volker Potthoff, Of Counsel,<br />
CMS Hasche Sigle<br />
Catherine Jürgens, Lawyer / Associate,<br />
CMS Hasche Sigle<br />
According to impact studies on the European banking sector,<br />
European banks will need at least EUR 370 billion to<br />
meet Basel III capital requirements.<br />
Undoubtedly, Basel III and CRD IV will force financial institutions<br />
to fundamentally restructure their balance sheets.<br />
As a consequence, the financial market is facing a squeeze<br />
on capital liquidity; balance sheets will be reduced and the<br />
refinancing capacity of banks towards the corporate sector<br />
will change. Other effects, such as reduced securitisation,<br />
difficulty in raising equity, a lack of “qualified” collateral and<br />
the race for <strong>de</strong>posits as refinancing tools, are adding to the<br />
increasing financing costs of financial institutions and,<br />
indirectly, of corporates. The impact on SMEs will be even<br />
higher.<br />
How to limit the collateral damage of Basel III on<br />
corporate financing<br />
It is by no means certain that we will see a credit crunch<br />
affecting the real economy. Currently, central banks are<br />
flooding financial markets with cheap liquidity – but this is a<br />
policy to buy time and in the long run, it is not sustainable.<br />
It is estimated that approximately EUR 416 billion is nee<strong>de</strong>d<br />
to refinance corporate loans which will be expiring between<br />
2012 and 2016. Companies will target higher liquidity,
Regel 1 für mehr Wachstum:<br />
Wem wollen Sie Ihre Finanzierungsstrategien anvertrauen:<br />
Einer anonymen Großbank, für die Sie nur eine Kun<strong>de</strong>nnummer sind?<br />
O<strong>de</strong>r lieber einem fairen Partner auf Augenhöhe? Dann lernen Sie die quirin bank<br />
kennen. Als etablierte, unabhängige Unternehmerbank stehen wir mittelständischen<br />
Unternehmen bei <strong>de</strong>r Umsetzung von Finanzierungslösungen zur Seite.<br />
Egal, welche Ziele Sie mit Ihrem Unternehmen anstreben:<br />
Wir unterstützen Sie bei Ihrem Wachstum.<br />
Finanzstrategieberatung<br />
Börseneinführungen<br />
Sekundärmarktbetreuungen<br />
Akquisitionen und Fusionen<br />
Anleihen- und Hybrid� nanzierungen<br />
quirin bank AG, Investment Banking:<br />
Schillerstraße 20, 60313 Frankfurt am Main, Telefon 069/247 50 49-30<br />
E-Mail: investment.banking@quirinbank.<strong>de</strong> Die Unternehmerbank
Legal<br />
reduction of traditional <strong>de</strong>bt and improvement of their balance<br />
sheet ratios. Owing to the loss of trust, they will also<br />
try to gain more in<strong>de</strong>pen<strong>de</strong>nce from classic bank financing.<br />
Here are some assumptions:<br />
• Capital market funding will play a bigger role<br />
• Diversification of funding in accordance with business<br />
needs, consi<strong>de</strong>ring key sales markets, investors’ profiles<br />
and currencies will become key issues<br />
• Looking for alternatives by way of approaching alternative<br />
players and instruments will increase<br />
• The importance of existing alternatives to financing,<br />
such as factoring and leasing, will continue to rise.<br />
Figure 2: Corporate bonds vs. bank loans in Europe<br />
100%<br />
80%<br />
60%<br />
40%<br />
20%<br />
0%<br />
Source: ECB<br />
12%<br />
88%<br />
Germany<br />
31%<br />
France<br />
69%<br />
43%<br />
Great<br />
Britain<br />
Corporate bonds Bank loans<br />
Equity capital markets: New issues (IPOs) still are having a<br />
hard time due to uncertainty among investors, while<br />
secondary offerings of established players are working. It is<br />
currently virtually impossible for SMEs to raise new equity<br />
capital in the public markets, in particular due to the<br />
shortage of investors with the willingness or capacity to<br />
invest in small tickets. Institutional investors in Germany,<br />
such as insurers or pension funds, are legally restricted<br />
regarding their investments in shares. We might see more<br />
direct investments from family offices, HNWIs (high net<br />
Page 72 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
57%<br />
Photo: PantherMedia / Sergio Hayashi<br />
worth individuals) and other asset pools. As a possible outcome,<br />
we may see new infrastructure provi<strong>de</strong>rs as operators<br />
of platforms for raising capital for SMEs.<br />
Debt capital markets: The corporate bond market has<br />
shown significant growth over the past two years. However,<br />
a distinction must be ma<strong>de</strong> between secondary offerings of<br />
established capital market players and new issues of midcap<br />
companies. While established players with a good<br />
track record are focusing on institutional investors, SMEs<br />
are concentrating on less sophisticated investors, who are<br />
highly risk-sensitive in case of <strong>de</strong>faults. New loan platforms<br />
and lending intermediaries are about to enter this market.<br />
Alternative lending: Regardless of the ABS market collapsing<br />
during the financial crisis, the role of securitised <strong>de</strong>bt is<br />
likely to increase. In particular, the bundling of claims resulting<br />
from operational businesses seems to be attractive for<br />
investors. Institutional structures such as “<strong>de</strong>bt funds” are<br />
one of the trends. Debt funds are vehicles which acquire<br />
interests in <strong>de</strong>bt claims at a discount and are financed by<br />
investors providing equity capital to the fund. Insurance<br />
companies are already quite active in acquiring real estate<br />
assets. Furthermore, corporate conglomerates are increasingly<br />
consi<strong>de</strong>ring creating their own banking structures.<br />
More in<strong>de</strong>pen<strong>de</strong>nce from banks with direct access to<br />
central bank liquidity is the main driver (e.g. E.ON, Siemens,<br />
VW, etc.).<br />
Conclusion<br />
Financial market regulation will change corporate financing.<br />
Flexibility regarding instruments and len<strong>de</strong>rs is the name of<br />
the game. This holds true for the financing of real economy<br />
businesses, as well as for investment strategies. In the<br />
financial intermediary space, “shadow banking” will play an<br />
important role and it remains to be seen how regulators and<br />
supervisors will <strong>de</strong>al with this.
Standard & Poor's Ratings Services, a part of The McGraw-Hill Companies, is the world's<br />
foremost provi<strong>de</strong>r of credit ratings. With offices in 24 countries, Standard & Poor's is an<br />
important part of the world's financial infrastructure and has played a leading role for 150<br />
years in providing investors with information and in<strong>de</strong>pen<strong>de</strong>nt benchmarks for their<br />
investment and financial <strong>de</strong>cisions.<br />
We maintain offices in the financial centres of Europe, the Middle East, and Africa, (EMEA)<br />
such as London, Frankfurt, Paris, Milan, Moscow, Madrid, and Stockholm. Our offices in Tel<br />
Aviv, Dubai, Istanbul, and Johannesburg are also within this network. Overall, we are the<br />
largest international rating agency in Europe.<br />
Since 1992, Standard & Poor’s has been operating in Frankfurt and celebrates its 20th<br />
anniversary this year. The Frankfurt office offers all services in the area of credit ratings for<br />
clients in the German-speaking countries as well as various countries in EMEA. The office<br />
has expan<strong>de</strong>d over the years, with our staff increasing to about 120, about half of them<br />
analysts. In addition to assigning credit ratings to corporates, banks, insurance companies,<br />
and sovereigns, we assess public entities such as municipalities and fe<strong>de</strong>ral states. We also<br />
rate structured finance transactions like asset-backed securities and collateralized <strong>de</strong>bt<br />
obligations.<br />
In Germany, Corporate Ratings is our largest business segment, and 20 analysts fluent in<br />
German are currently attached to the Frankfurt office. Having such a strong analytical base<br />
enables us to cover several industry sectors, such as Capital Goods, Automotive Suppliers<br />
and Producers, Logistics and Transport, Retail, Consumer Goods, Pharmaceuticals, Media<br />
and Leisure, Chemicals, Technology, and Utilities.<br />
Standard & Poor’s puts a lot of emphasis on transparency and communication. We offer<br />
comprehensive information about our criteria and publish rating reports, industry research,<br />
and commentaries on market and economic <strong>de</strong>velopments on various platforms, such as our<br />
homepage and our subscriber Web site Global Credit Portal. We also offer vi<strong>de</strong>o content via<br />
www.creditmatters.com.<br />
Dialogue with issuers, investors, intermediaries, and the media is an important part of our<br />
daily work, therefore we actively support easy access to our analysts. This puts us in a<br />
position to fulfil the <strong>de</strong>mands of a mo<strong>de</strong>rn and integrated financial services company and<br />
provi<strong>de</strong> additional value for our clients and the market. For more information, visit our<br />
homepage http://www.standardandpoors.com.
Special: CSR<br />
Sustainability is an investment issue<br />
Shares must be selected based on a dynamic,<br />
multi-dimensional analysis<br />
The upheaval on the financial markets continues. What can<br />
investors do in these turbulent times? Sustainable investment<br />
is the name of the game – and not just in times of<br />
crisis!<br />
For a long time, those making sustainable investments<br />
were regar<strong>de</strong>d as a strange and exotic species among<br />
investors and were mocked as i<strong>de</strong>alistic “do goo<strong>de</strong>rs”.<br />
However, the current lively global <strong>de</strong>bate taking place in<br />
society on the subject of sustainability has not passed the<br />
financial markets by. For some years now, issues such as<br />
global climate change have been penetrating the collective<br />
consciousness of the financial world and this has increasingly<br />
resulted in special forms of investment, a trend confirmed<br />
by the high growth rates.<br />
Talk of anachronistic trends or passing fads no longer has<br />
any place in the current <strong>de</strong>bate on every aspect of sustainable<br />
investment. Sustainable investments have become an<br />
established form of investment, combining the potential for<br />
economic returns with ethical, social and ecological<br />
motives.<br />
In<strong>de</strong>ed, in the longer term, investors will not have to forego<br />
their returns, as the example below illustrates. A com -<br />
parison of the Global Challenges In<strong>de</strong>x and the MSCI World<br />
In<strong>de</strong>x reveals that sustainable investments have not un<strong>de</strong>rperformed<br />
traditional share investments.<br />
Figure 1: Comparison – GCI vs. MSCI World<br />
In<strong>de</strong>xed in EUR<br />
110.0<br />
100.0<br />
90.0<br />
80.0<br />
70.0<br />
60.0<br />
50.0<br />
40.0<br />
Sep 07 Mar 08 Sep 08 Mar 09 Sep 09 Mar 10 Sep 10 Mar 11 Sep 11<br />
GCI MSCI World<br />
Source: Bloomberg, DZ BANK AG<br />
Page 74 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Marcus Pratsch is Head of Sustainable<br />
Investment Research at DZ<br />
BANK AG. He has coordinated all the<br />
Sustainable Invesmtent Researchrelated<br />
activities in Institutional Equity<br />
Research since 2009. Marcus is a<br />
member of the Non-Financials Commission<br />
of the Society of Investment<br />
Professionals in Germany (“DVFA –<br />
Deutsche Vereinigung für Finanzanalyse<br />
und Asset Management”). He joined<br />
DZ BANK AG in 2006, prior to which he<br />
worked for equinet AG.<br />
Choosing the right shares is vital<br />
Marcus Pratsch, Head of Sustainable<br />
Investment Research, DZ BANK AG<br />
The information <strong>de</strong>man<strong>de</strong>d by investors focusing on sustainability<br />
differs from that of traditional investors, in that it<br />
is far more complex. In tan<strong>de</strong>m with aspects relating to the<br />
pure economic returns, non-financial issues such as ecological,<br />
social and governance aspects take centre stage.<br />
These aspects account for a significant proportion of the<br />
value, or goodwill, of a company from the longer term<br />
perspective and consequently, they also affect the stock<br />
market share price <strong>de</strong>velopment.<br />
Mar 12<br />
Accordingly, sustainability ratings<br />
may provi<strong>de</strong> a good gui<strong>de</strong> for choosing<br />
suitable shares. Based on a comprehensive<br />
analysis process, the<br />
complex concept of sustainability is<br />
summarised into a sustainability factor<br />
or rating, which investors can use<br />
to select their investment portfolio.<br />
But wait! A sustainability rating is not<br />
necessarily a guarantee of sustainability.<br />
It all <strong>de</strong>pends on the metho -<br />
dology used for the rating. The prin -<br />
ciple criticism of many of the sustainability<br />
analysis mo<strong>de</strong>ls available on
the market is the complete absence of any economic<br />
perspective. The majority of these mo<strong>de</strong>ls<br />
limit themselves to reflecting the ecological, social<br />
and governance criteria. Not only this, but in<br />
many cases the rigidity of the analysis has come<br />
un<strong>de</strong>r fire. Sustainable investment is a dynamic<br />
process, notwithstanding its long-term investment<br />
horizon. Over time, companies may un<strong>de</strong>rgo<br />
dynamic <strong>de</strong>velopment from the perspective of<br />
sustainability and, accordingly, the recommendations<br />
for sustainable investments must be constantly<br />
revised from a sustainability point of view.<br />
The integrated sustainability concept of DZ<br />
BANK Sustainable Investment Research goes<br />
Special: CSR<br />
Figure 2: Sustainability dimensions of DZ BANK Sustainable Investment Research<br />
Social<br />
Economy<br />
Company<br />
Ecology<br />
Source: DZ BANK Sustainable Investment Research<br />
Corporate<br />
Governance<br />
advertisement<br />
WIR INVESTIEREN IN DEUTSCHLAND.<br />
Private Equity-Gesellschaften investierten 2011<br />
knapp 6 Mrd. Euro in ca. 1.200 <strong>de</strong>utsche<br />
Unternehmen. Insgesamt wer<strong>de</strong>n hierzulan<strong>de</strong><br />
<strong>de</strong>rzeit rund 5.000 Unternehmen mit Beteiligungs-<br />
����������������������������������������������<br />
etwa eine Million Mitarbeiter beschäftigt.
Special: CSR<br />
Figure 3: Sharehol<strong>de</strong>r perspective<br />
Internal Stakehol<strong>de</strong>rs<br />
beyond the evaluation of the classic ESG (Environment,<br />
Social Governance) perspective. Sustainability is an investment<br />
issue. Economic success is the focus of every company<br />
and the aim of every investor is to achieve a return. It<br />
is therefore essential to incorporate the economic perspective<br />
in the sustainability analysis.<br />
The result is a four-dimensional analysis mo<strong>de</strong>l that is based<br />
on the interests of all the sharehol<strong>de</strong>r groups of a company<br />
and satisfies the dynamics of the investment process.<br />
The challenge to companies<br />
Customers<br />
Suppliers<br />
Competitors<br />
Capital Market<br />
State<br />
Public<br />
Environment<br />
Source: DZ BANK Sustainable Investment Research<br />
With the growing importance of supplementary and nonfinancial<br />
key performance indicators, the information<br />
nee<strong>de</strong>d by analysts and consequently, the challenge to<br />
companies to provi<strong>de</strong> this information, has significantly<br />
changed the parameters for corporate reporting. For some<br />
time now, merely reporting traditional and short-term financial<br />
statistics has fallen far short of what is nee<strong>de</strong>d. On the<br />
contrary, companies are now required to report on all four<br />
aspects of sustainability on an ongoing basis. Due to the<br />
escalating strategic importance of sustainability as an<br />
issue, information on today’s supplementary and nonfinancial<br />
key performance indicators is becoming increasingly<br />
essential for predicting tomorrow’s financial data.<br />
Page 76 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Management<br />
Sharehol<strong>de</strong>rs<br />
Employees<br />
The sustainability reporting of many companies has greatly<br />
improved in recent years. However, it remains far from i<strong>de</strong>al.<br />
Some companies are still reducing their reporting to a few<br />
aspects, or are still only paying lip service to sustainability<br />
by equating it with a purely advertising measure to portray<br />
themselves as environmentally responsible (“green washing”).<br />
This is <strong>de</strong>spite the fact that reporting is a vital instrument<br />
to promote dialogue between a company and its<br />
sharehol<strong>de</strong>rs and should be appropriately tailored to what<br />
is required.<br />
Sustainable investments: where to now?<br />
We are of the conviction that the market for sustainable<br />
investments will continue to grow worldwi<strong>de</strong> at the expense<br />
of conventional forms of investment and that such investments<br />
will achieve a higher share of the total managed<br />
investment volume. This not only relates to an increase in<br />
the number of existing products, but also to a qualitative<br />
improvement in the spectrum of products on offer. Inno -<br />
vative forms of investment, such as structured products<br />
based on single titles or baskets of shares, corporate<br />
bonds and completely new indices will extend the breadth<br />
and <strong>de</strong>pth of the available forms of sustainable investments.<br />
Although in the short to medium term, the group of institutional<br />
investors which inclu<strong>de</strong>s pension funds, churches<br />
and foundations will continue to account for the lion’s share<br />
of global <strong>de</strong>mand, we are assuming that a growing number<br />
of private investors will recognise sustainability as an issue<br />
affecting the investment process and will be tailoring their<br />
investment aims accordingly.<br />
Photo: PantherMedia / Nasir Khan
By your si<strong>de</strong> –<br />
worldwi<strong>de</strong>.<br />
There is more in capital markets than IPO!<br />
Robert Michels<br />
�������������������������<br />
Besi<strong>de</strong>s our extensive experience in international IPOs and listings, our<br />
��������������������������<br />
portfolio of advice comprises all other aspects in relation to capital markets.<br />
����������������������������������������������������������������<br />
�������������������<br />
Building Pollux<br />
����������������������������������������������������������������������<br />
������������������������<br />
���������������������������������������������������������������<br />
�������������������<br />
�������������������������������������������������������������������<br />
Gendarmenmarkt<br />
����������������������������������������������<br />
��������������<br />
We have particular expertise in the emerging markets of Europe and Asia.<br />
��������������<br />
�������������������������������������������������������������������<br />
�������������������������������������������<br />
�������������������������������������������������������������������������<br />
���������������������������������������������������������������������<br />
�����������������������������������������
Special: CSR<br />
Energy management<br />
A requirement for successful long-term corporate management<br />
Energy efficiency: a key factor for competitiveness<br />
For production companies operating in Central Europe, the<br />
energy efficiency levels attained so far have provi<strong>de</strong>d<br />
much-nee<strong>de</strong>d protection from the low personnel costs in<br />
the BRIC states. The more energy costs have risen, the<br />
more energy-efficient plants have helped to compensate<br />
for these lower personnel costs. This position is now at risk<br />
of being lost. As a result of strong economic growth in the<br />
BRIC states, a lot of capital has been invested in new (and<br />
therefore generally more efficient) plants. Consequently,<br />
market participants in these countries increasingly have<br />
more efficient plants at their disposal AND lower personnel<br />
costs. For companies operating in the Central European<br />
Area, the challenge therefore lies in raising their energy efficiency<br />
levels above the average as a way of retaining their<br />
competitive edge. Some companies believe they need to<br />
increase their efficiency levels by 5% to 6% a year in or<strong>de</strong>r<br />
to remain competitive in the long term. This is consi<strong>de</strong>rably<br />
more than stated in the European Energy Efficiency Directive,<br />
for example.<br />
How will companies be able to keep energy costs<br />
down in 10 to 20 years?<br />
The <strong>de</strong>mand for energy is rising the world over; in<strong>de</strong>ed, certain<br />
countries are phasing out nuclear power and supply<br />
structures are shifting dramatically. This has ma<strong>de</strong> price<br />
increases and supply bottlenecks a realistic scenario. Companies<br />
that are taking a strategic approach to issues, such as<br />
how to secure the long-term provision of cost-effective energy,<br />
have not only reduced their vulnerability. In the process,<br />
many have also come across new upcoming business areas.<br />
Carbon Disclosure Project creates energy transparency<br />
The Carbon Disclosure Project (CDP) was originally the<br />
brainchild of several international investors who wanted to<br />
gain easy access to information on carbon exposure from<br />
listed companies. As CO 2 emissions are generally closely<br />
linked to energy consumption, the CDP also emerged as a<br />
platform for obtaining information on companies’ energy<br />
performance.<br />
Page 78 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Andreas von Sal<strong>de</strong>rn is Executive<br />
Director of Climate Change and Sustainability<br />
Services. Prior to joining<br />
Ernst & Young he was foun<strong>de</strong>r and<br />
CEO of ESolutions and Managing<br />
Director at PricewaterhouseCoopers<br />
Environmental Consulting, as well as<br />
Managing Director at Arthur D. Little<br />
International Environmental Certification.<br />
Andreas von Sal<strong>de</strong>rn, Executive Director,<br />
Ernst & Young Climate Change and<br />
Sustainability Services, Germany<br />
Increasing call for certified energy management<br />
systems<br />
Companies in a number of countries must face the<br />
challenge of energy costs rising above the international<br />
average. In some cases, taxes and charges make up more<br />
than 40% of energy costs. It is therefore of vital importance<br />
that action is taken to optimise these charges.<br />
Germany, for example, is granting extensive tax relief, such<br />
as balancing tax payments or exemption from the renewable<br />
energy surcharge. These relief measures are becoming<br />
increasingly conditional on the existence of certified energy<br />
management systems, e.g. pursuant to ISO 50001, which<br />
must now be expan<strong>de</strong>d or adjusted.<br />
Holistic approach for i<strong>de</strong>ntifying potential<br />
Energy management systems should not merely concentrate<br />
on how to “manage” and minimise current energy<br />
consumption. More importantly, a holistic approach must<br />
be taken that not only goes beyond the formal requirements<br />
of the standards, but also incorporates strategic aspects,<br />
such as integration into product and process <strong>de</strong>velopment<br />
through to making optimum use of tax relief and subsidy<br />
opportunities. When planning any new investment, energysaving<br />
measures must be taken into particular consi<strong>de</strong>ra-
tion. It is much more cost-effective to<br />
implement such measures at this<br />
stage rather than later on.<br />
Long-term requirements for reducing<br />
energy consumption should also be<br />
integrated into the planning process.<br />
The EU, for example, is calling for<br />
some areas to reduce their entire<br />
energy consumption by 20% – in<br />
absolute terms! For companies with<br />
relatively normal economic growth<br />
levels, this would mean a reduction of<br />
between 50% and 70% per product.<br />
Generally speaking, such a reduction<br />
can no longer be achieved by making<br />
continuous improvements. This instead<br />
requires a re-<strong>de</strong>sign or re-think<br />
of products and processes; this, in<br />
itself, can create new market opportunities.<br />
Supply chain offering potential<br />
In several industries, upstream production<br />
stages are the ones that<br />
account for the majority of energy<br />
consumption. Self-optimisation does<br />
not help in this case. Consi<strong>de</strong>ring the<br />
energy efficiency of suppliers can<br />
help to tap into consi<strong>de</strong>rable cost<br />
potential. The less energy consumed<br />
by the supplier, the more these cost<br />
savings can be passed on. Approaches<br />
can range from simple<br />
training to joint power plants and the<br />
acquisition of suppliers. This can<br />
also help to increase supply reliability.<br />
Return on investment for<br />
energy savings<br />
While energy companies are used to<br />
thinking in terms of amortisation pe-<br />
riods that span <strong>de</strong>ca<strong>de</strong>s, targets for<br />
returns on investment in production<br />
companies are generally far shorter.<br />
However, one of the features of infrastructure<br />
measures is that they often<br />
only begin to pay off in the long term.<br />
If a company only invests in shortterm<br />
measures, the locations will become<br />
unattractive in the long term<br />
and lose their international competitiveness.<br />
One way of solving this dilemma is to<br />
spin off the energy-supplying tasks<br />
into site utility services companies,<br />
which could then concentrate on<br />
safeguarding the attractiveness of<br />
these locations in the long term.<br />
Another possibility is not to base<br />
investment <strong>de</strong>cisions concerning<br />
energy savings on the current energy<br />
price, but rather on a higher price<br />
based on strategic expectations.<br />
The same applies for CO 2 savings in<br />
emissions trading systems.<br />
Conclusion<br />
Energy costs represent a significant<br />
cost block, which is increasingly<br />
<strong>de</strong>termining the competiveness of<br />
enterprises. Only by taking a holistic<br />
approach can the potential in this<br />
area be realised to its fullest extent.<br />
Photo: PantherMedia / Thomas Vogt<br />
Special: CSR<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 79
Industries & Sectors<br />
Clean energy and nuclear power exit<br />
A sustained investment story for the capital market?<br />
It is now nearly 20 months since the Fukushima catastrophe.<br />
The MCA (maximum credible acci<strong>de</strong>nt) in Japan<br />
triggered a global and emotional <strong>de</strong>bate on the future of<br />
nuclear power. In view of new trouble spots and a worsening<br />
situation in the sovereign <strong>de</strong>bt crisis, however, public<br />
interest has since rapidly diminished. Regardless of this<br />
fact, Germany is sticking by its <strong>de</strong>cision to exit nuclear<br />
power and to achieve its target of an 80% reduction in its<br />
CO 2 emissions by 2050 in comparison with the basis year<br />
of 1990 – while the whole world looks on in surprise. Germany’s<br />
Fe<strong>de</strong>ral Environment Minister, Mr Altmaier, has even<br />
presented a ten-point programme to cover the remain<strong>de</strong>r of<br />
the government’s term and is leaving no room for doubt:<br />
The turnaround in Germany’s energy policy is irreversible.<br />
By continuing on its course in this manner, Germany is taking<br />
a great risk. For many market participants, Germany’s<br />
exit from nuclear power appears to be a dangerous game<br />
that may well jeopardise the country’s ability to compete as<br />
an industrial location. Germany has taken the opposite tack<br />
to that of the proponents, and if it succeeds it will have established<br />
and occupied a further industrial sector of worldclass<br />
calibre. At the moment, the proponents and opponents<br />
only agree on one thing: namely, that electricity prices<br />
will rise further. But this line of thought is too short-term.<br />
First of all, it is clear that rapid global population growth will<br />
lead to a further rise in <strong>de</strong>mand for primary goods such as<br />
water, food and energy. Secondly, the bur<strong>de</strong>n on the environment<br />
which goes hand in hand with that growth may<br />
reach a scale that suffocates any reasonable progress from<br />
the outset. Without any countermeasures, the collapse of<br />
the climate system would be the final act along this <strong>de</strong>velopment<br />
path.<br />
Field of tension<br />
This field of tension between population growth and climate<br />
change provi<strong>de</strong>s both risks and opportunities for German<br />
businesses. The key to tackling these challenges is “efficiency”.<br />
It is rising primary goods prices and stricter environmental<br />
standards, in particular, that will provi<strong>de</strong> stimuli<br />
and set the tone for driving efficiency gains towards the<br />
centre of business activities over the coming <strong>de</strong>ca<strong>de</strong>s. The<br />
growth opportunities in the energy and environmental tech-<br />
Page 80 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Heike Härtl,<br />
Lan<strong>de</strong>sbank Ba<strong>de</strong>n-Württemberg<br />
nology sectors are therefore huge, but they require high<br />
capital spending. The capital supply of (growth) companies<br />
via the stock market, in particular, assumes a greater level<br />
of importance than ever before against the backdrop of the<br />
sovereign <strong>de</strong>bt and banking crisis. However, issuers and<br />
the issuing banks assisting investors with major challenges<br />
at present are being confronted with high volatilities on the<br />
stock market and general investor restraint.<br />
The company profile and investor preferences still constitute<br />
the key obstacles to a successful issue. With regard to<br />
the company profile, the proof of concept – i.e. a convincing<br />
and viable investment case, a fair company valuation<br />
and a balanced and a<strong>de</strong>quate capital concept – remains<br />
indispensable. For medium-sized companies, a capital<br />
increase in the sense of targeted growth finance assumes<br />
particular importance, whereas for capital market transactions<br />
of large businesses – often also in the shape of spinoffs<br />
– a secondary public offering of a high percentage of<br />
shares held by the parent company or private equity<br />
investor would certainly be customary for the capital market.<br />
How to whet investors’ appetite?<br />
Dr. Stefan Steib,<br />
Lan<strong>de</strong>sbank Ba<strong>de</strong>n-Württemberg<br />
The company profile contrasts with investor preferences,<br />
and in volatile markets these two factors are increasingly<br />
<strong>de</strong>coupled from one another. Particularly in volatile capital<br />
market phases with an uncertain outlook, investors give
preference to capital increases over IPOs, as listed companies<br />
already have a viable capital market standing and their<br />
risk/reward profile appears more transparent. Narrow<br />
investment restrictions un<strong>de</strong>rtaken by investors – a EUR<br />
100 million minimum liquidity on the part of the issuer;<br />
membership of a share in<strong>de</strong>x – increase the preference for<br />
large-volume transactions by established companies. In<br />
operational reality, however, even medium-sized companies<br />
are able to attract investor interest <strong>de</strong>spite tight<br />
investor restrictions. Medium-sized capital increases, in<br />
particular, attracted high subscription levels, including<br />
additional subscriptions, even in a volatile setting. Certainly,<br />
in the case of some capital increases, the ad-hoc communication<br />
of guarantees received from the main sharehol<strong>de</strong>rs<br />
helped to gain the trust of investors and had a signal effect.<br />
However, the evi<strong>de</strong>nt willingness of these issuers to permit<br />
the usual market mechanisms to operate and the grudging<br />
offer of a situational, substantial price discount on the fair<br />
value as an incentive to buy, have been and remain of<br />
crucial importance.<br />
Conclusion<br />
For market participants, “clean energy” is a sustainable investment<br />
topic that is going to be around in all its facets for<br />
Photo: PantherMedia / Heike Schulz<br />
Industries & Sectors<br />
<strong>de</strong>ca<strong>de</strong>s to come. In or<strong>de</strong>r to tackle the change successfully<br />
and to make the most of the opportunities coming to light,<br />
the necessary capital will have to be ma<strong>de</strong> available. The<br />
<strong>de</strong>bt and banking crisis constricts governments’ and the<br />
banking industry’s scope of action consi<strong>de</strong>rably. As the<br />
most profitable solution, the stock market provi<strong>de</strong>s practicable<br />
solutions. At the moment, the capital market’s willingness<br />
to accept a company <strong>de</strong>pends not only on the company<br />
profile and investor preferences, but increasingly also on<br />
the willingness of existing sharehol<strong>de</strong>rs and the company<br />
owner to accept a substantial discount on the price, which<br />
is ren<strong>de</strong>red necessary as a buying incentive due to the<br />
present situation.<br />
advertisement
Industries & Sectors<br />
The solar power industry is here to stay!<br />
Investment trends overview<br />
The continuous rise in fossil fuel prices has led to an<br />
increase in the cost of electricity generation. This, along<br />
with the exhaustible nature of these fuels, makes them less<br />
reliable sources in the long term. Consequently, to maintain<br />
sustainability, we need to shift our focus to renewable<br />
sources. There thus exist significant investment opportunities<br />
in the renewable power industry.<br />
According to a Bloomberg New Energy Finance (BNEF)<br />
report on renewable energy investments, between 2004–<br />
11, new investments in the renewable power industry registered<br />
a CAGR of 31%, to USD 257.5 billion. Among various<br />
renewable energy sources – hydro, wind, solar and<br />
bio fuel – investors are steadily increasing their share in<br />
solar power. Between 2006–11, the share of the solar<br />
power in total new investments in renewable energy<br />
increased from 20% (2009: 36%) to 57%. Between 2004–<br />
11, new investments in solar power registered a CAGR of<br />
40%, to USD 147.4 billion. Currently, the new investment<br />
committed to solar power is higher than the investments in<br />
wind power, which attracted the bulk of new investments<br />
until 2010.<br />
The mammoth increase in new investments to <strong>de</strong>sign and<br />
<strong>de</strong>velop solar power plants is primarily due to a 76%<br />
<strong>de</strong>cline in the per unit cost of photovoltaic (PV) modules<br />
over the past three years and the introduction of favourable<br />
regulations across many power <strong>de</strong>ficit economies—particularly<br />
China and India.<br />
Figure 1: Global new investment in renewable energy<br />
USD billion<br />
300<br />
200<br />
100<br />
0<br />
77.0<br />
44.4<br />
16.4 19.5<br />
95.1<br />
37.7<br />
109.2 102.9<br />
57.4 58.0<br />
Page 82 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
122.9<br />
96.9<br />
110.1<br />
147.4<br />
2005 2006 2007 2008 2009 2010 2011<br />
Others Solar<br />
Nakul Kanchan, Financial Research<br />
Practice, The Smart Cube<br />
Smart money is already eyeing solar power plants<br />
According to Dan Reicher, Executive Director of Stanford<br />
University’s Centre for Energy Policy and Finance, solar<br />
energy projects have been reaping significant returns – an<br />
average post-tax return of 10% to 15%. This is the highest<br />
return generated by any renewable energy source. The<br />
most important feature of a solar power project is that once<br />
an initial investment has been ma<strong>de</strong> to set up the plant,<br />
there are very low operational costs, minimal operational<br />
risks and consistent cash flows, through long-term contracts<br />
with utility companies – an investor’s paradise.<br />
100%<br />
50%<br />
0%<br />
-50%<br />
% increase in total investment % increase in solar investment<br />
Source: UNEP, BNEF and TSC analysis<br />
In light of these benefits, serious investors are now<br />
looking towards solar energy investments, including<br />
private investors and firms such as Warren Buffet<br />
and Kohlberg Kravis Roberts (KKR). Walmart, one of<br />
the largest buyers of renewable electricity in the US,<br />
is also contemplating entering the industry as an investor.<br />
Although many more institutional investors are likely<br />
to invest their money in the solar power industry in<br />
the near future, the industry needs to <strong>de</strong>al with its<br />
share of challenges – primarily price competitiveness.<br />
The cost of solar power production is approx.<br />
USD 0.2/kWh, compared with approx. USD
0.08/kWh for wind power and approx. USD 0.03/kWh for<br />
hydro power. In addition, the industry needs to focus on<br />
increasing the longevity of the technology. Currently, the life<br />
of a solar power plant using current technologies is only<br />
approx. 20 years, compared with 30–35 years for a hydro<br />
electric power plant and approx. 30 years for a wind power<br />
plant. The scalability and longevity will govern the future<br />
cost of capital and the corresponding investment returns.<br />
Volatile economic environment …<br />
According to the BNEF report, total new investments in<br />
renewable energy sources in 1Q12 <strong>de</strong>clined 22% YOY<br />
and 28% QOQ, to USD 26.7 billion (excluding spending<br />
on small-scale projects and corporate and government<br />
research and <strong>de</strong>velopment). These are the lowest quarterly<br />
new investments in the renewable energy industry since<br />
1Q09.<br />
The ongoing sovereign <strong>de</strong>bt crisis in Europe has forced<br />
Spain to abandon subsidies to all new renewable energy<br />
projects, while Germany and the UK have limited the<br />
support to solar power projects. In the US, expiring tax<br />
credits cast a shadow over new private investments in the<br />
industry. Additionally, as the economic environment in the<br />
US and European countries is not expected to become<br />
stable any time soon, the tighter regulations are here to<br />
stay. Furthermore, during 2011, while many companies<br />
were forced to file for bankruptcy – owing to low-cost Chinese<br />
products and overcapacity – many others faced<br />
sinking share prices.<br />
Conclusion & outlook<br />
Industries & Sectors<br />
However, these hindrances should best be consi<strong>de</strong>red as<br />
an aberration in the growth of the industry. The reduction in<br />
PV module prices should be celebrated, as it will drive<br />
down the per unit cost of solar power generation even<br />
further. Similarly, the removal of subsidies should be viewed<br />
in a positive light, as this will make the industry self-<strong>de</strong>pen<strong>de</strong>nt.<br />
Furthermore, any expected pause in the growth of the<br />
European solar power industry is likely to be offset by<br />
significant expansion across Asia, particularly in China and<br />
India. In the end, the only imperative thing is that the solar<br />
power industry is here to stay and grow rapidly, at least in<br />
the short to medium term.<br />
To obtain the in-<strong>de</strong>pth version of this article and other<br />
research reports, please visit The Smart Cube exhibit or<br />
email info@thesmartcube.com.<br />
advertisement
Seit 1798 machen wir, was wir<br />
am besten können: maßgeschnei<strong>de</strong>rte<br />
Finanzierungskonzepte.<br />
HIK<br />
Hamburger Investment Konferenz<br />
DONNER & REUSCHEL Aktiengesellschaft –<br />
Die Privatbank <strong>de</strong>r SIGNAL IDUNA Gruppe<br />
������������<br />
�������������������<br />
Die �������������������� Zinsen sind niedrig wie nie.<br />
������������������������<br />
Ihre Ansprechpartner:<br />
����������������������������������������������<br />
����������������������������������������
Co-Initiator<br />
Main Sponsors<br />
Sponsors<br />
Partners<br />
Media Partners<br />
Network Partners<br />
���������������������������<br />
������������������������������<br />
Event-Initiator & Co-Initiator Page<br />
Deutsche Börse AG 86<br />
KfW 86<br />
Ernst & Young GmbH 87<br />
Main Sponsors Page<br />
Berenberg Bank 88<br />
Close Brothers Seydler Bank AG 88<br />
DZ BANK AG 88<br />
Edison Investment Research 89<br />
equinet Bank AG 90<br />
FCF Fox Corporate Finance GmbH 90<br />
LBBW Lan<strong>de</strong>sbank<br />
Ba<strong>de</strong>n-Württemberg 90<br />
RENELL Wertpapierhan<strong>de</strong>lsbank AG 91<br />
Sponsors Page<br />
Baa<strong>de</strong>r Bank AG 92<br />
BDO AG 92<br />
biw Bank für Investments und<br />
Wertpapiere AG 92<br />
BLÄTTCHEN FINANCIAL<br />
ADVISORY GmbH 94<br />
CMS Hasche Sigle 94<br />
GBC AG 94<br />
GSK STOCKMANN + KOLLEGEN 95<br />
STEP AWARD<br />
Spirit to expand<br />
Scope<br />
Ratings<br />
heureka Profitable<br />
Communication GmbH 96<br />
IKB Deutsche Industriebank AG 96<br />
Morgan Stanley 96<br />
RölfsPartner 97<br />
Scope Ratings GmbH 98<br />
Standard & Poor’s Credit<br />
Market Services Europe Ltd. 98<br />
Taylor Wessing<br />
Partnerschaftsgesellschaft 98<br />
The Smart Cube 99<br />
youmex Invest AG 99<br />
Partners Page<br />
Bun<strong>de</strong>sverband Deutscher Kapitalbeteiligungsgesellschaften<br />
e.V. 100<br />
Ba<strong>de</strong>n Württemberg:<br />
Connected / bwcon 100<br />
Creathor Venture<br />
Management GmbH 100<br />
DVFA GmbH 101<br />
EQS Group 102<br />
EVCA European Private Equity and<br />
Venture Capital Association 102<br />
Haubrok Investor Relations<br />
GmbH + Co. KG 102<br />
Holland Private Equity 103<br />
PvF Investor Relations 104<br />
STEP Award 104<br />
viaprinto eine Marke <strong>de</strong>r<br />
CEWE Color AG & Co. OHG 104<br />
Media Partners Page<br />
BOND MAGAZINE 106<br />
Börsen Radio Network AG 106<br />
Börsen-Zeitung 106<br />
business new europe 107<br />
DAF <strong>Deutsches</strong> Anleger<br />
Fernsehen AG 108<br />
dpa-AFX Wirtschaftsnachrichten<br />
GmbH 108<br />
FINANCE – FINANCIAL<br />
GATES GmbH 108<br />
FinanzNachrichten.<strong>de</strong> 109<br />
<strong>GoingPublic</strong> Magazin –<br />
<strong>GoingPublic</strong> Media AG 110<br />
International Herald Tribune 110<br />
Markt und Mittelstand –<br />
FINANCIAL GATES GmbH 110<br />
mergermarket 111<br />
n-tv Nachrichtenfernsehen GmbH 112<br />
Phoenix Chinese News &<br />
D EUTSCHES AKTIENINSTITUT<br />
Entertainment Channel 112<br />
pressetext Nachrichtenagentur GmbH 112<br />
Property Investor Europe 113<br />
The Wall Street Journal Germany 114<br />
Unternehmer Medien GmbH 114<br />
VDI Verlag GmbH 114<br />
VentureCapital Magazin –<br />
<strong>GoingPublic</strong> Media AG 115<br />
Network Partners Page<br />
Alphazirkel 116<br />
Bun<strong>de</strong>sverband <strong>de</strong>r<br />
Deutschen Industrie 116<br />
BVI Bun<strong>de</strong>sverband Investment<br />
und Asset Management e.V. 116<br />
BVMW – Bun<strong>de</strong>sverband mittelständische<br />
Wirtschaft, Unternehmerverband<br />
Deutschlands e.V. 117<br />
Deutscher Investor Relations<br />
Verband e.V. 118<br />
<strong>Deutsches</strong> Aktieninstitut e.V. 118<br />
European Sustainable<br />
Investment Forum 118<br />
Frankfurt International Consulting 119<br />
High-Tech Grün<strong>de</strong>rfonds 120<br />
Zero2IPO Group 120
Deutsche Börse AG<br />
Phone +49-(0) 69-211 1 88 88<br />
E-mail issuerservices@<strong>de</strong>utsche-boerse.com<br />
Website www.xetra.com/listing<br />
Address Mergenthalerallee 61<br />
65760 Eschborn<br />
Germany<br />
KfW<br />
Contact Person Infocenter <strong>de</strong>r KfW<br />
Phone +49-(0) 18 01 24-11 24<br />
E-mail infocenter@kfw.<strong>de</strong><br />
Website www.kfw.<strong>de</strong><br />
Address Palmengartenstr. 5-9<br />
60325 Frankfurt<br />
Germany<br />
Page 86 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Event-Initiator<br />
Deutsche Börse Group is one of the largest exchange organisations<br />
worldwi<strong>de</strong>. It organises markets characterised by<br />
integrity, transparency and safety for investors who invest<br />
capital and for companies that raise capital – markets on<br />
which professional tra<strong>de</strong>rs buy and sell equities, <strong>de</strong>rivatives<br />
and other financial instruments according to clear rules and<br />
un<strong>de</strong>r strict supervision. Xetra ® , Europe’s most efficient<br />
cash market segment of Deutsche Börse, provi<strong>de</strong>s listing,<br />
trading and clearing services for issuers, intermediaries and<br />
investors in the cash market. Xetra affords equity and <strong>de</strong>bt<br />
financing opportunities to capital-seeking entrepreneurs<br />
and offers market segments with clear transparency levels,<br />
in or<strong>de</strong>r to meet the different capital needs of companies<br />
and their investors.<br />
As a promotional bank, KfW applies expertise and<br />
strength to sustainably improve the economic, social and<br />
ecological conditions of people’s lives. Established in<br />
1948, KfW is 80% owned by the Fe<strong>de</strong>ral Republic of Germany<br />
and 20% by the Fe<strong>de</strong>ral States (the “Län<strong>de</strong>r”). With<br />
a balance sheet total of approximately EUR 500 billion,<br />
KfW is one of Germany’s fifth largest banks. As a bank<br />
with no branch network or customer <strong>de</strong>posits, it refinances<br />
its lending business almost exclusively in the international<br />
capital markets. Its function is to contribute to the<br />
continual growth of the economy and society. As a promotional<br />
bank, KfW is <strong>de</strong>voted to its guiding principle of<br />
sustainability, integrating aspects of importance to the<br />
economy, the environment and social cohesion.
