Conference Magazine - GoingPublic.de - Deutsches Eigenkapitalforum

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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) Media Partners 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) Network Partners 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) Deutsches Eigenkapitalforum 2012 Page 5
Page 1 and 2: Publishing Partner Deutsches Eigenk
Page 3: Dear Readers, If exchanges were mer
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 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
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 -
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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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