Conference Magazine - GoingPublic.de - Deutsches Eigenkapitalforum

Publishing Partner 

Deutsches Eigenkapitalforum 

21–23 November 2011 

Frankfurt /Main 

12 – 14 November 2012 

Frankfurt / Main 

»Entrepreneurs meet investors« 

Conference Magazine 

Issue No. 3 

Corporate Financing • Capital Markets • Equity Markets • Bond Issuance • 

International • Legal • Corporate Social Responsibility • Industries & 

Sectors • Top 50 Capital Seeking Companies • Sponsors & Partners • 

Forum Programme • Exhibitors’ Index

Co-Initiator 

Main Sponsors 

Sponsors 

Partners 

Media Partners 

Network Partners 

Mobility Partner 

�� 

�� 

Scope 

Ratings 

STEP AWARD 

Spirit to expand 

D EUTSCHES AKTIENINSTITUT

Dear Readers, 

If exchanges were mere trading platforms for a self-serving 

financial sector, with some post-trade and information 

services attached, they would not have survived for nearly 

600 years. Exchanges, however, are much more than that. 

Fundamentally, they provide companies with access to 

capital. They organise the process of capital allocation 

according to market principles. They provide investors with 

information and platforms that enable them to channel 

capital into sectors where it is needed most. In difficult 

times such as those we are going through, with unprecedented 

levels of public debt and crippling insecurity about 

growth and inflation, this is more important than ever. 

Deutsche Börse provides companies with many ways of 

gaining access to capital. Regarding access to equity capital, 

there is firstly the Entry Standard for companies that are 

relatively young and small, but at the same time already 

mature; secondly, the General Standard, which is in line with 

EU listing requirements; and thirdly, the demanding Prime 

Standard that fulfils the most advanced global listing standards. 

In addition to equity capital, since the beginning of 

2011 small- and medium-sized enterprises and growing 

start-ups have been given the opportunity to issue bonds in 

the Entry Standard. This year, this is supplemented by a new 

bond segment in the Prime Standard, in response to growing 

demand both from issuers and investors. 

However, while exchanges can set up these channels, 

supported by an ever more sophisticated system of gates 

and locks, they cannot create the flow that fills them. For 

this, they have to rely on the willingness of market participants 

to invest – which in turn depends on the economic 

and political circumstances of the market. These circumstances 

are currently going through a period of stagnation. 

An anxious “wait-and-see” attitude prevails, which is not 

showing much prospect of abating in the near future. 

This is also reflected in part of this year’s primary markets 

statistics. Indeed, during the first three quarters of 2012, the 

total issue volume reached around EUR 57 million, with 

seven initial public offerings, four of them in the Prime 

Standard and three in the Entry Standard – an admittedly 

disappointing result. In the fourth quarter of 2012, though, 

the market has seen initial and long-awaited signs of 

revival, with three major IPOs raising a total of EUR 2.3 

billion in the Prime Standard. 

Furthermore, capital increases reached the quite substantial 

value of around EUR 6 billion. And in our young 

corporate bond segment for “Mittelstand” and younger 

companies, the Entry Standard for Corporate Bonds, EUR 

474 million was raised during the first ten months of 2012. 

The new bond segment, Prime Standard for Corporate 

Bonds, designed for the larger corporate bonds, started on 

8 October 2012 with the first bond – issued by Deutsche 

Börse AG, with very favourable results. Soon after, it was 

followed by a second successful bond issue. The aggregated 

issuing volume amounted to EUR 675 million. In other 

words, the potential is huge. 

In any case: We at Deutsche Börse remain not only 

committed to maintaining our primary markets, but also to 

developing them in response to the needs of issuers and 

investors. Especially the financing needs of issuers remain 

among our top priorities. The Frankfurt Stock Exchange 

provides issuers with direct access to professional 

investors worldwide, intermediated by around 230 inter - 

national trading participants all over Europe and beyond. 

Being listed here not only gives access to capital, but also 

brings global recognition as a leading brand. 

This new Conference Magazine contains background 

articles for this year’s German Equity Forum, written by 

capital market experts and practitioners. I hope they will 

provide you with useful information and advice on how to 

flourish even in times as these. 

Yours sincerely, 

Dr. Reto Francioni 

CEO, Deutsche Börse AG 

Dr. Reto Francioni 

Editorial 

Deutsches Eigenkapitalforum 2012 Page 3

Content 

3 Editorial 

Dr. Reto Francioni, Deutsche Börse 

Corporate Financing 

8 Joining forces 

Promoting the German innovation system 

Dr. Axel Nawrath, KfW 

10 Mezzanine as a value driver for IPOs 

Securing growth, corporate independence and 

potential for value growth through near-equity 

bridge financing 

Dr. Jörg Schröder, Olaf Schreckenberg, 

IKB Deutsche Industriebank 

12 Acquisition finance for German medium-sized businesses 

LBO finance market offers opportunities for corporates as well as 

PE companies 

Kai Frömert, Arno Fuchs, FCF Fox Corporate Finance 

16 What are credit ratings? 

Ratings reduce information asymmetry and improve market functioning 

and efficiency 

Tobias Mock, Standard & Poor’s 

Capital Markets 

20 Stakeholder relations 

The best way to anchor the company story 

Nico Baader, Baader Bank 

22 Research under fire 

The value of equity research for the German small- & mid-cap 

sector 

Gunnar Cohrs, Berenberg Bank 

26 “The use of computers and software is 

simply an expression of technological 

progress in our industry” 

Interview with Dr. Miroslav Budimir, Head of 

Business Development, Deutsche Börse 

Equity Markets 

28 Selective environment for 

European IPOs 

The need for an optimised 

preparation process 

Thomas Thurner, Johannes 

Borsche, Morgan Stanley 

32 TecDAX’s 10th anniversary 

The changes to the composition of the index document a piece of 

German stock market history 

Roger Peeters, Close Brothers Seydler Research 

Page 4 Deutsches Eigenkapitalforum 2012 

36 Hearing versus understanding 

The role of investor relations in modern capital markets 

Fraser Thorne, Edison Investment Research 

Bond Issuance 

40 New ways of debt financing 

for large caps 

Deutsche Börse has 

launched its Prime Standard 

for Corporate Bonds 

Barbara Georg, Eric 

Leupold, Deutsche Börse 

42 Corporate financing via bonds for SMEs 

The capital market as the “new” source of financing on the debt 

capital side 

Michael Oppermann, Ernst & Young 

46 “A success model with weaknesses, but a success model 

nonetheless” 

Interview with Frank Heun and Arne Laarveld, equinet Bank, and 

Mark Hoffmann, Robus Capital Management 

48 Stumbling blocks on the road to SME bonds 

The most common mistakes in the issuing process and how they 

can be avoided... 

Christoph Schnabel, GBC 

50 Transparency in the capital markets 

Higher quality and greater security for investors and a simultaneous 

challenge to medium-sized enterprises 

Dr. Anne de Boer, Hendrik Riedel, GSK Stockmann + Kollegen 

54 “The fact is that direct offerings simply 

do not work well” 

Interview with Andreas Wegerich, Member of 

the Board, youmex 

58 Including employees and stakeholders 

in a bond placement 

Why it often makes sense to think of employees, 

stakeholders and retail as investors 

Prof. Dr. Wolfgang Blättchen, Dr. Stephan Mahn, 

Blättchen Financial Advisory

International 

60 “There will be no regulatory arbitrage” 

Interview with Marc Renell, CEO, RENELL 

Wertpapierhandelsbank 

62 China’s move to Europe 

The big wave is yet to arrive 

Dr. Gebhard Zemke, Tim Sichting, BDO 

Legal 

64 Synergy potentials versus synergy effects 

Valuation of synergies as a key challenge within the M&A process 

Markus Kurzhals, Andre Gildemeister, RölfsPartner 

68 Barbarians at the gate? 

Takeover defence: the perspective of bidder and target 

Christoph F. Vaupel, Dr. Lars-Gerrit Lüßmann, Taylor Wessing 

70 The brave new world of 

corporate financing 

How traditional financing 

patterns may change due to 

financial market regulation 

Volker Potthoff, Catherine 

Jürgens, CMS Hasche Sigle 

Special: CSR 

74 Sustainability is an investment issue 

Shares must be selected based on a dynamic, multi-dimensional 

analysis 

Marcus Pratsch, DZ BANK 

78 Energy management 

A requirement for successful long-term corporate 

management 

Andreas von Saldern, Ernst & Young Climate 

Change and Sustainability Services 

Industries & Sectors 

80 Clean energy and nuclear 

power exit 

A sustained investment 

story for the capital market? 

Heike Härtl, Dr. Stefan 

Steib, Landesbank Baden- 

Württemberg 

82 The solar power industry is here to stay! 

Investment trends overview 

Nakul Kanchan, The Smart Cube 

Event-Initiator, Co-Initiator & Sponsors 

Event-Initiator & Co-Initiator 

86 Deutsche Börse, KfW 

87 Ernst & Young 

Content 

Main Sponsors 

88 BERENBERG BANK, Close Brothers Seydler Bank, DZ BANK 

89 Edison Investment Research 

90 equinet Bank, FCF Fox Corporate Finance, LBBW Landesbank 

Baden-Württemberg 

91 RENELL Wertpapierhandelsbank 

Sponsors 

92 Baader Bank (92), BDO (92), biw Bank für Investments und Wertpapiere 

(92), BLÄTTCHEN FINANCIAL ADVISORY (94), CMS Hasche 

Sigle (94), GBC (94), GSK STOCKMANN + KOLLEGEN (95), heureka 

Profitable Communication (96), IKB Deutsche Industriebank (96), 

Morgan Stanley (96), RölfsPartner (97), Scope Ratings (98), 

Standard & Poor’s Credit Market Services Europe (98), Taylor 

Wessing (98), The Smart Cube (99), youmex Invest (99) 

Partners 

100 Bundesverband Deutscher Kapitalbeteiligungsgesellschaften 

(100), Baden Württemberg: Connected / bwcon (100), Creathor 

Venture Management (100), DVFA (101), EQS Group (102), EVCA 

European Private Equity and Venture Capital Association (102), 

Haubrok Investor Relations (102), Holland Private Equity (103), 

PvF Investor Relations (104), STEP Award (104), viaprinto (104) 


106 BOND MAGAZINE (106), Börsen Radio Network (106), Börsen- 

Zeitung (106), business new europe (107), DAF Deutsches Anleger 

Fernsehen (108), dpa-AFX Wirtschaftsnachrichten (108), FINANCE 

– FINANCIAL GATES (108), FinanzNachrichten.de (109), 

GoingPublic Magazin – GoingPublic Media (110), International 

Herald Tribune (110), Markt und Mittelstand – FINANCIAL GATES 

(110), mergermarket (111), n-tv Nachrichtenfernsehen (112), 

Phoenix Chinese News & Entertainment Channel (112), pressetext 

Nachrichtenagentur (112), Property Investor Europe (113), The Wall 

Street Journal Germany (114), Unternehmer Medien (114), VDI 

Verlag (114), VentureCapital Magazin – GoingPublic Media (115) 


116 Alphazirkel (116), Bundesverband der Deutschen Industrie (116), 

BVI Bundesverband Investment und Asset Management (116), 

BVMW – Bundesverband mittelständische Wirtschaft, Unterneh - 

merverband Deutschlands (117), Deutscher Investor Relations 

Verband (118), Deutsches Aktieninstitut (118), European Sustainable 

Investment Forum (118), Frankfurt International Consulting 

(119), High-Tech Gründerfonds (120), Zero2IPO Group (120) 


Content 

TOP 50 Capital Seeking Companies 

124 4a medicom GmbH 

125 Artcline GmbH 

126 Brandenburger Group 

128 brillen.de / Optik AG 

129 certon systems GmbH 

130 Concentrator Optics GmbH 

131 CorTAG GmbH 

132 crealytics GmbH 

133 CrystAl-N GmbH 

134 cube optics AG 

135 Cytolon AG 

136 Direvo Industrial Biotechnology GmbH 

137 DRAUSY GmbH 

138 DREHER Aktiengesellschaft 

139 e.bootis ag 

140 EBS Technologies GmbH 

141 Eurographics AG 

142 finocom AG 

143 healthy planet 

144 HiperScan GmbH 

145 humangrid GmbH 

146 Jedox AG 

147 Jennewein Biotechnologie GmbH 

148 Joiz 

149 Kairos GmbH 

150 Koller Formenbau GmbH 

151 LeniMed GmbH 

152 Lüllau Engineering GmbH 

153 Medicyte GmbH 

154 mimoOn GmbH 

155 NOXXON Pharma AG 

156 oncgnostics GmbH 

157 PlanET Biogastechnik GmbH 

158 PRECISIS AG 

159 Scopis GmbH 

160 Sea & Sun Technology GmbH 

161 Shopgate GmbH 

162 SIRION Biotech GmbH 

163 t-cell Europe GmbH 

164 TomTec Imaging Systems GmbH 

165 Torqeedo GmbH 


Photo: Deutsche Börse Group 

Service 

166 Deutsche Börse Listing Partners 

173 Imprint/Index of Advertisers 

174 Corporate financing at Deutsche Börse on Xetra 

Small- and mid-cap financing through the stock exchange 

176 Contact Persons at Deutsche Börse Group 

Programme Deutsches Eigenkapitalforum 2012 

178 Programme Overview 

Appendix a: Main Level Map 

Appendix b: Upper Level Map and Exhibitors’ Index

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Joining forces 

Promoting the German innovation system 

The challenges of climate change, dwindling resources, 

accelerated globalisation and demographic change require 

new and more efficient technologies to be continually developed. 

Germany will only be able to sustainably secure its 

growth potential if it succeeds in increasing overall economic 

productivity in order to meet the decline in labour force. The 

same holds true for increasing globalisation, to which Germany 

can successfully respond if the economy retains or 

even improves its competitive standing. In brief, innovation is 

key if the German economy is to be viable in the future. 

Enterprises are the backbone of the German innovation 

system 

About two-thirds of expenditure on research and development 

in Germany are made by private enterprises. German 

enterprises are well-known for being innovative in many 

high grade technology industries (e.g. mechanical engineering, 

chemical industry, automotive industry). The share 

of companies which introduce new products or processes, 

the so-called innovator rate, is the highest in Germany 

among all European countries. However, the German economy 

is lagging behind in the field of high-edge technologies (e.g. 

Figure 1: Innovator rate in Europe – proportion of companies with 

product or process innovation, 2006-2008 

Germany 

Belgium 

Finland 

Sweden 

Austria 

Denmark 

Italy 

Netherlands 

France 

42% 

41% 

39% 

39% 

49% 

48% 

48% 


51% 

Source: Rammer, Pesau (2011), Innovationsverhalten der Unternehmen in 

Deutschland 2008, studies on the German innovation system. 

65% 

Dr. Axel Nawrath has been a member 

of the KfW Management Board since 

2009. Before that, he was Secretary 

of State at the Federal Ministry of 

Finance for three years. He has also 

held positions at Deutsche Börse AG, 

the Federal Fiscal Authority and the 

Federal Audit Office. 

bio- and nanotechnologies, microsystem technologies). We 

therefore need to boost innovation in this segment. 

Innovations need to be financed 

Dr. Axel Nawrath, Member of 

KfW’s Executive Board 

Radical (basic) innovations in the high technology segment are 

usually brought forth by high-tech start-ups and young technology-based 

enterprises. However, they usually lack sufficient 

internal financial clout. In order to finance their sometimes 

very capital-intensive research and development activities, 

they depend to a great degree on external, risk-bearing 

equity and thus on financing partners who support them not 

only with money, but also with know-how and networks. 

Promotional model based on partnership – the ERP 

Start Fund 

As Germany’s largest promotional bank, KfW provides 

start-ups and young high-tech enterprises with direct external 

equity by way of the so-called “ERP Start Fund” (“ERP- 

Startfonds”) – and always does so in cooperation with private 

investors, venture capital funds or business angels. 

Private and public investors have the same opportunities, 

but also bear the same risk. The “ERP Start Fund” follows 

on from the “High-Tech Start-up Fund” (“High-Tech Gründerfonds”, 

in which KfW is the largest investor after the 

Federal Ministry of Economics and Technology, or “BMWi”), 

which can provide very young enterprises with initial


financing, even during the early seed stage. 

Through the partnership-based approach of the 

“ERP Start Fund”, KfW provides targeted support to 

young technology enterprises in the form of venture 

capital to finance their growth. Due to the doubling 

of private capital through the ERP Start Fund, a 

technology-based enterprise can receive public and 

private venture capital totalling up to EUR 10 million 

through the “ERP Start Fund”. 

The “ERP Start Fund” is an important player 

in the German venture capital market 

The “ERP Start Fund” provides a total investment 

volume of EUR 722 million. In this way, KfW maintains 

the staying power needed to support enterprises, also 

in subsequent financing rounds. Since being launched 

at the end of 2004, the Fund has invested in more than 

400 companies with a volume of approx. EUR 440 million. 

The technology focus of the enterprises financed 

through the “ERP Start Fund” has shifted over time. In 

parallel with the venture capital market, initially investment 

in biotechnology companies accounted for a 

large share of the investments. Today, it is more often 

the case that IT and Internet companies stand out. 

Most recently, the number of investments is increasing 

for enterprises whose innovative technology in the 

area of environment – sustainable energy supply or 

energy efficiency – will contribute to the energy turnaround 

being successfully implemented and thereby 

to sustainable development in Germany. 

Early-stage financing lacks private capital 

In the early-stage financing of the German venture capital 

market, the share of public financing is nearly 70% 

– public venture capital is indeed available! On the 

other hand, there is a lack of private capital. Private 

investors are not sufficiently willing to bear the riskreturn 

profile associated with investments in young 

technology companies or in a venture capital fund. 

Venture capital funds have difficulties in motivating 

enough fund investors for early-stage investments. 

One reason for this may be that in the past, the often 

very high return expectations were not met. An attractive 

opportunity-risk profile could certainly contribute 

to incentivising private fund investors to start investing 

more again. 

Sufficient supply of risk-bearing equity is a decisive factor 

for Germany as a centre of innovation. This supply 

should not and cannot come largely from public sources. 

As such, a private venture capital market that can sustainably 

support itself needs to be set up in this country. 

Deutsches Eigenkapitalforum 2012 Page 9 

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Mezzanine as a value driver for IPOs 

Securing growth, corporate independence and potential for 

value growth through near-equity bridge financing 

The current financial landscape and its regulatory requirements 

mean that companies are increasingly faced with the 

prospect of financing their growth opportunities using a 

substantial equity component. Various investors can 

provide corresponding funds; however, for companies with 

insufficient size in particular, the long-term financing base 

this offers is only limited and demands a considerable 

portion of the potential income generated. As a form of 

bridging finance, mezzanine structures can be an attractive 

interim solution. 

The “Entry Standard” 

Newer and smaller SMEs are often faced with a dilemma. 

They need growth capital and equity in order to make 

important major investments and acquisitions; in this 

phase, however, they are often not yet ready to surrender 

their independence and their potential for value growth. 

Most of these companies are unable to access private 

equity markets on account of their insufficient size and 

the limitation to a minority interest. As such, the public 

stock exchange is often the only way for SMEs to raise 

equity from investors. To meet the needs of SMEs in 

particular, Deutsche Börse launched the Entry Standard 

as a transparency segment within the Regulated Unofficial 

Market (“Freiverkehr”) in 2005. The aim was to make 

it easier for young and rapidly-growing companies to 

access the capital markets, particularly by imposing 

fewer admission and publicity requirements compared 

with the Regulated Market. 

However, it must be 

noted that the Entry 

Standard is of only 

limited interest to institutional 

investors, particularly 

those from 

outside Germany, due 

to the lower stock market 

valuations at 

present and the low 

liquidity in the respective 

securities. In many 

cases, the internal 

Figure 1: Mezzanine investors at a glance 


statutes of investment funds also prohibit investments in 

unregulated market segments. This means that there is only 

a moderate base of primarily domestic investors for Entry 

Standard IPOs, which serves to limit the cash generated 

and the company’s valuation. On the other hand, the 

companies in question do not have the necessary critical 

mass to justify an expensive IPO on the Regulated Market 

(Prime Standard). The effort and cost involved in an IPO is 

often also disproportionate to the income/benefit 

generated as a result. 

German International Family offices 

Volume EUR 5-15 million EUR 10-50 million EUR 5-20 million 

Subordinated 

collateral 

Financial 

covenants 

No 

For operational 

monitoring, mostly 

without right of 

termination 

Yes, subordinated via 

inter-creditor agreement 


monitoring, mostly with 

right of termination 

No 


monitoring, mostly 

without right of 

termination 

Term 3-7 years 5-10 years 5-10 years 

Direct operational Limited, defined 

influence 

approval rights 

Source: IKB Deutsche Industriebank AG 

Dr. Jörg Schröder, Managing Director, 

Head of Equity Capital Markets, 

IKB Deutsche Industriebank AG 

Limited, defined 

approval rights 

Olaf Schreckenberg, Vice President 

Alternative Capital Markets, 


Often a strategic 

sparring partner

Mezzanine as an interim step 

to secure potential for value 

growth 

Individual mezzanine can serve as a 

type of “bridge financing for growth” 

with an equity character until the 

necessary critical mass for an IPO in 

the Prime Standard is achieved. 

Unlike the well-known mezzanine 

programmes that have expired or are 

expiring, the options available for the 

current forms of mezzanine financing 

are extremely extensive. Nowadays, 

various investor groups offer nearequity 

and near-debt solutions for 

companies in the form of profit participation 

rights and silent partner 

contributions. The main benefit of 

this financing is that it is recognised 

by principal banks as economic 

equity for credit rating purposes, 

without said financing requiring 

share dilution or a loss of operational 

autonomy. This ensures that the 

owners benefit almost entirely from 

the potential for value growth in the 

event of a subsequent IPO. 

Mezzanine agreements are not subject 

to standards. However, the 

unsecured basic structure with a 

minimum term of seven years (unilateral 

termination / repayment options 

after five years) should have qualified 

subordination and change of control 

clauses for the case of a potential 

IPO. If loss participation is also 

necessary in order for the mezzanine 

to be recognised as equity capital for 

balance sheet purposes, this 

increases the interest cost, which 

otherwise ranges from 10.0% to 

14.0% p.a. depending on the respective 

industry and credit rating. 

Tax-deductible, non-cash, “pay-inkind” 

accumulation components of 

between 4.0% and 8.0% p.a. provide 

companies with liquidity for 

growth and mean that, with a casheffective 

interest rate of between 

6.0% and 8.0% p.a., mezzanine 

financing is very much the equal of 

traditional overdraft facilities. In Ger- 

many, investors tend to be specialist 

investment funds and family offices; 

in the United Kingdom, meanwhile, 

they tend to be insurance companies 

and investment funds (see fig. 1). 

Conclusion 


Participating in the success of a 

potential IPO via equity kickers 

serves to a significant increase in the 

interest of investors and leads to a 

reduction in the fixed remuneration 

components. In the case of successful 

corporate development, the mezzanine 

can be converted into a direct 

investment following the IPO. This 

means that the company secures 

cornerstone investors at an early 

stage, thereby improving the 

prospects for a successful IPO. 

However, an investor’s decision is 

not based on a potential IPO, but 

rather on the future free cash flows 

that will ensure the company’s debt 

service and repayment of the mezzanine. 

The professional investment 

process of mezzanine financing, including 

management presentations, 

Q&A sessions and external due diligence, 

can be compared with that of 

an IPO. The investment process can 

leverage information and cost synergies, 

sensitise the management 

team to value drivers and pitfalls in 

the process in advance, and lay the 

foundations for a successful IPO. 


– Kapitalmarktberatung 

– Eigenkapitalbeschaffung 

– Langfristiges Fremdkapital 

über Anleihen 

– Dual Track 

– Incentivierungsprogramme 

für Führungskräfte 

– Individuell 

– Unabhängig 

– Diskret 

ANSPRECHPARTNER 

Prof. Dr. Wolfgang Blättchen 

Dr. Stephan Mahn 

Uwe Nespethal 

BLÄTTCHEN FINANCIAL ADVISORY 

T + 49 (0) 71 52. 61 01 94. 0 

F + 49 (0) 71 52. 61 01 94. 9 

@ info@blaettchen-fa.de 

www.blaettchen-fa.de


Acquisition finance for German medium-sized 

businesses 

LBO finance market offers opportunities for corporates 

as well as PE companies 

The current state of the German and European economy is 

driven by the expectation of a new upcoming crisis or – if 

not a crisis – more difficult economic market conditions 

with reduced growth expectations. However, even in this 

challenging environment, an interesting situation for acquisitions 

and the financing of such has emerged and provides 

opportunities for corporate buyers or private equity 

investors to grow and possibly gain market shares. 

M&A / LBO market environment 

The market environment for M&A and LBO transactions – 

for German medium-sized (“Mittelstand”) corporates 1 – as 

well as the financing of such deals is currently driven by 

1. moderate prices (enterprise values / multiples) of potential 

target companies; 

2. larger corporates and multinational companies refocusing 

on their core businesses and disposing of noncore 

activities; 

3. divestments of underperforming assets to be better 

prepared in case of a “crisis”; and 

4. “forced sellers” with a cash requirement offering 

profitable businesses at reasonable multiples. 

Although the current market environment seems to provide 

ample opportunities, the number of M&A transactions and 

volumes is currently at a very low level, creating an opportunity 

for market leaders with the foresight to benefit from this 

situation. 

The right buyers are able to and understand how to navigate 

the leveraged finance market for leverages of between 

3.5 and 4 times EBITDA, refinancing the remaining equity 

value of a target company out of free cash and equity. 

In the market for small- and medium-sized transactions, the 

number of available financiers and, hence, competition and 

liquidity, may be limited. 

Overall, the market for LBO transactions for “Mittelstand” 

corporates is divided into three segments, as is illustrated 

by fig. 1, and each of them have different dynamics and 

requirements. 


Kai Frömert, Director, 

FCF Fox Corporate Finance GmbH 

Arno Fuchs, CEO, 


Figure 1: Market for LBO transactions for “Mittelstand” corporates 

Deal size EBITDA target Competitive environment 

Large > EUR 50 million All major German banks, 

international commercial 

banks 

Mediumsized 

EUR 10-50 million German commercial banks, 

state banks 

(“Landesbanken”), selected 

international banks 

Small < EUR 10 million Landesbanken, selected 

savings banks 

(“Sparkassen”) and cooperative 

banks (“VR- 

Banken”), few German 

commercial banks 

Source: FCF Fox Corporate Finance GmbH 

Nevertheless, despite less competition for smaller trans actions 

(< EUR 50 million EBITDA), their pricing has aligned with 

that of larger deals during the last 12 to 18 months. Considering 

syndication and default risks, banks now tend to price 

each transaction individually instead of using a “market standard” 

LBO financing interest rate as has been observed in the 

past. Most transactions are still priced in a similar range, as 

leverage factors also tend to be in a narrow range between 

1) This article does not refer to the market for large-cap / multinational companies 

/ conglomerates

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Figure 2: Sources of proceeds as EBITDA-multiple 

EBITDA-multiple 

10x 

9x 

8x 

7x 

6x 

5x 

4x 

3x 

2x 

1x 

0x 

7.1x 7.0x 

6.8x 

7.6x 

3.5 and 4 times EBITDA (and may potentially be higher in selected 

cases) for senior tranches. Over the last few months, 

the pricing range has mostly been in the 400 to 550 bps 

spread region, although, recently, the market has seen transactions 

with interest margins exceeding such a range. Upfront 

fees, although they were in a 300 to 400 bps range for 

quite some time, also started to rise on average recently, 

covering the banks for an increased syndication risk. 

However, if acquisition financing would not fully exhaust the 

potential leverage of up to 4 times EBITDA, banks would 

reconsider pricing on a rating-driven basis. During recent 

months, loan interest margins for BBB-area rated companies 

have been in a 150 to 250 bps region, while financing 

for sub-investment grade credit quality financing in the BBand 

B-areas have averaged out in the 250 to 350 and 350 to 

550 bps regions respectively. As such, averages might be 

influenced by very large, international transactions with 

high banking competition; indeed, the market for “Mittelstand” 

corporates can be deemed to be at the higher end of 

or even exceeding the respective ranges. 

(Re)financing opportunities in the private equity 

sector 

Highly interesting are also opportunities which may occur 

for the private equity (“PE”) sector, especially for portfolio 

companies acquired between 2005 and 2011. While such 

acquisitions have usually been financed with leverages of 


8.3x 

8.8x 

9.7x 9.7x 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 H1/2012 

Senior debt / EBITDA Other debt / EBITDA 

Source: FCF Fox Corporate Finance GmbH 

8.9x 

9.2x 

8.8x 

9.1x 

up to 4 times EBITDA (and even higher before 2008), the 

relevant companies can be expected to be de-leveraged in 

the meantime, either by repaying the acquisition facilities 

and/or by growing in EBITDA terms. 

As a result, PE players may have the following opportunities: 

1. While banks are looking for (new) LBO transactions to be 

financed, the debt market is generally open for PE / M&A 

trans actions, providing significant and sufficient liquidity 

2. When looking at existing portfolio companies, the debt 

market does provide an extraordinary refinancing potential, 

which can be exploited to either 

a. re-finance expensive leverage finance facilities through 

a “standard” corporate facility at more favourable 

terms and conditions, which would be based on the 

positive “rating jump” caused by the leverage that has 

decreased in the meantime and by other improved 

financials or 

b. re-capitalise, i.e. additional lending, a portfolio company 

up to an incurred leverage of 3.5 to 4 times EBITDA. 

Especially in the light of the fact that an exit / a selling 

strategy might not be reasonable / interesting due to 

below-peak equity multiples, recapitalisation might 

offer alternative options to a portfolio company’s 

management team or shareholders, such as investing 

in further growth opportunities and/or in the form of a 

dividend recap, generating a return for the equity 

holders.

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IPO 

36 m EUR 

Sole Lead Manager 

2012 

Capital Increase 

14 m EUR 


2011 


8 m EUR 


2010 


420 m EUR 

Co-Lead Manager 

2012 


24 m EUR 


2012 


10 m EUR 


2011 


6 m EUR 


2010 


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Co-Bookrunner 

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Wind turbine 

Inventor: Prof. Dr. Ulrich W. Hütter 

Germany, 1957 

2012 


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Joint Lead Manager 

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Share Placement 

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Joint Bookrunner 

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Sale of a majority stake 

to Centrotec AG 

Exclusive M&A Advisor 

2010 

Share Placement 

504 m EUR 

Co-Lead Manager 

hensive know-how with IPOs, share placements, capital increases, 

takeover bids, going private, equity services and designated sponsoring. 

LBBW Equity Capital Markets, telephone: +49 711 127-25021. 

2012 


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2011 


5 bn EUR 

Co-Manager 

2010 

Sale of a majority stake in 

Behr Group to Mahle Group 

Exclusive M&A Advisor 

2009 


86 m EUR 


2012 

Convertible 

240 m EUR 

Co-Lead-Manager 

2011 

Convertible 

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Co-Bookrunner 

2010 


10.2 bn EUR 

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2009 

Convertible 

190 m EUR 

Co-Lead-Manager


What are credit ratings? 

Ratings reduce information asymmetry and improve 

market functioning and efficiency 

Credit ratings are opinions about credit risk. Standard & 

Poor’s ratings express the agency’s opinion on the ability 

and willingness of an issuer, such as a corporation, to meet 

its financial obligations in full and on time. Credit ratings 

can also allow individuals to get a picture of the credit 

quality of an individual debt issue, such as a corporate 

bond, and the relative likelihood that the issue may default. 

We express our ratings as letter grades ranging from ‘AAA’ 

to ‘D’ to communicate our opinion on the relative level of 

credit risk. 

We base our ratings on analyses performed by experienced 

credit analysts who evaluate and interpret information 

received from issuers and other available sources to form a 

considered opinion. Unlike other types of opinions, such 

as, for example, those provided by doctors or lawyers, 

credit ratings opinions are not intended to be a prognosis or 

recommendation. Ratings should not be viewed as an 

assurance of credit quality nor as an exact measure of the 

likelihood of default. Rather, they are primarily intended to 

Figure 1: Standard & Poor’s analyst-driven rating process 

Source: Standard & Poor’s 


Tobias Mock is a Managing Director 

and Lead Analytical Manager in the 

Corporate Ratings department of 

Standard & Poor’s, based in Frankfurt. 

He leads the Light Industries team in 

EMEA, which covers the telecoms, 

high-tech, media, retail, leisure, consumer 

goods, healthcare and real 

estate industries. 

Tobias Mock, Managing Director and 

Lead Analytical Manager, Corporate Ratings, 

Light Industries, Standard & Poor’s 

provide investors and market participants with information 

about the relative credit risk of issuers and individual debt 

issues that the agency rates. 

The corporate rating process 

at S&P 

When rating a corporation, we 

assign a lead analyst, often in conjunction 

with a team of specialists, 

to evaluate the entity’s credit - 

worthiness. Typically, analysts 

obtain information from published 

reports, interviews and discussions 

with the company’s management 

team, as well as from their sector 

and market analyses. The rating 

process is dynamic and evaluates 

qualitative and quantitative information 

on an ongoing basis. There 

is at least a bi-annual review for all 

corporate ratings and typically an 

annual meeting attended by the 

analytical team and the senior 

management team of the rated corporate. 

Fig. 1 illustrates the typical 

rating process for a corporation.

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Figure 2: Main drivers of Standard & Poor’s corporate issuer ratings 

• Country Risk 

• Industry Characteristics 

• Company / Competitive Position 

• Profitability / Peer Group 

Comparison 

• Management & Strategy 

• Accounting 

• Governance, Risk Tolerance, 

Financial Policy 

• Cash Flow Adequacy 

• Capital Structure, Asset 

Protection 

• Liquidity / Short-Term Factors 

Source: Standard & Poor’s 

Assigning an issuer rating 

To form our rating opinion, we review a broad range of 

financial and business risk factors that may influence the 

issuer’s prompt debt repayment. We analyse specific risk 

factors according to our criteria of rating corporate entities. 

Fig. 2 provides an overview of the factors that we consider. 

We split our analysis into two parts, namely the business 

risk profile and the financial risk profile. For example, the 

credit analysis of a corporate issuer includes an evaluation 

of the future operating performance including its profitability; 

market and competitive positions; financial condition, 

including liquidity; and risk management strategies, including 

the governance of a corporation. 

What value do ratings provide, and to whom? 

Ratings reduce information asymmetry and improve 

market functioning and efficiency. Credit ratings can help 

reduce the knowledge gap, or “information asymmetry”, 

between borrowers (issuers) and lenders (investors). The 

essential subject matter of this information asymmetry is a 

borrower’s creditworthiness. A borrower knows its own 

creditworthiness better than a lender does. Also, because 

creditworthiness is not a directly observable attribute, a 

lender generally has to use estimates from factors that can 

be observed using various approaches. One approach is 

for a company to perform its own analysis; another 

approach is to use credit ratings from independent rating 

agencies; while a further approach is to use information and 


Business 

Risk 

Finan 

cial 

Risk 

RATING 

analyses provided by third 

parties or other analysts. 

Using multiple approaches 

will likely permit a lender to 

be more confident about its 

conclusions, especially if 

the approaches lead to 

similar conclusions or the 

same result. 

Credit ratings may play a 

useful role in enabling 

corporations to raise 

money in the capital 

markets. Instead of taking a loan from a bank, these entities 

sometimes borrow money directly from investors by 

issuing bonds or notes. Credit ratings may facilitate the 

process of issuing and purchasing bonds and other debt 

issues by providing an efficient, widely recognised, and 

long-standing measure of relative credit risk. Investors and 

other market participants may use the ratings as a screening 

device to match the relative credit risk of an issuer or individual 

debt issue with their own risk tolerance or credit risk 

guidelines in making investment and business decisions. 

Independent analysis of risk factors for senior management 

and owners of corporations. The dialogue with 

Standard & Poor’s during the rating process provides the 

senior management teams of corporations with an independent 

view on their operational and financial risks. We 

will weigh the different risk factors according to our corporate 

rating methodology in order to derive a rating. This 

analysis often allows senior management to anticipate what 

could be the most likely effect on their company’s credit 

quality, thus reflecting on their own strategic and operational 

scenarios. It also provides useful information to the 

owners of the corporation, which could be either public or 

private shareholders. 

A credit rating provides senior management with a 

globally recognised measure of creditworthiness, 

which eases communication. Companies can use this 

measure to communicate and discuss their credit profile 

with lenders, including bankers and debt investors.

We believe in German Mittelstand 

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Stakeholder relations 

The best way to anchor the company story 

The ongoing sovereign debt and banking crisis in Europe 

has led to massive changes in the financing situation and 

structure of companies. German companies are also finding 

themselves forced to adapt to this challenging environment 

now that the upswing in the German economy, with its 

positive impact on cash flows and financial structures, is 

running out of steam. Traditional bank loans will ultimately 

come to be supplemented by the market for debt capital in 

Europe, as has already been standard practice in the US for 

decades. In other words, companies’ banks will act less 

and less often as lenders, whilst businesses will need to 

respond to the new challenges and open themselves up to 

the capital market. 

Optimisation of communications 

For many companies, a mix of one-third equity, one-third 

traditional bank loans (including syndicated loans) and onethird 

issues on the debt capital market will regularly be 

advised and required in the future. This will also lead to new 

requirements for the entire range of corporate communi - 

cations, including the optimisation of communications. 

Prompt and intensive communication with all stakeholders 

of a company, in which all of them are treated equally, is of 

paramount importance. Above all, consistent handling of 

equity and debt capital investors, media representatives 

and employees will provide a stable, credible and sufficiently 

broad base on which to anchor the company’s story. 

While many listed companies take every care to provide 

support to their shareholders, their management team still 

does not pay enough attention to support for lenders and 

those who make decisions on loans. Whether this involves 

the employee at the company’s bank who is responsible for 

making a decision on a loan, the broker placing a bond on 

the capital market or a provider of equity or borrowed capital, 

the demands placed on the company seeking funding 

are increasing massive in terms of providing information 

and rigorous communications. 

It is advisable to use the full range of communication tools 

available, including newsletters, IR and press releases, 

detailed website information, etc. The company’s story can 

be communicated in various ways, ideally using a combina- 


Nico Baader, born in 1970, has been 

a Member of the Board of Directors of 

Baader Bank since May 2009, where 

he is responsible for business with 

corporate and institutional clients and 

corporate communication. 

tion of targeted one-on-one meetings, group presentations, 

talks at conferences and participation in panel discussions. 

The organisation of a Capital Markets Day should also be 

considered, as this provides an opportunity to give a large 

number of different stakeholders an insight into the inner 

workings of a company virtually simultaneously. 

Same message 

Nico Baader, Member of the Board, 

Baader Bank 

It is important to ensure that the message sent out to all 

stakeholders is the same. There will always be certain differences 

and nuances. Different groups of investors will also 

require specific pieces of information and data in different 

levels of detail, but the story must be consistent to ensure the 

company’s credibility. Although this may sound self-evident, 

time and again in practice, differences in communications 

with investors come to light, which is often due to the fact 

that communications come from different departments. 

In most cases, this will lead to a significant paradigm shift in 

the work of those responsible for investor relations. Bond 

investors must not be regarded merely as creditors. Having 

focused on support for shareholders, IR departments will in 

the future devote a large proportion of their time to bond 

investors and bank employees responsible for making decisions 

on loans. The job profile of IR employees will also 

change in connection with this. In the area of debt capital in

particular, the volume and relevance of the information and 

the promptness with which offers are made by issuers often 

fail to match the expectations of lenders. This applies not 

only to newcomers to the bond market, but, astonishingly, it 

is also true of regular bond issuers. 

Equal treatment 

So far, too little attention has been paid to the fact that bond 

investors – and to an even greater extent, lenders – have often 

entered into much larger and, in some cases, ultimately 

more risky commitments than shareholders. However, they 

are often informed of developments once shareholders have 

been or not at all. Lenders are also granted much less access 

to management than shareholders. Another aspect of equal 

treatment is that covenants to protect investors should not 

differ significantly between the bond market and the credit 

market. In the event of serious difficulties, bond investors 

would not like to find that lending banks are in a much better 

position than they are. Investors in the bond market are, in 

some cases, not provided with the information they would 

like with regard to risk management and risk culture, the refinancing 

situation, pension obligations, cash flows, etc. Presentations 

of strategic company decisions and their impact 

on the com pany’s financing structure are also rarely provided. 


Moreover, different definitions 

are often used for key 

figures. The Society of 

Investment Professionals in 

Germany (“DVFA – Deutsche 

Ver einigung für Finanzanalyse 

und Asset Management”) 

is calling for the way 

in which the most important 

key figures are presented to 

Photo: Deutsche Börse AG 

be standardised and in particular for a more detailed, creditor-oriented 

information policy, which we would welcome. 

A good level of support for debt capital investors and other 

stakeholders will also help to increase the company value. 

The lever here lies in the cost of capital, which is calculated 

from the total of equity and borrowing costs. Good IR work 

can reduce the risk premium to be paid by the company 

and thus creates the necessary added value. This added 

value is large enough for us to devote our energies to 

optimising our support for bond investors. Good investor 

relations work is illustrated OR Good investor relations 

work is evidenced when a good and credible story is 

reflected in an increase in company value. It is worth optimising 

stakeholder communications for this. 

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Research under fire 

The value of equity research for the 

German small- & mid-cap sector 

The financial crisis is leaving behind ever more significant 

marks on the field of equity research. Many banks have 

closed their research departments completely or have 

entered into partnership arrangements. The research headcount 

has been reduced in most banks. This means that 

coverage – especially of small to mid-sized companies – 

has been decreasing. 

Berenberg is profiting from this trend. It has steadily built up 

its Equity Research department over the last few years and 

currently employs 70 analysts in London, mainly covering 

European shares. Split into 22 sectors, the focus is very 

much on mid-cap companies, especially those based in 

Germany. 

More than 90% of the companies listed in the MDAX and 

TecDAX indices are covered, as are the larger SDAX 

companies. Investment in mid-cap companies often has a 

decisive impact on the outperformance of an investment 

fund – for example, the MDAX has continuously outperformed 

the DAX in recent years. 

Fund managers, however, have more difficulty in selecting 

companies, as fewer research reports are available and the 

Investor Relations and Communications departments are 

typically smaller and incapable of competing with the infrastructure 

of a blue chip company. This is where Berenberg 

steps in, publishing comprehensive research, organising 

Figure 1: Performance, DAX vs. MDAX since 2002 

260% 

240% 

220% 

200% 

180% 

160% 

140% 

120% 

100% 

80% 

60% 


July 2008 – today: Head of Equity Research, 

June 2005 – June 2008: 

Head of German Equity Research, 

December/1996 – May/2005: Analyst 

for German Small- and Mid-Caps, 

Berenberg Bank 

40% 

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 

Source: Bloomberg, Berenberg Bank 

DAX MDAX 

Gunnar Cohrs, Head of Equity 

Research, Berenberg Bank 

roadshows and hosting conferences, our recent 

conference in Munich during Oktoberfest being one example. 

In this way, companies can raise their profile. 

Banks often claim that there is less to be gained from covering 

mid-cap companies, as their market cap is smaller and 

the potential commissions are lower, but they tend to overlook 

the fact that the mid-cap space, in addition to classic 

share trading, offers a range of interesting business opportunities, 

such as block trading or placing shares of established 

shareholders. 

Is research a cost or profit centre? 

In a market that is over-broked and 

structurally shrinking, it is important to 

pursue a clear business strategy. For 

almost 20 years, Berenberg has 

focused on producing high-quality 

research and providing a first-class 

service for its institutional clients. 

Berenberg also benefits from its ownership 

and management structure. 

Being owner-run, the entrepreneurial 

spirit is encouraged and embodied 

across the board. Due to the bank’s


Figure 2: Broker coverage 

Broker Coverage 

40 

35 

30 

25 

20 

15 

10 

5 

0 

- 1,000 2,000 3,000 4,000 5,000 6,000 7,000 

Market Cap (in EURm) 

Source: Bloomberg, Berenberg Bank (taking the example of MDAX) 

financial independence and low level of proprietary trading, 

it is also free from conflicts of interest in its investment 

recommendations, which is valued by the clients. 

The ownership structure also ensures that cost control and 

flat, flexible hierarchies prevail, which is a distinct competitive 

advantage in a business with such high fixed costs. In 

this way, Berenberg has been able to invest substantially 

There are a lot of small- and mid-cap companies, so filtering out the interesting 

ones requires more effort. 

Photo: PantherMedia / Ingrid Balabanova 


through the financial crisis, while competitors have 

reduced the size of their teams or have, in some 

cases, withdrawn from cash equities altogether. 

What advantages does a small- / mid-cap 

company bring with regard to being under 

coverage? 

Finding attractive mid-cap shares is harder than in 

the large-cap universe. Firstly, there are many 

more companies, so filtering out the interesting 

ones requires more effort. Secondly, it is harder to 

build up positions, as liquidity is lower. Here, 

broad coverage and an archive of research 

reports can help. Institutional investors are made 

aware of companies and this increased interest 

leads to increased trading in the share and thus 

higher liquidity. Company size correlates clearly with broker 

coverage. The bigger the company, the more brokers 

cover it on a regular basis. 

Small companies in particular have had to resort to paying 

for coverage, which we see as unfortunate – it is indeed 

difficult to convince an institutional investor that recommendations 

are truly unbiased and independent. From a 

company perspective, the top priority is keeping the capital 

markets informed and building up a track record. In this 

way, the company can grow organically to a size that makes 

it interesting to institutional investors and therefore also justifies 

coverage for the analysts. 

How important is a good relationship between an 

investment bank and a company? 