Co-Initiator<br />
The global Ernst & Young organisation is a market lea<strong>de</strong>r in<br />
assurance, tax, transaction and advisory services. All over<br />
the world, approximately 152,000 people are united by our<br />
shared values and an unwavering commitment to quality.<br />
We are the world’s leading provi<strong>de</strong>r of IPO advisory services,<br />
with more than 30 years of experience in advising companies<br />
aspiring to go public across the globe. Our integrated<br />
offerings before, during and after IPOs <strong>de</strong>liver end-to-end<br />
support to our clients. Through our IPO lea<strong>de</strong>rs, we provi<strong>de</strong><br />
advice and assistance for share and bond issues tailored to<br />
your corporate strategy, all over the world and in the capital<br />
market of your choice. Timely and effective internal preparation<br />
– IPO readiness – is key to the success of any IPO. To<br />
find out how we can support you, please contact<br />
martin.steinbach@<strong>de</strong>.ey.com<br />
Scope<br />
Ratings<br />
Corporations<br />
Kontakt:<br />
Stephan Geiger,<br />
Rüdiger Kimpel<br />
030 27 89 10<br />
www.scope-group.com<br />
Ernst & Young GmbH<br />
Contact Person Dr. Martin Steinbach<br />
Phone +49-(0) 61 96-99 61 15-74<br />
E-mail martin.steinbach@<strong>de</strong>.ey.com<br />
Website www.ey.com/DE/<strong>de</strong>/Services/Assurance/<br />
Financial-Accounting-Advisory-Services/<br />
IPO-und-Listing-Services<br />
Address Mergenthaler Allee 3-5<br />
65760 Eschborn<br />
Germany<br />
Scope Ratings:<br />
Europäische Expertise für<br />
<strong>de</strong>n <strong>de</strong>utschen Mittelstand<br />
Corporate<br />
Bonds<br />
Advertisement<br />
Asset<br />
Based<br />
Bonds
BERENBERG BANK<br />
Contact Person Anna Phillips<br />
Phone +49-(0) 69-91 30 90-7 45<br />
E-mail Anna.Phillips@Berenberg.com<br />
Website www.berenberg.<strong>de</strong><br />
Address Bockenheimer Anlage 3<br />
60322 Frankfurt<br />
Germany<br />
Close Brothers Seydler Bank AG<br />
Contact Person Uta Kluger-Ellins<br />
Phone +49-(0) 69-9 20 54-6 02<br />
E-mail uta.kluger-ellins@cbseydler.com<br />
Website www.cbseydler.com<br />
Address Schillerstr. 27-29<br />
60313 Frankfurt<br />
Germany<br />
DZ BANK AG<br />
Contact Person Kersten Schmitz<br />
Phone +49-(0) 69-74 47-9 20 99<br />
E-mail kersten.schmitz@dzbank.<strong>de</strong><br />
Website www.dzbank.<strong>de</strong><br />
Address Platz <strong>de</strong>r Republik<br />
60265 Frankfurt<br />
Germany<br />
Page 88 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Main Sponsors<br />
Berenberg Bank was foun<strong>de</strong>d in 1590. With assets un<strong>de</strong>r<br />
management of over EUR 26 billion and more than 1,100<br />
employees, we are one of the leading private banks in Germany.<br />
Due to our partnership structure, we are in<strong>de</strong>pen<strong>de</strong>nt of<br />
corporate interests and feel first and foremost committed to<br />
our clients, such that we are able to make swift <strong>de</strong>cisions<br />
and act fast. Moreover, we have direct access to inter national<br />
fund managers. This gives us excellent opportunities<br />
for the execution and placement of capital increases and<br />
ensures that we prove ourselves as a competent partner.<br />
We support our clients’ investment <strong>de</strong>cisions by bringing<br />
them into direct contact with the management boards of<br />
listed companies.<br />
Close Brothers Seydler Bank AG focuses on medium-sized<br />
companies. Its core business areas are Designated Sponsoring,<br />
Corporate Finance, Equity & Fixed Income, Sales &<br />
Trading, Research and Floor Specialist Trading on the<br />
Frankfurt Stock Exchange. It is the market lea<strong>de</strong>r in Designated<br />
Sponsoring with more than 200 mandates. The Equity<br />
& Debt Capital Markets team assists in planning, structuring<br />
and placing transactions. Institutional investors are<br />
serviced by the Equity & Fixed Income Trading team, offering<br />
access to leading institutional investors in the key<br />
European markets. Close Brothers Seydler Research AG<br />
provi<strong>de</strong>s expert analysis on medium-sized German com -<br />
panies, as well as offers corporate clients professional<br />
management of their securities and associated services.<br />
DZ BANK forms part of the German cooperative financial<br />
services network, which comprises more than 1,100 local<br />
cooperative banks. Within the cooperative financial services<br />
network, DZ BANK AG functions both as a central institution<br />
for over 900 cooperative banks and their 12,000 branch<br />
offices and as a corporate bank. DZ BANK offers a full<br />
range of equity capital market products and services. The<br />
product portfolio inclu<strong>de</strong>s e.g. initial public offerings, capital<br />
increases, convertible bonds, participation certificates,<br />
equity research and corporate actions. These corporate actions<br />
inclu<strong>de</strong> <strong>de</strong>signated sponsoring, employee participation<br />
programmes, share buyback programmes, public<br />
takeover, going private, <strong>de</strong>listing, squeeze-outs, block<br />
tra<strong>de</strong>s, paying and <strong>de</strong>positary services, as well as conversion<br />
into registered shares.
Main Sponsors<br />
Edison Investment Research is a leading international<br />
investment research company with global distribution. It<br />
has won industry recognition, with awards both in Europe<br />
and internationally. The team of 90 inclu<strong>de</strong>s over 55 analysts<br />
supported by a <strong>de</strong>partment of supervisory analysts,<br />
editors and assistants. Edison writes on more than 350<br />
companies across every sector and works directly with corporates,<br />
fund managers, investment banks, brokers and<br />
other advisors. Edison’s research is read by institutional<br />
investors, alternative funds and wealth managers in more<br />
than 100 countries. Edison, foun<strong>de</strong>d in 2003, has offices in<br />
London, New York, Frankfurt and Sydney. It is authorised<br />
and regulated by the Financial Services Authority.<br />
Unsere Leistungen: Unternehmensanalyse<br />
Kapitalmarktberatung<br />
Kapitalmarktkonferenzen<br />
„Wir sind auch Unternehmer und<br />
verstehen worum es Ihnen geht.“<br />
Edison Investment Research<br />
Contact Person Julian Roberts<br />
Phone +44-(0) 20 30 77-57 48<br />
E-mail Jroberts@edisoninvestmentresearch.co.uk<br />
Website www.edisoninvestmentresearch.co.uk<br />
Address Lincoln House<br />
296-302 High Holborn<br />
London WC1V 7<br />
Great Britain<br />
Kontakt:<br />
GBC AG .Tel.: +49 821 241133-0<br />
office@gbc-ag.<strong>de</strong> . www.gbc-ag.<strong>de</strong><br />
Advertisement<br />
Die GBC AG mit Sitz in Augsburg<br />
ist eines <strong>de</strong>r führen<strong>de</strong>n bankenun<br />
abhängigen Investmenthäuser<br />
in Deutschland und erfahrener<br />
Emissionsexperte für <strong>de</strong>n <strong>de</strong>utschen<br />
M itte lstand.<br />
Die GBC AG kennt als eigentümergeführtes<br />
Unternehmen die<br />
Bedürfnisse <strong>de</strong>s <strong>de</strong>utschen Mittelstan<strong>de</strong>s<br />
im Finanzierungsbereich<br />
und ist unabhängiger und verläss -<br />
licher Partner bei allen Fragen <strong>de</strong>s<br />
Kapitalmarktes.<br />
In <strong>de</strong>r GBC Gruppe bietet die GBC AG<br />
Unternehmensanalysen & Research,<br />
Kapitalmarkt & Finanzierungsberatungen<br />
sowie Kapitalmarktkonferenzen.<br />
Die GBC Kapital GmbH ergänzt die<br />
Leistungen in <strong>de</strong>r Gruppe um das<br />
Corporate Finance in <strong>de</strong>n Bereichen<br />
Platzierung & Vermittlung von<br />
Anleihen/IBO und Platzierung &<br />
Vermittlung von Aktien/IPO.
equinet Bank AG<br />
Contact Person Gerald Diezel<br />
Phone +49-(0) 69-5 89 97-0<br />
E-mail gerald.diezel@equinet-ag.<strong>de</strong><br />
Website www.equinet-ag.<strong>de</strong><br />
Address Gräfstr. 97<br />
60313 Frankfurt<br />
Germany<br />
FCF Fox Corporate Finance GmbH<br />
Contact Person Claudia Erning<br />
Phone +49-(0) 89-2 06 04 09-1 23<br />
E-mail claudia.erning@fcf.<strong>de</strong><br />
Website www.fcf.<strong>de</strong><br />
Address Maximilianstr. 12-14<br />
80539 Munich<br />
Germany<br />
LBBW Lan<strong>de</strong>sbank Ba<strong>de</strong>n-Württemberg<br />
Contact Person Jobst Bartmer<br />
Phone +49-(0) 7 11-12 72 50 21<br />
E-mail jobst.bartmer@lbbw.<strong>de</strong><br />
Website www.lbbw.<strong>de</strong><br />
Address Am Hauptbahnhof 2<br />
70173 Stuttgart<br />
Germany<br />
Page 90 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Main Sponsors<br />
equinet Bank offers its customers tailor-ma<strong>de</strong> solutions for<br />
all financing and capital market issues. As the “entrepreneurs<br />
among bankers”, we are a partner of credibility and<br />
integrity with an especially keen un<strong>de</strong>rstanding of mediumsized<br />
companies. Our corporate and entrepreneurial customers<br />
value our comprehensive experience in structuring<br />
and implementing IPOs, placing shares and bonds, as well<br />
as in M&A transactions. Financial investors and banks,<br />
meanwhile, value our advanced trading and sales services,<br />
as well as our top-quality research products – we cover<br />
more than 120 listed companies. We act as <strong>de</strong>signated<br />
sponsor for approx. 80 companies and are regularly awar<strong>de</strong>d<br />
the top AA rating by Deutsche Börse. equinet Bank is the<br />
exclusive partner to the European Securities Network (ESN)<br />
in Germany.<br />
FCF is a financing specialist, advising private and publicly<br />
listed small- and mid-cap companies with regard to structuring<br />
and placing <strong>de</strong>bt and equity financing transactions.<br />
FCF places these financing transactions with blue chip<br />
institutional and high-net-worth / family office investors,<br />
typi cally in growth, acquisition and/or balance sheet financing<br />
/ refinancing situations.<br />
FCF’s services help its clients to implement an effective<br />
capital structure oriented towards capital markets, whilst<br />
reducing their <strong>de</strong>pen<strong>de</strong>ncy on traditional bank financing.<br />
Lan<strong>de</strong>sbank Ba<strong>de</strong>n-Württemberg (LBBW) is a universal<br />
bank with regional roots. In around 210 branches and<br />
representative offices and at selected overseas locations –<br />
including New York, London, Singapore and Seoul – 12,231<br />
employees were working towards the success of the LBBW<br />
Group at the end of 2011. Together with the legally-<strong>de</strong>pen<strong>de</strong>nt<br />
institutions of Ba<strong>de</strong>n-Württembergische Bank, Rheinland-Pfalz<br />
Bank and Sachsen Bank, LBBW is active in a<br />
variety of banking activities. LBBW assists companies in<br />
equity financing and provi<strong>de</strong>s support in IPOs, capital<br />
increases, convertible bonds and public takeover bids, as<br />
well as secondary and private placements. Since 1996, it<br />
has taken part in more than 200 equity issues, of which<br />
more than 100 were initial stock market listings.
Main Sponsors<br />
RENELL Wertpapierhan<strong>de</strong>lsbank AG is a family-owned<br />
company that has been member at the Frankfurt Stock<br />
Exchange for more than 25 years. In addition to lead<br />
broking and Xetra specialist trading services such as<br />
Designated Sponsoring, we also offer brokerage services<br />
and proprietary trading. With several thousand transactions<br />
each day, Renellbank is one of the leading firms in the<br />
sector, providing services to well-known clients such<br />
as Deutsche Börse AG, Commerzbank AG (DAX) and<br />
SolarWorld AG (TecDAX).<br />
Furthermore, Renellbank provi<strong>de</strong>s capital market consulting<br />
services to both German and foreign companies.<br />
Je<strong>de</strong>r hat ha hat<br />
sein<br />
SSystem.<br />
yst<br />
em.<br />
Zur Z ur VVer<br />
Verwaltung erwaltung<br />
waltung vvon<br />
on<br />
Kun<strong>de</strong>nbeziehungen<br />
K un<strong>de</strong>nbeziehungen<br />
haben wir das Bessere.<br />
Ganz ehrlich.<br />
RENELL Wertpapierhan<strong>de</strong>lsbank AG<br />
Contact Person Dipl. Wi.-Ing. Marc Renell<br />
Phone +49-(0) 69-1 33 87 65-0<br />
E-mail mr@renellbank.com<br />
Website www.renellbank.com<br />
Address Schillerstr. 2<br />
60313 Frankfurt<br />
Germany<br />
Advertisement<br />
Mobiles CRM<br />
Mit unseren mobilen CRM-<br />
Lösungen haben Sie alle<br />
wichtigen Informationen<br />
immer gri�bereit. Ganz<br />
gleich ob mit Tablets,<br />
Laptops, Mobiltelefonen<br />
o<strong>de</strong>r Smartphones.<br />
Gewinnen Sie Zeit für das Wesentliche<br />
mit <strong>de</strong>m neuen update CRMpad für das<br />
Apple iPad.
Baa<strong>de</strong>r Bank AG<br />
Contact Person Horst Bertram<br />
Phone +49-(0) 89-51 50-18 82<br />
E-mail horst.bertram@baa<strong>de</strong>rbank.<strong>de</strong><br />
Website www.baa<strong>de</strong>rbank.<strong>de</strong><br />
Address Weihenstephaner Str. 4<br />
85716 Unterschleißheim<br />
Germany<br />
BDO AG<br />
Contact Person Dr. Gebhard Zemke<br />
Phone +49-(0) 40-3 02 93-5 25<br />
E-mail gebhard.zemke@bdo.<strong>de</strong><br />
Website www.bdo.<strong>de</strong><br />
Address Ferdinandstr. 59<br />
20095 Hamburg<br />
Germany<br />
biw Bank für Investments und Wertpapiere AG<br />
Contact Person Farahnaz Holz<br />
Phone +49-(0) 21 56-49 20-2 21<br />
E-mail Farahnaz.Holz@biw-bank.<strong>de</strong><br />
Website www.biw-bank.<strong>de</strong><br />
Address Hausbroicher Str. 222<br />
47877 Willich<br />
Germany<br />
Page 92 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Sponsors<br />
Baa<strong>de</strong>r Bank AG is a leading German investment bank and<br />
market lea<strong>de</strong>r in financial instrument trading. The in<strong>de</strong>pen<strong>de</strong>nt,<br />
owner-managed bank employs 430 members of<br />
staff. The bank holds a full banking licence and is a member<br />
of the Association of German Banks’ Deposit Protection<br />
Fund (“Einlagensicherungsfonds <strong>de</strong>s Bun<strong>de</strong>sverban<strong>de</strong>s<br />
<strong>de</strong>utscher Banken”). Baa<strong>de</strong>r Bank offers institutional<br />
investors a first-rate trading, research and distribution<br />
platform, which covers equities, bonds and <strong>de</strong>rivatives. The<br />
bank <strong>de</strong>velops in<strong>de</strong>pen<strong>de</strong>nt solutions, spanning the whole<br />
range of corporate financing for German-speaking companies.<br />
It assists companies with both capital market and<br />
borrowing transactions. Baa<strong>de</strong>r Bank has a long track<br />
record in market making and maintains the highest standards<br />
for pricing, trading and settling financial instruments.<br />
BDO is the leading, entrepreneurship-driven provi<strong>de</strong>r of<br />
audit and audit-related services, tax and business law consulting,<br />
as well as advisory services. With roughly 1,900<br />
employees at 25 sites in Germany, BDO serves domestic<br />
and internationally operating companies of all industries<br />
and sizes. Using interdisciplinary teams, BDO <strong>de</strong>velops<br />
solutions tailored to clients’ individual needs. Due to a personal<br />
approach to client service, reputation for reliability,<br />
highest quality standards as well as the integration into a<br />
powerful global BDO network, BDO is the first choice for<br />
medium-sized as well as family-owned and soon-to-be listed<br />
businesses. BDO is a founding member of the inter -<br />
national BDO network, which operates in 135 countries<br />
with over 48,000 employees.<br />
Since 1 December 2005, biw AG has established itself as a<br />
product and process service provi<strong>de</strong>r for its partners, representative<br />
offices and clients. As part of its white-label<br />
services, it supports your partners with banking expertise.<br />
biw AG has extensive experience in the securities business<br />
and works together with financial service provi<strong>de</strong>rs. As an<br />
online bank, biw AG appeals to select private clients and is<br />
consi<strong>de</strong>red to be the bank of opportunities for all professional<br />
market players seeking a partner with a banking<br />
licence for their finance i<strong>de</strong>as. We provi<strong>de</strong> long-term support<br />
to small- and medium-sized companies through our<br />
representative office, BankM, and our tied agent, Silvia<br />
Quandt & Cie. AG. This support inclu<strong>de</strong>s equity and <strong>de</strong>bt<br />
capital market transactions and advice on mergers and<br />
acquisitions (M&A).
Damit Ihre Finanzierung<br />
kein Märchen bleibt.<br />
Rufen Sie uns an o<strong>de</strong>r besuchen Sie uns im Internet unter: www.ebnerstolz.<strong>de</strong><br />
Ebner Stolz Mönning Bachem I Wirtschaftsprüfer I Steuerberater I Rechtsanwälte I Partnerschaft<br />
Christian Fuchs<br />
Telefon 0711 2049-1276<br />
christian.fuchs@ebnerstolz.<strong>de</strong><br />
Stuttgart<br />
Torsten Janßen<br />
Telefon 0228 85029-212<br />
torsten.janssen@ebnerstolz.<strong>de</strong><br />
Bonn<br />
Jan Maertins<br />
Telefon 040 37097-147<br />
jan.maertins@ebnerstolz.<strong>de</strong><br />
Hamburg<br />
Dr. Jörg R. Nickel<br />
Telefon 0221 20643-54<br />
joerg.nickel@ebnerstolz.<strong>de</strong><br />
Köln<br />
Berlin I Bonn I Bremen I Düsseldorf I Frankfurt I Hamburg I Hannover I Kiel I Köln I Leipzig I München I Reutlingen I Siegen I Solingen I Stuttgart<br />
Wilfried Steinke<br />
Telefon 0511 936227-33<br />
wilfried.steinke@ebnerstolz.<strong>de</strong><br />
Hannover
BLÄTTCHEN FINANCIAL ADVISORY GmbH<br />
Contact Person Prof. Dr. Wolfgang Blättchen<br />
Phone +49-(0) 71 52-61 01 94-0<br />
E-mail info@blaettchen-fa.<strong>de</strong><br />
Website www.blaettchen-fa.<strong>de</strong><br />
Address Römerstr. 109<br />
71229 Leonberg<br />
Germany<br />
CMS Hasche Sigle<br />
Contact Person Dr. Andreas Zanner<br />
Phone +49-(0) 69-7 17 01-2 56<br />
E-mail andreas.zanner@cms-hs.com<br />
Website www.cms-hs.com/Pages/<strong>de</strong>fault.aspx<br />
Address Barckhausstr. 12-16<br />
60325 Frankfurt<br />
Germany<br />
GBC AG<br />
Contact Person Christoph Schnabel<br />
Phone +49-(0) 8 21-24 11 33-35<br />
E-mail schnabel@gbc-ag.<strong>de</strong><br />
Website www.gbc-ag.<strong>de</strong><br />
Address Hal<strong>de</strong>rstr. 27<br />
86150 Augsburg<br />
Germany<br />
Page 94 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Sponsors<br />
BLÄTTCHEN FINANCIAL ADVISORY provi<strong>de</strong>s specialised<br />
in<strong>de</strong>pen<strong>de</strong>nt capital market advice to company owners and<br />
managers. Our expertise lies in raising equity and long-term<br />
<strong>de</strong>bt, IPOs and IBOs, managing dual-track processes, as<br />
well as advising on management participation and incentive<br />
programmes. Our team has a unique track record of<br />
more than 40 successful IPOs and several complex capital<br />
market transactions (public takeovers, buy-outs and mergers)<br />
dating back to 1985. We have access to both the<br />
German and the international “financial community” (e.g.<br />
investors, banks, stock exchanges, lawyers, IR/PR agencies<br />
and auditors).<br />
Our company is wholly owned by its active partners. We are<br />
thus fully in<strong>de</strong>pen<strong>de</strong>nt and are not exposed to any conflicts<br />
of interest.<br />
CMS Hasche Sigle is a strong commercial law firm and part<br />
of the international CMS organisation. In Germany, our core<br />
market, we are one of the leading law firms with more than<br />
600 lawyers, tax advisors and notaries advising our clients<br />
(who range from medium-sized companies to major<br />
groups) on all aspects of national and international<br />
commercial law. We offer strong, trust-based client relationships,<br />
a broad portfolio of services and qualified advice.<br />
What makes us particularly unique is our combination of<br />
solid regional roots in nine major business locations across<br />
Germany and close relationships with our partner firms in<br />
the CMS organisation dating back many years. At CMS, we<br />
have 2,800 legal and tax advisors in 52 offices. Our size<br />
means that our footprint is the most extensive in Europe.<br />
The GBC Group, which is based in Augsburg, is one of the<br />
leading bank-in<strong>de</strong>pen<strong>de</strong>nt investment houses in Germany. It<br />
is also an experienced emissions expert for medium-sized<br />
German businesses. As an owner-run enterprise, GBC is intimately<br />
familiar with the needs of German medium-sized<br />
businesses in the financial sector. The GBC Group consi<strong>de</strong>rs<br />
itself to be an in<strong>de</strong>pen<strong>de</strong>nt and reliable partner with regard to<br />
all issues relating to the capital market. Within the GBC<br />
Group, GBC AG offers three core sectors: Corporate Analysis<br />
and Research, Capital Markets and Financial Advising as<br />
well as Capital Market <strong>Conference</strong>s. In addition, GBC Capital<br />
GmbH complements the Group’s services with corporate<br />
finance placement, brokering bonds / institutional buy-outs<br />
and placing and brokering stocks / IPOs.
Sponsors<br />
GSK Stockmann + Kollegen is one of Germany’s leading<br />
corporate and real estate law firms. With more than 135<br />
lawyers in Germany, Brussels and Singapore, and as a<br />
member of an alliance of legal firms with more than 830<br />
lawyers, we advise both German and international clients.<br />
We <strong>de</strong>al with all matters relating to corporate structure and<br />
finance, in particular stock exchange listing, bond issues,<br />
investment and mezzanine finance, M&A and company<br />
succession. In these contexts, we draw on many years of<br />
experience with respect to all capital market issues, such<br />
as selecting, structuring and successfully implementing<br />
share issues, prospectus procedures, capital market communication<br />
and other corporate transactions relating to the<br />
stock exchange. We offer solutions.<br />
GSK STOCKMANN + KOLLEGEN<br />
Contact Person Dr. Peter Ladwig<br />
Phone +49-(0) 7 11-2 20 45 79-0<br />
E-mail ladwig@gsk.<strong>de</strong><br />
Website www.gsk.<strong>de</strong><br />
Address Augustenstr. 1<br />
70178 Stuttgart<br />
Germany<br />
Advertisement
einfach<br />
kommunizieren.<br />
heureka Profitable Communication GmbH<br />
Contact Person Sabrina Lahmar<br />
Phone +49-(0) 2 01-6 15 46-0<br />
E-mail s.lahmar@heureka.<strong>de</strong><br />
Website www.heureka.<strong>de</strong><br />
Address Renteilichtung 1<br />
45134 Essen<br />
Germany<br />
IKB Deutsche Industriebank AG<br />
Contact Person Michaela Hesse<br />
Phone +49-(0) 2 11-82 21-32 72<br />
E-mail michaela.hesse@ikb.<strong>de</strong><br />
Website www.ikb.<strong>de</strong><br />
Address Wilhelm-Bötzkes-Str. 1<br />
40474 Düsseldorf<br />
Germany<br />
Morgan Stanley<br />
Contact Person Johannes Borsche<br />
Phone +49-(0) 69-21 66-15 07<br />
E-mail johannes.borsche@morganstanley.com<br />
Website www.morganstanley.com<br />
Address Junghofstr. 13-15<br />
60311 Frankfurt<br />
Germany<br />
Page 96 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Sponsors<br />
Simple communication. heureka GmbH, based in Essen,<br />
has been a privately-owned agency since 1989. heureka<br />
currently employs 21 members of staff from various disciplines.<br />
In addition to many years of experience in financial<br />
communication, our expertise extends to branding, corporate<br />
and web <strong>de</strong>sign and producing various publications, as<br />
well as media and event planning. Our strength lies in combining<br />
marketing consulting and <strong>de</strong>sign – our intuition,<br />
which is fed by talent, experience, ambition and courage, is<br />
our success. We advise companies from a variety of industries<br />
on cross-media <strong>de</strong>sign. Our goal is to figure out exactly<br />
what matters to our customers, to surprise them and to<br />
build a trusting relationship with them. It is for this reason<br />
that we have been creating unique and award-winning<br />
products for years.<br />
IKB Deutsche Industriebank AG supports medium-sized<br />
enterprises and private equity funds in both Germany and<br />
Europe by providing them with loans, risk management,<br />
capital market services and advisory services.<br />
Morgan Stanley is a leading global financial services firm<br />
providing a wi<strong>de</strong> range of investment banking, securities,<br />
investment management and wealth management services.<br />
From more than 1,200 offices in 43 countries, the firm’s<br />
employees serve clients all over the world. These inclu<strong>de</strong><br />
corporations, governments, institutions and individuals.<br />
For further information about Morgan Stanley, please visit<br />
www.morganstanley.com.
Sponsors<br />
With 700 employees and sales amounting to EUR 100 million<br />
generated in 12 offices, RölfsPartner is the leading<br />
in<strong>de</strong>pen<strong>de</strong>nt German auditing and consulting firm. Our credo<br />
is characterised by a strong team focus and a holistic<br />
approach to providing consultancy services. Tax advisors,<br />
lawyers and management consultants work closely together,<br />
taking an interdisciplinary approach and offering a wi<strong>de</strong><br />
range of specialist and client-oriented services. Our interdisciplinary<br />
competencies are bundled into six Competence<br />
Centres: namely, Fraud • Risk • Compliance, Private<br />
Clients, Public Sector, Real Estate, Restructuring and<br />
Transactions. Through our Baker Tilly International membership,<br />
we are represented in all the major markets beyond<br />
Germany’s bor<strong>de</strong>rs.<br />
RölfsPartner<br />
Contact Person WP / StB Markus Kurzhals<br />
Phone +49-(0) 2 11-69 01-2 76<br />
E-mail markus.kurzhals@roelfspartner.<strong>de</strong><br />
Website www.roelfspartner.<strong>de</strong><br />
Address Grafenbergerallee 159<br />
40237 Düsseldorf<br />
Germany<br />
Holland Private Equity is a private equity firm focused on late-stage growth investments in small and midcap<br />
technology companies within the Netherlands, Germany and Belgium. Per transaction we <strong>de</strong>ploy<br />
typically between Euro 10 to 20 million. Companies we invest in are typically already profitable and have<br />
the ambition to accelerate growth through additional sales and marketing, internationalization, back-office<br />
professionalization, product differentiation and M&A (buy-and-build). As an equity partner with a hands-on<br />
approach, we have built an advisory network of financial and operational veterans which we put at the<br />
disposal of our portfolio companies through long lasting partnerships.<br />
For more information, please visit our website www.hollandprivateequity.com or contact us directly to<br />
discuss your investment opportunity:<br />
Hans van Ierland, Managing Partner Tim van Del<strong>de</strong>n, Managing Partner<br />
Gustav Mahlerplein 3<br />
1082 MS Amsterdam<br />
The Netherlands<br />
Tel.: +31 20 7143400<br />
Fax: +31 20 7143419<br />
Advertisement
Scope<br />
Ratings<br />
Scope Ratings GmbH<br />
Contact Person Rüdiger Kimpel<br />
Phone +49-(0) 30-2 79 81-0<br />
E-mail r.kimpel@scope.<strong>de</strong><br />
Website www.scope-group.com<br />
Address Potsdamer Platz 1<br />
10785 Berlin<br />
Germany<br />
Standard & Poor’s Credit Market Services Europe Ltd.<br />
Contact Person Dr. Florian Stapf<br />
Phone +49-(0) 69-3 39 99-1 72<br />
E-mail florian_stapf@standardandpoors.com<br />
Website www.standardandpoors.com<br />
Address Neue Mainzer Str. 52<br />
60311 Frankfurt<br />
Germany<br />
Taylor Wessing Partnerschaftsgesellschaft<br />
Contact Person Christoph F. Vaupel<br />
Phone +49-(0) 69-9 71 30-0<br />
E-mail c.vaupel@taylorwessing.com<br />
Website www.taylorwessing.com<br />
Address Senckenberganlage 20-22<br />
60325 Frankfurt<br />
Germany<br />
Page 98 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Sponsors<br />
Scope is an in<strong>de</strong>pen<strong>de</strong>nt rating agency. The company is<br />
based in Berlin, Germany, and was foun<strong>de</strong>d in 2002. Scope<br />
is specialised in rating and analysing small- and mediumsized<br />
companies, as well as bonds, certificates and funds<br />
with an European focus. Scope ratings are characterised by<br />
their quality, consistency, and comprehensibility. Based on<br />
their sustainability Scope ratings encounter wi<strong>de</strong><br />
acceptance across German institutional investors. Scope is<br />
a registered rating agency un<strong>de</strong>r the European Securities<br />
and Markets Authority (ESMA). The agency has 70 employees<br />
in Germany, France, Luxembourg and the Netherlands. For<br />
additional information, please visit www.scope-group.com.<br />
Standard & Poor’s Ratings Services, which forms part of<br />
The McGraw-Hill Companies (NYSE: MHP), is the world’s<br />
leading provi<strong>de</strong>r of in<strong>de</strong>pen<strong>de</strong>nt credit risk research and<br />
benchmarks. For more than 150 years, we have published<br />
credit ratings on <strong>de</strong>bt issued by sovereign, municipal,<br />
corporate and financial sector entities, as well as structured<br />
credits.<br />
S&P Capital IQ, a McGraw-Hill Companies brand, is a<br />
leading provi<strong>de</strong>r of multi-asset class data, research and<br />
analytics. We help market participants to track performance,<br />
generate alpha, i<strong>de</strong>ntify trading and investment i<strong>de</strong>as,<br />
perform credit analysis and mitigate risk.<br />
Taylor Wessing is one of the leading international law firms in<br />
the German market and has – with ten partners and further<br />
team members – a leading Equity Capital Markets practice in<br />
Germany. Taylor Wessing’s team members have a significant<br />
track record in the areas of Equity Capital Markets and Public<br />
M&A of more than 100 ECM <strong>de</strong>als completed over the last<br />
15 years. This strong and credible team is able to <strong>de</strong>liver the<br />
highest quality on ECM transactions (IPOs, Rights Offerings,<br />
Public Takeovers) of any size and scope and the legal and<br />
strategic (boardroom) advice of publicly listed companies and<br />
their board members. Taylor Wessing is one of the few leading<br />
law firms in Germany that can actually offer a full range of<br />
legal services across all major areas of business law and build<br />
on specific industry expertise and substantial experience in<br />
the full service advice of large- and medium-sized companies.
Sponsors<br />
The Smart Cube is an award-winning, international provi<strong>de</strong>r<br />
of customised financial research and offshore financial analysts.<br />
We support a wi<strong>de</strong> range of financial services firms<br />
across multiple asset classes and sectors, from fundamental<br />
credit and equity research to advanced quantitative<br />
mo<strong>de</strong>lling and investment banking skills on a global scale.<br />
Since 2003, The Smart Cube has <strong>de</strong>livered more than 6,000<br />
high-value studies for over 200 clients, which inclu<strong>de</strong><br />
leading financial institutions, corporations, mid-market<br />
companies and professional services firms. The firm’s goal<br />
is to raise the quality of our clients’ research and analysis<br />
processes, while reducing the total costs incurred. We have<br />
our own team of over 400 MBAs, accountants and financial<br />
analysts supporting our clients, whether they are located in<br />
the Americas, Europe or Asia.<br />
The youmex group provi<strong>de</strong>s support at all stages of the<br />
capital-raising process. The company focuses on IPOs,<br />
capital increases, segment changes, listings and bond<br />
issues for medium-sized companies. Being a financial<br />
services institution and approved by the German Fe<strong>de</strong>ral<br />
Financial Supervisory Authority (“BaFin”), youmex Invest<br />
AG is in a leading position when it comes to placing corporate<br />
bonds for medium-sized companies. To date, youmex<br />
Invest AG has successfully accompanied 19 corporate<br />
bonds and placed a volume of over EUR 300 million. As a<br />
transaction and placement manager, youmex focuses on<br />
small- and mid-caps with revenue or market capitalisation<br />
amounting to between EUR 50 and 500 million. The<br />
preferred transaction volume for corporate bonds is<br />
between EUR 25 and 250 million. For equities, meanwhile,<br />
this is between EUR 10 and 100 million.<br />
The Smart Cube<br />
Contact Person Gavin Rankin<br />
Phone +44-(0) 20 33 01-39 44<br />
E-mail gavin.rankin@thesmartcube.com<br />
Website www.thesmartcube.com<br />
Address Elsinore House<br />
77 Fulham Palace Road<br />
London W6 8JA<br />
Great Britain<br />
youmex Invest AG<br />
Contact Person Andreas Wegerich<br />
Phone +49-(0) 69-50 50 45-1 12<br />
E-mail wegerich@youmex.<strong>de</strong><br />
Website www.youmex.<strong>de</strong><br />
Address Taunusanlage 19<br />
60325 Frankfurt<br />
Germany<br />
Wir sind<br />
Kapitalmarkt!<br />
Advertisement<br />
www.goingpublic.<strong>de</strong>
Bun<strong>de</strong>sverband Deutscher Kapitalbeteiligungsgesellschaften –<br />
German Private Equity and Venture Capital Association e.V.<br />
Contact Person Martin Bolits<br />
Phone +49-(0) 30-30 69 82-18<br />
E-mail bolits@bvkap.<strong>de</strong><br />
Website www.bvkap.<strong>de</strong><br />
Address Reinhardtstr. 27 c<br />
10117 Berlin<br />
Germany<br />
Ba<strong>de</strong>n Württemberg: Connected / bwcon<br />
Contact Person Stefanie Springer<br />
Phone +49-(0) 7 11-9 07 15-3 56<br />
E-mail springer@bwcon.<strong>de</strong><br />
Website www.bwcon.<strong>de</strong><br />
Address Breitscheidstr. 4<br />
70174 Stuttgart<br />
Germany<br />
Creathor Venture Management GmbH<br />
Contact Person Karlheinz Schmelig<br />
Phone +49-(0) 61 72-13 97-20<br />
E-mail karlheinz.schmelig@creathor.<strong>de</strong><br />
Website www.creathor.<strong>de</strong><br />
Address Marienba<strong>de</strong>r Platz 1<br />
61348 Bad Homburg<br />
Germany<br />
Page 100 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Partners<br />
The German Private Equity and Venture Capital Association<br />
(“Bun<strong>de</strong>sverband Deutscher Kapitalbeteiligungsgesell schaf -<br />
ten”, “BVK”) is the representative of the German private<br />
equity industry covering private equity firms, from venture<br />
capital, through growth capital, to buy-outs and institutional<br />
investors. It is the mission of BVK to create the best possible<br />
environmental conditions for the industry within Germany.<br />
This requires improving tax and legal environmental conditions<br />
for private equity. This is done in dialogue with political<br />
and administrative <strong>de</strong>cision-makers, through facilitating<br />
access to capital sources, surveying the markets and<br />
analysing market trends, as well as supporting our members<br />
in exchanging their experiences. To achieve this, systematic<br />
industry communication, such as that BVK pursues together<br />
with its more than 300 members, is fundamental.<br />
Ba<strong>de</strong>n-Württemberg: Connected e.V., or bwcon for short, is<br />
the leading business initiative promoting Ba<strong>de</strong>n-Württemberg<br />
as a high-tech location. As one of the most successful<br />
European technology networks, bwcon is presently fostering<br />
connections between more than 600 companies and<br />
research institutes. Currently, more than 5,500 experts are<br />
benefiting from systematic networking via the bwcon hub.<br />
The ad<strong>de</strong>d value generated by bwcon is to be found in the<br />
possibilities offered by new cooperation projects and connections.<br />
Creathor Venture is an in<strong>de</strong>pen<strong>de</strong>nt fund company with no<br />
ties to any other financial or industry institution. We are<br />
seeking entrepreneurs who address new markets and have<br />
the potential to turn their company into a global market<br />
lea<strong>de</strong>r in the fields of IT, telecommunications, media, new<br />
materials, electronics and nanotechnology, cleantech and<br />
life sciences.<br />
We have 25 years of venture capital experience, having<br />
acted as lead investor for more than 200 companies and<br />
participated in over 20 IPOs. Currently, we have EUR 150<br />
million un<strong>de</strong>r management.
Partners<br />
DVFA is the Society of Investment Professionals in Germany,<br />
which was foun<strong>de</strong>d in 1960. Currently, DVFA has<br />
more than 1,400 individual members representing over 400<br />
investment firms, banks, asset managers, consultants and<br />
counselling businesses. DVFA is a leading qualifier for the<br />
capital market in Germany with more 3,500 graduates in<br />
total. It is also a leading platform for financial communi -<br />
cation, as it organises analyst conferences and forums.<br />
DVFA offers investment professionals access to a worldwi<strong>de</strong><br />
network via EFFAS (the European Fe<strong>de</strong>ration of Financial<br />
Analysts Societies), which has more than 17,000 investment<br />
professionals in Europe, and ACIIA (the Association of<br />
Certified International Investment Analysts), which has over<br />
60,000 investment professionals worldwi<strong>de</strong>.<br />
DVFA - Deutsche Vereinigung für Finanzanalyse<br />
und Asset Management<br />
Contact Person Karin Wenzel<br />
Phone +49-(0) 69-26 48 48-1 01<br />
E-mail karin.wenzel@dvfa.<strong>de</strong><br />
Website www.dvfa.<strong>de</strong><br />
Address Mainzer Landstr. 47a<br />
60329 Frankfurt<br />
Germany<br />
Wir gestalten die Energiewen<strong>de</strong> –<br />
� � � � � ������������������<br />
�������� �<br />
Onshore und Offshore – Windpark-Projektierung seit 1995<br />
Standortentwicklung<br />
Finanzierung<br />
�������������������������<br />
Verkauf<br />
�����������������������������������������������<br />
PNE WIND AG –<br />
���������������������������������������<br />
Advertisement<br />
��������������������������������������������������������������������������������
EQS Group<br />
Contact Person Anja Weiß<br />
Phone +49-(0) 89-21 02 98-1 41<br />
E-mail anja.weiss@eqs.com<br />
Website www.eqs.com<br />
Address Seitzstr. 23<br />
80538 Munich<br />
Germany<br />
EVCA European Private Equity and Venture Capital Association<br />
Contact Person Dörte Höppner<br />
Phone +32-(0) 27 15 00 20<br />
E-mail info@evca.eu<br />
Website http://evca.eu<br />
Address Bastion Tower - Place du Champ <strong>de</strong> Mars, 5<br />
1050 Brussels<br />
Belgium<br />
Haubrok Investor Relations GmbH + Co. KG<br />
Contact Person Ursula Querette<br />
Phone +49-(0) 89-2 10 27-5 22<br />
E-mail u.querette@haubrok.<strong>de</strong><br />
Website www.haubrok.<strong>de</strong><br />
Address Landshuter Allee 10<br />
80637 Munich<br />
Germany<br />
Page 102 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Partners<br />
Serving more than 7,000 customers, the EQS Group is a<br />
leading provi<strong>de</strong>r of online corporate communication serv -<br />
ices in the German-speaking region. Corporate customers<br />
from Europe, Asia and North America use our one-stopshop<br />
communication solutions in the areas of investor relations<br />
and corporate communications. In addition to ensuring<br />
compliance with statutory requirements, our range of<br />
services also inclu<strong>de</strong>s disseminating corporate news,<br />
<strong>de</strong>veloping financial portals and websites, holding audio<br />
and vi<strong>de</strong>o conferences and generating online financial<br />
reports. Established in 1996 and having been a market<br />
lea<strong>de</strong>r ever since, the wholly-owned subsidiary, the<br />
German Society for Ad-hoc Publicity (“DGAP mbH”) is an<br />
institution that ensures stock-listed companies are complying<br />
with statutory requirements.<br />
The EVCA is the voice of European private equity and<br />
venture capital.<br />
We promote the interests of our more than 1,200 members,<br />
to ensure they can conduct their business effectively.<br />
The EVCA engages policymakers and promotes the industry<br />
among key stakehol<strong>de</strong>rs, including institutional<br />
investors, entrepreneurs and employee representatives.<br />
It <strong>de</strong>velops professional standards, prepares research reports<br />
and holds professional training and networking events.<br />
The EVCA covers the whole range of private equity, from<br />
early-stage venture capital to the largest buy-outs.<br />
Haubrok Investor Relations is your partner for successfully<br />
addressing the financial community. Since 1990, we have<br />
partnered over 50 companies through their stock exchange<br />
listing. Even today, we are still actively involved in many of<br />
these (mostly small- and mid-cap) companies. We advise<br />
them on all matters with regard to equity, fixed- income<br />
transactions, reporting and daily capital market communications.<br />
The services we provi<strong>de</strong> are based on the personal<br />
and professional abilities of our staff. Together with our<br />
clients, we <strong>de</strong>velop optimum communication solutions for a<br />
wi<strong>de</strong> range of capital market transactions, all the while utilising<br />
our long-standing relationships with journalists,<br />
banks, investors and analysts all over Germany.
