Conference Magazine 2012 - Deutsches Eigenkapitalforum

Transcription

Deutsches Eigenkapitalforum
21 – 23 November 2011
12 – 14 November 2012
Frankfurt / Main
Frankfurt / Main
»Entrepreneurs meet investors«
Conference Magazine
Publishing Partner
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
$EUTSCHES¬%IGENKAPITALFORUM
w%NTREPRENEURSåMEETåINVESTORSi
Co-Initiator
Main Sponsors
Sponsors
Scope
Ratings
Partners
STEP AWARD
Spirit to expand
Media Partners
Network Partners
DEUTSCHES AKTIENINSTITUT
Mobility Partner
Editorial
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.
Dr. Reto Francioni
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 international 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
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
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
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
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
Content
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 BadenWürttemberg
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
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), BörsenZeitung (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, Unternehmerverband 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)
Page 5
Content
TOP 50 Capital Seeking Companies
124
125
126
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
Page 6
4a medicom GmbH
Artcline GmbH
Brandenburger Group
brillen.de / Optik AG
certon systems GmbH
Concentrator Optics GmbH
CorTAG GmbH
crealytics GmbH
CrystAl-N GmbH
cube optics AG
Cytolon AG
Direvo Industrial Biotechnology GmbH
DRAUSY GmbH
DREHER Aktiengesellschaft
e.bootis ag
EBS Technologies GmbH
Eurographics AG
finocom AG
healthy planet
HiperScan GmbH
humangrid GmbH
Jedox AG
Jennewein Biotechnologie GmbH
Joiz
Kairos GmbH
Koller Formenbau GmbH
LeniMed GmbH
Lüllau Engineering GmbH
Medicyte GmbH
mimoOn GmbH
NOXXON Pharma AG
oncgnostics GmbH
PlanET Biogastechnik GmbH
PRECISIS AG
Scopis GmbH
Sea & Sun Technology GmbH
Shopgate GmbH
SIRION Biotech GmbH
t-cell Europe GmbH
TomTec Imaging Systems GmbH
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
Preparing for an IPO
can feel like rounding up
a herd of wild horses.
An IPO is enough to keep your
entire business working at full
tilt. Stand above the noise and
dust – by planning things out
from the start.
Talk to Dr. Martin Steinbach on
+49 6196 996 11574. He’ll show
you how to make a success of your
global share and bond issues.
Find out more about our IPO
readiness assessment: contact
martin.steinbach@de.ey.com
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See More | IPO readiness
Corporate Financing
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.
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.
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
65%
Germany
51%
Belgium
49%
Finland
Sweden
48%
Austria
48%
Denmark
Italy
42%
41%
Netherlands
39%
France
39%
Source: Rammer, Pesau (2011), Innovationsverhalten der Unternehmen in
Deutschland 2008, studies on the German innovation system.
Page 8
Dr. Axel Nawrath, Member of
KfW’s Executive Board
bio- and nanotechnologies, microsystem technologies). We
therefore need to boost innovation in this segment.
Innovations need to be financed
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” (“ERPStartfonds”) – 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
Corporate Financing
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”.
Taylor Wessing –
Capital Markets
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.
Capability
and
Capacity:
> Proven
Track
Record
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.
Page 9
> Strong
Experienced
Team
> In-Depth
Full
Service
www.taylorwessing.com
> Europe
> Middle East
> Asia
Corporate Financing
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
Page 10
Dr. Jörg Schröder, Managing Director,
Head of Equity Capital Markets,
IKB Deutsche Industriebank AG
Olaf Schreckenberg, Vice President
Alternative Capital Markets,
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.
Figure 1: Mezzanine investors at a glance
German
International
Family offices
Volume
EUR 5-15 million
EUR 10-50 million
EUR 5-20 million
Subordinated
collateral
No
Yes, subordinated via
inter-creditor agreement
No
Financial
covenants
For operational
monitoring, mostly
without right of
termination
For operational
monitoring, mostly with
right of termination
For operational
monitoring, mostly
without right of
termination
Term
3-7 years
5-10 years
5-10 years
Direct operational
influence
Limited, defined
approval rights
Limited, defined
approval rights
Often a strategic
sparring partner
Source: IKB Deutsche Industriebank AG
Corporate Financing
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
Page 11
www.blaettchen-fa.de
Corporate Financing
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”) corporates1 – 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.
Page 12
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 (“VRBanken”), few German
commercial banks
Source: FCF Fox Corporate Finance GmbH
Nevertheless, despite less competition for smaller transactions (< 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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Corporate Financing
Figure 2: Sources of proceeds as EBITDA-multiple
9.7x
10x
8.9x
8.8x
9x
9.2x
8.8x
9.1x
8.3x
8x
7.6x
7.1x
7.0x
2001
2002
7x
EBITDA-multiple
9.7x
6.8x
6x
5x
4x
3x
2x
1x
0x
2003
Senior debt / EBITDA
2004
2005
2006
2007
2008
2009
2010
2011 H1/2012
Other debt / EBITDA
Source: FCF Fox Corporate Finance GmbH
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
Page 14
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
transactions, 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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With many years of experience in the field of equity capital procurement, we offer you unrivalled access to capital markets. Benefit from
our individual advice covering Equity Capital Markets and our compre-
2012
IPO
36 m EUR
Sole Lead Manager
2012
Capital Increase
14 m EUR
Sole Lead Manager
2012
Capital Increase
24 m EUR
Sole Lead Manager
2012
Capital Increase
10 m EUR
Sole 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
Capital Increase
2012
Capital Increase
23 m EUR
Sole Lead Manager
2012
Convertible
240 m EUR
Co-Lead-Manager
2011
Share Placement
114 m EUR
Joint Lead Manager
Joint Bookrunner
2011
Capital Increase
2011
Convertible
5 bn EUR
Co-Manager
325 m EUR
Co-Bookrunner
2011
Sale of a majority stake
to Centrotec AG
2010
Sale of a majority stake in
Behr Group to Mahle Group
2010
Capital Increase
822 m EUR
Joint Lead Manager
2011
Capital Increase
2011
Capital Increase
8 m EUR
Sole Lead Manager
6 m EUR
Sole Lead Manager
Exclusive M&A Advisor
Exclusive M&A Advisor
10.2 bn EUR
Co-Bookrunner
2010
Capital Increase
2010
Capital Increase
2010
Share Placement
2009
Capital Increase
2009
Convertible
420 m EUR
Co-Lead Manager
4.2 bn EUR
Co-Bookrunner
504 m EUR
Co-Lead Manager
86 m EUR
Sole Lead Manager
190 m EUR
Co-Lead-Manager
Landesbank Baden-Württemberg
Corporate Financing
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
Page 16
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 creditworthiness. 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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Corporate Financing
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
Business
Risk
RATING
F i n an ci al
Risk
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
Page 18
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.
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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.
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.
Nico Baader, Member of the Board,
Baader Bank
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 communications, 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 combinaPage 20
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
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
Capital Markets
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 company’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
Vereinigung
für
Finanzanalyse und Asset Management”) is calling for the way
in which the most important Photo: Deutsche Börse AG
key figures are presented to
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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Chicago
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N e w Yo r k
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Capital Markets
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
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
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?
Figure 1: Performance, DAX vs. MDAX since 2002
260%
240%
220%
200%
180%
160%
140%
120%
100%
80%
60%
40%
2002
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.
2003
2004
2005
2006
DAX
2007
2008
MDAX
Source: Bloomberg, Berenberg Bank
Page 22
2009
2010
2011
Berenberg also benefits from its ownership and management structure.
2012
Being owner-run, the entrepreneurial
spirit is encouraged and embodied
across the board. Due to the bank’s
Capital Markets
Figure 2: Broker coverage
40
Broker Coverage
35
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?
30
25
20
15
Finding attractive mid-cap shares is harder than in
the large-cap universe. Firstly, there are many
5
more companies, so filtering out the interesting
0
ones requires more effort. Secondly, it is harder to
1,000
2,000
3,000
4,000
5,000
6,000
7,000 build up positions, as liquidity is lower. Here,
broad coverage and an archive of research
Market Cap (in EURm)
reports can help. Institutional investors are made
Source: Bloomberg, Berenberg Bank (taking the example of MDAX)
aware of companies and this increased interest
leads to increased trading in the share and thus
financial independence and low level of proprietary trading, higher liquidity. Company size correlates clearly with broit is also free from conflicts of interest in its investment ker coverage. The bigger the company, the more brokers
cover it on a regular basis.
recommendations, which is valued by the clients.
10
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
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?
There are a lot of small- and mid-cap companies, so filtering out the interesting ones requires more effort.
Photo: PantherMedia / Ingrid Balabanova
Page 24
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
Corporate financing specialist
Qualified access to leading investors
Experienced and dedicated team
In-depth market know-how
Building “lifetime“ relationships
Coming Events
5th FCF Family-to-Family Day
Munich, Germany March 14th, 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 26th, 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
Capital Markets
“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
Page 26
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
scholarships 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 developDr. Miroslav Budimir, Head of Business
ment and regulatory topics.
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
transactions 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
Capital Markets
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.
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
Photo: PantherMedia / Phil Morley
Page 27
www.bankm.de
Equity Markets
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
ECB announces OMT (06/09)
MSCI Europe 12m PE
11.5
Draghi’s “bumblebee” speech (26/07)
11.0
End of
LTRO2
10.5
Thomas Thurner, Vice President, Equity Johannes Borsche,
Capital Markets for Germany and Austria, Managing Director IBD,
Morgan Stanley*
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.
10.0
9.5
EU summit
(28/06)
ECB announces
LTRO (8/12)
9.0
8.5
8.0
Sep 10
Mar 11
Sep 11
Mar 12
Source: DataStream, Bloomberg, Morgan Stanley Research
Page 28
*) 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.
Equity Markets
visionär individuell beständig
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 sufficiently 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
Page 29
Vermögensbildung durch Immobilienaktien
Als Bestandshalter von Gewerbeimmobilien investieren
wir bewusst im wachstumsstarken süddeutschen Raum,
da wir hier auch künftig ein weit überdurchschnittliches
Wirtschaftswachstum erwarten.
Kontinuierlich wachsende Umsatz- und Ertragszahlen,
eine nachhaltige Dividendenpolitik und Beständigkeit im
Geschäftsmodell zeichnen unser Unternehmen aus.
-@SHNM@KDÄ TMCÄ HMSDQM@SHNM@KDÄ JSHNM«QDÄ OQNÆSHDQDMÄ RDHSÄ
vielen Jahren von unserem konstanten Unternehmenserfolg.
Fakten
Stand 1.8.2012
lÄ„Develop-or-buy-and-hold“-Strategie
lÄseit 20 Jahren erfolgreich am Markt
lÄausgewogener Branchenmix in einem Portfolio mit
94 Immobilien
lÄÄLÕÄ&DA«TCDMTSYÇ«BGD
lÄca. 53,7 Mio. Euro annualisierte Mieterlöse
lÄ7,3 % durchschnittliche Mietrendite zu Marktwerten
lÄNAV je Aktie: 12,83 Euro (Stand 30.06.12)
Kontakt
VIB Vermögen AG
Luitpoldstraße C 70
86633 Neuburg/Donau
Tel.: 08431 504-951
www.vib-ag.de
Investor Relations:
Frau Petra Riechert
Tel.: 08431 504-952
petra.riechert@vib-ag.de
Equity Markets
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)
14
Greek debt concerns
and disappointing
macro data
12
Uncertainties around global
growth and sovereign debt
Re-opening of
IPO markets
Renewed
Macro
Concerns
“Draghi Put”
and QE3
Average: 10.1x
10
8
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
V2X Index
Volatility and IPO
Pricings
55
40
25
10
Jan-11
Priced IPO
Oct-12
Pulled IPO
Source: Morgan Stanley
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
Figure 3: Volatility retreated since peak in june
Last twelve months
%
55
45
Proposal to Write-down 50%
of Greek Debt and Increase
EFSF to 1 Trn
Resurfacing Greek
Concerns
Greek Elections
35
Average: 27.4%
EU Summit
25
21.9%
15
Oct-11
Dec-11
VStoxx
Feb-12
Apr-12
May-12
Jul-12
Sep-12
Average
Source: Bloomberg
Page 30
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
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.