Transparent capital market communication is vital to ensure 

as fair a valuation as possible. The best tool for this is a 

stock valuation that can be compared to other companies 

in the sector with similar growth. High-quality and frequent 

investor relations activities (roadshows, conferences, etc.) 

and ambitious yet realistic targets form the foundation of 

this. A steady flow of communication with investors paves 

the way for future activities, such as capital increases, and 

gives companies greater independence from banks when it 

comes to seeking financing.

THE FINANCING SPECIALIST 

ADVISORY | STRUCTURING | PLACEMENT 

FCF is a Corporate Financing specialist arranging, structuring and placing equity and debt capital for private and 

listed small-/midcap companies. FCF provides its clients with growth-financing, acquisition-financing and/or 

refinancing advice and services, supporting them in implementing an effective and capital market oriented capital 

structure while reducing the dependency on bank financing. 

FCF FINANCING SERVICES FCF QUALIFICATIONS 

Equity Capital 

Pre-IPO-financing 

Public and private equity 

Debt Capital 

Short- and long term debt 

Hybrid 

Coming Events 

Corporate financing specialist 

Qualified access to leading investors 

Experienced and dedicated team 

In-depth market know-how 

Building “lifetime“ relationships 

5th FCF Family-to-Family Day 

Munich, Germany March 14 th , 2013 

5 family owned companies presenting in front of 50 family offices and high net worth individuals (HNIs) 

FCF German Industry Capital Markets Day 2013 

Abu Dhabi, UAE March 26 th , 2013 

up to 12 presenting companies and more than 100 investors from the middle east 

For more information on both events please contact info@fcf.de 

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 

info@fcf.de ● www.fcf.de 

Contact person: Arno Fuchs ● Mobil: +49-172-86 36 777 ● Email: arno.fuchs@fcf.de


“The use of computers and software is simply an 

expression of technological progress in our industry” 

Interview with Dr. Miroslav Budimir, Head of Business 

Development, Deutsche Börse AG 

It is now almost impossible to imagine everyday exchange 

trading without algorithmic and high-frequency trading. The 

highly technological trading world of today results in high 

volatility and sudden price drops on the one side, and higher 

liquidity and a reduction in the implicit and explicit costs of 

trading on the other. Modern trading structures constitute a 

new challenge to market participants, as these rapid developments 

can often impact upon the performance of a company’s 

shares, as well as traders’ activities and their strategic 

decisions. 

Conference Magazine: High-frequency trading (HFT) 

dominates modern media. Dr. Budimir, how would you rate 

that statement? 

Budimir: High-frequency trading is not a strategy, but a 

technology. Typical features of HFT include a large number 

of submitted orders, order adjustments and deletions, as 

well as very short investment horizons. Likewise, the speed 

of trading plays a key role. Having said that, it is not easy to 

define the concept of HFT, given that any possible definition 

would exclude some of those who are obvious HFTs. For 

example, those HFTs who only generate a small number of 

orders. At the same time, “traditional” traders could 

mistakenly be considered as HFTs, for instance, if they 

provide liquidity and therefore frequently adjust the order 

limits. 

Conference Magazine: Automated trading is a natural 

evolution of the trading process. What potential risks are 

innate to high-frequency trading? 

Budimir: The use of computers and software is simply an 

expression of technological progress in our industry. Naturally 

there are also risks, which everyone involved needs to 

understand and address. For example, trading algorithms 

could get out of control and unintentionally send a huge 

volume of orders to an exchange within a very short timeframe. 

We recently saw this happen in the United States, for 

example. Therefore, it is important to have processes and 

procedures to protect the market from these events. 

Conference Magazine: And Europe is any better off? 

Budimir: In Europe, by contrast, there is a variety of protection 

mechanisms built into the process chain. For example, 

it is common to deploy mechanisms to prevent so-called 


Dr. Miroslav Budimir is an expert in 

equity market microstructure. He has 

performed academic research on the 

design of innovative securities 

markets, and was granted several 

scholar ships and awards, e.g. by the 

George Soros Open Society Institute 

(New York). Joining Deutsche Börse 

Xetra in 2002, Miro is currently 

responsible for Institutional Equity 

Business Development. His activities 

cover client support, Xetra development 

and regulatory topics. 

Dr. Miroslav Budimir, Head of Business 

Development, Deutsche Börse AG 

“fat finger errors”. These avert market participants from 

inserting clearly false parameters, such as ordering a very 

high number of shares which would distort the market. 

Also, volatility interruptions are crucial, too, as they prevent 

trans actions at prices that exceed a predefined range. 

Conference Magazine: What is your take on the development 

of new trading models and the impact they have on 

markets? 

Budimir: In the 1990s, transparent electronic order books 

replaced the hitherto predominant floor trading systems on 

European exchanges. In the past, only exchange members 

had the privilege of participating in floor trading. Things 

changed with the launch of Xetra. The new market model 

enabled electronic access to trading. On this basis, new 

business models evolved, one of them being HFT. HFTs 

provide liquidity and thus compress the bid-ask spreads. 

As a result, they reduce trading costs for investors. Or HFTs 

link fragmented markets by arbitrage activities. Investors 

thereby get better prices, even if they do not have access to 

all markets. 

Conference Magazine: What protection mechanisms are 

in place to guarantee fair and orderly trading? 

Budimir: We frequently hear the objection that HFTs have 

increased volatility. But that is not the case: Over a period of 

ten years, the market has not become more volatile. On the

contrary, current studies clearly prove that HFTs 

have reduced price fluctuations by providing liquidity 

– especially in volatile situations. And should 

prices start to fluctuate, we have a strong tool at 

hand to calm the market down – the volatility interruption 

mechanism: Trading is suspended for a short 

period. This interruption enables market players to 

take a deep breath, reassess the situation, and if 

necessary, amend their orders. 

Conference Magazine: Both Brussels and the 

German legislature have already started initiatives 

to reduce the potential risks associated with highfrequency 

trading. What is Deutsche Börse’s take 

on this development? 

Budimir: At present, MiFID (the EU Financial Markets 

Directive) is being revised. Likewise, a national 

German HFT Act is currently at the committee 

stage. Both bills contain extensive sections on the 

regulation of algorithmic trading and HFT. We 

welcome steps such as these that address the risks 

of these activities. For example, the requirement 

that all parties involved must have safety mechanisms 

in place. By contrast, we reject other 

measures that intervene in the functioning market 

structure, such as the introduction of minimum 

order resting times. They adversely affect the 

market’s ability to generate liquidity. As result, 

investors would face higher trading costs and 

issuers would have to bear higher costs of capital. 

Conference Magazine: Thank you very much 

indeed, Dr. Budimir. 

The interview was conducted by Robert Steininger. 

Photo: PantherMedia / Phil Morley 


Relationship 

banking 

We build trustful relationships 

with our clients, business partners 

and investors over many years. 

Trust evolves from a long-term 

relationship based on integrity. 

Trust has to be earned and nurtured. 

It is rooted in consistency and 

personal relationships. 

BankM 

Deutsches Eigenkapitalforum 2012 Page 27 www.bankm.de


Selective environment for European IPOs 

The need for an optimised preparation process 

Some readers will remember the authors’ article which was 

published last year with the somewhat enigmatic title 

”European IPOs – quo vadis?” and might wonder why, in a 

year of rather dire IPO activity, we have not stuck by the 

Roman theme and have titled this year’s review “European 

IPOs – R.I.P.(?)” or similar. 

In fact, some cynicism surrounding the current shape of the 

European IPO market might be warranted. Out of an 

expected pipeline of approx. 25 potential IPOs in Europe for 

2012, we have seen 15 official pulls or postponements and 

only eight IPOs with an issue size above EUR 100 million 

having made it to the market. Amongst those, Germany, 

having been speculated as the most promising IPO market 

amid its relative robustness in the global concerto of weakening 

economies, has only seen the smaller-than-expected 

IPO of Talanx, immediately followed by the IPO of 

Telefonica’s German mobile business. Heavyweights such 

as Evonik, Osram, Kolbenschmidt, etc., have either chosen 

to review their respective float timing or to reconsider their 

IPO plans in light of insufficient valuation expectations or 

sub-optimal secondary market conditions. 

The reasons for such meagre IPO vintage to date are mostly 

tied to an apparent valuation mismatch between sellers’ 

or issuers’ price expectations and investors’ willingness to 

pay up for IPOs. Furthermore, the macro-political storm in 

Figure 1: The ECB’s more aggressive stance has boosted 

Europe’s PE multiple 

MSCI Europe 12m PE 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

Draghi’s “bumblebee” speech (26/07) 

End of 

LTRO2 

Sep 10 Mar 11 Sep 11 Mar 12 

Source: DataStream, Bloomberg, Morgan Stanley Research 

ECB announces OMT (06/09) 


EU summit 

(28/06) 

ECB announces 

LTRO (8/12) 

Thomas Thurner, Vice President, Equity 

Capital Markets for Germany and Austria, 

Morgan Stanley* 

Johannes Borsche, 

Managing Director IBD, 

Morgan Stanley** 

the Mediterranean region paired with the on-going theme of 

the global growth-scare leaves investors in a “risk off” 

mode vis-à-vis newly listed stocks that lack a credible track 

record. 

We would, however, refrain from declaring the IPO market 

as being dysfunctional and would purposefully remind ourselves 

that, on average, the IPO markets have in the past 

never been shut for more than twelve months. 

As potential issuers bridge the waiting period by focusing 

on doing their homework and optimising IPO plans with the 

required degree of flexibility, we would like to highlight a few 

elements that have helped to make those IPOs which have 

worked well this year a great success, such as the EUR 925 

million IPO of Dutch cable company Ziggo, which has 

traded up almost 40% since issue. 

*) Thomas Thurner is Vice President Equity Capital Markets for Germany and 

Austria. He has 10 years of experience in investment banking at Morgan 

Stanley in the Global Capital Markets Group. 

**) Johannes Borsche, Managing Director IBD, has served Morgan Stanley 

since 2000. Before, he used to work for Deutsche Bank as a Vice President. 

Mr Borsche holds a degree in Economics and Business Administration.

De-risking the IPO upfront 


In light of the “stop-and-go” sentiment in current 

IPO markets, it will be critical for the success of any 

public listing going forward to arrange the preparatory 

work streams in such a way to allow for suf - 

ficiently frequent and active interaction between 

management and investors as early as possible. 

Such early preparation should not only help to testrun 

the investment case and provide them with 

“real-life” investor sparring, but should ideally 

encourage investors to commit early orders upfront 

with a varying degree of size and price sensitivity. 

Looking for a read-across of the US and Asian IPO 

markets, which have held up relatively well this year, 

IPO preparation processes such as Michael Kors or 

F1 could attract significant pre-IPO demand, which 

ultimately helps to de-risk the overall execution 

process with granular feedback on positioning, timing 

and early valuation thoughts; it also enables the 

book building process to be started from a strong 

position. 

In that context, it is important to highlight that the 

pool of potential pre-IPO money is not limited to a 

growing list of interested sovereign wealth funds, 

but has recently also included prominent examples 

of the classic long-only and hedge fund community, 

as well as packaged private wealth money. A “first 

look” at a promising investment opportunity and the 

chance to establish a mutually advantageous relationship 

with some of the world’s leading management 

teams has proven to be an attractive entry 

point for early investor commitment. 

Right timing to launch the transaction 

The often (ab)used and rather non-academic ”rule-ofthumb” 

on optimised IPO timing [Target first day of 

trading] – [Four to six months of prep. work] = [Time of 

project kick-off], no longer holds true. Whilst it is desirable 

to agree on a specific launch window as a working 

assumption in order to retain execution discipline 

both internally and externally, the flexibility around 


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Figure 2: Market conditions have recently turned more supportive for IPOs 

Development of volatility and valuation levels since 2011 

Valuation 

NTM P/E MSCI 

Europe (x) 

Volatility and IPO 

Pricings 

starting with traditional marketing (i.e. investor education 

typically starts 4 weeks ahead of targeted pricing) should 

be retained for as long as possible. Elements to provide for 

such timing flexibility include early investor traction as discussed 

above, longer pre-marketing phases followed by a 

short book building exercise, regular and honest timing and 

indicative pricing updates by the banks for the sellers and 

issuers, as well as scheduling around key macro events and 

potentially competing equity issuance. 

Potentially smaller initial free floats to optimise 

exit value 

In adopting a model pioneered and successfully executed 

by a vast number of US IPOs, floating an initially smaller 

free float of below 25% followed by opportunistic block 

% 

55 

45 

35 

25 

15 

V2X Index 

Last twelve months 

Proposal to Write-down 50% 

of Greek Debt and Increase 

EFSF to 1 Trn 

Resurfacing Greek 

Concerns 

Greek Elections 

Average: 27.4% 

EU Summit 

Oct-11 Dec-11 Feb-12 Apr-12 May-12 Jul-12 Sep-12 Oct-12 

VStoxx Average 

Source: Bloomberg 

14 

12 

10 

8 

Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 

55 

40 

25 

10 

Source: Morgan Stanley 

Greek debt concerns 

and disappointing 

macro data 

Priced IPO Pulled IPO 

Figure 3: Volatility retreated since peak in june 


Uncertainties around global 

growth and sovereign debt 

21.9% 

Average: 10.1x 

Re-opening of 

IPO markets 

Renewed 

Macro 

Concerns 

Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 

sell-downs over time has repeatedly proven to deliver an 

optimised exit valuation and to mitigate the valuation 

disequilibrium. Exchanges and investors have become less 

vigilant with minimum free float requirements in light of 

application rules, index inclusion and aftermarket liquidity; 

the IPO is viewed as tool to set a valuation benchmark, but 

leaves sufficient value upside for both investors and sellers 

once the company has delivered on their results and established 

a credible track record. Ziggo’s IPO, floated at a share 

price of EUR 18.50 followed by a block sell-down at EUR 

23.50 and a further sell-down at EUR 24.75 four and seven 

months post-IPO, respectively, has set a successful European 

precedent for such a staggered path to exit. Talanx’s 

initial free float of approx. 10% is also underlining this trend. 

Managing the public perception 

“Draghi Put” 

and QE3 

As witnessed in some of the recent prominent and globally 

commented IPOs, the “public voice” has become an 

increasingly critical factor with growing influence over the 

fate of the IPO. Rumours started or exacerbated by the 

press surrounding self-dictated timing deadlines, minimum 

valuation thresholds or listing locations have become an 

often counter-productive swing factor impacting upon 

investors’ behaviour; indeed, in several cases, they have 

left behind the secluded shores of the newspapers’ finance 

sections to head towards a much broader and polemic 

media coverage. 

It almost seems as if some major global IPOs face the risk of 

“getting ahead of themselves”, with the public opinion push-

ing up expectations surrounding asset quality and implied 

valuation, and thus ultimately triggering a disconnect of what 

should be perceived as fair relative valuation. We would 

therefore like to issue a reminder that early and focused PR 

project management should be more than a lip service; it 

should be supported or led by external professionals in the 

context of the companies’ overall communication strategy. 

Tight bank syndicate for precise judgment and 

project leadership 

Several recent European IPOs have been executed by an 

oversized syndicate line-up. The resulting battle amongst 

banks for “air time” with both management and investors 

has obscured visibility on process responsibility and diluted 

the banks’ valuation and timing advice. Ideally, one or two 

senior banks should lead the process and give regular and 

straightforward feedback on the feasibility of the IPO, the 

achievable valuation levels and the optimised “time to 

market”. Such an approach would avoid corporate 

management being unduly exposed to the marketplace 

and, in the worst case, damaging its credibility and reputation 

with investors and the public audience. 

These summative observations are not meant to constitute 

the new holy grail of IPO-ism and are by no means 

complete, but they should help pave the way towards a 

more active IPO pipeline over the next six to twelve 

months. 

Looking ahead, we remain positive that we will see a much 

more active European IPO market in the not-too-distant 

future. Our optimism is fuelled by a significant backlog of 

both high-quality private equity exit candidates and an 

increasing number of promising sub-IPOs being put up for 

float by top-quality blue chip companies revisiting their 

future strategic focus. 

This diverse line-up of potential IPO candidates should provide 

a sceptical and selective marketplace with the required 

breath to identify the next “winning IPOs”. 

Conclusion 

�� 

�� 

�� 

�� 

www.roelfspartner.de/transactions 

transactions@roelfspartner.de 

Arndt Rautenberg 

�� 


In an Olympic year that has taught us so many valuable 

lessons surrounding dedication to make it to the finish line, 

hyped expectations and unexpected victories, we believe 

that early, focused and intense preparation with the right 

partners at hand will once again shape the race to success 

as and when the IPO market re-opens. After all, an IPO is 

neither a marathon nor a sprint, but rather a combination of 

the two. 

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TecDAX’s 10 th anniversary 

The changes to the composition of the index document 

a piece of German stock market history 

In a few months’ time, one of the most important German 

indices will celebrate its 10th anniversary. The German 

TecDAX was launched on 24 March 2003, reason enough 

to look back on the changes that took place during this 

exciting decade. The recent changes to the composition 

of the TecDAX are a good example of changing stock 

market trends over the decade. It is not strictly true to 

speak of a new index being “born” when the TecDAX (consisting 

of 30 stocks) was launched in 2003, as it was also, 

simultaneously, the successor of the Nemax50 which 

comprised 20 additional values. It was a gradual transition, 

as for a period of time both indices were running in 

parallel. Whilst the TecDAX was calculated from March 

2003, the actual launch only took place after the 

discredited segment “Neuer Markt” was stopped and 

Nemax50 ended. Initially, there was a high degree of 

overlap in the composition of the two indices and the 

Nemax50 was still active until late 2004. 

Starting point: 1,000 points (1997) 

The calculation bases of the TecDAX are the levels as of 30 

December 1997, with a value of 1,000 points. On this basis, 

it is noticeable that the current prices are still approximately 

20% below this calculated value; however, this does not 

reflect the massive hype surrounding the boom times of the 

segment “Neuer Markt”. Simply observing the period since 

the beginning of 2003 gives an insight into an exciting period 

in German stock market history. 

The rapid recovery from 2003 onwards, which began with 

the start of the Iraq War, is one example, as is the high point 

of the bull market directly before the financial crises in 2007 

and 2008. The consequential rapid decline and the strong 

positive corrections that followed represented a period of 

very high volatility for investors. 

This view on the major movements of the market should not 

disguise the fact that there was also a large number of 

exciting changes in the composition of the index, as shown 

in the table below. Particularly interesting is the fact that 

more than a third of the 30 stocks which make up today’s 

index were already included in March 2003. Not all were 

continuously present and not all in their current form (e.g. 


Since its foundation in 2008, Roger 

Peeters has been a Board Member of 

Close Brothers Seydler Research AG, 

one of the leading analyst houses for 

mid-sized German companies. Prior 

to this, he held a leading position at 

“Platow Börse”. 

the current freenet is a merger between the “old” freenet 

and its former parent company, mobilcom), but there is 

clearly a strong backbone. 

Three key factors 

Roger Peeters, Board Member, Close 

Brothers Seydler Research AG 

The main changes are based upon three key factors: 

1. Fundamental operational development in the individual 

companies, which may have led to significant gains or 

losses. 

2. M&A activity leading to one or more de-listings and 

therefore also exclusions from the index. 

3. Changes in investor valuations concerning sectors 

which are currently in vogue. 

The first point is straightforward and can be quickly dealt 

with. Rising and falling “stars” are a fundamental part of 

normal business life. The same applies to mergers and 

acquisitions, however this only accounts for the corres - 

ponding number of firms leaving the index. Real additions 

in terms of IPOs and spin-offs were rare and it is remarkable 

that the majority of “newcomers” in today’s composition 

were already listed in 2003. Exceptions are Xing and SMA 

Solar, first listed on the stock exchange in 2006 and 2008 

respectively. Amongst the stocks that are no longer quoted 

are, for example, the previously listed T-Online International

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TecDAX 

Composition as Composition as 

of 24.03.2003 of 01.10.2012 

Aixtron ADVA Optical Networking 

AT & S Aixtron 

BB Biotech BB Biotech 

Drägerwerk Bechtle 

Elmos Semiconductor CANCOM 

EPCOS Carl Zeiss Meditec 

Evotec Dialog Semiconductor 

FJA Drägerwerk 

GPC Biotech Drillisch 

IDS Scheer Euromicron 

IXOS Software Evotec 

Jenoptik freenet* 

Kontron Jenoptik 

LION bioscience Kontron 

MediGene LPKF Laser & Electronics 

Micronas Semiconductor Morphosys 

mobilcom* Nordex 

Nordex Pfeiffer Vacuum 

Pfeiffer Vacuum PSI 

Plambeck Neue Energien QIAGEN 

QIAGEN QSC 

Repower Systems Sartorius 

SAP Systems Integration SMA Solar Technology 

SCM Microsystems Software AG 

Singulus Technologies SolarWorld 

Software AG STRATEC Biomedical 

T-Online International Süss Microtec 

United Internet United Internet 

WEB.DE Wirecard 

WEDECO XING 

*) merger between mobilcom and freenet as of 2 March 2007 

Source: Deutsche Börse AG, CBS Research AG 

and SAP Systems Integration (SAPSI), both of which were 

spectacularly re-incorporated with their parent companies. 

Making the marks 

Particularly interesting is the sector rotation: it is apparent 

that at its starting point, the index was not only dominated 

by conventional technology firms, but also had a significant 

footprint of biotech and healthcare companies. Overall, the 

mixed developments of these segments in the past decade 

have also made their marks. Major players such as Qiagen 

or BB Biotech are once more present in the index. There 

were also new entrants such as Morphosys or STRATEC; 

however, the influence of the sector is somewhat limited. 



Also noticeable are the changes in the area of renewable 

energy. Ten years ago, this was already represented on the 

trading floor, primarily by companies from the area of wind 

energy, whose three representatives (Nordex, Repower, 

Plambeck) made up at least 10% of the index. The massive 

hype that followed surrounding the solar industry in the 

middle of the 2000s, which led to around a third of the index 

being made up of companies from the solar industry, has in 

the meantime significantly subsided. Following the consecutive 

entries of SolarWorld, Conergy, ErSol, Q-Cells and 

Solon between 2004 and 2006, followed subsequently from 

2007 by Centrotherm, Phoenix, Roth & Rau, Manz and SMA 

Solar, the index was sometimes mockingly referred to as 

the “solar-DAX”. Only the previously-mentioned SMA Solar, 

as well as the SolarWorld concern, which is based in the 

former West German capital of Bonn, remain from this long 

list of companies. 

Outlook 

What does the composition of the index look like today? It 

consists of a noticeably large number of “true” technology 

companies, primarily from the specialist machine construction, 

semiconductor and IT segments. It is an image of 

many companies who have established their market position 

based upon the technological advantages created 

through German engineering know-how. In short, the 

TecDAX has, shortly before the entering its teens, matured 

to become what followers expect it to be.

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Hearing versus understanding 

The role of investor relations in modern capital markets 

In recent years, capital markets have undergone a tectonic 

change. The shift of financial and industrial power to 

emerging markets, the uncertainty over Western 

economies and the increased defensiveness of investors in 

Europe have all been enduring themes amid volatility in the 

markets themselves. 

In times like these, management teams face a great deal of 

difficulty in communicating effectively with the market and 

with shareholders. The perception is often found that 

investors are more short term and that they do not fully 

understand the companies they might invest in. With the sell 

side shrinking, this effect is compounded by a lack of analysis. 

In the new digital age, companies have the ability to take 

control of their message and approach investors directly. 

The sell side has many fewer analysts than it did pre- 

Lehman, while the small- and mid-cap space has borne the 

brunt of that shrinkage. In London, 26 brokers have folded 

or been sold since June 2007. Many stocks now find it 

harder to get coverage, meaning there are fewer people 

Source: Edison Investment Research 


Fraser Thorne founded Edison in 

2003. He was previously Managing 

Director of Equity Growth Research 

and, prior to that, ran Newton Investment 

Management’s UK smaller company 

fund – a top decile performer for 

six out of the seven years that he 

worked on the desk. Fraser often 

speaks at events hosted by the LSE. 

He holds an MBA and is a member of 

the CFA. Edison’s German team is 

headed by Reena Dennhardt. 

Fraser Thorne, Managing Director, 

Edison Investment Research 

telling their story. Investors therefore either do not know the 

story or do not know how to react to news when they hear 

it. The result is either that no one is interested or that share 

prices stagnate, as they are not prompted to react to newsflow. 

Figure 1: An example biotech stock – coverage starts 17 June 2010 (price 360p); closing price on 19 July 2012 was 606p

Sell-Side Advisory 

Corporate Bond Placement 


Oct 2012 

Jun 2012 

Jan 2012 

Sale of Funkwerk 

Dabendorf GmbH 

to 

novero Canada Inc. 

6.75% Corporate Bond 

€ 35 m 


Sole Bookrunner 

Capital increase and 

takeover offer by 

China 

Corporate Finance 

● Mergers & Acquisitions 

● Initial Public Offering/ 

Equity Capital Market Transactions 

● Bond Issues 

● Private Equity Advisory 

● Debt Advisory 

“The entrepreneurs among bankers” 




Sale of shares 

of two families 

to 

a financial investor 

and the managing shareholder 

Oct 2012 

May 2012 

Nov 2011 


approx. € 45 m 

Selling Agent 

Sale of 100% 

of the shares to 

The Netherlands 

Exclusive member of the 

European Securities Network 

(ESN) 



Buy-side Advisory 

Research & Sales 

● Research 

● Support for Institutional 

Clients 

● Share Placements 

● Roadshows 

6,644,457 shares 

Placement price: € 1.30 

Placement volume: € 8.6 m 

Aug 2012 



3,250,000 shares 



Apr 2012 


Acquisition of a minority stake in 

WASGAU Food Beteiligungs GmbH 

and conclusion of a cooperation 

agreement with 

Sep 2011 

Pirmasens 




equinet Bank AG 

Frankfurt am Main 

www.equinet-ag.de 

Tel. 0049 (0)69 58997-0 

5,457,243 shares 



Jun 2012 

Mar 2012 

Aug 2011 

No. 1 

Equity Analyst 

Award 2011 

Börsen-Zeitung 




€ 50 m 



Sale of all 

assets to 

Waiblingen 

(selected transactions) 

Financial Markets 

● Designated Sponsoring 

Shares/Bonds 

● Brokerage Shares/Bonds 

● Specialist Shares/Bonds 

● Bond Placements 

● Electronic Order Routing


Figure 2: An example biotech stock – coverage starts 17 June 2010 (72% held by investment advisers, 81% held by investment 

advisers on 19 July 2012) 

Source: Edison Investment Research 

In the long term, what do businesses need from 

their shareholders? 

Shareholders are a source of capital for businesses. A wellinformed, 

supportive shareholder base should be a key 

objective of any IR strategy. A stock needs to be liquid or 

the price can be moved a long way on small volumes, so it 

helps to have a large shareholder base. It is also bene ficial 

to have a diverse one, with a mixture of institutional, retail 

and intermediate shareholders. Smaller holders help to 

keep the stock liquid where institutions might sit on large 

chunks of the equity for a long time. A broad, diverse and 

supportive shareholder base can help a business grow and 

provide stability in times of economic turbulence. 

How can this be achieved? 

1. By creating and maintaining awareness. 

2. By promoting understanding of the business and of 

strategy. 

3. By making shareholders advocates of the company in 

their own financial networks. 

By creating and maintaining awareness 

To create and maintain awareness, you need to choose a target 

audience and make the best first impression you can. That 

might be via press coverage, at a roadshow or at a conference. 

Before making an investment decision, people will want 

to understand the investment case and see some form of 

third-party opinion. This is where equity research is invaluable. 

Bro kers reach out to their institutional clients for you, but 

reaching retail investors is more difficult: private ownership of 

equities has been in decline in Germany since the dotcom 

bubble burst 1 . Private investors rarely have access to research 

they can understand and have recently shown a preference for 

fixed income securities. However, no investor will buy shares 

in a company that hey do not know and understand. 


By promoting understanding of the business and 

of strategy 

Promoting understanding takes time. A company’s investment 

story evolves as its strategy matures and the business environment 

changes. To really understand a company, investors need 

to be kept up to date with these developments and not just 

through a detailed snapshot once a year. They need to know 

when a target is hit or a milestone passed and they need to 

know what that means for the company and its investment 

profile. Again, access to management, press releases and 

equity research all have a role to play here. It is worth remembering 

that to save management time, it is helpful for investors 

to be able to call an analyst and ask for an explanation. 

It is difficult to measure whether the market understands a 

company and its investment case. The share price is a 

barometer of the market’s opinion, but the difference 

between the price and a fair price can be affected by all 

sorts of factors. If you can track who is hearing your message, 

you will have some measure of its penetration. 

Several financial platforms and distribution media make it 

possible to see who your communications are reaching. 

By making shareholders advocates of the company 

in their own financial networks 

If someone thinks they have had a good idea, they will want to 

tell people. A shareholder who understands the investment 

case for a company and is convinced by it will become an ambassador 

for it. If you can make them see long-term value, 

they will endorse the company with their investment and in 

their own network. It is not enough just to publish press releases 

and expect people to buy shares as a result. Investors need 

to be educated and regularly engaged if they are to be loyal. 

1) Source: Deutsches Aktieninstitut e.V., http://www.dai.de/internet/dai/dai-2- 

0.nsf/dai_statistiken_e.htm, 10.4% of the German population owns shares.

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are one of the market leaders in Germany and a renowned commercial bank with comprehensive 

expertise in international fi nancing solutions, maintaining representations in major fi nancial and 

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Bond Issuance 

New ways of debt financing for large caps 

Deutsche Börse has launched its Prime Standard 

for Corporate Bonds 

Listing shares at Deutsche Börse is an efficient way for companies 

to finance growth and achieve their corporate goals. 

At the same time, it also enhances the issuers’ creditworthiness, 

reputation, reliability and visibility. Similar effects can be 

realised by issuing a corporate bond at Deutsche Börse. 

In April 2011, Deutsche Börse launched a new segment as 

part of its Regulated Unofficial Market, namely the “Entry 

Standard for Corporate Bonds”. After just four months, 

seven SMEs had issued nine bonds in the segment. To 

date, a total of 19 SME companies have issued 21 bonds in 

it and raised about EUR 775 million to finance their growth. 1 

It is a massive success, demonstrating the expanded role 

Deutsche Börse plays in helping to finance the real economy. 

The distinctive feature of these transactions is that they offer 

the issuer the opportunity to place bonds directly with a broad 

range of retail investors using Xetra ® , Deutsche Börse’s electronic 

trading system. In addition to Xetra, a retail subscription 

service is also available, which includes a web-based 

service to directly place bonds with stakeholders such as employees, 

suppliers or customers. Finally, Deutsche Börse 

supports issuers in the form of diverse marketing activities 

during the placement. The success of the SME bonds with a 

retail option has caught the eye of larger companies, too. 

However, larger corporations and family-owned enterprises 

that are also interested in a bond issue aim to be registered in 

a more exclusive circle of bond issuers. 

To respond to this need, Deutsche Börse launched a new 

segment in October 2012, offering larger companies with 

correspondingly large issue volumes the opportunity to 

approach private and institutional investors when placing, 

listing and trading bonds on the exchange: the Prime Standard 

for Corporate Bonds. The first listing in this new bond 

segment was by Deutsche Börse AG itself, which issued a 

bond with a volume of EUR 600 million. 

The new segment 

The Prime Standard for Corporate Bonds is an exclusive 

segment where large, medium-sized and internationally 

active companies can raise debt capital. The segment 

focuses on listed and non-listed companies with bond issu- 


Barbara Georg, 

Head of Listing & Issuer Services, 

Deutsche Börse AG 

ing volumes in excess of EUR 100 million. If said volume is 

less than EUR 100 million, the issuer can still be listed in the 

segment if the annual company turnover in the year prior to 

the bond issue was at least EUR 300 million. The bonds 

primarily address the institutional bond market, but private 

investors will be served, too. A quota of at least 10% should 

be allocated to “retail investors” – defined as orders of less 

than EUR 25,000. The denomination of the bonds is set at 

EUR 1,000. A listing in the Prime Standard for Corporate 

Bonds commits the company to clearly defined transparency 

requirements. 

Two ways to access the Prime Standard for Corporate 

Bonds 

Access to the Prime Standard for Corporate Bonds can be 

gained either via admission to the Regulated Market or 

inclusion in the Open Market/Entry Standard of the Frankfurt 

Stock Exchange. In both cases, to participate in the 

segment the issuer applies together with a bank or financial 

services institution which has a liable equity capital of at 

least EUR 730,000 and which is a trading member on a German 

stock exchange (in the case of the Open Market/Entry 

Standard the co-applicant must be a trading member of the 

Frankfurt Stock Exchange). First, the respective admission 

1) As per 10th October 2012 

Eric Leupold, 

Key Account, Issuer Services, 

Deutsche Börse AG

or inclusion requirements for the relevant market have to be 

fulfilled. For transparency reasons, further requirements then 

have to be fulfilled to participate in the segment: the annual 

and management reports that were most recently published, 

six company key figures, a company or bond rating, a company 

and bond profile, and a corporate calendar must all be 

provided. A rating is not required if the issuer is either a member 

of one of the select DAX or MDAX indices or its annual 

turnover over the past three years was at least EUR 1 billion 

in each instance. If these conditions are met, the issuer is 

also exempt from presenting company key figures, but it 

must, however, provide an explanation for the non-submission, 

which is then published by Deutsche Börse. 

Follow-up requirements 

The Prime Standard for Corporate Bonds entails more extensive 

follow-up requirements than the Entry Standard for Corporate 

Bonds. These comprise the publication and provision 

of annual and half-yearly reports four and two months 

respectively after the end of the particular period, an up-todate 

company and bond profile, an up-to-date company or 

bond rating, an annual update to the six company key figures, 

an up-to-date corporate calendar and the publication and 

distribution of important company announcements. Additional 

transparency is ensured by an analysts’ conference, which 

must be held once a year for credit investors and analysts. 

With its Prime Standard for Corporate Bonds, Deutsche 

Börse Group is initially targeting large German corporates 

and is also striving to tap into the extensive pool of large 

unlisted companies. Other than the conditions regarding issuing 

volume and denomination, the Prime Standard for 

Corporate Bonds does not set any formal requirements for 

the structure of the bonds. Bonds with a flexible coupon 

and subordinate bonds may be listed in the segment. How- 

ever, they must be 

clearly indicated to 

provide investors 

with greater transparency. 

In summary, the 

new Prime Standard 

for Corporate 

Bonds offers five 

major benefits: 

■ Image building and brand recognition 

by listing in a segment exclusively in Europe meeting the 

highest international transparency requirements 

■ Enhanced probability of a successful placement 

through widely diversified distribution supported by the 

Retail Subscription Service 

■ Greater flexibility and independence from banks 

due to greater influence in placing and pricing the bond 

■ Direct placement with selected stakeholders such as 

customers, suppliers and employees 

through simple integration of the web-based Retail Subscription 

Service on the issuer’s website 

■ Enhanced tradability of bonds on Xetra 

as a result of enhanced transparency requirements and 

the liquidity provided by Xetra specialists 

Conclusion 


Bond Issuance 

The Prime Standard for Corporate Bonds is the logical 

extension to the Entry Standard for Corporate Bonds, 

particularly for issuers targeting new groups of investors 

and demonstrating a high level of transparency. It thus also 

rounds off Deutsche Börse’s services in the area of debt 

financing. 

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Bond Issuance 

Corporate financing via bonds for SMEs 

The capital market as the “new” source of financing 

on the debt capital side 

Solvency II and Basel III are keywords that are prompting 

many companies to reconsider their corporate financing. 

These regulatory measures pose strategic questions such 

as: what is the right financing mix of debt and equity if companies 

are to continue benefiting from low overall cost of 

capital in the future? Which capital sources will continue to 

be available in the long term? What advantages does the 

capital market offer? Is this financing source a good fit for 

my company, and how can I prepare for this step? One of 

the decisive factors is how well companies prepare for the 

duties of the regulated capital market. 

The typical profile of an SME bond 

The current and expected changes to classic bank financing 

impact upon SMEs in particular. As a result, these companies 

are now investigating bond financing through the 

capital market. In Germany, a relatively new SME bond market 

is taking shape for these companies. Since 2010, five 

stock exchanges have generated new segments and a total 

issue volume of more than EUR 2.4 billion. By mid-2012, 

more than 44 companies had used this financing channel. 

Five companies have even placed more than one issue, 

making multiple use of the bond market. The 50 issues to 

date are characterised by the following typical bond profile: 

Terms and conditions 

► Issue volume: min. EUR 10 million, max. EUR 200 million, 

avg. EUR 54 million 

Figure 1: Annual revenue in year prior to issue 

Number 

16 

14 

12 

10 

8 

6 

4 

2 

0 

12 

Less than 

50m 

Source: Ernst & Young 

8 

50m to 

100m 


4 

100m to 

150m 

7 

150m to 

200m 

14 

Greater than 

200m 

Michael Oppermann has worked at 

Ernst & Young since 1986. He has 25 

years of experience in auditing IFRS 

and US GAAP financial statements 

and extensive experience in running 

projects for conversion to IFRS and 

US GAAP. He is Head of Financial Accounting 

and Advisory Services in 

Germany, Switzerland and Austria. 

Michael Oppermann, Partner, Head of 

Financial Accounting and Advisory Services, 

Ernst & Young 

► Coupon rate: For issue at issue price (usually 100%): 

min. 5.9%, max. 11.5%, mean: 7.4% p.a. 

► Maturity: Range of three to seven years, generally five years 

► Rating: Mostly in the range from BB to BBB+ 

Profile 

► Capital market experience: 38% of the companies already 

have shares listed on the stock exchange. 62% of those 

issuing bonds are newcomers to the stock exchange 

► Accounting: 57% pursuant to German GAAP (“Grundsätze 

ordnungsmäßiger Buchführung”) and 43% pursuant 

to IFRS 

► Legal form: 56% German stock corporations, 32% German 

limited liability companies and 12% German limited 

partnerships 

► Industries: Generally open to all. The focus is currently 

on the logistics, energy, automotive and consumer sectors. 

Well-known brand names are an advantage when it 

comes to placing bonds 

Placement 

► Placement: Own issues predominate in terms of number 

and volume, choice of five stock exchanges in Germany 

► Cost: 4.2% to 4.8% of emission volume 

► Use of funds: 71% new financing and 29% refinancing 

► Rating form: 77% corporate rating and 9% bond rating 

(covenants can improve rating) dominate

Global Expertise in Capital Markets 

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Renell Bank has been a leading and independent 

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than 25 years. We advise international clients on 

their individual capital markets needs. 

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Bond Issuance 

Figure 2: EBITDA margin in year prior to issue 

Number 

25 

20 

15 

10 

5 

0 

0 

21 

Typical corporate profile of a bond issuer 

Investors are key for SMEs bond IPOs. Data from pros - 

pectuses and ad-hoc reports provide insight into their 

expectations regarding the size and KPIs of the issuer. A 

recent analysis of SME bonds by Ernst & Young shows the 

implications for newcomers to the stock exchange and 

presents the size indicators required to successfully place 

bonds with investors. 

Specific company size and financing requirements 

needed 

For many institutional investors, critical mass (e.g. size of 

issuance and business) is an entry criterion that decides 

whether they can or may invest in a company at all. On the 

one hand, this refers to the volume of the issue and, on the 

other, to the size of the company and financing requirement, 

which are implicitly linked to the volume. The mean 

corporate revenue in the year before the bond issue is EUR 

144 million. Total assets, a further size indicator, have a 

mean of EUR 125 million. In the case of both KPIs, however, 

the median values do not reflect the extremes of the market. 

A balanced financing structure as a starting point 

Prior to issuing bonds, companies have a relatively 

balanced financing structure, with a mean equity ratio of 

29%. Issuers of SME bonds who already have shares listed 

naturally have a considerably higher equity ratio. 

Earnings power required to cover debt servicing 

The listed bond issuers had diverse, positive earnings power 

in the last fiscal year before the issue, for which information 

is available. The mean margins are: 10% for EBITDA, 

5% for EBIT and 3% for EBT. The majority have a positive 

cash flow, with a mean value of around EUR 5 million. 


10 

negative 0%–10% 10%–20% 20%–30% >30% 

Source: Ernst & Young 

4 

5 

Earnings power increases placement potential 

Investors’ expectations regarding earnings power and the 

ability to service debt affect the ability to place the bonds 

issue. The analysis shows that the majority of bonds (66%) 

are placed entirely and the share of the coupon in the available 

EBITDA is significantly lower than for bonds that are 

not placed entirely with third parties. 

Readiness and preparation for bond investors’ 

demands 

The success of bond issues with regard to placement varies 

considerably. Not every bond issue is over-subscribed 

within a few hours. As many examples show, if a bond issue 

is to succeed, it pays to prepare in good time, thoroughly, 

and in line with investors’ requirements. 

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Good preparation for bond issues – also known as IPO 

readiness – starts with an internal review of the bond 

issuer’s current situation. The results are initially tested for 

plausibility with regard to the discussed target strategy. 

Necessities and preparatory measures identified at this 

stage lead to savings, some of them considerable, on 

financing costs, and increase the likelihood of a trans - 

action. The internal structures (reporting, accounting, 

investor relations), the initial and ongoing rating, and an 

individual issue concept (volumes, investor target group, 

bond features, bond story and the stock exchange) are 

important elements of the overall concept. 

For many medium-sized companies, an IPO through a 

bond issue is a new financing method and their entry into 

the capital market. When it comes to attracting investors, 

the rule in the capital market is: A good first impression 

generates potential for raising further capital or re-financing 

expiring debt. This is achieved by preparing the bond IPO in 

a structured and holistic manner in collaboration with experts 

– for example, through an IPO readiness assessment.

Private Banking | Investment Banking | Asset Management | Corporate Banking www.berenberg.com 

Berenberg Bank 

German Equity Forum 2012 

Monday, 12. November 2012 

12:15h | Room Hong Kong | Panel Discussion 

Listed Real Estate as attractive Investment Opportunity 

Current developments and trends in the field of listed real estate 

Background to the legal framework 

Speaker’s report on optimising the process of attracting investors and on future trends in the real estate industry 

Moderation 

Oliver Diehl – Head of Equity Capital Markets, Berenberg Bank 

Speaker 

Markus Koch – CFO, DIC Asset AG 

Hans Richard Schmitz – Board member, Hamborner REIT AG 

Dr. Hans Volkert Volckens – CFO, IVG Immobilien AG 

Dr. Herbert Harrer – Partner, Linklaters LLP 

Alexander von Cramm – CFO, Prime Office REIT-AG 

Kai Klose – Analyst Real Estate, Berenberg Bank 

Contact: 

Boris Kögel 

Capital Markets · Head of Sales Germany 

Phone +49 69 91 30 90-740

Bond Issuance 

“A success model with weaknesses, but a 

success model nonetheless” 

Interview with Frank Heun and Arne Laarveld, equinet Bank AG, 

and Mark Hoffmann, Robus Capital Management 

equinet Bank AG is one of the most 

active participants in “SME bonds”. 

Conference Magazine spoke to 

Frank Heun and Arne Laarveld, from 

equinet, as well as Mark Hoffmann, 

of Robus Capital Management, 

about previous experiences and improvement 

potential on the relatively 

new market for capital borrowed by 

small and medium enterprises. 

Conference Magazine: Gentlemen, 

what is your current stock-take on 

the market for SME bonds? 

Hoffmann: The supply side dropped extremely rapidly over 

the summer, as it did on capital markets elsewhere. The situation 

was then totally different in September. What can 

easily be established is that brand names apparently work 

well across the board. Not everything can be placed fully, 

which is a bit like the opposite of an accolade for us. 

Laarveld: After more than two years and over 50 issues, the 

instrument can be referred to as established. The current 

trend shows that issuers were on the starting blocks, just 

waiting for the summer to end and for as little instability as 

possible with regard to economic and political grounds. Just 

like investors. 

Heun: Even if the topic of SME bonds is not fully applauded in 

public, it can without a doubt be called a success model; it may 

have its weaknesses, but it is a success model nonetheless. 

Conference Magazine: What are investors paying attention 

to, then? It can’t just be the brand name alone. 

Hoffmann: The fact that brand names more or less sell 

themselves is a sign of market inefficiency or non-transparency 

for me, rather than an indicator of a success 

model. Surely this cannot be the only pillar of placement. 

After all, there are not many regional brewers or spirit producers 

that representative for a typical German SMEs. 

Heun: Naturally, it is also an indicator that the market for 

SME bonds is still new and that it does not yet work in a 

completely professional or institutional manner. 

Conference Magazine: Is the SME bond actually as im - 

portant a form of financing as it often made out to be, or 


From left to right: Falko Bozicevic, Frank Heun, Arne Laarveld and Mark Hoffmann 

were the issuers, possibly to a certain extent, simply unable 

to obtain adequate funding elsewhere? 

Laarveld: Especially with the first SME bonds you sometimes 

had the impression that a bond was simply more convenient 

than tedious negotiations with house banks. 

Issuers did not even make a secret of this. The topic of 

covenants/credit clauses was almost entirely omitted. This 

situation has clearly developed over the last two years. 

Heun: Absolutely. It is simply becoming more expensive for 

banks to grant loans, there is no way around this. As a 

result, SME bonds have found their role, both from en 

economic as well as from an issuers point of view. However, 

what we must move away from is saying that a particular 

bond is of higher or lower quality than another. From a systematic 

perspective, this is somehow inaccurately. What 

would be correct is to demand that each bond has an adequate 

risk-return profile. 

Hoffmann: We don’t have a problem with this as investors. 

However, one thing that is definite is that banks must tighten 

their belts. We therefore completely understand where 

issuers are coming from. 

Conference Magazine: Is there potential for improvement 

with issuers? 

Heun: Generally, management must be clear about getting 

external investors on board, and in some cases, doing so for 

the first time. This means that in future, the company will 

communicate with the public. Simply taking people’s money 

and reporting back in five years’ time will not work or bring 

success. In fact, I could provide some examples where there

is already room for improvement. 