Partners<br />
Holland Private Equity (“HPE”) is an investment firm focusing<br />
on growth-stage investments in small- and mid-market tech -<br />
nology companies with the ambition to accelerate their<br />
growth and become global lea<strong>de</strong>rs in their field. HPE typically<br />
provi<strong>de</strong>s straight equity (no leverage) and has a geographic<br />
focus on Germany and the Benelux. HPE invests tickets of<br />
EUR 10 to 20 million per company for a minority stake.<br />
By using the expertise bundled in our network of operational<br />
and financial veterans, we take a hands-on, pragmatic<br />
approach when it comes to helping companies grow<br />
revenues from EUR 15 million to in excess of EUR 100 million.<br />
Key areas in which we add value to our portfolio companies<br />
inclu<strong>de</strong> international sales and marketing, capacity ramp-up,<br />
buy-and-build and back-office professionalisation.<br />
Holland Private Equity<br />
Contact Person Tim Van Del<strong>de</strong>n<br />
Phone +31-(0) 20-7 14 34 00<br />
E-mail info@hollandpe.com<br />
Website www.hollandpe.com<br />
Address Gustav Mahlerplein 109-111<br />
1082MS Amsterdam<br />
The Netherlands<br />
���������������������������������������<br />
� � � � �� �������������������������������������������������������������������������� �����������<br />
������������������������<br />
��<br />
� ��<br />
��<br />
� ������������������������������������<br />
Ihr<br />
verlässlicher<br />
Partner<br />
in<br />
einem<br />
harten<br />
WWettbewerb<br />
ettbewerb<br />
���������������<br />
� ��<br />
� ��<br />
� ��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
� � � �<br />
������������� � ��<br />
� ��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
� � � � ��<br />
��<br />
������������������<br />
� � ��<br />
� ��<br />
� � ��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
� � � ��<br />
�<br />
��<br />
������������������������<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
���<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
�� � ��<br />
��<br />
�����������������������<br />
��<br />
��<br />
��<br />
��<br />
�� ��<br />
��<br />
��<br />
��<br />
���<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��� ����<br />
� �� � ��<br />
��<br />
����������������������������<br />
� ��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
���<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
��<br />
���<br />
��<br />
��<br />
�����������������<br />
���<br />
� � ���<br />
��������������������������� ��������������������<br />
��<br />
� ��<br />
� ����<br />
��<br />
��<br />
��<br />
�������������������������<br />
����������������<br />
� ���<br />
� ��<br />
���<br />
��������������������������� ������������������<br />
���<br />
� � ���<br />
��<br />
����<br />
������<br />
����� �� �����<br />
�����<br />
�<br />
��������������<br />
��<br />
��<br />
���������������<br />
� � ��<br />
� �����������<br />
�����������������<br />
� ���<br />
� ��<br />
���<br />
��<br />
����<br />
������<br />
����� �� �����<br />
�����<br />
�<br />
�������������������������<br />
��<br />
��<br />
�������������� � ����<br />
�����������������������������������������<br />
�����������������������<br />
��<br />
� �� ������������������������������������������������������������������������� ��<br />
��<br />
���������������<br />
� � ����<br />
����������������������������������������<br />
�����������������������<br />
��<br />
� �� ������������������������������������������������� �����������������������<br />
��<br />
� �� ������������������������������������������������� ��������������������������������������������������������������������<br />
� ���<br />
��<br />
���<br />
�� �� �� �� �� �� �� �� �� �� ��<br />
���<br />
��<br />
��<br />
�� �� �� �� �� �� �� �� �� �� �� ��<br />
��<br />
��<br />
���<br />
���<br />
�� �� �� �� �� �� �� �� �� �� ��<br />
��<br />
��<br />
��<br />
����<br />
� ���<br />
�� �� �� �� �� �� �� �� �� �� ���<br />
��<br />
� � � ��<br />
� ����<br />
��� ��� ��� ��<br />
� ��� ��� ��� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� ��<br />
������������������������������������������������������������������<br />
� � ��<br />
� ���<br />
�� �� �� �� �� �� �� �� �� �� ��<br />
��<br />
� � ��<br />
����<br />
�� �� �� �� �� �� �� �� �� �� ���<br />
� ���<br />
���<br />
���<br />
�� �� �� �� �� �� �� �� �� �� ��<br />
��<br />
� ����<br />
��<br />
����<br />
�� �� �� �� �� �� �� �� �� �� ���<br />
� ���<br />
��� ��� ��� ��<br />
���<br />
� ��<br />
� � � ���<br />
�� �� �� �� �� �� �� �� �� ��<br />
�����������������������<br />
� � � �� � ��<br />
� � � � � � � � � �<br />
������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ���<br />
�<br />
�� �<br />
�<br />
Advertisement<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 103
PvF Investor Relations<br />
Contact Person Jörg G.H. Peters<br />
Phone +49-(0) 61 96-7 77 99-0<br />
E-mail office@pvf.<strong>de</strong><br />
Website www.pvf.<strong>de</strong><br />
Address Hauptstr. 129<br />
65760 Eschborn<br />
Germany<br />
STEP AWARD<br />
Spirit to expand<br />
STEP Award<br />
Contact Person Simone Kuczynski<br />
Phone +49-(0) 69-75 91-15 64<br />
E-mail s.kuczynski@faz-institut.<strong>de</strong><br />
Website www.step-award.<strong>de</strong><br />
Address Mainzer Landstr. 199<br />
60326 Frankfurt<br />
Germany<br />
viaprinto eine Marke <strong>de</strong>r CEWE COLOR AG & Co. OHG<br />
Contact Person Thorsten Gebhardt<br />
Phone +49-(0) 25 34-5 81 69-67<br />
E-mail thorsten.gebhardt@viaprinto.<strong>de</strong><br />
Website www.viaprinto.<strong>de</strong><br />
Address Otto-Hahn-Str. 21<br />
48161 Münster<br />
Germany<br />
Page 104 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Partners<br />
PvF Investor Relations provi<strong>de</strong>s corporate clients in all<br />
fields of business with advice and support regarding financial<br />
communications. PvF offers the full range of IR and PR<br />
services in terms of content and strategy, in i<strong>de</strong>ntifying specific<br />
target groups and implementing individual communication<br />
methods and measures, as well as in preparing<br />
annual, interim financial and sustainability / CSR reports.<br />
Based in Eschborn near its partner Deutsche Börse, as well<br />
as others in Berlin, Bremen, the Rhine-Neckar region and<br />
Beijing, China, PvF’s manner of working is <strong>de</strong>fined by<br />
expertise, experience, in<strong>de</strong>pen<strong>de</strong>nce and a high quality<br />
standard. Both partners in the company hold lectureships<br />
at the Frankfurt School of Finance, offering professional<br />
training for future Certified Investor Relations Officers<br />
(CIROs).<br />
The STEP Award is a competition <strong>de</strong>signed to recognise<br />
innovative growth companies in Germany, Austria and<br />
Switzerland. The initiators, Infraserv Höchst and F.A.Z.-<br />
Institut Innovation Projects, are pursuing the same goal<br />
together with numerous sponsors and partners of the<br />
competition: namely, to give companies an important boost<br />
in their growth phase. The STEP Award focuses on pharmaceuticals,<br />
chemistry, life sciences, biotechnology, nano -<br />
technology, medical engineering and greentech – in<strong>de</strong>ed,<br />
businesses that are consi<strong>de</strong>red the sectors of the future.<br />
Since 2006, more than 600 companies have participated in<br />
and benefit from the large network of the STEP Award<br />
community.<br />
viaprinto – your CEWE Online Print Service – turns your<br />
documents into quality brochures, catalogues, books or<br />
flyers in a flash. The process is amazingly simple. All you<br />
have to do is upload your documents, preview the products<br />
you have chosen in <strong>de</strong>tail and you’ll receive your <strong>de</strong>livery<br />
just a few hours later. Win your audience over with highquality<br />
printed documents for reports, conference papers,<br />
fact sheets, presentations and company profiles. Print with<br />
Germany’s fastest online printer: Or<strong>de</strong>r by 6 p.m. for nextday<br />
<strong>de</strong>livery no later than 10.30 a.m.<br />
(Overnight service is available in many regions of Germany.)
BOND MAGAZINE – Institutional Investment Publishing GmbH<br />
Contact Person Christian Schiffmacher<br />
Phone +49-(0) 81 71-4 18 04-91<br />
E-mail schiffmacher@fixed-income.org<br />
Website www.fixed-income.org<br />
Address Bahnhofstr. 28<br />
82515 Wolfratshausen<br />
Germany<br />
Börsen Radio Network AG<br />
Contact Person Peter Heinrich<br />
Phone +49-(0) 9 21-74 13-4 00<br />
E-mail p.heinrich@brn-ag.<strong>de</strong><br />
Website www.brn-ag.<strong>de</strong><br />
Address Denzenlohestr. 47<br />
95500 Heinersreuth<br />
Germany<br />
Börsen-Zeitung<br />
Contact Person Thorsten Dieterle<br />
Phone +49-(0) 69-27 32-5 63<br />
E-mail leserservice@boersen-zeitung.<strong>de</strong><br />
Website www.boersen-zeitung.<strong>de</strong><br />
Address Düsseldorfer Str. 16<br />
60329 Frankfurt<br />
Germany<br />
Page 106 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Media Partners<br />
Foun<strong>de</strong>d in October 2006, Institutional Investment Publishing<br />
GmbH is an in<strong>de</strong>pen<strong>de</strong>nt publisher of magazines <strong>de</strong>aling<br />
with institutional asset management and corporate<br />
finance issues. October 2009 saw the publication of<br />
BONDBOOK, the first in<strong>de</strong>pen<strong>de</strong>nt bond magazine in German-speaking<br />
Europe. Complementary to BONDBOOK,<br />
BOND MAGAZINE is published bimonthly and addresses<br />
current topics such as bond issues and investments.<br />
The influence that stock exchanges have all over the world<br />
is immense. Be it the job market, interest rates, pricing,<br />
inflation – all of these influence <strong>de</strong>cisions ma<strong>de</strong> within the<br />
economy and politics. But it takes a brave person to make a<br />
<strong>de</strong>cision. That’s why we talk to <strong>de</strong>cision-makers in economics<br />
and to experts every day. Accurate preparation,<br />
years of experience and a journalistic format are the tools<br />
we use to provi<strong>de</strong> tra<strong>de</strong>rs and interested investors with<br />
background information. Work-related fi<strong>de</strong>lity and strict<br />
neutrality are our driving forces; this is reflected in our<br />
listeners’ feedback and steadily increasing reach, with up to<br />
1 million streams per month. We use this to continuously<br />
enhance our programme, to make stock markets audible<br />
and un<strong>de</strong>rstandable. That applies to you, too. Contact us to<br />
find out why. vertrieb@brn-ag.<strong>de</strong><br />
Börsen-Zeitung: Germany’s only daily newspaper for the<br />
financial markets<br />
Börsen-Zeitung compiles facts and researches background<br />
information to give a daily informative edge.<br />
Börsen-Zeitung covers banking and finance, capital markets,<br />
companies and sectors, as well as economy and<br />
policy. Sound background reports and <strong>de</strong>tailed analyses<br />
make Börsen-Zeitung an important <strong>de</strong>cision-making tool<br />
on the financial markets. The content of the newspaper,<br />
as well as a large number of investment-related data and<br />
proper analysis tools, can be viewed on the website<br />
www.boersen-zeitung.<strong>de</strong>.
Media Partners<br />
business new europe (bne) is the only magazine covering<br />
business, economics, finance and politics in the dynamic<br />
new markets of Central, Eastern and South Eastern Europe.<br />
bne’s veteran team of journalists has more than 50 years of<br />
collective experience in reporting on this dynamically growing<br />
region and can explain the “why” of “what” is going on.<br />
Meet the captains of industry that are building the new<br />
European economies, receive up-to-the-minute commentary<br />
and analysis of breaking news events and spot the<br />
slow-moving trends as they appear. bne is available online<br />
at http://bne.eu or as a print issue.<br />
business new europe<br />
Contact Person Elena Arbuzova<br />
Phone +7-(0) 9 16-0 01 55-10<br />
E-mail arbuzova@bne.eu<br />
Website www.bne.eu<br />
Address Schluterstr. 19<br />
10625 Berlin<br />
Germany<br />
Speaking Spe aking with one voice v voic<br />
oic e<br />
The EVCA A is the voice v of European an private priv equity and ventture<br />
capital.<br />
f for or more<br />
information<br />
ormation on on the the E EVCA,<br />
ccontact<br />
ontact<br />
in info@evca.eu<br />
f o@e vca.<br />
eu<br />
EEVCA<br />
VCA<br />
– European European<br />
an Priv Private Private<br />
EEquity<br />
quity<br />
and VVenture<br />
enture<br />
CCapital<br />
apit apital<br />
Association<br />
Bastion Bas<br />
tion Tower, TTo<br />
ower<br />
er, , Place Plac<br />
e du du Champ Champ <strong>de</strong> <strong>de</strong> Mar Mars<br />
55,<br />
, B-1050 B- 1050 Brussels, Brus Brussels,<br />
Belgium<br />
+32 + 32<br />
2 715 00 20<br />
www.evca.eu<br />
www www. . evca.<br />
eu<br />
Advertisement
DAF <strong>Deutsches</strong> Anleger Fernsehen AG<br />
Contact Person Katarina Dziamski<br />
Phone +49-(0) 92 21-90 51-6 62<br />
E-mail k.dziamski@daf.fm<br />
Website www.daf.fm<br />
Address Kressenstein 15<br />
95326 Kulmbach<br />
Germany<br />
dpa-AFX Wirtschaftsnachrichten GmbH<br />
Contact Person Marion Köhler<br />
Phone +49-(0) 69-9 20 22-4 57<br />
E-mail info@dpa-AFX.<strong>de</strong><br />
Website www.dpa-AFX.<strong>de</strong><br />
Address Gutleutstr. 110<br />
60327 Frankfurt<br />
Germany<br />
FINANCE – FINANCIAL GATES GmbH<br />
Contact Person Dione Bork<br />
Phone +49-(0) 60 31-73 86-17 03<br />
E-mail d.bork@financial-gates.<strong>de</strong><br />
Website www.finance-magazin.<strong>de</strong><br />
Address Bismarckstr. 24<br />
61169 Friedberg<br />
Germany<br />
Page 108 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
“<strong>Deutsches</strong> Anleger Fernsehen” (“DAF”) offers private<br />
investors access to up-to-date news from the finance sector.<br />
The programme focuses on the benefit for the investor<br />
by covering the markets, taking into account the entire<br />
bandwidth, from blue chips to small- and mid-caps. Every<br />
hour “Börse Live” highlights the current situation on the<br />
stock markets. Analysts, institutional fund advisors, journalists<br />
and insi<strong>de</strong>rs state their opinions on the current market<br />
situation via vi<strong>de</strong>o conference. Our DAF correspon<strong>de</strong>nts<br />
report live from Deutsche Börse in Frankfurt and from the<br />
New York Stock Exchange. DAF offers one of the largest<br />
financial vi<strong>de</strong>o-on-<strong>de</strong>mand archives in Germany. DAF´s<br />
programme can be viewed on TV via satellite and cable networks;<br />
it is also integrated in a wi<strong>de</strong> range of online portals.<br />
Faster business insights – dpa-AFX Wirtschaftsnachrichten<br />
GmbH is one of the leading news agencies for German- and<br />
English-language, real-time financial and economic news.<br />
With a worldwi<strong>de</strong> network of journalists, dpa-AFX provi<strong>de</strong>s<br />
in<strong>de</strong>pen<strong>de</strong>nt, reliable and fast news on international financial<br />
and economic <strong>de</strong>velopments, such as articles, radio<br />
and vi<strong>de</strong>o reports.<br />
For more information, visit www.dpa-AFX.<strong>de</strong><br />
Media Partners<br />
FINANCIAL GATES GmbH, a member of the publishing<br />
group Frankfurter Allgemeine Zeitung GmbH, is committed<br />
to high-quality standards of journalism and expertise in<br />
covering business-related and finance topics. The same<br />
publisher provi<strong>de</strong>s FINANCE, the magazine for finance managers.<br />
When times are good, these managers are often barely<br />
noticed; in difficult times, they are the most important people<br />
in a company. In<strong>de</strong>ed, chief financial officers perhaps have<br />
the most challenging jobs today, and FINANCE magazine is<br />
the must-read for these CFOs. FINANCE provi<strong>de</strong>s thoughtprovoking<br />
insights into the world of finance within large companies,<br />
as well as useful tips for the day-to-day work un<strong>de</strong>rtaken<br />
in these finance <strong>de</strong>partments. The editorial staff at<br />
FINANCE represents the highest level of quality in compelling,<br />
informative business reporting.
Media Partners<br />
FinanzNachrichten.<strong>de</strong> is the leading German-language<br />
financial news portal and one of the biggest financial websites<br />
on the German market. Whilst financial portals usually<br />
only offer news gathered from their own in-house journalists,<br />
FinanzNachrichten.<strong>de</strong> offers a wi<strong>de</strong> spectrum of<br />
news from different media in various countries.<br />
FinanzNachrichten.<strong>de</strong> offers around 11,000 pieces of financial<br />
news per day, in German or in English, from more than<br />
400 different media sources. The website has 11 million<br />
page impressions and 3 million visits per month (according<br />
to the German Audit Bureau of Circulations, “IVW”) by<br />
560,000 unique users (Working Group for Online Media Research,<br />
“AGOF”). According to surveys, 87% of the users<br />
are men, around 41% of the users hold an aca<strong>de</strong>mic title<br />
and half of the users buy and/or sell shares at least once a<br />
week.<br />
FinanzNachrichten.<strong>de</strong><br />
Contact Person Markus Meister<br />
Phone +41-(0) 44-6 83-11 01<br />
E-mail markus.meister@finanznachrichten.<strong>de</strong><br />
Website www.finanznachrichten.<strong>de</strong><br />
Address Zollikerstr. 27<br />
8008 Zurich<br />
Switzerland<br />
������������������<br />
������������<br />
�����������������������������������<br />
������������������������������������������������������������<br />
�������������������<br />
Advertisement<br />
������ �� ������� �� ��������� �� ������������� �� ����������<br />
��������������������������������������������������������������������������������������������������������������������������������������
<strong>GoingPublic</strong> Magazin – <strong>GoingPublic</strong> Media AG<br />
Contact Person Daniela Gebauer<br />
Phone +49-(0) 89-2 00 03 39-13<br />
E-mail gebauer@goingpublic.<strong>de</strong><br />
Website www.goingpublic.<strong>de</strong><br />
Address Hofmannstr. 7a<br />
81379 Munich<br />
Germany<br />
International Herald Tribune<br />
Contact Person Jörg Müller<br />
Phone +49-(0) 69-71 67 79-15<br />
E-mail jmueller@iht.com<br />
Website http://subs.iht.com/boerse<br />
Address Friedrichstr. 52<br />
60323 Frankfurt<br />
Germany<br />
Markt und Mittelstand – FINANCIAL GATES GmbH<br />
Contact Person Dione Bork<br />
Phone +49-(0) 60 31-73 86-17 03<br />
E-mail d.bork@financial-gates.<strong>de</strong><br />
Website www.marktundmittelstand.<strong>de</strong><br />
Address Bismarckstr. 24<br />
61169 Friedberg<br />
Germany<br />
Page 110 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Media Partners<br />
<strong>GoingPublic</strong> Magazin is a mo<strong>de</strong>rn capital markets publication<br />
for securities issuers and investment professionals.<br />
The monthly magazine (together with 4 special issues and<br />
6-10 special supplements every year) gives issuers an<br />
insight into being public trends and investor relations<br />
issues, as well as covering any relevant capital market innovations.<br />
Leading law firms contribute their expertise in the<br />
form of specialist articles on tax and legal issues, whilst the<br />
M&A section charts <strong>de</strong>velopments from the spectrum of<br />
public takeovers to companies going private. <strong>GoingPublic</strong><br />
represents the top tier of corporate finance business and is<br />
the leading IPO publication in the German-speaking<br />
regions of Europe. In addition, the magazine sees itself as<br />
being the leading public platform and as a channel for<br />
communications between issuers, institutional investors,<br />
service provi<strong>de</strong>rs and the financial community.<br />
The IHT combines the extensive reporting of The New York<br />
Times with its own distinctive, sophisticated perspective on<br />
what’s happening around the world and what it means.<br />
Taking a subscription out with the IHT keeps you connected<br />
to the global conversation and the newspaper is <strong>de</strong>livered<br />
to your home or office daily. What’s more, subscribers get<br />
unlimited access to the IHT app for the iPhone, iPad and<br />
Android-powered smartphones, in addition to full access to<br />
NYTimes.com. Try the IHT today. For more information,<br />
visit: subs.iht.com/boerse<br />
In Markt und Mittelstand, corporate <strong>de</strong>cision-makers from<br />
medium-sized companies will find all the information they<br />
need to boost their company’s profiles. Rea<strong>de</strong>rs will find<br />
practical advice from medium-sized companies’ typical<br />
fields of action, as well as enthralling stories about enterprises<br />
and entrepreneurs. We have a 360° view on the corporate<br />
world. Markt und Mittelstand covers strategy,<br />
financing, manufacturing and sales, that is to say, the entire<br />
value chain. At the core of our magazine are growth companies,<br />
i.e. companies that <strong>de</strong>velop quickly and therefore<br />
have an extraordinary <strong>de</strong>mand for information and investments.<br />
Markt und Mittelstand reaches 162,000 rea<strong>de</strong>rs<br />
monthly (LAE 2011). These are mainly owners, managing<br />
directors and top executives of medium-sized companies.
Media Partners<br />
mergermarket is an in<strong>de</strong>pen<strong>de</strong>nt mergers and acquisitions<br />
(M&A) intelligence service with an unrivalled network of<br />
<strong>de</strong>dicated M&A journalists, who are based in 56 locations<br />
across the Americas, Europe, Asia-Pacific, the Middle East<br />
and Africa. Unlike any other service of its kind, mergermarket<br />
specialises in providing forward-looking origination and<br />
<strong>de</strong>al flow opportunities, integrated in a comprehensive<br />
<strong>de</strong>als database. This results in real revenues for clients. Visit<br />
www.mergermarket.com<br />
mergermarket<br />
Contact Person David Kubatzky<br />
Phone +49-(0) 3 08 89-2 22 61<br />
E-mail David.Kubatzky@mergermarket.com<br />
Website www.mergermarket.com<br />
Address 80 Strand<br />
London WC2R 0<br />
Great Britain<br />
Advertisement
n-tv Nachrichtenfernsehen GmbH<br />
Contact Person Thomas Hellwege<br />
Phone +49-(0) 2 21-4 56-3 13 10<br />
E-mail thomas.hellwege@n-tv.<strong>de</strong><br />
Website www.n-tv.<strong>de</strong><br />
Address Picassoplatz 1<br />
50679 Cologne<br />
Germany<br />
Phoenix Chinese News & Entertainment Channel<br />
Contact Person Pingping Luo<br />
Phone +49-(0) 69-35 35 78-26<br />
E-mail pingping.luo@phoenixcne.eu<br />
Website www.pcne.tv<br />
Address Neue Mainzer Str. 75<br />
60311 Frankfurt<br />
Germany<br />
pressetext Nachrichtenagentur GmbH<br />
Contact Person Dr. Franz Temmel<br />
Phone +49-(0) 30-2 97 70-25 00<br />
E-mail temmel@pressetext.com<br />
Website www.pressetext.com<br />
Address Schiffbauerdamm 40<br />
10117 Berlin<br />
Germany<br />
Page 112 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Media Partners<br />
n-tv, Germany’s leading news channel, is synonymous with<br />
reliable, fast, comprehensive and in<strong>de</strong>pen<strong>de</strong>nt news. n-tv<br />
offers the latest news about politics, economy, sports and<br />
society: 24 hours a day, 365 days a year. n-tv is known for<br />
its high level of live broadcasting, its breaking-news character<br />
and its extensive coverage of business topics. Each day,<br />
n-tv offers the latest stock exchange and company news,<br />
as well as consumer topics. They are thoroughly researched,<br />
prepared and presented in a comprehensible<br />
way. Up-to-date political discussions, high-quality magazines<br />
and documentations round off what n-tv has to offer.<br />
As a mo<strong>de</strong>rn news company, n-tv offers its content on all<br />
platforms – on TV, online and via its successful news apps<br />
for mobile phones.<br />
As a bridge connecting Europe and China, Phoenix<br />
Chinese News & Entertainment Channel (PCNE) brings to<br />
its European audience the major political, business news<br />
and entertainment programmes through a wi<strong>de</strong> distribution<br />
network. PCNE uses the satellite Eurobird D9S to broadcast<br />
its programmes 24/7 to 60 countries and regions in<br />
Europe. It is <strong>de</strong>dicated to promoting economic partnerships<br />
and cultural exchanges between China and Europe, as well<br />
as to creating waves for Chinese enterprises and provinces,<br />
such that they can tap into new tra<strong>de</strong> and investment<br />
opportunities. Apart from serving the needs of the Chinese<br />
communities within Europe, PCNE offers a window of<br />
opportunity for investors to target the most affluent and<br />
educated Chinese individuals within Europe and for European<br />
companies to generate publicity as they make their<br />
way into the Chinese market.<br />
pressetext news agency assists clients in corporate<br />
communications and investor relations, providing the<br />
highest quality with regards to content, a round-the-clock<br />
service and targeted press distribution to Bloomberg,<br />
Dow Jones Newswires and Thomson Reuters. It provi<strong>de</strong>s<br />
reliable access to investors, journalists and <strong>de</strong>cision<br />
makers who are essential to your public relations activities<br />
within Germany and beyond. To find out more,<br />
contact: adhoc@pressetext.com.
Media Partners<br />
It is the mission of Property Investor Europe to make real<br />
estate on mainland Europe transparent for US and global<br />
investment professionals. Through its printed magazine,<br />
online weekly and daily updates, as well as its events, its<br />
news analysis commentary fosters investment capital flows<br />
in and around the continent.<br />
A subscription-based service foun<strong>de</strong>d in 2005, PIE is<br />
unique in that it is published in English from Frankfurt, Germany,<br />
and employs editors around Europe. PIE is written for<br />
investing institutions, capital allocators and managers,<br />
banks, REITs and other listed vehicles, funds, corporate<br />
treasurers, aca<strong>de</strong>mics and private investors – to help them<br />
un<strong>de</strong>rstand the reward, opportunity and risk in Europe’s<br />
diverse markets.<br />
MESSAGE MEETS<br />
AUDIENCE!<br />
GERMAN INVESTORS<br />
TELEVISION<br />
Property Investor Europe<br />
Contact Person Frank Beinborn<br />
Phone +49-(0) 69-24 43 33-1 28<br />
E-mail frank.beinborn@pie-mag.com<br />
Website www.pie-mag.com<br />
Address Friedrich-Ebert-Anlage 36<br />
60325 Frankfurt<br />
Germany<br />
Advertisement<br />
DAF - TEAM FRANKFURT<br />
www.daf.fm Satellite: ASTRA Digital Cable Networks: Unitymedia, Kabel BW IP-TV: Telekom Entertain
The Wall Street Journal Germany<br />
Contact Person Verena Hofmann-Werther<br />
Phone +49-(0) 69-2 97 25-3 34<br />
E-mail verena.hofmann-werther@dowjones.com<br />
Website www.wsj.<strong>de</strong><br />
Address Wilhelm-Leuschner-Str. 78<br />
60329 Frankfurt<br />
Germany<br />
Unternehmer Medien GmbH<br />
Contact Person Frank Schmidt<br />
Phone +49-(0) 2 28-9 54 59-91<br />
E-mail schmidt@unternehmermagazin.<strong>de</strong><br />
Website www.unternehmermagazin.<strong>de</strong><br />
Address Schlossallee 10<br />
53179 Bonn<br />
Germany<br />
VDI Verlag GmbH<br />
Phone +49-(0) 2 11-61 88-0<br />
E-mail info@vdi-nachrichten.com<br />
Website www.vdi-nachrichten.com<br />
Address VDI-Platz 1<br />
40468 Düsseldorf<br />
Germany<br />
Page 114 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Media Partners<br />
WSJ.<strong>de</strong> is The Wall Street Journal’s German-language digital<br />
edition, which was launched in January 2012. Available<br />
as a news site with mobile and tablet editions and a mobile<br />
website, the site provi<strong>de</strong>s German-speaking rea<strong>de</strong>rs with a<br />
unique offering of global news combined with locallyfocused<br />
coverage, as well as access to the full Wall Street<br />
Journal Digital Network. The Wall Street Journal has 11<br />
sites in eight languages, including German, Portuguese,<br />
Spanish, Chinese, Japanese and Korean.<br />
unternehmermagazin (est. 1953) is Germany’s ol<strong>de</strong>st publication<br />
exclusively for owners of medium-sized and large<br />
family enterprises, many of whom are German, European<br />
and global market lea<strong>de</strong>rs. Now in its 60th volume, it is<br />
published with a circulation of 70,500 subscribed copies<br />
nationwi<strong>de</strong>. As an in<strong>de</strong>pen<strong>de</strong>nt periodical, it promotes the<br />
social market economy and competition, even in times of<br />
continuous internationalisation. The publication of highquality<br />
professional articles at the publishers’ personal invitation<br />
is in line with the magazine’s long-standing tradition.<br />
The authors inclu<strong>de</strong> entrepreneurs from all branches, as<br />
well as Fe<strong>de</strong>ral ministers, university professors, top operatives<br />
and spokesmen from various other fields.<br />
VDI nachrichten is the leading opinion-forming weekly<br />
magazine for engineers and technical managers. It provi<strong>de</strong>s<br />
up-to-date, comprehensive and competent information on<br />
trends in technology, the economy and society. The newspaper<br />
book Technik & Finanzen <strong>de</strong>scribes and illustrates how<br />
finances can be used to enhance and increase efficiency in<br />
business. Panels of experts and surveys keep rea<strong>de</strong>rs<br />
informed of the capital market, start-up initiatives and financial<br />
and investment strategies. Analysts and market observers,<br />
meanwhile, also assess trends. VDI nachrichten<br />
reaches around 339,000 rea<strong>de</strong>rs every Friday (according to<br />
the Allensbacher Communication Media Analysis 2012). It is<br />
published by VDI Verlag, which is 60% owned by VDI GmbH<br />
and 40% owned by the Han<strong>de</strong>lsblatt GmbH group of publishers.
Media Partners<br />
Foun<strong>de</strong>d in 1998, <strong>GoingPublic</strong> Media AG is nowadays one<br />
of the leading publishers on matters relating to capital markets,<br />
corporate finance and technology trends. In addition<br />
to <strong>GoingPublic</strong> Magazin – the mo<strong>de</strong>rn magazine on capital<br />
markets – VentureCapital Magazin remains a hub for the<br />
German-speaking private equity and venture capital industry.<br />
Smart Investor, meanwhile, addresses retail investors,<br />
whilst M&A REVIEW target M&A professionals and<br />
Unternehmeredition focuses on small- and medium-sized<br />
companies (the so-called German “Mittelstand”). With<br />
17,000 recipients, DIE STIFTUNG is the publication with the<br />
wi<strong>de</strong>st coverage in the German-speaking not-profit foundation<br />
sector. Munich-based <strong>GoingPublic</strong> Media (which<br />
has 30 employees and turned over EUR 4 million in 2011) is<br />
an in<strong>de</strong>pen<strong>de</strong>nt publishing house and has been listed on<br />
the Frankfurt Stock Exchange since 2006.<br />
VentueCapital Magazin – <strong>GoingPublic</strong> Media AG<br />
Contact Person Daniela Gebauer<br />
Phone +49-(0) 89-2 00 03 39-13<br />
E-mail gebauer@goingpublic.<strong>de</strong><br />
Website www.goingpublic.<strong>de</strong><br />
Address Hofmannstr. 7a<br />
81379 Munich<br />
Germany<br />
Be a global thinker.<br />
Every day.<br />
Advertisement<br />
Edited from an international and in<strong>de</strong>pen<strong>de</strong>nt perspective,<br />
the International Herald Tribune offers you a fresh and<br />
original slant on the daily life of the world – from politics<br />
and business to culture, sports and the arts – giving you<br />
the insights and un<strong>de</strong>rstanding you need, in one easy-tonavigate<br />
daily read.<br />
Get the IHT <strong>de</strong>livered daily to your home or offi ce for 6 months<br />
– and get 8 weeks free! Plus, enjoy free access to the IHT apps<br />
for iPhone, iPad and Android-powered smartphones, as well as<br />
NYTimes.com<br />
visit<br />
subs.iht.com/boerse<br />
Subscription<br />
inclu<strong>de</strong>s<br />
IHT Digital
Alphazirkel<br />
Contact Person Andreas Mach<br />
Phone +49-(0) 1 72-8 51 03 37<br />
E-mail andreas.mach@alphazirkel.<strong>de</strong><br />
Website www.alphazirkel.<strong>de</strong><br />
Address Richard-Strauss-Str. 24<br />
81677 Munich<br />
Germany<br />
Bun<strong>de</strong>sverband <strong>de</strong>r Deutschen Industrie<br />
Contact Person Dr. Reinhard Kudiß<br />
Phone +49-(0) 30-20 28-14 22<br />
E-mail info@bdi.eu<br />
Website www.bdi.eu<br />
BVI Bun<strong>de</strong>sverband Investment und Asset Management e.V.<br />
Website www.bvi.<strong>de</strong><br />
Address Bockenheimer Anlage 15<br />
60322 Frankfurt<br />
Germany<br />
Page 116 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Network Partners<br />
ALPHAZIRKEL was foun<strong>de</strong>d in November 2005 as a platform<br />
for family entrepreneurs. Since then, ALPHAZIRKEL<br />
has established itself as the leading German-language platform<br />
for family-owned companies – it is run by entrepreneurs,<br />
for entrepreneurs.<br />
ALPHAZIRKEL offers a platform for people to share their<br />
opinions and experiences as well as for dialogue to be<br />
fostered between generations. It is a secure space for family<br />
entrepreneurs to pose any open or latent questions they<br />
might have with regard to the concerns and challenges<br />
surrounding sustaining and growing their business in the<br />
generations to come. ALPHAZIRKEL is a working group.<br />
Participation in our events as well as access to our publi cations<br />
are free.<br />
The Fe<strong>de</strong>ration of German Industries (“Bun<strong>de</strong>sverband <strong>de</strong>r<br />
Deutschen Industrie”, “BDI”) is the leading organisation of<br />
German industry and industry-related services. It speaks<br />
on behalf of 38 sector associations and represents over<br />
100,000 large, medium-sized and small enterprises with a<br />
good eight million employees. Industry speaks with one<br />
voice to political institutions on national, European and<br />
international levels.<br />
In its work, BDI consi<strong>de</strong>rs itself to be firmly committed to a<br />
basic economic mo<strong>de</strong>l: the social market economy foun<strong>de</strong>d<br />
by Ludwig Erhard. This entails advocating more freedom, individuality,<br />
entrepreneurship and social equilibrium. And that<br />
means acting as the conscience enshrined in our basic philosophy,<br />
as once again, the social market economy has to<br />
provi<strong>de</strong> supply the yardstick for economic policy in Germany.<br />
BVI represents the interests of the German investment fund<br />
and asset management industry. Its 80 members currently<br />
handle assets amounting to EUR 1.9 trillion in both investment<br />
funds and mandates. BVI enforces improvements for<br />
fund investors and promotes equal treatment of all<br />
investors in the financial markets. BVI’s investor education<br />
programmes support stu<strong>de</strong>nts and citizens in improving<br />
their financial knowledge. BVI’s members both directly and<br />
indirectly manage the capital of 50 million private clients in<br />
21 million households. For more information, please visit<br />
www.bvi.<strong>de</strong>.
Network Partners<br />
The German Association for Small- and Medium-sized<br />
Businesses (“Bun<strong>de</strong>sverband mittelständische Wirtschaft”,<br />
“BVMW”) is a politically neutral association representing<br />
the interests of small- and medium-sized enterprises spanning<br />
all professions and industries.<br />
The BVMW is the i<strong>de</strong>al partner to take companies forward<br />
into a future where the “lonely warrior” type of businessperson<br />
no longer stands a chance, and where networking and<br />
an integrated approach are the name of the game.<br />
��������������������<br />
BVMW – Bun<strong>de</strong>sverband mittelständische Wirtschaft,<br />
Unternehmerverband Deutschlands e.V.<br />
Contact Person Josef Stumpf<br />
Phone +49-(0) 62 21-1 38 90-10<br />
E-mail josef.stumpf@bvmw.<strong>de</strong><br />
Website www.bvmw.<strong>de</strong><br />
Address Mosse Palais Leipziger Platz 15<br />
10117 Berlin<br />
Germany<br />
Advertisement
Deutscher Investor Relations Verband e.V.<br />
Contact Person Christa Scholl<br />
Phone +49-(0) 69-95 90-94 90<br />
E-mail info@dirk.org<br />
Website www.dirk.org<br />
Address Reuterweg 81<br />
60323 Frankfurt<br />
Germany<br />
D EUTSCHES AKTIENINSTITUT<br />
<strong>Deutsches</strong> Aktieninstitut e.V.<br />
Contact Person Dr. Franz-Josef Leven<br />
Phone +49-(0) 69-9 29 15-24<br />
E-mail dai@dai.<strong>de</strong><br />
Website www.dai.<strong>de</strong><br />
Address Nie<strong>de</strong>nau 13-19<br />
60325 Frankfurt<br />
Germany<br />
European Sustainable Investment Forum<br />
Contact Person Christopher Moore<br />
Phone +32-(0) 22 74 14 35<br />
E-mail christopher@eurosif.org<br />
Website www.eurosif.org<br />
Address 331 Rue Du Progrès<br />
1050 Brussels<br />
Belgium<br />
Page 118 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Network Partners<br />
DIRK is the Association for Investor Relations (IR) in Germany.<br />
As the IR professionals’ voice, DIRK represents the<br />
concerns of its members in an active dialogue with interest<br />
groups and capital market stakehol<strong>de</strong>rs, political institutions<br />
and the general public. The association offers its<br />
members specific support and promotes regular exchange<br />
among its own ranks and with IR specialists from all over<br />
the world. With its more than 350 members, DIRK sets the<br />
standards of communication between companies and the<br />
capital market. The spectrum of companies organised<br />
within DIRK inclu<strong>de</strong>s almost all in<strong>de</strong>x values, companies<br />
with a small market capitalisation, IPO candidates and<br />
individuals.<br />
<strong>Deutsches</strong> Aktieninstitut e.V. is the association of German<br />
exchange-listed stock corporations and other companies<br />
and institutions engaged in capital market <strong>de</strong>velopment. Its<br />
most important tasks inclu<strong>de</strong> supporting the relevant institutional<br />
and legal framework of the German capital market,<br />
<strong>de</strong>veloping a harmonised European capital market,<br />
enhancing corporate financing in Germany and promoting<br />
the acceptance of equity amongst investors and companies.<br />
Eurosif’s mission is to “Develop Sustainability through<br />
European Financial Markets”.<br />
Eurosif acts as a partnership of the national Sustainable<br />
Investment Forums (SIFs) within the EU and with the<br />
support and involvement of Member Affiliates.<br />
These Member Affiliates inclu<strong>de</strong> institutional investors,<br />
financial service provi<strong>de</strong>rs, aca<strong>de</strong>mic institutes, tra<strong>de</strong><br />
unions and NGOs. The association is a not-for-profit entity<br />
that represents assets amounting to more than EUR 1 trillion<br />
through its Member Affiliates.