Oct-12
It almost seems as if some major global IPOs face the risk of
“getting ahead of themselves”, with the public opinion push-
Equity Markets
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
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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Equity Markets
TecDAX’s 10th 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.
Page 32
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”.
Roger Peeters, Board Member, Close
Brothers Seydler Research AG
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
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 corresponding 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
Your route to the capital market
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Your contact:
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Philipp Melzer, E philipp.melzer@cms-hs.com
www.cms-hs.com
Equity Markets
TecDAX
Composition as
of 24.03.2003
Aixtron
AT & S
BB Biotech
Drägerwerk
Elmos Semiconductor
EPCOS
Evotec
FJA
GPC Biotech
IDS Scheer
IXOS Software
Jenoptik
Kontron
LION bioscience
MediGene
Micronas Semiconductor
mobilcom*
Nordex
Pfeiffer Vacuum
Plambeck Neue Energien
QIAGEN
Repower Systems
SAP Systems Integration
SCM Microsystems
Singulus Technologies
Software AG
T-Online International
United Internet
WEB.DE
WEDECO
Composition as
of 01.10.2012
ADVA Optical Networking
Aixtron
BB Biotech
Bechtle
CANCOM
Carl Zeiss Meditec
Dialog Semiconductor
Drägerwerk
Drillisch
Euromicron
Evotec
freenet*
Jenoptik
Kontron
LPKF Laser & Electronics
Morphosys
Nordex
Pfeiffer Vacuum
PSI
QIAGEN
QSC
Sartorius
SMA Solar Technology
Software AG
SolarWorld
STRATEC Biomedical
Süss Microtec
United Internet
Wirecard
XING
Photo: Deutsche Börse AG
and SAP Systems Integration (SAPSI), both of which were
spectacularly re-incorporated with their parent companies.
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.
Making the marks
Outlook
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.
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.
*) merger between mobilcom and freenet as of 2 March 2007
Source: Deutsche Börse AG, CBS Research AG
Page 34
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Equity Markets
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 preLehman, 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
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
Source: Edison Investment Research
Page 36
No. 1
Equity
Ana
Award lyst
Börsen 2011
-Zeitun
g
Sole Lead Manager
Sole Bookrunner
China
Jan 2012
Sale of 100%
of the shares to
The Netherlands
Nov 2011
Capital Increase
Sole Lead Manager
Sole Bookrunner
Jun 2012
3,250,000 shares
Placement price: € 1.00
Placement volume: € 3.25 m
Sole Lead Manager
Apr 2012
Buy-side Advisory
May 2012
Capital increase and
takeover offer by
Sell-Side Advisory
Selling Agent
Sell-Side Advisory
Jun 2012
7.5% Corporate Bond
approx. € 45 m
5,457,243 shares
Corporate Bond Placement
6.75% Corporate Bond
€ 35 m
Sole Lead Manager
Sole Bookrunner
Aug 2012
Capital Increase
Oct 2012
Oct 2012
6,644,457 shares
8.75% Corporate Bond
€ 50 m
Sole Lead Manager
Sole Bookrunner
Mar 2012
Acquisition of a minority stake in
WASGAU Food Beteiligungs GmbH
and conclusion of a cooperation
agreement with
Sale of all
assets to
Sell-Side Advisory
novero Canada Inc.
Sale of shares
of two families
to
a financial investor
and the managing shareholder
Capital Increase
Sell-Side Advisory
Sale of Funkwerk
Dabendorf GmbH
to
Sell-Side Advisory
“The entrepreneurs among bankers”
Waiblingen
Pirmasens
Sep 2011
Aug 2011
(selected transactions)
Corporate Finance
Research & Sales
Financial Markets
G
G
G
G
G
G
G
Mergers & Acquisitions
Initial Public Offering/
Equity Capital Market Transactions
Bond Issues
Private Equity Advisory
Debt Advisory
G
G
G
Research
Support for Institutional
Clients
Share Placements
Roadshows
Exclusive member of the
European Securities Network
(ESN)
G
G
G
G
Designated Sponsoring
Shares/Bonds
Brokerage Shares/Bonds
Specialist Shares/Bonds
Bond Placements
Electronic Order Routing
equinet Bank AG
Frankfurt am Main
www.equinet-ag.de
Tel. 0049 (0)69 58997-0
Equity Markets
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 By promoting understanding of the business and
their shareholders?
of strategy
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 beneficial
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.
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.
How can this be achieved?
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.
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.
Brokers 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 burst1. 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.
Page 38
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-20.nsf/dai_statistiken_e.htm, 10.4% of the German population owns shares.
BANK ON GERMANY
As a central bank for more than 1,000 cooperative banks (Volksbanken und Raiffeisenbanken) and
their 12,000 branch offices in Germany we have long been known for our stability and reliability. We
are one of the market leaders in Germany and a renowned commercial bank with comprehensive
expertise in international financing solutions, maintaining representations in major financial and
commercial centers. Find out more about us: www.dzbank.com
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 issuPage 40
Barbara Georg,
Head of Listing & Issuer Services,
Deutsche Börse AG
Eric Leupold,
Key Account, 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
Bond Issuance
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
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.
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.
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
14
12
12
10
8
► 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
7
8
6
4
4
2
0
Michael Oppermann, Partner, Head of
Financial Accounting and Advisory Services, Ernst & Young
50m to
100m
Less than
50m
100m to
150m
150m to
200m
Source: Ernst & Young
Page 42
Greater than
200m
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
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Bond Issuance
Figure 2: EBITDA margin in year prior to issue
Earnings power increases placement potential
Number
25
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.
21
20
15
10
10
4
5
0
5
Readiness and preparation for bond investors’
demands
>30%
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.
0
negative
0%–10%
10%–20% 20%–30%
Source: Ernst & Young
Typical corporate profile of a bond issuer
Investors are key for SMEs bond IPOs. Data from prospectuses 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.
Page 44
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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 transaction. 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 From left to right: Falko Bozicevic, Frank Heun, Arne Laarveld and Mark Hoffmann
the market for SME bonds?
Hoffmann: The supply side dropped extremely rapidly over were the issuers, possibly to a certain extent, simply unable
the summer, as it did on capital markets elsewhere. The sit- to obtain adequate funding elsewhere?
uation was then totally different in September. What can Laarveld: Especially with the first SME bonds you someeasily be established is that brand names apparently work times had the impression that a bond was simply more conwell across the board. Not everything can be placed fully, venient than tedious negotiations with house banks.
Issuers did not even make a secret of this. The topic of
which is a bit like the opposite of an accolade for us.
Laarveld: After more than two years and over 50 issues, the covenants/credit clauses was almost entirely omitted. This
instrument can be referred to as established. The current situation has clearly developed over the last two years.
trend shows that issuers were on the starting blocks, just Heun: Absolutely. It is simply becoming more expensive for
waiting for the summer to end and for as little instability as banks to grant loans, there is no way around this. As a
possible with regard to economic and political grounds. Just result, SME bonds have found their role, both from en
economic as well as from an issuers point of view. However,
like investors.
Heun: Even if the topic of SME bonds is not fully applauded in what we must move away from is saying that a particular
public, it can without a doubt be called a success model; it may bond is of higher or lower quality than another. From a systematic perspective, this is somehow inaccurately. What
have its weaknesses, but it is a success model nonetheless.
would be correct is to demand that each bond has an adeConference Magazine: What are investors paying atten- quate risk-return profile.
Hoffmann: We don’t have a problem with this as investors.
tion to, then? It can’t just be the brand name alone.
Hoffmann: The fact that brand names more or less sell However, one thing that is definite is that banks must tightthemselves is a sign of market inefficiency or non-trans- en their belts. We therefore completely understand where
parency for me, rather than an indicator of a success issuers are coming from.
model. Surely this cannot be the only pillar of placement.
After all, there are not many regional brewers or spirit pro- Conference Magazine: Is there potential for improvement
with issuers?
ducers that representative for a typical German SMEs.
Heun: Naturally, it is also an indicator that the market for Heun: Generally, management must be clear about getting
SME bonds is still new and that it does not yet work in a external investors on board, and in some cases, doing so for
the first time. This means that in future, the company will
completely professional or institutional manner.
communicate with the public. Simply taking people’s money
Conference Magazine: Is the SME bond actually as im- and reporting back in five years’ time will not work or bring
portant a form of financing as it often made out to be, or success. In fact, I could provide some examples where there
Page 46
Bond Issuance
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 capiPhoto: Deutsche Börse AG
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
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 flexibility 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
Page 48
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.
Christoph Schnabel, Member of the
Board of Directors, GBC AG
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
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.
Bond Issuance
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.
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-
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
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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Deutsches Eigenkapitalforum
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 (“Bezugsrechtsemissionen”) 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.
Page 50
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 nonethePage 52
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...
Page 54
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
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.
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.
Page 56
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!
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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
Page 58
Prof. Dr. Wolfgang Blättchen, Managing Dr. Stephan Mahn, Managing DirecDirector, Blättchen Financial Advisory
tor, Blättchen Financial Advisory
investors deserves to be treated at least as well as institutional 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 exchanges 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
Bond Issuance
• 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”.
• 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
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.
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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?
Page 60
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 – Bundesanstalt 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?
International
+PL<U[LYULOTLY(U^pS[L
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
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-grouping 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.
Unverwechselbar.
Als Unternehmer-Anwälte konzentrieren wir
uns auf ein Ziel: individuelle und pragmatische Lösungen. Lösungen, die für unsere
Mandanten wirtschaftlichen Mehrwert schaffen. Unternehmerisches Verständnis und
exzellentes rechtliches Know-how bilden
dabei unseren „roten Faden“. Eine einzigartige und unverwechselbare Beratung, auch
in kapitalmarktrechtlichen Fragen.
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Rechtsanwälten und Steuerberatern in elf
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mbH ist das deutsche Mitglied von Taxand,
einem weltweiten Zusammenschluss unabhängiger Steuerberatungsgesellschaften.
Marc Renell talking with Falko Bozicevic.
Page 61
^^^S\[OLYSH^ÄYTJVT
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.
Page 62
Dr. Gebhard Zemke, Partner,
Tim Sichting, Audit Senior Manager,
BDO AG Wirtschaftsprüfungsgesellschaft BDO AG Wirtschaftsprüfungsgesellschaft
Economic opportunities
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-
International
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
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.
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Page 63
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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 prePage 64
Markus Kurzhals, Partner and Head of Andre Gildemeister, Senior,
Transactions & Advisory, Competence
Competence Center Transactions,
Center Transactions, RoelfsPartner
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 indefinite 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).