Laarveld: It’s a new world for some previous issuers. It is 

not obvious everywhere that these bonds also have to be 

refinanced at some point in the future. Very few companies 

are able to do this from the cash flow alone; but doing that 

wouldn’t make any sense, either. A good relationship with 

investors, based on continuous and up-to-date information, 

forms a good foundation for future issues. 

Conference Magazine: What about placement? Some 

bonds sell like hotcakes, whilst others are placed in an 

awfully long period of time post the inital subscription 

period. 

Hoffmann: I think the ongoing placement of bonds after the 

inital subscription period is preposterous. Just imagine 

subscribing at the start and then learning that only 30% has 

been placed. Things don’t work this way anywhere else, 

neither with syndicated bank loans nor with IPOs. As a 

bond investor, I am looking for the upside, making bonds 

that are difficult to place a taboo. Ongoing placements 

practically deactivates the market mechanism. 

Conference Magazine: Does this mean the direction will 

move towards a bookbuilding procedure in future, so that the 

bond volume does not represent an outlet for the market? 

Heun: That would seem to 

be the path that’s mapped 

out. The price must be an 

outlet, through which supply 

and demand are compared. 

The book building procedure 

is an established practice for 

placing almost all institutional 

bonds on the world’s capi- 


tal markets. 

Laarveld: Some bonds issued recently even started trading 

with stock exchange prices over 100%. The issuers’ question 

is thus certainly justified. Shouldn’t the coupon have 

been fine-tuned, as it was when the book building procedures 

were concluded? The issuer would probably have 

been able to offer a return amounting to several basis 

points less. Sooner or later, the book building procedure will 

also come into play for SME bonds, just as certain 

covenants only establish themselves at a later date. 

Conference Magazine: Gentlemen, I can see that there is 

also plenty for us to talk about in the future. Many thanks for 

the interesting interview! 

The interview was conducted by Falko Bozicevic. 

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Bond Issuance

Bond Issuance 

Stumbling blocks on the road to SME bonds 

The most common mistakes in the issuing process 

and how they can be avoided... 

It is no secret that bonds have been a popular financing 

option for large institutions since the 20th century. Whether 

wars, railways or business expansions, much has been 

successfully funded in this way. Bonds are seeing a renaissance 

in the SME sector, too, finally enabling them to curtail 

the dominance of bank financing. 

As a classic substitute for conventional bank financing, their 

use in this sector has been limited until now. This brings us to 

the first misconception about bonds: namely, that the conditions 

attached to them are comparable to those of current 

bank financing. After all, if we aim for a purely quantitative 

comparison, bonds most obviously come out in second 

place. Naturally, the advantages of the bond are primarily 

qualitative, such as a long-term guaranteed availability of 

funds (usually around five years) or the high degree of flexi - 

bility in the use of funds. It is also important to emphasise 

that the issuer may individually provide the creditor with 

security rights, although they are not mandatory. 

It should be noted, however, that all of these benefits 

should be reconciled with market expectations. In the event 

of doubt, this can translate into higher yield requirements 

by investors and the aforementioned gap between bond 

coupons and the interest on a bank loan. 

Pre-sounding as a backbone 

Bond issuers are therefore well advised, as soon as the decision 

is taken to choose a bond as a financing alternative, 

to familiarise themselves with the market and its requirements. 

And here, we hit another stumbling block. These 

days, a thorough pre-sounding of investors is the backbone 

of every bond construction process and can determine 

success or failure even at an early stage. If this is conducted 

too late in the borrowing process, it not only threatens the 

success of the placement, but also adds to the likelihood 

that existing resources (such as potential collateral) are 

not used, or are indeed used, but only in a less-than-ideal 

manner. This therefore unnecessarily increases the cost of 

financing. 

This of course also holds true if pre-sounding is indeed carried 

out on the market, but the findings from it are subjected 


As a Member of the Board of Directors 

at GBC AG, Christoph Schnabel 

has for many years advised SMEs on 

matters relating to capital markets. His 

core responsibilities include structuring 

and supporting bond issues. As 

listing partner of Deutsche Börse AG, 

GBC advises on bonds in the Entry 

and Prime Standard. 

to insufficient analysis and processing. Usually it comes 

down to a lack of time, which leads to processing errors. 

Allocating sufficient time is a deciding factor when it 

comes to the capital market. Without allowing for appropriate 

time scales and a contingency plan, these days an 

issuer risks not only the issuing process completely failing, 

but also the possibility of further consequences on 

the capital market in later years. Investors, after all, are 

very slow to forget if someone damages their reputation 

in the market. 

Following the rules of the timetable 

Christoph Schnabel, Member of the 

Board of Directors, GBC AG 

A well-structured schedule is normally built around the date 

when the issuer’s most recent annual and half-year financial 

statements are available, which form the basis of the bond. 

This is an indispensable part of the securities prospectus 

which is required for the issue of a bond and which usually 

takes about three to four weeks to formulate. This must be 

followed by a five-to-six-week process of gaining approval 

from the relevant financial supervisory authority (in Germany 

this is “BaFin”, the Federal Financial Supervisory 

Authority). Only after approval has been granted the issue 

can be placed publicly on the stock exchange, usually 

every two weeks. As a rule, the bond process will thus take 

three months to complete. However, it can make sense to 

allow a much longer lead time.

Investments and services offered through Morgan Stanley & Co. LLC, member SIPC. © 2012 Morgan Stanley 


Making up for the difference 

A possible reason for this might be, firstly, that the issuer is 

thus far completely unknown to the capital market and 

therefore it takes time and effort to gain investor confidence. 

A targeted PR campaign in the run-up can make the 

difference, very much so, in this regard. But a much longer 

planning period may also be required for the sake of win- 

Morgan Stanley is proud to support 

dow dressing the balance sheets. Depending on the success 

of previous accounting and financial reporting, it may 

be helpful in the run-up to adjust reporting methods to the 

standard format used in the capital market, such that the 

investor can be offered a picture that is as easy to compare 

as possible. 

On the whole, investors can initially be brought up to speed 

by providing just the minimum information. An external 

analysis around 10 to 15 pages long on the issuer and the 

envisaged issue (credit research) can thus give significantly 

higher added value than extensive internally created documents. 

The principle of “less is more” becomes less valid, 

however, in the case of institutional investors with their own 

audit processes. In general, though, the following principle 

applies: the higher the volume of the envisaged issue, the 

more extensive the preceding audit process should be. 

Outlook 

Deutsches Eigenkapitalforum 

Bond Issuance 

And what holds true for the investor should ultimately also 

apply to the issuer. The more significant the envisaged 

bond is to the financing mix, the more extensive the audit 

and preparatory process should be in the run-up to the 

decision. 

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Bond Issuance 

Transparency in the capital markets 

Higher quality and greater security for investors and 

a simultaneous challenge to medium-sized enterprises 

The German and European capital markets are focusing on 

increased transparency requirements. In response to the 

events of the past few years, issuers of securities – whether 

they be stocks or bonds – are to provide their investors with 

more comprehensive information in the wake of numerous 

reforms, the intention being to guarantee enhanced security 

for the investor and to increase the quality of the capital 

markets overall. 

Market development towards more transparency 

on the part of issuers 

As per 1 July this year, the prospectus regime has been 

thoroughly revised, among other changes that have been 

made. The summary of the prospectus is afforded particular 

significance and it has to inform the investor of all material 

subjects. A duty to publish a (simplified) prospectus 

now also applies to rights issues (“Bezugsrechtsemis sionen”) 

in Germany. At the same time, the Entry Standard has 

introduced a general duty to publish a prospectus for the 

initial admission of stocks and bonds. The trading segments 

specialising in bonds also provide for binding publication 

of a prospectus. 

In addition, voluntary standards continue to develop. The 

German Association for Financial Analysis and Asset 

Management (“DVFA – Deutsche Vereinigung für Finanzanalyse 

und Asset Management”) recommends, for 

instance, six parameters for key company figures for 

bonds. At the present time, they are only binding for companies 

in Entry Standard for Corporate Bonds and the Prime 

Standard for Corporate Bonds based on the regulations of 

the Frankfurt Stock Exchange. Other reforms have already 

been made or are pending. Following the EU Market Abuse 

Directive, the rules on insider dealing, including ad-hoc 

rules, are expected to be extended by law both as regards 

content and including the Regulated Unofficial Market. 

Means of transparency 

The following publication duties apply fundamentally to the 

capital market depending on the stock exchange segment: 

u Duty to publish a prospectus: A prospectus must be published 

for the public offer. 


Dr. Anne de Boer, Partner, 

GSK Stockmann + Kollegen 

Hendrik Riedel, Partner, 


u Publication of annual financial statements and figures for 

each quarter and half year. 

u Publication of indicators: In addition, the German Association 

for Financial Analysis and Asset Management also 

recommends that certain key financial figures be published 

for bonds. 

u Rating: The special trading segments for bonds generally 

require a rating; in addition, this rating has to be updated 

at least once a year. 

u (Quasi) ad-hoc disclosure: Both in the Regulated Market 

and also in the special trading segments, issuers are 

obliged to publish without delay insider information 

directly relating to the issuer and capable of influencing 

the stock exchange price. 

u Websites for investors: There is now, to a certain extent, a 

requirement for respective information on the securities 

to be published on a website throughout the entire term. 

Terms and conditions of the securities 

With securities such as bonds, issuers are also able to offer 

investors additional transparency rulings and security by 

means of the terms and conditions of the bonds. Essential 

rulings are the right of the investor to terminate in the event 

of cause, for instance in case of liquidation, insolvency, 

non-payment and negative pledges. In the event of a 

change of control clause, the issuer should possibly restrict

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Bond Issuance 

Figure 1: Covenants – the usual suspects 

Transparency ruling Effect on the issuer 

Duty to publish a prospectus Expense incurred on the prospectus 

This duty now also applies to rights issues 

(Quasi) ad-hoc disclosure Publication of insider information without delay or examination 

of an exemption option 

Publication of financial information Expense on additional publication duties 

Insider ruling Training and raising the awareness of employees. Regulations 

with respect to business partners 

Change of control clause Avoidance of financial risks for the issuer in the case of a 

successor being appointed or in the case of exit 

Block on distribution of dividends Financing limits for shareholders 

Cross default Cascade of termination with financing risks 

Source: GSK 

the termination right in cases of succession, (anticipated) 

inheritance or exit so as not to cause a financial risk. Similarly, 

issuers can limit the distribution of profits so as to 

guarantee to the investor that profits will be available to 

pay interest and repay the bond. Additional conceivable 

rulings are those of cross default, whereby investors can 

terminate the bonds if another of the issuer’s creditors 

terminates its financing, if certain managers leave the 

company or in the event of non-compliance with certain 

financial parameters. 

The challenge of capital market compliance for 

issuers 

To issuers, the transparency requirements mean that they 

have to be able to comply with the publication and other 

conditions imposed. In this context, issuers must consider 

taking the following actions as a matter of principle: 

u Employee training: If securities are issued on the capital 

market, employees, directors, officers, consultants and 

also shareholders should be given regular training on 

insider dealing and market manipulation legislation and 

have their awareness raised in this respect. 

u Insider lists: Even if the value of insider lists is subject to 

dispute and they are only obligatory in the Regulated 

Market at the current time, companies should nonethe- 


less consider them in order to raise their employees’ 

awareness of the subject. 

u Contractual rulings: If contractual rulings, in particular confidentiality 

agreements, have been reached, the problems 

of insider dealing should be explicitly pointed out to business 

partners. 

u Directors’ dealings: As far as is possible under employment 

contract or service agreement legislation, executive 

personnel can be obliged to disclose any dealings in 

the company’s securities. 

u Financial information, rating and ad-hoc disclosure: When 

securities are issued on the Regulated Market or in the 

special trading segments, issuers have to be prepared to 

disclose internal information more fully and should take 

greater care with regard to the flow of information within 

the company. 

Conclusion 

Companies issuing securities should be aware of the fact 

that the transparency granted to investors means that 

issuers have to be more open. However, they must also 

simultaneously structure their internal processes so as to 

ensure that, in particular, regulations applying to insider 

dealing are complied with.

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Bond Issuance 

“The fact is that direct offerings simply do not 

work well” 

Interview with Andreas Wegerich, Member of the Board, 

youmex AG 

The communication problem, vague perceptions and 

rationality of new markets: Conference Magazine spoke to 

Andreas Wegerich from youmex AG, one of the most active 

players in the market for SME bonds, about titles, theories 

and temperaments. 

Conference Magazine: Mr Wegerich, youmex is one of the 

main players on the market for SME bonds. What is your 

take on the market today? 

Wegerich: The trend towards brand items cannot be missed; 

in fact, it is pretty extreme. You could almost say that the interest 

in brand item manufacturers appears to be excessive. 

Conference Magazine: And is this rightly or wrongly so? 

Wegerich: Nobody knows at the moment. Issuers will have to 

prove this first. They can prove it, of course, but the investors’ 

mood is a little bit too euphoric for my liking. Some top, solid 

companies are being neglected, compared with brand names 

that are already well over the nominal value. I don’t really understand 

this. Indeed, something similar to this happened 

once before, twelve years ago in fact: namely, the New Market 

(“Neuer Markt”) segment on the Deutsche Börse. 

Conference Magazine: But don’t brand names, such as 

Valensina, Berentzen and so on, have the right to play their 

strongest card? 

Wegerich: Of course. The last thing I want to do is launch a 

broadside attack on brand names. youmex itself was involved 

in placing some of them. But some are listing at 

108% or even higher on the secondary market, and we 

have to ask whether investors are doing their calculations 

accurately. I really don’t understand the difference between 

Steilmann-Boecker at 99% and Seidensticker at 110%. 

Conference Magazine: Do issuers have the right understanding 

of transparency? After all, they are entering the 

capital markets and opening themselves up to external investors. 

What are the compulsory aspects, and what are 

the voluntary aspects? 

Wegerich: To be honest, the requirements for the SME segment, 

such as half-yearly reports, rating updates and virtually 

ad-hoc statements, are not that difficult to meet. Compare 

this with a bank credit of the same amount, i.e. EUR 

20, 30 or 50 million... 


Andreas Wegerich is CEO of youmex 

Invest AG as well as youmex AG. He 

is specialised on IPO-management, 

stock markets, and equity sales. 

youmex was founded in 1999 and is 

a Deutsche Börse Listing Partner. 

Andreas Wegerich 

Conference Magazine: …where there would certainly be 

very considerable requirements and obligations… 

Wegerich: …and not just that. It is simply illogical that a 

company viewing its rating update as being at risk would 

cancel it to avoid publishing it, and then assume that 

market participants will not find out about it. If corporate 

leaders believe that they only have to provide their investors 

with adequate information during the good times, then they 

have no business outlook for a bank credit or public listing 

on SME segments. 

Conference Magazine: To what extent are ratings in 

demand or relevant, if at all? This type of scepticism is quite 

prevalent. 

Wegerich: We do want to see rating reports. One or two of 

the current rating research providers would very much like 

to storm the market, which would also result in major discrepancies 

between credit reform and alternative providers. 

Conference Magazine: How much transparency is the 

public actually interested in? There are hardly any analytical 

articles about issuers in the media; they are purely descriptive. 

Wegerich: It would therefore be more logical if issuers 

could generate transparency, preferably on a voluntary basis, 

which at the end of the day is common practice on regulated 

markets and that starts with the obligation to provide

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Bond Issuance 


quarterly reports. PLCs (“GmbHs”) that are not listed in particular 

still have to deliver on this. We would certainly like to 

see one or two additional reports from them. They are more 

than happy to take the cash at the time of issue. But then, 

you hear nothing more from them for a long period of time. 

That’s not the idea. A different kind of investor understanding 

needs to be introduced here… 

Conference Magazine: …because? 

Wegerich: …because these issuers will undoubtedly want 

to trouble the capital market again in five years time, as they 

cannot pay back their first bond from their cash flow, 

regardless of whether they believe this themselves or not. 

And it is for this precise reason that it would be good to 

keep in contact with investors, and not just when everything 

is about to go belly up. 

Conference Magazine: Isn’t this what we normally employ 

IR agencies for, though? How much can they achieve? 

Wegerich: That’s very tricky. When the agency is pressing 

on about the points addressed, issuers are asking themselves 

whether the agency is perhaps just delivering a sales 

talk and they don’t see it as honest advice. Issuers are very 

cost-sensitive in this regard. The cost/benefit understanding 

has not sunk in everywhere yet when it comes to this 

point. 


Conference Magazine: What we can establish, though, is 

the fact that direct offerings (self-managed issuances) are 

dragging. Is this also a topic that warrants communication? 

Wegerich: That’s a massive understatement. Off the top of 

my head, I can’t think of a single direct offering that was 

launched on time. How on earth is it supposed to work? An 

issue is a complex process. How can anyone imagine that it 

could be a do-it-yourself job? Almost an entire market of 

services would no longer be justified as a result. Direct 

offerings simply do not work well, and that’s a fact. 

Conference Magazine: If we move back to transparency 

and consequences, which covenants are indeed essential 

and which ones are, simply put, nonsensical? 

Wegerich: Mea culpa: At the moment, I think more highly of 

some covenants, but I have good reason for doing so! For 

example, the covenant concerning a certain equity ratio. 

This should not just be paid lip service, but it must actually 

mean tolerating a corresponding degree of watering down 

as a result of the necessary increase in equity. In the case of 

issuers that are not listed, this means taking on board additional 

shareholders, if necessary. 

Conference Magazine: …therefore capital measure instead 

of extraordinary right to terminate? 

Wegerich: The investor’s right to terminate is naturally not 

the right option, as the company already has obvious 

problems. No, borrowed capital must then become equity, 

with all the consequences for the issuer. Originally, that was 

what the credit clause was for. 

Conference Magazine: Don’t many issuers mistake equity 

for bonds, anyway? 

Wegerich: Yes, definitely. In many cases, we as investors 

had to say, “People, if you want to sell this story, then we 

also want to be there for the upside. That won’t work 

going down the bond track; that’s an equity story!” And 

yet it was precisely these bonds that were placed. This is 

due to the hype, albeit partial, that we discussed. And 

now, we’ve come full circle; we’re back to what I said at 

the beginning. 

Conference Magazine: Thank you very much for talking to 

us, Mr Wegerich! 

The interview was conducted by Falko Bozicevic.

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Bond Issuance 

Including employees and stakeholders in a bond 

placement 

Why it often makes sense to think of employees, 

stakeholders and retail as investors 

Issuing debt on the capital market has become the “flavour 

of the year”. Indeed, a year on as at 30 September 2012, 

German companies (excluding the financial sector) have 

issued bonds worth more than EUR 58 billion vs. EUR 39 

billion in 2011, or even EUR 48 billion in 2010, according to 

Thomson Financial. Demand on the institutional investors’ 

side originates in low yields for government bonds with 

regard to “core” countries and high perceived risks for 

”peripheral” countries. Companies use the “window of 

opportunity” to raise funds because spreads have come 

down from their peaks in H2 2011 and bank financing is not 

always viewed as a reliable single source of debt. 

So if all this works, why would these issuers need 

new target groups as investors? 

The standard offering process involving investment banks, 

roadshows and book building usually results in a placement 

which is completed in just a few hours, or perhaps one or 

two days at most. In addition to the usual documentation, the 

preparation includes continuous communication between the 

investment banks and the institutional investors to find out 

their willingness to subscribe to the bond at a certain price. 

The pricing is narrowed in the book building spread, which is 

published in the run-up to the offering, and gets pinned down 

in the book building process itself when institutional orders 

come in at different prices and volumes. The allotment is predominantly 

performed by investment banks inter alia, taking 

into account their relationship with the investors and the order 

book as a whole. The following day, the bond is often being 

quoted on a German stock exchange’s Regulated Unofficial 

Market (“Freiverkehr”). If the order book was strong and the 

allotment has been crafted carefully, usually the bond starts 

to trade above 100%. This is when private investors, including 

the issuer’s employees and stakeholders, can start to 

invest – in the secondary market. 

Why do retail investors (including employees and 

stakeholders) matter? 

They matter because this is a group of investors, even if 

they only account for a small fraction of total demand, that 

always invests at market prices and tends not to exert any 

pricing power in the process. Also, because this group of 


Prof. Dr. Wolfgang Blättchen, Managing 

Director, Blättchen Financial Advisory 

Dr. Stephan Mahn, Managing Director, 

Blättchen Financial Advisory 

investors deserves to be treated at least as well as insti - 

tutional investors, who to some extent use these private 

investors’ interest and relationship with the company to flip 

their positions and turn a quick profit in the secondary market. 

In addition, a more retail-oriented investor mix tends to 

stimulate secondary market activities. This in turn will result 

in more interested retail investors in the first place, because 

they can reasonably expect to be able to dispose of their 

(smaller) individual positions. 

What can Deutsche Börse do to support these ideas? 

First of all, it could open up and enhance its placement tool, 

such that private investors have a fair chance. As the Entry 

Standard for Corporate Bonds and specific segments on other 

German stock ex changes have shown, using the stock exchanges’ 

own capability to act as a primary market has been 

well received in over 60 medium-sized business (“Mittelstand”) 

bond placements with a total volume of roughly EUR 

3 billion. Out of these, EUR 0.8 billion has been raised by the 

exchanges themselves. That capability is enhanced by 

Deutsche Börse’s Retail Subscription Service (“RSS” as provided 

by ICUBIC), where 

• the issuer offers to subscribe to his issue using his own 

website as an information and communication tool, addressing 

4,600 Xetra ® linked trading participants 

• interested private investors can print their individual 

certificate of subscription and invest exempt from charges

• a coordinated process of addressing the issuer’s employees 

or stakeholders in the offering can be administered efficiently 

using a field-tested and proven procedure 

• last but not least, the issuer knows his investors and can 

direct his communication efforts efficiently at his investor 

base, e.g. informing them in time about future placements. 

On top of this, in trading the bond on the designated sponsor 

or specialist market model, investors will be able to rely 

on a proven secondary market infrastructure, providing 

maximum liquidity at fair conditions. The Xetra environment 

will be increasingly important since regulations such as 

MiFID and CRD IV will require institutional investors to bring 

a larger share of their order volume to the trading floor. As of 

today, the vast majority of all institutional secondary market 

transactions are being performed OTC – skipping exchanges, 

shunning publicity and transparency. 

How does all this work? 

Deutsche Börse offers a maximum degree of flexibility with 

the option of including the “RSS” tool 

• in advance of the institutional placement requiring investors 

to invest “at market”. 

IPO 

• simultaneously with the institutional book building 

process. This is particularly attractive for transactions 

in the Entry Standard for Corporate Bonds where the 

subscription period is usually not terminated until two 

weeks have passed 

• after the book building process with market prices that 

have already been determined institutionally and with a 

fraction of the total volume being offered to private investors, 

employees or stakeholders. 

What’s more, the cost of execution will not be above regular 

institutional rates offered by investment banks. 

Conclusion 

Bond Issuance 

Addressing retail investors in general, or employees and 

stakeholders in particular, is not something every issuer 

would like to do, especially if “high yield” transactions also 

involve high risk which is better spread among institutional 

investors that specialise in the segment. In most other 

cases, though, an issuer’s private investors, employees and 

stakeholders may ask “Why?” if they are left out – although 

it would be extremely easy to get them involved in the first 

place. 

PvF Investor Relations = Persönliches Vertrauen 

Bond Relations 

Peer Group 

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Vertrauen 

Analysten Coaching a 

Best Practice 

Conference Call 

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Roadshow a 

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Investor Relations 

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» Platzierung und tägliche Routine 

» Mittwoch 14. November 2012 

14:45 Uhr Raum ffm 

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International 

“There will be no regulatory arbitrage” 

Interview with Marc Renell, CEO, 

RENELL Wertpapierhandelsbank AG 

It is estimated that more than 200 companies will be 

affected by the forced exclusion from the First Quotation 

Board at the end of 2012. Conference Magazine spoke to 

the market leader for listings on the open market about the 

changing framework conditions and the consequences. 

Conference Magazine: Mr Renell, the market segments on 

the Frankfurt Stock Exchange will look slightly different at 

the end of 2012. What do you think of the new situation as a 

specialist in small- and micro-caps? 

Renell: In fact, the First Quotation Board has been closed 

to new issues since the start of the year. For this reason, we 

have been able to prepare extensively for the new situation 

and we welcome the decision to increase requirements for 

issuers and thus to improve the quality of the companies. 

Conference Magazine: Can the obstacles be overcome? 

Renell: Interestingly enough, a case such as Facebook 

would not meet the new criteria for a primary listing in the 

Entry Standard. The par value of EUR 1 per share would 

have been breached at the very least. 

Conference Magazine: What direction have companies, 

which are in the First Quotation Board and threatened by possible 

de-listing as of 15 December, been moving in so far? 

Renell: I can only speak for the issuers that we support. 

Their consensus was that the foreseeable extra expense 

and effort involved in changing segments and subsequently 

being public with half-yearly reports, FREP statements, etc. 

is not worth it. We have specialised in helping those companies 

who would like to move up into a higher market segment, 

generally into the Entry Standard, but in some cases, 

also into the Prime Standard. 

Conference Magazine: Would you be able to give us a figure? 

Renell: Taking a look at our customers, I would say roughly 

15%. Assuming that this estimate is representative, 250 to 

300 companies in the current First Quotation Board should 

be forcibly de-listed by the end of the year. 

Conference Magazine: Would those companies consider 

any other alternative regional stock exchanges, whether 

they are approved from a neutral perspective or not? Or is 

this not possible? 


Marc Renell is CEO of RENELL Wertpapierhandelsbank 

AG. The company, 

which was founded in 1985, is a 

member of the Federal Association of 

Securities Trading Firms on the German 

Stock Exchanges (“bwf – Bundesverband 

der Wertpapierfirmen an 

den Deutschen Börsen” ). 

Marc Renell, CEO, 


Renell: No, regional stock exchanges have practically 

changed their requirements in the same breath. The German 

Federal Financial Supervisory Authority (“BaFin – Bundes 

anstalt für Finanzdienstleistungsaufsicht”) was definitely 

among those who were happy that no door had been 

opened for any kind of regulatory arbitrage here. In this way, 

it has at least been ensured here in Germany that the new 

standard and quality benchmark is placed at a roughly 

equal level everywhere, as far as is possible. One or two 

other regional stock exchanges are still looking for a final 

solution to suit them, but the situation definitely looks very 

promising. 

Conference Magazine: Was this along the lines of where 

you envisaged things going? 

Renell: We should not make the mistake of saying that all 

the companies that were previously in the First Quotation 

Board were inadequate with regard to quality. This is not 

true, not even for those companies that will soon be de-listed. 

Indeed, there are also German SMEs among these 

companies. However, the foreseeable costs of being public 

are not worthwhile for every company. Issuers will make a 

conscious and deliberate decision not to be public and will 

not make a dramatic scene out of doing so. 

Conference Magazine: Won’t smart issuers try to remain 

in the Quotation Board as a secondary listing by using 

foreign primary listings on foreign stock exchanges?

Renell: I believe that some will try 

this, but only a few. What Deutsche 

Börse accepts as a primary stock 

exchange was addressed again in 

detail during the summer. But even if 

an issuer with Mauritius or Bermuda 

as its “domestic exchange” opts to 

keep its secondary listing in Frankfurt, 

the question remains as to whether 

this notion of bypassing is really less 

expensive than a segment upgrade. 

Conference Magazine: What will 

change for you as a service provider 

in the future? 

Renell: We are already being affected 

by these changes. We would like to see 

additional services, such as research, 

designated sponsoring and continuous 

investor relations support, in some 

cases to such an extent that foreign 

issuers ask for a German contact. 

Services with regard to IPOs and being 

public are becoming more complex, 

which is not necessarily inopportune 

for us. 

Conference Magazine: Now, be 

honest. Are the new hurdles and costs 

high, too high, or do they not even fall 

under the decisive criteria for small 

companies? 

Renell: You still have to be fair. If 

examine the situation on an international 

scale, Germany is in a fantastic 

position with regard to the friendliness 

of the stock exchange, i.e. expenses, 

time and costs. If we take a look at the 

likes of Singapore, Hong Kong and so 

on, a listing in Frankfurt has a significantly 

faster approval process. We do 

not have any queues like in Shanghai. 

Naturally, costs are important for a 

Marc Renell talking with Falko Bozicevic. 

International 

small SME are certainly not negligible. 

But when you compare the situations, 

you can’t go far wrong by going and 

being public in Germany. 

Conference Magazine: Do foreign 

issuers have the same opinion? 

Surely there is a difference between 

old and new issuers. 

Renell: There is indeed. New issuers 

certainly see things differently to companies 

under imminent threat of being 

forcibly de-listed. Old issuers that are 

currently still in the First Quotation 

Board have already been affected by 

the negative headlines of certain black 

sheep in the past. For this reason, they 

have mixed feelings about the re-group - 

ing process. And why does a company 

go public? To attract investors. Many 

institutional investors were not even 

able to invest in the FQB. This also 

results in new opportunities. 

Conference Magazine: And what 

about new issuers? 

Renell: We don’t even present the “old 

world” to them; rather, we highlight the 

requirements and obligations they 

face. Indeed, there is nothing within 

these that surprises the issuers. Generally 

speaking, the only crunch factor 

is the reference value requirement, i.e. 

the equity in proportion to the number 

of shares. Then issuers have to either 

initially increase the equity and/or consolidate 

their stock. 

Conference Magazine: Mr Renell, 

thank you very much for the interesting 

insights. 

The interview was conducted by Falko Bozicevic. 


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International 

China’s move to Europe 

The big wave is yet to arrive 

Following Deng Xiaoping’s economic reforms at the end 

of the Seventies, a big wave of global investment 

targeting China set in. For several years, foreign capital 

was flowing into China, but not in the opposite direction. 

Over time though, China has begun to invest capital in 

other parts of the world. At first, this happened mainly 

through acquisitions in resource-rich regions such as 

Canada, Australia or Africa. But over the last few years, 

Chinese investment behaviour has changed. 

Chinese investors are now focusing on sectors such as 

machinery, food, retail, education, clean technologies, 

industrial technologies and healthcare; the preferred 

countries within Europe are the United Kingdom, France 

and Germany. In the early phases, Chinese investors 

mainly concentrated on undervalued and often financially 

distressed enterprises; nowadays, their focus has 

shifted to solid acquisition targets that are well established 

in the market. One example is the acquisition of 

the biggest German concrete pump manufacturer, 

Putzmeister, which took place in early 2012. The Chinese 

machine tool manufacturer Sany Heavy Industry, as well 

as Citic Private Equity Funds Management Co. Ltd., 

invested EUR 360 million in the German enterprise. The 

hitherto biggest investment of a Chinese food company 

in Europe was the acquisition of the British breakfast 

cereal producer Weetabix in 2012 for EUR 1.46 billion 

through a purchase by the Shanghai-based Bright Food 

Group. 

Enormous growth rates 

Compared to foreign direct investment from the United 

States to Europe, the Chinese engagement still seems 

small in total numbers, but the picture is changing when 

looking at the growth rates. According to a recently-published 

report by the New York-based Rhodium Group 

consultancy firm, annual foreign direct investment from 

China to Europe tripled from 2006 to 2009. It tripled again 

up to 2011, to USD 10 billion (EUR 7.7 billion). Additionally, 

the average size of investment increased significantly. 

The number of transactions with a value of over 

USD 1 million doubled, from less than 50 in 2010 to 

almost 100 in 2011. 


Dr. Gebhard Zemke, Partner, 


Economic opportunities 

Tim Sichting, Audit Senior Manager, 


The past has seen concern towards Chinese investments; 

this is due to worries about job cuts and technology transfer 

to China. However, this perception has largely changed 

with time. From a regional economic perspective, the difference 

between an investment being from China, from another 

European country or from local sources is minimal. Direct 

investments can foster the economic welfare of a region 

either way. From the perspective of an entrepreneur, 

increased competition from potential buyers of a company 

enables entrepreneurs interested in selling shares to set 

higher prices for their company. From a company perspective, 

meanwhile, the additional investment also enables 

capacity extensions that can lead to economies of scale 

and, due to decreased production costs, to a better positioning 

in the market. 

From a local perspective, tax revenue increases and the 

expansion of production capacities usually lead to an 

increased demand in skilled labour. The majority of European 

employees are well-educated by international standards 

and are hence urgently needed in the Chinese value 

chain, especially in the areas of environmental management, 

quality assurance, design and innovation and hightech. 

In recent times, across Europe 45,000 jobs have been 

created or secured by Chinese direct investments. Impor-

tantly, the support from cash-rich 

Chinese investors has prevented the 

closure of a number of jeopardised 

enterprises. 

Strategic advantages on both 

sides 

The Chinese interest in investing in 

European firms is not one-sided. 

Indeed, there are often win-win situations. 

It can be attractive and helpful 

to have a Chinese investor on 

board, over and beyond liquidity 

considerations. China and the European 

Union are highly complementary 

in economic terms. China represents 

a sales market of strategic 

relevance for many European enterprises. 

Nonetheless, the entry and 

development of this future market 

poses challenges. A Chinese investor 

as part of the enterprise can 

present a bridge to the target market 

– China. 

In order to secure and establish 

these advantages, it is important for 

policy makers to initiate and provide 

a beneficial political framework. A 

key priority would be to forge reliable 

long-term investment promotion 

patterns tailored to the needs of Chinese 

investors. This would ideally be 

in the form of a pan-European 

framework, to reduce the high fragmentation 

of the existing investment 

promotion landscape in Europe that 

only experts can foresee, but not the 

foreign investors who potentially 

may be interested. A step in the right 

direction was taken in 2009 whereby 

the Lisbon Treaty enabled the exclusive 

competence for investment policy 

to be transferred to the European 

Commission; this will have a beneficial 

impact on the harmonisation of 

market access and legal aspects. 

An even bigger barrier to Chinese 

investment is often the Chinese 

investors’ lack of experience when it 

comes to operating a business in 

Europe. Examples such as the City 

International 

of Hamburg’s tailor-made local 

investment promotion programmes 

can be a very effective way of 

attracting Chinese funds. Support is 

needed in aspects such as market 

intelligence, the new regulatory environment, 

management of local 

labour, and also in terms of new tax 

and accounting rules. 

Professionalism as a key factor 

The execution of an investment 

decision or acquisition by a Chinese 

investor often appears to be hasty 

and does not always consider the 

relevant factors in advance. A common 

occurrence is that necessary 

due diligences are not conducted. 

Consulting services in areas such as 

market entry, taxes, legal issues or 

valuation can significantly reduce 

the investment risk in this context. It 

is important for both parties in a 

transaction to have a partner or advisor 

that has profound knowledge 

in terms of the original and target 

market, as well as the capacity to 

accompany the transaction from 

start to finish. In order to fully realise 

the potential of the acquisition, it appears 

to make sense to use such 

services early on. In the future, a 

strong increase in investments from 

China to Europe is expected. Assuming 

constant further development, 

additional Chinese investments 

in Europe amounting to USD 

250-500 billion by 2020 can be expected. 



KAPITAL WIRD ZUM 

STRATEGIEFAKTOR 

Abschlusssicherheit und 

Konditionenoptimierung bei 

Ihren internationalen M&A-, 

Kapitaleinwerbungs- und 

Restrukturierungsprojekten 

Zugang zu Kapitalgebern auf 

Entscheiderebene und aktuelle 

Kenntnis der Konditionen aus 

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von €2 Mrd. p.a. an Eigen-, 

Fremd- und Hybridkapital 

Erfahrung aus über 250 

Transaktionen 

Corporate Finance Boutique Firm 

of the Year 2012 Germany 

www.equitygate.de

Legal 

Synergy potentials versus synergy effects 

Valuation of synergies as a key challenge within the 

M&A process 

Synergies are usually already emphasised during the initial 

stage of an M&A transaction. However, many executives 

use synergies to demonstrate the strategic value of an M&A 

transaction incorporating potential synergies. It is indeed 

one aspect to define synergy potentials. Much more important 

is the question as to how synergies may be valued and 

finally be realised. 

Synergy potentials versus synergy effects 

Ambitious synergy forecasts, as well as insufficient consideration 

of negative synergies, often result in an increased 

purchase price and an increased acquisition premium 

respectively. Thus, these forecasts increase pressure to realise 

synergies at the post-closing stage to avoid goodwill 

impairment. It is therefore important to guarantee that synergies 

do not only serve to justify a potential transaction in 

the absence of a substantial transaction rationale, but can 

indeed be verified. 

Identification and quantification of synergy potentials 

Based on the defined acquisition goals and after submission 

of the indicative offer, the potential buyer is usually 

granted access to a data room in the due diligence phase. 

During this phase, one of the key purposes of a transaction 

is to determine the overall P&L impact from positive and 

negative synergies. This task can often be challenging due 

to often incomplete information and demanding time 

constraints. 

Synergy potentials are identified based on complementarities 

(e.g. similar input factors, comparable vertical range of 

manufacturing, overlapping product portfolios, duplicated 

support sectors), which may either be realised by any buyer 

(“unreal synergies”) or by a few buyers (“real synergies”) or 

even by only one specific buyer (“real individual synergies”). 

The operationalisation and quantification of the identified 

synergy potentials and their impacts (measurability) on the 

respective profit and loss items are carried out in a next 

step. The acquisition premium increases if the valuation of 

the synergy potentials and the determination of the overall 

P&L impact were based on optimistic estimates during pre- 


Markus Kurzhals, Partner and Head of 

Transactions & Advisory, Competence 

Center Transactions, RoelfsPartner 

Andre Gildemeister, Senior, 

Competence Center Transactions, 

RoelfsPartner 

closing. In this context, it constitutes another problem that 

the acquisition premium must be paid in advance, whereas 

the net synergy value (balance from positive and negative 

synergies) must still be generated and realised both within 

an inde finite future term. 

Evaluation of synergies in post-closing 

After the transaction has been closed, the synergies are 

evaluated based on complete information. At this stage, the 

evaluated synergy potentials and findings from the due diligence 

(“pre-closing”) are evaluated utilising extensive 

information and direct access to the decision-makers of the 

acquired company, such that inaccuracies from the due 

diligence can be overcome and further potential hidden 

synergies can be identified. Additionally, events that trigger 

goodwill impairment, such as overestimated synergy 

potentials, negative synergies that were not taken into consideration 

(e.g. losses from shrinking volumes and customer 

losses), as well as deviations from synergy potentials 

quantified in the due diligence, may be identified during the 

post-closing evaluation. As a result, following the evaluation 

(a) individual measures are assigned to each identified 

synergy potential, (b) potential overlaps in measures are 

examined and (c) transferred into a quantifiable controlling 

system (synergy management).

Als Pionier im Mittelstandsmarkt ist youmex seit 2010 mit einem Platzierungsvolumen von über 300 Millionen Euro am Erfolg von über 

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Auszug unserer Referenzen: 

September 2012 

KTG Energie AG 

EUR 25.000.000 

Inhaberschuldverschreibung 

Sales Agent 

Juni 2012 

Steilmann-Boecker Fashion 

Point GmbH & Co. KG 

EUR 23.000.000 


Lead Manager 

Juni 2011 

KTG Agrar AG 

EUR 100.000.000 

Inhaberschuldverschreibung II 

Lead Institutional Sales 

youmex Invest AG, Taunusanlage 19, 60325 Frankfurt / Germany, +49 69 50 50 45 000, www.youmex.de 

Stellen Sie 

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EUR 25.000.000 


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September 2010 

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Lead Institutional Sales

Legal 

Figure 1: Challenges of synergy valuation 

Pre-Closing 

Post-Closing 

1 

Source: RölfsPartner 

Acquisition Goals 

Strategic 

motivation / 

“deal logic” 

4 5 

Bottom-Up Evaluation of Synergies 

Sales synergies 

Synergy potentials 

Realisable synergies 

Post-merger integration as a starting point for 

realisation of synergies 

At post-closing it is often misleadingly assumed that anticipated 

synergy potentials automatically arise and thus help 

the companies involved to create additional value. 

Although during a pre-closing phase, synergy potentials are 

often determined in a theoretically correct way, in the 

course of integration they are either not exhausted in full, 

only with a delay or not at all. This can be regularly attributed 

to a lack of responsibility, the number of staff assigned 

to realising synergy potentials or employees are busy running 

the daily business. Occasionally, the assigned teams 

also lack the specific competence and experience to 

successfully enforce the actual realisation of synergies. 

This requires a synergy management team solving the 

problem of realising synergies by consistently defining and 

implementing, as well as constantly monitoring, the necessary 

measures. Synergy controlling also has to enforce 

appropriate amendments, if required. Accordingly, efficient 


2 

Stand-alone 

(buyer's 

perspective) 

Top-Down Valuation of Synergies 

Quantification of synergy potentials 

(financial, cost and market synergies) 

Unreal 

synergies 

Real 

synergies 

Real 

individual 

synergies 

Synergy Management 

Transfer into a 

quantifiable 

controlling system 

(synergy management) 

synergy management ought to take into account the following 

aspects: 

• Determination of objectives and responsibilities 

• Assignment of detailed measures to each identified synergy 

potential 

• Application of a stringent implementation controlling 

process 

• Integration into an existing incentive system 

Summary 

6 

3 

Determination of Purchase Price 

Net 

synergy 

value 

Stand-alone 

(buyer's 

perspective) 

Goodwill 

Assets 

Risk 

premiums 

Realisation of Synergies 

Purchase price 

allocation (closing) 

Buyer’s 

subjective 

value 

Impairment 

Accurately assessing synergies is regularly a challenging 

task in the M&A process, as forecasting synergy effects is 

complex and, indeed, unique to each M&A transaction. In 

many cases the success of a transaction is significantly 

determined by evaluating synergies with a sense of proportion 

concerning the probability of realisation, defining an 

appropriate acquisition premium, as well as con sistently 

implementing an efficient synergy management process. 

t 1 

Negotiation 

result 

? 

Purchase 

price 

t 2

Transparenz ist der Anfang 

eines jeden erfolgreichen 

Investments. 

Unsere Leistungen: Unternehmensanalyse 

Kapitalmarktberatung 

Kapitalmarktkonferenzen 

Kontakt: 

GBC AG .Tel.: +49 821 241133-0 

anleihe@gbc-ag.de . www.gbc-ag.de 

Sie wollen auch eine 

erfolgreiche Unternehmensanleihe 

begeben? 

Sprechen Sie 

uns an!

Legal 

Barbarians at the gate? 

Takeover defence: the perspective of bidder and target 

In the recent past, the operational success of German enterprises 

has often not been reflected by their stock market 

valuation. At the same time, more and more international 

companies are seeking know-how or strategic acquisitions 

and some financial investors are under significant pressure 

to invest. Therefore, even potentially hostile takeovers become 

an increasingly realistic scenario for many companies. 

The perspective of the bidder – swift, cheap and silent 

It is among the key interests of the bidder to conduct the 

transaction with the least possible use of resources, while 

maintaining a high level of transaction certainty. The bidder 

must therefore aim to avoid rival offers or defence measures 

that might delay or even frustrate the process. In addition, a 

bidder may want to swiftly implement the necessary legal 

integration measures to bring about the desired operational 

integration following the offer. This usually requires a qualified 

majority in the target’s shareholders’ meeting. While a 

media debate, political attention or even interference is 

usually counter-productive in this regard, the bidder might 

have to offer a significant premium to reach the required 

acceptance threshold. 

Unfriendly takeovers – a way to succeed? 

A takeover is predominantly driven by the bidder, who sets 

the terms and conditions of the offer, as well as the timeline 

of the process. Even though the German Securities Acquisition 

and Takeover Act (“Wertpapiererwerbs- und Übernahmegesetz”) 

does not require the bidder to involve the 

target’s management prior to the announcement of the offer, 

takeover offers are considered “hostile” when the target’s 

management is not “on board”. 

Nevertheless, the support of the target company’s 

management team considerably facilitates the process. In 

contrast, an “unfriendly” takeover might become a long and 

rocky road for the bidder: The target will not allow the 

bidder to conduct a due diligence and it is likely that 

defence measures will be taken. Also, the target’s management 

team may turn to politicians and media with the plea 

for help and reject the offer for not being in the target 

company’s best interests. As a consequence of a lack of 


Christoph F. Vaupel, Partner, 

Taylor Wessing 

Dr. Lars-Gerrit Lüßmann, Partner, 


management support and a critical public debate, many 

shareholders may refuse to tender or require a higher premium 

to be convinced. Hence, the bidder must carefully 

evaluate whether these side effects are acceptable and 

outweighed by the benefits of an unfriendly approach. 

The perspective of the target – just say “no” or 

“yes – but”? 

Generally, the target has a rather reactive role in the 

takeover process. It is the primary duty of the target’s management 

team, however, to carefully evaluate the offer. The 

only valid parameter for an evaluation (and, possibly, 

rejection) is the interest of the company. Key aspects which 

the management team must also assess in its mandatory 

reasoned opinion are the consideration offered, the objects 

pursued by the bidder and the expected consequences of a 

successful offer for the target, its business and employees. 

Defence measures following the public announcement of 

the offer which are apt to prevent the success of the offer 

are generally prohibited. Nevertheless, the target’s management 

team may search for a rival offer and take all the 

actions that “a prudent and responsible management 

would take”. Based on the company’s best interests and 

the management team’s evaluation of the offer, defence 

actions with the consent of the supervisory board or autho-

ised by the general meeting are also possible. Preemptive 

measures, e.g. the creation of authorised 

capital and a supermajority for shareholder resolutions, 

are always an option. 

Furthermore, the reasoned opinion of the management 

and supervisory board is one of the key 

sources of information for outside shareholders and 

its influence must therfore not be underestimated. 

Many shareholders may base their decision on the 

evaluation of the offer by “their” management. 