Network Partners<br />
F I C is a consulting firm specialised in services relating to<br />
strategic partnering and investment opportunities, as well<br />
as international business consulting. Along with our partners,<br />
we have extensive expertise in advising international<br />
strategic investors, companies and banks with regards to<br />
interesting opportunities in Europe, in particular in the GSA<br />
(Germany, Switzerland and Austria) region. We also provi<strong>de</strong><br />
German enterprises with assistance in their strategic<br />
projects and in starting or expanding their business<br />
operations in the MENA (Middle East and North Africa)<br />
region. For further information, please visit our website at<br />
www.frankfurt-ic.com or feel free to give us a call. Our<br />
friendly team at F I C will be happy to help.<br />
Testen Tee<br />
sten<br />
Sie<br />
die<br />
Börsen-Zeitung<br />
2 Wochen Woc<br />
c hen<br />
kostenlos<br />
Firma<br />
J A , ich<br />
teste<br />
die<br />
Börsen-Zei<br />
i tung<br />
zum<br />
Kennenlernen<br />
zwei<br />
Wochen<br />
ko<br />
s stenlos,<br />
ohne<br />
Abonnementverp�ichtu<br />
ng. Nach<br />
zwei<br />
Wochen<br />
en<strong>de</strong>t<br />
das<br />
Probeab<br />
on onnement<br />
automatisch.<br />
Während<br />
dieser<br />
Zeit<br />
möch<br />
t te<br />
ich<br />
auch<br />
<strong>de</strong>n<br />
Premium-Berei<br />
ch<br />
von<br />
www<br />
w . boersen-zeitu<br />
ng.<br />
<strong>de</strong>,<br />
<strong>de</strong>m<br />
Anlegerportal<br />
<strong>de</strong>r<br />
B ör örsen-Zeitung,<br />
kennen<br />
lernen.<br />
Abteilung<br />
/ Position<br />
PLZ<br />
/ Ort<br />
Name<br />
/ Vorname<br />
Straße<br />
/ Nr.<br />
Tee<br />
lefon<br />
E-Mail<br />
Datum<br />
/ Unterschrif<br />
t<br />
Dieses<br />
Angebot<br />
dient<br />
zum<br />
Kennenlerne<br />
n <strong>de</strong>r<br />
Börsen-Zeit<br />
ung<br />
und<br />
richtet<br />
sich<br />
an<br />
gewerbliche<br />
Interessenten,<br />
die<br />
noch<br />
kein<br />
( Probe-)<br />
Abonnement<br />
<strong>de</strong>r<br />
Börsen-Zeit<br />
ung<br />
g e<br />
ingerichtet<br />
bekommen<br />
haben.<br />
FFaxantwort<br />
axantwor<br />
t aan<br />
n 069<br />
/ 27<br />
32 32 - 500<br />
o<strong>de</strong>r<br />
per<br />
Brief<br />
an<br />
BBörsen-Zeitung,<br />
örsen-Zeitun<br />
g,<br />
LLeserservice,<br />
eserservic<br />
e e,<br />
PPostfach<br />
ostfach<br />
111<br />
1 009<br />
9 332,<br />
2,<br />
660044<br />
0044<br />
FFrankfurt<br />
rankfurt<br />
F I C Frankfurt International Consulting GmbH<br />
Contact Person Yusef Ahmed<br />
Phone +49-(0) 69-1 75 36 69 40<br />
E-mail yusef.ahmed@frankfurt-ic.com<br />
Website www.frankfurt-ic.com<br />
Address Taunusanlage 1<br />
60329 Frankfurt<br />
Germany<br />
Advertisement
High-Tech Grün<strong>de</strong>rfonds Management GmbH<br />
Contact Person Stefanie Zillikens<br />
Phone +49-(0) 2 28-8 23 00-1 07<br />
E-mail s.zillikens@htgf.<strong>de</strong><br />
Website www.high-tech-gruen<strong>de</strong>rfonds.<strong>de</strong><br />
Address Schlegelstr. 2<br />
53113 Bonn<br />
Germany<br />
Zero2IPO Group<br />
Contact Person Gavin Ni<br />
Phone +86-(0) 10-84 58-04 76<br />
E-mail gavinni@e-zero2ipo.com.cn<br />
Website www.pedaily.cn/en/<br />
Address Rm.1202/03, Tower A,<br />
Eagle Run Plaza, 26 Xiao Yun Road,<br />
Chaoyang District<br />
100125 Beijing<br />
China<br />
nGui<strong>de</strong> 210x99 Q9_Layout 1 04.11.12 22:35 Seite 1<br />
BOND GUIDE<br />
Der Newsletter für Unternehmensanleihen<br />
BondGui<strong>de</strong> – <strong>de</strong>r Newsletter<br />
für Unternehmensanleihen<br />
14-tägig Analysen, Statistiken, Hintergrün<strong>de</strong><br />
Jetzt anmel<strong>de</strong>n! www.bondgui<strong>de</strong>.<strong>de</strong><br />
Nächste Erscheinungstermine: 16.11., 30.11., 14.12.<br />
Network Partners<br />
High-Tech Grün<strong>de</strong>rfonds invests in young, high-potential,<br />
high-tech start-ups. The seed financing provi<strong>de</strong>d is<br />
<strong>de</strong>signed to enable start-ups to take an i<strong>de</strong>a through prototyping,<br />
all the way to market launch. Typically, High-Tech<br />
Gruen<strong>de</strong>rfonds invests EUR 500,000 in the seed stage, with<br />
the potential for up to a total of EUR 2 million per portfolio<br />
company in follow-up financing. Investors in this public /<br />
private partnership inclu<strong>de</strong> the Fe<strong>de</strong>ral Ministry of Economics<br />
and Technology, the KfW, as well as 14 industrial<br />
groups. High-Tech Grü n<strong>de</strong>rfonds has around EUR 565.5<br />
million un<strong>de</strong>r management in two funds (EUR 272 million<br />
HTGF I, EUR 293.5 million HTGF II).<br />
Foun<strong>de</strong>d in 1999, Zero2IPO is a leading integrated service<br />
provi<strong>de</strong>r in the Chinese venture capital and private equity<br />
industry. Now, Zero2IPO has become an unbeatable <strong>de</strong>al<br />
flow and networking source within China. Zero2IPO’s mission<br />
is to be the preferred service provi<strong>de</strong>r of businesses in<br />
the venture capital and private equity industry. It is thus<br />
offering its clients and partners unparalleled knowledge<br />
and expertise. To this end, Zero2IPO is providing a broad<br />
and <strong>de</strong>ep array of services (Zero2IPO Research, Zero2IPO<br />
Events, Zero2IPO Capital, Zero2IPO Ventures, Zero2IPO<br />
Partners, PEdaily.cn), which will allow entrepreneurs and<br />
investors to reach the next level of success. The Zero2IPO<br />
Group has its headquarters in Beijing, as well as offices in<br />
Shanghai, Shenzhen, Hong Kong, and Silicon Valley.<br />
KW 21/22<br />
BOND GUIDE<br />
Der Newsletter für Unternehmensanleihen<br />
In dieser Ausgabe:<br />
| Vorwort (S. 1)<br />
| Aktuelle Emissionen (S. 2)<br />
| Rendite-Rating-Matrix Mittelstandsanleihen (S. 2)<br />
| Notierte Mittelstandsanleihen im Überblick (S. 3)<br />
| Han<strong>de</strong>lsvoraussetzungen & Folgepfl ichten:<br />
die Plattformen im Vergleich (S. 6)<br />
| League Tables <strong>de</strong>r wichtigsten Player am Bondmarkt (S. 7)<br />
Drei mal vier<br />
Liebe Leserinnen und Leser,<br />
KW 37/38<br />
Vorwort<br />
<strong>de</strong>r Ball rollt, zumin<strong>de</strong>st sehr bald: Mittwoch begann die<br />
Zeichnungsfrist <strong>de</strong>r Schalke-Anleihe. Zum Redaktionsschluss<br />
BOND GUIDE<br />
dieses BondGui<strong>de</strong> war eine vorzeitige Schließung <strong>de</strong>r Or<strong>de</strong>rbücher<br />
zwar noch nicht verkün<strong>de</strong>t, aber immerhin wäre die Mo<strong>de</strong>marke Steilmann-Boecker, die in Kürze anlaufen dürfte.<br />
nicht son<strong>de</strong>rlich weit hergeholt. Ob <strong>de</strong>r Fußballverein wohl Die Coverage dazu mit <strong>de</strong>n bereits verfügbaren Parametern<br />
neten Masterplan hat? – Das leicht zu begeistern<strong>de</strong> Fuß- Ein Update mit aktueller und ggf. angepasster Einschätzung<br />
dann wie gewohnt auf <strong>de</strong>r Website.<br />
Grill- und Biergartenwetters schon seit geraumer Zeit in <strong>de</strong>r<br />
Aufwärmphase zur Europameisterschaft in Polen & Ukraine. Dass gleich drei aktuelle Emissionen attraktiv erscheinen, ist ein<br />
Platzierung planmäßig been<strong>de</strong>t sein.<br />
ausgestattet war. In <strong>de</strong>m Sinne: weiter so.<br />
Allerdings bieten die Gelsenkirchener weniger Prozente als<br />
so manches grillbegleiten<strong>de</strong>s Getränk – ein kleiner Wermuts- Viel Spaß beim Lesen wünscht Ihnen<br />
tropfen.<br />
Falko Bozicevic<br />
<strong>de</strong>r Revier-Klub neben <strong>de</strong>m FC Bayern und Borussia Dort- Über Ihr Feedback zum BondGui<strong>de</strong> wür<strong>de</strong>n wir uns sehr<br />
freuen. Sicherlich ist noch nicht alles perfekt, wir wollen<br />
Klubs zu gehören – allen an<strong>de</strong>rslauten<strong>de</strong>n Unkenrufen zum jedoch gerne – mit Ihrer Hilfe – an uns arbeiten.<br />
Trotz übrigens. In unserer Vorschau auf die nächsten Emis- Kontakt: newsletter@bondgui<strong>de</strong>.<strong>de</strong> o<strong>de</strong>r<br />
sionen kommt Schalke daher auch mit „attraktiv“ (****) weg.<br />
redaktion@goingpublic.<strong>de</strong><br />
mit <strong>de</strong>m gewählten Zeitpunkt <strong>de</strong>r Emission einen übergeord-<br />
ball-Deutschland befi n<strong>de</strong>t sich inmitten mehrwöchigen<br />
Die beginnt am 8. Juni – am selben Tag soll die Schalkemit<br />
genau so vielen „Finger-weg“ und „nicht interes sant“<br />
Wir gehen von einer erfolgreichen Platzierung aus, scheint<br />
mund mit zu <strong>de</strong>n am besten unternehmerisch geführten<br />
1. Juni 2012<br />
Ausgabe<br />
11/2012<br />
Erscheint<br />
14-tägig<br />
Der Newsletter für Unternehmensanleihen<br />
In dieser Ausgabe:<br />
Advertisement<br />
| Vorwort (S. 1)<br />
| Aktuelle Emissionen (S. 2)<br />
| Rendite-Rating-Matrix Mittelstandsanleihen (S. 2)<br />
| Notierte Mittelstandsanleihen im Überblick (S. 3)<br />
| Han<strong>de</strong>lsvoraussetzungen & Folgepfl ichten (S. 6)<br />
| League Tables <strong>de</strong>r wichtigsten Player am Bondmarkt (S. 7)<br />
| BondGui<strong>de</strong>-Muster<strong>de</strong>pot: Zeit für Zuwachs (S. 9)<br />
| News zu aktuellen und gelisteten Bond-Emissionen (S. 11)<br />
| Anleihe im Fokus I: getgoods.<strong>de</strong> AG –<br />
Großen Han<strong>de</strong>lskonzernen die Stirn bieten (S. 14)<br />
| BondGui<strong>de</strong>-Muster<strong>de</strong>pot: Anstoß! (S. 8)<br />
| News zu aktuellen und gelisteten Bond-Emissionen (S. 9)<br />
| Anleihe im Fokus I: Steilmann-Boecker: Fashion-Bond<br />
mit <strong>de</strong>r Lizenz zum Erfolg? (S. 11)<br />
| Anleihe im Fokus II: Maritim Vertrieb will 25 Mio. EUR „abschleppen“ (S. 14)<br />
| Law Corner: Einiges Neues im Prospektbereich ab 1. Juli … (S. 16)<br />
| Impressum (S. 15)<br />
Die ausführliche Analyse fi n<strong>de</strong>n Sie in BondGui<strong>de</strong> #10 vom<br />
18. Mai bzw. auf bondgui<strong>de</strong>.<strong>de</strong>.<br />
Interessanterweise, und das ist ein Novum, sind <strong>de</strong>rzeit gleich<br />
drei Emissionen mit besagten vier Sternen <strong>de</strong>koriert: neben<br />
Bond-Regen im Herbst<br />
Liebe Leserinnen und Leser,<br />
sichtlich <strong>de</strong>r aktuellen Lage, die aber verneint wer<strong>de</strong>n muss.<br />
eine wahre Emissionswelle überrollt gera<strong>de</strong> die Segmente für Blickt man auf die vergangenen Monate, zeigt sich, dass es –<br />
gera<strong>de</strong> für unbekannte Unternehmen – nicht so einfach war,<br />
<strong>de</strong>n angestrebten Emissionserlös zu erzielen. Günstig für <strong>de</strong>n<br />
obwohl bereits die ersten drei Unternehmen ihr Anleihe<strong>de</strong>büt Anleihenmarkt ist aktuell sicherlich <strong>de</strong>r Wunsch <strong>de</strong>r Anleger<br />
bereits gefeiert haben, stehen schon weitere etliche Emittenten<br />
in <strong>de</strong>r Schlange.<br />
zinsstand nur schwer zu erreichen ist. Derzeit scheint das Geld<br />
locker zu sitzen – wie lange das noch so sein wird, muss sich<br />
erst zeigen. Daher darf man gespannt sein, wie sich die nächsten<br />
berg, nicht zu verwechseln bitte mit <strong>de</strong>m dänischen Pendant<br />
markt nicht vom Regen in die Traufe kommt!<br />
Schalke 04 noch <strong>de</strong>r Schlepperspezialist Maritim Vertrieb (die<br />
entsprechen<strong>de</strong> Analyse dazu ab Seite 14) sowie auch die<br />
Mittelstandsanleihen. Der September wird damit Anwärter<br />
für <strong>de</strong>n Titel <strong>de</strong>s emissionsstärksten Monats bislang. Denn<br />
<strong>de</strong>shalb auch schon in diesem BondGui<strong>de</strong> (Seiten 11–13).<br />
Eisbrecher für diesen Run war die <strong>de</strong>utsche Brauerei Karls-<br />
erbauliches Zeichen – es gab auch Zeiten, in <strong>de</strong>nen die Vorschau<br />
Carlsberg (siehe auch BondGui<strong>de</strong> #18/2012)! Innerhalb<br />
weni ger Stun<strong>de</strong>n war die Anleihe <strong>de</strong>r Bierbrauer überzeichnet.<br />
Auch Hahn Immobilien (siehe ebenfalls BondGui<strong>de</strong> #18/2012)<br />
hat die Investoren überzeugt und konnte gleich am ersten Tag<br />
die Or<strong>de</strong>rbücher wie<strong>de</strong>r schließen.<br />
Vorwort<br />
Etwas länger hingegen hat <strong>de</strong>r Online-Reiseanbieter Travel24.com<br />
(siehe BondGui<strong>de</strong> #18/2012) für seine Buchung gebraucht,<br />
um 25 Mio. EUR voll zu platzieren. Aktuell buhlen <strong>de</strong>r<br />
Online händler getgoods.<strong>de</strong> (siehe S. 14–16) und das britische<br />
Versicherungsunternehmen Enterprise Holdings (S. 17–18)<br />
| Anleihe im Fokus II: Enterprise Holdings –<br />
Wachstum in <strong>de</strong>r Versicherungsnische (S. 17)<br />
| Interview I mit Dr. Thomas Berger, CEO, KTG Energie AG (S. 19)<br />
| Anleihe im Fokus III: I<strong>de</strong>ntec Group AG –<br />
Technologie-Anleihe mit Bonus (S. 21)<br />
| Interview II mit Peter Rentsch, geschäftsführen<strong>de</strong>r Gesellschafter,<br />
eterna Mo<strong>de</strong> Holding GmbH (S. 26)<br />
| Law Corner: Prospektnachtrag nach § 16 WpPG –<br />
verschärftes Wi<strong>de</strong>rrufsrecht (S. 29)<br />
| Impressum (S. 28)<br />
um die Gunst (und das Kapital) <strong>de</strong>r Investoren. Sie müssen<br />
sich beeilen, <strong>de</strong>nn <strong>de</strong>r Biogasanlagenhersteller KTG Energie<br />
(siehe S. 19–20), das Technologieunternehmen BDT (siehe<br />
S. 11) und das Mo<strong>de</strong>unternehmen eterna (siehe S. 26–28)<br />
scharren bereits mit <strong>de</strong>n Hufen.<br />
Aber kann das so weitergehen? Eine berechtigte Frage hin-<br />
nach einer „anständigen“ Rendite, die beim aktuellen Niedrigst-<br />
Emittenten schlagen wer<strong>de</strong>n. Bleibt zu hoffen, dass <strong>de</strong>r Bond-<br />
Viel Spaß bei <strong>de</strong>r Lektüre!<br />
21. Sep. 2012<br />
Ausgabe<br />
19/2012<br />
Erscheint<br />
14-tägig<br />
Maximiliane Worch<br />
Über Ihr Feedback zum BondGui<strong>de</strong> wür<strong>de</strong>n wir uns sehr<br />
freuen. Sicherlich ist noch nicht alles perfekt, wir wollen<br />
jedoch gerne – mit Ihrer Hilfe – an uns arbeiten.<br />
Kontakt: newsletter@bondgui<strong>de</strong>.<strong>de</strong> o<strong>de</strong>r<br />
redaktion@goingpublic.<strong>de</strong>
Die GBC Kapital GmbH ist nach § 2 Abs. (10) KWG geha� geha� geha� geha� et durch Capital I<strong>de</strong>a GmbH, Hannover.
���������������������������<br />
������������������������������<br />
Top 50 capital seeking companies<br />
Page 122 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
certon<br />
systems<br />
The new weapon for e-commerce
Company Page<br />
4a medicom GmbH 124<br />
Artcline GmbH 125<br />
Bran<strong>de</strong>nburger Group 126<br />
brillen.<strong>de</strong> / Optik AG 128<br />
certon systems GmbH 129<br />
Concentrator Optics GmbH 130<br />
CorTAG GmbH 131<br />
crealytics GmbH 132<br />
CrystAl-N GmbH 133<br />
cube optics AG 134<br />
Cytolon AG<br />
Direvo Industrial<br />
135<br />
Biotechnology GmbH 136<br />
DRAUSY GmbH 137<br />
Company Page<br />
DREHER Aktiengesellschaft 138<br />
e.bootis ag 139<br />
EBS Technologies GmbH 140<br />
Eurographics AG 141<br />
finocom AG 142<br />
healthy planet 143<br />
HiperScan GmbH 144<br />
humangrid GmbH 145<br />
Jedox AG 146<br />
Jennewein Biotechnologie GmbH 147<br />
Joiz 148<br />
Kairos GmbH 149<br />
Koller Formenbau GmbH 150<br />
LeniMed GmbH 151<br />
Company Page<br />
Lüllau Engineering GmbH 152<br />
Medicyte GmbH 153<br />
mimoOn GmbH 154<br />
NOXXON Pharma AG 155<br />
oncgnostics GmbH 156<br />
PlanET Biogastechnik GmbH 157<br />
PRECISIS AG 158<br />
Scopis GmbH 159<br />
Sea & Sun Technology GmbH 160<br />
Shopgate GmbH 161<br />
SIRION Biotech GmbH 162<br />
t-cell Europe GmbH 163<br />
TomTec Imaging Systems GmbH 164<br />
Torqeedo GmbH 165<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 123
Capital Seeking Companies<br />
Profile<br />
Foun<strong>de</strong>d in 2006<br />
Number of employees 25<br />
Equity (in EUR million) -<br />
Financing needs (in EUR million) 7.0<br />
Positive result from -<br />
Revenues in 2010 (in EUR million) -<br />
Revenues in 2011 (in EUR million) -<br />
Revenues in 2012 (e) (in EUR million) -<br />
Revenues in 2013 (e) (in EUR million) -<br />
Contact<br />
Contact person Mag. Thomas Exel<br />
Phone: +43-(0) 6 99-19 07 05 55<br />
E-mail: exel@glucopearl.com<br />
Website: www.glucopearl.com<br />
Address: Industriepark 1<br />
8772 Traboch<br />
Austria<br />
Business field<br />
4a medicom GmbH is <strong>de</strong>veloping and commercialising an<br />
innovative system for measuring blood glucose. Unlike<br />
other commonly used systems, it enables the measurement<br />
to be taken by combining blood acquisition and blood sugar<br />
measurement − in just a single step and “at the touch of a<br />
button”. Diagnostic self-testing is the fastest-growing<br />
sector in the in vitro diagnostics market, which currently<br />
amounts to more than USD 35 billion worldwi<strong>de</strong>. Especially<br />
attractive is the approximately USD 8 billion-large global<br />
market for self-testing blood sugar levels (“self-monitoring<br />
of blood glucose”, also known as “SMBG” for short) and<br />
the approximately USD 1 billion-large market for glucose<br />
measurement by professional personnel (“point of care”, or<br />
“POC” for short). 4a medicom addresses both these<br />
markets with the innovative GlucoPEARL.<br />
Page 124 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
4a medicom GmbH<br />
Pharmaceuticals and health /<br />
medical technology<br />
Strategic market position<br />
An entirely novel and prototyped concept is the consolidation<br />
(unitisation) of all testing utensils and steps into a single<br />
disposable test <strong>de</strong>vice. This <strong>de</strong>velopment offers unparalleled<br />
simplicity, speed and safety with regard to test<br />
performance and disposal.<br />
Management<br />
Reinhard Hafellner is the foun<strong>de</strong>r of<br />
4a Group. He studied Plastics Engineering<br />
and Polymer Science at the<br />
University for Applied Sciences in<br />
Leoben, Austria. Among others, he is<br />
the foun<strong>de</strong>r of a company that produces<br />
loudspeaker components for<br />
mobile phones (which has a global<br />
markt share of about 15%).<br />
Thomas Exel, COO<br />
Thomas Exel, CCO, has more than 6<br />
years of senior management experience<br />
within a diabetes-focused European sales organisation<br />
and therefore brings to 4a medicom numerous national<br />
and international contacts in the diabetes environment.<br />
Sylvia Fauland, CFO since July 2012, has more than 15<br />
years of senior management experience in multinational<br />
listed companies in the areas of finance, treasury and<br />
acquisitions.<br />
Planned investment, sharehol<strong>de</strong>rs/investors<br />
The capital invested up to this point has comprised funding<br />
from the circle of foun<strong>de</strong>rs, grants and A-series financing<br />
with an investor consortium ma<strong>de</strong> up of three financial investors<br />
in 2010. Funding from B-series financing with<br />
volumes of approximately EUR 7 million will be mainly<br />
invested in the manufacturing stage of the product and in<br />
building up distribution. A major part of the investment is<br />
scheduled for production with outsourcing partners.<br />
The 4a medicom GmbH sharehol<strong>de</strong>rs are the two foun<strong>de</strong>rs<br />
(53%), three venture capital companies (44.5%) and some<br />
private investors (2.5%).
Artcline GmbH<br />
Medical technology<br />
Profile<br />
Foun<strong>de</strong>d in 2007<br />
Number of employees 8<br />
Equity (in EUR million) 0.6<br />
Financing needs (in EUR million) 5<br />
Positive result from 2015<br />
Revenues in 2010 (in EUR million) -<br />
Revenues in 2011 (in EUR million) -<br />
Revenues in 2012 (e) (in EUR million) -<br />
Revenues in 2013 (e) (in EUR million) -<br />
Contact<br />
Contact person Dr. Jens Altrichter<br />
Phone +49-(0) 1 71-8 29 40 62<br />
E-mail jens.altrichter@artcline.<strong>de</strong><br />
Website www.artcline.<strong>de</strong><br />
Address Schillingallee 68<br />
18057 Rostock<br />
Germany<br />
Business field<br />
Combination products ma<strong>de</strong> from medical <strong>de</strong>vices and<br />
biologics will characterise medicine of the 21st century.<br />
ARTCLINE has <strong>de</strong>veloped a patented <strong>de</strong>vice that is somewhat<br />
similar to dialysis and utilises immune cells from<br />
healthy blood donors to treat patients with severe infections.<br />
The main indication is sepsis, a whole-body infection,<br />
which kills more than 200,000 patients in the US and 50,000<br />
patients in Germany each year (www.world-sepsisday.org).<br />
The costs for sepsis in the US alone amount to<br />
USD 15 billion annually. The EISS treatment from<br />
ARTCLINE, which has already been clinically tested, uses<br />
human granulocytes – the primary <strong>de</strong>fence line of our<br />
immune system. In or<strong>de</strong>r to avoid si<strong>de</strong>-effects, these cells<br />
are not infused into the patent, but instead, the blood is<br />
treated extra-corporeally in a dialysis-like system, with the<br />
treated blood finally being re-infused. The positive results of<br />
an initial clinical trial were published recently in the Critical<br />
Capital Seeking Companies<br />
Care magazine. Meanwhile, a second clinical trial has been<br />
completed. ARTCLINE is currently <strong>de</strong>veloping the serial<br />
product such that it can start generating sales.<br />
Strategic market position<br />
ARTCLINE is the only company in the world that uses<br />
human immune cells for treating sepsis. A range of global<br />
patents, some of which have already been granted in the<br />
US and EU, form the basis of this. In principle, an EISS<br />
treatment consists of three elements: a machine, a disposable<br />
set consisting of tubes and filters, and the cells.<br />
ARTCLINE will generate revenues from all three components.<br />
The disposable set will be produced and marketed<br />
by ARTCLINE. For the machine and the cells, we cooperate<br />
with other companies.<br />
Management<br />
The management team is ma<strong>de</strong> up of<br />
the two foun<strong>de</strong>rs. Dr. Jens Altrichter,<br />
M.D./Ph.D. (49), a physician and biochemist,<br />
has held management positions<br />
in the medtech and biotech industries<br />
since 1998, after having conducted<br />
research at Rostock University,<br />
Germany, Brown University, Provi<strong>de</strong>nce,<br />
RI, and the National Institutes<br />
of Health, Bethesda. MD. Prof. Steffen<br />
Mitzner, M.D. (46) is full professor<br />
and Head of the Nephrology Department<br />
at Rostock University. In addition<br />
to other activities, he invented the<br />
MARS therapy, a dialysis-like system<br />
for treating liver failure. It is currently<br />
Dr. Jens Altrichter, CEO<br />
Prof. Steffen Mitzner,<br />
CSO<br />
the leading treatment option worldwi<strong>de</strong> and is marketed by<br />
Gambro, a multi-national healthcare company.<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
The main sharehol<strong>de</strong>rs are the two foun<strong>de</strong>rs as well as MORE<br />
Invest and KfW. The capital <strong>de</strong>mand is EUR 5 million until the<br />
company breaks even once it has finished the clinical trials,<br />
established serial production and started generating sales.<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 125
Capital Seeking Companies<br />
Profile<br />
Foun<strong>de</strong>d in 1939<br />
Number of employees 120<br />
Equity (in EUR million) 6<br />
Financing needs (in EUR million) 5<br />
Positive result from 1939<br />
Revenues in 2010 (in EUR million) 25.54<br />
Revenues in 2011 (in EUR million) 25.95<br />
Revenues in 2012 (e) (in EUR million) 26.70<br />
Revenues in 2013 (e) (in EUR million) 29.00<br />
Contact<br />
Contact person Tim Bran<strong>de</strong>nburger<br />
Phone +49-(0) 63 41-51 04-1 36<br />
E-mail t.bran<strong>de</strong>nburger@bran<strong>de</strong>nburger.<strong>de</strong><br />
Website www.bran<strong>de</strong>nburger.<strong>de</strong><br />
Address Taubensuhlstr. 6<br />
76829 Landau<br />
Germany<br />
Business field<br />
As a company with over 120 employees, the Bran<strong>de</strong>nburger<br />
Group is proud that it is still an in<strong>de</strong>pen<strong>de</strong>nt mediumsized,<br />
family-owned company. Its business divisions <strong>de</strong>al<br />
with the production, handling and global distribution of<br />
composite material. As the inventor of the GRP pipe lining<br />
procedure, the Bran<strong>de</strong>nburger Group has set an inter -<br />
national standard in trenchless sewer and sewage pipe<br />
rehabilitation. Over the last 20 years, it has both used and<br />
improved on a patented method for manufacturing<br />
UV-cured fibreglass tubes. Furthermore, our Thermal Insulation<br />
business division can be found wherever efficient,<br />
long-lasting heat protection is required. Our heat protection<br />
plates, high-temperature insulation materials, sliding materials<br />
for friction bearings and even our ablation materials for<br />
aerospace applications are used all over the world in a<br />
whole host of industries. They are therefore extremely<br />
important to the market.<br />
Page 126 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Bran<strong>de</strong>nburger Group<br />
High-tech composite materials<br />
Strategic market position<br />
The Bran<strong>de</strong>nburger Group is an innovation-driven company<br />
that strives to set new technological standards in its multiple<br />
business divisions. For more than 70 years now, the<br />
Bran<strong>de</strong>nburger Group has been a global market lea<strong>de</strong>r in<br />
the field of thermal insulation. Furthermore, we are proud to<br />
announce that we have the most successful GRP liner system<br />
in the world, amounting to more than 3 million metres<br />
of in-built liners.<br />
Management<br />
As a high-ranking member<br />
of the family-owned company<br />
(which was foun<strong>de</strong>d<br />
by his grandfather), Tim<br />
Bran<strong>de</strong>nburger gained initial<br />
work experience during<br />
his Business Administration<br />
<strong>de</strong>gree at Saarland University.<br />
He started as a trainee<br />
in the Bran<strong>de</strong>nburger Group<br />
during a time of change -<br />
over, economic turbulence<br />
and extensive growth with<br />
regard to the business<br />
Tim Bran<strong>de</strong>nburger, CEO<br />
structures. He now has<br />
worked his way up to the<br />
position of CEO and took<br />
over as Chair of the management board in 2010. At that<br />
time, the business was being re-structured to cope with<br />
the challenges of being a third-generation industrial firm.<br />
Furthermore, the Bran<strong>de</strong>nburger Group is led by an experienced<br />
team of managers who have extensive experience<br />
in their respective business divisions. Peter<br />
Schwab, General Manager of the Thermal Insulation<br />
business division; Ulrich Kuchenbaur, General Manager<br />
of the Sewer Rehabilitation business division; and<br />
Michael Schlo<strong>de</strong>r, CFO.<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
Privately owned thus far.
Wer <strong>de</strong>nkt<br />
bei einer<br />
Pipeline schon<br />
an Biotech<br />
Durch eine Pipeline fliessen nicht nur Öl und Gas. Bevor neue Medikamente <strong>de</strong>n Markt erobern,<br />
durchlaufen sie einen komplexen Forschungs- und Zulassungsprozess. Welche Wirkstoffe sich in<br />
<strong>de</strong>r Entwicklung befin<strong>de</strong>n, zeigt die Pipeline eines Unternehmens. Prall gefüllt ist sie heute vor<br />
allem mit hochwirksamen Medikamenten aus <strong>de</strong>r Biotechnologie. Sie zielen auf die Ursachen<br />
von körperlichen Defekten und eröffnen <strong>de</strong>r Bekämpfung lebensbedrohlicher Krankheiten neue<br />
Dimensionen. Davon haben sich jetzt auch die grossen Pharmakonzerne überzeugt. Sie suchen<br />
<strong>de</strong>n Anschluss und drängen auf Übernahmen <strong>de</strong>r vielversprechendsten Biotech-Unternehmen.<br />
Einige <strong>de</strong>r aussichtsreichsten Kandidaten sind im Portfolio von BB Biotech vereint. Investieren Sie<br />
jetzt in <strong>de</strong>n Markt <strong>de</strong>r Zukunft – und in <strong>de</strong>n medizinischen Fortschritt. ISIN: CH0038389992<br />
www.bbbiotech.com<br />
Anzeige. Die BB Biotech AG ist im TecDAX<br />
notiert. Obige Angaben sind Meinungen <strong>de</strong>r<br />
BB Biotech AG und sind subjektiver Natur.<br />
Die vergangene Performance ist keine<br />
Garantie für zukünftige Entwicklungen.
Capital Seeking Companies<br />
Profile<br />
Foun<strong>de</strong>d in 2011<br />
Number of employees approx. 50<br />
Equity (in EUR million) 2<br />
Financing needs (in EUR million) 2<br />
Positive result from -<br />
Revenues in 2010 (in EUR million) 0.0<br />
Revenues in 2011 (in EUR million) 0.2<br />
Revenues in 2012 (e) (in EUR million) 3.5<br />
Revenues in 2013 (e) (in EUR million) 10<br />
Contact<br />
Contact person Daniel Thung<br />
Phone +49-(0) 9 21-16 49 89 80<br />
E-mail d.thung@brillen.<strong>de</strong><br />
Website www.brillen.<strong>de</strong><br />
Address Orionstr. 3a<br />
95448 Bayreuth<br />
Germany<br />
Page 128 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
brillen.<strong>de</strong> / Optik AG<br />
Online shop<br />
Business field<br />
Brillen.<strong>de</strong> is a unique and new concept for the optical<br />
sector in Germany. Our operations are a combination of an<br />
online shop and High Street stores.<br />
Strategic market position<br />
www.brillen.<strong>de</strong> – our domain is the easiest to remember in<br />
Germany’s optical sector. Having got off to a successful<br />
start, we run now more than 19 brillen.<strong>de</strong> flagship stores.<br />
We have now finished programming the online shop and it<br />
is now fully operational. We have almost finished rolling out<br />
the franchise / licence mo<strong>de</strong>l and have already found 50<br />
traditional opticians who will launch a shop-in-shop system<br />
in the near future. In 2013, we will launch a TV campaign for<br />
brillen.<strong>de</strong>. At present, we are also in partnership agreement<br />
negotiations with a TV group for a “media-for-equity” <strong>de</strong>al.<br />
Management<br />
Matthias Kamppeter, who has been an optician since<br />
1998 and can trace his experience back through selling<br />
more than 100,000 pairs of glasses<br />
Marcus Sei<strong>de</strong>l, an Internet specialist and foun<strong>de</strong>r of<br />
Gutscheine.<strong>de</strong> (which was sold to the RTL television network<br />
in 2012). He also foun<strong>de</strong>d ADCELL Network and<br />
Games.<strong>de</strong><br />
Daniel Thung, a former newscaster for CNN Germany in<br />
the financial sector<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
u Roll-out of a new franchise / licence mo<strong>de</strong>l for traditional<br />
opticians.<br />
u Launch of a marketing TV campaign in cooperation with<br />
Oliver Voss (former CEO of Jung von Matt)<br />
u Opening of another 10 brillen.<strong>de</strong> flagship stores in prominent<br />
German cities. Extending the concept to Austria and<br />
Spain with the top domains of brille.at, brillen.at and<br />
gafas.es<br />
u Seeking growth capital amounting to EUR 2 million<br />
u Majority sharehol<strong>de</strong>rs: Matthias Kamppeter, Marcus<br />
Sei<strong>de</strong>l, Daniel Thung
certon systems GmbH<br />
Electronic components and hardware<br />
Profile<br />
Foun<strong>de</strong>d in 2005<br />
Number of employees 8<br />
Equity (in EUR million) 2<br />
Financing needs (in EUR million) 1<br />
Positive result from 2014<br />
Revenues in 2010 (in EUR million) 0.3<br />
Revenues in 2011 (in EUR million) 0.6<br />
Revenues in 2012 (e) (in EUR million) 0.8<br />
Revenues in 2013 (e) (in EUR million) 1.5<br />
Contact<br />
Contact person Lord Hess<br />
Phone +49-(0) 62 21-7 59 02 60<br />
E-mail hess@certon.<strong>de</strong><br />
Website www.certon.<strong>de</strong><br />
Address Hans-Bunte-Str. 8<br />
69123 Hei<strong>de</strong>lberg<br />
Germany<br />
Business field<br />
certon systems <strong>de</strong>livers solutions for the storage market,<br />
offering high levels of data integrity and a strong service.<br />
Worldwi<strong>de</strong> storage expenditure will rise to approximately<br />
USD 35 billion by 2014. The price per 1,000 GB ranges from<br />
EUR 50 (external hard disc) to EUR 3,000 (Enterprise<br />
Network Attached Storage server). certon systems focuses<br />
on small- and medium-sized enterprises with large storage<br />
capacity requirements (e.g. imaging, CAD/CAM, architecture,<br />
medical). In addition, certon systems is entering the<br />
consumer market for large storage capacity needs by<br />
introducing the first audiophile music server, INTEGRITA,<br />
for HiFi / high-end users. certon systems will feature the<br />
storage solution for GIRA’s home server technology, entering<br />
the market for intelligent building technology. The<br />
growth in <strong>de</strong>mand for storage capacities is enormous and is<br />
still rising by 30-50%, and the number and size of – mainly –<br />
multimedia files is on the increase, too.<br />
Strategic market position<br />
Capital Seeking Companies<br />
certon<br />
systems<br />
certon systems offers its customers maximum data integrity.<br />
According to market testing and benchmarks, certon<br />
systems’ products feature the fastest access to stored<br />
data. All systems run with a very easy Plug & Play installation<br />
and have an average installation time of less than<br />
5 minutes. certon systems thus offers an attractive priceperformance<br />
ratio within strongly growing markets. In<br />
addition, certon systems is starting to provi<strong>de</strong> a software<br />
platform to enable various applications and services for the<br />
products to be optimised with ease, offering an additional<br />
revenue stream.<br />
Management<br />
certon systems’ management<br />
team is lead by Lord<br />
Hess, its foun<strong>de</strong>r. Lord<br />
Hess was formerly responsible<br />
for data integrity at<br />
CERN, Geneva. He is Managing<br />
Director of certon<br />
systems and is responsible<br />
for the Engineering, Software<br />
Development and Operations<br />
/ Customer Ser vice<br />
<strong>de</strong>partments. Ralph Westenburger,<br />
who is a share-<br />
Lord Hess, CEO<br />
hol<strong>de</strong>r and received commercial<br />
procuration, has a<br />
strong IT background (T-Systems) and is responsible for<br />
Sales and Business Development.<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
certon systems successfully conclu<strong>de</strong>d two investment<br />
rounds with Prinz von Hohenzollern Capital GmbH & Co.<br />
KG and KfW. certon systems is looking for an additional<br />
investment of up to EUR 1 million to strengthen its market<br />
position and growth in Western Europe, gain momentum<br />
with regard to internationalisation via distributors in North<br />
America and Australia, as well as intensify market communication.<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 129
Capital Seeking Companies<br />
Profile<br />
Foun<strong>de</strong>d in 2008<br />
Number of employees 22<br />
Equity (in EUR million) 0.58<br />
Financing needs (in EUR million) up to 3.0<br />
Positive result from 2013<br />
Revenues in 2010 (in EUR million) 0.4<br />
Revenues in 2011 (in EUR million) 0.3<br />
Revenues in 2012 (e) (in EUR million) 0.9<br />
Revenues in 2013 (e) (in EUR million) 4.4<br />
Contact<br />
Contact person Michael Bartels<br />
Phone +49-(0) 64 21-16 89 40-0<br />
E-mail michael.bartels@concentratoroptics.com<br />
Website www.concentratoroptics.com<br />
Address Lahnstraße 16<br />
35091 Cölbe<br />
Germany<br />
Business field<br />
Concentrator Optics is the one-stop-shop turnkey provi<strong>de</strong>r<br />
of the technologies that enable production of Fresnel<br />
lenses. Our services inclu<strong>de</strong> the optical <strong>de</strong>sign, prototyping<br />
and manufacture of Fresnel lenses for concentrating photovoltaics<br />
(CPV) and we also offer complete turnkey production<br />
lines.<br />
Strategic market position<br />
The market volume for solar optics in CPV is expected to<br />
exceed EUR 500 million in 2015. These optics will be nonimaging<br />
Fresnel lenses within large-scale Fresnel lens<br />
parquets that <strong>de</strong>liver maximum transmittance. Traditional<br />
lens-makers do not produce lens parquets such as these,<br />
as they have specialised in other materials, processes and<br />
small-scale units. In<strong>de</strong>ed, there are only 5 companies in the<br />
world that produce Fresnel lenses for CPV. Concentrator<br />
Page 130 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Concentrator Optics GmbH<br />
Renewable energies<br />
Optics is the only company supporting both processes<br />
customary in the market (PMMA and silicone-on-glass, or<br />
SoG for short). It is also the only one to offer both processes<br />
as turnkey supplier to its customers.<br />
Management<br />
Ralf Leutz has been working on Fresnel lenses and solar<br />
applications for more than 15 years. He has accompanied<br />
several solar projects, right through from research to production.<br />
Dr. Leutz wrote the book “Nonimaging Fresnel<br />
Lenses – Design and Performance of Solar Concentrators”<br />
(Springer, 2001) and he is a renowned expert in the <strong>de</strong>veloping<br />
CPV market.<br />
Michael Bartels complements the team as an experienced<br />
sharehol<strong>de</strong>r, managing director and board member of<br />
several companies. His responsibilities at Concentrator<br />
Optics inclu<strong>de</strong> marketing, sales, IT and finance.<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
Concentrator Optics is currently planning another funding<br />
round to the tune of EUR 2 million to EUR 3 million, such<br />
that the company can ensure and press ahead with its<br />
growth. 75% of this investment has already been firmly<br />
committed.<br />
The current sharehol<strong>de</strong>rs are Capricorn Cleantech Fund,<br />
Leuven, Belgium; KfW; and the foun<strong>de</strong>rs Dr. Ralf Leutz,<br />
Rainer Adomeit, Dr. Ling Fu and Hans Philipp Annen.