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Figure 1: Challenges of synergy valuation
1
Acquisition Goals
Pre-Closing
Strategic
motivation /
“deal logic”
2
Post-Closing
Determination of Purchase Price
Risk
premiums
Quantification of synergy potentials
(financial, cost and market synergies)
Net
synergy
value
Stand-alone
(buyer's
perspective)
4
3
Top-Down Valuation of Synergies
Unreal
synergies
Bottom-Up Evaluation of Synergies
Sales synergies
Synergy potentials
Real
synergies
5
Stand-alone
(buyer's
perspective)
Real
individual
synergies
Synergy Management
6
Negotiation
result
Buyer’s
subjective
value
Purchase
price
Realisation of Synergies
Impairment
Transfer into a
quantifiable
controlling system
(synergy management)
Realisable synergies
Goodwill
?
Assets
Purchase price
allocation (closing)
t1
t2
Source: RölfsPartner
Post-merger integration as a starting point for
realisation of synergies
synergy management ought to take into account the following aspects:
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
• 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
Page 66
Summary
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 consistently
implementing an efficient synergy management process.
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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
Page 68
Christoph F. Vaupel, Partner,
Taylor Wessing
Dr. Lars-Gerrit Lüßmann, Partner,
Taylor Wessing
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-
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rised 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.

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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
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.
Page 69
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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 internationally 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 ,076
1,785
2 ,000
1 ,500
1,165
5
0
34
0
Q4/2011
IPOs
Q1/2012
Q2/2012
Capital increase
Source: “PWC, Emissionsmarkt Deutschland”
Page 70
Catherine Jürgens, Lawyer / Associate, CMS Hasche Sigle
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
1 ,000
500
Volker Potthoff, Of Counsel,
CMS Hasche Sigle
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 Hybridfinanzierungen
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
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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:
Photo: PantherMedia / Sergio Hayashi
• 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%
88%
69%
80%
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.
57%
60%
43%
31%
40%
12%
20%
0%
Germany
Corporate bonds
France
Great
Britain
Bank loans
Source: ECB
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
Page 72
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.
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
enables us to cover several industry sectors, such as Capital Goods, Automotive Suppliers
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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 comparison of the Global Challenges Index and the MSCI World
Index reveals that sustainable investments have not underperformed traditional share investments.
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
Marcus Pratsch, Head of Sustainable
worked for equinet AG.
Investment Research, DZ BANK AG
Choosing the right shares is vital
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.
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.
Figure 1: Comparison – GCI vs. MSCI World
110.0
Indexed in EUR
100.0
90.0
80.0
70.0
60.0
50.0
40.0
Sep 07
Mar 08
GCI
Sep 08
Mar 09
Sep 09
Mar 10
MSCI World
Source: Bloomberg, DZ BANK AG
Page 74
Sep 10
Mar 11
Sep 11
Mar 12
But wait! A sustainability rating is not
necessarily a guarantee of sustainability. It all depends on the methodology used for the rating. The principle criticism of many of the sustainability analysis models available on
Special: CSR
Figure 2: Sustainability dimensions of DZ BANK Sustainable Investment Research
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
Economy
Social
Company
Corporate
Governance
Ecology
Source: DZ BANK Sustainable Investment Research
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WIR INVESTIEREN IN DEUTSCHLAND.
Private Equity-Gesellschaften investierten 2011
knapp 6 Mrd. Euro in ca. 1.200 deutsche
Unternehmen. Insgesamt werden hierzulande
derzeit rund 5.000 Unternehmen mit BeteiligungsNDSLWDOğQDQ]LHUW,QGLHVHQ8QWHUQHKPHQVLQG
etwa eine Million Mitarbeiter beschäftigt.
Special: CSR
Figure 3: Shareholder perspective
Management
Shareholders
Employees
Internal Stakeholders
Customers
Suppliers
Competitors
Capital Market
State
Public
Environment
Source: DZ BANK Sustainable Investment Research
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
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.
Page 76
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. Innovative 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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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 CO2 emissions are generally closely
linked to energy consumption, the CDP also emerged as a
platform for obtaining information on companies’ energy
performance.
Page 78
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-
Special: CSR
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.
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 CO2 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.
Return on investment for
energy savings
While energy companies are used to
thinking in terms of amortisation pe-
Photo: PantherMedia / Thomas Vogt
Page 79
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
CO2 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 techPage 80
Heike Härtl,
Dr. Stefan Steib,
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?
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.
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.
Figure 1: Global new investment in renewable energy
100%
USD billion
300
110.1
200
50%
122.9
109.2
100
0
95.1
102.9
77.0
44.4
16.4
19.5
37.7
57.4
58.0
2005
2006
2007
2008
2009
96.9
147.4
0%
-50%
2010
2011
Others
Solar
% increase in total investment
% increase in solar investment
Source: UNEP, BNEF and TSC analysis
Page 82
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.
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.
Volatile economic environment …
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.
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
Conclusion & outlook
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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listed companies.
Close Brothers Seydler Bank AG focuses on medium-sized
companies. Its core business areas are Designated Sponsoring, Corporate Finance, Equity & Fixed Income, Sales &
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
& Debt Capital Markets team assists in planning, structuring and placing transactions. Institutional investors are
serviced by the Equity & Fixed Income Trading team, offering access to leading institutional investors in the key
European markets. Close Brothers Seydler Research AG
provides expert analysis on medium-sized German companies, as well as offers corporate clients professional
management of their securities and associated services.
DZ BANK forms part of the German cooperative financial
services network, which comprises more than 1,100 local
cooperative banks. Within the cooperative financial services
network, DZ BANK AG functions both as a central institution for over 900 cooperative banks and their 12,000 branch
offices and as a corporate bank. DZ BANK offers a full
range of equity capital market products and services. The
product portfolio includes e.g. initial public offerings, capital increases, convertible bonds, participation certificates,
equity research and corporate actions. These corporate actions include designated sponsoring, employee participation programmes, share buyback programmes, public
takeover, going private, delisting, squeeze-outs, block
trades, paying and depositary services, as well as conversion into registered shares.
Main Sponsors
Edison Investment Research is a leading international
investment research company with global distribution. It
has won industry recognition, with awards both in Europe
and internationally. The team of 90 includes over 55 analysts supported by a department of supervisory analysts,
editors and assistants. Edison writes on more than 350
companies across every sector and works directly with corporates, fund managers, investment banks, brokers and
other advisors. Edison’s research is read by institutional
investors, alternative funds and wealth managers in more
than 100 countries. Edison, founded in 2003, has offices in
London, New York, Frankfurt and Sydney. It is authorised
and regulated by the Financial Services Authority.
Contact Person
Julian Roberts
Phone
+44-(0) 20 30 77-57 48
E-mail
Jroberts@edisoninvestmentresearch.co.uk
Website
www.edisoninvestmentresearch.co.uk
Address
Lincoln House
296-302 High Holborn
London WC1V 7
Great Britain
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Die GBC AG mit Sitz in Augsburg
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„Wir sind auch Unternehmer und
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Die GBC AG kennt als eigentümergeführtes Unternehmen die
Bedürfnisse des deutschen Mittelstandes im Finanzierungsbereich
und ist unabhängiger und verlässlicher Partner bei allen Fragen des
Kapitalmarktes.
In der GBC Gruppe bietet die GBC AG
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Die GBC Kapital GmbH ergänzt die
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Main Sponsors
equinet Bank AG
Contact Person
Phone
E-mail
Website
Address
Gerald Diezel
+49-(0) 69-5 89 97-0
gerald.diezel@equinet-ag.de
www.equinet-ag.de
Gräfstr. 97
60313 Frankfurt
Germany
equinet Bank offers its customers tailor-made solutions for
all financing and capital market issues. As the “entrepreneurs among bankers”, we are a partner of credibility and
integrity with an especially keen understanding of mediumsized companies. Our corporate and entrepreneurial customers 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,
typically in growth, acquisition and/or balance sheet financing / refinancing situations.
Contact Person
Phone
E-mail
Website
Address
Claudia Erning
+49-(0) 89-2 06 04 09-1 23
claudia.erning@fcf.de
www.fcf.de
Maximilianstr. 12-14
80539 Munich
Germany
LBBW Landesbank Baden-Württemberg
Contact Person
Jobst Bartmer
Phone
+49-(0) 7 11-12 72 50 21
E-mail
jobst.bartmer@lbbw.de
Website
www.lbbw.de
Address
Am Hauptbahnhof 2
70173 Stuttgart
Germany
Page 90
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.
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
60313 Frankfurt
Germany
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Baader Bank AG
Contact Person
Phone
E-mail
Website
Address
BDO AG
Contact Person
Phone
E-mail
Website
Address
Horst Bertram
+49-(0) 89-51 50-18 82
horst.bertram@baaderbank.de
www.baaderbank.de
Weihenstephaner Str. 4
85716 Unterschleißheim
Germany
Dr. Gebhard Zemke
+49-(0) 40-3 02 93-5 25
gebhard.zemke@bdo.de
www.bdo.de
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
Page 92
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 international 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
Torsten Janßen
Jan Maertins
Dr. Jörg R. Nickel
Wilfried Steinke
Telefon 0711 2049-1276
Telefon 0228 85029-212
Telefon 040 37097-147
Telefon 0221 20643-54
Telefon 0511 936227-33
christian.fuchs@ebnerstolz.de
torsten.janssen@ebnerstolz.de
jan.maertins@ebnerstolz.de
joerg.nickel@ebnerstolz.de
wilfried.steinke@ebnerstolz.de
Stuttgart
Bonn
Hamburg
Köln
Hannover
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
Sponsors
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
Address
Römerstr. 109
71229 Leonberg
Germany
CMS Hasche Sigle
Contact Person
Phone
E-mail
Website
Address
GBC AG
Contact Person
Phone
E-mail
Website
Address
Page 94
Dr. Andreas Zanner
+49-(0) 69-7 17 01-2 56
andreas.zanner@cms-hs.com
www.cms-hs.com/Pages/default.aspx
Barckhausstr. 12-16
60325 Frankfurt
Germany
Christoph Schnabel
+49-(0) 8 21-24 11 33-35
schnabel@gbc-ag.de
www.gbc-ag.de
Halderstr. 27
86150 Augsburg
Germany
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.
Contact Person
Phone
E-mail
Website
Address
Dr. Peter Ladwig
+49-(0) 7 11-2 20 45 79-0
ladwig@gsk.de
www.gsk.de
Augustenstr. 1
70178 Stuttgart
Germany
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Sponsors
einfach
kommunizieren.
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
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.
Contact Person
Phone
E-mail
Website
Address
Michaela Hesse
+49-(0) 2 11-82 21-32 72
michaela.hesse@ikb.de
www.ikb.de
Wilhelm-Bötzkes-Str. 1
40474 Düsseldorf
Germany
Morgan Stanley is a leading global financial services firm
providing a wide range of investment banking, securities,
investment management and wealth management services.
Morgan Stanley
Contact Person
Phone
E-mail
Website
Address
Page 96
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.
Johannes Borsche
+49-(0) 69-21 66-15 07
johannes.borsche@morganstanley.com
www.morganstanley.com
Junghofstr. 13-15
60311 Frankfurt
Germany
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
Phone
E-mail
Website
Address
WP / StB Markus Kurzhals
+49-(0) 2 11-69 01-2 76
markus.kurzhals@roelfspartner.de
www.roelfspartner.de
Grafenbergerallee 159
40237 Düsseldorf
Germany
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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
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Tel.: +31 20 7143400
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Tim van Delden, Managing Partner
Sponsors
Scope
Ratings
Scope Ratings GmbH
Contact Person
Phone
E-mail
Website
Address
Rüdiger Kimpel
+49-(0) 30-2 79 81-0
r.kimpel@scope.de
www.scope-group.com
Potsdamer Platz 1
10785 Berlin
Germany
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.