There is no guarantee that defence measures prevent 

an “unfriendly” takeover (as illustrated by the 

ACS / Hochtief situation). Certain defence measures 

may even turn out to be detrimental to the company 

if they prevent any transaction, even if it is desired 

and in the interest of the company. Defense measures 

can nevertheless help the target’s management 

to exert pressure on the bidder to open the door for 

negotiations with the intention of optimising the situation 

of the target, its shareholders and employees. 

Conclusion – seeking dialogue 

Legal 

Although the bidder has the leading role in the 

takeover process, the target has a number of tools 

with which to influence the process to the benefit of 

the company and its shareholders, and with which it 

can put the transaction at risk. It must therefore be 

the common interest of the parties involved to seek 

dialogue at an early stage. An ongoing dialogue may 

secure and facilitate the takeover process for the 

bidder, while enabling the target’s management to 

play a more influential role and seek concessions for 

the benefit of the target, its shareholders and 

employees. Despite being considered an unfriendly 

situation, the talks between Terex and Demag Cranes 

led to the signing of a Business Combination Agreement 

and, eventually, to an increased offer price. 

Bearing this in mind, many takeovers that have 

begun as unsolicited and potentially hostile turn 

“friendly” over time. 


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Legal 

The brave new world of corporate financing 

How traditional financing patterns may change due to 

financial market regulation 

The winds of change are inevitable. In the aftermath of the 

financial crisis, there is a risk of financial markets being 

inundated by new European regulatory measures directed 

primarily at (i) reducing systemic risks, (ii) enhancing transparency 

and competitiveness in the financial industry, (iii) 

increasing investor protection and (iv) improving inter - 

nationally aligned supervision and governance of financial 

institutions. 

Impact of Basel III and CRD IV on banks 

Basel III and CRD IV will require banks to provide higher 

Common Equity ratios. Instruments are only recognised as 

Common Equity (core Tier 1 capital) if they satisfy a set of 

criteria under which all instruments must be structured, 

such that they are equivalent to paid-up share capital. By 

2019 at the latest, Basel III will require banks to hold: 

• 6% of Tier 1 capital (up from 4%) including Common 

Equity of 4.5% (up from 2%) of risk-weighted assets 

• a total capital of 8% and 

• additional capital buffers. 

Figure 1: IPOs vs. capital increase in Germany 

Volume in millions of EUR 

2 ,500 

2 ,000 

1 ,500 

1 ,000 

500 

0 

5 

2 ,076 

Q4/2011 


0 

34 

IPOs Capital increase 

Source: “PWC, Emissionsmarkt Deutschland” 

1,165 

1,785 

Q1/2012 Q2/2012 

Volker Potthoff, Of Counsel, 

CMS Hasche Sigle 

Catherine Jürgens, Lawyer / Associate, 


According to impact studies on the European banking sector, 

European banks will need at least EUR 370 billion to 

meet Basel III capital requirements. 

Undoubtedly, Basel III and CRD IV will force financial institutions 

to fundamentally restructure their balance sheets. 

As a consequence, the financial market is facing a squeeze 

on capital liquidity; balance sheets will be reduced and the 

refinancing capacity of banks towards the corporate sector 

will change. Other effects, such as reduced securitisation, 

difficulty in raising equity, a lack of “qualified” collateral and 

the race for deposits as refinancing tools, are adding to the 

increasing financing costs of financial institutions and, 

indirectly, of corporates. The impact on SMEs will be even 

higher. 

How to limit the collateral damage of Basel III on 

corporate financing 

It is by no means certain that we will see a credit crunch 

affecting the real economy. Currently, central banks are 

flooding financial markets with cheap liquidity – but this is a 

policy to buy time and in the long run, it is not sustainable. 

It is estimated that approximately EUR 416 billion is needed 

to refinance corporate loans which will be expiring between 

2012 and 2016. Companies will target higher liquidity,

Regel 1 für mehr Wachstum: 

Wem wollen Sie Ihre Finanzierungsstrategien anvertrauen: 

Einer anonymen Großbank, für die Sie nur eine Kundennummer sind? 

Oder lieber einem fairen Partner auf Augenhöhe? Dann lernen Sie die quirin bank 

kennen. Als etablierte, unabhängige Unternehmerbank stehen wir mittelständischen 

Unternehmen bei der Umsetzung von Finanzierungslösungen zur Seite. 

Egal, welche Ziele Sie mit Ihrem Unternehmen anstreben: 

Wir unterstützen Sie bei Ihrem Wachstum. 

Finanzstrategieberatung 

Börseneinführungen 

Sekundärmarktbetreuungen 

Akquisitionen und Fusionen 

Anleihen- und Hybrid� nanzierungen 

quirin bank AG, Investment Banking: 

Schillerstraße 20, 60313 Frankfurt am Main, Telefon 069/247 50 49-30 

E-Mail: investment.banking@quirinbank.de Die Unternehmerbank

Legal 

reduction of traditional debt and improvement of their balance 

sheet ratios. Owing to the loss of trust, they will also 

try to gain more independence from classic bank financing. 

Here are some assumptions: 

• Capital market funding will play a bigger role 

• Diversification of funding in accordance with business 

needs, considering key sales markets, investors’ profiles 

and currencies will become key issues 

• Looking for alternatives by way of approaching alternative 

players and instruments will increase 

• The importance of existing alternatives to financing, 

such as factoring and leasing, will continue to rise. 

Figure 2: Corporate bonds vs. bank loans in Europe 

100% 

80% 

60% 

40% 

20% 

0% 

Source: ECB 

12% 

88% 

Germany 

31% 

France 

69% 

43% 

Great 

Britain 

Corporate bonds Bank loans 

Equity capital markets: New issues (IPOs) still are having a 

hard time due to uncertainty among investors, while 

secondary offerings of established players are working. It is 

currently virtually impossible for SMEs to raise new equity 

capital in the public markets, in particular due to the 

shortage of investors with the willingness or capacity to 

invest in small tickets. Institutional investors in Germany, 

such as insurers or pension funds, are legally restricted 

regarding their investments in shares. We might see more 

direct investments from family offices, HNWIs (high net 


57% 

Photo: PantherMedia / Sergio Hayashi 

worth individuals) and other asset pools. As a possible outcome, 

we may see new infrastructure providers as operators 

of platforms for raising capital for SMEs. 

Debt capital markets: The corporate bond market has 

shown significant growth over the past two years. However, 

a distinction must be made between secondary offerings of 

established capital market players and new issues of midcap 

companies. While established players with a good 

track record are focusing on institutional investors, SMEs 

are concentrating on less sophisticated investors, who are 

highly risk-sensitive in case of defaults. New loan platforms 

and lending intermediaries are about to enter this market. 

Alternative lending: Regardless of the ABS market collapsing 

during the financial crisis, the role of securitised debt is 

likely to increase. In particular, the bundling of claims resulting 

from operational businesses seems to be attractive for 

investors. Institutional structures such as “debt funds” are 

one of the trends. Debt funds are vehicles which acquire 

interests in debt claims at a discount and are financed by 

investors providing equity capital to the fund. Insurance 

companies are already quite active in acquiring real estate 

assets. Furthermore, corporate conglomerates are increasingly 

considering creating their own banking structures. 

More independence from banks with direct access to 

central bank liquidity is the main driver (e.g. E.ON, Siemens, 

VW, etc.). 

Conclusion 

Financial market regulation will change corporate financing. 

Flexibility regarding instruments and lenders is the name of 

the game. This holds true for the financing of real economy 

businesses, as well as for investment strategies. In the 

financial intermediary space, “shadow banking” will play an 

important role and it remains to be seen how regulators and 

supervisors will deal with this.

Standard & Poor's Ratings Services, a part of The McGraw-Hill Companies, is the world's 

foremost provider of credit ratings. With offices in 24 countries, Standard & Poor's is an 

important part of the world's financial infrastructure and has played a leading role for 150 

years in providing investors with information and independent benchmarks for their 

investment and financial decisions. 

We maintain offices in the financial centres of Europe, the Middle East, and Africa, (EMEA) 

such as London, Frankfurt, Paris, Milan, Moscow, Madrid, and Stockholm. Our offices in Tel 

Aviv, Dubai, Istanbul, and Johannesburg are also within this network. Overall, we are the 

largest international rating agency in Europe. 

Since 1992, Standard & Poor’s has been operating in Frankfurt and celebrates its 20th 

anniversary this year. The Frankfurt office offers all services in the area of credit ratings for 

clients in the German-speaking countries as well as various countries in EMEA. The office 

has expanded over the years, with our staff increasing to about 120, about half of them 

analysts. In addition to assigning credit ratings to corporates, banks, insurance companies, 

and sovereigns, we assess public entities such as municipalities and federal states. We also 

rate structured finance transactions like asset-backed securities and collateralized debt 

obligations. 

In Germany, Corporate Ratings is our largest business segment, and 20 analysts fluent in 

German are currently attached to the Frankfurt office. Having such a strong analytical base 

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provide additional value for our clients and the market. For more information, visit our 

homepage http://www.standardandpoors.com.

Special: CSR 

Sustainability is an investment issue 

Shares must be selected based on a dynamic, 

multi-dimensional analysis 

The upheaval on the financial markets continues. What can 

investors do in these turbulent times? Sustainable investment 

is the name of the game – and not just in times of 

crisis! 

For a long time, those making sustainable investments 

were regarded as a strange and exotic species among 

investors and were mocked as idealistic “do gooders”. 

However, the current lively global debate taking place in 

society on the subject of sustainability has not passed the 

financial markets by. For some years now, issues such as 

global climate change have been penetrating the collective 

consciousness of the financial world and this has increasingly 

resulted in special forms of investment, a trend confirmed 

by the high growth rates. 

Talk of anachronistic trends or passing fads no longer has 

any place in the current debate on every aspect of sustainable 

investment. Sustainable investments have become an 

established form of investment, combining the potential for 

economic returns with ethical, social and ecological 

motives. 

Indeed, in the longer term, investors will not have to forego 

their returns, as the example below illustrates. A com - 

parison of the Global Challenges Index and the MSCI World 

Index reveals that sustainable investments have not underperformed 

traditional share investments. 

Figure 1: Comparison – GCI vs. MSCI World 

Indexed in EUR 

110.0 

100.0 

90.0 

80.0 

70.0 

60.0 

50.0 

40.0 

Sep 07 Mar 08 Sep 08 Mar 09 Sep 09 Mar 10 Sep 10 Mar 11 Sep 11 

GCI MSCI World 

Source: Bloomberg, DZ BANK AG 


Marcus Pratsch is Head of Sustainable 

Investment Research at DZ 

BANK AG. He has coordinated all the 

Sustainable Invesmtent Researchrelated 

activities in Institutional Equity 

Research since 2009. Marcus is a 

member of the Non-Financials Commission 

of the Society of Investment 

Professionals in Germany (“DVFA – 

Deutsche Vereinigung für Finanzanalyse 

und Asset Management”). He joined 

DZ BANK AG in 2006, prior to which he 

worked for equinet AG. 

Choosing the right shares is vital 

Marcus Pratsch, Head of Sustainable 

Investment Research, DZ BANK AG 

The information demanded by investors focusing on sustainability 

differs from that of traditional investors, in that it 

is far more complex. In tandem with aspects relating to the 

pure economic returns, non-financial issues such as ecological, 

social and governance aspects take centre stage. 

These aspects account for a significant proportion of the 

value, or goodwill, of a company from the longer term 

perspective and consequently, they also affect the stock 

market share price development. 

Mar 12 

Accordingly, sustainability ratings 

may provide a good guide for choosing 

suitable shares. Based on a comprehensive 

analysis process, the 

complex concept of sustainability is 

summarised into a sustainability factor 

or rating, which investors can use 

to select their investment portfolio. 

But wait! A sustainability rating is not 

necessarily a guarantee of sustainability. 

It all depends on the metho - 

dology used for the rating. The prin - 

ciple criticism of many of the sustainability 

analysis models available on

the market is the complete absence of any economic 

perspective. The majority of these models 

limit themselves to reflecting the ecological, social 

and governance criteria. Not only this, but in 

many cases the rigidity of the analysis has come 

under fire. Sustainable investment is a dynamic 

process, notwithstanding its long-term investment 

horizon. Over time, companies may undergo 

dynamic development from the perspective of 

sustainability and, accordingly, the recommendations 

for sustainable investments must be constantly 

revised from a sustainability point of view. 

The integrated sustainability concept of DZ 

BANK Sustainable Investment Research goes 

Special: CSR 

Figure 2: Sustainability dimensions of DZ BANK Sustainable Investment Research 

Social 

Economy 

Company 

Ecology 

Source: DZ BANK Sustainable Investment Research 

Corporate 

Governance 

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Private Equity-Gesellschaften investierten 2011 

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Special: CSR 

Figure 3: Shareholder perspective 

Internal Stakeholders 

beyond the evaluation of the classic ESG (Environment, 

Social Governance) perspective. Sustainability is an investment 

issue. Economic success is the focus of every company 

and the aim of every investor is to achieve a return. It 

is therefore essential to incorporate the economic perspective 

in the sustainability analysis. 

The result is a four-dimensional analysis model that is based 

on the interests of all the shareholder groups of a company 

and satisfies the dynamics of the investment process. 

The challenge to companies 

Customers 

Suppliers 

Competitors 

Capital Market 

State 

Public 

Environment 

Source: DZ BANK Sustainable Investment Research 

With the growing importance of supplementary and nonfinancial 

key performance indicators, the information 

needed by analysts and consequently, the challenge to 

companies to provide this information, has significantly 

changed the parameters for corporate reporting. For some 

time now, merely reporting traditional and short-term financial 

statistics has fallen far short of what is needed. On the 

contrary, companies are now required to report on all four 

aspects of sustainability on an ongoing basis. Due to the 

escalating strategic importance of sustainability as an 

issue, information on today’s supplementary and nonfinancial 

key performance indicators is becoming increasingly 

essential for predicting tomorrow’s financial data. 


Management 

Shareholders 

Employees 

The sustainability reporting of many companies has greatly 

improved in recent years. However, it remains far from ideal. 

Some companies are still reducing their reporting to a few 

aspects, or are still only paying lip service to sustainability 

by equating it with a purely advertising measure to portray 

themselves as environmentally responsible (“green washing”). 

This is despite the fact that reporting is a vital instrument 

to promote dialogue between a company and its 

shareholders and should be appropriately tailored to what 

is required. 

Sustainable investments: where to now? 

We are of the conviction that the market for sustainable 

investments will continue to grow worldwide at the expense 

of conventional forms of investment and that such investments 

will achieve a higher share of the total managed 

investment volume. This not only relates to an increase in 

the number of existing products, but also to a qualitative 

improvement in the spectrum of products on offer. Inno - 

vative forms of investment, such as structured products 

based on single titles or baskets of shares, corporate 

bonds and completely new indices will extend the breadth 

and depth of the available forms of sustainable investments. 

Although in the short to medium term, the group of institutional 

investors which includes pension funds, churches 

and foundations will continue to account for the lion’s share 

of global demand, we are assuming that a growing number 

of private investors will recognise sustainability as an issue 

affecting the investment process and will be tailoring their 

investment aims accordingly. 

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Special: CSR 

Energy management 

A requirement for successful long-term corporate management 

Energy efficiency: a key factor for competitiveness 

For production companies operating in Central Europe, the 

energy efficiency levels attained so far have provided 

much-needed protection from the low personnel costs in 

the BRIC states. The more energy costs have risen, the 

more energy-efficient plants have helped to compensate 

for these lower personnel costs. This position is now at risk 

of being lost. As a result of strong economic growth in the 

BRIC states, a lot of capital has been invested in new (and 

therefore generally more efficient) plants. Consequently, 

market participants in these countries increasingly have 

more efficient plants at their disposal AND lower personnel 

costs. For companies operating in the Central European 

Area, the challenge therefore lies in raising their energy efficiency 

levels above the average as a way of retaining their 

competitive edge. Some companies believe they need to 

increase their efficiency levels by 5% to 6% a year in order 

to remain competitive in the long term. This is considerably 

more than stated in the European Energy Efficiency Directive, 

for example. 

How will companies be able to keep energy costs 

down in 10 to 20 years? 

The demand for energy is rising the world over; indeed, certain 

countries are phasing out nuclear power and supply 

structures are shifting dramatically. This has made price 

increases and supply bottlenecks a realistic scenario. Companies 

that are taking a strategic approach to issues, such as 

how to secure the long-term provision of cost-effective energy, 

have not only reduced their vulnerability. In the process, 

many have also come across new upcoming business areas. 

Carbon Disclosure Project creates energy transparency 

The Carbon Disclosure Project (CDP) was originally the 

brainchild of several international investors who wanted to 

gain easy access to information on carbon exposure from 

listed companies. As CO 2 emissions are generally closely 

linked to energy consumption, the CDP also emerged as a 

platform for obtaining information on companies’ energy 

performance. 


Andreas von Saldern is Executive 

Director of Climate Change and Sustainability 

Services. Prior to joining 

Ernst & Young he was founder and 

CEO of ESolutions and Managing 

Director at PricewaterhouseCoopers 

Environmental Consulting, as well as 

Managing Director at Arthur D. Little 

International Environmental Certification. 

Andreas von Saldern, Executive Director, 

Ernst & Young Climate Change and 

Sustainability Services, Germany 

Increasing call for certified energy management 

systems 

Companies in a number of countries must face the 

challenge of energy costs rising above the international 

average. In some cases, taxes and charges make up more 

than 40% of energy costs. It is therefore of vital importance 

that action is taken to optimise these charges. 

Germany, for example, is granting extensive tax relief, such 

as balancing tax payments or exemption from the renewable 

energy surcharge. These relief measures are becoming 

increasingly conditional on the existence of certified energy 

management systems, e.g. pursuant to ISO 50001, which 

must now be expanded or adjusted. 

Holistic approach for identifying potential 

Energy management systems should not merely concentrate 

on how to “manage” and minimise current energy 

consumption. More importantly, a holistic approach must 

be taken that not only goes beyond the formal requirements 

of the standards, but also incorporates strategic aspects, 

such as integration into product and process development 

through to making optimum use of tax relief and subsidy 

opportunities. When planning any new investment, energysaving 

measures must be taken into particular considera-

tion. It is much more cost-effective to 

implement such measures at this 

stage rather than later on. 

Long-term requirements for reducing 

energy consumption should also be 

integrated into the planning process. 

The EU, for example, is calling for 

some areas to reduce their entire 

energy consumption by 20% – in 

absolute terms! For companies with 

relatively normal economic growth 

levels, this would mean a reduction of 

between 50% and 70% per product. 

Generally speaking, such a reduction 

can no longer be achieved by making 

continuous improvements. This instead 

requires a re-design or re-think 

of products and processes; this, in 

itself, can create new market opportunities. 

Supply chain offering potential 

In several industries, upstream production 

stages are the ones that 

account for the majority of energy 

consumption. Self-optimisation does 

not help in this case. Considering the 

energy efficiency of suppliers can 

help to tap into considerable cost 

potential. The less energy consumed 

by the supplier, the more these cost 

savings can be passed on. Approaches 

can range from simple 

training to joint power plants and the 

acquisition of suppliers. This can 

also help to increase supply reliability. 

Return on investment for 

energy savings 

While energy companies are used to 

thinking in terms of amortisation pe- 

riods that span decades, targets for 

returns on investment in production 

companies are generally far shorter. 

However, one of the features of infrastructure 

measures is that they often 

only begin to pay off in the long term. 

If a company only invests in shortterm 

measures, the locations will become 

unattractive in the long term 

and lose their international competitiveness. 

One way of solving this dilemma is to 

spin off the energy-supplying tasks 

into site utility services companies, 

which could then concentrate on 

safeguarding the attractiveness of 

these locations in the long term. 

Another possibility is not to base 

investment decisions concerning 

energy savings on the current energy 

price, but rather on a higher price 

based on strategic expectations. 

The same applies for CO 2 savings in 

emissions trading systems. 

Conclusion 

Energy costs represent a significant 

cost block, which is increasingly 

determining the competiveness of 

enterprises. Only by taking a holistic 

approach can the potential in this 

area be realised to its fullest extent. 

Photo: PantherMedia / Thomas Vogt 

Special: CSR 



Clean energy and nuclear power exit 

A sustained investment story for the capital market? 

It is now nearly 20 months since the Fukushima catastrophe. 

The MCA (maximum credible accident) in Japan 

triggered a global and emotional debate on the future of 

nuclear power. In view of new trouble spots and a worsening 

situation in the sovereign debt crisis, however, public 

interest has since rapidly diminished. Regardless of this 

fact, Germany is sticking by its decision to exit nuclear 

power and to achieve its target of an 80% reduction in its 

CO 2 emissions by 2050 in comparison with the basis year 

of 1990 – while the whole world looks on in surprise. Germany’s 

Federal Environment Minister, Mr Altmaier, has even 

presented a ten-point programme to cover the remainder of 

the government’s term and is leaving no room for doubt: 

The turnaround in Germany’s energy policy is irreversible. 

By continuing on its course in this manner, Germany is taking 

a great risk. For many market participants, Germany’s 

exit from nuclear power appears to be a dangerous game 

that may well jeopardise the country’s ability to compete as 

an industrial location. Germany has taken the opposite tack 

to that of the proponents, and if it succeeds it will have established 

and occupied a further industrial sector of worldclass 

calibre. At the moment, the proponents and opponents 

only agree on one thing: namely, that electricity prices 

will rise further. But this line of thought is too short-term. 

First of all, it is clear that rapid global population growth will 

lead to a further rise in demand for primary goods such as 

water, food and energy. Secondly, the burden on the environment 

which goes hand in hand with that growth may 

reach a scale that suffocates any reasonable progress from 

the outset. Without any countermeasures, the collapse of 

the climate system would be the final act along this development 

path. 

Field of tension 

This field of tension between population growth and climate 

change provides both risks and opportunities for German 

businesses. The key to tackling these challenges is “efficiency”. 

It is rising primary goods prices and stricter environmental 

standards, in particular, that will provide stimuli 

and set the tone for driving efficiency gains towards the 

centre of business activities over the coming decades. The 

growth opportunities in the energy and environmental tech- 


Heike Härtl, 


nology sectors are therefore huge, but they require high 

capital spending. The capital supply of (growth) companies 

via the stock market, in particular, assumes a greater level 

of importance than ever before against the backdrop of the 

sovereign debt and banking crisis. However, issuers and 

the issuing banks assisting investors with major challenges 

at present are being confronted with high volatilities on the 

stock market and general investor restraint. 

The company profile and investor preferences still constitute 

the key obstacles to a successful issue. With regard to 

the company profile, the proof of concept – i.e. a convincing 

and viable investment case, a fair company valuation 

and a balanced and adequate capital concept – remains 

indispensable. For medium-sized companies, a capital 

increase in the sense of targeted growth finance assumes 

particular importance, whereas for capital market transactions 

of large businesses – often also in the shape of spinoffs 

– a secondary public offering of a high percentage of 

shares held by the parent company or private equity 

investor would certainly be customary for the capital market. 

How to whet investors’ appetite? 

Dr. Stefan Steib, 


The company profile contrasts with investor preferences, 

and in volatile markets these two factors are increasingly 

decoupled from one another. Particularly in volatile capital 

market phases with an uncertain outlook, investors give

preference to capital increases over IPOs, as listed companies 

already have a viable capital market standing and their 

risk/reward profile appears more transparent. Narrow 

investment restrictions undertaken by investors – a EUR 

100 million minimum liquidity on the part of the issuer; 

membership of a share index – increase the preference for 

large-volume transactions by established companies. In 

operational reality, however, even medium-sized companies 

are able to attract investor interest despite tight 

investor restrictions. Medium-sized capital increases, in 

particular, attracted high subscription levels, including 

additional subscriptions, even in a volatile setting. Certainly, 

in the case of some capital increases, the ad-hoc communication 

of guarantees received from the main shareholders 

helped to gain the trust of investors and had a signal effect. 

However, the evident willingness of these issuers to permit 

the usual market mechanisms to operate and the grudging 

offer of a situational, substantial price discount on the fair 

value as an incentive to buy, have been and remain of 

crucial importance. 

Conclusion 

For market participants, “clean energy” is a sustainable investment 

topic that is going to be around in all its facets for 

Photo: PantherMedia / Heike Schulz 


decades to come. In order to tackle the change successfully 

and to make the most of the opportunities coming to light, 

the necessary capital will have to be made available. The 

debt and banking crisis constricts governments’ and the 

banking industry’s scope of action considerably. As the 

most profitable solution, the stock market provides practicable 

solutions. At the moment, the capital market’s willingness 

to accept a company depends not only on the company 

profile and investor preferences, but increasingly also on 

the willingness of existing shareholders and the company 

owner to accept a substantial discount on the price, which 

is rendered necessary as a buying incentive due to the 

present situation. 

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The solar power industry is here to stay! 

Investment trends overview 

The continuous rise in fossil fuel prices has led to an 

increase in the cost of electricity generation. This, along 

with the exhaustible nature of these fuels, makes them less 

reliable sources in the long term. Consequently, to maintain 

sustainability, we need to shift our focus to renewable 

sources. There thus exist significant investment opportunities 

in the renewable power industry. 

According to a Bloomberg New Energy Finance (BNEF) 

report on renewable energy investments, between 2004– 

11, new investments in the renewable power industry registered 

a CAGR of 31%, to USD 257.5 billion. Among various 

renewable energy sources – hydro, wind, solar and 

bio fuel – investors are steadily increasing their share in 

solar power. Between 2006–11, the share of the solar 

power in total new investments in renewable energy 

increased from 20% (2009: 36%) to 57%. Between 2004– 

11, new investments in solar power registered a CAGR of 

40%, to USD 147.4 billion. Currently, the new investment 

committed to solar power is higher than the investments in 

wind power, which attracted the bulk of new investments 

until 2010. 

The mammoth increase in new investments to design and 

develop solar power plants is primarily due to a 76% 

decline in the per unit cost of photovoltaic (PV) modules 

over the past three years and the introduction of favourable 

regulations across many power deficit economies—particularly 

China and India. 

Figure 1: Global new investment in renewable energy 

USD billion 

300 

200 

100 

0 

77.0 

44.4 

16.4 19.5 

95.1 

37.7 

109.2 102.9 

57.4 58.0 


122.9 

96.9 

110.1 

147.4 

2005 2006 2007 2008 2009 2010 2011 

Others Solar 

Nakul Kanchan, Financial Research 

Practice, The Smart Cube 

Smart money is already eyeing solar power plants 

According to Dan Reicher, Executive Director of Stanford 

University’s Centre for Energy Policy and Finance, solar 

energy projects have been reaping significant returns – an 

average post-tax return of 10% to 15%. This is the highest 

return generated by any renewable energy source. The 

most important feature of a solar power project is that once 

an initial investment has been made to set up the plant, 

there are very low operational costs, minimal operational 

risks and consistent cash flows, through long-term contracts 

with utility companies – an investor’s paradise. 

100% 

50% 

0% 

-50% 

% increase in total investment % increase in solar investment 

Source: UNEP, BNEF and TSC analysis 

In light of these benefits, serious investors are now 

looking towards solar energy investments, including 

private investors and firms such as Warren Buffet 

and Kohlberg Kravis Roberts (KKR). Walmart, one of 

the largest buyers of renewable electricity in the US, 

is also contemplating entering the industry as an investor. 

Although many more institutional investors are likely 

to invest their money in the solar power industry in 

the near future, the industry needs to deal with its 

share of challenges – primarily price competitiveness. 

The cost of solar power production is approx. 

USD 0.2/kWh, compared with approx. USD

0.08/kWh for wind power and approx. USD 0.03/kWh for 

hydro power. In addition, the industry needs to focus on 

increasing the longevity of the technology. Currently, the life 

of a solar power plant using current technologies is only 

approx. 20 years, compared with 30–35 years for a hydro 

electric power plant and approx. 30 years for a wind power 

plant. The scalability and longevity will govern the future 

cost of capital and the corresponding investment returns. 

Volatile economic environment … 

According to the BNEF report, total new investments in 

renewable energy sources in 1Q12 declined 22% YOY 

and 28% QOQ, to USD 26.7 billion (excluding spending 

on small-scale projects and corporate and government 

research and development). These are the lowest quarterly 

new investments in the renewable energy industry since 

1Q09. 

The ongoing sovereign debt crisis in Europe has forced 

Spain to abandon subsidies to all new renewable energy 

projects, while Germany and the UK have limited the 

support to solar power projects. In the US, expiring tax 

credits cast a shadow over new private investments in the 

industry. Additionally, as the economic environment in the 

US and European countries is not expected to become 

stable any time soon, the tighter regulations are here to 

stay. Furthermore, during 2011, while many companies 

were forced to file for bankruptcy – owing to low-cost Chinese 

products and overcapacity – many others faced 

sinking share prices. 

Conclusion & outlook 


However, these hindrances should best be considered as 

an aberration in the growth of the industry. The reduction in 

PV module prices should be celebrated, as it will drive 

down the per unit cost of solar power generation even 

further. Similarly, the removal of subsidies should be viewed 

in a positive light, as this will make the industry self-dependent. 

Furthermore, any expected pause in the growth of the 

European solar power industry is likely to be offset by 

significant expansion across Asia, particularly in China and 

India. In the end, the only imperative thing is that the solar 

power industry is here to stay and grow rapidly, at least in 

the short to medium term. 

To obtain the in-depth version of this article and other 

research reports, please visit The Smart Cube exhibit or 

email info@thesmartcube.com. 

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Event-Initiator 

Deutsche Börse Group is one of the largest exchange organisations 

worldwide. It organises markets characterised by 

integrity, transparency and safety for investors who invest 

capital and for companies that raise capital – markets on 

which professional traders buy and sell equities, derivatives 

and other financial instruments according to clear rules and 

under strict supervision. Xetra ® , Europe’s most efficient 

cash market segment of Deutsche Börse, provides listing, 

trading and clearing services for issuers, intermediaries and 

investors in the cash market. Xetra affords equity and debt 

financing opportunities to capital-seeking entrepreneurs 

and offers market segments with clear transparency levels, 

in order to meet the different capital needs of companies 

and their investors. 

As a promotional bank, KfW applies expertise and 

strength to sustainably improve the economic, social and 

ecological conditions of people’s lives. Established in 

1948, KfW is 80% owned by the Federal Republic of Germany 

and 20% by the Federal States (the “Länder”). With 

a balance sheet total of approximately EUR 500 billion, 

KfW is one of Germany’s fifth largest banks. As a bank 

with no branch network or customer deposits, it refinances 

its lending business almost exclusively in the international 

capital markets. Its function is to contribute to the 

continual growth of the economy and society. As a promotional 

bank, KfW is devoted to its guiding principle of 

sustainability, integrating aspects of importance to the 

economy, the environment and social cohesion.

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The global Ernst & Young organisation is a market leader in 

assurance, tax, transaction and advisory services. All over 

the world, approximately 152,000 people are united by our 

shared values and an unwavering commitment to quality. 

We are the world’s leading provider of IPO advisory services, 

with more than 30 years of experience in advising companies 

aspiring to go public across the globe. Our integrated 

offerings before, during and after IPOs deliver end-to-end 

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Berenberg Bank was founded in 1590. With assets under 

management of over EUR 26 billion and more than 1,100 

employees, we are one of the leading private banks in Germany. 

Due to our partnership structure, we are independent of 

corporate interests and feel first and foremost committed to 

our clients, such that we are able to make swift decisions 

and act fast. Moreover, we have direct access to inter national 

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We support our clients’ investment decisions by bringing 

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listed companies. 

Close Brothers Seydler Bank AG focuses on medium-sized 

companies. Its core business areas are Designated Sponsoring, 

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Trading, Research and Floor Specialist Trading on the 

Frankfurt Stock Exchange. It is the market leader in Designated 

Sponsoring with more than 200 mandates. The Equity 

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serviced by the Equity & Fixed Income Trading team, offering 

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provides expert analysis on medium-sized German com - 

panies, as well as offers corporate clients professional 

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DZ BANK forms part of the German cooperative financial 

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has won industry recognition, with awards both in Europe 

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value our comprehensive experience in structuring 

and implementing IPOs, placing shares and bonds, as well 

as in M&A transactions. Financial investors and banks, 

meanwhile, value our advanced trading and sales services, 

as well as our top-quality research products – we cover 

more than 120 listed companies. We act as designated 

sponsor for approx. 80 companies and are regularly awarded 

the top AA rating by Deutsche Börse. equinet Bank is the 

exclusive partner to the European Securities Network (ESN) 

in Germany. 

FCF is a financing specialist, advising private and publicly 

listed small- and mid-cap companies with regard to structuring 

and placing debt and equity financing transactions. 

FCF places these financing transactions with blue chip 

institutional and high-net-worth / family office investors, 

typi cally in growth, acquisition and/or balance sheet financing 

/ refinancing situations. 

FCF’s services help its clients to implement an effective 

capital structure oriented towards capital markets, whilst 

reducing their dependency on traditional bank financing. 

Landesbank Baden-Württemberg (LBBW) is a universal 

bank with regional roots. In around 210 branches and 

representative offices and at selected overseas locations – 

including New York, London, Singapore and Seoul – 12,231 

employees were working towards the success of the LBBW 

Group at the end of 2011. Together with the legally-dependent 

institutions of Baden-Württembergische Bank, Rheinland-Pfalz 

Bank and Sachsen Bank, LBBW is active in a 

variety of banking activities. LBBW assists companies in 

equity financing and provides support in IPOs, capital 

increases, convertible bonds and public takeover bids, as 

well as secondary and private placements. Since 1996, it 

has taken part in more than 200 equity issues, of which 

more than 100 were initial stock market listings.

Main Sponsors 

RENELL Wertpapierhandelsbank AG is a family-owned 

company that has been member at the Frankfurt Stock 

Exchange for more than 25 years. In addition to lead 

broking and Xetra specialist trading services such as 

Designated Sponsoring, we also offer brokerage services 

and proprietary trading. With several thousand transactions 

each day, Renellbank is one of the leading firms in the 

sector, providing services to well-known clients such 

as Deutsche Börse AG, Commerzbank AG (DAX) and 

SolarWorld AG (TecDAX). 

Furthermore, Renellbank provides capital market consulting 

services to both German and foreign companies. 

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Zur Z ur VVer 

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waltung vvon 

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K undenbeziehungen 

haben wir das Bessere. 

Ganz ehrlich. 


Contact Person Dipl. Wi.-Ing. Marc Renell 

Phone +49-(0) 69-1 33 87 65-0 

E-mail mr@renellbank.com 

Website www.renellbank.com 

Address Schillerstr. 2 


Germany 

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Baader Bank AG 

Contact Person Horst Bertram 

Phone +49-(0) 89-51 50-18 82 

E-mail horst.bertram@baaderbank.de 

Website www.baaderbank.de 

Address Weihenstephaner Str. 4 

85716 Unterschleißheim 

Germany 

BDO AG 

Contact Person Dr. Gebhard Zemke 

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

E-mail gebhard.zemke@bdo.de 

Website www.bdo.de 

Address Ferdinandstr. 59 

20095 Hamburg 

Germany 

biw Bank für Investments und Wertpapiere AG 

Contact Person Farahnaz Holz 

Phone +49-(0) 21 56-49 20-2 21 

E-mail Farahnaz.Holz@biw-bank.de 

Website www.biw-bank.de 

Address Hausbroicher Str. 222 

47877 Willich 

Germany 


Sponsors 

Baader Bank AG is a leading German investment bank and 

market leader in financial instrument trading. The independent, 

owner-managed bank employs 430 members of 

staff. The bank holds a full banking licence and is a member 

of the Association of German Banks’ Deposit Protection 

Fund (“Einlagensicherungsfonds des Bundesverbandes 

deutscher Banken”). Baader Bank offers institutional 

investors a first-rate trading, research and distribution 

platform, which covers equities, bonds and derivatives. The 

bank develops independent solutions, spanning the whole 

range of corporate financing for German-speaking companies. 

It assists companies with both capital market and 

borrowing transactions. Baader Bank has a long track 

record in market making and maintains the highest standards 

for pricing, trading and settling financial instruments. 

BDO is the leading, entrepreneurship-driven provider of 

audit and audit-related services, tax and business law consulting, 

as well as advisory services. With roughly 1,900 

employees at 25 sites in Germany, BDO serves domestic 

and internationally operating companies of all industries 

and sizes. Using interdisciplinary teams, BDO develops 

solutions tailored to clients’ individual needs. Due to a personal 

approach to client service, reputation for reliability, 

highest quality standards as well as the integration into a 

powerful global BDO network, BDO is the first choice for 

medium-sized as well as family-owned and soon-to-be listed 

businesses. BDO is a founding member of the inter - 

national BDO network, which operates in 135 countries 

with over 48,000 employees. 

Since 1 December 2005, biw AG has established itself as a 

product and process service provider for its partners, representative 

offices and clients. As part of its white-label 

services, it supports your partners with banking expertise. 

biw AG has extensive experience in the securities business 

and works together with financial service providers. As an 

online bank, biw AG appeals to select private clients and is 

considered to be the bank of opportunities for all professional 

market players seeking a partner with a banking 

licence for their finance ideas. We provide long-term support 

to small- and medium-sized companies through our 

representative office, BankM, and our tied agent, Silvia 

Quandt & Cie. AG. This support includes equity and debt 

capital market transactions and advice on mergers and 

acquisitions (M&A).

Damit Ihre Finanzierung 

kein Märchen bleibt. 

Rufen Sie uns an oder besuchen Sie uns im Internet unter: www.ebnerstolz.de 

Ebner Stolz Mönning Bachem I Wirtschaftsprüfer I Steuerberater I Rechtsanwälte I Partnerschaft 

Christian Fuchs 

Telefon 0711 2049-1276 

christian.fuchs@ebnerstolz.de 

Stuttgart 

Torsten Janßen 

Telefon 0228 85029-212 

torsten.janssen@ebnerstolz.de 

Bonn 

Jan Maertins 

Telefon 040 37097-147 

jan.maertins@ebnerstolz.de 

Hamburg 

Dr. Jörg R. Nickel 

Telefon 0221 20643-54 

joerg.nickel@ebnerstolz.de 

Köln 

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 

Wilfried Steinke 

Telefon 0511 936227-33 

wilfried.steinke@ebnerstolz.de 

Hannover

BLÄTTCHEN FINANCIAL ADVISORY GmbH 

Contact Person Prof. Dr. Wolfgang Blättchen 

Phone +49-(0) 71 52-61 01 94-0 

E-mail info@blaettchen-fa.de 

Website www.blaettchen-fa.de 

Address Römerstr. 109 

71229 Leonberg 

Germany 


Contact Person Dr. Andreas Zanner 

Phone +49-(0) 69-7 17 01-2 56 

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

Website www.cms-hs.com/Pages/default.aspx 

Address Barckhausstr. 12-16 


Germany 

GBC AG 

Contact Person Christoph Schnabel 

Phone +49-(0) 8 21-24 11 33-35 

E-mail schnabel@gbc-ag.de 

Website www.gbc-ag.de 

Address Halderstr. 27 

86150 Augsburg 

Germany 


Sponsors 

BLÄTTCHEN FINANCIAL ADVISORY provides specialised 

independent capital market advice to company owners and 

managers. Our expertise lies in raising equity and long-term 

debt, IPOs and IBOs, managing dual-track processes, as 

well as advising on management participation and incentive 

programmes. Our team has a unique track record of 

more than 40 successful IPOs and several complex capital 

market transactions (public takeovers, buy-outs and mergers) 

dating back to 1985. We have access to both the 

German and the international “financial community” (e.g. 

investors, banks, stock exchanges, lawyers, IR/PR agencies 

and auditors). 

Our company is wholly owned by its active partners. We are 

thus fully independent and are not exposed to any conflicts 

of interest. 

CMS Hasche Sigle is a strong commercial law firm and part 

of the international CMS organisation. In Germany, our core 

market, we are one of the leading law firms with more than 

600 lawyers, tax advisors and notaries advising our clients 

(who range from medium-sized companies to major 

groups) on all aspects of national and international 

commercial law. We offer strong, trust-based client relationships, 

a broad portfolio of services and qualified advice. 

What makes us particularly unique is our combination of 

solid regional roots in nine major business locations across 

Germany and close relationships with our partner firms in 

the CMS organisation dating back many years. At CMS, we 

have 2,800 legal and tax advisors in 52 offices. Our size 

means that our footprint is the most extensive in Europe. 

The GBC Group, which is based in Augsburg, is one of the 

leading bank-independent investment houses in Germany. It 

is also an experienced emissions expert for medium-sized 

German businesses. As an owner-run enterprise, GBC is intimately 

familiar with the needs of German medium-sized 

businesses in the financial sector. The GBC Group considers 

itself to be an independent and reliable partner with regard to 

all issues relating to the capital market. Within the GBC 

Group, GBC AG offers three core sectors: Corporate Analysis 

and Research, Capital Markets and Financial Advising as 

well as Capital Market Conferences. In addition, GBC Capital 

GmbH complements the Group’s services with corporate 

finance placement, brokering bonds / institutional buy-outs 

and placing and brokering stocks / IPOs.

Sponsors 

GSK Stockmann + Kollegen is one of Germany’s leading 

corporate and real estate law firms. With more than 135 

lawyers in Germany, Brussels and Singapore, and as a 

member of an alliance of legal firms with more than 830 

lawyers, we advise both German and international clients. 

We deal with all matters relating to corporate structure and 

finance, in particular stock exchange listing, bond issues, 

investment and mezzanine finance, M&A and company 

succession. In these contexts, we draw on many years of 

experience with respect to all capital market issues, such 

as selecting, structuring and successfully implementing 

share issues, prospectus procedures, capital market communication 

and other corporate transactions relating to the 

stock exchange. We offer solutions. 

GSK STOCKMANN + KOLLEGEN 

Contact Person Dr. Peter Ladwig 

Phone +49-(0) 7 11-2 20 45 79-0 

E-mail ladwig@gsk.de 

Website www.gsk.de 

Address Augustenstr. 1 


Germany 

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heureka Profitable Communication GmbH 

Contact Person Sabrina Lahmar 

Phone +49-(0) 2 01-6 15 46-0 

E-mail s.lahmar@heureka.de 

Website www.heureka.de 

Address Renteilichtung 1 

45134 Essen 

Germany 


Contact Person Michaela Hesse 

Phone +49-(0) 2 11-82 21-32 72 

E-mail michaela.hesse@ikb.de 

Website www.ikb.de 

Address Wilhelm-Bötzkes-Str. 1 

40474 Düsseldorf 

Germany 

Morgan Stanley 

Contact Person Johannes Borsche 

Phone +49-(0) 69-21 66-15 07 

E-mail johannes.borsche@morganstanley.com 

Website www.morganstanley.com 

Address Junghofstr. 13-15 


Germany 


Sponsors 

Simple communication. heureka GmbH, based in Essen, 

has been a privately-owned agency since 1989. heureka 

currently employs 21 members of staff from various disciplines. 

In addition to many years of experience in financial 

communication, our expertise extends to branding, corporate 

and web design and producing various publications, as 

well as media and event planning. Our strength lies in combining 

marketing consulting and design – our intuition, 

which is fed by talent, experience, ambition and courage, is 

our success. We advise companies from a variety of industries 

on cross-media design. Our goal is to figure out exactly 

what matters to our customers, to surprise them and to 

build a trusting relationship with them. It is for this reason 

that we have been creating unique and award-winning 

products for years. 

IKB Deutsche Industriebank AG supports medium-sized 

enterprises and private equity funds in both Germany and 

Europe by providing them with loans, risk management, 

capital market services and advisory services. 

Morgan Stanley is a leading global financial services firm 

providing a wide range of investment banking, securities, 

investment management and wealth management services. 

From more than 1,200 offices in 43 countries, the firm’s 

employees serve clients all over the world. These include 

corporations, governments, institutions and individuals. 

For further information about Morgan Stanley, please visit 

www.morganstanley.com.

Sponsors 

With 700 employees and sales amounting to EUR 100 million 

generated in 12 offices, RölfsPartner is the leading 

independent German auditing and consulting firm. Our credo 

is characterised by a strong team focus and a holistic 

approach to providing consultancy services. Tax advisors, 

lawyers and management consultants work closely together, 

taking an interdisciplinary approach and offering a wide 

range of specialist and client-oriented services. Our interdisciplinary 

competencies are bundled into six Competence 

Centres: namely, Fraud • Risk • Compliance, Private 

Clients, Public Sector, Real Estate, Restructuring and 

Transactions. Through our Baker Tilly International membership, 

we are represented in all the major markets beyond 

Germany’s borders. 

RölfsPartner 

Contact Person WP / StB Markus Kurzhals 

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

E-mail markus.kurzhals@roelfspartner.de 

Website www.roelfspartner.de 

Address Grafenbergerallee 159 


Germany 

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

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

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

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

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

approach, we have built an advisory network of financial and operational veterans which we put at the 

disposal of our portfolio companies through long lasting partnerships. 

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

discuss your investment opportunity: 

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

Gustav Mahlerplein 3 

1082 MS Amsterdam 


Tel.: +31 20 7143400 

Fax: +31 20 7143419 

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Scope 

Ratings 

Scope Ratings GmbH 

Contact Person Rüdiger Kimpel 

Phone +49-(0) 30-2 79 81-0 

E-mail r.kimpel@scope.de 

Website www.scope-group.com 

Address Potsdamer Platz 1 

10785 Berlin 

Germany 

Standard & Poor’s Credit Market Services Europe Ltd. 