CorTAG GmbH<br />
Medical technology<br />
Profile<br />
Foun<strong>de</strong>d in 2009<br />
Number of employees 5<br />
Equity (in EUR million) 0.08<br />
Financing needs (in EUR million) 0.8<br />
Positive result from -<br />
Revenues in 2010 (in EUR million) 0.348<br />
Revenues in 2011 (in EUR million) 0.239<br />
Revenues in 2012 (e) (in EUR million) 0.163<br />
Revenues in 2013 (e) (in EUR million) 1.757<br />
Contact<br />
Contact person Dr. rer. pol. Michael Gebauer<br />
Phone +49-(0) 2 31-97 42-61 80<br />
E-mail gebauer@cortag.<strong>de</strong><br />
Website www.cortag.<strong>de</strong><br />
Address Otto-Hahn-Str. 15<br />
44227 Dortmund<br />
Germany<br />
Dr. Michael Gebauer<br />
Business field<br />
Capital Seeking Companies<br />
CorTAG is committed to <strong>de</strong>veloping, validating and applying<br />
groundbreaking methods in the field of cardiogenetic<br />
diagnostics. These methods are extremely useful for<br />
<strong>de</strong>tecting genetic <strong>de</strong>fects (referred to as “mutations”) that<br />
un<strong>de</strong>rlie a range of different cardiovascular conditions that<br />
overlap to a certain extent, such as Hypertrophic Cardiomyopathy<br />
(HCM), Dilated Cardiomyopathy (DCM), Long QT<br />
Syndrome and Marfan Syndrome.<br />
Strategic market position<br />
CorTAG is the only provi<strong>de</strong>r of Microarray-based resequencing<br />
assays for cardiovascular diseases. On a<br />
global scale, we are assuming that around 20 million people<br />
suffer from these diseases. The first products are being sold<br />
to customers in Hamburg and Belgium. Distributorship<br />
agreements are being conclu<strong>de</strong>d for India, Turkey and<br />
Israel. For 2013, CorTAG anticipates significant sales.<br />
Management<br />
Dr. rer. nat. Stephan Waldmüller (7%), CSO<br />
Dr. rer. pol. Michael Gebauer (1.7%), CEO<br />
Max Peracha, MBA (Business Development), CBO<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
Current sharehol<strong>de</strong>r structure:<br />
Cardiac Research GmbH: 21.2%<br />
CorTAG GmbH: 9.5%<br />
Dr. Stephan Waldmüller: 7.0%<br />
Dr. Michael Gebauer: 1.7%<br />
Prof. Dr. Hubertus Heuer: 6.0%<br />
Prof. Dr. Henning Warnecke: 6.0%<br />
SeedCapital Dortmund: 24.3%<br />
KfW Bonn: 24.3%<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 131
Capital Seeking Companies<br />
The new weapon for e-commerce<br />
Profile<br />
Foun<strong>de</strong>d in 2008<br />
Number of employees 40<br />
Equity (in EUR million) 1.5<br />
Financing needs (in EUR million) 5<br />
Positive result from 2011<br />
Revenues in 2010 (in EUR million) 1.7<br />
Revenues in 2011 (in EUR million) 5<br />
Revenues in 2012 (e) (in EUR million) 7<br />
Revenues in 2013 (e) (in EUR million) 14<br />
Contact<br />
Contact person Dipl. Kfm. Andreas Reiffen<br />
Phone +49-(0) 8 51-21 37 28-0<br />
E-mail info@crealytics.<strong>de</strong><br />
Website www.crealytics.<strong>de</strong><br />
Address Brunngasse 1<br />
94032 Passau<br />
Germany<br />
Business field<br />
With camato, crealytics is setting new standards in PPC<br />
advertising. The problem: PPC campaigns require a perfect<br />
match between the keyword, ad and landing page. Specialists<br />
have to perform preservative tasks manually – for<br />
millions of keywords. The solution: camato is a tool for<br />
first-class AdWords campaigns. It processes mor than<br />
100,000 keywords and ads of top quality with just a few<br />
clicks. Customers benefit from higher campaign quality<br />
with lower CPCs, as well as broa<strong>de</strong>r keyword coverage with<br />
the same amount of time and effort. camato is the i<strong>de</strong>al<br />
complement to bid management tools.<br />
Strategic market position<br />
Customers are searching for products on Google, while<br />
shops are seeking to accommodate this <strong>de</strong>mand and sell<br />
their products. PPC advertising could be as simple as that if<br />
there weren’t millions of potential keywords in the way!<br />
Page 132 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
crealytics GmbH<br />
Software<br />
Advertisers have limited human resources and therefore<br />
cannot find perfectly matching ads and landing pages for<br />
every relevant keyword. Without these technical obstacles<br />
in matching supply and <strong>de</strong>mand, shops could acquire more<br />
customers and Google could generate more revenue.<br />
crealytics tackles this problem at its roots, while competitors<br />
are thus far focusing on the existing system. camato<br />
guarantees a smooth PPC campaign set-up process. Keywords,<br />
ads and matching landing pages will no longer be a<br />
limiting factor in the PPC process. Google itself indicates<br />
that crealytics is on the right track with its strategy: Product<br />
Listing Ads, Broad Matches or Google Labels are just a few<br />
examples of Google’s intention to abandon keywords as<br />
the basis of PPC advertising.<br />
Management<br />
Andreas Reiffen (foun<strong>de</strong>r<br />
and CEO): PPC specialist,<br />
with more than five years’<br />
market experience; Daniel<br />
Trost (CSO): specialist in<br />
sales and marketing, 10<br />
years’ experience in selling<br />
software and services;<br />
Christof König (foun<strong>de</strong>r<br />
and MD): software architect,<br />
database engineer, more<br />
than four years’ experience<br />
in PPC advertising; Frank<br />
Janisch (CTO): 15 years’ IT<br />
experience, experience in<br />
web product <strong>de</strong>velopment<br />
Andreas Reiffen, CEO<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
Sharehol<strong>de</strong>rs / investors: Financing needs: EUR 5 million,<br />
Investors: LBBW Venture Capital, High-Tech Grün<strong>de</strong>rfonds,<br />
Mountain Super Angel, Technologie Seed, Beteiligungsfonds<br />
Bayern, Clusterfonds EFRE Bayern, Chancenkapitalfonds<br />
<strong>de</strong>r KSK Biberach
CrystAl-N GmbH<br />
Special chemical products<br />
Profile<br />
Foun<strong>de</strong>d in 2010<br />
Number of employees 5<br />
Equity (in EUR million) 0.2<br />
Financing needs (in EUR million) 2<br />
Positive result from -<br />
Revenues in 2010 (in EUR million) 0.042<br />
Revenues in 2011 (in EUR million) 0.124<br />
Revenues in 2012 (e) (in EUR million) 0.074<br />
Revenues in 2013 (e) (in EUR million) 0.256<br />
Contact<br />
Contact person Dipl. Kfm. Ulrich Seitz<br />
Phone +49-(0) 9 11-65 07 86 50-90<br />
E-mail info@crystal-n.com<br />
Website www.crystal-n.com<br />
Address Dr.-Mack-Straße 77<br />
90762 Fürth<br />
Germany<br />
Dr. Paul Heimann, CEO<br />
Business field<br />
Capital Seeking Companies<br />
CrystAl-N is producing aluminium nitri<strong>de</strong> (AlN) substrates to<br />
be used e.g. for ultraviolet light-emitting dio<strong>de</strong>s. Due to<br />
their compact size and low-voltage operation,<br />
UV-LEDs facilitate the energy-efficient disinfection of water<br />
and air.<br />
Strategic market position<br />
Today, ultraviolet light-emitting dio<strong>de</strong>s (UV-LEDs) are a<br />
niche product, as they suffer from poor light output and<br />
short <strong>de</strong>vice lifetimes. AlN substrates will boost the efficiency<br />
of such <strong>de</strong>vices tremendously (lifetime, output power, etc.).<br />
For the first time, high-performance UV-C LEDs can be<br />
manufactured and will enable various new applications,<br />
such as point-of-use water and media disinfection, air<br />
purification within air conditioners installed in planes and<br />
cars, and many more applications besi<strong>de</strong>s.<br />
Management<br />
Dr. Boris Epelbaum, Chief Technology Officer. Tasks:<br />
Crystal growth. More than 25 years of experience in crystal<br />
growth.<br />
Dr. Paul Heimann, Chief Executive Officer. Tasks: Sales &<br />
Quality Management.<br />
Dipl-Kfm. Ulrich Seitz, Chief Financial Officer. Tasks:<br />
Finance / controlling and business <strong>de</strong>velopment. Cofoun<strong>de</strong>r<br />
and part of the team since 2008.<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
Investors: High-Tech-Grün<strong>de</strong>rfonds; Seedfonds Bayern;<br />
Horst Linn sen. (BA). Capital <strong>de</strong>mand: EUR 2 million to<br />
expand production capacity.<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 133
Capital Seeking Companies<br />
Profile<br />
Foun<strong>de</strong>d in 2000<br />
Number of employees 90<br />
Equity (in EUR million) 4<br />
Financing needs (in EUR million) 3<br />
Positive result from 2011<br />
Revenues in 2010 (in EUR million) 7.3<br />
Revenues in 2011 (in EUR million) 10.8<br />
Revenues in 2012 (e) (in EUR million) 14.4<br />
Revenues in 2013 (e) (in EUR million) 20<br />
Contact<br />
Contact person Bernhard Heine<br />
Phone +49-(0) 61 31-6 98 51-16<br />
E-mail heine@cubeoptics.com<br />
Website www.cubeoptics.com<br />
Address Robert-Koch-Str. 30<br />
55129 Mainz<br />
Germany<br />
Business field<br />
The <strong>de</strong>velopment, manufacture and marketing of fibreoptic<br />
components, modules, systems and turnkey fibreoptic<br />
transport solutions for applications in telecommunications,<br />
data communication and sensing.<br />
Strategic market position<br />
Cube Optics uses a proprietary micro-optic production<br />
platform to manufacture passive and integrated optical<br />
components, modules and systems, as well as turnkey<br />
fibre-optic transport solutions. This patented Polymer Optical<br />
Bench (POB) platform not only gives rise to the smallest,<br />
Telcordia-qualified components and modular integration of<br />
features, but it also incurs very low manufacturing costs.<br />
Customers inclu<strong>de</strong> OEM system manufacturers in telecommunications,<br />
data communication and sensing, as well as<br />
Page 134 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
cube optics AG<br />
General industrial company<br />
network and data centre operators. Current growth drivers<br />
particularly involve integrated optical multiplexers and optical<br />
sub-assemblies for 40Gbps and 100Gbps high-speed<br />
transceivers.<br />
Management<br />
CEO: Dr. Francis Nedvi<strong>de</strong>k<br />
COO and foun<strong>de</strong>r: Dr. Thomas Paatzsch<br />
CTO and foun<strong>de</strong>r: Ingo Smaglinski<br />
CFO: Bernhard Heine<br />
Vice-Presi<strong>de</strong>nt Marketing & Sales: Sven Krüger<br />
Dr. Francis Nedvi<strong>de</strong>k, CEO<br />
Dr. Thomas Paatzsch, COO<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
The main sharehol<strong>de</strong>rs inclu<strong>de</strong> the VC corporations Target<br />
Partners (Munich), Star Ventures and Sevin Rosen Funds,<br />
as well as several private investors.<br />
We have financing needs (amounting to approx. EUR 3<br />
million) for our plan to increase manufacturing capacities,<br />
such that we can meet the growing <strong>de</strong>mand for transceiver<br />
components.
Cytolon AG<br />
Biotechnology<br />
Profile<br />
Foun<strong>de</strong>d in 2008<br />
Number of employees 18<br />
Equity (in EUR million) 2.8<br />
Financing needs (in EUR million) 2.5<br />
Positive result from 2013<br />
Revenues in 2010 (in EUR million) -<br />
Revenues in 2011 (in EUR million) -<br />
Revenues in 2012 (e) (in EUR million) 0.052<br />
Revenues in 2013 (e) (in EUR million) 0.34<br />
Contact<br />
Contact person Thomas Klein<br />
Phone +49-(0) 30-2 63 92 88-0<br />
E-mail thomas.klein@cytolon.com<br />
Website www.cytolon.com<br />
Address Am Karlsbad 15<br />
10785 Berlin<br />
Germany<br />
Business field<br />
Cytolon AG is the first company in the world putting itself in<br />
a position to meet a vital need in the area of personalised<br />
medicine. Personalised medicine is based on matching<br />
patients’ personal data to the characteristics of a given<br />
product, in or<strong>de</strong>r to achieve the best possible therapeutic<br />
effect. It is absolutely essential that patients and products<br />
are accurately matched in a timely fashion, and in very high<br />
numbers. A comprehensive solution can only be provi<strong>de</strong>d<br />
by way of intelligent Internet-based matching platforms. It<br />
is Cytolon’s corporate mission to be the world’s leading<br />
trusted source for obtaining the correct, best-matched personalised<br />
products in a timely and cost-effective manner.<br />
Strategic market position<br />
Cytolon’s strategy is to position itself in the existing personalised<br />
medicine markets through offering unique services<br />
and innovative products. Allogenic cord blood transplants<br />
Capital Seeking Companies<br />
and their inherent stem cells are among the first existing<br />
personalised products in clinical practice for treating<br />
leukaemia patients. The company’s first product is thus the<br />
proprietary, patent-pending, global, Internet-based cord<br />
blood brokering platform, CordMatch ® . Accurate matching<br />
of patients and products is imperative, as a cord blood<br />
transplant for a leukaemia patient must match the histocompatibility<br />
antigens and genetic needs of the patient.<br />
Cytolon provi<strong>de</strong>s solutions and services both for today and<br />
for the future, such that global transplant centres and physicians<br />
can talk efficiently and effectively to global cord blood<br />
banks, registries, industrial partners and service provi<strong>de</strong>rs.<br />
CordMatch ® achieved proof of concept, with more than 100<br />
clinics all over the world accredited with the platform.<br />
Together with leading healthcare partners in the field,<br />
Cytolon is enhancing its business mo<strong>de</strong>l to inclu<strong>de</strong> other<br />
stem cell sources, such as bone marrow, expan<strong>de</strong>d cord<br />
blood and mesenchymal stem cell products. At the request<br />
of public healthcare institutions and the healthcare industry,<br />
Cytolon is engaged in further specification projects, which<br />
are already in advanced stages. These are expected to<br />
launch in the second and third quarters of 2013.<br />
Management<br />
Thomas Klein, foun<strong>de</strong>r and<br />
CEO of Cytolon AG. He focuses<br />
on the company’s strategy<br />
and corporate <strong>de</strong>velopment.<br />
With more than 15 years of professional<br />
experience as an entrepreneur,<br />
he has a proven<br />
track record with NOXXON<br />
Pharma AG and ArcWay AG. To<br />
find out more about him and<br />
the rest of the management<br />
team, visit www.cytolon.com.<br />
Thomas Klein, CEO<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
EUR 2.5 million in equity to enter the growth phase. The<br />
lead investor is Dr. Jürgen Schumacher, co-foun<strong>de</strong>r of<br />
QIAGEN, Evotec, NewLab, and the co-investors are private<br />
equity funds, including KfW.<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 135
Capital Seeking Companies<br />
Profile<br />
Foun<strong>de</strong>d in 2008<br />
Number of employees 30<br />
Equity (in EUR million) 3<br />
Financing needs (in EUR million) 12<br />
Positive result from 2014<br />
Revenues in 2010 (in EUR million) 0.5<br />
Revenues in 2011 (in EUR million) 1.2<br />
Revenues in 2012 (e) (in EUR million) 2.5<br />
Revenues in 2013 (e) (in EUR million) 3.0<br />
Contact<br />
Contact person Dr. Jörg Riesmeier<br />
Phone +49-(0) 2 21-4 74 48-1 01<br />
E-mail joerg.riesmeier@direvo.com<br />
Website www.direvo.com<br />
Address Nattermannallee 1<br />
50829 Cologne<br />
Germany<br />
Business field<br />
Direvo is a biotechnology company that focuses on the biomass<br />
conversion industry. Direvo i<strong>de</strong>ntifies bottlenecks and<br />
weaknesses in current industrial processes in this sector<br />
and <strong>de</strong>velops and implements biology-based solutions<br />
together with both large and small industrial partners.<br />
Direvo’s products are newly-<strong>de</strong>signed enzymes and microorganisms<br />
of the highest quality that provi<strong>de</strong> easy-toimplement,<br />
cost-effective solutions. Direvo’s contribution<br />
ensures that partners stay competitive and profitable while<br />
Direvo enhances their ability to make the future cleaner,<br />
greener and safer.<br />
Strategic market position<br />
At Direvo, we focus on the emerging biomass conversion<br />
industry. We i<strong>de</strong>ntify bottlenecks and weaknesses in<br />
current industrial processes in this sector. We <strong>de</strong>velop<br />
Page 136 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Direvo Industrial<br />
Biotechnology GmbH<br />
Renewable energies<br />
biology-based solutions and implement these for our partners<br />
and customers, which inclu<strong>de</strong> both large and small<br />
industrial companies. Our BluZy product <strong>de</strong>velopment<br />
platform, which <strong>de</strong>livers innovative biology-based solutions<br />
to improve the economics of the renewable fuels and livestock<br />
feeding markets, has just been launched. It’s objective<br />
is to get the most and best out of every bushel of corn.<br />
Management<br />
DIREVO is run by an international management team with<br />
extensive experience in the biotech industries: Dr. Jörg<br />
Riesmeier, CEO; Andreas Lischka, VP Finance & Administration;<br />
Klaudija Milos, VP Industrial Solutions Business<br />
Unit; Dr. Albrecht Läufer, VP Lignocellulose Business Unit<br />
From left to right: Dr. Jörg Riesmeier, Klaudija Milos, Dr. Albrecht Läufer,<br />
Andreas Lischka<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
DIREVO Industrial Biotechnology GmbH is financed by<br />
venture capital and private investors. Current investors<br />
inclu<strong>de</strong>: TVM V Life Science Ventures GmbH & Co. KG,<br />
Munich; NRW.Bank Venture Fonds GmbH & Co. KG, Düsseldorf;<br />
Wölbern Equity Partner GmbH, Hamburg; SKB<br />
Kapitalbeteiligungsgesellschaft Köln-Bonn mbH, Cologne;<br />
Mulligan BioCapital, Hamburg; SMH Enzymes LLC, New<br />
York; Danisco Venture A/S, Copenhagen and several<br />
private investors.
DRAUSY GmbH<br />
Water investment and<br />
profitable sustainability<br />
Profile<br />
Foun<strong>de</strong>d in 1998<br />
Number of employees 3 + 15<br />
Equity (in EUR million) 0.025<br />
Financing needs (in EUR million) 1-10-100<br />
Positive result from 2012<br />
Revenues in 2010 (in EUR million) 0.1<br />
Revenues in 2011 (in EUR million) 0.1<br />
Revenues in 2012 (e) (in EUR million) 0.2<br />
Revenues in 2013 (e) (in EUR million) 5<br />
Contact<br />
Contact person Nikolaus Weth<br />
Phone +49-(0) 63 42-9 29-1 30<br />
E-mail n.weth@drausy.<strong>de</strong><br />
Website www.drausy.<strong>de</strong><br />
Address Schulstr. 5<br />
76889 Schweigen-Rechtenbach<br />
Germany<br />
Business field<br />
DRAUSY disperses liquid or gaseous agents evenly and over<br />
distances spanning kilometres. The technique we use is Louis<br />
Pasteur’s dream turned into a reality: namely, that if we can<br />
change the environment, we need not bother about individual<br />
microbes. DRAUSY enables the environment to be changed.<br />
It works in pipes or channels, bringing the environment un<strong>de</strong>r<br />
appropriate conditions for the biology required to solve the<br />
problem. Over the last 12 years, DRAUSY has gained experience<br />
in network wastewater treatment. In the projects we<br />
have completed to date, we have always brought the water<br />
un<strong>de</strong>r slightly aerobic conditions, as microbes cannot produce<br />
H 2S un<strong>de</strong>r these conditions and the wastewater still has<br />
enough organic matter to be <strong>de</strong>composed in the treatment<br />
plant. By adding more oxygen in a more linear fashion, a pipe<br />
becomes a linear treatment station, whereby the wastewater<br />
is <strong>de</strong>composed in the same way as in the station. The same<br />
biological stimulation works on the ground of water sites.<br />
Capital Seeking Companies<br />
Their linear dispersion of air stimulates the existing biology<br />
such that the accumulated organic sludge is <strong>de</strong>composed.<br />
In<strong>de</strong>ed, it is like composting, but “un<strong>de</strong>rwater”. The water site<br />
is able to recover, and fish, plants and people are happy again.<br />
Strategic market position<br />
DRAUSY technology <strong>de</strong>livers innovative turnkey solutions for<br />
solving extensive environmental problems. Instead of common<br />
spot-dosage dosage, DRAUSY enables linear dosage,<br />
thus achieving savings of agents up to 90%. The technology<br />
has proven its worth in industry, following more than 10 years<br />
in sewage networks. Projects have been recently been implemented<br />
in major sewers in Paris and Tangier. DRAUSY’s future<br />
position on the market <strong>de</strong>pends upon what investors and interested<br />
partners are focusing on. Until now, DRAUSY has<br />
concentrated on making things work and enabling them to<br />
survive. It is now time to spread the results we have obtained<br />
around the globe and to become a facilitating partner in solving<br />
major environmental problems whilst make biology do the job.<br />
Management<br />
Nikolaus Weth is the foun<strong>de</strong>r of DRAUSY GmbH and<br />
DRAUSY Sàrl. He has held the position of CEO since 1998.<br />
DRAUSY patents (EU, US, Japan) and capital are wholly<br />
owned by Nikolaus Weth.<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
DRAUSY’s aim is to become standard for linear or wi<strong>de</strong><br />
biological sanitation. Therefore Capital partners are looked for<br />
specific regional investment cases like:<br />
u Decomposition of organic sludge thus avoiding algae blossom,<br />
bad odour and fouling waters. For example the sanitation<br />
of US hydroelectric dams that are full of sludge.<br />
DRAUSY biological <strong>de</strong>composition of organic matters will<br />
increase reservoir’s water-volume so permitting to avoid<br />
<strong>de</strong>molition of the dam (as is done at ELWHA site). 230 more<br />
dams are to be <strong>de</strong>stroyed so there is a lot of work left.<br />
u Clean Hanoi wastewater in the network or the open channels<br />
on its way. VEOLIA states: “Best for China”<br />
u Sanitise Lake LAGOA at Rio <strong>de</strong> Janeiro (behind Copacabana).<br />
u Sanitise lakes like Dümmer or Steinhu<strong>de</strong>r Meer in Germany.<br />
High ROI is assured.<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 137
Capital Seeking Companies<br />
Profile<br />
Foun<strong>de</strong>d in 2009<br />
Number of employees 60<br />
Equity (in EUR million) 10.5<br />
Financing needs (in EUR million) 1 / 5<br />
Positive result from 2010<br />
Revenues in 2010 (in EUR million) 6.5<br />
Revenues in 2011 (in EUR million) 9.8<br />
Revenues in 2012 (e) (in EUR million) 13<br />
Revenues in 2013 (e) (in EUR million) 18<br />
Contact<br />
Contact person Martin Dreher<br />
Phone +49-(0) 74 24-9 58 38-7 43<br />
E-mail m.dreher@dreherautomation.<strong>de</strong><br />
Website www.drehergruppe.<strong>de</strong><br />
Address Wolf Hirth Str 2<br />
78588 Denkingen<br />
Germany<br />
Business field<br />
DREHER Aktiengesellschaft is a medium-sized company<br />
operating in the mechanical engineering industry. Located<br />
in Denkingen (in the south of Germany), the company was<br />
foun<strong>de</strong>d in 1999 by CEO Martin Dreher. Today, the company<br />
offers 360° solutions within three business divisions:<br />
DREHER Automation: Robot-based automation for the<br />
surgical industry, automotive suppliers, CNC machine tools<br />
and injection moulding machines. All of our solutions are<br />
manufactured according to the customer’s individual<br />
requirements and are based on an intuitive robot control<br />
and robot cell.<br />
DREHER Power Tools: Sale and servicing of HAAS<br />
machine tools in the HAAS factory outlet for southern<br />
Ba<strong>de</strong>n-Wuerttemberg. HAAS Automation Inc. is the largest<br />
power tool manufacturer in the US.<br />
Page 138 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
DREHER Aktiengesellschaft<br />
Automation / Laser / CNC Machines<br />
DREHER Laser Technology: Sale of ROFIN laser systems<br />
for marking and welding.<br />
Strategic market position<br />
The main target group of Dreher AG is ma<strong>de</strong> up of small to<br />
medium-sized companies working within the metal-cutting,<br />
medical technology, 5-axis machining, housing parts, lathe<br />
and automotive industries. Subcontractors are also inclu<strong>de</strong>d<br />
in the target group.<br />
Management<br />
The company is structured in a classic line organisation. At<br />
the top level, there are two directors, and below this there is<br />
also second-level management, which is organised in a<br />
functional typical structure.<br />
Dreher AG employs about 70 members of staff.<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
We are planning investments with a view to expanding the<br />
company’s sales area. A company buyout in the field of<br />
automation / welding technology will improve the concept<br />
of offering customers complete solutions, as will engineering<br />
<strong>de</strong>velopments for 5-axis laser cutting and welding for<br />
surgical stents. Our financial needs amount to EUR 1 million<br />
to expand sales activities. EUR 4 million, meanwhile, is<br />
required in capital for the buyout.<br />
Martin Dreher, CEO
e.bootis ag<br />
Software<br />
Profile<br />
Foun<strong>de</strong>d in 1982<br />
Number of employees 70<br />
Equity (in EUR million) 3.69<br />
Financing needs (in EUR million) < 5.0<br />
Positive result from 2009<br />
Revenues in 2010 (in EUR million) 4.544<br />
Revenues in 2011 (in EUR million) 5.086<br />
Revenues in 2012 (e) (in EUR million) 6.0<br />
Revenues in 2013 (e) (in EUR million) 6.9<br />
Contact<br />
Contact person Dr. Karl Langenstein<br />
Phone +49-(0) 2 01-85 96-1 10<br />
E-mail dr.karl.langenstein@ebootis.<strong>de</strong><br />
Website www.ebootis.<strong>de</strong><br />
Address Am Luftschacht 21<br />
45307 Essen<br />
Germany<br />
Business field<br />
e.bootis is involved in <strong>de</strong>veloping, marketing and implementing<br />
the state-of-the-art, comprehensive “standard<br />
ERP software”, which has been completely re-<strong>de</strong>veloped<br />
since 2000. It also ren<strong>de</strong>rs the entire range of services<br />
associated with this.<br />
Strategic market position<br />
e.bootis ag is an in<strong>de</strong>pen<strong>de</strong>nt company that offers its customers<br />
trend-setting and future-oriented computer solutions.<br />
The company’s product range inclu<strong>de</strong>s standard ERP<br />
(Enterprise Resource Planning) solutions for tra<strong>de</strong> (that is to<br />
say, technology, electronics, nutrition / foods, PBS) and industry.<br />
Our customers operate in many different lines of<br />
business. Our slogan “From a medium-sized company, to<br />
medium-sized companies” reflects the fact that we have a<br />
<strong>de</strong>finite and substantial appreciation for the comprehensive<br />
Capital Seeking Companies<br />
processes that take place within medium-sized companies.<br />
In such companies, 100% client handling is a matter of<br />
course and inclu<strong>de</strong>s, for example, company intercharging.<br />
Thanks to our proficiency in Unico<strong>de</strong> and constructive internal<br />
<strong>de</strong>velopments taking place in English, we meet all the<br />
requirements for expansion, even on an international level.<br />
Management<br />
Dr. Karl Langenstein is the company’s CEO. He studied at<br />
several universities and has long-standing experience and<br />
expertise with regard to successfully running software companies,<br />
as well<br />
as with businessmethodology<br />
involved<br />
in strategic mer -<br />
gers and acquisitions<br />
(M&A).<br />
He and his<br />
family currently<br />
hold almost 65%<br />
of the shares<br />
in e.bootis.<br />
Dr. Karl Langenstein, CEO (left) and<br />
Ludger Langenstein, Member of the Executive Board<br />
Computer scientist Ludger Langenstein (a Member of the<br />
Executive Board) is the long-standing <strong>de</strong>velopment lea<strong>de</strong>r.<br />
He has, as a result, been involved substantially in <strong>de</strong>veloping<br />
the “e.bootis ERPII” software. Mr Langenstein is also a<br />
sharehol<strong>de</strong>r in e.bootis AG. The Chairman of the Supervisory<br />
Board, Prof. Dr. Martin Užik, is currently a Professor in the<br />
School of Economics and Law at the University of Berlin.<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
At the present time, e.bootis ag is exclusively owned by private<br />
investors. Until now, e.bootis has invested more than<br />
EUR 20 million in re-<strong>de</strong>signing and <strong>de</strong>veloping the ERP<br />
software e.bootis ERPII, which achieved market maturity in<br />
2006. To date, the company has acquired 100 new clients,<br />
which clearly illustrates the excellent track record that<br />
e.bootis holds. With regard to internationalising and expanding<br />
sales and marketing (S&M) activities, the company’s<br />
financial needs amount to EUR 5 million. In this way,<br />
e.bootis can obtain a substantial level of growth.<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 139
Capital Seeking Companies<br />
Profile<br />
Foun<strong>de</strong>d in 2007<br />
Number of employees 10<br />
Equity (in EUR million) 1.6<br />
Financing needs (in EUR million) 1.5<br />
Positive result from 2014<br />
Revenues in 2010 (in EUR million) 0<br />
Revenues in 2011 (in EUR million) 0<br />
Revenues in 2012 (e) (in EUR million) 0<br />
Revenues in 2013 (e) (in EUR million) 0.7<br />
Contact<br />
Contact person Ulf Pommerening<br />
Phone +49-(0) 3 32 03-80 47-11<br />
E-mail ulf.pommerening@ebstech.<strong>de</strong><br />
Website www.ebstech.<strong>de</strong><br />
Address Heinrich-Hertz-Str. 4<br />
14532 Kleinmachnow<br />
Germany<br />
Ulf Pommerening<br />
Page 140 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
EBS Technologies GmbH<br />
Medical technology<br />
Business field<br />
EBS Technologies <strong>de</strong>velops medical <strong>de</strong>vices and innovative<br />
therapeutic applications to treat neurological disor<strong>de</strong>rs,<br />
such as a loss of vision caused by a stroke or brain injury.<br />
The aim is to achieve neurological recovery by activating<br />
residual brain structures through enhancing synaptic transmission<br />
and brain synchronisation with a unique non-invasive,<br />
pulsed electrical stimulation. The EBS therapy has<br />
proven its efficacy in the field of vision restoration within a<br />
large multi-centric trial. EBS will be ready to enter the market<br />
with the CE-marked <strong>de</strong>vice by January 2013.<br />
Strategic market position<br />
With its unique and patented technology, EBS is entering a<br />
huge market, as there is currently no therapeutic alternative<br />
available except for month-long training procedures. EBS is<br />
being backed by a strong group of key medical opinion<br />
lea<strong>de</strong>rs in the field of brain stimulation, who in fact expect a<br />
huge variety of future treatments using the non-invasive<br />
EBS technology.<br />
Management<br />
Managing Director Ulf Pommerening, Dipl.-Betr. (FH), has<br />
20 years’ experience in both national and international<br />
sales and marketing and in working for large US medical<br />
<strong>de</strong>vice companies in a variety of therapeutic fields and markets.<br />
Managing Director Udo Warschewske has over 15<br />
years of experience in <strong>de</strong>veloping medical <strong>de</strong>vices. He has<br />
served as Head of Development and Managing Director<br />
within several small- and medium-sized enterprises focusing<br />
on the <strong>de</strong>velopment of methods and <strong>de</strong>vices in the field<br />
of image-gui<strong>de</strong>d surgery. He studied Mathematics and<br />
Physics at the Free University of Berlin (Germany) and<br />
finished his MBA in BioMed Tech at the University of Potsdam<br />
(Germany).<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
Financial needs: EUR 1.5 million. Earlybird VC Management<br />
GmbH & Co. KGBFB Wachstumsfonds Bran<strong>de</strong>nburg<br />
GmbH, High-Tech Grün<strong>de</strong>rfonds Management GmbH
Eurographics AG<br />
Private home construction and furniture<br />
Profile<br />
Foun<strong>de</strong>d in 1990<br />
Number of employees 280<br />
Equity (in EUR million) 0.33<br />
Financing needs (in EUR million) 5<br />
Positive result from 1990<br />
Revenues in 2010 (in EUR million) 15.72<br />
Revenues in 2011 (in EUR million) 17.52<br />
Revenues in 2012 (e) (in EUR million) 21.69<br />
Revenues in 2013 (e) (in EUR million) 25<br />
Contact<br />
Contact person Dipl. Kfm. Stephan Krä<br />
Phone +49-(0) 1 72-1 03 84 15<br />
E-mail s.krae@eurographics.<strong>de</strong><br />
Website www.@eurographics.<strong>de</strong><br />
Address Pommernstrasse 17-19<br />
93073 Neutraubling<br />
Germany<br />
Business field<br />
EUROGRAPHICS is the brand for home and wall <strong>de</strong>coration in<br />
Germany and Europe. The value chain of the company inclu<strong>de</strong>s<br />
in-house product <strong>de</strong>velopment, a standalone production<br />
plant in the Czech Republic, an international supply chain,<br />
global distribution to clients from the central warehouse near<br />
Regensburg and profit-optimised usage of customer retail<br />
space. The latter can be divi<strong>de</strong>d into 1) Furniture Retail, 2) DIY<br />
(Do-It-Yourself) and 3) Mail Or<strong>de</strong>r. The company provi<strong>de</strong>s retail<br />
with an attractive product, as well as numerous services, supported<br />
by a high-performance IT environment. Our objective<br />
as a system provi<strong>de</strong>r is to serve the customer retail space in an<br />
optimised way in or<strong>de</strong>r to maximise customer profits. An<br />
attractive product thereby consists of an appealing overall<br />
concept including motif, material and user experience.<br />
Strategic market position<br />
EUROGRAPHICS AG produces and distributes consumer<br />
goods for furniture and <strong>de</strong>coration stores. The company<br />
Capital Seeking Companies<br />
succee<strong>de</strong>d in reaching a clear leading position in Germany<br />
and Europe thanks to key competitive advantages. The<br />
distance between our market lea<strong>de</strong>rship and important<br />
competitors is significant. Product <strong>de</strong>velopment, product<br />
presentation, the brand concept, certified services and<br />
quality, a highly-efficient system for supplying retailers with<br />
goods, profound experience, sustainability and reliability<br />
are among the company’s USPs. Besi<strong>de</strong>s the core markets,<br />
key accounts in over 60 countries are served by the competent<br />
and efficient Exports <strong>de</strong>partment.<br />
Management<br />
Bernhard Gürster, CEO, is responsible for product <strong>de</strong>velopment,<br />
logistics and sales. The entrepreneur foun<strong>de</strong>d the<br />
company in 1990 and is responsible for its current position<br />
as European market lea<strong>de</strong>r. Prior to this challenge, Mr<br />
Gürster acquired profound experience in the editorial and<br />
publishing sectors.<br />
Michael Groß, CFO, is responsible for finance and<br />
accounting, information technology, contracts and<br />
human resources. Mr Groß acquired his in-<strong>de</strong>pth knowledge<br />
and experience in these fields through holding various<br />
leading positions within an international technology<br />
company.<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
The company pursues a strict growth strategy driven by the<br />
implementation of a fundamental and extensive strategic<br />
process. Continuous organic growth will be achieved<br />
through ongoing product portfolio diversification and new<br />
product categories, the <strong>de</strong>velopment of new customer<br />
groups and multipliers, as well as the nurturing of existing<br />
customer relations. Additional inorganic growth is possible<br />
through the acquisition of competitors and active participation<br />
in an overdue consolidation process in the branch (sector).<br />
Impulses of growth are furthermore expected from attractive<br />
new fields of business being <strong>de</strong>veloped. For this<br />
growth strategy, the company has financing needs up to<br />
EUR 5 million. In addition to classic external capital<br />
(borrowing), such as promissory notes or bonds, the company<br />
also offers direct participation through a convertible<br />
bond or increase in capital stock. EUROGRAPHICS AG is a<br />
privately owned company; some of the management are<br />
sharehol<strong>de</strong>rs.<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 141
Capital Seeking Companies<br />
Profile<br />
Foun<strong>de</strong>d in 2007<br />
Number of employees 15<br />
Equity (in EUR million) -<br />
Financing needs (in EUR million) 2.0<br />
Positive result from -<br />
Revenues in 2010 (in EUR million) -<br />
Revenues in 2011 (in EUR million) -<br />
Revenues in 2012 (e) (in EUR million) -<br />
Revenues in 2013 (e) (in EUR million) -<br />
Contact<br />
Contact person Dipl.Ing. Peter Nowack<br />
Phone +49-(0) 2 21-9 99 98 56-25<br />
E-mail peter.nowack@finocom.<strong>de</strong><br />
Website www.placetel.<strong>de</strong><br />
Address Gustav-Heinemann-Ufer 58<br />
50968 Cologne<br />
Germany<br />
Business field<br />
Finocom AG is one of the leading cloud specialists in<br />
Germany offering a hosted communication system for<br />
small- and medium-sized enterprises through its product,<br />
placetel.<strong>de</strong> (www.placetel.<strong>de</strong>). This IP-Centrex solution is<br />
based on a self-<strong>de</strong>veloped and high-scalable telephony<br />
platform. Business customers are able to obtain their complete<br />
phone system from the Placetel cloud products and<br />
services, without having to invest in a traditional hardware<br />
telephone system, which can often be costly. In this way,<br />
clients benefit from a “pay per use” business mo<strong>de</strong>l, allowing<br />
for effective resource management. In addition to the<br />
dramatic reduction in costs, customers also benefit from a<br />
wi<strong>de</strong> range of unified communication and collaboration<br />
services that work more efficiently in the daily business<br />
environment. More than 15,000 SME customers use<br />
Placetel at present, and a staggering number of new customers<br />
are signing up every day.<br />
Page 142 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
finocom AG<br />
Telecommunications services<br />
Strategic market position<br />
The core target group for placetel.<strong>de</strong> is enterprises with 5 to<br />
50 employees. Amounting to around 3 million companies,<br />
they offer great potential for growth. In this particular market<br />
segment, placetel.<strong>de</strong> is positioned as the cost lea<strong>de</strong>r,<br />
above competitors offering similar services, due to its efficiently<br />
automated processes in areas such as billing, support<br />
and setup. Other highlights inclu<strong>de</strong> a highly-scalable<br />
telephony platform, an online sale and distribution<br />
approach and wholly-owned technology. Placetel.<strong>de</strong> operates<br />
with marginal costs, resulting in savings for its users.<br />
Placetel.<strong>de</strong> offers hosted phone systems in two versions.<br />
Placetel FREE offers complimentary range standard services,<br />
whilst Placetel PROFI provi<strong>de</strong>s premium features (such as<br />
fixed mobile integration, eFax, parallel ringing and voicemail)<br />
and support for a wi<strong>de</strong>r scope of services upon<br />
payment of a limited fee. Customers can manage all the<br />
Placetel voice services using an intuitive user interface.<br />
Placetel.<strong>de</strong> is proud to have won the “Mittelstandspreis<br />
2011” award, which un<strong>de</strong>rlines its unique position in the<br />
market.<br />
Management<br />
The finocom AG management<br />
team brings more<br />
than 50 years of experience<br />
in the ITC industry to<br />
the company. Peter<br />
Nowack is one of these<br />
individuals. After having<br />
Peter Nowack, CEO Markus Hass, CFO<br />
been responsible for<br />
Deutsche Telekom AG’s first business IP voice service and<br />
spending 21 years with the company both within Germany<br />
and abroad, he became a serial entrepreneur and has enjoyed<br />
several successful exits. The team also inclu<strong>de</strong>s Italo<br />
Adami, who is responsible for Operations; Marcus Haas,<br />
who is CFO; and Kamran Hedjrat, CTO.<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
Current investors inclu<strong>de</strong> KfW, Platinum Ventures, Sirius<br />
Venture Partners and Vilitas.
healthy planet<br />
Food<br />
Profile<br />
Foun<strong>de</strong>d in 2009<br />
Number of employees 6<br />
Equity (in EUR million) 0.25<br />
Financing needs (in EUR million) 0.02-2.75<br />
Positive result from 2012<br />
Revenues in 2010 (in EUR million) 0.15<br />
Revenues in 2011 (in EUR million) 0.25<br />
Revenues in 2012 (e) (in EUR million) 0.30<br />
Revenues in 2013 (e) (in EUR million) 0.90<br />
Contact<br />
Contact person Kai Cornehl<br />
Phone +49-(0) 6 11-7 24 93 76<br />
E-mail kc@healthyplanet.<strong>de</strong><br />
Website www.healthyplanet.<strong>de</strong><br />
Address Wan<strong>de</strong>rsmannstraße 68<br />
65205 Wiesba<strong>de</strong>n<br />
Germany<br />
Business field<br />
Capital Seeking Companies<br />
Super premium ice creams and sorbets for out-of-home<br />
advertising, business and catering<br />
Strategic market position<br />
Fully integrated concept of sustainable production capabilities<br />
,individual channel sales (gastronomy / OHH) and<br />
proof-of-concept city store POS. Winner of 2012 Fairtra<strong>de</strong> ®<br />
Award<br />
Management<br />
Despite everything, “stay young, stay foolish” executory<br />
consi<strong>de</strong>ration<br />
Guido Jorg, born in 1969 in Aachen, Dipl.-Ing.<br />
Kai Cornehl, born in 1967 in Diez, Dipl.-Ing. & Dipl.-Inf.<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
Up to EUR 2.75 million for production facilities, machinery<br />
and PV.<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 143
Capital Seeking Companies<br />
Profile<br />
Foun<strong>de</strong>d in 2006<br />
Number of employees 19<br />
Equity (in EUR million) 0.053<br />
Financing needs (in EUR million) 2<br />
Positiv result from 2012<br />
Revenues in 2010 (in EUR million) 0.24<br />
Revenues in 2011 (in EUR million) 0.82<br />
Revenues in 2012: (e) (in EUR million) 2.00<br />
Revenues in 2013: (e) (in EUR million) 3.70<br />
Contact<br />
Contact person Dr. Alexan<strong>de</strong>r Wolter<br />
Phone +49-(0) 3 51-21 24 96-10<br />
E-mail alexan<strong>de</strong>r.wolter@hiperscan.com<br />
Website www.hiperscan.com<br />
Address Weißeritzstr. 3<br />
01067 Dres<strong>de</strong>n<br />
Germany<br />
Executive partners: Dr. Alexan<strong>de</strong>r Wolter (left), Dr. Stefan Friedrichowski<br />
Page 144 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
HiperScan GmbH<br />
Technology / electronic<br />
components and hardware<br />
Business field<br />
HiperScan is a manufacturer of analytical <strong>de</strong>vices that i<strong>de</strong>ntify<br />
chemical compounds and <strong>de</strong>termine concentrations in<br />
mixtures. Currently, we are concentrating on the needs of<br />
German pharmacists. Our <strong>de</strong>vices allow them to fulfil the<br />
European directives in the simplest way.<br />
We work with near-infrared (NIR) spectroscopy. This means<br />
that we expose a sample to light, collect the scattered light<br />
and extract chemical information on the molecules.<br />
NIR spectroscopy is an established method in many industry<br />
branches, but it used to be expensive and complex. We<br />
take NIR away from specialised laboratories and into the<br />
field, putting it into the hands of the staff on site.<br />
Strategic market position<br />
We have become the market lea<strong>de</strong>r for analytical systems<br />
in pharmacies for the following reasons:<br />
- We have the only <strong>de</strong>vice with an acceptable price (due to<br />
technology with a patented MEMS chip)<br />
- We offer comprehensive databases (fee-based)<br />
- We <strong>de</strong>liver the simplest possible work flow<br />
- We <strong>de</strong>ploy a specialised sales force<br />
Management<br />
Executive partners: Dr. Alexan<strong>de</strong>r Wolter (foun<strong>de</strong>r and<br />
formerly a scientist with the Fraunhofer Society) and<br />
Dr. Stefan Friedrichowski (formerly worked for Carl Zeiss)<br />
Planned investment, sharehol<strong>de</strong>rs/investors<br />
Our investors are HTGF, Bonn (2008) and TGFS, Leipzig<br />
(2010). We have been profitable since mid-2012.<br />
In or<strong>de</strong>r to launch our technology on other markets, we have<br />
to un<strong>de</strong>rgo the preparation stages before we actually enter<br />
these markets. We are planning for regional expansion, as<br />
well as occupying other branches (the foodstuffs, agricultural,<br />
pharmaceutical and logistics sectors are the most<br />
promising).
