Conference Magazine - GoingPublic.de - Deutsches Eigenkapitalforum

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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
Page 1: Publishing Partner Deutsches Eigenk
Page 5 and 6: International 60 “There will be n
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Page 9 and 10: Corporate Financing financing, even
Page 11 and 12: Mezzanine as an interim step to sec
Page 13 and 14: Great achievements require taking r
Page 15 and 16: Drive. Made in Germany. Also with e
Page 17 and 18: UNSER PROGRAMM FÜR DIE ZUKUNFT: ER
Page 19 and 20: We believe in German Mittelstand ww
Page 21 and 22: particular, the volume and relevanc
Page 24 and 25: Capital Markets Figure 2: Broker co
Page 26 and 27: Capital Markets “The use of compu
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Page 36 and 37: Equity Markets Hearing versus under
Page 38 and 39: Equity Markets Figure 2: An example
Page 40 and 41: Bond Issuance New ways of debt fina
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Bond Issuance Figure 1: Covenants -
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Bond Issuance “The fact is that d
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Bond Issuance Photo: Deutsche Börs
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Bond Issuance Including employees a
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International “There will be no r
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International China’s move to Eur
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Legal Synergy potentials versus syn
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Legal Figure 1: Challenges of syner
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Legal Barbarians at the gate? Takeo
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Legal The brave new world of corpor
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Legal reduction of traditional debt
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Special: CSR Sustainability is an i
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Special: CSR Figure 3: Shareholder
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Special: CSR Energy management A re
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Industries & Sectors Clean energy a
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Industries & Sectors The solar powe
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Seit 1798 machen wir, was wir am be
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Deutsche Börse AG Phone +49-(0) 69
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BERENBERG BANK Contact Person Anna
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equinet Bank AG Contact Person Gera
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Baader Bank AG Contact Person Horst
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BLÄTTCHEN FINANCIAL ADVISORY GmbH
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einfach kommunizieren. heureka Prof
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Scope Ratings Scope Ratings GmbH Co
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Bundesverband Deutscher Kapitalbete
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EQS Group Contact Person Anja Weiß
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PvF Investor Relations Contact Pers
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Media Partners business new europe
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Media Partners FinanzNachrichten.de
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Media Partners mergermarket is an i
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Media Partners It is the mission of
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Media Partners Founded in 1998, Goi
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Network Partners The German Associa
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Network Partners F I C is a consult
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Die GBC Kapital GmbH ist nach § 2
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Company Page 4a medicom GmbH 124 Ar
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Artcline GmbH Medical technology Pr
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Wer denkt bei einer Pipeline schon
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certon systems GmbH Electronic comp
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CorTAG GmbH Medical technology Prof
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CrystAl-N GmbH Special chemical pro
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Cytolon AG Biotechnology Profile Fo
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DRAUSY GmbH Water investment and pr
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e.bootis ag Software Profile Founde
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Eurographics AG Private home constr
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healthy planet Food Profile Founded
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humangrid GmbH Internet services Pr
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Jennewein Biotechnologie GmbH Biote
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Kairos GmbH Biotechnology Profile F
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LeniMed GmbH Medical technology Pro
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Medicyte GmbH Biotechnology Profile
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NOXXON Pharma AG Biotechnology Prof
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PlanET Biogastechnik GmbH Renewable
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Scopis GmbH Medical technology Prof
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Shopgate GmbH Internet Profile Foun
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t-cell Europe GmbH Biotechnology Pr
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Torqeedo GmbH Green technology / en
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BLÄTTCHEN FINANCIAL ADVISORY Conta
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fischerAppelt, advisors Contact Per
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Service Mayer Brown LLP Contact Per
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Index of Advertisers Advertiser Pag
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Phases of an IPO Figure 3: Phases o
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Elisabeth Plakinger Alternative Ene
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Hong Kong Berlin München Room Sect
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Main Level (C2) Plenum, Forums Exhi
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Conference Magazine - GoingPublic.de - Deutsches Eigenkapitalforum

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