Contact Person Dr. Florian Stapf 

Phone +49-(0) 69-3 39 99-1 72 

E-mail florian_stapf@standardandpoors.com 

Website www.standardandpoors.com 

Address Neue Mainzer Str. 52 


Germany 

Taylor Wessing Partnerschaftsgesellschaft 

Contact Person Christoph F. Vaupel 

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

E-mail c.vaupel@taylorwessing.com 

Website www.taylorwessing.com 

Address Senckenberganlage 20-22 


Germany 


Sponsors 

Scope is an independent rating agency. The company is 

based in Berlin, Germany, and was founded in 2002. Scope 

is specialised in rating and analysing small- and mediumsized 

companies, as well as bonds, certificates and funds 

with an European focus. Scope ratings are characterised by 

their quality, consistency, and comprehensibility. Based on 

their sustainability Scope ratings encounter wide 

acceptance across German institutional investors. Scope is 

a registered rating agency under the European Securities 

and Markets Authority (ESMA). The agency has 70 employees 

in Germany, France, Luxembourg and the Netherlands. For 

additional information, please visit www.scope-group.com. 

Standard & Poor’s Ratings Services, which forms part of 

The McGraw-Hill Companies (NYSE: MHP), is the world’s 

leading provider of independent credit risk research and 

benchmarks. For more than 150 years, we have published 

credit ratings on debt issued by sovereign, municipal, 

corporate and financial sector entities, as well as structured 

credits. 

S&P Capital IQ, a McGraw-Hill Companies brand, is a 

leading provider of multi-asset class data, research and 

analytics. We help market participants to track performance, 

generate alpha, identify trading and investment ideas, 

perform credit analysis and mitigate risk. 

Taylor Wessing is one of the leading international law firms in 

the German market and has – with ten partners and further 

team members – a leading Equity Capital Markets practice in 

Germany. Taylor Wessing’s team members have a significant 

track record in the areas of Equity Capital Markets and Public 

M&A of more than 100 ECM deals completed over the last 

15 years. This strong and credible team is able to deliver the 

highest quality on ECM transactions (IPOs, Rights Offerings, 

Public Takeovers) of any size and scope and the legal and 

strategic (boardroom) advice of publicly listed companies and 

their board members. Taylor Wessing is one of the few leading 

law firms in Germany that can actually offer a full range of 

legal services across all major areas of business law and build 

on specific industry expertise and substantial experience in 

the full service advice of large- and medium-sized companies.

Sponsors 

The Smart Cube is an award-winning, international provider 

of customised financial research and offshore financial analysts. 

We support a wide range of financial services firms 

across multiple asset classes and sectors, from fundamental 

credit and equity research to advanced quantitative 

modelling and investment banking skills on a global scale. 

Since 2003, The Smart Cube has delivered more than 6,000 

high-value studies for over 200 clients, which include 

leading financial institutions, corporations, mid-market 

companies and professional services firms. The firm’s goal 

is to raise the quality of our clients’ research and analysis 

processes, while reducing the total costs incurred. We have 

our own team of over 400 MBAs, accountants and financial 

analysts supporting our clients, whether they are located in 

the Americas, Europe or Asia. 

The youmex group provides support at all stages of the 

capital-raising process. The company focuses on IPOs, 

capital increases, segment changes, listings and bond 

issues for medium-sized companies. Being a financial 

services institution and approved by the German Federal 

Financial Supervisory Authority (“BaFin”), youmex Invest 

AG is in a leading position when it comes to placing corporate 

bonds for medium-sized companies. To date, youmex 

Invest AG has successfully accompanied 19 corporate 

bonds and placed a volume of over EUR 300 million. As a 

transaction and placement manager, youmex focuses on 

small- and mid-caps with revenue or market capitalisation 

amounting to between EUR 50 and 500 million. The 

preferred transaction volume for corporate bonds is 

between EUR 25 and 250 million. For equities, meanwhile, 

this is between EUR 10 and 100 million. 

The Smart Cube 

Contact Person Gavin Rankin 

Phone +44-(0) 20 33 01-39 44 

E-mail gavin.rankin@thesmartcube.com 

Website www.thesmartcube.com 

Address Elsinore House 

77 Fulham Palace Road 

London W6 8JA 

Great Britain 

youmex Invest AG 

Contact Person Andreas Wegerich 

Phone +49-(0) 69-50 50 45-1 12 

E-mail wegerich@youmex.de 

Website www.youmex.de 

Address Taunusanlage 19 


Germany 

Wir sind 

Kapitalmarkt! 

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Bundesverband Deutscher Kapitalbeteiligungsgesellschaften – 

German Private Equity and Venture Capital Association e.V. 

Contact Person Martin Bolits 

Phone +49-(0) 30-30 69 82-18 

E-mail bolits@bvkap.de 

Website www.bvkap.de 

Address Reinhardtstr. 27 c 

10117 Berlin 

Germany 

Baden Württemberg: Connected / bwcon 

Contact Person Stefanie Springer 

Phone +49-(0) 7 11-9 07 15-3 56 

E-mail springer@bwcon.de 

Website www.bwcon.de 

Address Breitscheidstr. 4 


Germany 

Creathor Venture Management GmbH 

Contact Person Karlheinz Schmelig 

Phone +49-(0) 61 72-13 97-20 

E-mail karlheinz.schmelig@creathor.de 

Website www.creathor.de 

Address Marienbader Platz 1 

61348 Bad Homburg 

Germany 


Partners 

The German Private Equity and Venture Capital Association 

(“Bundesverband Deutscher Kapitalbeteiligungsgesell schaf - 

ten”, “BVK”) is the representative of the German private 

equity industry covering private equity firms, from venture 

capital, through growth capital, to buy-outs and institutional 

investors. It is the mission of BVK to create the best possible 

environmental conditions for the industry within Germany. 

This requires improving tax and legal environmental conditions 

for private equity. This is done in dialogue with political 

and administrative decision-makers, through facilitating 

access to capital sources, surveying the markets and 

analysing market trends, as well as supporting our members 

in exchanging their experiences. To achieve this, systematic 

industry communication, such as that BVK pursues together 

with its more than 300 members, is fundamental. 

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

the leading business initiative promoting Baden-Württemberg 

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

European technology networks, bwcon is presently fostering 

connections between more than 600 companies and 

research institutes. Currently, more than 5,500 experts are 

benefiting from systematic networking via the bwcon hub. 

The added value generated by bwcon is to be found in the 

possibilities offered by new cooperation projects and connections. 

Creathor Venture is an independent fund company with no 

ties to any other financial or industry institution. We are 

seeking entrepreneurs who address new markets and have 

the potential to turn their company into a global market 

leader in the fields of IT, telecommunications, media, new 

materials, electronics and nanotechnology, cleantech and 

life sciences. 

We have 25 years of venture capital experience, having 

acted as lead investor for more than 200 companies and 

participated in over 20 IPOs. Currently, we have EUR 150 

million under management.

Partners 

DVFA is the Society of Investment Professionals in Germany, 

which was founded in 1960. Currently, DVFA has 

more than 1,400 individual members representing over 400 

investment firms, banks, asset managers, consultants and 

counselling businesses. DVFA is a leading qualifier for the 

capital market in Germany with more 3,500 graduates in 

total. It is also a leading platform for financial communi - 

cation, as it organises analyst conferences and forums. 

DVFA offers investment professionals access to a worldwide 

network via EFFAS (the European Federation of Financial 

Analysts Societies), which has more than 17,000 investment 

professionals in Europe, and ACIIA (the Association of 

Certified International Investment Analysts), which has over 

60,000 investment professionals worldwide. 

DVFA - Deutsche Vereinigung für Finanzanalyse 

und Asset Management 

Contact Person Karin Wenzel 

Phone +49-(0) 69-26 48 48-1 01 

E-mail karin.wenzel@dvfa.de 

Website www.dvfa.de 

Address Mainzer Landstr. 47a 


Germany 

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EQS Group 

Contact Person Anja Weiß 

Phone +49-(0) 89-21 02 98-1 41 

E-mail anja.weiss@eqs.com 

Website www.eqs.com 

Address Seitzstr. 23 

80538 Munich 

Germany 

EVCA European Private Equity and Venture Capital Association 

Contact Person Dörte Höppner 

Phone +32-(0) 27 15 00 20 

E-mail info@evca.eu 

Website http://evca.eu 

Address Bastion Tower - Place du Champ de Mars, 5 

1050 Brussels 

Belgium 

Haubrok Investor Relations GmbH + Co. KG 

Contact Person Ursula Querette 

Phone +49-(0) 89-2 10 27-5 22 

E-mail u.querette@haubrok.de 

Website www.haubrok.de 

Address Landshuter Allee 10 

80637 Munich 

Germany 


Partners 

Serving more than 7,000 customers, the EQS Group is a 

leading provider of online corporate communication serv - 

ices in the German-speaking region. Corporate customers 

from Europe, Asia and North America use our one-stopshop 

communication solutions in the areas of investor relations 

and corporate communications. In addition to ensuring 

compliance with statutory requirements, our range of 

services also includes disseminating corporate news, 

developing financial portals and websites, holding audio 

and video conferences and generating online financial 

reports. Established in 1996 and having been a market 

leader ever since, the wholly-owned subsidiary, the 

German Society for Ad-hoc Publicity (“DGAP mbH”) is an 

institution that ensures stock-listed companies are complying 

with statutory requirements. 

The EVCA is the voice of European private equity and 

venture capital. 

We promote the interests of our more than 1,200 members, 

to ensure they can conduct their business effectively. 

The EVCA engages policymakers and promotes the industry 

among key stakeholders, including institutional 

investors, entrepreneurs and employee representatives. 

It develops professional standards, prepares research reports 

and holds professional training and networking events. 

The EVCA covers the whole range of private equity, from 

early-stage venture capital to the largest buy-outs. 

Haubrok Investor Relations is your partner for successfully 

addressing the financial community. Since 1990, we have 

partnered over 50 companies through their stock exchange 

listing. Even today, we are still actively involved in many of 

these (mostly small- and mid-cap) companies. We advise 

them on all matters with regard to equity, fixed- income 

transactions, reporting and daily capital market communications. 

The services we provide are based on the personal 

and professional abilities of our staff. Together with our 

clients, we develop optimum communication solutions for a 

wide range of capital market transactions, all the while utilising 

our long-standing relationships with journalists, 

banks, investors and analysts all over Germany.

Partners 

Holland Private Equity (“HPE”) is an investment firm focusing 

on growth-stage investments in small- and mid-market tech - 

nology companies with the ambition to accelerate their 

growth and become global leaders in their field. HPE typically 

provides straight equity (no leverage) and has a geographic 

focus on Germany and the Benelux. HPE invests tickets of 

EUR 10 to 20 million per company for a minority stake. 

By using the expertise bundled in our network of operational 

and financial veterans, we take a hands-on, pragmatic 

approach when it comes to helping companies grow 

revenues from EUR 15 million to in excess of EUR 100 million. 

Key areas in which we add value to our portfolio companies 

include international sales and marketing, capacity ramp-up, 

buy-and-build and back-office professionalisation. 

Holland Private Equity 

Contact Person Tim Van Delden 

Phone +31-(0) 20-7 14 34 00 

E-mail info@hollandpe.com 

Website www.hollandpe.com 

Address Gustav Mahlerplein 109-111 

1082MS Amsterdam 


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PvF Investor Relations 

Contact Person Jörg G.H. Peters 

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

E-mail office@pvf.de 

Website www.pvf.de 

Address Hauptstr. 129 


Germany 

STEP AWARD 


STEP Award 

Contact Person Simone Kuczynski 

Phone +49-(0) 69-75 91-15 64 

E-mail s.kuczynski@faz-institut.de 

Website www.step-award.de 

Address Mainzer Landstr. 199 


Germany 

viaprinto eine Marke der CEWE COLOR AG & Co. OHG 

Contact Person Thorsten Gebhardt 

Phone +49-(0) 25 34-5 81 69-67 

E-mail thorsten.gebhardt@viaprinto.de 

Website www.viaprinto.de 

Address Otto-Hahn-Str. 21 

48161 Münster 

Germany 


Partners 

PvF Investor Relations provides corporate clients in all 

fields of business with advice and support regarding financial 

communications. PvF offers the full range of IR and PR 

services in terms of content and strategy, in identifying specific 

target groups and implementing individual communication 

methods and measures, as well as in preparing 

annual, interim financial and sustainability / CSR reports. 

Based in Eschborn near its partner Deutsche Börse, as well 

as others in Berlin, Bremen, the Rhine-Neckar region and 

Beijing, China, PvF’s manner of working is defined by 

expertise, experience, independence and a high quality 

standard. Both partners in the company hold lectureships 

at the Frankfurt School of Finance, offering professional 

training for future Certified Investor Relations Officers 

(CIROs). 

The STEP Award is a competition designed to recognise 

innovative growth companies in Germany, Austria and 

Switzerland. The initiators, Infraserv Höchst and F.A.Z.- 

Institut Innovation Projects, are pursuing the same goal 

together with numerous sponsors and partners of the 

competition: namely, to give companies an important boost 

in their growth phase. The STEP Award focuses on pharmaceuticals, 

chemistry, life sciences, biotechnology, nano - 

technology, medical engineering and greentech – indeed, 

businesses that are considered the sectors of the future. 

Since 2006, more than 600 companies have participated in 

and benefit from the large network of the STEP Award 

community. 

viaprinto – your CEWE Online Print Service – turns your 

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delivery no later than 10.30 a.m. 

(Overnight service is available in many regions of Germany.)

BOND MAGAZINE – Institutional Investment Publishing GmbH 

Contact Person Christian Schiffmacher 

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

E-mail schiffmacher@fixed-income.org 

Website www.fixed-income.org 

Address Bahnhofstr. 28 

82515 Wolfratshausen 

Germany 

Börsen Radio Network AG 

Contact Person Peter Heinrich 

Phone +49-(0) 9 21-74 13-4 00 

E-mail p.heinrich@brn-ag.de 

Website www.brn-ag.de 

Address Denzenlohestr. 47 

95500 Heinersreuth 

Germany 


Contact Person Thorsten Dieterle 

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

E-mail leserservice@boersen-zeitung.de 

Website www.boersen-zeitung.de 

Address Düsseldorfer Str. 16 


Germany 



Founded in October 2006, Institutional Investment Publishing 

GmbH is an independent publisher of magazines dealing 

with institutional asset management and corporate 

finance issues. October 2009 saw the publication of 

BONDBOOK, the first independent bond magazine in German-speaking 

Europe. Complementary to BONDBOOK, 

BOND MAGAZINE is published bimonthly and addresses 

current topics such as bond issues and investments. 

The influence that stock exchanges have all over the world 

is immense. Be it the job market, interest rates, pricing, 

inflation – all of these influence decisions made within the 

economy and politics. But it takes a brave person to make a 

decision. That’s why we talk to decision-makers in economics 

and to experts every day. Accurate preparation, 

years of experience and a journalistic format are the tools 

we use to provide traders and interested investors with 

background information. Work-related fidelity and strict 

neutrality are our driving forces; this is reflected in our 

listeners’ feedback and steadily increasing reach, with up to 

1 million streams per month. We use this to continuously 

enhance our programme, to make stock markets audible 

and understandable. That applies to you, too. Contact us to 

find out why. vertrieb@brn-ag.de 

Börsen-Zeitung: Germany’s only daily newspaper for the 

financial markets 

Börsen-Zeitung compiles facts and researches background 

information to give a daily informative edge. 

Börsen-Zeitung covers banking and finance, capital markets, 

companies and sectors, as well as economy and 

policy. Sound background reports and detailed analyses 

make Börsen-Zeitung an important decision-making tool 

on the financial markets. The content of the newspaper, 

as well as a large number of investment-related data and 

proper analysis tools, can be viewed on the website 

www.boersen-zeitung.de.


business new europe (bne) is the only magazine covering 

business, economics, finance and politics in the dynamic 

new markets of Central, Eastern and South Eastern Europe. 

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

collective experience in reporting on this dynamically growing 

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

Meet the captains of industry that are building the new 

European economies, receive up-to-the-minute commentary 

and analysis of breaking news events and spot the 

slow-moving trends as they appear. bne is available online 

at http://bne.eu or as a print issue. 

business new europe 

Contact Person Elena Arbuzova 

Phone +7-(0) 9 16-0 01 55-10 

E-mail arbuzova@bne.eu 

Website www.bne.eu 

Address Schluterstr. 19 

10625 Berlin 

Germany 

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DAF Deutsches Anleger Fernsehen AG 

Contact Person Katarina Dziamski 

Phone +49-(0) 92 21-90 51-6 62 

E-mail k.dziamski@daf.fm 

Website www.daf.fm 

Address Kressenstein 15 

95326 Kulmbach 

Germany 

dpa-AFX Wirtschaftsnachrichten GmbH 

Contact Person Marion Köhler 

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

E-mail info@dpa-AFX.de 

Website www.dpa-AFX.de 

Address Gutleutstr. 110 


Germany 

FINANCE – FINANCIAL GATES GmbH 

Contact Person Dione Bork 

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

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

Website www.finance-magazin.de 

Address Bismarckstr. 24 

61169 Friedberg 

Germany 


“Deutsches Anleger Fernsehen” (“DAF”) offers private 

investors access to up-to-date news from the finance sector. 

The programme focuses on the benefit for the investor 

by covering the markets, taking into account the entire 

bandwidth, from blue chips to small- and mid-caps. Every 

hour “Börse Live” highlights the current situation on the 

stock markets. Analysts, institutional fund advisors, journalists 

and insiders state their opinions on the current market 

situation via video conference. Our DAF correspondents 

report live from Deutsche Börse in Frankfurt and from the 

New York Stock Exchange. DAF offers one of the largest 

financial video-on-demand archives in Germany. DAF´s 

programme can be viewed on TV via satellite and cable networks; 

it is also integrated in a wide range of online portals. 

Faster business insights – dpa-AFX Wirtschaftsnachrichten 

GmbH is one of the leading news agencies for German- and 

English-language, real-time financial and economic news. 

With a worldwide network of journalists, dpa-AFX provides 

independent, reliable and fast news on international financial 

and economic developments, such as articles, radio 

and video reports. 

For more information, visit www.dpa-AFX.de 


FINANCIAL GATES GmbH, a member of the publishing 

group Frankfurter Allgemeine Zeitung GmbH, is committed 

to high-quality standards of journalism and expertise in 

covering business-related and finance topics. The same 

publisher provides FINANCE, the magazine for finance managers. 

When times are good, these managers are often barely 

noticed; in difficult times, they are the most important people 

in a company. Indeed, chief financial officers perhaps have 

the most challenging jobs today, and FINANCE magazine is 

the must-read for these CFOs. FINANCE provides thoughtprovoking 

insights into the world of finance within large companies, 

as well as useful tips for the day-to-day work undertaken 

in these finance departments. The editorial staff at 

FINANCE represents the highest level of quality in compelling, 

informative business reporting.


FinanzNachrichten.de is the leading German-language 

financial news portal and one of the biggest financial websites 

on the German market. Whilst financial portals usually 

only offer news gathered from their own in-house journalists, 

FinanzNachrichten.de offers a wide spectrum of 

news from different media in various countries. 

FinanzNachrichten.de offers around 11,000 pieces of financial 

news per day, in German or in English, from more than 

400 different media sources. The website has 11 million 

page impressions and 3 million visits per month (according 

to the German Audit Bureau of Circulations, “IVW”) by 

560,000 unique users (Working Group for Online Media Research, 

“AGOF”). According to surveys, 87% of the users 

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

and half of the users buy and/or sell shares at least once a 

week. 

FinanzNachrichten.de 

Contact Person Markus Meister 

Phone +41-(0) 44-6 83-11 01 

E-mail markus.meister@finanznachrichten.de 

Website www.finanznachrichten.de 

Address Zollikerstr. 27 

8008 Zurich 

Switzerland 

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GoingPublic Magazin – GoingPublic Media AG 

Contact Person Daniela Gebauer 

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

E-mail gebauer@goingpublic.de 

Website www.goingpublic.de 

Address Hofmannstr. 7a 

81379 Munich 

Germany 

International Herald Tribune 

Contact Person Jörg Müller 

Phone +49-(0) 69-71 67 79-15 

E-mail jmueller@iht.com 

Website http://subs.iht.com/boerse 

Address Friedrichstr. 52 


Germany 

Markt und Mittelstand – FINANCIAL GATES GmbH 

Contact Person Dione Bork 

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

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

Website www.marktundmittelstand.de 

Address Bismarckstr. 24 

61169 Friedberg 

Germany 



GoingPublic Magazin is a modern capital markets publication 

for securities issuers and investment professionals. 

The monthly magazine (together with 4 special issues and 

6-10 special supplements every year) gives issuers an 

insight into being public trends and investor relations 

issues, as well as covering any relevant capital market innovations. 

Leading law firms contribute their expertise in the 

form of specialist articles on tax and legal issues, whilst the 

M&A section charts developments from the spectrum of 

public takeovers to companies going private. GoingPublic 

represents the top tier of corporate finance business and is 

the leading IPO publication in the German-speaking 

regions of Europe. In addition, the magazine sees itself as 

being the leading public platform and as a channel for 

communications between issuers, institutional investors, 

service providers and the financial community. 

The IHT combines the extensive reporting of The New York 

Times with its own distinctive, sophisticated perspective on 

what’s happening around the world and what it means. 

Taking a subscription out with the IHT keeps you connected 

to the global conversation and the newspaper is delivered 

to your home or office daily. What’s more, subscribers get 

unlimited access to the IHT app for the iPhone, iPad and 

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NYTimes.com. Try the IHT today. For more information, 

visit: subs.iht.com/boerse 

In Markt und Mittelstand, corporate decision-makers from 

medium-sized companies will find all the information they 

need to boost their company’s profiles. Readers will find 

practical advice from medium-sized companies’ typical 

fields of action, as well as enthralling stories about enterprises 

and entrepreneurs. We have a 360° view on the corporate 

world. Markt und Mittelstand covers strategy, 

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value chain. At the core of our magazine are growth companies, 

i.e. companies that develop quickly and therefore 

have an extraordinary demand for information and investments. 

Markt und Mittelstand reaches 162,000 readers 

monthly (LAE 2011). These are mainly owners, managing 

directors and top executives of medium-sized companies.


mergermarket is an independent mergers and acquisitions 

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

dedicated M&A journalists, who are based in 56 locations 

across the Americas, Europe, Asia-Pacific, the Middle East 

and Africa. Unlike any other service of its kind, mergermarket 

specialises in providing forward-looking origination and 

deal flow opportunities, integrated in a comprehensive 

deals database. This results in real revenues for clients. Visit 

www.mergermarket.com 

mergermarket 

Contact Person David Kubatzky 

Phone +49-(0) 3 08 89-2 22 61 

E-mail David.Kubatzky@mergermarket.com 

Website www.mergermarket.com 

Address 80 Strand 

London WC2R 0 

Great Britain 

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n-tv Nachrichtenfernsehen GmbH 

Contact Person Thomas Hellwege 

Phone +49-(0) 2 21-4 56-3 13 10 

E-mail thomas.hellwege@n-tv.de 

Website www.n-tv.de 

Address Picassoplatz 1 

50679 Cologne 

Germany 

Phoenix Chinese News & Entertainment Channel 

Contact Person Pingping Luo 

Phone +49-(0) 69-35 35 78-26 

E-mail pingping.luo@phoenixcne.eu 

Website www.pcne.tv 

Address Neue Mainzer Str. 75 


Germany 

pressetext Nachrichtenagentur GmbH 

Contact Person Dr. Franz Temmel 

Phone +49-(0) 30-2 97 70-25 00 

E-mail temmel@pressetext.com 

Website www.pressetext.com 

Address Schiffbauerdamm 40 

10117 Berlin 

Germany 



n-tv, Germany’s leading news channel, is synonymous with 

reliable, fast, comprehensive and independent news. n-tv 

offers the latest news about politics, economy, sports and 

society: 24 hours a day, 365 days a year. n-tv is known for 

its high level of live broadcasting, its breaking-news character 

and its extensive coverage of business topics. Each day, 

n-tv offers the latest stock exchange and company news, 

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way. Up-to-date political discussions, high-quality magazines 

and documentations round off what n-tv has to offer. 

As a modern news company, n-tv offers its content on all 

platforms – on TV, online and via its successful news apps 

for mobile phones. 

As a bridge connecting Europe and China, Phoenix 

Chinese News & Entertainment Channel (PCNE) brings to 

its European audience the major political, business news 

and entertainment programmes through a wide distribution 

network. PCNE uses the satellite Eurobird D9S to broadcast 

its programmes 24/7 to 60 countries and regions in 

Europe. It is dedicated to promoting economic partnerships 

and cultural exchanges between China and Europe, as well 

as to creating waves for Chinese enterprises and provinces, 

such that they can tap into new trade and investment 

opportunities. Apart from serving the needs of the Chinese 

communities within Europe, PCNE offers a window of 

opportunity for investors to target the most affluent and 

educated Chinese individuals within Europe and for European 

companies to generate publicity as they make their 

way into the Chinese market. 

pressetext news agency assists clients in corporate 

communications and investor relations, providing the 

highest quality with regards to content, a round-the-clock 

service and targeted press distribution to Bloomberg, 

Dow Jones Newswires and Thomson Reuters. It provides 

reliable access to investors, journalists and decision 

makers who are essential to your public relations activities 

within Germany and beyond. To find out more, 

contact: adhoc@pressetext.com.


It is the mission of Property Investor Europe to make real 

estate on mainland Europe transparent for US and global 

investment professionals. Through its printed magazine, 

online weekly and daily updates, as well as its events, its 

news analysis commentary fosters investment capital flows 

in and around the continent. 

A subscription-based service founded in 2005, PIE is 

unique in that it is published in English from Frankfurt, Germany, 

and employs editors around Europe. PIE is written for 

investing institutions, capital allocators and managers, 

banks, REITs and other listed vehicles, funds, corporate 

treasurers, academics and private investors – to help them 

understand the reward, opportunity and risk in Europe’s 

diverse markets. 

MESSAGE MEETS 

AUDIENCE! 

GERMAN INVESTORS 

TELEVISION 

Property Investor Europe 

Contact Person Frank Beinborn 

Phone +49-(0) 69-24 43 33-1 28 

E-mail frank.beinborn@pie-mag.com 

Website www.pie-mag.com 

Address Friedrich-Ebert-Anlage 36 


Germany 

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DAF - TEAM FRANKFURT 

www.daf.fm Satellite: ASTRA Digital Cable Networks: Unitymedia, Kabel BW IP-TV: Telekom Entertain

The Wall Street Journal Germany 

Contact Person Verena Hofmann-Werther 

Phone +49-(0) 69-2 97 25-3 34 

E-mail verena.hofmann-werther@dowjones.com 

Website www.wsj.de 

Address Wilhelm-Leuschner-Str. 78 


Germany 

Unternehmer Medien GmbH 

Contact Person Frank Schmidt 

Phone +49-(0) 2 28-9 54 59-91 

E-mail schmidt@unternehmermagazin.de 

Website www.unternehmermagazin.de 

Address Schlossallee 10 

53179 Bonn 

Germany 

VDI Verlag GmbH 

Phone +49-(0) 2 11-61 88-0 

E-mail info@vdi-nachrichten.com 

Website www.vdi-nachrichten.com 

Address VDI-Platz 1 


Germany 



WSJ.de is The Wall Street Journal’s German-language digital 

edition, which was launched in January 2012. Available 

as a news site with mobile and tablet editions and a mobile 

website, the site provides German-speaking readers with a 

unique offering of global news combined with locallyfocused 

coverage, as well as access to the full Wall Street 

Journal Digital Network. The Wall Street Journal has 11 

sites in eight languages, including German, Portuguese, 

Spanish, Chinese, Japanese and Korean. 

unternehmermagazin (est. 1953) is Germany’s oldest publication 

exclusively for owners of medium-sized and large 

family enterprises, many of whom are German, European 

and global market leaders. Now in its 60th volume, it is 

published with a circulation of 70,500 subscribed copies 

nationwide. As an independent periodical, it promotes the 

social market economy and competition, even in times of 

continuous internationalisation. The publication of highquality 

professional articles at the publishers’ personal invitation 

is in line with the magazine’s long-standing tradition. 

The authors include entrepreneurs from all branches, as 

well as Federal ministers, university professors, top operatives 

and spokesmen from various other fields. 

VDI nachrichten is the leading opinion-forming weekly 

magazine for engineers and technical managers. It provides 

up-to-date, comprehensive and competent information on 

trends in technology, the economy and society. The newspaper 

book Technik & Finanzen describes and illustrates how 

finances can be used to enhance and increase efficiency in 

business. Panels of experts and surveys keep readers 

informed of the capital market, start-up initiatives and financial 

and investment strategies. Analysts and market observers, 

meanwhile, also assess trends. VDI nachrichten 

reaches around 339,000 readers every Friday (according to 

the Allensbacher Communication Media Analysis 2012). It is 

published by VDI Verlag, which is 60% owned by VDI GmbH 

and 40% owned by the Handelsblatt GmbH group of publishers.


Founded in 1998, GoingPublic Media AG is nowadays one 

of the leading publishers on matters relating to capital markets, 

corporate finance and technology trends. In addition 

to GoingPublic Magazin – the modern magazine on capital 

markets – VentureCapital Magazin remains a hub for the 

German-speaking private equity and venture capital industry. 

Smart Investor, meanwhile, addresses retail investors, 

whilst M&A REVIEW target M&A professionals and 

Unternehmeredition focuses on small- and medium-sized 

companies (the so-called German “Mittelstand”). With 

17,000 recipients, DIE STIFTUNG is the publication with the 

widest coverage in the German-speaking not-profit foundation 

sector. Munich-based GoingPublic Media (which 

has 30 employees and turned over EUR 4 million in 2011) is 

an independent publishing house and has been listed on 

the Frankfurt Stock Exchange since 2006. 

VentueCapital Magazin – GoingPublic Media AG 

Contact Person Daniela Gebauer 

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

E-mail gebauer@goingpublic.de 

Website www.goingpublic.de 

Address Hofmannstr. 7a 

81379 Munich 

Germany 

Be a global thinker. 

Every day. 

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Edited from an international and independent perspective, 

the International Herald Tribune offers you a fresh and 

original slant on the daily life of the world – from politics 

and business to culture, sports and the arts – giving you 

the insights and understanding you need, in one easy-tonavigate 

daily read. 

Get the IHT delivered daily to your home or offi ce for 6 months 

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Alphazirkel 

Contact Person Andreas Mach 

Phone +49-(0) 1 72-8 51 03 37 

E-mail andreas.mach@alphazirkel.de 

Website www.alphazirkel.de 

Address Richard-Strauss-Str. 24 

81677 Munich 

Germany 

Bundesverband der Deutschen Industrie 

Contact Person Dr. Reinhard Kudiß 

Phone +49-(0) 30-20 28-14 22 

E-mail info@bdi.eu 

Website www.bdi.eu 

BVI Bundesverband Investment und Asset Management e.V. 

Website www.bvi.de 

Address Bockenheimer Anlage 15 


Germany 



ALPHAZIRKEL was founded in November 2005 as a platform 

for family entrepreneurs. Since then, ALPHAZIRKEL 

has established itself as the leading German-language platform 

for family-owned companies – it is run by entrepreneurs, 

for entrepreneurs. 

ALPHAZIRKEL offers a platform for people to share their 

opinions and experiences as well as for dialogue to be 

fostered between generations. It is a secure space for family 

entrepreneurs to pose any open or latent questions they 

might have with regard to the concerns and challenges 

surrounding sustaining and growing their business in the 

generations to come. ALPHAZIRKEL is a working group. 

Participation in our events as well as access to our publi cations 

are free. 

The Federation of German Industries (“Bundesverband der 

Deutschen Industrie”, “BDI”) is the leading organisation of 

German industry and industry-related services. It speaks 

on behalf of 38 sector associations and represents over 

100,000 large, medium-sized and small enterprises with a 

good eight million employees. Industry speaks with one 

voice to political institutions on national, European and 

international levels. 

In its work, BDI considers itself to be firmly committed to a 

basic economic model: the social market economy founded 

by Ludwig Erhard. This entails advocating more freedom, individuality, 

entrepreneurship and social equilibrium. And that 

means acting as the conscience enshrined in our basic philosophy, 

as once again, the social market economy has to 

provide supply the yardstick for economic policy in Germany. 

BVI represents the interests of the German investment fund 

and asset management industry. Its 80 members currently 

handle assets amounting to EUR 1.9 trillion in both investment 

funds and mandates. BVI enforces improvements for 

fund investors and promotes equal treatment of all 

investors in the financial markets. BVI’s investor education 

programmes support students and citizens in improving 

their financial knowledge. BVI’s members both directly and 

indirectly manage the capital of 50 million private clients in 

21 million households. For more information, please visit 

www.bvi.de.


The German Association for Small- and Medium-sized 

Businesses (“Bundesverband mittelständische Wirtschaft”, 

“BVMW”) is a politically neutral association representing 

the interests of small- and medium-sized enterprises spanning 

all professions and industries. 

The BVMW is the ideal partner to take companies forward 

into a future where the “lonely warrior” type of businessperson 

no longer stands a chance, and where networking and 

an integrated approach are the name of the game. 

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BVMW – Bundesverband mittelständische Wirtschaft, 

Unternehmerverband Deutschlands e.V. 

Contact Person Josef Stumpf 

Phone +49-(0) 62 21-1 38 90-10 

E-mail josef.stumpf@bvmw.de 

Website www.bvmw.de 

Address Mosse Palais Leipziger Platz 15 

10117 Berlin 

Germany 

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Deutscher Investor Relations Verband e.V. 

Contact Person Christa Scholl 

Phone +49-(0) 69-95 90-94 90 

E-mail info@dirk.org 

Website www.dirk.org 

Address Reuterweg 81 


Germany 

D EUTSCHES AKTIENINSTITUT 

Deutsches Aktieninstitut e.V. 

Contact Person Dr. Franz-Josef Leven 

Phone +49-(0) 69-9 29 15-24 

E-mail dai@dai.de 

Website www.dai.de 

Address Niedenau 13-19 


Germany 

European Sustainable Investment Forum 

Contact Person Christopher Moore 

Phone +32-(0) 22 74 14 35 

E-mail christopher@eurosif.org 

Website www.eurosif.org 

Address 331 Rue Du Progrès 

1050 Brussels 

Belgium 



DIRK is the Association for Investor Relations (IR) in Germany. 

As the IR professionals’ voice, DIRK represents the 

concerns of its members in an active dialogue with interest 

groups and capital market stakeholders, political institutions 

and the general public. The association offers its 

members specific support and promotes regular exchange 

among its own ranks and with IR specialists from all over 

the world. With its more than 350 members, DIRK sets the 

standards of communication between companies and the 

capital market. The spectrum of companies organised 

within DIRK includes almost all index values, companies 

with a small market capitalisation, IPO candidates and 

individuals. 

Deutsches Aktieninstitut e.V. is the association of German 

exchange-listed stock corporations and other companies 

and institutions engaged in capital market development. Its 

most important tasks include supporting the relevant institutional 

and legal framework of the German capital market, 

developing a harmonised European capital market, 

enhancing corporate financing in Germany and promoting 

the acceptance of equity amongst investors and companies. 

Eurosif’s mission is to “Develop Sustainability through 

European Financial Markets”. 

Eurosif acts as a partnership of the national Sustainable 

Investment Forums (SIFs) within the EU and with the 

support and involvement of Member Affiliates. 

These Member Affiliates include institutional investors, 

financial service providers, academic institutes, trade 

unions and NGOs. The association is a not-for-profit entity 

that represents assets amounting to more than EUR 1 trillion 

through its Member Affiliates.


F I C is a consulting firm specialised in services relating to 

strategic partnering and investment opportunities, as well 

as international business consulting. Along with our partners, 

we have extensive expertise in advising international 

strategic investors, companies and banks with regards to 

interesting opportunities in Europe, in particular in the GSA 

(Germany, Switzerland and Austria) region. We also provide 

German enterprises with assistance in their strategic 

projects and in starting or expanding their business 

operations in the MENA (Middle East and North Africa) 

region. For further information, please visit our website at 

www.frankfurt-ic.com or feel free to give us a call. Our 

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nGuide 210x99 Q9_Layout 1 04.11.12 22:35 Seite 1 

BOND GUIDE 

Der Newsletter für Unternehmensanleihen 

BondGuide – der Newsletter 

für Unternehmensanleihen 

14-tägig Analysen, Statistiken, Hintergründe 

Jetzt anmelden! www.bondguide.de 

Nächste Erscheinungstermine: 16.11., 30.11., 14.12. 


High-Tech Gründerfonds invests in young, high-potential, 

high-tech start-ups. The seed financing provided is 

designed to enable start-ups to take an idea through prototyping, 

all the way to market launch. Typically, High-Tech 

Gruenderfonds invests EUR 500,000 in the seed stage, with 

the potential for up to a total of EUR 2 million per portfolio 

company in follow-up financing. Investors in this public / 

private partnership include the Federal Ministry of Economics 

and Technology, the KfW, as well as 14 industrial 

groups. High-Tech Grü nderfonds has around EUR 565.5 

million under management in two funds (EUR 272 million 

HTGF I, EUR 293.5 million HTGF II). 

Founded in 1999, Zero2IPO is a leading integrated service 

provider in the Chinese venture capital and private equity 

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flow and networking source within China. Zero2IPO’s mission 

is to be the preferred service provider of businesses in 

the venture capital and private equity industry. It is thus 

offering its clients and partners unparalleled knowledge 

and expertise. To this end, Zero2IPO is providing a broad 

and deep array of services (Zero2IPO Research, Zero2IPO 

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Partners, PEdaily.cn), which will allow entrepreneurs and 

investors to reach the next level of success. The Zero2IPO 

Group has its headquarters in Beijing, as well as offices in 

Shanghai, Shenzhen, Hong Kong, and Silicon Valley. 

KW 21/22 

BOND GUIDE 


In dieser Ausgabe: 

| Vorwort (S. 1) 

| Aktuelle Emissionen (S. 2) 

| Rendite-Rating-Matrix Mittelstandsanleihen (S. 2) 

| Notierte Mittelstandsanleihen im Überblick (S. 3) 

| Handelsvoraussetzungen & Folgepfl ichten: 

die Plattformen im Vergleich (S. 6) 

| League Tables der wichtigsten Player am Bondmarkt (S. 7) 

Drei mal vier 

Liebe Leserinnen und Leser, 

KW 37/38 

Vorwort 

der Ball rollt, zumindest sehr bald: Mittwoch begann die 

Zeichnungsfrist der Schalke-Anleihe. Zum Redaktionsschluss 

BOND GUIDE 

dieses BondGuide war eine vorzeitige Schließung der Orderbücher 

zwar noch nicht verkündet, aber immerhin wäre die Modemarke Steilmann-Boecker, die in Kürze anlaufen dürfte. 

nicht sonderlich weit hergeholt. Ob der Fußballverein wohl Die Coverage dazu mit den bereits verfügbaren Parametern 

neten Masterplan hat? – Das leicht zu begeisternde Fuß- Ein Update mit aktueller und ggf. angepasster Einschätzung 

dann wie gewohnt auf der Website. 

Grill- und Biergartenwetters schon seit geraumer Zeit in der 

Aufwärmphase zur Europameisterschaft in Polen & Ukraine. Dass gleich drei aktuelle Emissionen attraktiv erscheinen, ist ein 

Platzierung planmäßig beendet sein. 

ausgestattet war. In dem Sinne: weiter so. 

Allerdings bieten die Gelsenkirchener weniger Prozente als 

so manches grillbegleitendes Getränk – ein kleiner Wermuts- Viel Spaß beim Lesen wünscht Ihnen 

tropfen. 

Falko Bozicevic 

der Revier-Klub neben dem FC Bayern und Borussia Dort- Über Ihr Feedback zum BondGuide würden wir uns sehr 

freuen. Sicherlich ist noch nicht alles perfekt, wir wollen 

Klubs zu gehören – allen anderslautenden Unkenrufen zum jedoch gerne – mit Ihrer Hilfe – an uns arbeiten. 

Trotz übrigens. In unserer Vorschau auf die nächsten Emis- Kontakt: newsletter@bondguide.de oder 

sionen kommt Schalke daher auch mit „attraktiv“ (****) weg. 

redaktion@goingpublic.de 

mit dem gewählten Zeitpunkt der Emission einen übergeord- 

ball-Deutschland befi ndet sich inmitten mehrwöchigen 

Die beginnt am 8. Juni – am selben Tag soll die Schalkemit 

genau so vielen „Finger-weg“ und „nicht interes sant“ 

Wir gehen von einer erfolgreichen Platzierung aus, scheint 

mund mit zu den am besten unternehmerisch geführten 

1. Juni 2012 

Ausgabe 

11/2012 

Erscheint 

14-tägig 


In dieser Ausgabe: 

Advertisement 

| Vorwort (S. 1) 

| Aktuelle Emissionen (S. 2) 

| Rendite-Rating-Matrix Mittelstandsanleihen (S. 2) 

| Notierte Mittelstandsanleihen im Überblick (S. 3) 

| Handelsvoraussetzungen & Folgepfl ichten (S. 6) 

| League Tables der wichtigsten Player am Bondmarkt (S. 7) 

| BondGuide-Musterdepot: Zeit für Zuwachs (S. 9) 

| News zu aktuellen und gelisteten Bond-Emissionen (S. 11) 

| Anleihe im Fokus I: getgoods.de AG – 

Großen Handelskonzernen die Stirn bieten (S. 14) 

| BondGuide-Musterdepot: Anstoß! (S. 8) 

| News zu aktuellen und gelisteten Bond-Emissionen (S. 9) 

| Anleihe im Fokus I: Steilmann-Boecker: Fashion-Bond 

mit der Lizenz zum Erfolg? (S. 11) 

| Anleihe im Fokus II: Maritim Vertrieb will 25 Mio. EUR „abschleppen“ (S. 14) 

| Law Corner: Einiges Neues im Prospektbereich ab 1. Juli … (S. 16) 

| Impressum (S. 15) 

Die ausführliche Analyse fi nden Sie in BondGuide #10 vom 

18. Mai bzw. auf bondguide.de. 

Interessanterweise, und das ist ein Novum, sind derzeit gleich 

drei Emissionen mit besagten vier Sternen dekoriert: neben 

Bond-Regen im Herbst 

Liebe Leserinnen und Leser, 

sichtlich der aktuellen Lage, die aber verneint werden muss. 

eine wahre Emissionswelle überrollt gerade die Segmente für Blickt man auf die vergangenen Monate, zeigt sich, dass es – 

gerade für unbekannte Unternehmen – nicht so einfach war, 

den angestrebten Emissionserlös zu erzielen. Günstig für den 

obwohl bereits die ersten drei Unternehmen ihr Anleihedebüt Anleihenmarkt ist aktuell sicherlich der Wunsch der Anleger 

bereits gefeiert haben, stehen schon weitere etliche Emittenten 

in der Schlange. 

zinsstand nur schwer zu erreichen ist. Derzeit scheint das Geld 

locker zu sitzen – wie lange das noch so sein wird, muss sich 

erst zeigen. Daher darf man gespannt sein, wie sich die nächsten 

berg, nicht zu verwechseln bitte mit dem dänischen Pendant 

markt nicht vom Regen in die Traufe kommt! 

Schalke 04 noch der Schlepperspezialist Maritim Vertrieb (die 

entsprechende Analyse dazu ab Seite 14) sowie auch die 

Mittelstandsanleihen. Der September wird damit Anwärter 

für den Titel des emissionsstärksten Monats bislang. Denn 

deshalb auch schon in diesem BondGuide (Seiten 11–13). 

Eisbrecher für diesen Run war die deutsche Brauerei Karls- 

erbauliches Zeichen – es gab auch Zeiten, in denen die Vorschau 

Carlsberg (siehe auch BondGuide #18/2012)! Innerhalb 

weni ger Stunden war die Anleihe der Bierbrauer überzeichnet. 

Auch Hahn Immobilien (siehe ebenfalls BondGuide #18/2012) 

hat die Investoren überzeugt und konnte gleich am ersten Tag 

die Orderbücher wieder schließen. 

Vorwort 

Etwas länger hingegen hat der Online-Reiseanbieter Travel24.com 

(siehe BondGuide #18/2012) für seine Buchung gebraucht, 

um 25 Mio. EUR voll zu platzieren. Aktuell buhlen der 

Online händler getgoods.de (siehe S. 14–16) und das britische 

Versicherungsunternehmen Enterprise Holdings (S. 17–18) 

| Anleihe im Fokus II: Enterprise Holdings – 

Wachstum in der Versicherungsnische (S. 17) 

| Interview I mit Dr. Thomas Berger, CEO, KTG Energie AG (S. 19) 

| Anleihe im Fokus III: Identec Group AG – 

Technologie-Anleihe mit Bonus (S. 21) 

| Interview II mit Peter Rentsch, geschäftsführender Gesellschafter, 

eterna Mode Holding GmbH (S. 26) 

| Law Corner: Prospektnachtrag nach § 16 WpPG – 

verschärftes Widerrufsrecht (S. 29) 

| Impressum (S. 28) 

um die Gunst (und das Kapital) der Investoren. Sie müssen 

sich beeilen, denn der Biogasanlagenhersteller KTG Energie 

(siehe S. 19–20), das Technologieunternehmen BDT (siehe 

S. 11) und das Modeunternehmen eterna (siehe S. 26–28) 

scharren bereits mit den Hufen. 

Aber kann das so weitergehen? Eine berechtigte Frage hin- 

nach einer „anständigen“ Rendite, die beim aktuellen Niedrigst- 

Emittenten schlagen werden. Bleibt zu hoffen, dass der Bond- 

Viel Spaß bei der Lektüre! 

21. Sep. 2012 

Ausgabe 

19/2012 

Erscheint 

14-tägig 

Maximiliane Worch 

Über Ihr Feedback zum BondGuide würden wir uns sehr 

freuen. Sicherlich ist noch nicht alles perfekt, wir wollen 

jedoch gerne – mit Ihrer Hilfe – an uns arbeiten. 

Kontakt: newsletter@bondguide.de oder 

redaktion@goingpublic.de

Die GBC Kapital GmbH ist nach § 2 Abs. (10) KWG geha� geha� geha� geha� et durch Capital Idea GmbH, Hannover.