humangrid GmbH<br />
Internet services<br />
Profile<br />
Foun<strong>de</strong>d in 2005<br />
Number of employees 30<br />
Equity (in EUR million) 1<br />
Financing needs (in EUR million) 10<br />
Positive result from 2013<br />
Revenues in 2010 (in EUR million) 0.4<br />
Revenues in 2011 (in EUR million) 0.8<br />
Revenues in 2012 (e) (in EUR million) 2.5<br />
Revenues in 2013 (e) (in EUR million) 5<br />
Contact<br />
Contact person Marc Ahr<br />
Phone +49-(0) 2 01-95 97 18-0<br />
E-mail marc.ahr@clickworker.com<br />
Website www.clickworker.com<br />
Address Hatzper Straße 34<br />
45149 Essen<br />
Germany<br />
Business field<br />
Paid crowdsourcing<br />
clickworker.com is a provi<strong>de</strong>r of solutions for SEO text<br />
creation, translations, web research, categorisation, tagging<br />
and surveys in as many as 18 languages. Or<strong>de</strong>rs are<br />
broken down into micro-tasks, which are simultaneously<br />
processed by qualified clickworkers (freelancers registered<br />
with clickworker.com) and then reassembled after being<br />
subjected to strict quality checks. This ensures that or<strong>de</strong>rs<br />
are handled in a cost-efficient, flexible, quality-controlled<br />
and individually scaled manner.<br />
Strategic market position<br />
There are approximately 300,000 clickworkers in over 130<br />
countries. The <strong>de</strong>velopment of its crowdsourcing solutions<br />
and its quality management mean that clickworker.com is<br />
Capital Seeking Companies<br />
currently one of the top-ranking provi<strong>de</strong>rs of paid crowdsourcing<br />
in the world and is the market lea<strong>de</strong>r in Europe.<br />
Management<br />
Christian Rozsenich (Managing Director, Technology &<br />
Operations) is responsible for building and <strong>de</strong>veloping the<br />
clickworker.com platform. He has many years of experience<br />
in the telecommunications and media industries, and<br />
has held management positions in several Internet startups.<br />
Christian Rozsenich holds an MBA <strong>de</strong>gree from the<br />
London Business School.<br />
Marc Ahr (Managing Director) has aca<strong>de</strong>mic and practical<br />
specialist knowledge in the business <strong>de</strong>velopment of technology-oriented<br />
companies. Whether he has had to optimise<br />
sales management, select staff and implement teambuilding<br />
exercises or completely reorganise companies, he<br />
has had a <strong>de</strong>cisive impact on the success of various firms,<br />
such as YOC AG, mBlox and Netsize.<br />
Marc Ahr, Managing Director (left), and Christian Rozsenich, Managing<br />
Director, Technology & Operations<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
Main investors:<br />
K.Wecken, KfW, HTGF, venturecapital.<strong>de</strong>, SeedCapital<br />
Dortmund<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 145
Capital Seeking Companies<br />
Profile<br />
Foun<strong>de</strong>d in 2002<br />
Number of employees 85<br />
Equity (in EUR million) 8.6<br />
Financing needs (in EUR million) 5-10<br />
Positive result from 2012<br />
Revenues in 2010 (in EUR million) 3.4<br />
Revenues in 2011 (in EUR million) 5.6<br />
Revenues in 2012 (e) (in EUR million) 8.2<br />
Revenues in 2013 (e) (in EUR million) 12.3<br />
Contact<br />
Contact person Kristian Raue<br />
Phone +49-(0) 7 61-1 51 47-0<br />
E-mail kristian.raue@jedox.com<br />
Website www.jedox.com<br />
Address Bismarckallee 7a<br />
79098 Freiburg<br />
Germany<br />
Kristian Raue, CEO<br />
Page 146 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Jedox AG<br />
Software<br />
Business field<br />
Jedox is a leading global provi<strong>de</strong>r of in-memory-based<br />
business intelligence and performance management software.<br />
It is a pioneer in self-service BI and in the use of parallel<br />
processors (GPU) for in-memory OLAP processing.<br />
Jedox sells to both business <strong>de</strong>partments and IT through<br />
several locations across Germany, Europe and – through its<br />
partner network – around the world, including APAC and<br />
the Americas.<br />
Strategic market position<br />
The software is offered both as open-source and premium<br />
and is <strong>de</strong>ployed on more than 10,000 installations worldwi<strong>de</strong>.<br />
The sales growth achieved in recent years averages<br />
at around 50% per year. Jedox’s write-back-enabled OLAP<br />
GPU technology provi<strong>de</strong>s a speed-related advantage. It is<br />
up to 100 times faster than comparable systems offered by<br />
IBM, SAP and Microsoft, for instance, yet costs a fraction of<br />
the price.<br />
Management<br />
Kristian Raue, CEO and foun<strong>de</strong>r. Mr Raue has been a serial<br />
entrepreneur since 1991 (Graphitti GmbH, Intellicube AG,<br />
Jedox AG)<br />
Matthias Krämer, CTO. He has a broad <strong>de</strong>velopment<br />
background in BI and performance management<br />
Bernd Eisenblätter, COO (Sales and Marketing). Mr Eisenblätter<br />
has held senior sales management positions within<br />
Cognos, Infor and Oracle<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
The company is breaking even and has no immediate<br />
financing needs. Optional financing for further accelerate<br />
global growth could be required, amounting to USD 10<br />
million.<br />
Current investors:<br />
- Klaus wake<br />
- eCapital<br />
- KfW
Jennewein<br />
Biotechnologie GmbH<br />
Biotechnology<br />
Profile<br />
Foun<strong>de</strong>d in 2005<br />
Number of employees 18<br />
Equity (in EUR million) 4<br />
Financing needs (in EUR million) 5 to 10<br />
Positive result from 2009<br />
Revenues in 2010 (in EUR million) 0.32<br />
Revenues in 2011 (in EUR million) 1.4<br />
Revenues in 2012 (e) (in EUR million) 2.4<br />
Revenues in 2013 (e) (in EUR million) 5<br />
Contact<br />
Contact person Dr. Klaus Jennewein<br />
Phone +49-(0) 22 24-9 89 45 00<br />
E-mail klaus.jennewein@jennewein-biotech.<strong>de</strong><br />
Website www.jennewein-biotech.<strong>de</strong><br />
Address Maarweg 32<br />
53619 Rheinbreitbach<br />
Germany<br />
Business field<br />
Through using innovative and efficient production processes,<br />
Jennewein Biotechnologie GmbH aims to enable<br />
production of scarce sacchari<strong>de</strong> molecules, which are<br />
shown to have a scientifically-proven functional benefit.<br />
These new and innovative processes allow for these<br />
sacchari<strong>de</strong>s to be used in diverse fields of application, such<br />
as cosmetics, food, pharmaceuticals, diagnostics and<br />
research and <strong>de</strong>velopment. By utilising the sacchari<strong>de</strong> molecules<br />
from Jennewein Biotechnologie GmbH in the field of<br />
cosmetics and food, consumers benefit directly from the<br />
positive qualities of the molecules, as their health and/or<br />
wellbeing is improved.<br />
Strategic market position<br />
Jennewein Biotechnologie’s market inclu<strong>de</strong>s human nutrition,<br />
personal care and pharmaceuticals. Alone, each of<br />
Capital Seeking Companies<br />
these markets shows revenues amounting to several billion<br />
euros on a global scale. The market for food ingredients, for<br />
example, showed a total revenue of EUR 25 billion in 2010,<br />
with an annual growth rate of about 15%. Over the last few<br />
years, functional ingredients have been the main growth<br />
driver in this market.<br />
Management<br />
The company is led by the two Managing Directors, Dr.<br />
Stefan Jennewein and Dr. Klaus Jennewein. Dr. rer. nat.<br />
Stefan Jennewein is responsible for research, <strong>de</strong>velopment<br />
and production, whilst Dr. oec. Klaus Jennewein is responsible<br />
for sales, marketing and finance.<br />
Dr. Stefan Jennewein<br />
Dr. Klaus Jennewein<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
Jennewein Biotechnologie GmbH currently has sufficient<br />
cash reserves. In a next step, however, consi<strong>de</strong>rable investments<br />
are nee<strong>de</strong>d to set up arge-scale production facilities<br />
to enable production of its human milk oligosacchari<strong>de</strong>s,<br />
which will be used as a functional, health promoting ingredient<br />
in infant nutrition, but also further functional food<br />
products for adults. The exact strategy of building up the<br />
capacities (joint venture, own capacities, etc.), as well as<br />
how required resources are to be financed, is still to be<br />
<strong>de</strong>ci<strong>de</strong>d.<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 147
Capital Seeking Companies<br />
Profile<br />
Foun<strong>de</strong>d in 2010<br />
Number of employees 50<br />
Equity (in EUR million) -<br />
Financing needs (in EUR million) 10-20<br />
Positive result from 2012<br />
Revenues in 2010 (in EUR million) 0.2<br />
Revenues in 2011 (in EUR million) 2.4<br />
Revenues in 2012 (e) (in EUR million) 4<br />
Revenues in 2013 (e) (in EUR million) 10<br />
Contact<br />
Contact person Alexan<strong>de</strong>r Mazzara<br />
Phone +41 (0) 44-5 33 09-01<br />
E-mail alexan<strong>de</strong>r@joiz.ch<br />
Website www.joiz.ch<br />
Address Schärenmoosstrasse 77<br />
8052 Zurich<br />
Switzerland<br />
Business field<br />
Joiz is a Swiss social HDTV channel that produces interactive<br />
and cross-media entertainment programmes for digital<br />
natives. It thus merges traditional television with web and<br />
mobile formats, in addition to connecting them to social<br />
media. Content-wise, Joiz focuses on the topics which are<br />
most relevant to the target group of 15 to 35 year-olds, for<br />
example music, lifestyle, fashion, celebrities, nightlife and<br />
relationships.<br />
Strategic market position<br />
The core of Joiz is the un<strong>de</strong>rlying interactive platform.<br />
Mobile, Internet and television are synchronised in real-time<br />
and enable Joiz to run interactive formats, as well as crossmedia<br />
advertising campaigns with direct feedback and<br />
measuring channels for advertising partners, both of which<br />
are in line with the parallel media consumption habits of<br />
Page 148 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
joiz<br />
Radio and television<br />
today’s youth. Viewers can take part in votes, ask questions,<br />
chat with other viewers, hit the red button and check<br />
out shows to earn Joiz badges and unlock rewards.<br />
Advertising customers are faced with unique opportunities<br />
in cross-media advertising. Television promotion is exten<strong>de</strong>d<br />
into the online environment and integrated with e-commerce<br />
and social commerce. After just 18 months on the<br />
air, Joiz is generating tens of thousands of interactions per<br />
hour within the German-speaking region of Switzerland<br />
alone. Joiz can count large, international corporations such<br />
as Coca-Cola, Apple, Microsoft, Xbox and Migros among<br />
its customers. They only stand to benefit from this one-ofa-kind<br />
cross-media platform.<br />
Management<br />
Alexan<strong>de</strong>r Mazzara, CEO; Dominik Stroppel, COO; Dr.<br />
Claudia Zellerhoff, Head of Marketing; Elif Erisik, Head of<br />
Programme; Nicolas Noth, Head of Sales<br />
Alexan<strong>de</strong>r Mazzara, CEO<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
u Roll-out into Germany and the UK<br />
u Creathor Venture, Innovationsstiftung Schwyzer Kan -<br />
tonalbank<br />
u private entities and individuals
Kairos GmbH<br />
Biotechnology<br />
Profile<br />
Foun<strong>de</strong>d in 2009<br />
Number of employees 11<br />
Equity (in EUR million) 1.2<br />
Financing needs (in EUR million) 2.5<br />
Positive result from 2012<br />
Revenues in 2010 (in EUR million) 0.4<br />
Revenues in 2011 (in EUR million) 0.6<br />
Revenues in 2012 (e) (in EUR million) 1.2<br />
Revenues in 2013 (e) (in EUR million) 2.5<br />
Contact<br />
Contact person Martin Zünkeler<br />
Phone +49-(0) 2 34-58 88 21-14<br />
E-mail martin.zuenkeler@kairos-med.<strong>de</strong><br />
Website www.kairos-med.<strong>de</strong><br />
Address Universitätsstrasse 136<br />
44799 Bochum<br />
Germany<br />
Business field<br />
Kairos GmbH has been <strong>de</strong>veloping IT system solutions for<br />
the healthcare system since 2009. In addition to special<br />
technological knowledge in the field of implementing medical<br />
middleware platforms, the Kairos team also has extensive<br />
expertise with regard to IT-supported orchestration of<br />
work processes via workflow engines. The strategic product<br />
offered by Kairos is CentraXX ® , which inclu<strong>de</strong>s the<br />
PORTAL modules for organising and coordinating consortia,<br />
such as BIO/TRIAL. Among other things, this allows for<br />
sample data to be longitudinally classified in a clinical<br />
context. Combined, both of these elements constitute an<br />
important IT building block within personalised medicine.<br />
Strategic market position<br />
Along with the importance of personalised medicine, the<br />
significance of biobanks and software portals has increased<br />
dramatically. In the area of biobanking alone, consulting firms<br />
Capital Seeking Companies<br />
estimate a global market volume of around USD 141 billion by<br />
2015. This market is booming in Germany, too.<br />
In 2012, Kairos will implement CentraXX within three out of<br />
the five largest German biobank projects – which are part of<br />
the “National Biobank Initiative”. Kairos has also been able<br />
to acquire its first customers in the biotech-sphere. Furthermore,<br />
preparations are un<strong>de</strong>rway for foreign exports to German-speaking<br />
countries, whilst we are using consultants to<br />
suss out the English-speaking market.<br />
Management<br />
For the last eight years, 39-year-old PD Dr. rer. nat Christian<br />
Stephan hea<strong>de</strong>d the bioinformatics section of the<br />
“Medical Proteom Centre” (“Medizinisches Proteom-<br />
Center”), part of Ruhr University in Bochum. Mr Stephan is<br />
now in charge of technical, <strong>de</strong>velopment and production<br />
management as a managing partner.<br />
Martin Zünkeler (45 years old) is a fully qualified lawyer<br />
and holds a <strong>de</strong>gree in Marketing. He foun<strong>de</strong>d Kairos GmbH<br />
in 2009. Mr Zünkeler is Managing Director of Kairos. Prior to<br />
this engagement, he foun<strong>de</strong>d and managed CoM.MeD<br />
GmbH, which he sold to a strategic investor in 2007.<br />
Dr. Christian Stephan<br />
Martin Zünkeler<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
Kairos successfully conclu<strong>de</strong>d its second round of financing,<br />
thanks to the participation of SCD and KfW. Financing of EUR<br />
2.5 million is envisaged for internationalisation in 2013.<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 149
Capital Seeking Companies<br />
Profile<br />
Foun<strong>de</strong>d in 1994<br />
Number of employees 500<br />
Equity (in EUR million) 9.4<br />
Financing needs (in EUR million) 20<br />
Positive result from 1994<br />
Revenues in 2010 (in EUR million) 26<br />
Revenues in 2011 (in EUR million) 34<br />
Revenues in 2012 (e) (in EUR million) 41<br />
Revenues in 2013 (e) (in EUR million) 50<br />
Contact<br />
Contact person Max Koller, Carter Looney<br />
Phone +49-(0) 69-50 50 27-1 58<br />
E-mail carter.looney@mml-partners.com<br />
Website www.koller-formenbau.<strong>de</strong><br />
Address Oberbürg 24<br />
92345 Dietfurt<br />
Germany<br />
Page 150 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Koller Formenbau GmbH<br />
Tooling and Lightweight<br />
Automobile Components<br />
Business field<br />
The Koller Group, foun<strong>de</strong>d in 1994, is a technological lea<strong>de</strong>r<br />
in carbon fibre automotive components and one of the<br />
market lea<strong>de</strong>rs in lightweight interior components. In addition,<br />
it is one of the top toolmakers in Europe, specialising in<br />
complex press and injection moulding tools.<br />
Strategic market position<br />
With more than 15 years’ experience in <strong>de</strong>signing and<br />
producing lightweight components, the Koller Group is<br />
strategically positioned to take advantage of the ongoing<br />
move to lighter, more fuel-efficient automobiles. Innovation<br />
is the cornerstone of the Group’s success. Over the years, it<br />
has worked closely with OEMs to perfect tools, components<br />
and the production process for lightweight components<br />
using a myriad of substances, from sugar cane to<br />
carbon fibre. In addition, because of its in-<strong>de</strong>pth knowledge<br />
of three key disciplines within the automotive value chain<br />
(that is to say, tooling, innovation and production processes),<br />
the Koller Group is able to optimise component<br />
production for its customers by <strong>de</strong>signing tools and components<br />
that are of higher quality and easier to produce<br />
than those offered by its competitors.<br />
Management<br />
The Koller Group is managed by a highly experienced<br />
management team, hea<strong>de</strong>d by the foun<strong>de</strong>rs Max and<br />
Thomas Koller. It currently employs approximately 500<br />
employees at several sites throughout Germany and<br />
Hungary.<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
In or<strong>de</strong>r to capitalise on its strengths in carbon components<br />
and tooling, as well as to meet future <strong>de</strong>mand for its<br />
products, the Group needs to invest EUR 20 million to<br />
expand its production capacity. The primary owners are<br />
Max and Thomas Koller.
LeniMed GmbH<br />
Medical technology<br />
Profile<br />
Foun<strong>de</strong>d in 2009<br />
Number of employees 4<br />
Equity (in EUR million) 0.004<br />
Financing needs (in EUR million) 0.5-0.75<br />
Positive result from -<br />
Revenues in 2010 (in EUR million) 0<br />
Revenues in 2011 (in EUR million) 0<br />
Revenues in 2012 (e) (in EUR million) 0<br />
Revenues in 2013 (e) (in EUR million) 3,018<br />
Contact<br />
Contact person Dr. Rainer Gehrke<br />
Phone +49-(0) 3 81-49 53 69-50<br />
E-mail gehrke@lenimed.<strong>de</strong><br />
Website www.lenimed.<strong>de</strong><br />
Address Hansestraße 21<br />
18182 Bentwisch<br />
Germany<br />
Business field<br />
In cooperation with the University<br />
of Rostock, LeniMed is<br />
<strong>de</strong>veloping the computercontrolledanti-snoring-system,<br />
Lenisana. It combats<br />
snoring caused by the head<br />
being incorrectly positioned<br />
during sleep (not apnoea). The<br />
system is ma<strong>de</strong> up of a pillow<br />
containing 5 air chambers and<br />
an external control system (featuring<br />
only electronic and pneumatic components). Both<br />
parts are connected by a tube. When snoring occurs, the<br />
system automatically changes the air pressure in the different<br />
air chambers. In doing this, the head is gently<br />
re- positioned until snoring stops or has been significantly<br />
reduced. Neither snorers nor their partners will notice the<br />
Capital Seeking Companies<br />
movement or wake up while repositioning is taking place.<br />
Also, the system has an individual, automatically adapted<br />
ergonomic function. The system’s effectiveness against<br />
snoring has been proven at the University of Rostock. The<br />
system is expected to be launched on the market in spring<br />
2013.<br />
Strategic market position<br />
Severe snoring problems still remain unresolved today. In<br />
Germany, for instance, there are around 13 million people<br />
who suffer from severe snoring-related issues. The USPs of<br />
Lenisana inclu<strong>de</strong> the excellent and proven efficiency, the<br />
non-invasive method <strong>de</strong>ployed, the fact that sleeping is not<br />
disturbed and the ergonomic adjustment. Patents have<br />
been issued in Germany and the US, and these are held by<br />
LeniMed. The company has specific know-how in<br />
”infoergonomics” (which is a mixed application of computer<br />
sciences, mechanics, microelectronics, pneumatics,<br />
medical science and ergonomics). Further products (such<br />
as an intelligent and innovative mattress for sick people, for<br />
which LeniMed also has patent rights) are in the pipeline.<br />
Management<br />
Daryoush Bazargani, Managing Director, holds a Masters<br />
<strong>de</strong>gree in Engineering / Electronics and Computer<br />
Sciences and has worked in R&D for more than 25 years.<br />
He has held several management positions in the industry<br />
and invented the anti-snoring-system. Dr. Rainer Gehrke,<br />
MBA with management experience, has held management<br />
positions at several financial institutions. Prof. Dr.<br />
Djamshid Tavangarian, who is a sharehol<strong>de</strong>r, is a Professor<br />
at the University of Rostock (emeritus) and still has<br />
good ties with the university.<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
Funding required in Q1 2013: EUR 500,000 to 750,000<br />
(especially for parts used in the first series products and<br />
marketing / distribution). Sharehol<strong>de</strong>rs: Daryoush Bazar -<br />
gani (50.9%), Dr. Rainer Gehrke (21.3%), High-Tech<br />
Grün<strong>de</strong>rfonds (15.0%), Prof. Dr. Djamshid Tavangarian<br />
(12.7%).<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 151
Capital Seeking Companies<br />
Profile<br />
Foun<strong>de</strong>d in 2009<br />
Number of employees 7<br />
Equity (in EUR million) 0.036<br />
Financing needs (in EUR million) 2.0<br />
Positive result from -<br />
Revenues in 2010 (in EUR million) 0.00<br />
Revenues in 2011 (in EUR million) 0.00<br />
Revenues in 2012 (e) (in EUR million) 0.4<br />
Revenues in 2013 (e) (in EUR million) 1.0<br />
Contact<br />
Contact person Friedrich Lüllau<br />
Phone +49-(0) 41 31-70 97 99-71<br />
E-mail fl@luellau-engineering.<strong>de</strong><br />
Website www.skintrek.com<br />
Address Auf <strong>de</strong>m Schmaarkamp 21<br />
21339 Lüneburg<br />
Germany<br />
Business field<br />
Lüllau Engineering GmbH (LE) <strong>de</strong>velops and manufactures<br />
medical <strong>de</strong>vices for <strong>de</strong>rmatology using new, unique and proprietary<br />
technologies. In this fast-growing market, products from<br />
LE are currently in the commercial launch, <strong>de</strong>velopment or<br />
planning phases. For instance, digital phototherapy <strong>de</strong>vices<br />
(which have a global market size of EUR 400 million) for targeted,<br />
gentle and effective treatment of skin diseases, such as<br />
psoriasis or vitiligo, were launched in 2012. Meanwhile, automated<br />
full-body scanners for skin cancer, especially melanoma<br />
(which have a global market size of EUR 480 million), are<br />
From left to right: Friedrich Lüllau, Dr. Matthias Kock, Torben Lüllau<br />
Page 152 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Lüllau Engineering GmbH<br />
Medical engineering<br />
expected to be launched on the market in 2014. Last but not<br />
least, 2016 is the planned market launch for therapeutic<br />
<strong>de</strong>vices for selective photothermolysis to rejuvenate the skin<br />
(remove wrinkles and age spots, etc.), to remove hair and to<br />
remove tattoos. This has a global market size of EUR 800 million.<br />
Strategic market position<br />
Within the past 15 years, LE has <strong>de</strong>veloped special and<br />
proprietary know-how and technologies in the field of optics<br />
(digital UV light processing), software (digital image processing,<br />
etc.) and automation. These can be used in <strong>de</strong>rmatological<br />
<strong>de</strong>vices in a very beneficial manner with regard to medical<br />
results and usability. The <strong>de</strong>vices, or rather, the concepts, are<br />
the only ones of their kind in the world. LE makes use of close<br />
relationships to and collaborates with a number of German<br />
and foreign universities for R&D and medicinal support<br />
purposes. LE has filed 3 patents in the medical field thus far<br />
and has a handful more ready to file.<br />
Management<br />
LE was foun<strong>de</strong>d in 1996 as an engineering office, supplying<br />
engineering services in the above-mentioned field. On this<br />
basis, in 2009 the company started to <strong>de</strong>velop and manufacture<br />
medical <strong>de</strong>vices for their own account. Dipl.-Ing.<br />
Friedrich Lüllau (57), the CEO, engineer and foun<strong>de</strong>r of LE<br />
who has more than 25 years of experience as an entrepreneur,<br />
is responsible for product strategies and concepts, as<br />
well as personnel, sales and marketing. Dr. rer. nat. Matthias<br />
Kock (42), CTO, is a physicist with long-standing experience<br />
in optics and automation. He is responsible for R&D and QM.<br />
Dipl.-Phys. Torben Lüllau (30), COO, who is a physicist and<br />
holds a BA <strong>de</strong>gree, is responsible for administration, production<br />
and R&D coordination, as well as finance.<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
The company is currently looking to raise funds in the range of<br />
EUR 2.0 million to ramp up the final stages of <strong>de</strong>veloping and<br />
launching the various products it has in its pipeline. The sharehol<strong>de</strong>r<br />
spread is as follows: Friedrich Lüllau 64.7%, Matthias<br />
Kock 5.3%, Sieb & Meyer AG 15%, KfW 15%. The silent sharehol<strong>de</strong>rs<br />
are: Mittelständische Beteiligungsgesellschaft<br />
Nie<strong>de</strong>rsachsen mbH (MBG); Kapitalbeteiligungsgesellschaft<br />
Nie<strong>de</strong>rsachsen mbH (NKB); and there is one private investor.
Medicyte GmbH<br />
Biotechnology<br />
Profile<br />
Foun<strong>de</strong>d in 2007<br />
Number of employees 16<br />
Equity (in EUR million) 3<br />
Financing needs (in EUR million) 2<br />
Positive result from 2013<br />
Revenues in 2010 (in EUR million) -<br />
Revenues in 2011 (in EUR million) -<br />
Revenues in 2012 (e) (in EUR million) 0.1<br />
Revenues in 2013 (e) (in EUR million) 1<br />
Contact<br />
Contact person Stefan Hol<strong>de</strong>r<br />
Phone +49-(0) 62 21-7 29 25-30<br />
E-mail bd@medicyte.com<br />
Website www.medicyte.com<br />
Address Im Neuenheimer Feld 581<br />
69120 Hei<strong>de</strong>lberg<br />
Germany<br />
Business field<br />
Medicyte is a cell technology company specialised in the<br />
controlled, scalable generation and standardisation of<br />
human primary cells. Medicyte’s vision is to establish its<br />
unique and patent-protected technology as a gold standard<br />
and as a preferred source of human primary cells and<br />
human cell-based products for the purpose of research, as<br />
well as industrial and therapeutic applications.<br />
The company is commercialising its innovative cell proliferation<br />
technology and is now focusing on the ongoing<br />
market implementation of new innovative cell products and<br />
ready-to-use kits.<br />
Strategic market position<br />
Medicyte has <strong>de</strong>veloped a unique cell proliferation technology<br />
that forms the basis of novel cell-based research tools<br />
and cell therapy products. Differentiated primary cells have<br />
no or only limited proliferation capacities. Our proprietary<br />
Capital Seeking Companies<br />
technologies, upcyte ® and vericyte ® , enable us to produce<br />
novel types of healthy human primary cells, which have<br />
thus far not been commercially available in scalable quantities<br />
and in the high level of quality expected. Our lead products<br />
are standardised human hepatocytes from different<br />
donors, being the better alternative to current in vitro<br />
ADME-Tox mo<strong>de</strong>ls. Medicyte is targeting the rapidly growing<br />
markets for cells and cell systems, as well as the emerging<br />
multi-billion-euro market for regenerative medicine.<br />
Management<br />
The company is managed<br />
by a team with more than<br />
60 combined years of<br />
biotech, pharmaceutical<br />
and product <strong>de</strong>velopment<br />
experience.<br />
The managing directors are<br />
Dr. Joris Braspenning<br />
(foun<strong>de</strong>r and CSO) and<br />
Stefan Hol<strong>de</strong>r (foun<strong>de</strong>r<br />
and CFO).<br />
Stefan Hol<strong>de</strong>r, CFO<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
With regard to financing, the company is envisaging raising<br />
a single-figure amount in the millions of euros, such that it<br />
can continue <strong>de</strong>veloping new products and pave the way<br />
towards further clinical applications. Of equal importance is<br />
extending the production capacities, as well as expanding<br />
the company’s marketing and sales activities.<br />
Medicyte has previously secured funding from Prinz von<br />
Hohenzollern Capital, KfW, a business angel and public<br />
grants.<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 153
Capital Seeking Companies<br />
Profile<br />
Foun<strong>de</strong>d in 2006<br />
Number of employees 70<br />
Equity (in EUR million) 2.5<br />
Financing needs (in EUR million) 4.0<br />
Positive result from -<br />
Revenues in 2010 (in EUR million) 3.0<br />
Revenues in 2011 (in EUR million) 3.1<br />
Revenues in 2012 (e) (in EUR million) 5.0<br />
Revenues in 2013 (e) (in EUR million) 9.8<br />
Contact<br />
Contact person Dipl. Betriebswirt René Kantehm<br />
Phone +49-(0) 2 03-3 06 45-00<br />
E-mail rene.kantehm@mimoon.<strong>de</strong><br />
Website www.mimoon.<strong>de</strong><br />
Address Bismarckstrasse 120<br />
47057 Duisburg<br />
Germany<br />
René Kantehm, CFO and General<br />
Manager<br />
Page 154 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
mimoOn GmbH<br />
Software<br />
Business field<br />
Software licensing (up-front fee and royalties or one-time<br />
payment; evaluation, <strong>de</strong>velopment or manufacturing<br />
license)<br />
Strategic market position<br />
Market:<br />
u Our focus is the LTE software market (no application software)<br />
u Our market volume is greater than USD 1 billion<br />
u We have entered the market and products are being<br />
shipped<br />
u We have world-leading chip and IP core partners<br />
Management<br />
Dirk Friebel, CEO, has a career spanning more than 26<br />
years. Dirk has held several different management positions<br />
in research, marketing and general management in<br />
companies such as Nokia, Infineon, NEC and Siemens.<br />
René Kantehm, CFO and General Manager, previously<br />
worked with IKB AG and West LB banks. He has 10 years of<br />
experience in financial control.<br />
Jan Westmeier, VP Engineering, can look back on a<br />
professional career spanning more than 23 years. He was<br />
previously employed by Nokia and Sony Ericsson. At<br />
Nokia, he hea<strong>de</strong>d the LTE pioneering team.<br />
Brian Meads, VP Marketing, previously worked with TTP-<br />
Com and Sony Ericsson. He has 28 years of experience in<br />
the communications and telecommunications industries as<br />
a software engineer and as a sales and marketing executive.<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
Investors: NRW Bank Venture Capital, Enjoy Venture, KfW,<br />
HTGF, Vivieris, Aumenta
NOXXON Pharma AG<br />
Biotechnology<br />
Profile<br />
Foun<strong>de</strong>d in 1997<br />
Number of employees 60<br />
Equity (in EUR million) 20.5<br />
Financing needs (in EUR million) 10<br />
Positive result from NN<br />
Revenues in 2010 (in EUR million) 0.1<br />
Revenues in 2011 (in EUR million) 0.1<br />
Revenues in 2012 (e) (in EUR million) -<br />
Revenues in 2013 (e) (in EUR million) -<br />
Contact<br />
Contact person Iain Buchanan<br />
Phone +49-(0) 30-72 62 47-0<br />
E-mail ibuchanan@noxxon.com<br />
Website www.noxxon.com<br />
Address Max-Dohrn-Str. 8-10<br />
10589 Berlin<br />
Germany<br />
Iain Buchanan, CEO<br />
Dr. Matthias Baumann, CMO<br />
Business field<br />
Capital Seeking Companies<br />
NOXXON Pharma is a biopharmaceutical company<br />
pioneering the <strong>de</strong>velopment of a new class of proprietary<br />
therapeutics known as Spiegelmers. They are the chemically<br />
synthesised, non-immunogenic alternative to anti -<br />
bodies.<br />
Strategic market position<br />
The Spiegelmer platform enables the company to make<br />
powerful and unique discoveries, which have generated a<br />
number of additional leads un<strong>de</strong>r preclinical investigation.<br />
NOXXON has generated further Spiegelmers in disease<br />
areas, including inflammation (anti-complement component<br />
C5a), cancer (antisphingosine- 1-phosphate / S1P)<br />
and diabetes (anti-glucagon). NOXXON is also exploring<br />
applications involving certain Spiegelmers as therapy in the<br />
area of ophthalmology. Spiegelmers appear to be particularly<br />
well-suited to being locally administered in the eye.<br />
They have a good tolerance and a long intra-vitreal half-life.<br />
Management<br />
Iain Buchanan, CEO; Dr. Matthias Baumann, CMO; Dr.<br />
Sven Klussmann, CSO; Aram Mangasarian, Ph.D., CBO;<br />
Dr. Heike Balzer, SVP Finance; Dr. Walter Wenninger,<br />
Chairman of the Supervisory Board.<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
Since 2007, NOXXON has closed two financing rounds and<br />
raised approximately EUR 72 million from venture capital<br />
investors. NOXXON’s major investors inclu<strong>de</strong> Sofinnova<br />
Partners, TVM Capital, DEWB, Edmond <strong>de</strong> Rothschild<br />
Investment Partners, NGN Capital, Seventure, IBB Beteiligungsgesellschaft,<br />
Dow and GoodVent.<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 155
Capital Seeking Companies<br />
Profile<br />
Foun<strong>de</strong>d in 2012<br />
Number of employees 6<br />
Equity (in EUR million) 0.07<br />
Financing needs (in EUR million) 3<br />
Positive result from -<br />
Revenues in 2010 (in EUR million) 0<br />
Revenues in 2011 (in EUR million) 0<br />
Revenues in 2012 (e) (in EUR million) 0<br />
Revenues in 2013 (e) (in EUR million) 0.1<br />
Contact<br />
Contact person Dr. Alfred Hansel<br />
Phone +49-(0) 36 41-50 84 56<br />
E-mail alfred.hansel@oncgnostics.com<br />
Website www.oncgnostics.com<br />
Address Winzerlaer Str. 2<br />
07745 Jena<br />
Germany<br />
Business field<br />
Using epigenetic biomarkers, oncgnostics <strong>de</strong>velops highly<br />
reliable molecular in vitro diagnostic (IVD) tests for screening,<br />
follow-up care and therapeutic <strong>de</strong>cisions in cancer<br />
diagnostics.<br />
The first product will be GynTect, an IVD for <strong>de</strong>tecting cer -<br />
vical (pre-) cancer cases. Further projects are in the field of<br />
head and neck cancer and ovarian cancer diagnostics.<br />
Strategic market position<br />
• In the IVD market, oncgnostics will operate in the field of<br />
molecular diagnostics. Its annual growth rate is 19%,<br />
and it had an estimated market volume of EUR 5 billion in<br />
2011.<br />
• Cervical cancer may affect women aged 25 years and<br />
ol<strong>de</strong>r. EU: 120 million, North America: 135 million.<br />
Page 156 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
oncgnostics GmbH<br />
Biotechnology<br />
→ HPV test every 3 years: 100 million HPV tests (in the<br />
EU, United States, Canada and Japan)<br />
→ Methylation triage for all HPV-positive women:<br />
approx. 10 million tests<br />
→ Max. business volume: EUR 1 billion (EUR 100/test)<br />
• GynTect may be launched together with a business partner<br />
operating in the field of molecular diagnostics, especially<br />
HPV diagnostics. The test may be introduced for triaging<br />
the cancer status of women who tested as HPV-positive.<br />
Management<br />
Dr. Alfred Hansel (CEO): A biologist with extensive experience<br />
in scientific project management (at the Universities of<br />
Uppsala and Jena), including 1.5 years spent in a biotech<br />
company, where he was responsible for product <strong>de</strong>velopment<br />
and marketing.<br />
Martina Schmitz (CSO): A biochemist with several years’<br />
experience in <strong>de</strong>veloping diagnostic tests.<br />
Kerstin Brox (CFO): An economist who has acquired professional<br />
experience in financial institutions and within the<br />
advertising industry.<br />
Dr. Alfred Hansel, CEO Martina Schmitz, CSO Kerstin Brox, CFO<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
Seed financing: High-Tech Grün<strong>de</strong>rfonds and STIFT<br />
Thüringen, EXIST Forschungstransfer Phase 2<br />
To realise a prospective, multi-centric trial and to ensure<br />
research and <strong>de</strong>velopment; EUR 3 million is nee<strong>de</strong>d for<br />
2013-2015.
PlanET Biogastechnik GmbH<br />
Renewable energies<br />
Profile<br />
Foun<strong>de</strong>d in 1998<br />
Number of employees 230<br />
Equity (in EUR million) 5<br />
Financing needs (in EUR million) 6<br />
Positive result from 2000<br />
Revenues in 2010 (in EUR million) 50<br />
Revenues in 2011 (in EUR million) 95.2<br />
Revenues in 2012 (e) (in EUR million) 100<br />
Revenues in 2013 (e) (in EUR million) 90<br />
Contact<br />
Contact person Hendrik Becker<br />
Phone +49-(0) 25 64-39 50-22<br />
E-mail h.becker@planet-biogas.com<br />
Website www.planet-biogas.com<br />
Address Up <strong>de</strong> Hacke 26<br />
48691 Vre<strong>de</strong>n<br />
Germany<br />
Business field<br />
The PlanET Group splits its business activities into five<br />
strategic business fields: National Plant Engineering and<br />
Construction, RePowering, International Plant Engineering<br />
and Construction, Service and Owner-Operated Enterprise.<br />
Strategic market position<br />
The PlanET Group is one of the top 5 leading manufacturers<br />
of agricultural biogas plants in the world, and it is a market<br />
lea<strong>de</strong>r in France and Canada. Over the last few years, the<br />
market for biogas plants in Germany has enjoyed a positive<br />
<strong>de</strong>velopment. At the end of 2011, more than 7,000 plants<br />
were operational, which altogether had 2,780 MW electrical<br />
power installed. PlanET Group’s vision is preferably to<br />
become in<strong>de</strong>pen<strong>de</strong>nt from conducting just a single<br />
business activity and to bring to the fore business fields that<br />
<strong>de</strong>liver continuous returns – such as Service and Owner-<br />
Capital Seeking Companies<br />
Operated Enterprise – in or<strong>de</strong>r to strengthen the company’s<br />
overall performance. PlanET wants to overcompensate<br />
through its international business for the <strong>de</strong>cline of business<br />
in Germany.<br />
Management<br />
Hendrik Becker and Jörg<br />
Meyer zu Strohe run the<br />
medium-sized company in<br />
the field of renewable<br />
energies. It is a true success<br />
story, with an annual<br />
performance of around<br />
EUR 104 million and more<br />
than 230 employees<br />
worldwi<strong>de</strong>. To guarantee<br />
clear competences and<br />
responsibilities, the company<br />
is split into 5 divi- Hendrik Becker<br />
sions, with 1 division<br />
manager per unit. These<br />
are, namely: Product Engineering (research and <strong>de</strong>velopment,<br />
product management), Sales (client services,<br />
request for building permits, marketing), Construction<br />
(project management, materials management, construction,<br />
documentation), Service (technical and biological<br />
service) and Internal Service (finance, controlling, human<br />
resources, IT, facility management).<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
The participants are convinced that extensive equipment<br />
with equity capital makes sense, in or<strong>de</strong>r to consequently<br />
use the opportunities offered in the future biogas market. In<br />
this way, the company can improve its rate of success and<br />
output, raise its value and generate further growth in the<br />
future. The ongoing <strong>de</strong>velopment of the International and<br />
Owner-Operated Enterprise business fields have the greatest<br />
capital <strong>de</strong>mands. It is in these fields that PlanET would<br />
invest significant capital. Our National, Service and RePowering<br />
fields can be <strong>de</strong>veloped in a similar way, but without<br />
additional equity capital. For this, we would use the PlanET<br />
Group’s cash flow. These would benefit, rather, from longterm<br />
effects.<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 157
Capital Seeking Companies<br />
Profile<br />
Foun<strong>de</strong>d in 2006<br />
Number of employees 10<br />
Equity (in EUR million) 0.5<br />
Financing needs (in EUR million) 5 to 10<br />
Positive result from 2009<br />
Revenues in 2010 (in EUR million) 0.8<br />
Revenues in 2011 (in EUR million) 1.2<br />
Revenues in 2012 (e) (in EUR million) 1.7<br />
Revenues in 2013 (e) (in EUR million) 3<br />
Contact<br />
Contact person Dr. med. Angela Liedler<br />
Phone +49-(0) 1 73-30 48-9 20<br />
E-mail a.liedler@precisis.<strong>de</strong><br />
Website www.precisis.<strong>de</strong><br />
Address Hans-Bunte-Str. 8<br />
69123 Hei<strong>de</strong>lberg<br />
Germany<br />
Dr. med. Angela Liedler, CEO<br />
Page 158 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
PRECISIS AG<br />
Medical technology<br />
Business field<br />
Precisis AG, an innovative medtech company located in<br />
Hei<strong>de</strong>lberg, Germany, is well-known in the fields of minimal<br />
invasive neurosurgery and radiotherapy. So-called stereotactic<br />
interventions can be conducted using its medical<br />
<strong>de</strong>vices and surgery equipment. The software and<br />
hardware systems <strong>de</strong>veloped by Precisis AG are currently<br />
cutting-edge when it comes to enabling highly accurate<br />
positioning of brain pacemakers or for intracranial tumour<br />
radiation.<br />
Strategic market position<br />
Parkinson’s disease is one of the most common neurological<br />
dysfunctions that can be safely and effectively treated<br />
using a minimal invasive method (<strong>de</strong>ep brain stimulation). In<br />
this field, it is possible to predict the remarkable global<br />
market growth. The technical <strong>de</strong>vices can also generate<br />
benefits in other major neurological fields, such as epilepsy<br />
or severe <strong>de</strong>pression. An easy-to-use medical <strong>de</strong>vice for<br />
treating patients who suffer from epileptic seizures has thus<br />
now been invented.<br />
Management<br />
Dr. med. Angela Liedler, CEO. Prior to joining Precisis in<br />
2011, Angela Liedler worked within the pharmaceutical<br />
industry. As European Group Presi<strong>de</strong>nt, she managed the<br />
double digit growth for inVentiv Health’s headquarters in<br />
Munich. Her major goal in Precisis AG is to prepare the<br />
latest innovation for global markets.<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
Technology patent issued. US partners involved. European<br />
lead investors welcome. Milestone-driven investments:<br />
EUR 5 million in 2013/14, and EUR 5 million in 2015/16.