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
60311 Frankfurt
Germany
Taylor Wessing Partnerschaftsgesellschaft
Contact Person
Christoph F. Vaupel
Phone
+49-(0) 69-9 71 30-0
E-mail
c.vaupel@taylorwessing.com
Website
Address
Senckenberganlage 20-22
60325 Frankfurt
Germany
Page 98
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
Phone
E-mail
Website
Address
youmex Invest AG
Contact Person
Phone
E-mail
Website
Address
Gavin Rankin
+44-(0) 20 33 01-39 44
gavin.rankin@thesmartcube.com
www.thesmartcube.com
Elsinore House
77 Fulham Palace Road
London W6 8JA
Great Britain
Andreas Wegerich
+49-(0) 69-50 50 45-1 12
wegerich@youmex.de
www.youmex.de
Taunusanlage 19
60325 Frankfurt
Germany
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Partners
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
70174 Stuttgart
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
Page 100
The German Private Equity and Venture Capital Association
(“Bundesverband Deutscher Kapitalbeteiligungsgesellschaften”, “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 communication, 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
60329 Frankfurt
Germany
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Partners
EQS Group
Contact Person
Phone
E-mail
Website
Address
Anja Weiß
+49-(0) 89-21 02 98-1 41
anja.weiss@eqs.com
www.eqs.com
Seitzstr. 23
80538 Munich
Germany
Serving more than 7,000 customers, the EQS Group is a
leading provider of online corporate communication services 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.
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
Page 102
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 technology 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.
Contact Person
Phone
E-mail
Website
Address
Tim Van Delden
+31-(0) 20-7 14 34 00
info@hollandpe.com
www.hollandpe.com
Gustav Mahlerplein 109-111
1082MS Amsterdam
The Netherlands
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Partners
Contact Person
Phone
E-mail
Website
Address
Jörg G.H. Peters
+49-(0) 61 96-7 77 99-0
office@pvf.de
www.pvf.de
Hauptstr. 129
65760 Eschborn
Germany
STEP AWARD
Spirit to expand
STEP Award
Contact Person
Phone
E-mail
Website
Address
Simone Kuczynski
+49-(0) 69-75 91-15 64
s.kuczynski@faz-institut.de
www.step-award.de
Mainzer Landstr. 199
60326 Frankfurt
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
Page 104
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, nanotechnology, 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
documents into quality brochures, catalogues, books or
flyers in a flash. The process is amazingly simple. All you
have to do is upload your documents, preview the products
you have chosen in detail and you’ll receive your delivery
just a few hours later. Win your audience over with highquality printed documents for reports, conference papers,
fact sheets, presentations and company profiles. Print with
Germany’s fastest online printer: Order by 6 p.m. for nextday delivery no later than 10.30 a.m.
(Overnight service is available in many regions of Germany.)
Media Partners
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
Phone
E-mail
Website
Address
Peter Heinrich
+49-(0) 9 21-74 13-4 00
p.heinrich@brn-ag.de
www.brn-ag.de
Denzenlohestr. 47
95500 Heinersreuth
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
Contact Person
Phone
E-mail
Website
Address
Page 106
Thorsten Dieterle
+49-(0) 69-27 32-5 63
leserservice@boersen-zeitung.de
www.boersen-zeitung.de
Düsseldorfer Str. 16
60329 Frankfurt
Germany
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.
Media Partners
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
Phone
E-mail
Website
Address
Elena Arbuzova
+7-(0) 9 16-0 01 55-10
arbuzova@bne.eu
www.bne.eu
Schluterstr. 19
10625 Berlin
Germany
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Media Partners
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
“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.
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
60327 Frankfurt
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
Page 108
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.
Media Partners
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.
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
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.
Contact Person
Phone
E-mail
Website
Address
Jörg Müller
+49-(0) 69-71 67 79-15
jmueller@iht.com
http://subs.iht.com/boerse
Friedrichstr. 52
60323 Frankfurt
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
Page 110
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
Android-powered smartphones, in addition to full access to
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,
financing, manufacturing and sales, that is to say, the entire
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.
Media Partners
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
Phone
E-mail
Website
Address
David Kubatzky
+49-(0) 3 08 89-2 22 61
David.Kubatzky@mergermarket.com
www.mergermarket.com
80 Strand
London WC2R 0
Great Britain
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Media Partners
n-tv Nachrichtenfernsehen GmbH
Contact Person
Phone
E-mail
Website
Address
Thomas Hellwege
+49-(0) 2 21-4 56-3 13 10
thomas.hellwege@n-tv.de
www.n-tv.de
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
60311 Frankfurt
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
Page 112
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,
as well as consumer topics. They are thoroughly researched, prepared and presented in a comprehensible
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.
Media Partners
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.
Property Investor Europe
Contact Person
Phone
E-mail
Website
Address
Frank Beinborn
+49-(0) 69-24 43 33-1 28
frank.beinborn@pie-mag.com
www.pie-mag.com
Friedrich-Ebert-Anlage 36
60325 Frankfurt
Germany
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GERMAN INVESTORS
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DAF - TEAM FRANKFURT
www.daf.fm
Satellite: ASTRA Digital
Cable Networks: Unitymedia, Kabel BW
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Media Partners
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
60329 Frankfurt
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
E-mail
Website
Address
Page 114
+49-(0) 2 11-61 88-0
info@vdi-nachrichten.com
www.vdi-nachrichten.com
VDI-Platz 1
40468 Düsseldorf
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.
Media Partners
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
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Network Partners
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
Contact Person
Phone
E-mail
Website
Address
Andreas Mach
+49-(0) 1 72-8 51 03 37
andreas.mach@alphazirkel.de
www.alphazirkel.de
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
60322 Frankfurt
Germany
Page 116
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
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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.
Network Partners
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.
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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Network Partners
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
60323 Frankfurt
Germany
Deutsches Aktieninstitut e.V.
Contact Person
Phone
E-mail
Website
Address
Dr. Franz-Josef Leven
+49-(0) 69-9 29 15-24
dai@dai.de
www.dai.de
Niedenau 13-19
60325 Frankfurt
Germany
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
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capital market. The spectrum of companies organised
within DIRK includes almost all index values, companies
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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
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Eurosif’s mission is to “Develop Sustainability through
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Eurosif acts as a partnership of the national Sustainable
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support and involvement of Member Affiliates.
European Sustainable Investment Forum
Contact Person
Christopher Moore
Phone
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E-mail
christopher@eurosif.org
Website
www.eurosif.org
Address
331 Rue Du Progrès
1050 Brussels
Belgium
Page 118
These Member Affiliates include institutional investors,
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Network Partners
F I C is a consulting firm specialised in services relating to
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F I C Frankfurt International Consulting GmbH
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Yusef Ahmed
Phone
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E-mail
yusef.ahmed@frankfurt-ic.com
Website
www.frankfurt-ic.com
Address
Taunusanlage 1
60329 Frankfurt
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onGuide 210x99 Q9_Layout 1 04.11.12 22:35 Seite 1
BOND GUIDE
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Top 50 capital seeking companies
certon
systems
The new weapon for e-commerce
Page 122
Company
Page
4a medicom GmbH
Artcline GmbH
Company
Page
124
138
152
125
e.bootis ag
139
Medicyte GmbH
153
Brandenburger Group
126
140
mimoOn GmbH
154
128
Eurographics AG
141
NOXXON Pharma AG
155
certon systems GmbH
129
finocom AG
142
oncgnostics GmbH
156
130
healthy planet
143
157
CorTAG GmbH
131
HiperScan GmbH
144
PRECISIS AG
158
crealytics GmbH
132
humangrid GmbH
145
Scopis GmbH
159
CrystAl-N GmbH
133
Jedox AG
146
160
cube optics AG
134
Jennewein Biotechnologie GmbH
147
Shopgate GmbH
161
Cytolon AG
135
Joiz
148
SIRION Biotech GmbH
162
Kairos GmbH
149
t-cell Europe GmbH
163
Direvo Industrial
Company
Page
Biotechnology GmbH
136
150
TomTec Imaging Systems GmbH
164
DRAUSY GmbH
137
LeniMed GmbH
151
Torqeedo GmbH
165
Capital Seeking Companies
4a medicom GmbH
Pharmaceuticals and health /
medical technology
Profile
Strategic market position
Founded in
Number of employees
Equity (in EUR million)
Financing needs (in EUR million)
Positive result from
Revenues in 2010 (in EUR million)
Revenues in 2012 (e) (in EUR million)
2006
25
7.0
-
Contact
Contact person
Phone:
E-mail:
Website:
Address:
Mag. Thomas Exel
+43-(0) 6 99-19 07 05 55
exel@glucopearl.com
www.glucopearl.com
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.
Page 124
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
Founded in
Number of employees
2007
8
0.6
5
2015
-
Contact
Contact person
Phone
E-mail
Website
Address
Dr. Jens Altrichter
+49-(0) 1 71-8 29 40 62
jens.altrichter@artcline.de
www.artcline.de
Schillingallee 68
18057 Rostock
Germany
Business field
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,
Dr. Jens Altrichter, CEO
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 Prof. Steffen Mitzner,
for treating liver failure. It is currently 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.
Brandenburger Group
High-tech composite materials
Profile
Founded in
Number of employees
1939
120
6
5
1939
25.54
25.95
26.70
29.00
Contact
Contact person
Phone
E-mail
Website
Address
Tim Brandenburger
+49-(0) 63 41-51 04-1 36
t.brandenburger@brandenburger.de
www.brandenburger.de
Taubensuhlstr. 6
76829 Landau
Germany
Business field
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 international 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.
Page 126
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 changeover, 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.
Online shop
Profile
Business field
Founded in
Number of employees
2011
approx. 50
2
2
0.0
0.2
3.5
10
Contact
Contact person
Phone
E-mail
Website
Address
Daniel Thung
+49-(0) 9 21-16 49 89 80
d.thung@brillen.de
www.brillen.de
Orionstr. 3a
95448 Bayreuth
Germany
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
Page 128
certon systems GmbH
certon
systems
Electronic components and hardware
Profile
Founded in
Number of employees
2005
8
2
1
2014
0.3
0.6
0.8
1.5
Contact
Contact person
Phone
E-mail
Website
Address
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
Lord Hess
+49-(0) 62 21-7 59 02 60
hess@certon.de
www.certon.de
Hans-Bunte-Str. 8
69123 Heidelberg
Germany
Business field
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’ 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 Service
departments. Ralph Westenburger, who is a shareholder and received com- Lord Hess, CEO
mercial 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.
Renewable energies
Profile
Founded in
Number of employees
2008
22
0.58
up to 3.0
2013
0.4
0.3
0.9
4.4
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
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.
Business field
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
Page 130
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
Medical technology
Profile
Business field
Founded in
Number of employees
2009
5
0.08
0.8
0.348
0.239
0.163
1.757
Contact
Contact person
Phone
E-mail
Website
Address
Dr. rer. pol. Michael Gebauer
+49-(0) 2 31-97 42-61 80
gebauer@cortag.de
www.cortag.de
Otto-Hahn-Str. 15
44227 Dortmund
Germany
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
Dr. Michael Gebauer
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%
crealytics GmbH
Software
The new weapon for e-commerce
Profile
Founded in
Number of employees
2008
40
1.5
5
2011
1.7
5
7
14
Contact
Contact person
Phone
E-mail
Website
Address
Dipl. Kfm. Andreas Reiffen
+49-(0) 8 51-21 37 28-0
info@crealytics.de
www.crealytics.de
Brunngasse 1
94032 Passau
Germany
Business field
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!