�� 

�� 

Top 50 capital seeking companies 


certon 

systems 

The new weapon for e-commerce

Company Page 

4a medicom GmbH 124 

Artcline GmbH 125 

Brandenburger Group 126 

brillen.de / Optik AG 128 

certon systems GmbH 129 

Concentrator Optics GmbH 130 

CorTAG GmbH 131 

crealytics GmbH 132 

CrystAl-N GmbH 133 

cube optics AG 134 

Cytolon AG 

Direvo Industrial 

135 

Biotechnology GmbH 136 

DRAUSY GmbH 137 

Company Page 

DREHER Aktiengesellschaft 138 

e.bootis ag 139 

EBS Technologies GmbH 140 

Eurographics AG 141 

finocom AG 142 

healthy planet 143 

HiperScan GmbH 144 

humangrid GmbH 145 

Jedox AG 146 

Jennewein Biotechnologie GmbH 147 

Joiz 148 

Kairos GmbH 149 

Koller Formenbau GmbH 150 

LeniMed GmbH 151 

Company Page 

Lüllau Engineering GmbH 152 

Medicyte GmbH 153 

mimoOn GmbH 154 

NOXXON Pharma AG 155 

oncgnostics GmbH 156 

PlanET Biogastechnik GmbH 157 

PRECISIS AG 158 

Scopis GmbH 159 

Sea & Sun Technology GmbH 160 

Shopgate GmbH 161 

SIRION Biotech GmbH 162 

t-cell Europe GmbH 163 

TomTec Imaging Systems GmbH 164 

Torqeedo GmbH 165 


Capital Seeking Companies 

Profile 

Founded in 2006 

Number of employees 25 

Equity (in EUR million) - 

Financing needs (in EUR million) 7.0 

Positive result from - 

Revenues in 2010 (in EUR million) - 


Revenues in 2012 (e) (in EUR million) - 


Contact 

Contact person Mag. Thomas Exel 

Phone: +43-(0) 6 99-19 07 05 55 

E-mail: exel@glucopearl.com 

Website: www.glucopearl.com 

Address: Industriepark 1 

8772 Traboch 

Austria 

Business field 

4a medicom GmbH is developing and commercialising an 

innovative system for measuring blood glucose. Unlike 

other commonly used systems, it enables the measurement 

to be taken by combining blood acquisition and blood sugar 

measurement − in just a single step and “at the touch of a 

button”. Diagnostic self-testing is the fastest-growing 

sector in the in vitro diagnostics market, which currently 

amounts to more than USD 35 billion worldwide. Especially 

attractive is the approximately USD 8 billion-large global 

market for self-testing blood sugar levels (“self-monitoring 

of blood glucose”, also known as “SMBG” for short) and 

the approximately USD 1 billion-large market for glucose 

measurement by professional personnel (“point of care”, or 

“POC” for short). 4a medicom addresses both these 

markets with the innovative GlucoPEARL. 


4a medicom GmbH 

Pharmaceuticals and health / 

medical technology 

Strategic market position 

An entirely novel and prototyped concept is the consolidation 

(unitisation) of all testing utensils and steps into a single 

disposable test device. This development offers unparalleled 

simplicity, speed and safety with regard to test 

performance and disposal. 

Management 

Reinhard Hafellner is the founder of 

4a Group. He studied Plastics Engineering 

and Polymer Science at the 

University for Applied Sciences in 

Leoben, Austria. Among others, he is 

the founder of a company that produces 

loudspeaker components for 

mobile phones (which has a global 

markt share of about 15%). 

Thomas Exel, COO 

Thomas Exel, CCO, has more than 6 

years of senior management experience 

within a diabetes-focused European sales organisation 

and therefore brings to 4a medicom numerous national 

and international contacts in the diabetes environment. 

Sylvia Fauland, CFO since July 2012, has more than 15 

years of senior management experience in multinational 

listed companies in the areas of finance, treasury and 

acquisitions. 

Planned investment, shareholders/investors 

The capital invested up to this point has comprised funding 

from the circle of founders, grants and A-series financing 

with an investor consortium made up of three financial investors 

in 2010. Funding from B-series financing with 

volumes of approximately EUR 7 million will be mainly 

invested in the manufacturing stage of the product and in 

building up distribution. A major part of the investment is 

scheduled for production with outsourcing partners. 

The 4a medicom GmbH shareholders are the two founders 

(53%), three venture capital companies (44.5%) and some 

private investors (2.5%).

Artcline GmbH 

Medical technology 

Profile 



Equity (in EUR million) 0.6 

Financing needs (in EUR million) 5 

Positive result from 2015 





Contact 

Contact person Dr. Jens Altrichter 

Phone +49-(0) 1 71-8 29 40 62 

E-mail jens.altrichter@artcline.de 

Website www.artcline.de 

Address Schillingallee 68 

18057 Rostock 

Germany 


Combination products made from medical devices and 

biologics will characterise medicine of the 21st century. 

ARTCLINE has developed a patented device that is somewhat 

similar to dialysis and utilises immune cells from 

healthy blood donors to treat patients with severe infections. 

The main indication is sepsis, a whole-body infection, 

which kills more than 200,000 patients in the US and 50,000 

patients in Germany each year (www.world-sepsisday.org). 

The costs for sepsis in the US alone amount to 

USD 15 billion annually. The EISS treatment from 

ARTCLINE, which has already been clinically tested, uses 

human granulocytes – the primary defence line of our 

immune system. In order to avoid side-effects, these cells 

are not infused into the patent, but instead, the blood is 

treated extra-corporeally in a dialysis-like system, with the 

treated blood finally being re-infused. The positive results of 

an initial clinical trial were published recently in the Critical 


Care magazine. Meanwhile, a second clinical trial has been 

completed. ARTCLINE is currently developing the serial 

product such that it can start generating sales. 


ARTCLINE is the only company in the world that uses 

human immune cells for treating sepsis. A range of global 

patents, some of which have already been granted in the 

US and EU, form the basis of this. In principle, an EISS 

treatment consists of three elements: a machine, a disposable 

set consisting of tubes and filters, and the cells. 

ARTCLINE will generate revenues from all three components. 

The disposable set will be produced and marketed 

by ARTCLINE. For the machine and the cells, we cooperate 

with other companies. 

Management 

The management team is made up of 

the two founders. Dr. Jens Altrichter, 

M.D./Ph.D. (49), a physician and biochemist, 

has held management positions 

in the medtech and biotech industries 

since 1998, after having conducted 

research at Rostock University, 

Germany, Brown University, Providence, 

RI, and the National Institutes 

of Health, Bethesda. MD. Prof. Steffen 

Mitzner, M.D. (46) is full professor 

and Head of the Nephrology Department 

at Rostock University. In addition 

to other activities, he invented the 

MARS therapy, a dialysis-like system 

for treating liver failure. It is currently 

Dr. Jens Altrichter, CEO 

Prof. Steffen Mitzner, 

CSO 

the leading treatment option worldwide and is marketed by 

Gambro, a multi-national healthcare company. 

Planned investment, shareholders / investors 

The main shareholders are the two founders as well as MORE 

Invest and KfW. The capital demand is EUR 5 million until the 

company breaks even once it has finished the clinical trials, 

established serial production and started generating sales. 



Profile 



Equity (in EUR million) 6 



Revenues in 2010 (in EUR million) 25.54 


Revenues in 2012 (e) (in EUR million) 26.70 


Contact 

Contact person Tim Brandenburger 

Phone +49-(0) 63 41-51 04-1 36 

E-mail t.brandenburger@brandenburger.de 

Website www.brandenburger.de 

Address Taubensuhlstr. 6 

76829 Landau 

Germany 


As a company with over 120 employees, the Brandenburger 

Group is proud that it is still an independent mediumsized, 

family-owned company. Its business divisions deal 

with the production, handling and global distribution of 

composite material. As the inventor of the GRP pipe lining 

procedure, the Brandenburger Group has set an inter - 

national standard in trenchless sewer and sewage pipe 

rehabilitation. Over the last 20 years, it has both used and 

improved on a patented method for manufacturing 

UV-cured fibreglass tubes. Furthermore, our Thermal Insulation 

business division can be found wherever efficient, 

long-lasting heat protection is required. Our heat protection 

plates, high-temperature insulation materials, sliding materials 

for friction bearings and even our ablation materials for 

aerospace applications are used all over the world in a 

whole host of industries. They are therefore extremely 

important to the market. 


Brandenburger Group 

High-tech composite materials 


The Brandenburger Group is an innovation-driven company 

that strives to set new technological standards in its multiple 

business divisions. For more than 70 years now, the 

Brandenburger Group has been a global market leader in 

the field of thermal insulation. Furthermore, we are proud to 

announce that we have the most successful GRP liner system 

in the world, amounting to more than 3 million metres 

of in-built liners. 

Management 

As a high-ranking member 

of the family-owned company 

(which was founded 

by his grandfather), Tim 

Brandenburger gained initial 

work experience during 

his Business Administration 

degree at Saarland University. 

He started as a trainee 

in the Brandenburger Group 

during a time of change - 

over, economic turbulence 

and extensive growth with 

regard to the business 

Tim Brandenburger, CEO 

structures. He now has 

worked his way up to the 

position of CEO and took 

over as Chair of the management board in 2010. At that 

time, the business was being re-structured to cope with 

the challenges of being a third-generation industrial firm. 

Furthermore, the Brandenburger Group is led by an experienced 

team of managers who have extensive experience 

in their respective business divisions. Peter 

Schwab, General Manager of the Thermal Insulation 

business division; Ulrich Kuchenbaur, General Manager 

of the Sewer Rehabilitation business division; and 

Michael Schloder, CFO. 


Privately owned thus far.

Wer denkt 

bei einer 

Pipeline schon 

an Biotech 

Durch eine Pipeline fliessen nicht nur Öl und Gas. Bevor neue Medikamente den Markt erobern, 

durchlaufen sie einen komplexen Forschungs- und Zulassungsprozess. Welche Wirkstoffe sich in 

der Entwicklung befinden, zeigt die Pipeline eines Unternehmens. Prall gefüllt ist sie heute vor 

allem mit hochwirksamen Medikamenten aus der Biotechnologie. Sie zielen auf die Ursachen 

von körperlichen Defekten und eröffnen der Bekämpfung lebensbedrohlicher Krankheiten neue 

Dimensionen. Davon haben sich jetzt auch die grossen Pharmakonzerne überzeugt. Sie suchen 

den Anschluss und drängen auf Übernahmen der vielversprechendsten Biotech-Unternehmen. 

Einige der aussichtsreichsten Kandidaten sind im Portfolio von BB Biotech vereint. Investieren Sie 

jetzt in den Markt der Zukunft – und in den medizinischen Fortschritt. ISIN: CH0038389992 

www.bbbiotech.com 

Anzeige. Die BB Biotech AG ist im TecDAX 

notiert. Obige Angaben sind Meinungen der 

BB Biotech AG und sind subjektiver Natur. 

Die vergangene Performance ist keine 

Garantie für zukünftige Entwicklungen.


Profile 


Number of employees approx. 50 







Revenues in 2013 (e) (in EUR million) 10 

Contact 

Contact person Daniel Thung 

Phone +49-(0) 9 21-16 49 89 80 

E-mail d.thung@brillen.de 

Website www.brillen.de 

Address Orionstr. 3a 

95448 Bayreuth 

Germany 


brillen.de / Optik AG 

Online shop 


Brillen.de is a unique and new concept for the optical 

sector in Germany. Our operations are a combination of an 

online shop and High Street stores. 


www.brillen.de – our domain is the easiest to remember in 

Germany’s optical sector. Having got off to a successful 

start, we run now more than 19 brillen.de flagship stores. 

We have now finished programming the online shop and it 

is now fully operational. We have almost finished rolling out 

the franchise / licence model and have already found 50 

traditional opticians who will launch a shop-in-shop system 

in the near future. In 2013, we will launch a TV campaign for 

brillen.de. At present, we are also in partnership agreement 

negotiations with a TV group for a “media-for-equity” deal. 

Management 

Matthias Kamppeter, who has been an optician since 

1998 and can trace his experience back through selling 

more than 100,000 pairs of glasses 

Marcus Seidel, an Internet specialist and founder of 

Gutscheine.de (which was sold to the RTL television network 

in 2012). He also founded ADCELL Network and 

Games.de 

Daniel Thung, a former newscaster for CNN Germany in 

the financial sector 


u Roll-out of a new franchise / licence model for traditional 

opticians. 

u Launch of a marketing TV campaign in cooperation with 

Oliver Voss (former CEO of Jung von Matt) 

u Opening of another 10 brillen.de flagship stores in prominent 

German cities. Extending the concept to Austria and 

Spain with the top domains of brille.at, brillen.at and 

gafas.es 

u Seeking growth capital amounting to EUR 2 million 

u Majority shareholders: Matthias Kamppeter, Marcus 

Seidel, Daniel Thung

certon systems GmbH 

Electronic components and hardware 

Profile 










Contact 

Contact person Lord Hess 

Phone +49-(0) 62 21-7 59 02 60 

E-mail hess@certon.de 

Website www.certon.de 

Address Hans-Bunte-Str. 8 

69123 Heidelberg 

Germany 


certon systems delivers solutions for the storage market, 

offering high levels of data integrity and a strong service. 

Worldwide storage expenditure will rise to approximately 

USD 35 billion by 2014. The price per 1,000 GB ranges from 

EUR 50 (external hard disc) to EUR 3,000 (Enterprise 

Network Attached Storage server). certon systems focuses 

on small- and medium-sized enterprises with large storage 

capacity requirements (e.g. imaging, CAD/CAM, architecture, 

medical). In addition, certon systems is entering the 

consumer market for large storage capacity needs by 

introducing the first audiophile music server, INTEGRITA, 

for HiFi / high-end users. certon systems will feature the 

storage solution for GIRA’s home server technology, entering 

the market for intelligent building technology. The 

growth in demand for storage capacities is enormous and is 

still rising by 30-50%, and the number and size of – mainly – 

multimedia files is on the increase, too. 



certon 

systems 

certon systems offers its customers maximum data integrity. 

According to market testing and benchmarks, certon 

systems’ products feature the fastest access to stored 

data. All systems run with a very easy Plug & Play installation 

and have an average installation time of less than 

5 minutes. certon systems thus offers an attractive priceperformance 

ratio within strongly growing markets. In 

addition, certon systems is starting to provide a software 

platform to enable various applications and services for the 

products to be optimised with ease, offering an additional 

revenue stream. 

Management 

certon systems’ management 

team is lead by Lord 

Hess, its founder. Lord 

Hess was formerly responsible 

for data integrity at 

CERN, Geneva. He is Managing 

Director of certon 

systems and is responsible 

for the Engineering, Software 

Development and Operations 

/ Customer Ser vice 

departments. Ralph Westenburger, 

who is a share- 

Lord Hess, CEO 

holder and received commercial 

procuration, has a 

strong IT background (T-Systems) and is responsible for 

Sales and Business Development. 


certon systems successfully concluded two investment 

rounds with Prinz von Hohenzollern Capital GmbH & Co. 

KG and KfW. certon systems is looking for an additional 

investment of up to EUR 1 million to strengthen its market 

position and growth in Western Europe, gain momentum 

with regard to internationalisation via distributors in North 

America and Australia, as well as intensify market communication. 



Profile 




Financing needs (in EUR million) up to 3.0 






Contact 

Contact person Michael Bartels 

Phone +49-(0) 64 21-16 89 40-0 

E-mail michael.bartels@concentratoroptics.com 

Website www.concentratoroptics.com 

Address Lahnstraße 16 

35091 Cölbe 

Germany 


Concentrator Optics is the one-stop-shop turnkey provider 

of the technologies that enable production of Fresnel 

lenses. Our services include the optical design, prototyping 

and manufacture of Fresnel lenses for concentrating photovoltaics 

(CPV) and we also offer complete turnkey production 

lines. 


The market volume for solar optics in CPV is expected to 

exceed EUR 500 million in 2015. These optics will be nonimaging 

Fresnel lenses within large-scale Fresnel lens 

parquets that deliver maximum transmittance. Traditional 

lens-makers do not produce lens parquets such as these, 

as they have specialised in other materials, processes and 

small-scale units. Indeed, there are only 5 companies in the 

world that produce Fresnel lenses for CPV. Concentrator 


Concentrator Optics GmbH 

Renewable energies 

Optics is the only company supporting both processes 

customary in the market (PMMA and silicone-on-glass, or 

SoG for short). It is also the only one to offer both processes 

as turnkey supplier to its customers. 

Management 

Ralf Leutz has been working on Fresnel lenses and solar 

applications for more than 15 years. He has accompanied 

several solar projects, right through from research to production. 

Dr. Leutz wrote the book “Nonimaging Fresnel 

Lenses – Design and Performance of Solar Concentrators” 

(Springer, 2001) and he is a renowned expert in the developing 

CPV market. 

Michael Bartels complements the team as an experienced 

shareholder, managing director and board member of 

several companies. His responsibilities at Concentrator 

Optics include marketing, sales, IT and finance. 


Concentrator Optics is currently planning another funding 

round to the tune of EUR 2 million to EUR 3 million, such 

that the company can ensure and press ahead with its 

growth. 75% of this investment has already been firmly 

committed. 

The current shareholders are Capricorn Cleantech Fund, 

Leuven, Belgium; KfW; and the founders Dr. Ralf Leutz, 

Rainer Adomeit, Dr. Ling Fu and Hans Philipp Annen.

CorTAG GmbH 


Profile 










Contact 

Contact person Dr. rer. pol. Michael Gebauer 

Phone +49-(0) 2 31-97 42-61 80 

E-mail gebauer@cortag.de 

Website www.cortag.de 

Address Otto-Hahn-Str. 15 

44227 Dortmund 

Germany 

Dr. Michael Gebauer 



CorTAG is committed to developing, validating and applying 

groundbreaking methods in the field of cardiogenetic 

diagnostics. These methods are extremely useful for 

detecting genetic defects (referred to as “mutations”) that 

underlie a range of different cardiovascular conditions that 

overlap to a certain extent, such as Hypertrophic Cardiomyopathy 

(HCM), Dilated Cardiomyopathy (DCM), Long QT 

Syndrome and Marfan Syndrome. 


CorTAG is the only provider of Microarray-based resequencing 

assays for cardiovascular diseases. On a 

global scale, we are assuming that around 20 million people 

suffer from these diseases. The first products are being sold 

to customers in Hamburg and Belgium. Distributorship 

agreements are being concluded for India, Turkey and 

Israel. For 2013, CorTAG anticipates significant sales. 

Management 

Dr. rer. nat. Stephan Waldmüller (7%), CSO 

Dr. rer. pol. Michael Gebauer (1.7%), CEO 

Max Peracha, MBA (Business Development), CBO 


Current shareholder structure: 

Cardiac Research GmbH: 21.2% 

CorTAG GmbH: 9.5% 

Dr. Stephan Waldmüller: 7.0% 

Dr. Michael Gebauer: 1.7% 

Prof. Dr. Hubertus Heuer: 6.0% 

Prof. Dr. Henning Warnecke: 6.0% 

SeedCapital Dortmund: 24.3% 

KfW Bonn: 24.3% 



The new weapon for e-commerce 

Profile 







Revenues in 2011 (in EUR million) 5 



Contact 

Contact person Dipl. Kfm. Andreas Reiffen 

Phone +49-(0) 8 51-21 37 28-0 

E-mail info@crealytics.de 

Website www.crealytics.de 

Address Brunngasse 1 

94032 Passau 

Germany 


With camato, crealytics is setting new standards in PPC 

advertising. The problem: PPC campaigns require a perfect 

match between the keyword, ad and landing page. Specialists 

have to perform preservative tasks manually – for 

millions of keywords. The solution: camato is a tool for 

first-class AdWords campaigns. It processes mor than 

100,000 keywords and ads of top quality with just a few 

clicks. Customers benefit from higher campaign quality 

with lower CPCs, as well as broader keyword coverage with 

the same amount of time and effort. camato is the ideal 

complement to bid management tools. 


Customers are searching for products on Google, while 

shops are seeking to accommodate this demand and sell 

their products. PPC advertising could be as simple as that if 

there weren’t millions of potential keywords in the way! 


crealytics GmbH 

Software 

Advertisers have limited human resources and therefore 

cannot find perfectly matching ads and landing pages for 

every relevant keyword. Without these technical obstacles 

in matching supply and demand, shops could acquire more 

customers and Google could generate more revenue. 

crealytics tackles this problem at its roots, while competitors 

are thus far focusing on the existing system. camato 

guarantees a smooth PPC campaign set-up process. Keywords, 

ads and matching landing pages will no longer be a 

limiting factor in the PPC process. Google itself indicates 

that crealytics is on the right track with its strategy: Product 

Listing Ads, Broad Matches or Google Labels are just a few 

examples of Google’s intention to abandon keywords as 

the basis of PPC advertising. 

Management 

Andreas Reiffen (founder 

and CEO): PPC specialist, 

with more than five years’ 

market experience; Daniel 

Trost (CSO): specialist in 

sales and marketing, 10 

years’ experience in selling 

software and services; 

Christof König (founder 

and MD): software architect, 

database engineer, more 

than four years’ experience 

in PPC advertising; Frank 

Janisch (CTO): 15 years’ IT 

experience, experience in 

web product development 

Andreas Reiffen, CEO 


Shareholders / investors: Financing needs: EUR 5 million, 

Investors: LBBW Venture Capital, High-Tech Gründerfonds, 

Mountain Super Angel, Technologie Seed, Beteiligungsfonds 

Bayern, Clusterfonds EFRE Bayern, Chancenkapitalfonds 

der KSK Biberach

CrystAl-N GmbH 

Special chemical products 

Profile 










Contact 

Contact person Dipl. Kfm. Ulrich Seitz 

Phone +49-(0) 9 11-65 07 86 50-90 

E-mail info@crystal-n.com 

Website www.crystal-n.com 

Address Dr.-Mack-Straße 77 

90762 Fürth 

Germany 

Dr. Paul Heimann, CEO 



CrystAl-N is producing aluminium nitride (AlN) substrates to 

be used e.g. for ultraviolet light-emitting diodes. Due to 

their compact size and low-voltage operation, 

UV-LEDs facilitate the energy-efficient disinfection of water 

and air. 


Today, ultraviolet light-emitting diodes (UV-LEDs) are a 

niche product, as they suffer from poor light output and 

short device lifetimes. AlN substrates will boost the efficiency 

of such devices tremendously (lifetime, output power, etc.). 

For the first time, high-performance UV-C LEDs can be 

manufactured and will enable various new applications, 

such as point-of-use water and media disinfection, air 

purification within air conditioners installed in planes and 

cars, and many more applications besides. 

Management 

Dr. Boris Epelbaum, Chief Technology Officer. Tasks: 

Crystal growth. More than 25 years of experience in crystal 

growth. 

Dr. Paul Heimann, Chief Executive Officer. Tasks: Sales & 

Quality Management. 

Dipl-Kfm. Ulrich Seitz, Chief Financial Officer. Tasks: 

Finance / controlling and business development. Cofounder 

and part of the team since 2008. 


Investors: High-Tech-Gründerfonds; Seedfonds Bayern; 

Horst Linn sen. (BA). Capital demand: EUR 2 million to 

expand production capacity. 



Profile 










Contact 

Contact person Bernhard Heine 

Phone +49-(0) 61 31-6 98 51-16 

E-mail heine@cubeoptics.com 

Website www.cubeoptics.com 

Address Robert-Koch-Str. 30 

55129 Mainz 

Germany 


The development, manufacture and marketing of fibreoptic 

components, modules, systems and turnkey fibreoptic 

transport solutions for applications in telecommunications, 

data communication and sensing. 


Cube Optics uses a proprietary micro-optic production 

platform to manufacture passive and integrated optical 

components, modules and systems, as well as turnkey 

fibre-optic transport solutions. This patented Polymer Optical 

Bench (POB) platform not only gives rise to the smallest, 

Telcordia-qualified components and modular integration of 

features, but it also incurs very low manufacturing costs. 

Customers include OEM system manufacturers in telecommunications, 

data communication and sensing, as well as 


cube optics AG 

General industrial company 

network and data centre operators. Current growth drivers 

particularly involve integrated optical multiplexers and optical 

sub-assemblies for 40Gbps and 100Gbps high-speed 

transceivers. 

Management 

CEO: Dr. Francis Nedvidek 

COO and founder: Dr. Thomas Paatzsch 

CTO and founder: Ingo Smaglinski 

CFO: Bernhard Heine 

Vice-President Marketing & Sales: Sven Krüger 

Dr. Francis Nedvidek, CEO 

Dr. Thomas Paatzsch, COO 


The main shareholders include the VC corporations Target 

Partners (Munich), Star Ventures and Sevin Rosen Funds, 

as well as several private investors. 

We have financing needs (amounting to approx. EUR 3 

million) for our plan to increase manufacturing capacities, 

such that we can meet the growing demand for transceiver 

components.

Cytolon AG 

Biotechnology 

Profile 










Contact 

Contact person Thomas Klein 

Phone +49-(0) 30-2 63 92 88-0 

E-mail thomas.klein@cytolon.com 

Website www.cytolon.com 

Address Am Karlsbad 15 

10785 Berlin 

Germany 


Cytolon AG is the first company in the world putting itself in 

a position to meet a vital need in the area of personalised 

medicine. Personalised medicine is based on matching 

patients’ personal data to the characteristics of a given 

product, in order to achieve the best possible therapeutic 

effect. It is absolutely essential that patients and products 

are accurately matched in a timely fashion, and in very high 

numbers. A comprehensive solution can only be provided 

by way of intelligent Internet-based matching platforms. It 

is Cytolon’s corporate mission to be the world’s leading 

trusted source for obtaining the correct, best-matched personalised 

products in a timely and cost-effective manner. 


Cytolon’s strategy is to position itself in the existing personalised 

medicine markets through offering unique services 

and innovative products. Allogenic cord blood transplants 


and their inherent stem cells are among the first existing 

personalised products in clinical practice for treating 

leukaemia patients. The company’s first product is thus the 

proprietary, patent-pending, global, Internet-based cord 

blood brokering platform, CordMatch ® . Accurate matching 

of patients and products is imperative, as a cord blood 

transplant for a leukaemia patient must match the histocompatibility 

antigens and genetic needs of the patient. 

Cytolon provides solutions and services both for today and 

for the future, such that global transplant centres and physicians 

can talk efficiently and effectively to global cord blood 

banks, registries, industrial partners and service providers. 

CordMatch ® achieved proof of concept, with more than 100 

clinics all over the world accredited with the platform. 

Together with leading healthcare partners in the field, 

Cytolon is enhancing its business model to include other 

stem cell sources, such as bone marrow, expanded cord 

blood and mesenchymal stem cell products. At the request 

of public healthcare institutions and the healthcare industry, 

Cytolon is engaged in further specification projects, which 

are already in advanced stages. These are expected to 

launch in the second and third quarters of 2013. 

Management 

Thomas Klein, founder and 

CEO of Cytolon AG. He focuses 

on the company’s strategy 

and corporate development. 

With more than 15 years of professional 

experience as an entrepreneur, 

he has a proven 

track record with NOXXON 

Pharma AG and ArcWay AG. To 

find out more about him and 

the rest of the management 

team, visit www.cytolon.com. 

Thomas Klein, CEO 


EUR 2.5 million in equity to enter the growth phase. The 

lead investor is Dr. Jürgen Schumacher, co-founder of 

QIAGEN, Evotec, NewLab, and the co-investors are private 

equity funds, including KfW. 



Profile 










Contact 

Contact person Dr. Jörg Riesmeier 

Phone +49-(0) 2 21-4 74 48-1 01 

E-mail joerg.riesmeier@direvo.com 

Website www.direvo.com 

Address Nattermannallee 1 

50829 Cologne 

Germany 


Direvo is a biotechnology company that focuses on the biomass 

conversion industry. Direvo identifies bottlenecks and 

weaknesses in current industrial processes in this sector 

and develops and implements biology-based solutions 

together with both large and small industrial partners. 

Direvo’s products are newly-designed enzymes and microorganisms 

of the highest quality that provide easy-toimplement, 

cost-effective solutions. Direvo’s contribution 

ensures that partners stay competitive and profitable while 

Direvo enhances their ability to make the future cleaner, 

greener and safer. 


At Direvo, we focus on the emerging biomass conversion 

industry. We identify bottlenecks and weaknesses in 

current industrial processes in this sector. We develop 


Direvo Industrial 

Biotechnology GmbH 


biology-based solutions and implement these for our partners 

and customers, which include both large and small 

industrial companies. Our BluZy product development 

platform, which delivers innovative biology-based solutions 

to improve the economics of the renewable fuels and livestock 

feeding markets, has just been launched. It’s objective 

is to get the most and best out of every bushel of corn. 

Management 

DIREVO is run by an international management team with 

extensive experience in the biotech industries: Dr. Jörg 

Riesmeier, CEO; Andreas Lischka, VP Finance & Administration; 

Klaudija Milos, VP Industrial Solutions Business 

Unit; Dr. Albrecht Läufer, VP Lignocellulose Business Unit 

From left to right: Dr. Jörg Riesmeier, Klaudija Milos, Dr. Albrecht Läufer, 

Andreas Lischka 


DIREVO Industrial Biotechnology GmbH is financed by 

venture capital and private investors. Current investors 

include: TVM V Life Science Ventures GmbH & Co. KG, 

Munich; NRW.Bank Venture Fonds GmbH & Co. KG, Düsseldorf; 

Wölbern Equity Partner GmbH, Hamburg; SKB 

Kapitalbeteiligungsgesellschaft Köln-Bonn mbH, Cologne; 

Mulligan BioCapital, Hamburg; SMH Enzymes LLC, New 

York; Danisco Venture A/S, Copenhagen and several 

private investors.

DRAUSY GmbH 

Water investment and 

profitable sustainability 

Profile 


Number of employees 3 + 15 


Financing needs (in EUR million) 1-10-100 






Contact 

Contact person Nikolaus Weth 

Phone +49-(0) 63 42-9 29-1 30 

E-mail n.weth@drausy.de 

Website www.drausy.de 

Address Schulstr. 5 

76889 Schweigen-Rechtenbach 

Germany 


DRAUSY disperses liquid or gaseous agents evenly and over 

distances spanning kilometres. The technique we use is Louis 

Pasteur’s dream turned into a reality: namely, that if we can 

change the environment, we need not bother about individual 

microbes. DRAUSY enables the environment to be changed. 

It works in pipes or channels, bringing the environment under 

appropriate conditions for the biology required to solve the 

problem. Over the last 12 years, DRAUSY has gained experience 

in network wastewater treatment. In the projects we 

have completed to date, we have always brought the water 

under slightly aerobic conditions, as microbes cannot produce 

H 2S under these conditions and the wastewater still has 

enough organic matter to be decomposed in the treatment 

plant. By adding more oxygen in a more linear fashion, a pipe 

becomes a linear treatment station, whereby the wastewater 

is decomposed in the same way as in the station. The same 

biological stimulation works on the ground of water sites. 


Their linear dispersion of air stimulates the existing biology 

such that the accumulated organic sludge is decomposed. 

Indeed, it is like composting, but “underwater”. The water site 

is able to recover, and fish, plants and people are happy again. 


DRAUSY technology delivers innovative turnkey solutions for 

solving extensive environmental problems. Instead of common 

spot-dosage dosage, DRAUSY enables linear dosage, 

thus achieving savings of agents up to 90%. The technology 

has proven its worth in industry, following more than 10 years 

in sewage networks. Projects have been recently been implemented 

in major sewers in Paris and Tangier. DRAUSY’s future 

position on the market depends upon what investors and interested 

partners are focusing on. Until now, DRAUSY has 

concentrated on making things work and enabling them to 

survive. It is now time to spread the results we have obtained 

around the globe and to become a facilitating partner in solving 

major environmental problems whilst make biology do the job. 

Management 

Nikolaus Weth is the founder of DRAUSY GmbH and 

DRAUSY Sàrl. He has held the position of CEO since 1998. 

DRAUSY patents (EU, US, Japan) and capital are wholly 

owned by Nikolaus Weth. 


DRAUSY’s aim is to become standard for linear or wide 

biological sanitation. Therefore Capital partners are looked for 

specific regional investment cases like: 

u Decomposition of organic sludge thus avoiding algae blossom, 

bad odour and fouling waters. For example the sanitation 

of US hydroelectric dams that are full of sludge. 

DRAUSY biological decomposition of organic matters will 

increase reservoir’s water-volume so permitting to avoid 

demolition of the dam (as is done at ELWHA site). 230 more 

dams are to be destroyed so there is a lot of work left. 

u Clean Hanoi wastewater in the network or the open channels 

on its way. VEOLIA states: “Best for China” 

u Sanitise Lake LAGOA at Rio de Janeiro (behind Copacabana). 

u Sanitise lakes like Dümmer or Steinhuder Meer in Germany. 

High ROI is assured. 



Profile 




Financing needs (in EUR million) 1 / 5 






Contact 

Contact person Martin Dreher 

Phone +49-(0) 74 24-9 58 38-7 43 

E-mail m.dreher@dreherautomation.de 

Website www.drehergruppe.de 

Address Wolf Hirth Str 2 

78588 Denkingen 

Germany 


DREHER Aktiengesellschaft is a medium-sized company 

operating in the mechanical engineering industry. Located 

in Denkingen (in the south of Germany), the company was 

founded in 1999 by CEO Martin Dreher. Today, the company 

offers 360° solutions within three business divisions: 

DREHER Automation: Robot-based automation for the 

surgical industry, automotive suppliers, CNC machine tools 

and injection moulding machines. All of our solutions are 

manufactured according to the customer’s individual 

requirements and are based on an intuitive robot control 

and robot cell. 

DREHER Power Tools: Sale and servicing of HAAS 

machine tools in the HAAS factory outlet for southern 

Baden-Wuerttemberg. HAAS Automation Inc. is the largest 

power tool manufacturer in the US. 


DREHER Aktiengesellschaft 

Automation / Laser / CNC Machines 

DREHER Laser Technology: Sale of ROFIN laser systems 

for marking and welding. 


The main target group of Dreher AG is made up of small to 

medium-sized companies working within the metal-cutting, 

medical technology, 5-axis machining, housing parts, lathe 

and automotive industries. Subcontractors are also included 

in the target group. 

Management 

The company is structured in a classic line organisation. At 

the top level, there are two directors, and below this there is 

also second-level management, which is organised in a 

functional typical structure. 

Dreher AG employs about 70 members of staff. 


We are planning investments with a view to expanding the 

company’s sales area. A company buyout in the field of 

automation / welding technology will improve the concept 

of offering customers complete solutions, as will engineering 

developments for 5-axis laser cutting and welding for 

surgical stents. Our financial needs amount to EUR 1 million 

to expand sales activities. EUR 4 million, meanwhile, is 

required in capital for the buyout. 

Martin Dreher, CEO

e.bootis ag 

Software 

Profile 




Financing needs (in EUR million) < 5.0 






Contact 

Contact person Dr. Karl Langenstein 

Phone +49-(0) 2 01-85 96-1 10 

E-mail dr.karl.langenstein@ebootis.de 

Website www.ebootis.de 

Address Am Luftschacht 21 

45307 Essen 

Germany 


e.bootis is involved in developing, marketing and implementing 

the state-of-the-art, comprehensive “standard 

ERP software”, which has been completely re-developed 

since 2000. It also renders the entire range of services 

associated with this. 


e.bootis ag is an independent company that offers its customers 

trend-setting and future-oriented computer solutions. 

The company’s product range includes standard ERP 

(Enterprise Resource Planning) solutions for trade (that is to 

say, technology, electronics, nutrition / foods, PBS) and industry. 

Our customers operate in many different lines of 

business. Our slogan “From a medium-sized company, to 

medium-sized companies” reflects the fact that we have a 

definite and substantial appreciation for the comprehensive 


processes that take place within medium-sized companies. 

In such companies, 100% client handling is a matter of 

course and includes, for example, company intercharging. 

Thanks to our proficiency in Unicode and constructive internal 

developments taking place in English, we meet all the 

requirements for expansion, even on an international level. 

Management 

Dr. Karl Langenstein is the company’s CEO. He studied at 

several universities and has long-standing experience and 

expertise with regard to successfully running software companies, 

as well 

as with businessmethodology 

involved 

in strategic mer - 

gers and acquisitions 

(M&A). 

He and his 

family currently 

hold almost 65% 

of the shares 

in e.bootis. 

Dr. Karl Langenstein, CEO (left) and 

Ludger Langenstein, Member of the Executive Board 

Computer scientist Ludger Langenstein (a Member of the 

Executive Board) is the long-standing development leader. 

He has, as a result, been involved substantially in developing 

the “e.bootis ERPII” software. Mr Langenstein is also a 

shareholder in e.bootis AG. The Chairman of the Supervisory 

Board, Prof. Dr. Martin Užik, is currently a Professor in the 

School of Economics and Law at the University of Berlin. 


At the present time, e.bootis ag is exclusively owned by private 

investors. Until now, e.bootis has invested more than 

EUR 20 million in re-designing and developing the ERP 

software e.bootis ERPII, which achieved market maturity in 

2006. To date, the company has acquired 100 new clients, 

which clearly illustrates the excellent track record that 

e.bootis holds. With regard to internationalising and expanding 

sales and marketing (S&M) activities, the company’s 

financial needs amount to EUR 5 million. In this way, 

e.bootis can obtain a substantial level of growth. 



Profile 










Contact 

Contact person Ulf Pommerening 

Phone +49-(0) 3 32 03-80 47-11 

E-mail ulf.pommerening@ebstech.de 

Website www.ebstech.de 

Address Heinrich-Hertz-Str. 4 

14532 Kleinmachnow 

Germany 

Ulf Pommerening 


EBS Technologies GmbH 



EBS Technologies develops medical devices and innovative 

therapeutic applications to treat neurological disorders, 

such as a loss of vision caused by a stroke or brain injury. 

The aim is to achieve neurological recovery by activating 

residual brain structures through enhancing synaptic transmission 

and brain synchronisation with a unique non-invasive, 

pulsed electrical stimulation. The EBS therapy has 

proven its efficacy in the field of vision restoration within a 

large multi-centric trial. EBS will be ready to enter the market 

with the CE-marked device by January 2013. 


With its unique and patented technology, EBS is entering a 

huge market, as there is currently no therapeutic alternative 

available except for month-long training procedures. EBS is 

being backed by a strong group of key medical opinion 

leaders in the field of brain stimulation, who in fact expect a 

huge variety of future treatments using the non-invasive 

EBS technology. 

Management 

Managing Director Ulf Pommerening, Dipl.-Betr. (FH), has 

20 years’ experience in both national and international 

sales and marketing and in working for large US medical 

device companies in a variety of therapeutic fields and markets. 

Managing Director Udo Warschewske has over 15 

years of experience in developing medical devices. He has 

served as Head of Development and Managing Director 

within several small- and medium-sized enterprises focusing 

on the development of methods and devices in the field 

of image-guided surgery. He studied Mathematics and 

Physics at the Free University of Berlin (Germany) and 

finished his MBA in BioMed Tech at the University of Potsdam 

(Germany). 


Financial needs: EUR 1.5 million. Earlybird VC Management 

GmbH & Co. KGBFB Wachstumsfonds Brandenburg 

GmbH, High-Tech Gründerfonds Management GmbH

Eurographics AG 

Private home construction and furniture 

Profile 










Contact 

Contact person Dipl. Kfm. Stephan Krä 

Phone +49-(0) 1 72-1 03 84 15 

E-mail s.krae@eurographics.de 

Website www.@eurographics.de 

Address Pommernstrasse 17-19 

93073 Neutraubling 

Germany 


EUROGRAPHICS is the brand for home and wall decoration in 

Germany and Europe. The value chain of the company includes 

in-house product development, a standalone production 

plant in the Czech Republic, an international supply chain, 

global distribution to clients from the central warehouse near 

Regensburg and profit-optimised usage of customer retail 

space. The latter can be divided into 1) Furniture Retail, 2) DIY 

(Do-It-Yourself) and 3) Mail Order. The company provides retail 

with an attractive product, as well as numerous services, supported 

by a high-performance IT environment. Our objective 

as a system provider is to serve the customer retail space in an 

optimised way in order to maximise customer profits. An 

attractive product thereby consists of an appealing overall 

concept including motif, material and user experience. 


EUROGRAPHICS AG produces and distributes consumer 

goods for furniture and decoration stores. The company 


succeeded in reaching a clear leading position in Germany 

and Europe thanks to key competitive advantages. The 

distance between our market leadership and important 

competitors is significant. Product development, product 

presentation, the brand concept, certified services and 

quality, a highly-efficient system for supplying retailers with 

goods, profound experience, sustainability and reliability 

are among the company’s USPs. Besides the core markets, 

key accounts in over 60 countries are served by the competent 

and efficient Exports department. 

Management 

Bernhard Gürster, CEO, is responsible for product development, 

logistics and sales. The entrepreneur founded the 

company in 1990 and is responsible for its current position 

as European market leader. Prior to this challenge, Mr 

Gürster acquired profound experience in the editorial and 

publishing sectors. 

Michael Groß, CFO, is responsible for finance and 

accounting, information technology, contracts and 

human resources. Mr Groß acquired his in-depth knowledge 

and experience in these fields through holding various 

leading positions within an international technology 

company. 


The company pursues a strict growth strategy driven by the 

implementation of a fundamental and extensive strategic 

process. Continuous organic growth will be achieved 

through ongoing product portfolio diversification and new 

product categories, the development of new customer 

groups and multipliers, as well as the nurturing of existing 

customer relations. Additional inorganic growth is possible 

through the acquisition of competitors and active participation 

in an overdue consolidation process in the branch (sector). 

Impulses of growth are furthermore expected from attractive 

new fields of business being developed. For this 

growth strategy, the company has financing needs up to 

EUR 5 million. In addition to classic external capital 

(borrowing), such as promissory notes or bonds, the company 

also offers direct participation through a convertible 

bond or increase in capital stock. EUROGRAPHICS AG is a 

privately owned company; some of the management are 

shareholders. 



Profile 










Contact 

Contact person Dipl.Ing. Peter Nowack 

Phone +49-(0) 2 21-9 99 98 56-25 

E-mail peter.nowack@finocom.de 

Website www.placetel.de 

Address Gustav-Heinemann-Ufer 58 

50968 Cologne 

Germany 


Finocom AG is one of the leading cloud specialists in 

Germany offering a hosted communication system for 

small- and medium-sized enterprises through its product, 

placetel.de (www.placetel.de). This IP-Centrex solution is 

based on a self-developed and high-scalable telephony 

platform. Business customers are able to obtain their complete 

phone system from the Placetel cloud products and 

services, without having to invest in a traditional hardware 

telephone system, which can often be costly. In this way, 

clients benefit from a “pay per use” business model, allowing 

for effective resource management. In addition to the 

dramatic reduction in costs, customers also benefit from a 

wide range of unified communication and collaboration 

services that work more efficiently in the daily business 

environment. More than 15,000 SME customers use 

Placetel at present, and a staggering number of new customers 

are signing up every day. 


finocom AG 

Telecommunications services 


The core target group for placetel.de is enterprises with 5 to 

50 employees. Amounting to around 3 million companies, 

they offer great potential for growth. In this particular market 

segment, placetel.de is positioned as the cost leader, 

above competitors offering similar services, due to its efficiently 

automated processes in areas such as billing, support 

and setup. Other highlights include a highly-scalable 

telephony platform, an online sale and distribution 

approach and wholly-owned technology. Placetel.de operates 

with marginal costs, resulting in savings for its users. 

Placetel.de offers hosted phone systems in two versions. 

Placetel FREE offers complimentary range standard services, 

whilst Placetel PROFI provides premium features (such as 

fixed mobile integration, eFax, parallel ringing and voicemail) 

and support for a wider scope of services upon 

payment of a limited fee. Customers can manage all the 

Placetel voice services using an intuitive user interface. 

Placetel.de is proud to have won the “Mittelstandspreis 

2011” award, which underlines its unique position in the 

market. 

Management 

The finocom AG management 

team brings more 

than 50 years of experience 

in the ITC industry to 

the company. Peter 

Nowack is one of these 

individuals. After having 

Peter Nowack, CEO Markus Hass, CFO 

been responsible for 

Deutsche Telekom AG’s first business IP voice service and 

spending 21 years with the company both within Germany 

and abroad, he became a serial entrepreneur and has enjoyed 

several successful exits. The team also includes Italo 

Adami, who is responsible for Operations; Marcus Haas, 

who is CFO; and Kamran Hedjrat, CTO. 


Current investors include KfW, Platinum Ventures, Sirius 

Venture Partners and Vilitas.

healthy planet 

Food 

Profile 




Financing needs (in EUR million) 0.02-2.75 






Contact 

Contact person Kai Cornehl 

Phone +49-(0) 6 11-7 24 93 76 

E-mail kc@healthyplanet.de 

Website www.healthyplanet.de 

Address Wandersmannstraße 68 

65205 Wiesbaden 

Germany 



Super premium ice creams and sorbets for out-of-home 

advertising, business and catering 


Fully integrated concept of sustainable production capabilities 

,individual channel sales (gastronomy / OHH) and 

proof-of-concept city store POS. Winner of 2012 Fairtrade ® 

Award 

Management 

Despite everything, “stay young, stay foolish” executory 

consideration 

Guido Jorg, born in 1969 in Aachen, Dipl.-Ing. 

Kai Cornehl, born in 1967 in Diez, Dipl.-Ing. & Dipl.-Inf. 


Up to EUR 2.75 million for production facilities, machinery 

and PV. 