Scopis GmbH<br />
Medical technology<br />
Profile<br />
Foun<strong>de</strong>d in 2010<br />
Number of employees 14<br />
Equity (in EUR million) 0.5<br />
Financing needs (in EUR million) 1.5<br />
Positive result from 2013<br />
Revenues in 2010 (in EUR million) 0.1<br />
Revenues in 2011 (in EUR million) 0.27<br />
Revenues in 2012 (e) (in EUR million) 1.0<br />
Revenues in 2013 (e) (in EUR million) 1.8<br />
Contact<br />
Contact person Bartosz Kosmecki<br />
Phone +49-(0) 30-2 01 69 38-0<br />
E-mail bkosmecki@scopis.com<br />
Website www.scopis.com<br />
Address Blücherstr. 22<br />
10961 Berlin<br />
Germany<br />
Bartosz Kosmecki, CEO<br />
Dr. Christopher Özbek, CTO<br />
Business field<br />
Capital Seeking Companies<br />
Scopis is a <strong>de</strong>veloper and manufacturer of clinical navigation<br />
systems for minimal invasive surgery. Scopis navigation<br />
systems are already used in the fields of ENT, MFC and<br />
neurosurgery. Scopis’ clinical navigation systems result in<br />
surgery time being reduced, fewer clinical complications<br />
occurring, better post-surgical results being achieved and<br />
minimal costs being incurred.<br />
Strategic market position<br />
Scopis is the market lea<strong>de</strong>r in endoscopic augmented<br />
reality navigation. Buyers of Scopis’ products inclu<strong>de</strong><br />
hospital facilities with ENT, MFC and neurosurgery <strong>de</strong>partments<br />
all over the world. Scopis is building a marketing and<br />
sales organisation for its home markets of Germany, Austria<br />
and Switzerland (the so-called “DACH” states) and will rely<br />
on distributors and strategic partners to commercialise<br />
Scopis’ products on a global scale.<br />
Management<br />
Bartosz Kosmecki, CEO; Dr. Christopher Özbek, CTO;<br />
Andreas Reutter, CTO. Scopis is led by an experienced<br />
management team that is committed to the company.<br />
Senior positions in sales have been filled.<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
The company has a financing need of about EUR 1.5 million<br />
until it breaks even in the middle of 2015. Currently, Scopis<br />
is supported by the investor High-Tech Grün<strong>de</strong>rfonds,<br />
Germany. Further co-foun<strong>de</strong>rs inclu<strong>de</strong> the Fraunhofer<br />
Society and Charité Universitätsmedizin Berlin.<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 159
Capital Seeking Companies<br />
Profile<br />
Foun<strong>de</strong>d in 1998<br />
Number of employees 40<br />
Equity (in EUR million) 2.553<br />
Financing needs (in EUR million) 2-3<br />
Positive result from 2009<br />
Revenues in 2010 (in EUR million) 7.775<br />
Revenues in 2011 (in EUR million) 7.269<br />
Revenues in 2012 (e) (in EUR million) 7.3<br />
Revenues in 2013 (e) (in EUR million) 10.5<br />
Contact<br />
Contact person Heinz Schelwat<br />
Phone +49-(0) 43 23-91 09-13<br />
E-mail Schelwat@sea-sun-tech.com<br />
Website www.sea-sun-tech.com<br />
Address Arndstrasse 9-13<br />
24610 Trappenkamp<br />
Germany<br />
Business field<br />
Sea & Sun Technology (SST) was foun<strong>de</strong>d in 1998 with<br />
three individuals. Now, we have 40 employees, generate an<br />
annual turnover of EUR 8.7 million (2011) and have a total<br />
research and <strong>de</strong>velopment subsidy volume of EUR 4.3 million.<br />
For our four main divisions (Organic, Marinetec, Energy<br />
and Solutions), we have subsidiaries and distribution partners<br />
all over the world. In 2012, SST was certified in line<br />
with ISO 9001 by Germanischer Lloyd. In the marine field,<br />
our focus lies on <strong>de</strong>veloping and manufacturing high-end<br />
sensors, instruments, software and data collection platforms<br />
for monitoring and testing water quality, as well as<br />
creating environmental technologies. The integrated sea<br />
and ocean technology solutions we <strong>de</strong>liver to our customers<br />
are tailored to their specific needs and enable them<br />
to obtain significant data about the quality of water. Beyond<br />
our products, we forge lasting relationships with national<br />
and international customers thanks to our <strong>de</strong>dicated cus-<br />
Page 160 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Sea & Sun Technology GmbH<br />
Biotechnology<br />
tomer service, which inclu<strong>de</strong>s technical application assistance<br />
and service support.<br />
Strategic market position<br />
Based on our core competences in the fields of aquatic<br />
measurement techniques and energy technology, and<br />
inspired by the economic success of the previous years, we<br />
<strong>de</strong>ci<strong>de</strong>d to enter a new industry by going GREEN. We<br />
<strong>de</strong>vote our energies to green biotechnology, specifically<br />
microalgae biotechnology, which is a booming branch with<br />
enormous economic potential and a whole host of different<br />
applications. Our mission is to <strong>de</strong>velop and establish<br />
microalgae culturing systems which enable the set-up of<br />
sustainable energy-efficient production facilities. We are<br />
currently in the process of building an industrial-scale<br />
microalgae culture facility. Making the most of existing<br />
economic trails and more than 50 years of aca<strong>de</strong>mic<br />
research, we put a great <strong>de</strong>al of effort into a novel product<br />
<strong>de</strong>sign and <strong>de</strong>veloping advanced marketing strategies<br />
together with our partners.<br />
Management<br />
Management<br />
is organised by<br />
SST GmbH.<br />
The managing<br />
directors for<br />
this field are<br />
Dr. Karsten<br />
Pankratz and<br />
Heinz Schel-<br />
Dr. Karsten Pankratz<br />
Heinz Schelwat<br />
wat. The technical<br />
management is performed by the biologists Dr. Hoffmann<br />
and Dr. Schwarz.<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
The investment for the first plant is about EUR 3 million. The<br />
plan is to involve external investors to build up an industrial<br />
plant measuring 5,000 sqm, as well as up-scaling to bigger<br />
sizes to produce biodiesel kerosene. Research and dis -<br />
cussions with international partners are well un<strong>de</strong>rway. At<br />
present, SST is the sole sharehol<strong>de</strong>r.
Shopgate GmbH<br />
Internet<br />
Profile<br />
Foun<strong>de</strong>d in 2009<br />
Number of employees 58<br />
Equity (in EUR million) 2<br />
Financing needs (in EUR million) 7<br />
Positive result from 2013<br />
Revenues in 2010 (in EUR million) 0.05<br />
Revenues in 2011 (in EUR million) 0.2<br />
Revenues in 2012 (e) (in EUR million) 5<br />
Revenues in 2013 (e) (in EUR million) 35<br />
Contact<br />
Contact person Andrea An<strong>de</strong>rheggen<br />
Phone +49-(0) 60 33-74 70-0<br />
E-mail an<strong>de</strong>rheggen@shopgate.com<br />
Website www.shopgate.com<br />
Address Schloßstraße 10<br />
35510 Butzbach<br />
Germany<br />
Business field<br />
Shopgate (www.shopgate.com) is the leading provi<strong>de</strong>r of<br />
mobile commerce solutions in the retail sector. The retailer<br />
m-commerce market is estimated to grow up to USD 120<br />
billion by 2015 and is currently growing at a rate of 150 to<br />
200% per year.<br />
Strategic market position<br />
Shopgate is dominating the m-commerce market for retailers<br />
in Germany. 80% of all mobile shopping apps in the<br />
German App Store have been <strong>de</strong>veloped and are being<br />
maintained by Shopgate. Foun<strong>de</strong>d in 2009, the company is<br />
already serving 750 paying retailers, achieving 2.1 million<br />
visits per month and has been able to grow its GMV at an<br />
average monthly rate of 25% since its market launch.<br />
Besi<strong>de</strong>s its m-commerce technology, Shopgate offers a<br />
unique range of mobile sales channels and innovations,<br />
Capital Seeking Companies<br />
such as QR shopping, push marketing and mobile couponing.<br />
Shopgate will fundamentally change the way in which<br />
people buy and sell.<br />
Since its market launch, Shopgate has won several awards,<br />
including the IT Innovation Award at the 2011 CeBIT tra<strong>de</strong><br />
fair and the Red Herring Europe Top-100 in 2012. Shopgate<br />
is live in Germany, Switzerland, Austria and Poland.<br />
Management<br />
Andrea An<strong>de</strong>rheggen, the company’s foun<strong>de</strong>r and CEO,<br />
studied Philosophy and Corporate Finance in Zurich before<br />
founding a number of successful companies, such as<br />
APMC and Sofort.com. Together with Ortwin Kartmann,<br />
she foun<strong>de</strong>d Shopgate in 2009.<br />
Ortwin Kartmann, the company’s other foun<strong>de</strong>r and CEO,<br />
completed his studies in IT at Giessen-Friedberg University<br />
of Applied Sciences. Before he foun<strong>de</strong>d Shopgate in 2009,<br />
he invented several products and foun<strong>de</strong>d a number of<br />
companies, including Referate.<strong>de</strong>, People.<strong>de</strong>, Sofort.com<br />
and Simty.<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
Shopgate is currently fun<strong>de</strong>d by its management team and<br />
the German investor Creathor Venture. Shopgate is<br />
planning series B funding with global investors in 2013 for<br />
the purpose of its international expansion.<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 161
Capital Seeking Companies<br />
Profile<br />
Foun<strong>de</strong>d in 2007<br />
Number of employees 12<br />
Equity (in EUR million) 0.1<br />
Financing needs (in EUR million) 0.7<br />
Positive result from 2015<br />
Revenues in 2010 (in EUR million) 0.5<br />
Revenues in 2011 (in EUR million) 0.5<br />
Revenues in 2012 (e) (in EUR million) 0.8<br />
Revenues in 2013 (e) (in EUR million) 1.1<br />
Contact<br />
Contact person Dieter Lingelbach<br />
Phone +49-(0) 89-70 09 61-99 14<br />
E-mail lingelbach@sirion-biotech.com<br />
Website www.sirion-biotech.com<br />
Address Am Klopferspitz 19<br />
82152 Planegg<br />
Germany<br />
Business field<br />
SIRION Biotech specialises in viral vectors for gene therapy<br />
and vaccines. Viral vectors are the method of choice for<br />
genetically modifying human or animal cells for “healthier”<br />
performance overall.<br />
The company has worked on 300 applications for around<br />
50 clients. Today, its skills support a strongly-growing<br />
service business amounting to EUR 800,000 in 2012. The<br />
high rate of repurchase reflects clients’ satisfaction. The<br />
service business helps with validating and fine-tuning the<br />
technology.<br />
Strategic market position<br />
Gene therapy and vaccine applications are a USD 30 billion<br />
market and the figures are continuing to grow further into<br />
double figures.<br />
Page 162 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
SIRION Biotech GmbH<br />
Biotechnology<br />
The company’s unique BAC (Bacterial Artificial Chromosomes)<br />
technology enables viral vectors to be built and<br />
modified from scratch. BAC technology (known as<br />
A<strong>de</strong>noONE) has a substantial number of other advantages<br />
over current industry standards, in that it generates<br />
100% positive and stable clones, as well as allowing for<br />
entire expression libraries.<br />
The company realises gene knockdowns of nearly 100%<br />
(the industry standard currently lies at around 50-70%).<br />
This removes uncertainty from research results. Cell mo<strong>de</strong>ls<br />
for new drugs or for food and cosmetic ingredients are<br />
available in just 6 weeks, which is substantially faster than<br />
when using traditional methods.<br />
Management<br />
The company started in 2007 in Munich, Germany, and also<br />
has offices in New Hampshire and Tokyo. It is managed by<br />
2 managing directors, who are both experienced in managing<br />
life science businesses.<br />
Dr. Christian Thirion<br />
Dieter Lingelbach<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
The company requires further investment due to geographic<br />
expansion and exploring single, clinical applications with<br />
higher ad<strong>de</strong>d value. Today’s investors are Creathor Venture,<br />
HTGF, Bayern Kapital and KfW. An additional EUR 500,000 to<br />
EUR 800,000 is required over the coming two years in or<strong>de</strong>r<br />
to ren<strong>de</strong>r the current business mo<strong>de</strong>l in<strong>de</strong>pen<strong>de</strong>nt. Options<br />
exist to <strong>de</strong>velop single viral vectors as drugs and/or vaccines;<br />
however, these call for different investment levels.
t-cell Europe GmbH<br />
Biotechnology<br />
Profile<br />
Foun<strong>de</strong>d in 2011<br />
Number of employees 7<br />
Equity (in EUR million) 0.5<br />
Financing needs (in EUR million) 5.5<br />
Positive result from 2016<br />
Revenues in 2010 (in EUR million) -<br />
Revenues in 2011 (in EUR million) -<br />
Revenues in 2012 (e) (in EUR million) -<br />
Revenues in 2013 (e) (in EUR million) -<br />
Contact<br />
Contact person Dr. Claudia Ulbrich<br />
Phone +49-(0) 3 31-27 97 56-90<br />
E-mail c.ulbrich@t-cell.<strong>de</strong><br />
Website www.t-cell.<strong>de</strong><br />
Address Zeppelinstr.189<br />
14471 Potsdam<br />
Germany<br />
Business field<br />
Making use of its proprietary platform technologies, it is the<br />
objective of t-cell Europe GmbH, a spin-off of the Berlin-<br />
Bran<strong>de</strong>nburg Center for Regenerative Therapies (BCRT), to<br />
<strong>de</strong>velop and commercialise new T-cell-based regenerative<br />
therapies. Its first indication product will be a Treg-cell therapy<br />
following kidney transplants. t-cell’s business strategy<br />
is to <strong>de</strong>velop its T-cell therapy product(s) until the I/IIa<br />
clinical phases have been completed, before licensing it to<br />
biopharma partner(s). t-cell focuses its further activities on<br />
indications, such as the immunosuppressive treatment<br />
following solid organ transplants, the treatment of Graftversus-host<br />
disease following haematopoietic stem cell<br />
transplants, or the treatment of CMV or EBV infections<br />
following solid organ transplants using T-effector cells.<br />
Strategic market position<br />
Capital Seeking Companies<br />
Each year, more than 30,000 patients in Europe and the US<br />
receive kidneys from living or <strong>de</strong>ceased donors. Unfortunately,<br />
it is often the case that the donor organ is recognised<br />
by the patient’s immune system as being “foreign”<br />
and it is thus regularly rejected. To overcome this physiological<br />
yet contra-productive response, physicians have to<br />
put their patients on lifelong therapy with immunosuppressant<br />
drugs. t-cell’s proprietary technology has been<br />
<strong>de</strong>signed to superse<strong>de</strong> chronic immunosuppression and its<br />
adverse effects by employing regulatory T-cells (Treg). Tregcells<br />
naturally play a key role by preventing overreactions in<br />
our immune system. t-cell’s astute concept uses therapeutic<br />
Treg-cells as a tool to persua<strong>de</strong> the patient’s immune<br />
system into accepting the foreign kidney as “its own”. The<br />
cell source can either be peripheral blood from the patients<br />
themselves (autologous therapy) or from a matched donor<br />
(allogenic therapy).<br />
Management<br />
t-cell is managed and supported<br />
by an international and<br />
renowned team of professionals:<br />
Dr. med. Claudia Ulbrich,<br />
CEO; Prof. Dr. med. Petra<br />
Reinke, Chief Clinical Advisor<br />
(Head of the “Immunology” field<br />
at BCRT); and Prof. Dr. med.<br />
Hans-Dieter Volk, Chief Scientific<br />
Advisor (Director of BCRT).<br />
Dr. med. Claudia Ulbrich<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
A total of EUR 5.5 million is to be raised in the current<br />
financing round. This amount is sufficient to cover the entire<br />
projected capital requirement for: a) Autologous therapy<br />
following kidney transplants: Pre-clinical <strong>de</strong>velopment and<br />
clinical <strong>de</strong>velopment spanning phases I and II, through to<br />
completion of the “Proof of concept: Successful data from<br />
phase I/II clinical trials” milestone, and b) Allogenic therapy<br />
following kidney transplants: Pre-clinical <strong>de</strong>velopment.<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 163
Capital Seeking Companies<br />
Profile<br />
Foun<strong>de</strong>d in 1990<br />
Number of employees 80<br />
Equity (in EUR million) 3.38<br />
Financing needs (in EUR million) 2-4<br />
Positive result from 2000<br />
Revenues in 2010 (in EUR million) 12.7<br />
Revenues in 2011 (in EUR million) 10.8<br />
Revenues in 2012 (e) (in EUR million) 10.6<br />
Revenues in 2013 (e) (in EUR million) 11.3<br />
Contact<br />
Contact person Dipl.-Ing. Johannes Waldinger<br />
Phone +49-(0) 89-3 21 75-6 10<br />
E-mail jwaldinger@tomtec.<strong>de</strong><br />
Website www.tomtec.<strong>de</strong><br />
Address Edisonstrasse 6<br />
85716 Unterschleissheim<br />
Germany<br />
Ulrich Haupt, CEO<br />
Johannes Waldinger, CTO<br />
Page 164 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
TomTec Imaging<br />
Systems GmbH<br />
Medical engineering<br />
Business field<br />
Since 1990, the company has <strong>de</strong>veloped as a pioneer in<br />
innovative technologies, such as 3D / 4D ultrasound, stress<br />
echo and ultrasound image management solutions. By<br />
offering “add-on” and integrated OEM solutions to all major<br />
ultrasound and PACS companies, TomTec has reached a<br />
leading position in its market. With its “one step ahead”<br />
philosophy, TomTec is synonymous with continuous innovations<br />
in the field of diagnostic medical imaging. The company’s<br />
product line encompasses a wi<strong>de</strong> range of 2D and<br />
3D / 4D technology for visualising, analysing, quantifying<br />
and processing information, as well as for managing multimodality<br />
image data. TomTec’s products are relevant to the<br />
fields of adult and paediatric cardiology, as well as obstetrics,<br />
gynaecology, radiology and vascular diagnostics.<br />
Strategic market position<br />
TomTec is the market lea<strong>de</strong>r in integrating software<br />
solutions for visualising, analysing and quantifying medical<br />
image data into imaging modality <strong>de</strong>vices. Its main focus is<br />
on medical ultrasound.<br />
Thanks to automated analysis and quantification processes<br />
and workflow optimisation, TomTec provi<strong>de</strong>s solutions for<br />
healthcare IT partners’ growing need to analyse and<br />
diagnose medical imaging information.<br />
Management<br />
Senior management team:<br />
Ulrich Haupt: CEO, CFO<br />
Bernhard Mumm: Presi<strong>de</strong>nt, COO<br />
Johannes Waldinger: CTO<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
u Financing needs: EUR 2-4 million<br />
u Sharehol<strong>de</strong>rs: 97% owned by the management team<br />
(senior management and executive board); 3% owned<br />
by employees<br />
u Financing needs for expanding the portfolio of solutions to<br />
inclu<strong>de</strong> a medical diagnosis and reporting system for<br />
mobile <strong>de</strong>vices
Torqeedo GmbH<br />
Green technology / energy efficiency<br />
and emission reduction<br />
Profile<br />
Foun<strong>de</strong>d in 2005<br />
Number of employees 44<br />
Equity (in EUR million) 2<br />
Financing needs (in EUR million) 5-6<br />
Positive result from -<br />
Revenues in 2010 (in EUR million) 6<br />
Revenues in 2011 (in EUR million) 9<br />
Revenues in 2012 (e) (in EUR million) 10<br />
Revenues in 2013 (e) (in EUR million) 15<br />
Contact<br />
Contact person Dr. Christoph Ballin<br />
Phone +49-(0) 8151 - 268 67-60<br />
E-mail christoph.ballin@torqeedo.com<br />
Website www.torqeedo.com<br />
Address Friedrichshafener Str. 4a<br />
82205 Gilching<br />
Germany<br />
Business field<br />
Capital Seeking Companies<br />
Torqeedo is the global lea<strong>de</strong>r in electric mobility for boats,<br />
focusing on electric outboards.<br />
Strategic market position<br />
Torqeedo outboards convert limited battery supply into<br />
propulsive power better than any other outboard on the<br />
market. In addition, they offer product-specific advantages,<br />
such as ultra-lightweight <strong>de</strong>sign, integrated GPS-based<br />
range calculation, competitive price points, etc.<br />
The drivers for Torqeedo’s unique performance are unique<br />
technological advantages with regard to module (motor,<br />
battery, propeller) technologies and system technologies<br />
(e.g. safety, user interface, corrosion resistance).<br />
Torqeedo is utilising the unique product advantages to build<br />
an international consumer brand for clean outboards. As<br />
the global pioneer in this field, Torqeedo is already synonymous<br />
with clean high-tech drives that <strong>de</strong>liver superior<br />
performance.<br />
Management<br />
Christoph Ballin, co-foun<strong>de</strong>r<br />
and CEO – his prior positions<br />
inclu<strong>de</strong> Managing Director at<br />
Gar<strong>de</strong>na Deutschland GmbH,<br />
Corporate Sales Director at<br />
Gar<strong>de</strong>na AG and Engagement<br />
Manager at McKinsey &<br />
Company Inc.<br />
Christoph Ballin, CEO<br />
Planned investment, sharehol<strong>de</strong>rs / investors<br />
Main current investors: Wheb Ventures, Robert Bosch<br />
Venture Capital, Extorel<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 165
Service<br />
Deutsche Börse Listing Partners<br />
www.xetra.com/listing_e > Listing Partners<br />
IPO and IBO candidates as well as listed companies may benefit from the capital market expertise<br />
of Deutsche Börse Listing Partners ® . This network gives entrepreneurs direct access to experienced<br />
capital market specialists in all areas of company financing at Deutsche Börse on Xetra ® .<br />
ACON Actienbank AG<br />
Contact Person Dr. Michael Hasenstab<br />
E-mail hasenstab@aconbank.<strong>de</strong><br />
Phone +49-(0) 89-24 4118-333<br />
Web www.aconbank.<strong>de</strong><br />
Allen & Overy LLP<br />
Contact Person Dr. Oliver Seiler<br />
E-mail oliver.seiler@allenovery.com<br />
Phone +49-(0) 69-26 48 50-00<br />
Web www.allenovery.com<br />
Ashurst LPP<br />
Contact Person Reinhard Eyring<br />
E-mail reinhard.eyring@ashurst.com<br />
Phone +49-(0) 69-97 11 27-08<br />
Web www.ashurst.com<br />
Asiasons WFG Financial<br />
Phone +65-(0) 6319 4999<br />
Baa<strong>de</strong>r Bank Aktiengesellschaft<br />
Contact Person Nico Baa<strong>de</strong>r<br />
E-mail nico.baa<strong>de</strong>r@baa<strong>de</strong>rbank.<strong>de</strong><br />
Phone +49-(0) 89-51 50-0<br />
Web www.baa<strong>de</strong>rbank.<strong>de</strong><br />
Bank am Bellevue<br />
Contact Person Friedrich Dietz<br />
E-mail babcf@bellevue.ch<br />
Phone +41-(0) 44-267-7262<br />
Web www.bellevue.ch<br />
Bankhaus Lampe KG<br />
Contact Person Dr. Carsten Lehmann<br />
E-mail lehmann@lampe-cf.<strong>de</strong><br />
Phone +49-(0) 69-33 99 51-0<br />
Web www.bankhaus-lampe.<strong>de</strong><br />
Bankhaus Main AG<br />
Contact Person Rainer Bergmann<br />
E-mail rainer.bergmann@bankhaus-main.com<br />
Phone +49- (0) 69-59 76 76-105<br />
Web www.bankhaus-main.com<br />
Page 166 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
BankM – Representative Office of biw Bank for<br />
Investments and Wertpapiere AG<br />
Contact Person Ralf Hellfritsch<br />
E-mail Ralf.Hellfritsch@bankm.<strong>de</strong><br />
Phone +49-(0) 69-719 18 38-32<br />
Web www.bankm.<strong>de</strong>, www.biw-bankm.<strong>de</strong><br />
Bayerische Lan<strong>de</strong>sbank<br />
Contact Person Alf Niezold<br />
E-mail alf.niezold@bayernlb.<strong>de</strong><br />
Phone +49-(0) 89-21 71-2 76 31<br />
Web www.bayernlb.<strong>de</strong><br />
BDO AG Wirtschaftsprüfungsgesellschaft<br />
Contact Person Axel Maack<br />
E-mail axel.maack@bdo.<strong>de</strong><br />
Phone +49-(0) 30-88 57 22-470<br />
Web www.bdo.<strong>de</strong><br />
Beiten Burkhardt Rechtsanwaltsgesellschaft mbH<br />
Contact Person Dr. Dirk Tuttlies<br />
E-mail Dirk.Tuttlies@bblaw.com<br />
Phone +49- (0) 89-35065-1252<br />
Web www.bblaw.com<br />
BERENBERG BANK<br />
Contact Person Oliver Diehl<br />
E-mail oliver.diehl@berenberg.<strong>de</strong><br />
Phone +49-(0) 69 913 090-730<br />
Web www.berenberg.<strong>de</strong><br />
BHF - BANK AG<br />
Contact Person Cornelius Clotten<br />
E-mail cornelius.clotten@bhf-bank.com<br />
Phone +49-(0) 69-71 80<br />
Web www.bhf-bank.com<br />
BLÄTTCHEN & PARTNER AG<br />
Contact Person Dr. Konrad Bösl<br />
E-mail kb@blaettchen.<strong>de</strong><br />
Phone +49-(0) 89-210294-60<br />
Web www.blaettchen.<strong>de</strong>
BLÄTTCHEN FINANCIAL ADVISORY<br />
Contact Person Prof. Dr. Wolfgang Blättchen,<br />
Dr. Stephan Mahn<br />
E-mail blaettchen@blaettchen-fa.<strong>de</strong>,<br />
mahn@blaettchen-fa.<strong>de</strong><br />
Phone +49-(0) 7152-610 194-0<br />
Web www.blaettchen-fa.<strong>de</strong><br />
BNP PARIBAS<br />
Contact Person Lars Stiewe<br />
E-mail lars.stiewe@bnpparibas.com<br />
Phone +44-(0) 207-5 95 20-84<br />
Web www.bnpparibas.com<br />
BRUNSWICK GROUP<br />
Contact Person Christian Weyand<br />
E-mail cweyand@brunswickgroup.com<br />
Phone +49-(0) 69-24 00 55-11<br />
Web www.brunswickgroup.com<br />
Business Wire - A Berkshire Hathaway Company<br />
Contact Person Henrik A<strong>de</strong>lmann<br />
E-mail henrik.a<strong>de</strong>lmann@businesswire.com<br />
Phone +49-(0) 69-91 50 66-35<br />
Web www.businesswire.<strong>de</strong>, www.businesswire.com<br />
Service<br />
CdC Capital GmbH<br />
Contact Person Jörn J. Follmer<br />
E-mail follmer@cdc-capital.com<br />
Phone +49-(0) 89-480 580 6-0<br />
Web www.cdc-capital.com, www.trust-research.com<br />
Clifford Chance<br />
Contact Person Markus Pfüller<br />
E-mail markus.pfueller@cliffordchance.com<br />
Phone +49-(0) 69-71 99-01<br />
Web www.cliffordchance.com<br />
Close Brothers Seydler Bank AG<br />
Contact Person Thomas Kaufmann<br />
E-mail thomas.kaufmann@cbseydler.com<br />
Phone +49-(0) 69-9 20 54-190<br />
Web www.cbseydler.com<br />
CMS Hasche Sigle<br />
Contact Person Dr. Andreas Zanner<br />
E-mail Andreas.Zanner@cms-hs.com<br />
Phone +49-(0) 69-71 70-10<br />
Web www.cms-hs.com<br />
Kölner Straße 32<br />
51429 Bergisch Gladbach<br />
Postfach 10 03 53<br />
51403 Bergisch Gladbach<br />
Telefon: 0 22 04 / 40 00-0<br />
Telefax: 0 22 04 / 40 00-20<br />
Advertisement<br />
INDUS – Die Mittelstandsholding.<br />
Finanzstark, verlässlich, werthaltig.<br />
Unsere Stärke ist unsere Diversifikation.<br />
Wir sind in <strong>de</strong>n Branchen zuhause, wo<br />
die Industrie ihre Zukunft hat.<br />
E-Mail: indus@indus.<strong>de</strong><br />
Mehr Informationen unter:<br />
www.indus.<strong>de</strong><br />
WKN: 620 010<br />
ISIN: DE 000 620 01 08
Service<br />
cometis AG<br />
Contact Person Michael Diegelmann<br />
E-mail diegelmann@cometis.<strong>de</strong><br />
Phone +49-(0) 611-20 58 55-0<br />
Web www.cometis.<strong>de</strong><br />
Commerzbank AG<br />
Contact Person Ute Gerbaulet<br />
E-mail ute.gerbaulet@commerzbank.com<br />
Phone +49-(0) 69-136-2 29-74<br />
Web www.commerzbank.com<br />
Computershare Deutschland GmbH & Co. KG<br />
Contact Person Steffen Herfurth<br />
E-mail steffen.herfurth@computershare.<strong>de</strong><br />
Phone +49-(0) 89-30 90 3-0<br />
Web www.computershare.<strong>de</strong><br />
Concord Capital AG<br />
Contact Person Mathias Schmid<br />
E-mail mathias.schmid@concordcapital.<strong>de</strong><br />
Phone +49-(0) 69-271 38 79-0<br />
Web www.concordcapital.<strong>de</strong><br />
Conmit Wertpapierhan<strong>de</strong>lsbank AG<br />
Contact Person Christoph Wei<strong>de</strong>ne<strong>de</strong>r<br />
E-mail c.wei<strong>de</strong>ne<strong>de</strong>r@conmitbank.<strong>de</strong><br />
Phone +49-(0) 89-244 047-361<br />
Web www.conmitbank.<strong>de</strong><br />
Conpair AG<br />
Contact Person Ginette Oebel<br />
E-mail oebel@conpair.<strong>de</strong><br />
Phone +49-(0) 201-8 96 89-20<br />
Web www.conpair.<strong>de</strong><br />
Cortent Kommunikation AG<br />
Contact Person Volker Siegert<br />
E-mail volker.siegert@cortent.<strong>de</strong><br />
Phone +49-(0) 69-5 77 03 00-11<br />
Web www.cortent.<strong>de</strong><br />
Deloitte & Touche GmbH<br />
Contact Person Daniel Döpfner<br />
E-mail ddoepfner@<strong>de</strong>loitte.<strong>de</strong><br />
Phone +49-(0) 69-7 56 95-64 33<br />
Web www.<strong>de</strong>loitte.<strong>de</strong><br />
Deutsche Bank AG<br />
Contact Person Georg Hansel<br />
E-mail Georg.Hansel@db.com<br />
Phone +49-(0) 69-910 3 89-30<br />
Web www.<strong>de</strong>utsche-bank.<strong>de</strong><br />
Page 168 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
DGAP Deutsche Gesellschaft<br />
für Ad-hoc-Publizität mbH<br />
Contact Person Robert Wirth<br />
E-mail marketing@dgap.<strong>de</strong><br />
Phone +49-(0) 89-21 02 98-40<br />
Web www.dgap.<strong>de</strong><br />
DICAMA AG<br />
Contact Person Markus Dietrich<br />
E-mail madi@dicama.com<br />
Phone +49-(0) 79-71 9600-86<br />
Web www.dicama.com<br />
Donner & Reuschel AG<br />
Contact Person Svenja Weber<br />
E-mail svenja.weber@donner-reuschel.<strong>de</strong><br />
Phone +49-(0) 40-3 02 17-53 37<br />
Web www.donner-reuschel.<strong>de</strong><br />
DZ BANK AG<br />
Contact Person Andreas John<br />
E-mail andreas.john@dzbank.<strong>de</strong><br />
Phone +49-(0) 69-74 47-01<br />
Web www.dzbank.<strong>de</strong><br />
Ebner Stolz Mönning Bachem<br />
Contact Person Christian Fuchs<br />
E-mail christian.fuchs@ebnerstolz.<strong>de</strong><br />
Phone +49-(0) 711-20 49-12 76<br />
Web www.ebnerstolz.<strong>de</strong><br />
EQS Group<br />
Contact Person Stephan Däschler<br />
E-mail stephan.daeschler@eqs.com<br />
Phone +49-(0) 89-21 02 98-26<br />
Web www.eqs.com<br />
equinet Bank AG<br />
Contact Person Lutz Weiler<br />
E-mail lutz.weiler@equinet-ag.<strong>de</strong><br />
Phone +49-(0) 69-58 99-70<br />
Web www.equinet-ag.<strong>de</strong><br />
Ernst & Young GmbH<br />
Wirtschaftsprüfungsgesellschaft<br />
Contact Person Dr. Martin Steinbach<br />
E-mail martin.steinbach@<strong>de</strong>.ey.com<br />
Phone +49-(0) 61-96 996-11574<br />
Web www.<strong>de</strong>.ey.com<br />
First Berlin Securities Brokerage GmbH<br />
Contact Person Martin Bailey<br />
E-mail M.Bailey@firstberlin.com<br />
Phone +49-(0) 30-80 93 96-81<br />
Web www.FristBerlin.com
fischerAppelt, advisors<br />
Contact Person Ulf Ziegler<br />
E-mail uz@fischerappelt.<strong>de</strong><br />
Phone +49-(0) 40-89 96 99-810<br />
Web www.fischerappelt.<strong>de</strong><br />
FTI Consulting SC GmbH<br />
Contact Person Dr. Lutz Golsch<br />
E-mail lutz.golsch@fticonsulting.com<br />
Phone +49-(0) 69-9 20 37-0<br />
Web www.fticonsulting.com<br />
GFEI AG<br />
Contact Person Lars Kuhnke<br />
E-mail lkuhnke@gfei.<strong>de</strong><br />
Phone +49-(0) 69-743 037-00<br />
Web www.gfei.<strong>de</strong><br />
Goldman Sachs<br />
Contact Person Dr. Christoph Stanger<br />
E-mail christoph.stanger@gs.com<br />
Phone +44-(0) 20-77 74-47 33<br />
Web www.goldmansachs.com<br />
Service<br />
Graf von Westphalen<br />
Partnership Lawyers<br />
Contact Person Felix Prozorov-Bastians<br />
E-mail f.prozorov-bastians@gvw.com<br />
Phone +49-(0) 69-800 85 19 -32<br />
Web www.gvw.com<br />
Grayling Deutschland GmbH /<br />
Citigate Dewe Rogerson<br />
Contact Person Hanning Kempe<br />
E-mail hanning.kempe@citigatedr.<strong>de</strong><br />
Phone +49-(0) 69-90 50 0-0<br />
Web www.citigatedr.<strong>de</strong>,www.grayling.<strong>de</strong><br />
GSK Stockmann + Kollegen<br />
Contact Person Dr. Anne <strong>de</strong> Boer<br />
E-mail <strong>de</strong>boer@gsk.<strong>de</strong><br />
Phone +49-(0) 71-12 20 45 79-51<br />
Web www.gsk.<strong>de</strong><br />
Haubrok AG<br />
Contact Person Axel Haubrok<br />
E-mail a.haubrok@haubrok.<strong>de</strong><br />
Phone +49-(0) 89-210 27-510<br />
Web www.haubrok-ce.<strong>de</strong><br />
Advertisement
Service<br />
Hauck & Aufhäuser Privatbankiers KGaA<br />
Contact Person Dirk Weyerhäuser<br />
E-mail dirk.weyerhaeuser@ha-ib.com<br />
Phone +49-(0) 69-50 500 49-36<br />
Web www.ha-ib.com<br />
Helaba Lan<strong>de</strong>sbank Hessen-Thüringen<br />
Contact Person Albrecht von <strong>de</strong>r Chevallerie<br />
E-mail albrecht.chevallerie@helaba.<strong>de</strong><br />
Phone +49-(0) 69-91 32-41 85<br />
Web www.helaba.<strong>de</strong><br />
HEUKING KÜHN LÜER WOJTEK<br />
Contact Person Dr. Mirko Sickinger<br />
E-mail m.sickinger@heuking.<strong>de</strong><br />
Phone +49-(0) 22-1 20 52-591<br />
Web www.heuking.<strong>de</strong><br />
Hogan Lovells<br />
Contact Person Prof. Dr. Michael Schlitt<br />
E-mail 49-(0) 69-962 36-430<br />
Phone michael.schlitt@hoganlovells.com<br />
Web www.hoganlovells.com<br />
HSBC Trinkaus Burkhardt AG<br />
Contact Person Dr. Ralf Neuhaus<br />
E-mail Ralf.Neuhaus@hsbctrinkaus.<strong>de</strong><br />
Phone +49-(0) 2 11-9 10 25 90<br />
Web www.hsbctrinkaus.<strong>de</strong><br />
ICF Kursmakler AG<br />
Contact Person Sascha Rinno<br />
E-mail s.rinno@icfag.<strong>de</strong><br />
Phone +49-(0) 69-92 877-501<br />
Web www.icfag.<strong>de</strong><br />
IKB Deutsche Industriebank AG<br />
Contact Person Tilo Kraus<br />
E-mail tilo.kraus@ikb.<strong>de</strong><br />
Phone +49-(0) 211-8221-3232<br />
Web www.ikb.<strong>de</strong><br />
In<strong>de</strong>pen<strong>de</strong>nt Research<br />
Contact Person Pierre Drach<br />
E-mail pdrach@irffm.<strong>de</strong><br />
Phone +49-(0) 69-971 4 90-0<br />
Web www.irffm.<strong>de</strong><br />
IPONTIX Equity Consultants GmbH<br />
Contact Person Ulrich Barnickel<br />
E-mail ubarnickel@ipontix.com<br />
Phone +49-(0) 69-9 54 54-0<br />
Web www.ipontix.com<br />
Page 170 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
JP|KOM<br />
Contact Person Boris Bolwin<br />
E-mail boris.bolwin@jp-kom.<strong>de</strong><br />
Phone +49-(0) 69-921019-36<br />
Web www.jp-kom.<strong>de</strong><br />
JPMorgan<br />
Contact Person Klaus H. Hessberger<br />
E-mail klaus.h.hessberger@jpmorgan.com<br />
Phone +44-(0) 207-3 25 16 49<br />
Web www.jpmorgan.com<br />
Kepler Capital Markets<br />
Contact Person Dr. Serge Ragotzky<br />
E-mail serge.ragotzky@keplercm.com<br />
Phone +49-(0) 69-756 96-380<br />
Web www.keplercapitalmarkets.com<br />
Kirchhoff Consult AG<br />
Contact Person Klaus Rainer Kirchhoff<br />
E-mail kirchhoff@kirchhoff.<strong>de</strong><br />
Phone +49-(0) 40-6 09 18 60<br />
Web www.kirchhoff.<strong>de</strong><br />
Lang & Schwarz Broker GmbH<br />
Contact Person Peter Zahn<br />
E-mail +49-(0) 211-13840-410<br />
Phone peter.zahn@ls-d.<strong>de</strong><br />
Web www.ls-d.<strong>de</strong><br />
Latham & Watkins LLP<br />
Contact Person Dr. Roland Maass<br />
E-mail roland.maass@lw.com<br />
Phone +49-(0) 69-6062-6624<br />
Web www.lw.com<br />
LBBW Lan<strong>de</strong>sbank Ba<strong>de</strong>n-Württemberg<br />
Contact Person Jobst Bartmer<br />
E-mail jobst.bartmer@LBBW.<strong>de</strong><br />
Phone +49-(0) 711-1 27-25 021<br />
Web www.LBBW.<strong>de</strong><br />
Linklaters LLP<br />
Contact Person Dr. Herbert Harrer<br />
E-mail Herbert.Harrer@linklaters.com<br />
Phone +49-(0) 69-71 00 3<br />
Web www.linklaters.com<br />
Luther Rechtsanwaltsgesellschaft mbH<br />
Contact Person Thomas Weidlich<br />
E-mail thomas.weidlich@luther-lawfirm.com<br />
Phone +49-(0) 221-99 37-1 62 80<br />
Web www.luther-lawfirm.com
Service<br />
Mayer Brown LLP<br />
Contact Person Dr. Ulrike Bin<strong>de</strong>r<br />
E-mail ubin<strong>de</strong>r@mayerbrown.com<br />
Phone +49-(0) 69-79 41 0<br />
Web www.mayerbrown.com<br />
Merrill Lynch International Bank Limited<br />