Page 132
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
Business field
Founded in
Number of employees
2010
5
0.2
2
0.042
0.124
0.074
0.256
Contact
Contact person
Phone
E-mail
Website
Address
Dipl. Kfm. Ulrich Seitz
+49-(0) 9 11-65 07 86 50-90
info@crystal-n.com
www.crystal-n.com
Dr.-Mack-Straße 77
90762 Fürth
Germany
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.
Dr. Paul Heimann, CEO
Investors: High-Tech-Gründerfonds; Seedfonds Bayern;
Horst Linn sen. (BA). Capital demand: EUR 2 million to
expand production capacity.
cube optics AG
General industrial company
Profile
Founded in
Number of employees
2000
90
4
3
2011
7.3
10.8
14.4
20
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
Contact
Contact person
Phone
E-mail
Website
Address
Bernhard Heine
+49-(0) 61 31-6 98 51-16
heine@cubeoptics.com
www.cubeoptics.com
Robert-Koch-Str. 30
55129 Mainz
Germany
Business field
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
Page 134
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
Founded in
Number of employees
2008
18
2.8
2.5
2013
0.052
0.34
Contact
Contact person
Phone
E-mail
Website
Address
Thomas Klein
+49-(0) 30-2 63 92 88-0
thomas.klein@cytolon.com
www.cytolon.com
Am Karlsbad 15
10785 Berlin
Germany
Business field
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.
Direvo Industrial
Biotechnology GmbH
Renewable energies
Profile
Founded in
Number of employees
2008
30
3
12
2014
0.5
1.2
2.5
3.0
Contact
Contact person
Phone
E-mail
Website
Address
Dr. Jörg Riesmeier
+49-(0) 2 21-4 74 48-1 01
joerg.riesmeier@direvo.com
www.direvo.com
Nattermannallee 1
50829 Cologne
Germany
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
Business field
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.
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.
At Direvo, we focus on the emerging biomass conversion
industry. We identify bottlenecks and weaknesses in
current industrial processes in this sector. We develop
Page 136
DRAUSY GmbH
Water investment and
profitable sustainability
Profile
Founded in
Number of employees
1998
3 + 15
0.025
1-10-100
2012
0.1
0.1
0.2
5
Contact
Contact person
Phone
E-mail
Website
Address
Nikolaus Weth
+49-(0) 63 42-9 29-1 30
n.weth@drausy.de
www.drausy.de
Schulstr. 5
76889 Schweigen-Rechtenbach
Germany
Business field
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 H2S 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.
Automation / Laser / CNC Machines
DREHER Laser Technology: Sale of ROFIN laser systems
for marking and welding.
Profile
Founded in
Number of employees
2009
60
10.5
1/5
2010
6.5
9.8
13
18
Contact
Contact person
Phone
E-mail
Website
Address
Martin Dreher
+49-(0) 74 24-9 58 38-7 43
m.dreher@dreherautomation.de
www.drehergruppe.de
Wolf Hirth Str 2
78588 Denkingen
Germany
Business field
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:
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.
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.
Page 138
Martin Dreher, CEO
e.bootis ag
Software
Profile
Founded in
Number of employees
1982
70
3.69
< 5.0
2009
4.544
5.086
6.0
6.9
Contact
Contact person
Phone
E-mail
Website
Address
Dr. Karl Langenstein
+49-(0) 2 01-85 96-1 10
dr.karl.langenstein@ebootis.de
www.ebootis.de
Am Luftschacht 21
45307 Essen
Germany
Business field
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 business methodology involved
in strategic mergers and acquisitions (M&A).
He and his
family currently
Dr. Karl Langenstein, CEO (left) and
hold almost 65% Ludger Langenstein, Member of the Executive Board
of the shares
in
e.bootis.
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.
Medical technology
Business field
Profile
Founded in
Number of employees
2007
10
1.6
1.5
2014
0
0
0
0.7
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.
Contact
Contact person
Phone
E-mail
Website
Address
Ulf Pommerening
+49-(0) 3 32 03-80 47-11
ulf.pommerening@ebstech.de
www.ebstech.de
Heinrich-Hertz-Str. 4
14532 Kleinmachnow
Germany
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).
Ulf Pommerening
Financial needs: EUR 1.5 million. Earlybird VC Management
GmbH & Co. KGBFB Wachstumsfonds Brandenburg
GmbH, High-Tech Gründerfonds Management GmbH
Page 140
Eurographics AG
Private home construction and furniture
Profile
Founded in
Number of employees
1990
280
0.33
5
1990
15.72
17.52
21.69
25
Contact
Contact person
Phone
E-mail
Website
Address
Dipl. Kfm. Stephan Krä
+49-(0) 1 72-1 03 84 15
s.krae@eurographics.de
www.@eurographics.de
Pommernstrasse 17-19
93073 Neutraubling
Germany
Business field
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.
finocom AG
Telecommunications services
Profile
Founded in
Number of employees
2007
15
2.0
-
Contact
Contact person
Phone
E-mail
Website
Address
Dipl.Ing. Peter Nowack
+49-(0) 2 21-9 99 98 56-25
peter.nowack@finocom.de
www.placetel.de
Gustav-Heinemann-Ufer 58
50968 Cologne
Germany
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
Business field
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.
Page 142
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
Business field
Founded in
Number of employees
2009
6
0.25
0.02-2.75
2012
0.15
0.25
0.30
0.90
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
Contact
Contact person
Phone
E-mail
Website
Address
Super premium ice creams and sorbets for out-of-home
advertising, business and catering
Kai Cornehl
+49-(0) 6 11-7 24 93 76
kc@healthyplanet.de
www.healthyplanet.de
Wandersmannstraße 68
65205 Wiesbaden
Germany
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.
HiperScan GmbH
Technology / electronic
components and hardware
Profile
Business field
Founded in
Number of employees
Positiv result from
Revenues in 2012: (e) (in EUR million)
Revenues in 2013: (e) (in EUR million)
2006
19
0.053
2
2012
0.24
0.82
2.00
3.70
Contact
Contact person
Phone
E-mail
Website
Address
Dr. Alexander Wolter
+49-(0) 3 51-21 24 96-10
alexander.wolter@hiperscan.com
www.hiperscan.com
Weißeritzstr. 3
01067 Dresden
Germany
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.
Executive partners: Dr. Alexander Wolter (left), Dr. Stefan Friedrichowski
Page 144
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
currently one of the top-ranking providers of paid crowdsourcing in the world and is the market leader in Europe.
Founded in
Number of employees
2005
30
1
10
2013
0.4
0.8
2.5
5
Contact
Contact person
Phone
E-mail
Website
Address
Marc Ahr
+49-(0) 2 01-95 97 18-0
marc.ahr@clickworker.com
www.clickworker.com
Hatzper Straße 34
45149 Essen
Germany
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.
Business field
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
Marc Ahr, Managing Director (left), and Christian Rozsenich, Managing
Director, Technology & Operations
Main investors:
K.Wecken, KfW, HTGF, venturecapital.de, SeedCapital
Dortmund
Jedox AG
Software
Profile
Business field
Founded in
Number of employees
2002
85
8.6
5-10
2012
3.4
5.6
8.2
12.3
Contact
Contact person
Phone
E-mail
Website
Address
Kristian Raue
+49-(0) 7 61-1 51 47-0
kristian.raue@jedox.com
www.jedox.com
Bismarckallee 7a
79098 Freiburg
Germany
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.
Kristian Raue, CEO
Current investors:
- Klaus wake
- eCapital
- KfW
Page 146
Jennewein
Biotechnologie GmbH
Biotechnology
Profile
Founded in
Number of employees
2005
18
4
5 to 10
2009
0.32
1.4
2.4
5
Contact
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.
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
Dr. Stefan Jennewein
Dr. Klaus Jennewein
Business field
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 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.
Jennewein Biotechnologie’s market includes human nutrition, personal care and pharmaceuticals. Alone, each 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.
Profile
Founded in
Number of employees
2010
50
10-20
2012
0.2
2.4
4
10
Contact
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
Contact person
Phone
E-mail
Website
Address
Alexander Mazzara
+41 (0) 44-5 33 09-01
alexander@joiz.ch
www.joiz.ch
Schärenmoosstrasse 77
8052 Zurich
Switzerland
Alexander Mazzara, CEO; Dominik Stroppel, COO; Dr.
Claudia Zellerhoff, Head of Marketing; Elif Erisik, Head of
Programme; Nicolas Noth, Head of Sales
Business field
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.
Alexander Mazzara, CEO
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
u Roll-out into Germany and the UK
u Creathor Venture, Innovationsstiftung Schwyzer Kantonalbank
u private entities and individuals
Page 148
Kairos GmbH
Biotechnology
estimate a global market volume of around USD 141 billion by
2015. This market is booming in Germany, too.
Profile
Founded in
Number of employees
2009
11
1.2
2.5
2012
0.4
0.6
1.2
2.5
Contact
Contact person
Phone
E-mail
Website
Address
Martin Zünkeler
+49-(0) 2 34-58 88 21-14
martin.zuenkeler@kairos-med.de
www.kairos-med.de
Universitätsstrasse 136
44799 Bochum
Germany
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 ProteomCenter”), 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.
Business field
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.
Dr. Christian Stephan
Martin Zünkeler
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
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.
Tooling and Lightweight
Automobile Components
Profile
Business field
Founded in
Number of employees
1994
500
9.4
20
1994
26
34
41
50
Contact
Contact person
Phone
E-mail
Website
Address
Max Koller, Carter Looney
+49-(0) 69-50 50 27-1 58
carter.looney@mml-partners.com
www.koller-formenbau.de
Oberbürg 24
92345 Dietfurt
Germany
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.
Page 150
LeniMed GmbH
Medical technology
Profile
Founded in
Number of employees
2009
4
0.004
0.5-0.75
0
0
0
3,018
Contact
Contact person
Phone
E-mail
Website
Address
Dr. Rainer Gehrke
+49-(0) 3 81-49 53 69-50
gehrke@lenimed.de
www.lenimed.de
Hansestraße 21
18182 Bentwisch
Germany
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
Business field
In cooperation with the University of Rostock, LeniMed is
developing the computercontrolled
anti-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
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 Bazargani (50.9%), Dr. Rainer Gehrke (21.3%), High-Tech
Gründerfonds (15.0%), Prof. Dr. Djamshid Tavangarian
(12.7%).
Medical engineering
Profile
Founded in
Number of employees
2009
7
0.036
2.0
0.00
0.00
0.4
1.0
Contact
Contact person
Phone
E-mail
Website
Address
Friedrich Lüllau
+49-(0) 41 31-70 97 99-71
fl@luellau-engineering.de
www.skintrek.com
Auf dem Schmaarkamp 21
21339 Lüneburg
Germany
Business field
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
Page 152
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
Founded in
Number of employees
2007
16
3
2
2013
0.1
1
Contact
Contact person
Phone
E-mail
Website
Address
Stefan Holder
+49-(0) 62 21-7 29 25-30
bd@medicyte.com
www.medicyte.com
Im Neuenheimer Feld 581
69120 Heidelberg
Germany
Business field
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.
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.