Profile 





Positiv result from 2012 



Revenues in 2012: (e) (in EUR million) 2.00 

Revenues in 2013: (e) (in EUR million) 3.70 

Contact 

Contact person Dr. Alexander Wolter 

Phone +49-(0) 3 51-21 24 96-10 

E-mail alexander.wolter@hiperscan.com 

Website www.hiperscan.com 

Address Weißeritzstr. 3 

01067 Dresden 

Germany 

Executive partners: Dr. Alexander Wolter (left), Dr. Stefan Friedrichowski 


HiperScan GmbH 

Technology / electronic 

components and hardware 


HiperScan is a manufacturer of analytical devices that identify 

chemical compounds and determine concentrations in 

mixtures. Currently, we are concentrating on the needs of 

German pharmacists. Our devices allow them to fulfil the 

European directives in the simplest way. 

We work with near-infrared (NIR) spectroscopy. This means 

that we expose a sample to light, collect the scattered light 

and extract chemical information on the molecules. 

NIR spectroscopy is an established method in many industry 

branches, but it used to be expensive and complex. We 

take NIR away from specialised laboratories and into the 

field, putting it into the hands of the staff on site. 


We have become the market leader for analytical systems 

in pharmacies for the following reasons: 

- We have the only device with an acceptable price (due to 

technology with a patented MEMS chip) 

- We offer comprehensive databases (fee-based) 

- We deliver the simplest possible work flow 

- We deploy a specialised sales force 

Management 

Executive partners: Dr. Alexander Wolter (founder and 

formerly a scientist with the Fraunhofer Society) and 

Dr. Stefan Friedrichowski (formerly worked for Carl Zeiss) 

Planned investment, shareholders/investors 

Our investors are HTGF, Bonn (2008) and TGFS, Leipzig 

(2010). We have been profitable since mid-2012. 

In order to launch our technology on other markets, we have 

to undergo the preparation stages before we actually enter 

these markets. We are planning for regional expansion, as 

well as occupying other branches (the foodstuffs, agricultural, 

pharmaceutical and logistics sectors are the most 

promising).

humangrid GmbH 

Internet services 

Profile 










Contact 

Contact person Marc Ahr 

Phone +49-(0) 2 01-95 97 18-0 

E-mail marc.ahr@clickworker.com 

Website www.clickworker.com 

Address Hatzper Straße 34 

45149 Essen 

Germany 


Paid crowdsourcing 

clickworker.com is a provider of solutions for SEO text 

creation, translations, web research, categorisation, tagging 

and surveys in as many as 18 languages. Orders are 

broken down into micro-tasks, which are simultaneously 

processed by qualified clickworkers (freelancers registered 

with clickworker.com) and then reassembled after being 

subjected to strict quality checks. This ensures that orders 

are handled in a cost-efficient, flexible, quality-controlled 

and individually scaled manner. 


There are approximately 300,000 clickworkers in over 130 

countries. The development of its crowdsourcing solutions 

and its quality management mean that clickworker.com is 


currently one of the top-ranking providers of paid crowdsourcing 

in the world and is the market leader in Europe. 

Management 

Christian Rozsenich (Managing Director, Technology & 

Operations) is responsible for building and developing the 

clickworker.com platform. He has many years of experience 

in the telecommunications and media industries, and 

has held management positions in several Internet startups. 

Christian Rozsenich holds an MBA degree from the 

London Business School. 

Marc Ahr (Managing Director) has academic and practical 

specialist knowledge in the business development of technology-oriented 

companies. Whether he has had to optimise 

sales management, select staff and implement teambuilding 

exercises or completely reorganise companies, he 

has had a decisive impact on the success of various firms, 

such as YOC AG, mBlox and Netsize. 

Marc Ahr, Managing Director (left), and Christian Rozsenich, Managing 

Director, Technology & Operations 


Main investors: 

K.Wecken, KfW, HTGF, venturecapital.de, SeedCapital 

Dortmund 



Profile 




Financing needs (in EUR million) 5-10 






Contact 

Contact person Kristian Raue 

Phone +49-(0) 7 61-1 51 47-0 

E-mail kristian.raue@jedox.com 

Website www.jedox.com 

Address Bismarckallee 7a 

79098 Freiburg 

Germany 

Kristian Raue, CEO 


Jedox AG 

Software 


Jedox is a leading global provider of in-memory-based 

business intelligence and performance management software. 

It is a pioneer in self-service BI and in the use of parallel 

processors (GPU) for in-memory OLAP processing. 

Jedox sells to both business departments and IT through 

several locations across Germany, Europe and – through its 

partner network – around the world, including APAC and 

the Americas. 


The software is offered both as open-source and premium 

and is deployed on more than 10,000 installations worldwide. 

The sales growth achieved in recent years averages 

at around 50% per year. Jedox’s write-back-enabled OLAP 

GPU technology provides a speed-related advantage. It is 

up to 100 times faster than comparable systems offered by 

IBM, SAP and Microsoft, for instance, yet costs a fraction of 

the price. 

Management 

Kristian Raue, CEO and founder. Mr Raue has been a serial 

entrepreneur since 1991 (Graphitti GmbH, Intellicube AG, 

Jedox AG) 

Matthias Krämer, CTO. He has a broad development 

background in BI and performance management 

Bernd Eisenblätter, COO (Sales and Marketing). Mr Eisenblätter 

has held senior sales management positions within 

Cognos, Infor and Oracle 


The company is breaking even and has no immediate 

financing needs. Optional financing for further accelerate 

global growth could be required, amounting to USD 10 

million. 

Current investors: 

- Klaus wake 

- eCapital 

- KfW

Jennewein 

Biotechnologie GmbH 

Biotechnology 

Profile 




Financing needs (in EUR million) 5 to 10 






Contact 

Contact person Dr. Klaus Jennewein 

Phone +49-(0) 22 24-9 89 45 00 

E-mail klaus.jennewein@jennewein-biotech.de 

Website www.jennewein-biotech.de 

Address Maarweg 32 

53619 Rheinbreitbach 

Germany 


Through using innovative and efficient production processes, 

Jennewein Biotechnologie GmbH aims to enable 

production of scarce saccharide molecules, which are 

shown to have a scientifically-proven functional benefit. 

These new and innovative processes allow for these 

saccharides to be used in diverse fields of application, such 

as cosmetics, food, pharmaceuticals, diagnostics and 

research and development. By utilising the saccharide molecules 

from Jennewein Biotechnologie GmbH in the field of 

cosmetics and food, consumers benefit directly from the 

positive qualities of the molecules, as their health and/or 

wellbeing is improved. 


Jennewein Biotechnologie’s market includes human nutrition, 

personal care and pharmaceuticals. Alone, each of 


these markets shows revenues amounting to several billion 

euros on a global scale. The market for food ingredients, for 

example, showed a total revenue of EUR 25 billion in 2010, 

with an annual growth rate of about 15%. Over the last few 

years, functional ingredients have been the main growth 

driver in this market. 

Management 

The company is led by the two Managing Directors, Dr. 

Stefan Jennewein and Dr. Klaus Jennewein. Dr. rer. nat. 

Stefan Jennewein is responsible for research, development 

and production, whilst Dr. oec. Klaus Jennewein is responsible 

for sales, marketing and finance. 

Dr. Stefan Jennewein 

Dr. Klaus Jennewein 


Jennewein Biotechnologie GmbH currently has sufficient 

cash reserves. In a next step, however, considerable investments 

are needed to set up arge-scale production facilities 

to enable production of its human milk oligosaccharides, 

which will be used as a functional, health promoting ingredient 

in infant nutrition, but also further functional food 

products for adults. The exact strategy of building up the 

capacities (joint venture, own capacities, etc.), as well as 

how required resources are to be financed, is still to be 

decided. 



Profile 










Contact 

Contact person Alexander Mazzara 

Phone +41 (0) 44-5 33 09-01 

E-mail alexander@joiz.ch 

Website www.joiz.ch 

Address Schärenmoosstrasse 77 

8052 Zurich 

Switzerland 


Joiz is a Swiss social HDTV channel that produces interactive 

and cross-media entertainment programmes for digital 

natives. It thus merges traditional television with web and 

mobile formats, in addition to connecting them to social 

media. Content-wise, Joiz focuses on the topics which are 

most relevant to the target group of 15 to 35 year-olds, for 

example music, lifestyle, fashion, celebrities, nightlife and 

relationships. 


The core of Joiz is the underlying interactive platform. 

Mobile, Internet and television are synchronised in real-time 

and enable Joiz to run interactive formats, as well as crossmedia 

advertising campaigns with direct feedback and 

measuring channels for advertising partners, both of which 

are in line with the parallel media consumption habits of 


joiz 

Radio and television 

today’s youth. Viewers can take part in votes, ask questions, 

chat with other viewers, hit the red button and check 

out shows to earn Joiz badges and unlock rewards. 

Advertising customers are faced with unique opportunities 

in cross-media advertising. Television promotion is extended 

into the online environment and integrated with e-commerce 

and social commerce. After just 18 months on the 

air, Joiz is generating tens of thousands of interactions per 

hour within the German-speaking region of Switzerland 

alone. Joiz can count large, international corporations such 

as Coca-Cola, Apple, Microsoft, Xbox and Migros among 

its customers. They only stand to benefit from this one-ofa-kind 

cross-media platform. 

Management 

Alexander Mazzara, CEO; Dominik Stroppel, COO; Dr. 

Claudia Zellerhoff, Head of Marketing; Elif Erisik, Head of 

Programme; Nicolas Noth, Head of Sales 

Alexander Mazzara, CEO 


u Roll-out into Germany and the UK 

u Creathor Venture, Innovationsstiftung Schwyzer Kan - 

tonalbank 

u private entities and individuals

Kairos GmbH 

Biotechnology 

Profile 










Contact 

Contact person Martin Zünkeler 

Phone +49-(0) 2 34-58 88 21-14 

E-mail martin.zuenkeler@kairos-med.de 

Website www.kairos-med.de 

Address Universitätsstrasse 136 

44799 Bochum 

Germany 


Kairos GmbH has been developing IT system solutions for 

the healthcare system since 2009. In addition to special 

technological knowledge in the field of implementing medical 

middleware platforms, the Kairos team also has extensive 

expertise with regard to IT-supported orchestration of 

work processes via workflow engines. The strategic product 

offered by Kairos is CentraXX ® , which includes the 

PORTAL modules for organising and coordinating consortia, 

such as BIO/TRIAL. Among other things, this allows for 

sample data to be longitudinally classified in a clinical 

context. Combined, both of these elements constitute an 

important IT building block within personalised medicine. 


Along with the importance of personalised medicine, the 

significance of biobanks and software portals has increased 

dramatically. In the area of biobanking alone, consulting firms 


estimate a global market volume of around USD 141 billion by 

2015. This market is booming in Germany, too. 

In 2012, Kairos will implement CentraXX within three out of 

the five largest German biobank projects – which are part of 

the “National Biobank Initiative”. Kairos has also been able 

to acquire its first customers in the biotech-sphere. Furthermore, 

preparations are underway for foreign exports to German-speaking 

countries, whilst we are using consultants to 

suss out the English-speaking market. 

Management 

For the last eight years, 39-year-old PD Dr. rer. nat Christian 

Stephan headed the bioinformatics section of the 

“Medical Proteom Centre” (“Medizinisches Proteom- 

Center”), part of Ruhr University in Bochum. Mr Stephan is 

now in charge of technical, development and production 

management as a managing partner. 

Martin Zünkeler (45 years old) is a fully qualified lawyer 

and holds a degree in Marketing. He founded Kairos GmbH 

in 2009. Mr Zünkeler is Managing Director of Kairos. Prior to 

this engagement, he founded and managed CoM.MeD 

GmbH, which he sold to a strategic investor in 2007. 

Dr. Christian Stephan 

Martin Zünkeler 


Kairos successfully concluded its second round of financing, 

thanks to the participation of SCD and KfW. Financing of EUR 

2.5 million is envisaged for internationalisation in 2013. 



Profile 










Contact 

Contact person Max Koller, Carter Looney 

Phone +49-(0) 69-50 50 27-1 58 

E-mail carter.looney@mml-partners.com 

Website www.koller-formenbau.de 

Address Oberbürg 24 

92345 Dietfurt 

Germany 


Koller Formenbau GmbH 

Tooling and Lightweight 

Automobile Components 


The Koller Group, founded in 1994, is a technological leader 

in carbon fibre automotive components and one of the 

market leaders in lightweight interior components. In addition, 

it is one of the top toolmakers in Europe, specialising in 

complex press and injection moulding tools. 


With more than 15 years’ experience in designing and 

producing lightweight components, the Koller Group is 

strategically positioned to take advantage of the ongoing 

move to lighter, more fuel-efficient automobiles. Innovation 

is the cornerstone of the Group’s success. Over the years, it 

has worked closely with OEMs to perfect tools, components 

and the production process for lightweight components 

using a myriad of substances, from sugar cane to 

carbon fibre. In addition, because of its in-depth knowledge 

of three key disciplines within the automotive value chain 

(that is to say, tooling, innovation and production processes), 

the Koller Group is able to optimise component 

production for its customers by designing tools and components 

that are of higher quality and easier to produce 

than those offered by its competitors. 

Management 

The Koller Group is managed by a highly experienced 

management team, headed by the founders Max and 

Thomas Koller. It currently employs approximately 500 

employees at several sites throughout Germany and 

Hungary. 


In order to capitalise on its strengths in carbon components 

and tooling, as well as to meet future demand for its 

products, the Group needs to invest EUR 20 million to 

expand its production capacity. The primary owners are 

Max and Thomas Koller.

LeniMed GmbH 


Profile 




Financing needs (in EUR million) 0.5-0.75 





Revenues in 2013 (e) (in EUR million) 3,018 

Contact 

Contact person Dr. Rainer Gehrke 

Phone +49-(0) 3 81-49 53 69-50 

E-mail gehrke@lenimed.de 

Website www.lenimed.de 

Address Hansestraße 21 

18182 Bentwisch 

Germany 


In cooperation with the University 

of Rostock, LeniMed is 

developing the computercontrolledanti-snoring-system, 

Lenisana. It combats 

snoring caused by the head 

being incorrectly positioned 

during sleep (not apnoea). The 

system is made up of a pillow 

containing 5 air chambers and 

an external control system (featuring 

only electronic and pneumatic components). Both 

parts are connected by a tube. When snoring occurs, the 

system automatically changes the air pressure in the different 

air chambers. In doing this, the head is gently 

re- positioned until snoring stops or has been significantly 

reduced. Neither snorers nor their partners will notice the 


movement or wake up while repositioning is taking place. 

Also, the system has an individual, automatically adapted 

ergonomic function. The system’s effectiveness against 

snoring has been proven at the University of Rostock. The 

system is expected to be launched on the market in spring 

2013. 


Severe snoring problems still remain unresolved today. In 

Germany, for instance, there are around 13 million people 

who suffer from severe snoring-related issues. The USPs of 

Lenisana include the excellent and proven efficiency, the 

non-invasive method deployed, the fact that sleeping is not 

disturbed and the ergonomic adjustment. Patents have 

been issued in Germany and the US, and these are held by 

LeniMed. The company has specific know-how in 

”infoergonomics” (which is a mixed application of computer 

sciences, mechanics, microelectronics, pneumatics, 

medical science and ergonomics). Further products (such 

as an intelligent and innovative mattress for sick people, for 

which LeniMed also has patent rights) are in the pipeline. 

Management 

Daryoush Bazargani, Managing Director, holds a Masters 

degree in Engineering / Electronics and Computer 

Sciences and has worked in R&D for more than 25 years. 

He has held several management positions in the industry 

and invented the anti-snoring-system. Dr. Rainer Gehrke, 

MBA with management experience, has held management 

positions at several financial institutions. Prof. Dr. 

Djamshid Tavangarian, who is a shareholder, is a Professor 

at the University of Rostock (emeritus) and still has 

good ties with the university. 


Funding required in Q1 2013: EUR 500,000 to 750,000 

(especially for parts used in the first series products and 

marketing / distribution). Shareholders: Daryoush Bazar - 

gani (50.9%), Dr. Rainer Gehrke (21.3%), High-Tech 

Gründerfonds (15.0%), Prof. Dr. Djamshid Tavangarian 

(12.7%). 



Profile 










Contact 

Contact person Friedrich Lüllau 

Phone +49-(0) 41 31-70 97 99-71 

E-mail fl@luellau-engineering.de 

Website www.skintrek.com 

Address Auf dem Schmaarkamp 21 

21339 Lüneburg 

Germany 


Lüllau Engineering GmbH (LE) develops and manufactures 

medical devices for dermatology using new, unique and proprietary 

technologies. In this fast-growing market, products from 

LE are currently in the commercial launch, development or 

planning phases. For instance, digital phototherapy devices 

(which have a global market size of EUR 400 million) for targeted, 

gentle and effective treatment of skin diseases, such as 

psoriasis or vitiligo, were launched in 2012. Meanwhile, automated 

full-body scanners for skin cancer, especially melanoma 

(which have a global market size of EUR 480 million), are 

From left to right: Friedrich Lüllau, Dr. Matthias Kock, Torben Lüllau 


Lüllau Engineering GmbH 

Medical engineering 

expected to be launched on the market in 2014. Last but not 

least, 2016 is the planned market launch for therapeutic 

devices for selective photothermolysis to rejuvenate the skin 

(remove wrinkles and age spots, etc.), to remove hair and to 

remove tattoos. This has a global market size of EUR 800 million. 


Within the past 15 years, LE has developed special and 

proprietary know-how and technologies in the field of optics 

(digital UV light processing), software (digital image processing, 

etc.) and automation. These can be used in dermatological 

devices in a very beneficial manner with regard to medical 

results and usability. The devices, or rather, the concepts, are 

the only ones of their kind in the world. LE makes use of close 

relationships to and collaborates with a number of German 

and foreign universities for R&D and medicinal support 

purposes. LE has filed 3 patents in the medical field thus far 

and has a handful more ready to file. 

Management 

LE was founded in 1996 as an engineering office, supplying 

engineering services in the above-mentioned field. On this 

basis, in 2009 the company started to develop and manufacture 

medical devices for their own account. Dipl.-Ing. 

Friedrich Lüllau (57), the CEO, engineer and founder of LE 

who has more than 25 years of experience as an entrepreneur, 

is responsible for product strategies and concepts, as 

well as personnel, sales and marketing. Dr. rer. nat. Matthias 

Kock (42), CTO, is a physicist with long-standing experience 

in optics and automation. He is responsible for R&D and QM. 

Dipl.-Phys. Torben Lüllau (30), COO, who is a physicist and 

holds a BA degree, is responsible for administration, production 

and R&D coordination, as well as finance. 


The company is currently looking to raise funds in the range of 

EUR 2.0 million to ramp up the final stages of developing and 

launching the various products it has in its pipeline. The shareholder 

spread is as follows: Friedrich Lüllau 64.7%, Matthias 

Kock 5.3%, Sieb & Meyer AG 15%, KfW 15%. The silent shareholders 

are: Mittelständische Beteiligungsgesellschaft 

Niedersachsen mbH (MBG); Kapitalbeteiligungsgesellschaft 

Niedersachsen mbH (NKB); and there is one private investor.

Medicyte GmbH 

Biotechnology 

Profile 










Contact 

Contact person Stefan Holder 

Phone +49-(0) 62 21-7 29 25-30 

E-mail bd@medicyte.com 

Website www.medicyte.com 

Address Im Neuenheimer Feld 581 


Germany 


Medicyte is a cell technology company specialised in the 

controlled, scalable generation and standardisation of 

human primary cells. Medicyte’s vision is to establish its 

unique and patent-protected technology as a gold standard 

and as a preferred source of human primary cells and 

human cell-based products for the purpose of research, as 

well as industrial and therapeutic applications. 

The company is commercialising its innovative cell proliferation 

technology and is now focusing on the ongoing 

market implementation of new innovative cell products and 

ready-to-use kits. 


Medicyte has developed a unique cell proliferation technology 

that forms the basis of novel cell-based research tools 

and cell therapy products. Differentiated primary cells have 

no or only limited proliferation capacities. Our proprietary 


technologies, upcyte ® and vericyte ® , enable us to produce 

novel types of healthy human primary cells, which have 

thus far not been commercially available in scalable quantities 

and in the high level of quality expected. Our lead products 

are standardised human hepatocytes from different 

donors, being the better alternative to current in vitro 

ADME-Tox models. Medicyte is targeting the rapidly growing 

markets for cells and cell systems, as well as the emerging 

multi-billion-euro market for regenerative medicine. 

Management 

The company is managed 

by a team with more than 

60 combined years of 

biotech, pharmaceutical 

and product development 

experience. 

The managing directors are 

Dr. Joris Braspenning 

(founder and CSO) and 

Stefan Holder (founder 

and CFO). 

Stefan Holder, CFO 


With regard to financing, the company is envisaging raising 

a single-figure amount in the millions of euros, such that it 

can continue developing new products and pave the way 

towards further clinical applications. Of equal importance is 

extending the production capacities, as well as expanding 

the company’s marketing and sales activities. 

Medicyte has previously secured funding from Prinz von 

Hohenzollern Capital, KfW, a business angel and public 

grants. 



Profile 










Contact 

Contact person Dipl. Betriebswirt René Kantehm 

Phone +49-(0) 2 03-3 06 45-00 

E-mail rene.kantehm@mimoon.de 

Website www.mimoon.de 

Address Bismarckstrasse 120 

47057 Duisburg 

Germany 

René Kantehm, CFO and General 

Manager 


mimoOn GmbH 

Software 


Software licensing (up-front fee and royalties or one-time 

payment; evaluation, development or manufacturing 

license) 


Market: 

u Our focus is the LTE software market (no application software) 

u Our market volume is greater than USD 1 billion 

u We have entered the market and products are being 

shipped 

u We have world-leading chip and IP core partners 

Management 

Dirk Friebel, CEO, has a career spanning more than 26 

years. Dirk has held several different management positions 

in research, marketing and general management in 

companies such as Nokia, Infineon, NEC and Siemens. 

René Kantehm, CFO and General Manager, previously 

worked with IKB AG and West LB banks. He has 10 years of 

experience in financial control. 

Jan Westmeier, VP Engineering, can look back on a 

professional career spanning more than 23 years. He was 

previously employed by Nokia and Sony Ericsson. At 

Nokia, he headed the LTE pioneering team. 

Brian Meads, VP Marketing, previously worked with TTP- 

Com and Sony Ericsson. He has 28 years of experience in 

the communications and telecommunications industries as 

a software engineer and as a sales and marketing executive. 


Investors: NRW Bank Venture Capital, Enjoy Venture, KfW, 

HTGF, Vivieris, Aumenta

NOXXON Pharma AG 

Biotechnology 

Profile 





Positive result from NN 





Contact 

Contact person Iain Buchanan 

Phone +49-(0) 30-72 62 47-0 

E-mail ibuchanan@noxxon.com 

Website www.noxxon.com 

Address Max-Dohrn-Str. 8-10 

10589 Berlin 

Germany 

Iain Buchanan, CEO 

Dr. Matthias Baumann, CMO 



NOXXON Pharma is a biopharmaceutical company 

pioneering the development of a new class of proprietary 

therapeutics known as Spiegelmers. They are the chemically 

synthesised, non-immunogenic alternative to anti - 

bodies. 


The Spiegelmer platform enables the company to make 

powerful and unique discoveries, which have generated a 

number of additional leads under preclinical investigation. 

NOXXON has generated further Spiegelmers in disease 

areas, including inflammation (anti-complement component 

C5a), cancer (antisphingosine- 1-phosphate / S1P) 

and diabetes (anti-glucagon). NOXXON is also exploring 

applications involving certain Spiegelmers as therapy in the 

area of ophthalmology. Spiegelmers appear to be particularly 

well-suited to being locally administered in the eye. 

They have a good tolerance and a long intra-vitreal half-life. 

Management 

Iain Buchanan, CEO; Dr. Matthias Baumann, CMO; Dr. 

Sven Klussmann, CSO; Aram Mangasarian, Ph.D., CBO; 

Dr. Heike Balzer, SVP Finance; Dr. Walter Wenninger, 

Chairman of the Supervisory Board. 


Since 2007, NOXXON has closed two financing rounds and 

raised approximately EUR 72 million from venture capital 

investors. NOXXON’s major investors include Sofinnova 

Partners, TVM Capital, DEWB, Edmond de Rothschild 

Investment Partners, NGN Capital, Seventure, IBB Beteiligungsgesellschaft, 

Dow and GoodVent. 



Profile 










Contact 

Contact person Dr. Alfred Hansel 

Phone +49-(0) 36 41-50 84 56 

E-mail alfred.hansel@oncgnostics.com 

Website www.oncgnostics.com 

Address Winzerlaer Str. 2 

07745 Jena 

Germany 


Using epigenetic biomarkers, oncgnostics develops highly 

reliable molecular in vitro diagnostic (IVD) tests for screening, 

follow-up care and therapeutic decisions in cancer 

diagnostics. 

The first product will be GynTect, an IVD for detecting cer - 

vical (pre-) cancer cases. Further projects are in the field of 

head and neck cancer and ovarian cancer diagnostics. 


• In the IVD market, oncgnostics will operate in the field of 

molecular diagnostics. Its annual growth rate is 19%, 

and it had an estimated market volume of EUR 5 billion in 

2011. 

• Cervical cancer may affect women aged 25 years and 

older. EU: 120 million, North America: 135 million. 


oncgnostics GmbH 

Biotechnology 

→ HPV test every 3 years: 100 million HPV tests (in the 

EU, United States, Canada and Japan) 

→ Methylation triage for all HPV-positive women: 

approx. 10 million tests 

→ Max. business volume: EUR 1 billion (EUR 100/test) 

• GynTect may be launched together with a business partner 

operating in the field of molecular diagnostics, especially 

HPV diagnostics. The test may be introduced for triaging 

the cancer status of women who tested as HPV-positive. 

Management 

Dr. Alfred Hansel (CEO): A biologist with extensive experience 

in scientific project management (at the Universities of 

Uppsala and Jena), including 1.5 years spent in a biotech 

company, where he was responsible for product development 

and marketing. 

Martina Schmitz (CSO): A biochemist with several years’ 

experience in developing diagnostic tests. 

Kerstin Brox (CFO): An economist who has acquired professional 

experience in financial institutions and within the 

advertising industry. 

Dr. Alfred Hansel, CEO Martina Schmitz, CSO Kerstin Brox, CFO 


Seed financing: High-Tech Gründerfonds and STIFT 

Thüringen, EXIST Forschungstransfer Phase 2 

To realise a prospective, multi-centric trial and to ensure 

research and development; EUR 3 million is needed for 

2013-2015.

PlanET Biogastechnik GmbH 


Profile 










Contact 

Contact person Hendrik Becker 

Phone +49-(0) 25 64-39 50-22 

E-mail h.becker@planet-biogas.com 

Website www.planet-biogas.com 

Address Up de Hacke 26 

48691 Vreden 

Germany 


The PlanET Group splits its business activities into five 

strategic business fields: National Plant Engineering and 

Construction, RePowering, International Plant Engineering 

and Construction, Service and Owner-Operated Enterprise. 


The PlanET Group is one of the top 5 leading manufacturers 

of agricultural biogas plants in the world, and it is a market 

leader in France and Canada. Over the last few years, the 

market for biogas plants in Germany has enjoyed a positive 

development. At the end of 2011, more than 7,000 plants 

were operational, which altogether had 2,780 MW electrical 

power installed. PlanET Group’s vision is preferably to 

become independent from conducting just a single 

business activity and to bring to the fore business fields that 

deliver continuous returns – such as Service and Owner- 


Operated Enterprise – in order to strengthen the company’s 

overall performance. PlanET wants to overcompensate 

through its international business for the decline of business 

in Germany. 

Management 

Hendrik Becker and Jörg 

Meyer zu Strohe run the 

medium-sized company in 

the field of renewable 

energies. It is a true success 

story, with an annual 

performance of around 

EUR 104 million and more 

than 230 employees 

worldwide. To guarantee 

clear competences and 

responsibilities, the company 

is split into 5 divi- Hendrik Becker 

sions, with 1 division 

manager per unit. These 

are, namely: Product Engineering (research and development, 

product management), Sales (client services, 

request for building permits, marketing), Construction 

(project management, materials management, construction, 

documentation), Service (technical and biological 

service) and Internal Service (finance, controlling, human 

resources, IT, facility management). 


The participants are convinced that extensive equipment 

with equity capital makes sense, in order to consequently 

use the opportunities offered in the future biogas market. In 

this way, the company can improve its rate of success and 

output, raise its value and generate further growth in the 

future. The ongoing development of the International and 

Owner-Operated Enterprise business fields have the greatest 

capital demands. It is in these fields that PlanET would 

invest significant capital. Our National, Service and RePowering 

fields can be developed in a similar way, but without 

additional equity capital. For this, we would use the PlanET 

Group’s cash flow. These would benefit, rather, from longterm 

effects. 



Profile 




Financing needs (in EUR million) 5 to 10 






Contact 

Contact person Dr. med. Angela Liedler 

Phone +49-(0) 1 73-30 48-9 20 

E-mail a.liedler@precisis.de 

Website www.precisis.de 

Address Hans-Bunte-Str. 8 


Germany 

Dr. med. Angela Liedler, CEO 


PRECISIS AG 



Precisis AG, an innovative medtech company located in 

Heidelberg, Germany, is well-known in the fields of minimal 

invasive neurosurgery and radiotherapy. So-called stereotactic 

interventions can be conducted using its medical 

devices and surgery equipment. The software and 

hardware systems developed by Precisis AG are currently 

cutting-edge when it comes to enabling highly accurate 

positioning of brain pacemakers or for intracranial tumour 

radiation. 


Parkinson’s disease is one of the most common neurological 

dysfunctions that can be safely and effectively treated 

using a minimal invasive method (deep brain stimulation). In 

this field, it is possible to predict the remarkable global 

market growth. The technical devices can also generate 

benefits in other major neurological fields, such as epilepsy 

or severe depression. An easy-to-use medical device for 

treating patients who suffer from epileptic seizures has thus 

now been invented. 

Management 

Dr. med. Angela Liedler, CEO. Prior to joining Precisis in 

2011, Angela Liedler worked within the pharmaceutical 

industry. As European Group President, she managed the 

double digit growth for inVentiv Health’s headquarters in 

Munich. Her major goal in Precisis AG is to prepare the 

latest innovation for global markets. 


Technology patent issued. US partners involved. European 

lead investors welcome. Milestone-driven investments: 

EUR 5 million in 2013/14, and EUR 5 million in 2015/16.

Scopis GmbH 


Profile 










Contact 

Contact person Bartosz Kosmecki 

Phone +49-(0) 30-2 01 69 38-0 

E-mail bkosmecki@scopis.com 

Website www.scopis.com 

Address Blücherstr. 22 

10961 Berlin 

Germany 

Bartosz Kosmecki, CEO 

Dr. Christopher Özbek, CTO 



Scopis is a developer and manufacturer of clinical navigation 

systems for minimal invasive surgery. Scopis navigation 

systems are already used in the fields of ENT, MFC and 

neurosurgery. Scopis’ clinical navigation systems result in 

surgery time being reduced, fewer clinical complications 

occurring, better post-surgical results being achieved and 

minimal costs being incurred. 


Scopis is the market leader in endoscopic augmented 

reality navigation. Buyers of Scopis’ products include 

hospital facilities with ENT, MFC and neurosurgery departments 

all over the world. Scopis is building a marketing and 

sales organisation for its home markets of Germany, Austria 

and Switzerland (the so-called “DACH” states) and will rely 

on distributors and strategic partners to commercialise 

Scopis’ products on a global scale. 

Management 

Bartosz Kosmecki, CEO; Dr. Christopher Özbek, CTO; 

Andreas Reutter, CTO. Scopis is led by an experienced 

management team that is committed to the company. 

Senior positions in sales have been filled. 


The company has a financing need of about EUR 1.5 million 

until it breaks even in the middle of 2015. Currently, Scopis 

is supported by the investor High-Tech Gründerfonds, 

Germany. Further co-founders include the Fraunhofer 

Society and Charité Universitätsmedizin Berlin. 



Profile 










Contact 

Contact person Heinz Schelwat 

Phone +49-(0) 43 23-91 09-13 

E-mail Schelwat@sea-sun-tech.com 

Website www.sea-sun-tech.com 

Address Arndstrasse 9-13 

24610 Trappenkamp 

Germany 


Sea & Sun Technology (SST) was founded in 1998 with 

three individuals. Now, we have 40 employees, generate an 

annual turnover of EUR 8.7 million (2011) and have a total 

research and development subsidy volume of EUR 4.3 million. 

For our four main divisions (Organic, Marinetec, Energy 

and Solutions), we have subsidiaries and distribution partners 

all over the world. In 2012, SST was certified in line 

with ISO 9001 by Germanischer Lloyd. In the marine field, 

our focus lies on developing and manufacturing high-end 

sensors, instruments, software and data collection platforms 

for monitoring and testing water quality, as well as 

creating environmental technologies. The integrated sea 

and ocean technology solutions we deliver to our customers 

are tailored to their specific needs and enable them 

to obtain significant data about the quality of water. Beyond 

our products, we forge lasting relationships with national 

and international customers thanks to our dedicated cus- 


Sea & Sun Technology GmbH 

Biotechnology 

tomer service, which includes technical application assistance 

and service support. 


Based on our core competences in the fields of aquatic 

measurement techniques and energy technology, and 

inspired by the economic success of the previous years, we 

decided to enter a new industry by going GREEN. We 

devote our energies to green biotechnology, specifically 

microalgae biotechnology, which is a booming branch with 

enormous economic potential and a whole host of different 

applications. Our mission is to develop and establish 

microalgae culturing systems which enable the set-up of 

sustainable energy-efficient production facilities. We are 

currently in the process of building an industrial-scale 

microalgae culture facility. Making the most of existing 

economic trails and more than 50 years of academic 

research, we put a great deal of effort into a novel product 

design and developing advanced marketing strategies 

together with our partners. 

Management 

Management 

is organised by 

SST GmbH. 

The managing 

directors for 

this field are 

Dr. Karsten 

Pankratz and 

Heinz Schel- 

Dr. Karsten Pankratz 

Heinz Schelwat 

wat. The technical 

management is performed by the biologists Dr. Hoffmann 

and Dr. Schwarz. 


The investment for the first plant is about EUR 3 million. The 

plan is to involve external investors to build up an industrial 

plant measuring 5,000 sqm, as well as up-scaling to bigger 

sizes to produce biodiesel kerosene. Research and dis - 

cussions with international partners are well underway. At 

present, SST is the sole shareholder.

Shopgate GmbH 

Internet 

Profile 










Contact 

Contact person Andrea Anderheggen 

Phone +49-(0) 60 33-74 70-0 

E-mail anderheggen@shopgate.com 

Website www.shopgate.com 

Address Schloßstraße 10 

35510 Butzbach 

Germany 


Shopgate (www.shopgate.com) is the leading provider of 

mobile commerce solutions in the retail sector. The retailer 

m-commerce market is estimated to grow up to USD 120 

billion by 2015 and is currently growing at a rate of 150 to 

200% per year. 


Shopgate is dominating the m-commerce market for retailers 

in Germany. 80% of all mobile shopping apps in the 

German App Store have been developed and are being 

maintained by Shopgate. Founded in 2009, the company is 

already serving 750 paying retailers, achieving 2.1 million 

visits per month and has been able to grow its GMV at an 

average monthly rate of 25% since its market launch. 

Besides its m-commerce technology, Shopgate offers a 

unique range of mobile sales channels and innovations, 


such as QR shopping, push marketing and mobile couponing. 

Shopgate will fundamentally change the way in which 

people buy and sell. 

Since its market launch, Shopgate has won several awards, 

including the IT Innovation Award at the 2011 CeBIT trade 

fair and the Red Herring Europe Top-100 in 2012. Shopgate 

is live in Germany, Switzerland, Austria and Poland. 

Management 

Andrea Anderheggen, the company’s founder and CEO, 

studied Philosophy and Corporate Finance in Zurich before 

founding a number of successful companies, such as 

APMC and Sofort.com. Together with Ortwin Kartmann, 

she founded Shopgate in 2009. 

Ortwin Kartmann, the company’s other founder and CEO, 

completed his studies in IT at Giessen-Friedberg University 

of Applied Sciences. Before he founded Shopgate in 2009, 

he invented several products and founded a number of 

companies, including Referate.de, People.de, Sofort.com 

and Simty. 


Shopgate is currently funded by its management team and 

the German investor Creathor Venture. Shopgate is 

planning series B funding with global investors in 2013 for 

the purpose of its international expansion. 



Profile 










Contact 

Contact person Dieter Lingelbach 

Phone +49-(0) 89-70 09 61-99 14 

E-mail lingelbach@sirion-biotech.com 

Website www.sirion-biotech.com 

Address Am Klopferspitz 19 

82152 Planegg 

Germany 


SIRION Biotech specialises in viral vectors for gene therapy 

and vaccines. Viral vectors are the method of choice for 

genetically modifying human or animal cells for “healthier” 

performance overall. 

The company has worked on 300 applications for around 

50 clients. Today, its skills support a strongly-growing 

service business amounting to EUR 800,000 in 2012. The 

high rate of repurchase reflects clients’ satisfaction. The 

service business helps with validating and fine-tuning the 

technology. 


Gene therapy and vaccine applications are a USD 30 billion 

market and the figures are continuing to grow further into 

double figures. 


SIRION Biotech GmbH 

Biotechnology 

The company’s unique BAC (Bacterial Artificial Chromosomes) 

technology enables viral vectors to be built and 

modified from scratch. BAC technology (known as 

AdenoONE) has a substantial number of other advantages 

over current industry standards, in that it generates 

100% positive and stable clones, as well as allowing for 

entire expression libraries. 

The company realises gene knockdowns of nearly 100% 

(the industry standard currently lies at around 50-70%). 

This removes uncertainty from research results. Cell models 

for new drugs or for food and cosmetic ingredients are 

available in just 6 weeks, which is substantially faster than 

when using traditional methods. 

Management 

The company started in 2007 in Munich, Germany, and also 

has offices in New Hampshire and Tokyo. It is managed by 

2 managing directors, who are both experienced in managing 

life science businesses. 

Dr. Christian Thirion 

Dieter Lingelbach 


The company requires further investment due to geographic 

expansion and exploring single, clinical applications with 

higher added value. Today’s investors are Creathor Venture, 

HTGF, Bayern Kapital and KfW. An additional EUR 500,000 to 

EUR 800,000 is required over the coming two years in order 

to render the current business model independent. Options 

exist to develop single viral vectors as drugs and/or vaccines; 

however, these call for different investment levels.

t-cell Europe GmbH 

Biotechnology 

Profile 










Contact 

Contact person Dr. Claudia Ulbrich 

Phone +49-(0) 3 31-27 97 56-90 

E-mail c.ulbrich@t-cell.de 

Website www.t-cell.de 

Address Zeppelinstr.189 

14471 Potsdam 

Germany 


Making use of its proprietary platform technologies, it is the 

objective of t-cell Europe GmbH, a spin-off of the Berlin- 

Brandenburg Center for Regenerative Therapies (BCRT), to 

develop and commercialise new T-cell-based regenerative 

therapies. Its first indication product will be a Treg-cell therapy 

following kidney transplants. t-cell’s business strategy 

is to develop its T-cell therapy product(s) until the I/IIa 

clinical phases have been completed, before licensing it to 

biopharma partner(s). t-cell focuses its further activities on 

indications, such as the immunosuppressive treatment 

following solid organ transplants, the treatment of Graftversus-host 

disease following haematopoietic stem cell 

transplants, or the treatment of CMV or EBV infections 

following solid organ transplants using T-effector cells. 



Each year, more than 30,000 patients in Europe and the US 

receive kidneys from living or deceased donors. Unfortunately, 

it is often the case that the donor organ is recognised 

by the patient’s immune system as being “foreign” 

and it is thus regularly rejected. To overcome this physiological 

yet contra-productive response, physicians have to 

put their patients on lifelong therapy with immunosuppressant 

drugs. t-cell’s proprietary technology has been 

designed to supersede chronic immunosuppression and its 

adverse effects by employing regulatory T-cells (Treg). Tregcells 

naturally play a key role by preventing overreactions in 

our immune system. t-cell’s astute concept uses therapeutic 

Treg-cells as a tool to persuade the patient’s immune 

system into accepting the foreign kidney as “its own”. The 

cell source can either be peripheral blood from the patients 

themselves (autologous therapy) or from a matched donor 

(allogenic therapy). 

Management 

t-cell is managed and supported 

by an international and 

renowned team of professionals: 

Dr. med. Claudia Ulbrich, 

CEO; Prof. Dr. med. Petra 

Reinke, Chief Clinical Advisor 

(Head of the “Immunology” field 

at BCRT); and Prof. Dr. med. 

Hans-Dieter Volk, Chief Scientific 

Advisor (Director of BCRT). 

Dr. med. Claudia Ulbrich 


A total of EUR 5.5 million is to be raised in the current 

financing round. This amount is sufficient to cover the entire 

projected capital requirement for: a) Autologous therapy 

following kidney transplants: Pre-clinical development and 

clinical development spanning phases I and II, through to 

completion of the “Proof of concept: Successful data from 

phase I/II clinical trials” milestone, and b) Allogenic therapy 

following kidney transplants: Pre-clinical development. 



Profile 










Contact 

Contact person Dipl.-Ing. Johannes Waldinger 

Phone +49-(0) 89-3 21 75-6 10 

E-mail jwaldinger@tomtec.de 

Website www.tomtec.de 

Address Edisonstrasse 6 

85716 Unterschleissheim 

Germany 

Ulrich Haupt, CEO 

Johannes Waldinger, CTO 


TomTec Imaging 

Systems GmbH 

Medical engineering 


Since 1990, the company has developed as a pioneer in 

innovative technologies, such as 3D / 4D ultrasound, stress 

echo and ultrasound image management solutions. By 

offering “add-on” and integrated OEM solutions to all major 

ultrasound and PACS companies, TomTec has reached a 

leading position in its market. With its “one step ahead” 

philosophy, TomTec is synonymous with continuous innovations 

in the field of diagnostic medical imaging. The company’s 

product line encompasses a wide range of 2D and 

3D / 4D technology for visualising, analysing, quantifying 

and processing information, as well as for managing multimodality 

image data. TomTec’s products are relevant to the 

fields of adult and paediatric cardiology, as well as obstetrics, 

gynaecology, radiology and vascular diagnostics. 


TomTec is the market leader in integrating software 

solutions for visualising, analysing and quantifying medical 

image data into imaging modality devices. Its main focus is 

on medical ultrasound. 

Thanks to automated analysis and quantification processes 

and workflow optimisation, TomTec provides solutions for 

healthcare IT partners’ growing need to analyse and 

diagnose medical imaging information. 

Management 

Senior management team: 

Ulrich Haupt: CEO, CFO 

Bernhard Mumm: President, COO 

Johannes Waldinger: CTO 


u Financing needs: EUR 2-4 million 

u Shareholders: 97% owned by the management team 

(senior management and executive board); 3% owned 

by employees 

u Financing needs for expanding the portfolio of solutions to 

include a medical diagnosis and reporting system for 

mobile devices

Torqeedo GmbH 

Green technology / energy efficiency 

and emission reduction 

Profile 










Contact 

Contact person Dr. Christoph Ballin 

Phone +49-(0) 8151 - 268 67-60 

E-mail christoph.ballin@torqeedo.com 

Website www.torqeedo.com 

Address Friedrichshafener Str. 4a 

82205 Gilching 

Germany 



Torqeedo is the global leader in electric mobility for boats, 

focusing on electric outboards. 


Torqeedo outboards convert limited battery supply into 

propulsive power better than any other outboard on the 

market. In addition, they offer product-specific advantages, 

such as ultra-lightweight design, integrated GPS-based 

range calculation, competitive price points, etc. 

The drivers for Torqeedo’s unique performance are unique 

technological advantages with regard to module (motor, 

battery, propeller) technologies and system technologies 

(e.g. safety, user interface, corrosion resistance). 

Torqeedo is utilising the unique product advantages to build 

an international consumer brand for clean outboards. As 

the global pioneer in this field, Torqeedo is already synonymous 

with clean high-tech drives that deliver superior 

performance. 

Management 

Christoph Ballin, co-founder 

and CEO – his prior positions 

include Managing Director at 

Gardena Deutschland GmbH, 

Corporate Sales Director at 

Gardena AG and Engagement 

Manager at McKinsey & 

Company Inc. 

