Conference Magazine - GoingPublic.de - Deutsches Eigenkapitalforum

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Capital Markets 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- Page 20 Deutsches Eigenkapitalforum 2012 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. Capital Markets 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. SSmart mar r t CCube ubb e YYo YYour ou r Research RRe esearc chh www.thesmartcube.com www .thesmartcube.com | sales@thesmartcube.com advertisement intelligence int ntel el ell li ig gee nce that tth that helps h elp elps broaden b roadee n yyour our capabilities ccap cap ap abili itie ie ies s In-depth n-de epp th aanalysis nal alyyss is and an d fully f ffull ull ullyy �� Whether an investment bank, asset manager, manager private �� customised usto omise se sedd rre rresearch ese se sea arcc h �� Visit thesmartcube.com�� The �� Smart Smart Cube �� +44(0)20 3301 3940 �� Chicago Detroit New York Y ork London Zurich Timisoara T imisoara Montevideo New Delhi
Page 1 and 2: Publishing Partner Deutsches Eigenk
Page 3 and 4: Dear Readers, If exchanges were mer
Page 5 and 6: International 60 “There will be n
Page 7 and 8: ��
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: We believe in German Mittelstand ww
Page 24 and 25: Capital Markets Figure 2: Broker co
Page 26 and 27: Capital Markets “The use of compu
Page 28 and 29: Equity Markets Selective environmen
Page 30 and 31: Equity Markets Figure 2: Market con
Page 32 and 33: Equity Markets TecDAX’s 10 th ann
Page 34 and 35: Equity Markets TecDAX Composition a
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
Page 42 and 43: Bond Issuance Corporate financing v
Page 44 and 45: Bond Issuance Figure 2: EBITDA marg
Page 46 and 47: Bond Issuance “A success model wi
Page 48 and 49: Bond Issuance Stumbling blocks on t
Page 50 and 51: Bond Issuance Transparency in the c
Page 52 and 53: Bond Issuance Figure 1: Covenants -
Page 54 and 55: Bond Issuance “The fact is that d
Page 56 and 57: Bond Issuance Photo: Deutsche Börs
Page 58 and 59: Bond Issuance Including employees a
Page 60 and 61: International “There will be no r
Page 62 and 63: International China’s move to Eur
Page 64 and 65: Legal Synergy potentials versus syn
Page 66 and 67: Legal Figure 1: Challenges of syner
Page 68 and 69: 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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