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
mimoOn GmbH
Software
Profile
Business field
Founded in
Number of employees
2006
70
2.5
4.0
3.0
3.1
5.0
9.8
Contact
Contact person
Phone
E-mail
Website
Address
Dipl. Betriebswirt René Kantehm
+49-(0) 2 03-3 06 45-00
rene.kantehm@mimoon.de
www.mimoon.de
Bismarckstrasse 120
47057 Duisburg
Germany
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 TTPCom 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.
René Kantehm, CFO and General
Manager
Investors: NRW Bank Venture Capital, Enjoy Venture, KfW,
HTGF, Vivieris, Aumenta
Page 154
NOXXON Pharma AG
Biotechnology
Profile
Business field
Founded in
Number of employees
1997
60
20.5
10
NN
0.1
0.1
-
Contact
Contact person
Phone
E-mail
Website
Address
Iain Buchanan
+49-(0) 30-72 62 47-0
ibuchanan@noxxon.com
www.noxxon.com
Max-Dohrn-Str. 8-10
10589 Berlin
Germany
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 antibodies.
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.
Iain Buchanan, CEO
Dr. Matthias Baumann, CMO
oncgnostics GmbH
Biotechnology
Profile
Founded in
Number of employees
2012
6
0.07
3
0
0
0
0.1
Contact
Contact person
Phone
E-mail
Website
Address
Dr. Alfred Hansel
+49-(0) 36 41-50 84 56
alfred.hansel@oncgnostics.com
www.oncgnostics.com
Winzerlaer Str. 2
07745 Jena
Germany
→ 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.
Business field
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 cervical (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.
Page 156
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.
Renewable energies
Profile
Founded in
Number of employees
1998
230
5
6
2000
50
95.2
100
90
Contact
Contact person
Phone
E-mail
Website
Address
Hendrik Becker
+49-(0) 25 64-39 50-22
h.becker@planet-biogas.com
www.planet-biogas.com
Up de Hacke 26
48691 Vreden
Germany
Business field
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.
PRECISIS AG
Medical technology
Profile
Business field
Founded in
Number of employees
2006
10
0.5
5 to 10
2009
0.8
1.2
1.7
3
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.
Contact
Contact person
Phone
E-mail
Website
Address
Dr. med. Angela Liedler
+49-(0) 1 73-30 48-9 20
a.liedler@precisis.de
www.precisis.de
Hans-Bunte-Str. 8
69123 Heidelberg
Germany
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.
Dr. med. Angela Liedler, CEO
Page 158
Scopis GmbH
Medical technology
Profile
Business field
Founded in
Number of employees
2010
14
0.5
1.5
2013
0.1
0.27
1.0
1.8
Contact
Contact person
Phone
E-mail
Website
Address
Bartosz Kosmecki
+49-(0) 30-2 01 69 38-0
bkosmecki@scopis.com
www.scopis.com
Blücherstr. 22
10961 Berlin
Germany
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.
Bartosz Kosmecki, CEO
Dr. Christopher Özbek, CTO
Biotechnology
tomer service, which includes technical application assistance and service support.
Profile
Founded in
Number of employees
1998
40
2.553
2-3
2009
7.775
7.269
7.3
10.5
Contact
Contact person
Phone
E-mail
Website
Address
Heinz Schelwat
+49-(0) 43 23-91 09-13
Schelwat@sea-sun-tech.com
www.sea-sun-tech.com
Arndstrasse 9-13
24610 Trappenkamp
Germany
Business field
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 cusPage 160
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 Schelwat
Heinz Schel- Dr. Karsten Pankratz
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 discussions with international partners are well underway. At
present, SST is the sole shareholder.
Shopgate GmbH
Internet
such as QR shopping, push marketing and mobile couponing. Shopgate will fundamentally change the way in which
people buy and sell.
Profile
Founded in
Number of employees
2009
58
2
7
2013
0.05
0.2
5
35
Contact
Contact person
Phone
E-mail
Website
Address
Andrea Anderheggen
+49-(0) 60 33-74 70-0
anderheggen@shopgate.com
www.shopgate.com
Schloßstraße 10
35510 Butzbach
Germany
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.
Business field
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,
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.
SIRION Biotech GmbH
Biotechnology
Profile
Founded in
Number of employees
2007
12
0.1
0.7
2015
0.5
0.5
0.8
1.1
Contact
Contact person
Phone
E-mail
Website
Address
Dieter Lingelbach
+49-(0) 89-70 09 61-99 14
lingelbach@sirion-biotech.com
www.sirion-biotech.com
Am Klopferspitz 19
82152 Planegg
Germany
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.
Business field
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.
Dr. Christian Thirion
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.
Page 162
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
Founded in
Number of employees
2011
7
0.5
5.5
2016
-
Contact
Contact person
Phone
E-mail
Website
Address
Dr. Claudia Ulbrich
+49-(0) 3 31-27 97 56-90
c.ulbrich@t-cell.de
www.t-cell.de
Zeppelinstr.189
14471 Potsdam
Germany
Business field
Making use of its proprietary platform technologies, it is the
objective of t-cell Europe GmbH, a spin-off of the BerlinBrandenburg 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.
TomTec Imaging
Systems GmbH
Medical engineering
Business field
Profile
Founded in
Number of employees
1990
80
3.38
2-4
2000
12.7
10.8
10.6
11.3
Contact
Contact person
Phone
E-mail
Website
Address
Dipl.-Ing. Johannes Waldinger
+49-(0) 89-3 21 75-6 10
jwaldinger@tomtec.de
www.tomtec.de
Edisonstrasse 6
85716 Unterschleissheim
Germany
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
Ulrich Haupt, CEO
Page 164
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
Business field
Profile
Founded in
Number of employees
2005
44
2
5-6
6
9
10
15
Contact
Contact person
Phone
E-mail
Website
Address
Dr. Christoph Ballin
+49-(0) 8151 - 268 67-60
christoph.ballin@torqeedo.com
www.torqeedo.com
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 capital market specialists in all areas of company financing at Deutsche Börse on Xetra®.
ACON Actienbank AG
Contact Person
E-mail
Phone
Web
Dr. Michael Hasenstab
hasenstab@aconbank.de
+49-(0) 89-24 4118-333
www.aconbank.de
Allen & Overy LLP
Contact Person
E-mail
Phone
Web
Dr. Oliver Seiler
oliver.seiler@allenovery.com
+49-(0) 69-26 48 50-00
www.allenovery.com
Ashurst LPP
Contact Person
E-mail
Phone
Web
Reinhard Eyring
reinhard.eyring@ashurst.com
+49-(0) 69-97 11 27-08
www.ashurst.com
Asiasons WFG Financial
Phone
+65-(0) 6319 4999
Baader Bank Aktiengesellschaft
Contact Person
E-mail
Phone
Web
Nico Baader
nico.baader@baaderbank.de
+49-(0) 89-51 50-0
www.baaderbank.de
Bank am Bellevue
Contact Person
E-mail
Phone
Web
Friedrich Dietz
babcf@bellevue.ch
+41-(0) 44-267-7262
www.bellevue.ch
Bankhaus Lampe KG
Contact Person
E-mail
Phone
Web
Dr. Carsten Lehmann
lehmann@lampe-cf.de
+49-(0) 69-33 99 51-0
www.bankhaus-lampe.de
Bankhaus Main AG
Contact Person
E-mail
Phone
Web
Page 166
Rainer Bergmann
rainer.bergmann@bankhaus-main.com
+49- (0) 69-59 76 76-105
www.bankhaus-main.com
BankM – Representative Office of biw Bank for
Investments and Wertpapiere AG
Contact Person
E-mail
Phone
Web
Ralf Hellfritsch
Ralf.Hellfritsch@bankm.de
+49-(0) 69-719 18 38-32
www.bankm.de, www.biw-bankm.de
Bayerische Landesbank
Contact Person
E-mail
Phone
Web
Alf Niezold
alf.niezold@bayernlb.de
+49-(0) 89-21 71-2 76 31
www.bayernlb.de
BDO AG Wirtschaftsprüfungsgesellschaft
Contact Person
E-mail
Phone
Web
Axel Maack
axel.maack@bdo.de
+49-(0) 30-88 57 22-470
www.bdo.de
Beiten Burkhardt Rechtsanwaltsgesellschaft mbH
Contact Person
E-mail
Phone
Web
Dr. Dirk Tuttlies
Dirk.Tuttlies@bblaw.com
+49- (0) 89-35065-1252
www.bblaw.com
BERENBERG BANK
Contact Person
E-mail
Phone
Web
Oliver Diehl
oliver.diehl@berenberg.de
+49-(0) 69 913 090-730
www.berenberg.de
BHF - BANK AG
Contact Person
E-mail
Phone
Web
Cornelius Clotten
cornelius.clotten@bhf-bank.com
+49-(0) 69-71 80
www.bhf-bank.com
BLÄTTCHEN & PARTNER AG
Contact Person
E-mail
Phone
Web
Dr. Konrad Bösl
kb@blaettchen.de
+49-(0) 89-210294-60
www.blaettchen.de
Service
BLÄTTCHEN FINANCIAL ADVISORY
CdC Capital GmbH
Contact Person
Contact Person
Jörn J. Follmer
E-mail
follmer@cdc-capital.com
Phone
+49-(0) 89-480 580 6-0
www.cdc-capital.com, www.trust-research.com
Web
E-mail
Phone
Web
Prof. Dr. Wolfgang Blättchen,
Dr. Stephan Mahn
blaettchen@blaettchen-fa.de,
mahn@blaettchen-fa.de