Christoph Ballin, CEO 


Main current investors: Wheb Ventures, Robert Bosch 

Venture Capital, Extorel 


Service 

Deutsche Börse Listing Partners 

www.xetra.com/listing_e > Listing Partners 

IPO and IBO candidates as well as listed companies may benefit from the capital market expertise 

of Deutsche Börse Listing Partners ® . This network gives entrepreneurs direct access to experienced 

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ACON Actienbank AG 

Contact Person Dr. Michael Hasenstab 

E-mail hasenstab@aconbank.de 

Phone +49-(0) 89-24 4118-333 

Web www.aconbank.de 

Allen & Overy LLP 

Contact Person Dr. Oliver Seiler 

E-mail oliver.seiler@allenovery.com 

Phone +49-(0) 69-26 48 50-00 

Web www.allenovery.com 

Ashurst LPP 

Contact Person Reinhard Eyring 

E-mail reinhard.eyring@ashurst.com 

Phone +49-(0) 69-97 11 27-08 

Web www.ashurst.com 

Asiasons WFG Financial 

Phone +65-(0) 6319 4999 

Baader Bank Aktiengesellschaft 

Contact Person Nico Baader 

E-mail nico.baader@baaderbank.de 

Phone +49-(0) 89-51 50-0 

Web www.baaderbank.de 

Bank am Bellevue 

Contact Person Friedrich Dietz 

E-mail babcf@bellevue.ch 

Phone +41-(0) 44-267-7262 

Web www.bellevue.ch 

Bankhaus Lampe KG 

Contact Person Dr. Carsten Lehmann 

E-mail lehmann@lampe-cf.de 

Phone +49-(0) 69-33 99 51-0 

Web www.bankhaus-lampe.de 

Bankhaus Main AG 

Contact Person Rainer Bergmann 

E-mail rainer.bergmann@bankhaus-main.com 

Phone +49- (0) 69-59 76 76-105 

Web www.bankhaus-main.com 


BankM – Representative Office of biw Bank for 

Investments and Wertpapiere AG 

Contact Person Ralf Hellfritsch 

E-mail Ralf.Hellfritsch@bankm.de 

Phone +49-(0) 69-719 18 38-32 

Web www.bankm.de, www.biw-bankm.de 

Bayerische Landesbank 

Contact Person Alf Niezold 

E-mail alf.niezold@bayernlb.de 

Phone +49-(0) 89-21 71-2 76 31 

Web www.bayernlb.de 


Contact Person Axel Maack 

E-mail axel.maack@bdo.de 

Phone +49-(0) 30-88 57 22-470 

Web www.bdo.de 

Beiten Burkhardt Rechtsanwaltsgesellschaft mbH 

Contact Person Dr. Dirk Tuttlies 

E-mail Dirk.Tuttlies@bblaw.com 

Phone +49- (0) 89-35065-1252 

Web www.bblaw.com 

BERENBERG BANK 

Contact Person Oliver Diehl 

E-mail oliver.diehl@berenberg.de 

Phone +49-(0) 69 913 090-730 

Web www.berenberg.de 

BHF - BANK AG 

Contact Person Cornelius Clotten 

E-mail cornelius.clotten@bhf-bank.com 

Phone +49-(0) 69-71 80 

Web www.bhf-bank.com 

BLÄTTCHEN & PARTNER AG 

Contact Person Dr. Konrad Bösl 

E-mail kb@blaettchen.de 

Phone +49-(0) 89-210294-60 

Web www.blaettchen.de

BLÄTTCHEN FINANCIAL ADVISORY 

Contact Person Prof. Dr. Wolfgang Blättchen, 

Dr. Stephan Mahn 

E-mail blaettchen@blaettchen-fa.de, 

mahn@blaettchen-fa.de 

Phone +49-(0) 7152-610 194-0 

Web www.blaettchen-fa.de 

BNP PARIBAS 

Contact Person Lars Stiewe 

E-mail lars.stiewe@bnpparibas.com 

Phone +44-(0) 207-5 95 20-84 

Web www.bnpparibas.com 

BRUNSWICK GROUP 

Contact Person Christian Weyand 

E-mail cweyand@brunswickgroup.com 

Phone +49-(0) 69-24 00 55-11 

Web www.brunswickgroup.com 

Business Wire - A Berkshire Hathaway Company 

Contact Person Henrik Adelmann 

E-mail henrik.adelmann@businesswire.com 

Phone +49-(0) 69-91 50 66-35 

Web www.businesswire.de, www.businesswire.com 

Service 

CdC Capital GmbH 

Contact Person Jörn J. Follmer 

E-mail follmer@cdc-capital.com 

Phone +49-(0) 89-480 580 6-0 

Web www.cdc-capital.com, www.trust-research.com 

Clifford Chance 

Contact Person Markus Pfüller 

E-mail markus.pfueller@cliffordchance.com 

Phone +49-(0) 69-71 99-01 

Web www.cliffordchance.com 

Close Brothers Seydler Bank AG 

Contact Person Thomas Kaufmann 

E-mail thomas.kaufmann@cbseydler.com 

Phone +49-(0) 69-9 20 54-190 

Web www.cbseydler.com 


Contact Person Dr. Andreas Zanner 

E-mail Andreas.Zanner@cms-hs.com 

Phone +49-(0) 69-71 70-10 

Web www.cms-hs.com 

Kölner Straße 32 

51429 Bergisch Gladbach 

Postfach 10 03 53 

51403 Bergisch Gladbach 

Telefon: 0 22 04 / 40 00-0 

Telefax: 0 22 04 / 40 00-20 

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WKN: 620 010 

ISIN: DE 000 620 01 08

Service 

cometis AG 

Contact Person Michael Diegelmann 

E-mail diegelmann@cometis.de 

Phone +49-(0) 611-20 58 55-0 

Web www.cometis.de 

Commerzbank AG 

Contact Person Ute Gerbaulet 

E-mail ute.gerbaulet@commerzbank.com 

Phone +49-(0) 69-136-2 29-74 

Web www.commerzbank.com 

Computershare Deutschland GmbH & Co. KG 

Contact Person Steffen Herfurth 

E-mail steffen.herfurth@computershare.de 

Phone +49-(0) 89-30 90 3-0 

Web www.computershare.de 

Concord Capital AG 

Contact Person Mathias Schmid 

E-mail mathias.schmid@concordcapital.de 

Phone +49-(0) 69-271 38 79-0 

Web www.concordcapital.de 

Conmit Wertpapierhandelsbank AG 

Contact Person Christoph Weideneder 

E-mail c.weideneder@conmitbank.de 

Phone +49-(0) 89-244 047-361 

Web www.conmitbank.de 

Conpair AG 

Contact Person Ginette Oebel 

E-mail oebel@conpair.de 

Phone +49-(0) 201-8 96 89-20 

Web www.conpair.de 

Cortent Kommunikation AG 

Contact Person Volker Siegert 

E-mail volker.siegert@cortent.de 

Phone +49-(0) 69-5 77 03 00-11 

Web www.cortent.de 

Deloitte & Touche GmbH 

Contact Person Daniel Döpfner 

E-mail ddoepfner@deloitte.de 

Phone +49-(0) 69-7 56 95-64 33 

Web www.deloitte.de 

Deutsche Bank AG 

Contact Person Georg Hansel 

E-mail Georg.Hansel@db.com 

Phone +49-(0) 69-910 3 89-30 

Web www.deutsche-bank.de 


DGAP Deutsche Gesellschaft 

für Ad-hoc-Publizität mbH 

Contact Person Robert Wirth 

E-mail marketing@dgap.de 

Phone +49-(0) 89-21 02 98-40 

Web www.dgap.de 

DICAMA AG 

Contact Person Markus Dietrich 

E-mail madi@dicama.com 

Phone +49-(0) 79-71 9600-86 

Web www.dicama.com 

Donner & Reuschel AG 

Contact Person Svenja Weber 

E-mail svenja.weber@donner-reuschel.de 

Phone +49-(0) 40-3 02 17-53 37 

Web www.donner-reuschel.de 

DZ BANK AG 

Contact Person Andreas John 

E-mail andreas.john@dzbank.de 

Phone +49-(0) 69-74 47-01 

Web www.dzbank.de 

Ebner Stolz Mönning Bachem 

Contact Person Christian Fuchs 

E-mail christian.fuchs@ebnerstolz.de 

Phone +49-(0) 711-20 49-12 76 

Web www.ebnerstolz.de 

EQS Group 

Contact Person Stephan Däschler 

E-mail stephan.daeschler@eqs.com 

Phone +49-(0) 89-21 02 98-26 

Web www.eqs.com 


Contact Person Lutz Weiler 

E-mail lutz.weiler@equinet-ag.de 

Phone +49-(0) 69-58 99-70 

Web www.equinet-ag.de 

Ernst & Young GmbH 

Wirtschaftsprüfungsgesellschaft 

Contact Person Dr. Martin Steinbach 

E-mail martin.steinbach@de.ey.com 

Phone +49-(0) 61-96 996-11574 

Web www.de.ey.com 

First Berlin Securities Brokerage GmbH 

Contact Person Martin Bailey 

E-mail M.Bailey@firstberlin.com 

Phone +49-(0) 30-80 93 96-81 

Web www.FristBerlin.com

fischerAppelt, advisors 

Contact Person Ulf Ziegler 

E-mail uz@fischerappelt.de 

Phone +49-(0) 40-89 96 99-810 

Web www.fischerappelt.de 

FTI Consulting SC GmbH 

Contact Person Dr. Lutz Golsch 

E-mail lutz.golsch@fticonsulting.com 

Phone +49-(0) 69-9 20 37-0 

Web www.fticonsulting.com 

GFEI AG 

Contact Person Lars Kuhnke 

E-mail lkuhnke@gfei.de 

Phone +49-(0) 69-743 037-00 

Web www.gfei.de 

Goldman Sachs 

Contact Person Dr. Christoph Stanger 

E-mail christoph.stanger@gs.com 

Phone +44-(0) 20-77 74-47 33 

Web www.goldmansachs.com 

Service 

Graf von Westphalen 

Partnership Lawyers 

Contact Person Felix Prozorov-Bastians 

E-mail f.prozorov-bastians@gvw.com 

Phone +49-(0) 69-800 85 19 -32 

Web www.gvw.com 

Grayling Deutschland GmbH / 

Citigate Dewe Rogerson 

Contact Person Hanning Kempe 

E-mail hanning.kempe@citigatedr.de 

Phone +49-(0) 69-90 50 0-0 

Web www.citigatedr.de,www.grayling.de 


Contact Person Dr. Anne de Boer 

E-mail deboer@gsk.de 

Phone +49-(0) 71-12 20 45 79-51 

Web www.gsk.de 

Haubrok AG 

Contact Person Axel Haubrok 

E-mail a.haubrok@haubrok.de 

Phone +49-(0) 89-210 27-510 

Web www.haubrok-ce.de 

Advertisement

Service 

Hauck & Aufhäuser Privatbankiers KGaA 

Contact Person Dirk Weyerhäuser 

E-mail dirk.weyerhaeuser@ha-ib.com 

Phone +49-(0) 69-50 500 49-36 

Web www.ha-ib.com 

Helaba Landesbank Hessen-Thüringen 

Contact Person Albrecht von der Chevallerie 

E-mail albrecht.chevallerie@helaba.de 

Phone +49-(0) 69-91 32-41 85 

Web www.helaba.de 

HEUKING KÜHN LÜER WOJTEK 

Contact Person Dr. Mirko Sickinger 

E-mail m.sickinger@heuking.de 

Phone +49-(0) 22-1 20 52-591 

Web www.heuking.de 

Hogan Lovells 

Contact Person Prof. Dr. Michael Schlitt 

E-mail 49-(0) 69-962 36-430 

Phone michael.schlitt@hoganlovells.com 

Web www.hoganlovells.com 

HSBC Trinkaus Burkhardt AG 

Contact Person Dr. Ralf Neuhaus 

E-mail Ralf.Neuhaus@hsbctrinkaus.de 

Phone +49-(0) 2 11-9 10 25 90 

Web www.hsbctrinkaus.de 

ICF Kursmakler AG 

Contact Person Sascha Rinno 

E-mail s.rinno@icfag.de 

Phone +49-(0) 69-92 877-501 

Web www.icfag.de 


Contact Person Tilo Kraus 

E-mail tilo.kraus@ikb.de 

Phone +49-(0) 211-8221-3232 

Web www.ikb.de 

Independent Research 

Contact Person Pierre Drach 

E-mail pdrach@irffm.de 

Phone +49-(0) 69-971 4 90-0 

Web www.irffm.de 

IPONTIX Equity Consultants GmbH 

Contact Person Ulrich Barnickel 

E-mail ubarnickel@ipontix.com 

Phone +49-(0) 69-9 54 54-0 

Web www.ipontix.com 


JP|KOM 

Contact Person Boris Bolwin 

E-mail boris.bolwin@jp-kom.de 

Phone +49-(0) 69-921019-36 

Web www.jp-kom.de 

JPMorgan 

Contact Person Klaus H. Hessberger 

E-mail klaus.h.hessberger@jpmorgan.com 

Phone +44-(0) 207-3 25 16 49 

Web www.jpmorgan.com 

Kepler Capital Markets 

Contact Person Dr. Serge Ragotzky 

E-mail serge.ragotzky@keplercm.com 

Phone +49-(0) 69-756 96-380 

Web www.keplercapitalmarkets.com 

Kirchhoff Consult AG 

Contact Person Klaus Rainer Kirchhoff 

E-mail kirchhoff@kirchhoff.de 

Phone +49-(0) 40-6 09 18 60 

Web www.kirchhoff.de 

Lang & Schwarz Broker GmbH 

Contact Person Peter Zahn 

E-mail +49-(0) 211-13840-410 

Phone peter.zahn@ls-d.de 

Web www.ls-d.de 

Latham & Watkins LLP 

Contact Person Dr. Roland Maass 

E-mail roland.maass@lw.com 

Phone +49-(0) 69-6062-6624 

Web www.lw.com 

LBBW Landesbank Baden-Württemberg 

Contact Person Jobst Bartmer 

E-mail jobst.bartmer@LBBW.de 

Phone +49-(0) 711-1 27-25 021 

Web www.LBBW.de 

Linklaters LLP 

Contact Person Dr. Herbert Harrer 

E-mail Herbert.Harrer@linklaters.com 

Phone +49-(0) 69-71 00 3 

Web www.linklaters.com 

Luther Rechtsanwaltsgesellschaft mbH 

Contact Person Thomas Weidlich 

E-mail thomas.weidlich@luther-lawfirm.com 

Phone +49-(0) 221-99 37-1 62 80 

Web www.luther-lawfirm.com

Service 

Mayer Brown LLP 

Contact Person Dr. Ulrike Binder 

E-mail ubinder@mayerbrown.com 

Phone +49-(0) 69-79 41 0 

Web www.mayerbrown.com 

Merrill Lynch International Bank Limited 

Contact Person Holger Bross 

E-mail holger.bross@baml.com 

Phone +49-(0) 69-58 99-50 00 

Web www.ml.com 

M.M.Warburg & CO KG aA 

Contact Person Till Wrede 

E-mail twrede@mmwarburg.com 

Phone +49-(0) 40-32 82-22 98 

Web www.mmwarburg.com 

Morgan, Lewis & Bockius LLP 

Contact Person Dr. Christian O. Zschocke 

E-mail czschocke@morganlewis.com 

Phone +49-(0) 69-71 40 07-11 

Web www.morganlewis.de 

Morgan Stanley Bank AG 

Contact Person Klaus Froehlich 

E-mail klaus.froehlich@morganstanley.com 

Phone +44-(0) 207-425-23 12 

Web www.morganstanley.com 

mwb fairtrade Wertpapierhandelsbank AG 

Contact Person Elke Fürstenau 

E-mail efuerstenau@mwbfairtrade.com 

Phone +49-(0) 89-85852-300 

Web www.mwbfairtrade.com 

news aktuell GmbH 

Contact Person Birger Johannsen 

E-mail johannsen@newsaktuell.de 

Phone +49-(0) 40-41 13-327 93 

Web www.newsaktuell.de 

Noerr LLP 

Contact Person Dr. Laurenz Wieneke 

E-mail laurenz.wieneke@noerr.com 

Phone +49-(0) 69-9 71 47-70 

Web www.noerr.com 

Norton Rose LLP 

Contact Person Dr. Frank Regelin 

E-mail frank.regelin@nortonrose.com 

Phone +49-(0) 69-50 5096 -197 

Web www.nortonrose.com 


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pressetext Nachrichtenagentur 

Stralauer Platz 34, 10243 Berlin 

Tel. (030) 29 770-25 25 

adhoc@pressetext.com

Service 

Omiris AG 

Contact Person Sam Winkel 

E-mail winkel@omiris.de 

Phone +49-(0) 89-5457 8550 

Web www.consult.omiris.de 

Orrick Hölters & Elsing 

Contact Person Prof. Dr. Olaf Müller-Michaels 

E-mail omueller-michaels@orrick.com 

Phone +49-(0) 2 11-3 67 87-2 11 

Web www.orrick.com 

PricewaterhouseCoopers 

Contact Person Nadja Picard 

E-mail nadja.picard@de.pwc.com 

Phone +49-(0) 211-981 2978 

Web www.pwc.com 

quirin bank AG 

Contact Person Holger Clemens Hinz 

E-mail holger.hinz@quirinbank.de 

Phone +49-(0) 69-2475 049-30 

Web www.quirinbank.de 

SALANS LLP 

Contact Person Robert Michels 

E-mail rmichels@salans.com 

Phone +49-(0) 69-45 00 12-398 

Web www.salans.com 

Silvia Quandt & Cie. AG 

Contact Person Alexander Lattmann 

E-mail lattmann@silviaquandt.de 

Phone +49-(0) 69-95 92 90 93-1 83 

Web www.silviaquandt.de 

Skillnet GmbH 

Contact Person Bodo Kräter 

E-mail bodo.kraeter@skillnet.com 

Phone +49-(0) 40-2 80 15 4-00 

Web www.skillnet.com 

Süddeutsche Aktienbank AG 

Contact Person Hartwig Traber 

E-mail traber@sab-bank.com 

Phone +49-(0) 711-229 315-0 

Web www.sab-bank.com 


Contact Person Stephan Heinemann 

E-mail s.heinemann@taylorwessing.com 

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

Web www.taylorwessing.com 


The Royal Bank of Scotland N.V. 

Contact Person Klaus Schinkel 

E-mail klaus.schinkel@rbs.com 

Phone +49-(0) 69-2690 0325 

Web www.rbs.de 

UBJ. GmbH 

Contact Person Ingo Janssen 

E-mail ingo.janssen@ubj.de 

Phone +(49)-(0) 40-6378-5410 

Web www.ubj.de 

UniCredit Bank AG 

(former Bayerische Hypo- und Vereinsbank AG) 

Contact Person Peter Schaede 

E-mail peter.schaede@unicreditgroup.de 

Phone +49-(0) 89-378-11650 

Web www.unicreditgroup.eu 

VEM Aktienbank AG 

Contact Person Justus Linker, Markus Becker 

E-mail j.linker@vem-aktienbank.de, 

m.becker@vem-aktienbank.de 

Phone +49-(0) 89-3 09 03- 48 60, +49-(0) 89-3 09 03- 48 85 

Web www.vem-aktienbank.de 

VISCARDI AG 

Contact Person Markus Fischer 

E-mail markus.fischer@viscardi.com 

Phone +49-(0) 89-25 55 8-0 

Web www.viscardi.com 

Warth & Klein Grant Thornton AG 


Contact Person Ralf Clemens 

E-mail ralf.clemens@wkgt.com 

Phone +49-(0) 211-9524-8361 

Web www.wkgt.com 

WGZ BANK 

Contact Person Dr. Reiner Selbach 

E-mail reiner.selbach@wgzbank.de 

Phone +49-(0) 211-7 78-28 81 

Web www.wgzbank.de 

Wolfgang Steubing AG Wertpapierdienstleister 

Contact Person Dr. Jochen Grossmann 

E-mail jochen.grossmann@steubing.com 

Phone +49-(0) 69-297 16-168 

Web www.steubing.com 

youmex AG 

Contact Person Andreas Wegerich 

E-mail wegerich@youmex.de 

Phone +49-(0) 69-79 53 98-000 

Web www.youmex.de

Index of Advertisers 

Advertiser Page 

Audi 55 

Baader Bank 53 

BankM 27 

BDO 51 

Beiten Burkhardt 103 

Bellevue Investments 127 

Berenberg Bank 45 

biw Bank 81, 83 

Blättchen Financial Advisory 11 

Börsen-Zeitung 119 

BVK Bundesverband Deutscher 

Kapitalbeteiligungsgesellschaften 75 

Close Brothers Seydler Bank 19 

CMS Hasche Sigle 33 

Creathor Venture 95 

DAF 113 

Deutsche Börse U4 

Donner & Reuschel 84 

DZ BANK 39 

Ebner Stolz Mönning Bachem 93 

Edison Investment Research 13 

EQS Group 57 

equinet Bank 37 

EquityGate 63 

Ernst & Young 7 

EVCA 107 

FCF Fox Corporate Finance 25 

Financial Gates 109 

FinanzNachrichten.de 169 

GBC 67, 89, 121 

GoingPublic Media 99, 120 

heureka Profitable Communication 23 

Holland Private Equity 97 

IKB 47 

Indus 167 

init 41 

Institutional Investment Publishing 111 

International Herald Tribune 115 

KfW 17 

LBBW Landesbank Baden-Württemberg 15 

Luther 61 

mergermarket 117 

Morgan Stanley 49 

Motus Mittelstandskapital 79 

PNE Wind 101 

pressetext Nachrichtenagentur 171 

PvF Investor Relations 59 

quirin bank 71 

RENELL Wertpapierhandelsbank 43 

RölfsPartner 31 

RSM Germany 69 

Salans 77 

Scope Ratings 87 

Standard & Poors 73 

Steubing 105 

Taylor Wessing 9 

The Smart Cube 21 

update software 91 

viaprinto 35 

VIB Vermögen 29 

youmex 65 

Imprint Conference Magazine 

(Issue No. 3) 

Publisher: 


Mergenthalerallee 61, 65760 Eschborn, Germany 

www.xetra.com/listing 

issuerservices@deutsche-boerse.com 

Tel. +49-(0) 69-2 11-1 88 88 

Publishing partner: 

GoingPublic Media AG 

Hofmannstr. 7a, 81379 Munich, Germany 

www.goingpublic.de, info@goingpublic.de 

Tel. +49-(0) 89-2 00 03 39-0 

Project management: 

Nicole Koludrovic, Deutsche Börse AG 

Carola Lübbing-Raukohl, Deutsche Börse AG 

Editorial: 

Falko Bozicevic, Maximiliane Worch, Oliver Bönig, 

GoingPublic Media AG 

Editorial assistance: 

Stefan Leisner, Anna-Lena Pettendrup, Peter Reimer, Svenja 

Wesselmann 

Service 

Authors: 

Nico Baader, Prof. Dr. Wolfgang Blättchen, Johannes Borsche, 

Gunnar Cohrs, Dr. Anne de Boer, Dr. Reto Francioni, Kai 

Frömert, Arno Fuchs, Barbara Georg, Andre Gildemeister, 

Heike Härtl, Catherine Jürgens, Nakul Kanchan, Markus Kurzhals, 

Eric Leupold, Dr. Lars-Gerrit Lüßmann, Dr. Stephan Mahn, 

Tobias Mock, Dr. Axel Nawrath, Michael Oppermann, Roger 

Peeters, Volker Potthoff, Marcus Pratsch, Hendrik Riedel, 

Christoph Schnabel, Olaf Schreckenberg, Dr. Jörg Schröder, 

Tim Sichting, Dr. Stefan Steib, Fraser Thorne, Thomas Thurner, 

Christoph F. Vaupel, Andreas von Saldern, Dr. Gebhard Zemke 

Interviewees: 

Dr. Miroslav Budimir, Frank Heun, Mark Hoffmann, Arne Laarveld, 

Marc Renell, Andreas Wegerich 

Layout: 

Andreas Potthoff, GoingPublic Media AG 

Picture editing: 

Andreas Potthoff, GoingPublic Media AG 

Proofreading: 

Ade Team 

Printing: 

www.viaprinto.de 

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Disclaimer: 

The German Equity Forum 2012 is organised by komments 

GmbH under the patronage of Deutsche Börse AG and KfW. 

As initiators of the event Deutsche Börse AG and KfW are 

responsible for the content and set up of the forum programme. 

komments GmbH is the organiser and in charge of the realisation 

of the forum. 

Reproduction: 

All rights reserved, © 2012 Deutsche Börse AG, Eschborn, 

Germany 

issuerservices@deutsche-boerse.com 


Service 

Corporate financing at Deutsche Börse on Xetra 

Small- and mid-cap financing through the stock exchange 

Financing via the capital 

market is especially attractive 

to dynamically growing 

and innovative companies 

and creates the basis for a 

successful future. An Initial 

Public Offering (IPO) will 

enable a company to make 

large-scale financial investments 

which can be 

repeated by means of capital 

increase. This is particularly 

helpful to companies 

who often need to make 

large advance payments in 

order to finance strategic 

decisions, technical renewals 

and ever-shorter 

product life cycles. It also offers options for succession 

planning. There are no formal restrictions as to the com pany’s 

size or sector for corporate financing at Deutsche 

Börse on Xetra ® . 

Equity or debt capital 

Figure 1: Market segments 

On Xetra, Deutsche Börse’s pan-European cash market, 

companies can choose from two sources of capital to 

finance their growth: they can either issue shares or corporate 

bonds. Both will make them more independent of 

classical financing through bank credits. They can raise equity 

capital with an IPO and they can raise debt capital by issuing 

corporate bonds via the stock exchange. Both forms of 

financing are suitable for companies of all sizes and sectors. 


¹) In order to be listed on the Prime Standard for Corporate Bonds, companies that are traded on the Open Market need 

to go through the admission process for the Entry Standard for Corporate Bonds and, in addition, meet the requirements 

for the Prime Standard for Corporate Bonds. 

Source: Deutsche Börse AG 

Figure 2: Typical Data of Raising debt capital at 

Deutsche Börse on Xetra 

Prime Standard Entry Standard 

for corporate bonds for corporate bonds 

Target group Medium-sized & Small & mediumlarge 

companies sized companies 

Turnover p.a. > EUR 300 million < EUR 300 million 

Issuing volume 

(debt capital) 

> EUR 100 million < EUR 100 million 


Company-friendly regulatory framework for successful 

financing 

Deutsche Börse offers financing solutions for large companies 

as well as small- and mid-caps: tailor-made market 

segments with a simple admission procedure, wellbalanced 

rules and regulations, as well as low costs. Transparency 

requirements in the different market segments also 

consider the needs and the capacity of companies. Above 

all, listing on the stock exchange will give entrepreneurs 

access to their relevant investors. It is not a com pany’s size, 

but rather its quality, that is the key to successful corporate 

financing through the stock exchange. Entrepreneurs still 

will be able to stay in control of their company even after the 

listing. 

Financing with equity capital 

An IPO is an important milestone in a company’s history 

and it often marks a time of increasing growth. 

While carefully preparing for this important step, 

entrepreneurs will receive professional support at all 

times, among others from banks and advisors from 

Deutsche Börse’s Listing Partner network. In this 

way, they can realise an IPO in Frankfurt within three 

to six months. Deutsche Börse has developed very

Phases of an IPO 

Figure 3: Phases of an IPO 

Phase 1: 

Planning and preparation 

Initial consulting with 

Deutsche Börse 

Formation of an IPO team 

within the company 

Selection of advisors 

(e.g. Deutsche Börse Listing 

Partner ® ) 

Selection of the syndicate 

bank 

Establishment of legal 

preconditions within the 

company 


efficient and cost-effective access to the capital market for 

a listing in Germany. 

Financing with debt capital 

Exchange-listed corporate bonds are a source of debt 

capital, in which companies have a greater say on the transaction 

compared to classic debt financing through banks. No 

voting rights are granted when issuing corporate bonds. Corporate 

bonds are issued at Deutsche Börse via Xetra, either 

in the Prime Standard for Corporate Bonds or in the Entry 

Standard for Corporate Bonds. The issuance of corporate 

bonds is a quick, easy and cost- effective course of action 

that is open to both listed and non-listed companies. 

Deutsche Börse actively supports companies in placing 

their bonds and ensures that they have access to the network 

of private and institutional investors and traders, both 

domestic and international. The issuance of bonds is a nonpermanent 

listing. At the end of the term, which has been 

Phase 1: 

Planning and preparation 

Initial consulting with 

Deutsche Börse 

Formation of an IBO team 

within the company 

Selection of advisors 

(e.g. Deutsche Börse 

Listing Partner ® ) 

1) May be omitted in exceptional cases 

Phase 2: 

Structuring 

Setting of a timetable 

Structuring the bond 

Development of a marketing 

concept 

Preparation of the EU 

prospectus 

fixed beforehand, the management team can decide 

whether they want to use this instrument again. 

Trading on Xetra 

Service 

Securities are traded on Deutsche Börse’s Xetra trading 

platform. Xetra is one of the fastest and most efficient trading 

systems in the world. Orders are executed under 

optimum conditions in a central and fully electronic order 

book. Xetra enables traders from all over Europe to participate 

in trading, regardless of their locations. The system is 

constantly being enhanced with new products, new functions 

and expansion into new markets. Regulated and 

supervised on-exchange trading offers integrity, stability 

and safety for all participants – an invaluable advantage 

over unregulated off-exchange trading. 

Learn more about financing options at Deutsche Börse on 

Xetra, Europe’s most efficient cash market: 

www.xetra.com/listing_e 

Phases to bond issuance in the Entry Standard or Prime Standard for corporate bonds 

Figure 4: Phases for bond issuance in the Entry Standard or Prime Standard for Corporate Bonds 

1) May be omitted in exceptional cases 


Phase 2: 

Structuring 

Setting of a timetable 

Preparation of a business 

plan and a concept 

Conduct due diligence of 

relevant business units 

Preparation of the EU 

prospectus 

Phase 3: 

Realisation and marketing 

Preparation of investor 

relations activities 

Publishing of EU prospectus 

Research 

Application for admission 

of securities 

Roadshow and investor 

relations activities 

Bookbuilding 

Phase 3: 

Realisation and marketing 

Publication of EU prospectus 

Rating 1) 

Application for inclusion 

Addressing of investors 

Subscription period 

Phase 4: 

Pricing and secondary market 

Pricing and allocation 

procedure 

Initial price auction 

Continuous trading 

via the Xetra ® electronic 

trading system 

Phase 4: 

Placement and secondary 

market 

Opportunity for subscription 

via subscription tool of 

Deutsche Börse; own sales 

activities possible 

Initial price auction 

Continuous trading 

via the Xetra ® electronic 

trading system 


Service 

Contact Persons at Deutsche Börse Group 

Head of Listing & Issuer Services 

Telephone: +49-(0) 69-2 11-1 72 97 

E-mail: barbara.georg@deutsche-boerse.com 

Chemicals, Life Science, Basic Resources | 

Deutsche Börse Listing Partner | Entry & General 

Standard Conference | Russia & CIS | 

Telephone: +49-(0) 69-2 11-1 57 03 

E-mail: stefan.hoefer@deutsche-boerse.com 

Industrial | Bonds | 

SMEs | German Equity Forum | 

Telephone: +49-(0) 69-2 11-1 24 16 

E-mail: stefan.leisner@deutsche-boerse.com 


Barbara Georg 

Stefan Höfer 

Stefan Leisner 

Alexander von Preysing 

Head of Issuer Services 

Telephone: +49-(0) 69-2 11-1 72 71 

E-mail: alexander.von.preysing@deutsche-boerse.com 

Nicole Koludrovic 

Consumer, Retail, Food & Beverages | Bonds | 

SMEs | German Equity Forum | 

Telephone: +49-(0) 69-2 11-1 26 83 

E-mail: nicole.koludrovic@deutsche-boerse.com 

Software | 

SMEs | Bonds | 

Telephone: +49-(0) 69-2 11-1 52 45 

E-mail: eric.leupold@deutsche-boerse.com 

Eric Leupold

Elisabeth Plakinger 

Alternative Energies, Green Technology, Utilities | 

Regulations & Analytics | 

Telephone: +49-(0) 69-2 11-1 57 52 

E-mail: elisabeth.plakinger@deutsche-boerse.com 

Michael Rieß 

Automobile, Transportation & Logistics, TMT | 

SMEs | Bonds | Entry & General Standard Conference | 

Deutsche Börse Listing Partner | 

Telephone: +49-(0) 69-2 11-1 49 03 

E-mail: michael.riess@deutsche-boerse.com 

Financial Services I REITs | 

India | Turkey | 

Telephone: +49-(0) 69-2 11-1 52 71 

E-mail: susanne.plewan@deutsche-boerse.com 

China | 

Telephone: +49-(0) 69-2 11-1 52 32 

E-mail: yuxing.ruan@deutsche-boerse.com 

Service 

Susanne Plewan 

Yuxing Ruan 


Programme Overview Detailed programme at infocounter 

Monday, 12 November 2012 

Room Plenum Frankfurt Beijing 

Capital Market Forum International Forum 

08:00 Registration and Business Breakfast 

10:00 Plenum Welcome Address and Opening Remarks: Andreas Preuß, Deutsche Börse AG, Deputy CEO; Dr. Axel Nawrath, KfW, Member of the Executive Board 

10:15 Plenum Keynote Speech: Quo vadis Europa? Perspectives for the monetary and political union Friedrich Merz, former member of the German Bundestag 

11:00 Euro crisis, banking crisis, credit crunch 

Benefits of increased transparency on Chinese capital markets 

11:30 Can the German industry rely on refinancing? 

China-Europe Private Equity Roundtable 

Recent developments in Chinese VC/PE-industry 

12:15 KfW: We promote sustainability – VC investments for Experiences from the global IPO report and implications China-Europe Private Equity Roundtable 

the change in energy policy using the ERP Start Fund 

13:15 Lunch Buffet and Exhibition 

for IPO readiness in 2013 Ernst & Young Forum Valuation of target businesses – The Chinese way 

14:30 Mezzanine: 

Are IPOs in Germany becoming extinct? 

Best practice of Emerging Market IPOs 

Value driver and bridge financing for IPOs 

15:30 Coffee Break 

New beginnings for the future 

How to restore investors´ confidence? 

16:00 Myth and reality of venture backed IPOs IPO in consideration of investors’ demands 

Listing venue Frankfurt Stock Exchange 

17:00 IPO: A successful exit-strategy for capital investment 

companies – The story of Tognum AG 

Using the example of Hess AG 

An international company’s favorite? 

17:30 Elevator Pitch in Plenum: “Venture Capital & Private Equity” 

Investors present themselves in 3-minute pitches 

19:00 End of Forum Programme Please note: Programme of Investors’ Conferences is scheduled from 08:15 to 18:40 

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 provided 

Tuesday, 13 November 2012 

Capital Market Forum Corporate Socially Responsible Investment Forum 


09:00 IPO 2.0: Latest developments and best practice 

10:00 Quiet but powerful – The increasing role of Familiy 

Offices as investors in Germany 

CFO and Investor Relations at the pulse of financial reporting 

– Requirements on publicly traded companies from 

an accounting perspective Ernst & Young Forum 

11:00 Family owned and publicly quoted – A good compromise Reform of capital increases with regard to the WpPG 

between continuity and short-term shareholder value claims 


13:30 Increase liquidity, improve market valuation 

Enhance investors’ awareness of small- and mid-caps 

through independent research 

14:45 IPO – Strategic option for the Mittelstand 

European Market structures in Transition 

I Transition drivers 

II Impacts of the transition on the liquidity 

at regulated stock exchanges 

III Fragmentation and transparency 

10:00 Significance of sustainable development 

10:20 Sustainability in capital markets 

10:40 Sustainable investments – An European market analysis 

11:00 Sustainable investments – Niche or mainstream? 

11:40 Sustainbility and financial performance 

13:30 Sustainability reporting in capital markets 

13:50 Socially Responsible investment – Our experience 

14:10 Introduction of the presenting companies 

14:20 Germany as a pioneer in sustainable mobility 

15:00 Takeover defense – 

The perspective of bidder and target 15:45 Technology as a driver for sustainability 

16:00 Coffee Break 

16:30 Alternative financing solutions – Note on acquisition and 

leveraged financing – Opportunities and market drive 

17:30 Elevator Pitch in Plenum: “Investment Banks” 

Investment banks present themselves in 3-minute pitches 

18:00 

Stakeholder relations – Anchoring the company story 17:00 DESERTEC 

Energy and Climate Security for a world of 10 bn People 

Valuation of synergies as key success factor 

within the M&A process 

18:30 End of Forum Programme Please note: Programme of Investors’ Conferences is scheduled from 08:15 to 18:40 

19:00 Get-Together (registered participants only!) Venue: Palais Frankfurt, a shuttle service from the Congress Center to the venue will be provided 

Wednesday, 14 November 2012 

Bond Forum 


10:00 (R)evolution of debt financing – Placement and trading 

of large cap-bonds via Deutsche Börse 

11:00 Corporate Bonds – Lessons learnt? Development of funda- Entry and Prime Standard for Corporate Bonds 

mental issue parameters under capital market aspects Debt financing via Deutsche Börse AG 

11:45 Analysis of the Corporate Bond market and 

recommendations for capital market financing 

Successful placements of Corporate Bonds 

Case study: KTG Agrar 

12:15 S&P Ratings as internal and external steering 

12:30 Transparency in capital markets – Investor’s demand 

on quality and reliability challenge for SMEs 

and communication instruments 

13:00 


Creditor relations in IBOs – From placement to daily business 

14:45 Case Study: MS Spaichingen Compulsory or voluntary tasks of fixed income IR 

15:15 Bond Market 2013 

The path to FIRO 

15:30 Building a sustainable high yield market for SMEs in Europe 

16:00 End of Programme Please note: Programme of Investors’ Conferences is scheduled from 08:15 to 16:25

Hong Kong Berlin München Room 

Sector Forum TOP50 TOP50 

Listed Real Estate as attractive investment opportunity TOP50 Company presentations Technology/Industrial/GreenTech 

12:15 TomTec Imaging Systems GmbH 12:45 CrystAl-N GmbH 

TOP50 Company presentations 

Life Science / MedTech 

14:30 PRECISIS AG 

15:00 Cytolon AG 

15:30 Artcline GmbH 

16:00 EBS Technologies GmbH 

16:30 Lüllau Engineering GmbH 

17:00 CorTAG GmbH 


Technology / Industrial / GreenTech 

14:30 Direvo Industrial Biotechnology GmbH 

15:00 PlanET Biogastechnik GmbH 

15:30 Concentrator Optics GmbH 

16:00 Koller Formenbau GmbH 

16:30 DREHER Aktiengesellschaft 

17:00 Torqeedo GmbH 

Sector Forum TOP50 TOP50 TOP50 

Agro Forum 

Global opportunities in volatile markets 

Water – Tapping investment opportunity 

15:00 Remondis AG & Co. KG 

15:30 Aquarius Water Holding AG 

Coffee Break 

TOP50 Company presentations - Water 

16:30 Brandenburger Group 

17:00 DRAUSY GmbH 

17:30 Sea & Sun Technology GmbH 


Technology / Telecommunication / Software 

10:00 cube optics AG 

10:30 certon systems GmbH 

11:00 finocom AG 

11:30 Jedox AG 


Software / Internet / Media 

13:30 mimoOn GmbH 

14:00 e.bootis ag 

14:30 humangrid GmbH 

15:00 crealytics GmbH 

15:30 joiz 


Internet / Retail / Consumer 

16:30 Shopgate GmbH 17:00 brillen.de Optik AG 

17:30 healthy planet 18:00 Eurographics AG 

Presentations of bond issuers 

10:00 Maschinenfabrik Spaichingen GmbH (Industry) 

10:45 Steilmann-Boecker Fashion Point GmbH & Co. KG (Retail) 

12:15 SINGULUS TECHNOLOGIES AG (Green Technology) 

13:00 S.A.G. Solarstrom AG (Green Technology) 


Life Science / BioTech 

10:00 Kairos GmbH 

10:30 Jennewein Biotechnologie GmbH 

11:00 SIRION Biotech GmbH 

11:30 NOXXON Pharma AG 


Life Science / Med Tech 

13:30 Medicyte GmbH 

14:00 t-cell Europe GmbH 

14:30 Scopis GmbH 

15:00 LeniMed GmbH 

15:30 oncgnostics GmbH 

16:00 4a medicom GmbH 

16:30 HiperScan GmbH 

Presentations of bond issuers 

10:00 Hapag-Lloyd AG (Transportation) 

10:45 SAF-HOLLAND S.A. (Industrial) 

11:30 EYEMAXX Real Estate AG (Real Estate) 

12:15 SeniVita Sozial gemeinnützige GmbH (Pharma & Healthcare)

Upper Level (C3) 

Press Lounge 

Investors‘ 

Conferences 

Monday, 12 November 2012 

London Madrid Milan Paris Zurich Room 

Investors’ Conferences 

High Tech & Industrial 

Hosted by DZ BANK AG 

End of Programme 

Tuesday, 13 November 2012 


Consumer & Retail 

Hosted by equinet Bank AG 

Consumer & Retail 

Financial Services 

Hosted by DZ BANK AG 

Pharma & Healthcare 

Hosted by Edison 

Investment Research 

Software 




Hosted by FCF Fox 


Chemicals & Basic Resources 



Consumer 



Telecommunication & 

Communication Technology 

Hosted by Renell Wertpapierhandelsbank 

AG 

Financial Services 

Hosted by Close Brothers 

Seydler Bank AG 

Automobile & Transportation 

Hosted by LBBW Landesbank 


Software & IT 



Renewable Energies 

Hosted by LBBW Landesbank 


End of Programme 18:40 

Wednesday, 14 November 2012 






Hosted by equinet Bank AG 

Milan 

Paris 

Zurich 

Madrid 

Media 



London 

Investors‘ Conferences Detailed programme at infocounter 

Bar 

Chemicals Consumer & Retail IT Services & Software 

Miscelleaneous 



Pharma & Healthcare 

Internet Lounge 

All hosted by 


Renewable Energies / 

Green Technology 



Press 

Lounge 

End of Programme 16:30 

Time 

08:15 

14:15 

15:00 

18:40 

08:15 

13:30 

14:15 

08:15 

09:45 

12:00 

14:15

Main Level (C2) 

Plenum, Forums 

Exhibition, One on Ones 

DVFA 

One on Ones (A-C) 

Plenum 

7.15 

8.10 8.11 8.12 

7.14 7.13 7.12 7.11 7.09 7.08 

6.04 6.03 6.02 

6.01 

6.07 6.06 

7.07 7.06 7.05 7.04 7.03 7.02 7.01 

3.09 3.08 3.07 3.06 

3.04 3.03 3.01 

4.05 4.03 4.01 2.04 

4.09 4.07 4.06 

Bar 

8.09 8.08 8.07 8.06 8.04 8.03 8.02 8.01 8.00 

One on Ones (D-F) 

Exhibitors‘ Index 

7.15 Baader Bank AG 

8.03 BankM Repräsentanz der biw Bank 

für Investments und Wertpapiere AG 

2.01 BDO AG 

8.04 BEITEN BURKHARDT 

Rechtsanwaltsgesellschaft mbH 

7.03 BHF-BANK Aktiengesellschaft 

2.03 Börsen-Zeitung 

8.02 biw Bank für Investments 

und Wertpapiere AG 

3.08 Bundesverband Deutscher Kapitalbeteiligungsgesellschaften 

e.V. 

6.07 CDC Capital GmbH 

1.01 Close Brothers Seydler Bank AG 

4.05 CMS Hasche Sigle 

8.09 Deloitte & Touche GmbH 

0.01 Deutsche Börse AG 

8.10 Deutscher Investor Relations Verband e.V. 

4.07 Dipl.-Kfm. Wunderlich & Partner 

Wirtschaftsberatung für den 

Mittelstand GmbH & Co. KG 

6.04 DZ BANK AG 

3.04 Edison Investment Research 

7.11 EQS Group 

3.01 equinet Bank AG 

0.03 Ernst & Young GmbH 

2.08 

1.02 

2.07 2.06 2.05 

TOP50 

Lounge 

1.01 

2.03 2.02 2.01 

0.03 

0.02 

7.02 FAS AG 

4.03 FCF Fox Corporate Finance GmbH 

2.07 FINANCIAL GATES GmbH 

X.01 Financial Yearbook* 

7.12 GBC AG 

6.01 GoingPublic Media AG 

8.08 Grand City Properties S.A. 

3.03 GSK STOCKMANN + KOLLEGEN 

3.09 Heuking Kühn Lüer Wojtek 

8.12 heureka Profi table Communication GmbH 

8.11 ICF Kursmakler AG 

Wertpapierhandelsbank 

7.09 IKB Deutsche Industriebank AG 

7.06 Independent Research - Unabhängige 

Finanzmarktanalyse GmbH 

7.05 Institutional Investment Publishing GmbH 

7.13 International Herald Tribune 

8.06 IPONTIX Equity Consultants GmbH 

0.02 KfW 

7.07 Kirchhoff Consult AG 

4.01 LBBW Landesbank Baden-Württemberg 

7.01 Luther Rechtsanwaltsgesellschaft mbH 

7.14 Menold Bezler Rechtsanwälte 

Partnerschaft 

1.02 mergermarket 

4.09 MSL Financial 

Berlin 

Hong Kong 

München 

Frankfurt 

0.01 

Bar 

3.06 news aktuell GmbH 

4.06 Powerland AG 

3.07 pressetext Nachrichtenagentur GmbH 

8.01 quirin bank AG 

Ice 

Cream 

Speakers 

Lounge 

2.04 RENELL Wertpapierhandelsbank AG 

6.02 Rölfs RP AG 


6.06 RR Donnelley Deutschland GmbH 

2.05 RSM Deutschland GmbH 


2.06 Salans LLP 

7.08 Scope Ratings GmbH 

2.02 Standard & Poor’s 

Credit Market Services Europe Ltd. 

8.07 Süddeutsche Aktienbank AG 

6.03 The Smart Cube 

8.00 TOP50 Partner 

2.08 viaprinto – eine Marke der 

CEWE COLOR AG & Co. OHG 

Internet 

Lounge 

7.04 zfhn 

Zukunftsfonds Heilbronn GmbH & Co. KG 

Beijing 

* Service Level (C0)

Achieve your corporate goals by choosing financing on Xetra ® at Deutsche Börse. Raise equity 

capital by issuing shares, acquire debt capital by floating corporate bonds – cost-efficient and 

simple. Deutsche Börse offers tailor-made market segments for companies of all sizes and sectors. 

A listing on and trading through Xetra, Europe’s most efficient cash market, will increase your 

company’s creditworthiness, popularity and credibility. 

Contact us: 

Phone +49-(0) 69-2 11-1 88 88 , E-Mail issuerservices@deutsche-boerse.com 

www.xetra.com/listing_e 

Finance your future. Made in Germany 

Financing through 

the stock exchange 

Stay one step 

ahead of your 

competitors

Conference Magazine - GoingPublic.de - Deutsches Eigenkapitalforum

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