Contact Person Holger Bross<br />
E-mail holger.bross@baml.com<br />
Phone +49-(0) 69-58 99-50 00<br />
Web www.ml.com<br />
M.M.Warburg & CO KG aA<br />
Contact Person Till Wre<strong>de</strong><br />
E-mail twre<strong>de</strong>@mmwarburg.com<br />
Phone +49-(0) 40-32 82-22 98<br />
Web www.mmwarburg.com<br />
Morgan, Lewis & Bockius LLP<br />
Contact Person Dr. Christian O. Zschocke<br />
E-mail czschocke@morganlewis.com<br />
Phone +49-(0) 69-71 40 07-11<br />
Web www.morganlewis.<strong>de</strong><br />
Morgan Stanley Bank AG<br />
Contact Person Klaus Froehlich<br />
E-mail klaus.froehlich@morganstanley.com<br />
Phone +44-(0) 207-425-23 12<br />
Web www.morganstanley.com<br />
mwb fairtra<strong>de</strong> Wertpapierhan<strong>de</strong>lsbank AG<br />
Contact Person Elke Fürstenau<br />
E-mail efuerstenau@mwbfairtra<strong>de</strong>.com<br />
Phone +49-(0) 89-85852-300<br />
Web www.mwbfairtra<strong>de</strong>.com<br />
news aktuell GmbH<br />
Contact Person Birger Johannsen<br />
E-mail johannsen@newsaktuell.<strong>de</strong><br />
Phone +49-(0) 40-41 13-327 93<br />
Web www.newsaktuell.<strong>de</strong><br />
Noerr LLP<br />
Contact Person Dr. Laurenz Wieneke<br />
E-mail laurenz.wieneke@noerr.com<br />
Phone +49-(0) 69-9 71 47-70<br />
Web www.noerr.com<br />
Norton Rose LLP<br />
Contact Person Dr. Frank Regelin<br />
E-mail frank.regelin@nortonrose.com<br />
Phone +49-(0) 69-50 5096 -197<br />
Web www.nortonrose.com<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 171<br />
������������<br />
�����������<br />
�����<br />
������������������<br />
■ ������������������������������������<br />
�������������������������������<br />
���������������������������������<br />
■ ������������������������<br />
���������������������<br />
�������������<br />
■ ���������������������������<br />
����������������������<br />
���������������<br />
■ �����������������������������<br />
■ ����������������������������<br />
■ �����������������������<br />
��������������<br />
��������������������<br />
�������������������<br />
��������������������<br />
pressetext Nachrichtenagentur<br />
Stralauer Platz 34, 10243 Berlin<br />
Tel. (030) 29 770-25 25<br />
adhoc@pressetext.com
Service<br />
Omiris AG<br />
Contact Person Sam Winkel<br />
E-mail winkel@omiris.<strong>de</strong><br />
Phone +49-(0) 89-5457 8550<br />
Web www.consult.omiris.<strong>de</strong><br />
Orrick Hölters & Elsing<br />
Contact Person Prof. Dr. Olaf Müller-Michaels<br />
E-mail omueller-michaels@orrick.com<br />
Phone +49-(0) 2 11-3 67 87-2 11<br />
Web www.orrick.com<br />
PricewaterhouseCoopers<br />
Contact Person Nadja Picard<br />
E-mail nadja.picard@<strong>de</strong>.pwc.com<br />
Phone +49-(0) 211-981 2978<br />
Web www.pwc.com<br />
quirin bank AG<br />
Contact Person Holger Clemens Hinz<br />
E-mail holger.hinz@quirinbank.<strong>de</strong><br />
Phone +49-(0) 69-2475 049-30<br />
Web www.quirinbank.<strong>de</strong><br />
SALANS LLP<br />
Contact Person Robert Michels<br />
E-mail rmichels@salans.com<br />
Phone +49-(0) 69-45 00 12-398<br />
Web www.salans.com<br />
Silvia Quandt & Cie. AG<br />
Contact Person Alexan<strong>de</strong>r Lattmann<br />
E-mail lattmann@silviaquandt.<strong>de</strong><br />
Phone +49-(0) 69-95 92 90 93-1 83<br />
Web www.silviaquandt.<strong>de</strong><br />
Skillnet GmbH<br />
Contact Person Bodo Kräter<br />
E-mail bodo.kraeter@skillnet.com<br />
Phone +49-(0) 40-2 80 15 4-00<br />
Web www.skillnet.com<br />
Süd<strong>de</strong>utsche Aktienbank AG<br />
Contact Person Hartwig Traber<br />
E-mail traber@sab-bank.com<br />
Phone +49-(0) 711-229 315-0<br />
Web www.sab-bank.com<br />
Taylor Wessing<br />
Contact Person Stephan Heinemann<br />
E-mail s.heinemann@taylorwessing.com<br />
Phone +49-(0) 69-9 71 30-0<br />
Web www.taylorwessing.com<br />
Page 172 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
The Royal Bank of Scotland N.V.<br />
Contact Person Klaus Schinkel<br />
E-mail klaus.schinkel@rbs.com<br />
Phone +49-(0) 69-2690 0325<br />
Web www.rbs.<strong>de</strong><br />
UBJ. GmbH<br />
Contact Person Ingo Janssen<br />
E-mail ingo.janssen@ubj.<strong>de</strong><br />
Phone +(49)-(0) 40-6378-5410<br />
Web www.ubj.<strong>de</strong><br />
UniCredit Bank AG<br />
(former Bayerische Hypo- und Vereinsbank AG)<br />
Contact Person Peter Schae<strong>de</strong><br />
E-mail peter.schae<strong>de</strong>@unicreditgroup.<strong>de</strong><br />
Phone +49-(0) 89-378-11650<br />
Web www.unicreditgroup.eu<br />
VEM Aktienbank AG<br />
Contact Person Justus Linker, Markus Becker<br />
E-mail j.linker@vem-aktienbank.<strong>de</strong>,<br />
m.becker@vem-aktienbank.<strong>de</strong><br />
Phone +49-(0) 89-3 09 03- 48 60, +49-(0) 89-3 09 03- 48 85<br />
Web www.vem-aktienbank.<strong>de</strong><br />
VISCARDI AG<br />
Contact Person Markus Fischer<br />
E-mail markus.fischer@viscardi.com<br />
Phone +49-(0) 89-25 55 8-0<br />
Web www.viscardi.com<br />
Warth & Klein Grant Thornton AG<br />
Wirtschaftsprüfungsgesellschaft<br />
Contact Person Ralf Clemens<br />
E-mail ralf.clemens@wkgt.com<br />
Phone +49-(0) 211-9524-8361<br />
Web www.wkgt.com<br />
WGZ BANK<br />
Contact Person Dr. Reiner Selbach<br />
E-mail reiner.selbach@wgzbank.<strong>de</strong><br />
Phone +49-(0) 211-7 78-28 81<br />
Web www.wgzbank.<strong>de</strong><br />
Wolfgang Steubing AG Wertpapierdienstleister<br />
Contact Person Dr. Jochen Grossmann<br />
E-mail jochen.grossmann@steubing.com<br />
Phone +49-(0) 69-297 16-168<br />
Web www.steubing.com<br />
youmex AG<br />
Contact Person Andreas Wegerich<br />
E-mail wegerich@youmex.<strong>de</strong><br />
Phone +49-(0) 69-79 53 98-000<br />
Web www.youmex.<strong>de</strong>
In<strong>de</strong>x of Advertisers<br />
Advertiser Page<br />
Audi 55<br />
Baa<strong>de</strong>r Bank 53<br />
BankM 27<br />
BDO 51<br />
Beiten Burkhardt 103<br />
Bellevue Investments 127<br />
Berenberg Bank 45<br />
biw Bank 81, 83<br />
Blättchen Financial Advisory 11<br />
Börsen-Zeitung 119<br />
BVK Bun<strong>de</strong>sverband Deutscher<br />
Kapitalbeteiligungsgesellschaften 75<br />
Close Brothers Seydler Bank 19<br />
CMS Hasche Sigle 33<br />
Creathor Venture 95<br />
DAF 113<br />
Deutsche Börse U4<br />
Donner & Reuschel 84<br />
DZ BANK 39<br />
Ebner Stolz Mönning Bachem 93<br />
Edison Investment Research 13<br />
EQS Group 57<br />
equinet Bank 37<br />
EquityGate 63<br />
Ernst & Young 7<br />
EVCA 107<br />
FCF Fox Corporate Finance 25<br />
Financial Gates 109<br />
FinanzNachrichten.<strong>de</strong> 169<br />
GBC 67, 89, 121<br />
<strong>GoingPublic</strong> Media 99, 120<br />
heureka Profitable Communication 23<br />
Holland Private Equity 97<br />
IKB 47<br />
Indus 167<br />
init 41<br />
Institutional Investment Publishing 111<br />
International Herald Tribune 115<br />
KfW 17<br />
LBBW Lan<strong>de</strong>sbank Ba<strong>de</strong>n-Württemberg 15<br />
Luther 61<br />
mergermarket 117<br />
Morgan Stanley 49<br />
Motus Mittelstandskapital 79<br />
PNE Wind 101<br />
pressetext Nachrichtenagentur 171<br />
PvF Investor Relations 59<br />
quirin bank 71<br />
RENELL Wertpapierhan<strong>de</strong>lsbank 43<br />
RölfsPartner 31<br />
RSM Germany 69<br />
Salans 77<br />
Scope Ratings 87<br />
Standard & Poors 73<br />
Steubing 105<br />
Taylor Wessing 9<br />
The Smart Cube 21<br />
update software 91<br />
viaprinto 35<br />
VIB Vermögen 29<br />
youmex 65<br />
Imprint <strong>Conference</strong> <strong>Magazine</strong><br />
(Issue No. 3)<br />
Publisher:<br />
Deutsche Börse AG<br />
Mergenthalerallee 61, 65760 Eschborn, Germany<br />
www.xetra.com/listing<br />
issuerservices@<strong>de</strong>utsche-boerse.com<br />
Tel. +49-(0) 69-2 11-1 88 88<br />
Publishing partner:<br />
<strong>GoingPublic</strong> Media AG<br />
Hofmannstr. 7a, 81379 Munich, Germany<br />
www.goingpublic.<strong>de</strong>, info@goingpublic.<strong>de</strong><br />
Tel. +49-(0) 89-2 00 03 39-0<br />
Project management:<br />
Nicole Koludrovic, Deutsche Börse AG<br />
Carola Lübbing-Raukohl, Deutsche Börse AG<br />
Editorial:<br />
Falko Bozicevic, Maximiliane Worch, Oliver Bönig,<br />
<strong>GoingPublic</strong> Media AG<br />
Editorial assistance:<br />
Stefan Leisner, Anna-Lena Pettendrup, Peter Reimer, Svenja<br />
Wesselmann<br />
Service<br />
Authors:<br />
Nico Baa<strong>de</strong>r, Prof. Dr. Wolfgang Blättchen, Johannes Borsche,<br />
Gunnar Cohrs, Dr. Anne <strong>de</strong> Boer, Dr. Reto Francioni, Kai<br />
Frömert, Arno Fuchs, Barbara Georg, Andre Gil<strong>de</strong>meister,<br />
Heike Härtl, Catherine Jürgens, Nakul Kanchan, Markus Kurzhals,<br />
Eric Leupold, Dr. Lars-Gerrit Lüßmann, Dr. Stephan Mahn,<br />
Tobias Mock, Dr. Axel Nawrath, Michael Oppermann, Roger<br />
Peeters, Volker Potthoff, Marcus Pratsch, Hendrik Rie<strong>de</strong>l,<br />
Christoph Schnabel, Olaf Schreckenberg, Dr. Jörg Schrö<strong>de</strong>r,<br />
Tim Sichting, Dr. Stefan Steib, Fraser Thorne, Thomas Thurner,<br />
Christoph F. Vaupel, Andreas von Sal<strong>de</strong>rn, Dr. Gebhard Zemke<br />
Interviewees:<br />
Dr. Miroslav Budimir, Frank Heun, Mark Hoffmann, Arne Laarveld,<br />
Marc Renell, Andreas Wegerich<br />
Layout:<br />
Andreas Potthoff, <strong>GoingPublic</strong> Media AG<br />
Picture editing:<br />
Andreas Potthoff, <strong>GoingPublic</strong> Media AG<br />
Proofreading:<br />
A<strong>de</strong> Team<br />
Printing:<br />
www.viaprinto.<strong>de</strong><br />
���������������������������<br />
������������������������������<br />
Disclaimer:<br />
The German Equity Forum 2012 is organised by komments<br />
GmbH un<strong>de</strong>r the patronage of Deutsche Börse AG and KfW.<br />
As initiators of the event Deutsche Börse AG and KfW are<br />
responsible for the content and set up of the forum programme.<br />
komments GmbH is the organiser and in charge of the realisation<br />
of the forum.<br />
Reproduction:<br />
All rights reserved, © 2012 Deutsche Börse AG, Eschborn,<br />
Germany<br />
issuerservices@<strong>de</strong>utsche-boerse.com<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 173
Service<br />
Corporate financing at Deutsche Börse on Xetra<br />
Small- and mid-cap financing through the stock exchange<br />
Financing via the capital<br />
market is especially attractive<br />
to dynamically growing<br />
and innovative companies<br />
and creates the basis for a<br />
successful future. An Initial<br />
Public Offering (IPO) will<br />
enable a company to make<br />
large-scale financial investments<br />
which can be<br />
repeated by means of capital<br />
increase. This is particularly<br />
helpful to companies<br />
who often need to make<br />
large advance payments in<br />
or<strong>de</strong>r to finance strategic<br />
<strong>de</strong>cisions, technical renewals<br />
and ever-shorter<br />
product life cycles. It also offers options for succession<br />
planning. There are no formal restrictions as to the com pany’s<br />
size or sector for corporate financing at Deutsche<br />
Börse on Xetra ® .<br />
Equity or <strong>de</strong>bt capital<br />
Figure 1: Market segments<br />
On Xetra, Deutsche Börse’s pan-European cash market,<br />
companies can choose from two sources of capital to<br />
finance their growth: they can either issue shares or corporate<br />
bonds. Both will make them more in<strong>de</strong>pen<strong>de</strong>nt of<br />
classical financing through bank credits. They can raise equity<br />
capital with an IPO and they can raise <strong>de</strong>bt capital by issuing<br />
corporate bonds via the stock exchange. Both forms of<br />
financing are suitable for companies of all sizes and sectors.<br />
Page 174 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
¹) In or<strong>de</strong>r to be listed on the Prime Standard for Corporate Bonds, companies that are tra<strong>de</strong>d on the Open Market need<br />
to go through the admission process for the Entry Standard for Corporate Bonds and, in addition, meet the requirements<br />
for the Prime Standard for Corporate Bonds.<br />
Source: Deutsche Börse AG<br />
Figure 2: Typical Data of Raising <strong>de</strong>bt capital at<br />
Deutsche Börse on Xetra<br />
Prime Standard Entry Standard<br />
for corporate bonds for corporate bonds<br />
Target group Medium-sized & Small & mediumlarge<br />
companies sized companies<br />
Turnover p.a. > EUR 300 million < EUR 300 million<br />
Issuing volume<br />
(<strong>de</strong>bt capital)<br />
> EUR 100 million < EUR 100 million<br />
Source: Deutsche Börse AG<br />
Company-friendly regulatory framework for successful<br />
financing<br />
Deutsche Börse offers financing solutions for large companies<br />
as well as small- and mid-caps: tailor-ma<strong>de</strong> market<br />
segments with a simple admission procedure, wellbalanced<br />
rules and regulations, as well as low costs. Transparency<br />
requirements in the different market segments also<br />
consi<strong>de</strong>r the needs and the capacity of companies. Above<br />
all, listing on the stock exchange will give entrepreneurs<br />
access to their relevant investors. It is not a com pany’s size,<br />
but rather its quality, that is the key to successful corporate<br />
financing through the stock exchange. Entrepreneurs still<br />
will be able to stay in control of their company even after the<br />
listing.<br />
Financing with equity capital<br />
An IPO is an important milestone in a company’s history<br />
and it often marks a time of increasing growth.<br />
While carefully preparing for this important step,<br />
entrepreneurs will receive professional support at all<br />
times, among others from banks and advisors from<br />
Deutsche Börse’s Listing Partner network. In this<br />
way, they can realise an IPO in Frankfurt within three<br />
to six months. Deutsche Börse has <strong>de</strong>veloped very
Phases of an IPO<br />
Figure 3: Phases of an IPO<br />
Phase 1:<br />
Planning and preparation<br />
Initial consulting with<br />
Deutsche Börse<br />
Formation of an IPO team<br />
within the company<br />
Selection of advisors<br />
(e.g. Deutsche Börse Listing<br />
Partner ® )<br />
Selection of the syndicate<br />
bank<br />
Establishment of legal<br />
preconditions within the<br />
company<br />
Source: Deutsche Börse AG<br />
efficient and cost-effective access to the capital market for<br />
a listing in Germany.<br />
Financing with <strong>de</strong>bt capital<br />
Exchange-listed corporate bonds are a source of <strong>de</strong>bt<br />
capital, in which companies have a greater say on the transaction<br />
compared to classic <strong>de</strong>bt financing through banks. No<br />
voting rights are granted when issuing corporate bonds. Corporate<br />
bonds are issued at Deutsche Börse via Xetra, either<br />
in the Prime Standard for Corporate Bonds or in the Entry<br />
Standard for Corporate Bonds. The issuance of corporate<br />
bonds is a quick, easy and cost- effective course of action<br />
that is open to both listed and non-listed companies.<br />
Deutsche Börse actively supports companies in placing<br />
their bonds and ensures that they have access to the network<br />
of private and institutional investors and tra<strong>de</strong>rs, both<br />
domestic and international. The issuance of bonds is a nonpermanent<br />
listing. At the end of the term, which has been<br />
Phase 1:<br />
Planning and preparation<br />
Initial consulting with<br />
Deutsche Börse<br />
Formation of an IBO team<br />
within the company<br />
Selection of advisors<br />
(e.g. Deutsche Börse<br />
Listing Partner ® )<br />
1) May be omitted in exceptional cases<br />
Phase 2:<br />
Structuring<br />
Setting of a timetable<br />
Structuring the bond<br />
Development of a marketing<br />
concept<br />
Preparation of the EU<br />
prospectus<br />
fixed beforehand, the management team can <strong>de</strong>ci<strong>de</strong><br />
whether they want to use this instrument again.<br />
Trading on Xetra<br />
Service<br />
Securities are tra<strong>de</strong>d on Deutsche Börse’s Xetra trading<br />
platform. Xetra is one of the fastest and most efficient trading<br />
systems in the world. Or<strong>de</strong>rs are executed un<strong>de</strong>r<br />
optimum conditions in a central and fully electronic or<strong>de</strong>r<br />
book. Xetra enables tra<strong>de</strong>rs from all over Europe to participate<br />
in trading, regardless of their locations. The system is<br />
constantly being enhanced with new products, new functions<br />
and expansion into new markets. Regulated and<br />
supervised on-exchange trading offers integrity, stability<br />
and safety for all participants – an invaluable advantage<br />
over unregulated off-exchange trading.<br />
Learn more about financing options at Deutsche Börse on<br />
Xetra, Europe’s most efficient cash market:<br />
www.xetra.com/listing_e<br />
Phases to bond issuance in the Entry Standard or Prime Standard for corporate bonds<br />
Figure 4: Phases for bond issuance in the Entry Standard or Prime Standard for Corporate Bonds<br />
1) May be omitted in exceptional cases<br />
Source: Deutsche Börse AG<br />
Phase 2:<br />
Structuring<br />
Setting of a timetable<br />
Preparation of a business<br />
plan and a concept<br />
Conduct due diligence of<br />
relevant business units<br />
Preparation of the EU<br />
prospectus<br />
Phase 3:<br />
Realisation and marketing<br />
Preparation of investor<br />
relations activities<br />
Publishing of EU prospectus<br />
Research<br />
Application for admission<br />
of securities<br />
Roadshow and investor<br />
relations activities<br />
Bookbuilding<br />
Phase 3:<br />
Realisation and marketing<br />
Publication of EU prospectus<br />
Rating 1)<br />
Application for inclusion<br />
Addressing of investors<br />
Subscription period<br />
Phase 4:<br />
Pricing and secondary market<br />
Pricing and allocation<br />
procedure<br />
Initial price auction<br />
Continuous trading<br />
via the Xetra ® electronic<br />
trading system<br />
Phase 4:<br />
Placement and secondary<br />
market<br />
Opportunity for subscription<br />
via subscription tool of<br />
Deutsche Börse; own sales<br />
activities possible<br />
Initial price auction<br />
Continuous trading<br />
via the Xetra ® electronic<br />
trading system<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 175
Service<br />
Contact Persons at Deutsche Börse Group<br />
Head of Listing & Issuer Services<br />
Telephone: +49-(0) 69-2 11-1 72 97<br />
E-mail: barbara.georg@<strong>de</strong>utsche-boerse.com<br />
Chemicals, Life Science, Basic Resources |<br />
Deutsche Börse Listing Partner | Entry & General<br />
Standard <strong>Conference</strong> | Russia & CIS |<br />
Telephone: +49-(0) 69-2 11-1 57 03<br />
E-mail: stefan.hoefer@<strong>de</strong>utsche-boerse.com<br />
Industrial | Bonds |<br />
SMEs | German Equity Forum |<br />
Telephone: +49-(0) 69-2 11-1 24 16<br />
E-mail: stefan.leisner@<strong>de</strong>utsche-boerse.com<br />
Page 176 <strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012<br />
Barbara Georg<br />
Stefan Höfer<br />
Stefan Leisner<br />
Alexan<strong>de</strong>r von Preysing<br />
Head of Issuer Services<br />
Telephone: +49-(0) 69-2 11-1 72 71<br />
E-mail: alexan<strong>de</strong>r.von.preysing@<strong>de</strong>utsche-boerse.com<br />
Nicole Koludrovic<br />
Consumer, Retail, Food & Beverages | Bonds |<br />
SMEs | German Equity Forum |<br />
Telephone: +49-(0) 69-2 11-1 26 83<br />
E-mail: nicole.koludrovic@<strong>de</strong>utsche-boerse.com<br />
Software |<br />
SMEs | Bonds |<br />
Telephone: +49-(0) 69-2 11-1 52 45<br />
E-mail: eric.leupold@<strong>de</strong>utsche-boerse.com<br />
Eric Leupold
Elisabeth Plakinger<br />
Alternative Energies, Green Technology, Utilities |<br />
Regulations & Analytics |<br />
Telephone: +49-(0) 69-2 11-1 57 52<br />
E-mail: elisabeth.plakinger@<strong>de</strong>utsche-boerse.com<br />
Michael Rieß<br />
Automobile, Transportation & Logistics, TMT |<br />
SMEs | Bonds | Entry & General Standard <strong>Conference</strong> |<br />
Deutsche Börse Listing Partner |<br />
Telephone: +49-(0) 69-2 11-1 49 03<br />
E-mail: michael.riess@<strong>de</strong>utsche-boerse.com<br />
Financial Services I REITs |<br />
India | Turkey |<br />
Telephone: +49-(0) 69-2 11-1 52 71<br />
E-mail: susanne.plewan@<strong>de</strong>utsche-boerse.com<br />
China |<br />
Telephone: +49-(0) 69-2 11-1 52 32<br />
E-mail: yuxing.ruan@<strong>de</strong>utsche-boerse.com<br />
Service<br />
Susanne Plewan<br />
Yuxing Ruan<br />
<strong>Deutsches</strong> <strong>Eigenkapitalforum</strong> 2012 Page 177
Programme Overview Detailed programme at infocounter<br />
Monday, 12 November 2012<br />
Room Plenum Frankfurt Beijing<br />
Capital Market Forum International Forum<br />
08:00 Registration and Business Breakfast<br />
10:00 Plenum Welcome Address and Opening Remarks: Andreas Preuß, Deutsche Börse AG, Deputy CEO; Dr. Axel Nawrath, KfW, Member of the Executive Board<br />
10:15 Plenum Keynote Speech: Quo vadis Europa? Perspectives for the monetary and political union Friedrich Merz, former member of the German Bun<strong>de</strong>stag<br />
11:00 Euro crisis, banking crisis, credit crunch<br />
Benefits of increased transparency on Chinese capital markets<br />
11:30 Can the German industry rely on refinancing?<br />
China-Europe Private Equity Roundtable<br />
Recent <strong>de</strong>velopments in Chinese VC/PE-industry<br />
12:15 KfW: We promote sustainability – VC investments for Experiences from the global IPO report and implications China-Europe Private Equity Roundtable<br />
the change in energy policy using the ERP Start Fund<br />
13:15 Lunch Buffet and Exhibition<br />
for IPO readiness in 2013 Ernst & Young Forum Valuation of target businesses – The Chinese way<br />
14:30 Mezzanine:<br />
Are IPOs in Germany becoming extinct?<br />
Best practice of Emerging Market IPOs<br />
Value driver and bridge financing for IPOs<br />
15:30 Coffee Break<br />
New beginnings for the future<br />
How to restore investors´ confi<strong>de</strong>nce?<br />
16:00 Myth and reality of venture backed IPOs IPO in consi<strong>de</strong>ration of investors’ <strong>de</strong>mands<br />
Listing venue Frankfurt Stock Exchange<br />
17:00 IPO: A successful exit-strategy for capital investment<br />
companies – The story of Tognum AG<br />
Using the example of Hess AG<br />
An international company’s favorite?<br />
17:30 Elevator Pitch in Plenum: “Venture Capital & Private Equity”<br />
Investors present themselves in 3-minute pitches<br />
19:00 End of Forum Programme Please note: Programme of Investors’ <strong>Conference</strong>s is scheduled from 08:15 to 18:40<br />
19:00 Rotating Matching Dinner on the premises of KfW (by invitation only) A shuttle service from the Congress Center to the venue will be provi<strong>de</strong>d<br />
Tuesday, 13 November 2012<br />
Capital Market Forum Corporate Socially Responsible Investment Forum<br />
08:00 Registration and Business Breakfast<br />
09:00 IPO 2.0: Latest <strong>de</strong>velopments and best practice<br />
10:00 Quiet but powerful – The increasing role of Familiy<br />
Offices as investors in Germany<br />
CFO and Investor Relations at the pulse of financial reporting<br />
– Requirements on publicly tra<strong>de</strong>d companies from<br />
an accounting perspective Ernst & Young Forum<br />
11:00 Family owned and publicly quoted – A good compromise Reform of capital increases with regard to the WpPG<br />
between continuity and short-term sharehol<strong>de</strong>r value claims<br />
12:00 Lunch Buffet and Exhibition<br />
13:30 Increase liquidity, improve market valuation<br />
Enhance investors’ awareness of small- and mid-caps<br />
through in<strong>de</strong>pen<strong>de</strong>nt research<br />
14:45 IPO – Strategic option for the Mittelstand<br />
European Market structures in Transition<br />
I Transition drivers<br />
II Impacts of the transition on the liquidity<br />
at regulated stock exchanges<br />
III Fragmentation and transparency<br />
10:00 Significance of sustainable <strong>de</strong>velopment<br />
10:20 Sustainability in capital markets<br />
10:40 Sustainable investments – An European market analysis<br />
11:00 Sustainable investments – Niche or mainstream?<br />
11:40 Sustainbility and financial performance<br />
13:30 Sustainability reporting in capital markets<br />
13:50 Socially Responsible investment – Our experience<br />
14:10 Introduction of the presenting companies<br />
14:20 Germany as a pioneer in sustainable mobility<br />
15:00 Takeover <strong>de</strong>fense –<br />
The perspective of bid<strong>de</strong>r and target 15:45 Technology as a driver for sustainability<br />
16:00 Coffee Break<br />
16:30 Alternative financing solutions – Note on acquisition and<br />
leveraged financing – Opportunities and market drive<br />
17:30 Elevator Pitch in Plenum: “Investment Banks”<br />
Investment banks present themselves in 3-minute pitches<br />
18:00<br />
Stakehol<strong>de</strong>r relations – Anchoring the company story 17:00 DESERTEC<br />
Energy and Climate Security for a world of 10 bn People<br />
Valuation of synergies as key success factor<br />
within the M&A process<br />
18:30 End of Forum Programme Please note: Programme of Investors’ <strong>Conference</strong>s is scheduled from 08:15 to 18:40<br />
19:00 Get-Together (registered participants only!) Venue: Palais Frankfurt, a shuttle service from the Congress Center to the venue will be provi<strong>de</strong>d<br />
Wednesday, 14 November 2012<br />
Bond Forum<br />
08:00 Registration and Business Breakfast<br />
10:00 (R)evolution of <strong>de</strong>bt financing – Placement and trading<br />
of large cap-bonds via Deutsche Börse<br />
11:00 Corporate Bonds – Lessons learnt? Development of funda- Entry and Prime Standard for Corporate Bonds<br />
mental issue parameters un<strong>de</strong>r capital market aspects Debt financing via Deutsche Börse AG<br />
11:45 Analysis of the Corporate Bond market and<br />
recommendations for capital market financing<br />
Successful placements of Corporate Bonds<br />
Case study: KTG Agrar<br />
12:15 S&P Ratings as internal and external steering<br />
12:30 Transparency in capital markets – Investor’s <strong>de</strong>mand<br />
on quality and reliability challenge for SMEs<br />
and communication instruments<br />
13:00<br />
13:30 Lunch Buffet and Exhibition<br />
Creditor relations in IBOs – From placement to daily business<br />
14:45 Case Study: MS Spaichingen Compulsory or voluntary tasks of fixed income IR<br />
15:15 Bond Market 2013<br />
The path to FIRO<br />
15:30 Building a sustainable high yield market for SMEs in Europe<br />
16:00 End of Programme Please note: Programme of Investors’ <strong>Conference</strong>s is scheduled from 08:15 to 16:25
Hong Kong Berlin München Room<br />
Sector Forum TOP50 TOP50<br />
Listed Real Estate as attractive investment opportunity TOP50 Company presentations Technology/Industrial/GreenTech<br />
12:15 TomTec Imaging Systems GmbH 12:45 CrystAl-N GmbH<br />
TOP50 Company presentations<br />
Life Science / MedTech<br />
14:30 PRECISIS AG<br />
15:00 Cytolon AG<br />
15:30 Artcline GmbH<br />
16:00 EBS Technologies GmbH<br />
16:30 Lüllau Engineering GmbH<br />
17:00 CorTAG GmbH<br />
TOP50 Company presentations<br />
Technology / Industrial / GreenTech<br />
14:30 Direvo Industrial Biotechnology GmbH<br />
15:00 PlanET Biogastechnik GmbH<br />
15:30 Concentrator Optics GmbH<br />
16:00 Koller Formenbau GmbH<br />
16:30 DREHER Aktiengesellschaft<br />
17:00 Torqeedo GmbH<br />
Sector Forum TOP50 TOP50 TOP50<br />
Agro Forum<br />
Global opportunities in volatile markets<br />
Water – Tapping investment opportunity<br />
15:00 Remondis AG & Co. KG<br />
15:30 Aquarius Water Holding AG<br />
Coffee Break<br />
TOP50 Company presentations - Water<br />
16:30 Bran<strong>de</strong>nburger Group<br />
17:00 DRAUSY GmbH<br />
17:30 Sea & Sun Technology GmbH<br />
TOP50 Company presentations<br />
Technology / Telecommunication / Software<br />
10:00 cube optics AG<br />
10:30 certon systems GmbH<br />
11:00 finocom AG<br />
11:30 Jedox AG<br />
TOP50 Company presentations<br />
Software / Internet / Media<br />
13:30 mimoOn GmbH<br />
14:00 e.bootis ag<br />
14:30 humangrid GmbH<br />
15:00 crealytics GmbH<br />
15:30 joiz<br />
TOP50 Company presentations<br />
Internet / Retail / Consumer<br />
16:30 Shopgate GmbH 17:00 brillen.<strong>de</strong> Optik AG<br />
17:30 healthy planet 18:00 Eurographics AG<br />
Presentations of bond issuers<br />
10:00 Maschinenfabrik Spaichingen GmbH (Industry)<br />
10:45 Steilmann-Boecker Fashion Point GmbH & Co. KG (Retail)<br />
12:15 SINGULUS TECHNOLOGIES AG (Green Technology)<br />
13:00 S.A.G. Solarstrom AG (Green Technology)<br />
TOP50 Company presentations<br />
Life Science / BioTech<br />
10:00 Kairos GmbH<br />
10:30 Jennewein Biotechnologie GmbH<br />
11:00 SIRION Biotech GmbH<br />
11:30 NOXXON Pharma AG<br />
TOP50 Company presentations<br />
Life Science / Med Tech<br />
13:30 Medicyte GmbH<br />
14:00 t-cell Europe GmbH<br />
14:30 Scopis GmbH<br />
15:00 LeniMed GmbH<br />
15:30 oncgnostics GmbH<br />
16:00 4a medicom GmbH<br />
16:30 HiperScan GmbH<br />
Presentations of bond issuers<br />
10:00 Hapag-Lloyd AG (Transportation)<br />
10:45 SAF-HOLLAND S.A. (Industrial)<br />
11:30 EYEMAXX Real Estate AG (Real Estate)<br />
12:15 SeniVita Sozial gemeinnützige GmbH (Pharma & Healthcare)
Upper Level (C3)<br />
Press Lounge<br />
Investors‘<br />
<strong>Conference</strong>s<br />
Monday, 12 November 2012<br />
London Madrid Milan Paris Zurich Room<br />
Investors’ <strong>Conference</strong>s<br />
High Tech & Industrial<br />
Hosted by DZ BANK AG<br />
End of Programme<br />
Tuesday, 13 November 2012<br />
Investors’ <strong>Conference</strong>s<br />
Consumer & Retail<br />
Hosted by equinet Bank AG<br />
Consumer & Retail<br />
Financial Services<br />
Hosted by DZ BANK AG<br />
Pharma & Healthcare<br />
Hosted by Edison<br />
Investment Research<br />
Software<br />
Hosted by Edison<br />
Investment Research<br />
High Tech & Industrial<br />
Hosted by FCF Fox<br />
Corporate Finance<br />
Chemicals & Basic Resources<br />
Hosted by FCF Fox<br />
Corporate Finance<br />
Consumer<br />
Hosted by FCF Fox<br />
Corporate Finance<br />
Telecommunication &<br />
Communication Technology<br />
Hosted by Renell Wertpapierhan<strong>de</strong>lsbank<br />
AG<br />
Financial Services<br />
Hosted by Close Brothers<br />
Seydler Bank AG<br />
Automobile & Transportation<br />
Hosted by LBBW Lan<strong>de</strong>sbank<br />
Ba<strong>de</strong>n-Württemberg<br />
Software & IT<br />
Hosted by Close Brothers<br />
Seydler Bank AG<br />
Renewable Energies<br />
Hosted by LBBW Lan<strong>de</strong>sbank<br />
Ba<strong>de</strong>n-Württemberg<br />
End of Programme 18:40<br />
Wednesday, 14 November 2012<br />
Investors’ <strong>Conference</strong>s<br />
High Tech & Industrial<br />
Hosted by Close Brothers<br />
Seydler Bank AG<br />
High Tech & Industrial<br />
Hosted by equinet Bank AG<br />
Milan<br />
Paris<br />
Zurich<br />
Madrid<br />
Media<br />
Hosted by Edison<br />
Investment Research<br />
London<br />
Investors‘ <strong>Conference</strong>s Detailed programme at infocounter<br />
Bar<br />
Chemicals Consumer & Retail IT Services & Software<br />
Miscelleaneous<br />
Hosted by Edison<br />
Investment Research<br />
Pharma & Healthcare<br />
Internet Lounge<br />
All hosted by<br />
Edison Investment Research<br />
Renewable Energies /<br />
Green Technology<br />
Hosted by FCF Fox<br />
Corporate Finance<br />
Press<br />
Lounge<br />
End of Programme 16:30<br />
Time<br />
08:15<br />
14:15<br />
15:00<br />
18:40<br />
08:15<br />
13:30<br />
14:15<br />
08:15<br />
09:45<br />
12:00<br />
14:15
Main Level (C2)<br />
Plenum, Forums<br />
Exhibition, One on Ones<br />
DVFA<br />
One on Ones (A-C)<br />
Plenum<br />
7.15<br />
8.10 8.11 8.12<br />
7.14 7.13 7.12 7.11 7.09 7.08<br />
6.04 6.03 6.02<br />
6.01<br />
6.07 6.06<br />
7.07 7.06 7.05 7.04 7.03 7.02 7.01<br />
3.09 3.08 3.07 3.06<br />
3.04 3.03 3.01<br />
4.05 4.03 4.01 2.04<br />
4.09 4.07 4.06<br />
Bar<br />
8.09 8.08 8.07 8.06 8.04 8.03 8.02 8.01 8.00<br />
One on Ones (D-F)<br />
Exhibitors‘ In<strong>de</strong>x<br />
7.15 Baa<strong>de</strong>r Bank AG<br />
8.03 BankM Repräsentanz <strong>de</strong>r biw Bank<br />
für Investments und Wertpapiere AG<br />
2.01 BDO AG<br />
8.04 BEITEN BURKHARDT<br />
Rechtsanwaltsgesellschaft mbH<br />
7.03 BHF-BANK Aktiengesellschaft<br />
2.03 Börsen-Zeitung<br />
8.02 biw Bank für Investments<br />
und Wertpapiere AG<br />
3.08 Bun<strong>de</strong>sverband Deutscher Kapitalbeteiligungsgesellschaften<br />
e.V.<br />
6.07 CDC Capital GmbH<br />
1.01 Close Brothers Seydler Bank AG<br />
4.05 CMS Hasche Sigle<br />
8.09 Deloitte & Touche GmbH<br />
0.01 Deutsche Börse AG<br />
8.10 Deutscher Investor Relations Verband e.V.<br />
4.07 Dipl.-Kfm. Wun<strong>de</strong>rlich & Partner<br />
Wirtschaftsberatung für <strong>de</strong>n<br />
Mittelstand GmbH & Co. KG<br />
6.04 DZ BANK AG<br />
3.04 Edison Investment Research<br />
7.11 EQS Group<br />
3.01 equinet Bank AG<br />
0.03 Ernst & Young GmbH<br />
2.08<br />
1.02<br />
2.07 2.06 2.05<br />
TOP50<br />
Lounge<br />
1.01<br />
2.03 2.02 2.01<br />
0.03<br />
0.02<br />
7.02 FAS AG<br />
4.03 FCF Fox Corporate Finance GmbH<br />
2.07 FINANCIAL GATES GmbH<br />
X.01 Financial Yearbook*<br />
7.12 GBC AG<br />
6.01 <strong>GoingPublic</strong> Media AG<br />
8.08 Grand City Properties S.A.<br />
3.03 GSK STOCKMANN + KOLLEGEN<br />
3.09 Heuking Kühn Lüer Wojtek<br />
8.12 heureka Profi table Communication GmbH<br />
8.11 ICF Kursmakler AG<br />
Wertpapierhan<strong>de</strong>lsbank<br />
7.09 IKB Deutsche Industriebank AG<br />
7.06 In<strong>de</strong>pen<strong>de</strong>nt Research - Unabhängige<br />
Finanzmarktanalyse GmbH<br />
7.05 Institutional Investment Publishing GmbH<br />
7.13 International Herald Tribune<br />
8.06 IPONTIX Equity Consultants GmbH<br />
0.02 KfW<br />
7.07 Kirchhoff Consult AG<br />
4.01 LBBW Lan<strong>de</strong>sbank Ba<strong>de</strong>n-Württemberg<br />
7.01 Luther Rechtsanwaltsgesellschaft mbH<br />
7.14 Menold Bezler Rechtsanwälte<br />
Partnerschaft<br />
1.02 mergermarket<br />
4.09 MSL Financial<br />
Berlin<br />
Hong Kong<br />
München<br />
Frankfurt<br />
0.01<br />
Bar<br />
3.06 news aktuell GmbH<br />
4.06 Powerland AG<br />
3.07 pressetext Nachrichtenagentur GmbH<br />
8.01 quirin bank AG<br />
Ice<br />
Cream<br />
Speakers<br />
Lounge<br />
2.04 RENELL Wertpapierhan<strong>de</strong>lsbank AG<br />
6.02 Rölfs RP AG<br />
Wirtschaftsprüfungsgesellschaft<br />
6.06 RR Donnelley Deutschland GmbH<br />
2.05 RSM Deutschland GmbH<br />
Wirtschaftsprüfungsgesellschaft<br />
2.06 Salans LLP<br />
7.08 Scope Ratings GmbH<br />
2.02 Standard & Poor’s<br />
Credit Market Services Europe Ltd.<br />
8.07 Süd<strong>de</strong>utsche Aktienbank AG<br />
6.03 The Smart Cube<br />
8.00 TOP50 Partner<br />
2.08 viaprinto – eine Marke <strong>de</strong>r<br />
CEWE COLOR AG & Co. OHG<br />
Internet<br />
Lounge<br />
7.04 zfhn<br />
Zukunftsfonds Heilbronn GmbH & Co. KG<br />
Beijing<br />
* Service Level (C0)
Achieve your corporate goals by choosing financing on Xetra ® at Deutsche Börse. Raise equity<br />
capital by issuing shares, acquire <strong>de</strong>bt capital by floating corporate bonds – cost-efficient and<br />
simple. Deutsche Börse offers tailor-ma<strong>de</strong> market segments for companies of all sizes and sectors.<br />
A listing on and trading through Xetra, Europe’s most efficient cash market, will increase your<br />
company’s creditworthiness, popularity and credibility.<br />
Contact us:<br />
Phone +49-(0) 69-2 11-1 88 88 , E-Mail issuerservices@<strong>de</strong>utsche-boerse.com<br />
www.xetra.com/listing_e<br />
Finance your future. Ma<strong>de</strong> in Germany<br />
Financing through<br />
the stock exchange<br />
Stay one step<br />
ahead of your<br />
competitors