+49-(0) 7152-610 194-0
BNP PARIBAS
Contact Person
E-mail
Phone
Web
Lars Stiewe
lars.stiewe@bnpparibas.com
+44-(0) 207-5 95 20-84
www.bnpparibas.com
BRUNSWICK GROUP
Contact Person
E-mail
Phone
Web
Christian Weyand
cweyand@brunswickgroup.com
+49-(0) 69-24 00 55-11
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
Clifford Chance
Contact Person
E-mail
Phone
Web
Markus Pfüller
markus.pfueller@cliffordchance.com
+49-(0) 69-71 99-01
www.cliffordchance.com
Contact Person
E-mail
Phone
Web
Thomas Kaufmann
thomas.kaufmann@cbseydler.com
+49-(0) 69-9 20 54-190
www.cbseydler.com
CMS Hasche Sigle
Contact Person
E-mail
Phone
Web
Dr. Andreas Zanner
Andreas.Zanner@cms-hs.com
+49-(0) 69-71 70-10
www.cms-hs.com
Advertisement
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E-Mail: indus@indus.de
Mehr Informationen unter:
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WKN: 620 010
ISIN: DE 000 620 01 08
Service
cometis AG
Contact Person
E-mail
Phone
Web
Michael Diegelmann
diegelmann@cometis.de
+49-(0) 611-20 58 55-0
www.cometis.de
Commerzbank AG
Contact Person
E-mail
Phone
Web
Ute Gerbaulet
ute.gerbaulet@commerzbank.com
+49-(0) 69-136-2 29-74
www.commerzbank.com
Computershare Deutschland GmbH & Co. KG
Contact Person
E-mail
Phone
Web
Markus Dietrich
madi@dicama.com
+49-(0) 79-71 9600-86
www.dicama.com
DZ BANK AG
Contact Person
E-mail
Phone
Web
Christoph Weideneder
c.weideneder@conmitbank.de
+49-(0) 89-244 047-361
www.conmitbank.de
Conpair AG
Contact Person
E-mail
Phone
Web
Ginette Oebel
oebel@conpair.de
+49-(0) 201-8 96 89-20
www.conpair.de
Cortent Kommunikation AG
Contact Person
E-mail
Phone
Web
Contact Person
E-mail
Phone
Web
Contact Person
E-mail
Phone
Web
Svenja Weber
svenja.weber@donner-reuschel.de
+49-(0) 40-3 02 17-53 37
www.donner-reuschel.de
Andreas John
andreas.john@dzbank.de
+49-(0) 69-74 47-01
www.dzbank.de
Ebner Stolz Mönning Bachem
Contact Person
E-mail
Phone
Web
Christian Fuchs
christian.fuchs@ebnerstolz.de
+49-(0) 711-20 49-12 76
www.ebnerstolz.de
EQS Group
Contact Person
E-mail
Phone
Web
Stephan Däschler
stephan.daeschler@eqs.com
+49-(0) 89-21 02 98-26
www.eqs.com
Volker Siegert
volker.siegert@cortent.de
+49-(0) 69-5 77 03 00-11
www.cortent.de
equinet Bank AG
Daniel Döpfner
ddoepfner@deloitte.de
+49-(0) 69-7 56 95-64 33
www.deloitte.de
Ernst & Young GmbH
Wirtschaftsprüfungsgesellschaft
Deloitte & Touche GmbH
Deutsche Bank AG
Page 168
DICAMA AG
Mathias Schmid
mathias.schmid@concordcapital.de
+49-(0) 69-271 38 79-0
www.concordcapital.de
Conmit Wertpapierhandelsbank AG
Contact Person
E-mail
Phone
Web
Robert Wirth
marketing@dgap.de
+49-(0) 89-21 02 98-40
www.dgap.de
Donner & Reuschel AG
Concord Capital AG
Contact Person
E-mail
Phone
Web
Contact Person
E-mail
Phone
Web
Steffen Herfurth
steffen.herfurth@computershare.de
+49-(0) 89-30 90 3-0
www.computershare.de
Contact Person
E-mail
Phone
Web
Contact Person
E-mail
Phone
Web
DGAP Deutsche Gesellschaft
für Ad-hoc-Publizität mbH
Georg Hansel
Georg.Hansel@db.com
+49-(0) 69-910 3 89-30
www.deutsche-bank.de
Contact Person
E-mail
Phone
Web
Contact Person
E-mail
Phone
Web
Lutz Weiler
lutz.weiler@equinet-ag.de
+49-(0) 69-58 99-70
www.equinet-ag.de
Dr. Martin Steinbach
+49-(0) 61-96 996-11574
www.de.ey.com
First Berlin Securities Brokerage GmbH
Contact Person
E-mail
Phone
Web
Martin Bailey
M.Bailey@firstberlin.com
+49-(0) 30-80 93 96-81
www.FristBerlin.com
Service
fischerAppelt, advisors
Contact Person
E-mail
Phone
Web
Ulf Ziegler
uz@fischerappelt.de
+49-(0) 40-89 96 99-810
www.fischerappelt.de
FTI Consulting SC GmbH
Contact Person
E-mail
Phone
Web
Dr. Lutz Golsch
lutz.golsch@fticonsulting.com
+49-(0) 69-9 20 37-0
www.fticonsulting.com
GFEI AG
Contact Person
E-mail
Phone
Web
Lars Kuhnke
lkuhnke@gfei.de
+49-(0) 69-743 037-00
www.gfei.de
Goldman Sachs
Contact Person
E-mail
Phone
Web
Dr. Christoph Stanger
christoph.stanger@gs.com
+44-(0) 20-77 74-47 33
www.goldmansachs.com
Graf von Westphalen
Partnership Lawyers
Contact Person
E-mail
Phone
Web
Felix Prozorov-Bastians
f.prozorov-bastians@gvw.com
+49-(0) 69-800 85 19 -32
www.gvw.com
Grayling Deutschland GmbH /
Citigate Dewe Rogerson
Contact Person
E-mail
Phone
Web
Hanning Kempe
hanning.kempe@citigatedr.de
+49-(0) 69-90 50 0-0
www.citigatedr.de,www.grayling.de
Contact Person
E-mail
Phone
Web
Dr. Anne de Boer
deboer@gsk.de
+49-(0) 71-12 20 45 79-51
www.gsk.de
Haubrok AG
Contact Person
E-mail
Phone
Web
Axel Haubrok
a.haubrok@haubrok.de
+49-(0) 89-210 27-510
www.haubrok-ce.de
Advertisement
Service
Hauck & Aufhäuser Privatbankiers KGaA
JP|KOM
Contact Person
E-mail
Phone
Web
Contact Person
E-mail
Phone
Web
Dirk Weyerhäuser
dirk.weyerhaeuser@ha-ib.com
+49-(0) 69-50 500 49-36
www.ha-ib.com
Helaba Landesbank Hessen-Thüringen
JPMorgan
Contact Person
E-mail
Phone
Web
Contact Person
E-mail
Phone
Web
Albrecht von der Chevallerie
albrecht.chevallerie@helaba.de
+49-(0) 69-91 32-41 85
www.helaba.de
HEUKING KÜHN LÜER WOJTEK
Contact Person
E-mail
Phone
Web
Klaus H. Hessberger
klaus.h.hessberger@jpmorgan.com
+44-(0) 207-3 25 16 49
www.jpmorgan.com
Kepler Capital Markets
Dr. Mirko Sickinger
m.sickinger@heuking.de
+49-(0) 22-1 20 52-591
www.heuking.de
Hogan Lovells
Contact Person
E-mail
Phone
Web
Boris Bolwin
boris.bolwin@jp-kom.de
+49-(0) 69-921019-36
www.jp-kom.de
Contact Person
E-mail
Phone
Web
Dr. Serge Ragotzky
serge.ragotzky@keplercm.com
+49-(0) 69-756 96-380
www.keplercapitalmarkets.com
Kirchhoff Consult AG
Prof. Dr. Michael Schlitt
49-(0) 69-962 36-430
michael.schlitt@hoganlovells.com
www.hoganlovells.com
Contact Person
E-mail
Phone
Web
Klaus Rainer Kirchhoff
kirchhoff@kirchhoff.de
+49-(0) 40-6 09 18 60
www.kirchhoff.de
HSBC Trinkaus Burkhardt AG
Lang & Schwarz Broker GmbH
Contact Person
E-mail
Phone
Web
Contact Person
E-mail
Phone
Web
Dr. Ralf Neuhaus
Ralf.Neuhaus@hsbctrinkaus.de
+49-(0) 2 11-9 10 25 90
www.hsbctrinkaus.de
ICF Kursmakler AG
Contact Person
E-mail
Phone
Web
Peter Zahn
+49-(0) 211-13840-410
peter.zahn@ls-d.de
www.ls-d.de
Latham & Watkins LLP
Sascha Rinno
s.rinno@icfag.de
+49-(0) 69-92 877-501
www.icfag.de
Contact Person
E-mail
Phone
Web
Dr. Roland Maass
roland.maass@lw.com
+49-(0) 69-6062-6624
www.lw.com
Contact Person
E-mail
Phone
Web
Contact Person
E-mail
Phone
Web
Tilo Kraus
tilo.kraus@ikb.de
+49-(0) 211-8221-3232
www.ikb.de
Independent Research
Contact Person
E-mail
Phone
Web
Jobst Bartmer
jobst.bartmer@LBBW.de
+49-(0) 711-1 27-25 021
www.LBBW.de
Linklaters LLP
Pierre Drach
pdrach@irffm.de
+49-(0) 69-971 4 90-0
www.irffm.de
Contact Person
E-mail
Phone
Web
Dr. Herbert Harrer
Herbert.Harrer@linklaters.com
+49-(0) 69-71 00 3
www.linklaters.com
IPONTIX Equity Consultants GmbH
Luther Rechtsanwaltsgesellschaft mbH
Contact Person
E-mail
Phone
Web
Contact Person
E-mail
Phone
Web
Page 170
Ulrich Barnickel
ubarnickel@ipontix.com
+49-(0) 69-9 54 54-0
www.ipontix.com
Thomas Weidlich
thomas.weidlich@luther-lawfirm.com
+49-(0) 221-99 37-1 62 80
www.luther-lawfirm.com
Service
Mayer Brown LLP
Contact Person
E-mail
Phone
Web
Dr. Ulrike Binder
ubinder@mayerbrown.com
+49-(0) 69-79 41 0
www.mayerbrown.com
Merrill Lynch International Bank Limited
Contact Person
E-mail
Phone
Web
Holger Bross
holger.bross@baml.com
+49-(0) 69-58 99-50 00
www.ml.com
M.M.Warburg & CO KG aA
Contact Person
E-mail
Phone
Web
Till Wrede
twrede@mmwarburg.com
+49-(0) 40-32 82-22 98
www.mmwarburg.com
Morgan, Lewis & Bockius LLP
Contact Person
E-mail
Phone
Web
Dr. Christian O. Zschocke
czschocke@morganlewis.com
+49-(0) 69-71 40 07-11
www.morganlewis.de
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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
E-mail
Phone
Web
Elke Fürstenau
efuerstenau@mwbfairtrade.com
+49-(0) 89-85852-300
www.mwbfairtrade.com
news aktuell GmbH
Contact Person
E-mail
Phone
Web
Birger Johannsen
johannsen@newsaktuell.de
+49-(0) 40-41 13-327 93
www.newsaktuell.de
■
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Noerr LLP
Contact Person
E-mail
Phone
Web
Dr. Laurenz Wieneke
laurenz.wieneke@noerr.com
+49-(0) 69-9 71 47-70
www.noerr.com
Norton Rose LLP
Contact Person
E-mail
Phone
Web
Dr. Frank Regelin
frank.regelin@nortonrose.com
+49-(0) 69-50 5096 -197
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
The Royal Bank of Scotland N.V.
Contact Person
E-mail
Phone
Web
Sam Winkel
winkel@omiris.de
+49-(0) 89-5457 8550
www.consult.omiris.de
Orrick Hölters & Elsing
Contact Person
E-mail
Phone
Web
PricewaterhouseCoopers
Nadja Picard
nadja.picard@de.pwc.com
+49-(0) 211-981 2978
www.pwc.com
quirin bank AG
Contact Person
E-mail
Phone
Web
Holger Clemens Hinz
holger.hinz@quirinbank.de
+49-(0) 69-2475 049-30
www.quirinbank.de
Contact Person
E-mail
Phone
Web
Robert Michels
rmichels@salans.com
+49-(0) 69-45 00 12-398
www.salans.com
Silvia Quandt & Cie. AG
Alexander Lattmann
lattmann@silviaquandt.de
+49-(0) 69-95 92 90 93-1 83
www.silviaquandt.de
Skillnet GmbH
Contact Person
E-mail
Phone
Web
Bodo Kräter
bodo.kraeter@skillnet.com
+49-(0) 40-2 80 15 4-00
www.skillnet.com
Süddeutsche Aktienbank AG
Contact Person
E-mail
Phone
Web
Hartwig Traber
traber@sab-bank.com
+49-(0) 711-229 315-0
www.sab-bank.com
Taylor Wessing
Contact Person
E-mail
Phone
Web
Page 172
Contact Person
E-mail
Phone
Web
Stephan Heinemann
s.heinemann@taylorwessing.com
+49-(0) 69-9 71 30-0
Ingo Janssen
ingo.janssen@ubj.de
+(49)-(0) 40-6378-5410
www.ubj.de
UniCredit Bank AG
(former Bayerische Hypo- und Vereinsbank AG)
Contact Person
E-mail
Phone
Web
Peter Schaede
peter.schaede@unicreditgroup.de
+49-(0) 89-378-11650
www.unicreditgroup.eu
VEM Aktienbank AG
Contact Person
E-mail
Phone
Web
SALANS LLP
Contact Person
E-mail
Phone
Web
Klaus Schinkel
klaus.schinkel@rbs.com
+49-(0) 69-2690 0325
www.rbs.de
UBJ. GmbH
Prof. Dr. Olaf Müller-Michaels
omueller-michaels@orrick.com
+49-(0) 2 11-3 67 87-2 11
www.orrick.com
Contact Person
E-mail
Phone
Web
Contact Person
E-mail
Phone
Web
Justus Linker, Markus Becker
j.linker@vem-aktienbank.de,
m.becker@vem-aktienbank.de
+49-(0) 89-3 09 03- 48 60, +49-(0) 89-3 09 03- 48 85
www.vem-aktienbank.de
VISCARDI AG
Contact Person
E-mail
Phone
Web
Markus Fischer
markus.fischer@viscardi.com
+49-(0) 89-25 55 8-0
www.viscardi.com
Warth & Klein Grant Thornton AG
Contact Person
E-mail
Phone
Web
Ralf Clemens
ralf.clemens@wkgt.com
+49-(0) 211-9524-8361
www.wkgt.com
WGZ BANK
Contact Person
E-mail
Phone
Web
Dr. Reiner Selbach
reiner.selbach@wgzbank.de
+49-(0) 211-7 78-28 81
www.wgzbank.de
Wolfgang Steubing AG Wertpapierdienstleister
Contact Person
E-mail
Phone
Web
Dr. Jochen Grossmann
jochen.grossmann@steubing.com
+49-(0) 69-297 16-168
www.steubing.com
youmex AG
Contact Person
E-mail
Phone
Web
Andreas Wegerich
wegerich@youmex.de
+49-(0) 69-79 53 98-000
www.youmex.de
Service
Index of Advertisers
Advertiser
Page
Audi
Baader Bank
BankM
BDO
Beiten Burkhardt
Bellevue Investments
Berenberg Bank
biw Bank
Blättchen Financial Advisory
Börsen-Zeitung
BVK Bundesverband Deutscher
Kapitalbeteiligungsgesellschaften
Close Brothers Seydler Bank
CMS Hasche Sigle
Creathor Venture
DAF
Deutsche Börse
Donner & Reuschel
DZ BANK
Ebner Stolz Mönning Bachem
EQS Group
equinet Bank
EquityGate
Ernst & Young
EVCA
FCF Fox Corporate Finance
Financial Gates
GBC
GoingPublic Media
heureka Profitable Communication
IKB
Indus
init
Institutional Investment Publishing
KfW
Luther
mergermarket
Morgan Stanley
Motus Mittelstandskapital
PNE Wind
pressetext Nachrichtenagentur
quirin bank
RENELL Wertpapierhandelsbank
RölfsPartner
RSM Germany
Salans
Scope Ratings
Standard & Poors
Steubing
Taylor Wessing
The Smart Cube
update software
viaprinto
VIB Vermögen
youmex
55
53
27
51
103
127
45
81, 83
11
119
75
19
33
95
113
U4
84
39
93
13
57
37
63
7
107
25
109
169
67, 89, 121
99, 120
23
97
47
167
41
111
115
17
15
61
117
49
79
101
171
59
71
43
31
69
77
87
73
105
9
21
91
35
29
65
Imprint Conference Magazine
(Issue No. 3)
Publisher:
Deutsche Börse AG
Mergenthalerallee 61, 65760 Eschborn, Germany
www.xetra.com/listing
Tel. +49-(0) 69-2 11-1 88 88
Publishing partner:
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,
Editorial assistance:
Stefan Leisner, Anna-Lena Pettendrup, Peter Reimer, Svenja
Wesselmann
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
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
Service
Corporate financing at Deutsche Börse on Xetra
Small- and mid-cap financing through the stock exchange
Financing via the capital Figure 1: Market segments
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 ¹) In order to be listed on the Prime Standard for Corporate Bonds, companies that are traded on the Open Market need
large advance payments in to go through the admission process for the Entry Standard for Corporate Bonds and, in addition, meet the requireorder to finance strategic ments for the Prime Standard for Corporate Bonds.
Source: Deutsche Börse AG
decisions, technical renewals and ever-shorter
product life cycles. It also offers options for succession Company-friendly regulatory framework for sucplanning. There are no formal restrictions as to the compa- cessful financing
ny’s size or sector for corporate financing at Deutsche
Börse on Xetra®.
Deutsche Börse offers financing solutions for large companies as well as small- and mid-caps: tailor-made market
segments with a simple admission procedure, wellEquity or debt capital
balanced rules and regulations, as well as low costs. TransOn Xetra, Deutsche Börse’s pan-European cash market, parency requirements in the different market segments also
companies can choose from two sources of capital to consider the needs and the capacity of companies. Above
finance their growth: they can either issue shares or corpo- all, listing on the stock exchange will give entrepreneurs
rate bonds. Both will make them more independent of access to their relevant investors. It is not a company’s size,
classical financing through bank credits. They can raise equity but rather its quality, that is the key to successful corporate
capital with an IPO and they can raise debt capital by issuing financing through the stock exchange. Entrepreneurs still
corporate bonds via the stock exchange. Both forms of will be able to stay in control of their company even after the
financing are suitable for companies of all sizes and sectors. listing.
Financing with equity capital
Figure 2: Typical Data of Raising debt capital at
Deutsche Börse on Xetra
Target group
Turnover p.a.
Issuing volume
(debt capital)
Prime Standard
for corporate bonds
Medium-sized &
large companies
> EUR 300 million
> EUR 100 million
Entry Standard
for corporate bonds
Small & mediumsized companies
< EUR 300 million
< EUR 100 million
Page 174
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
Service
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
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
Phase 4:
Pricing and secondary market
Preparation of investor
relations activities
Publishing of EU prospectus
Research
Application for admission
of securities
Roadshow and investor
relations activities
Bookbuilding
Pricing and allocation
procedure
Initial price auction
Continuous trading
via the Xetra ® electronic
trading system
efficient and cost-effective access to the capital market for
a listing in Germany.
fixed beforehand, the management team can decide
whether they want to use this instrument again.
Financing with debt capital
Trading on Xetra
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.
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.
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
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
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®)
Phase 2:
Structuring
Setting of a timetable
Structuring the bond
Development of a marketing
concept
Preparation of the EU
prospectus
Phase 3:
Realisation and marketing
Publication of EU prospectus
Rating1)
Application for inclusion
Addressing of investors
Subscription period
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
1) May be omitted in exceptional cases
1) May be omitted in exceptional cases
Service
Contact Persons at Deutsche Börse Group
Barbara Georg
Head of Listing & Issuer Services
Telephone: +49-(0) 69-2 11-1 72 97
E-mail: barbara.georg@deutsche-boerse.com
Stefan Höfer
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
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
Stefan Leisner
Industrial | Bonds |
SMEs | German Equity Forum |
Telephone: +49-(0) 69-2 11-1 24 16
E-mail: stefan.leisner@deutsche-boerse.com
Page 176
Eric Leupold
Software |
SMEs | Bonds |
Telephone: +49-(0) 69-2 11-1 52 45
E-mail: eric.leupold@deutsche-boerse.com
Service
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
Susanne Plewan
Financial Services I REITs |
India | Turkey |
Telephone: +49-(0) 69-2 11-1 52 71
E-mail: susanne.plewan@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
Yuxing Ruan
China |
Telephone: +49-(0) 69-2 11-1 52 32
E-mail: yuxing.ruan@deutsche-boerse.com
Programme Overview Detailed programme at infocounter
Monday, 12 November 2012
Room
Plenum
Frankfurt
Capital Market Forum
Beijing
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?
Experiences from the global IPO report and implications
for IPO readiness in 2013
Ernst & Young Forum
China-Europe Private Equity Roundtable
Recent developments in Chinese VC/PE-industry
China-Europe Private Equity Roundtable
Valuation of target businesses – The Chinese way
Are IPOs in Germany becoming extinct?
New beginnings for the future
Best practice of Emerging Market IPOs
How to restore investors´ confidence?
IPO in consideration of investors’ demands
Using the example of Hess AG
Listing venue Frankfurt Stock Exchange
An international company’s favorite?
12:15 KfW: We promote sustainability – VC investments for
13:15
14:30
15:30
16:00
the change in energy policy using the ERP Start Fund
Lunch Buffet and Exhibition
Mezzanine:
Value driver and bridge financing for IPOs
Coffee Break
Myth and reality of venture backed IPOs
17:00 IPO: A successful exit-strategy for capital invest-
ment companies – The story of Tognum AG
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
11:00 Family owned and publicly quoted – A good compromise
CFO and Investor Relations at the pulse of financial reporting – Requirements on publicly traded companies from
an accounting perspective
Ernst & Young Forum
Reform of capital increases with regard to the WpPG
between continuity and short-term shareholder value claims
10:00
10:20
10:40
11:00
11:40
Significance of sustainable development
Sustainability in capital markets
Sustainable investments – An European market analysis
Sustainable investments – Niche or mainstream?
Sustainbility and financial performance
12:00 Lunch Buffet and Exhibition
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
Takeover defense –
The perspective of bidder and target
15:00
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
15:45 Technology as a driver for sustainability
16:00 Coffee Break
16:30 Alternative financing solutions – Note on acquisition and Stakeholder relations – Anchoring the company story
leveraged financing – Opportunities and market drive
17:30 Elevator Pitch in Plenum: “Investment Banks”
Investment banks present themselves in 3-minute pitches
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
18:00
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
11:45 Analysis of the Corporate Bond market and
recommendations for capital market financing
12:15
12:30 Transparency in capital markets – Investor’s demand
Debt financing via Deutsche Börse AG
Successful placements of Corporate Bonds
Case study: KTG Agrar
S&P Ratings as internal and external steering
and communication instruments
on quality and reliability challenge for SMEs
13:00
13:30 Lunch Buffet and Exhibition
14:45 Case Study: MS Spaichingen
Creditor relations in IBOs – From placement to daily business
15:15 Bond Market 2013
Compulsory or voluntary tasks of fixed income IR
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
Sector Forum
Berlin
TOP50
München
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
Technology / Telecommunication / Software
10:00 cube optics AG
10:30 certon systems GmbH
11:00 finocom AG
11:30 Jedox AG
Life Science / BioTech
10:00 Kairos GmbH
10:30 Jennewein Biotechnologie GmbH
11:00 SIRION Biotech GmbH
11:30 NOXXON Pharma AG
Water – Tapping investment opportunity
Software / Internet / Media
13:30 mimoOn GmbH
14:00 e.bootis ag
14:30 humangrid GmbH
15:00 crealytics GmbH
15:30 joiz
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
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
Internet / Retail / Consumer
16:30 Shopgate GmbH
17:30 healthy planet
17:00 brillen.de Optik AG
18:00 Eurographics AG
Presentations of bond issuers
Presentations of bond issuers
10:00 Maschinenfabrik Spaichingen GmbH (Industry)
10:00 Hapag-Lloyd AG (Transportation)
10:45 Steilmann-Boecker Fashion Point GmbH & Co. KG (Retail)
10:45 SAF-HOLLAND S.A. (Industrial)
12:15 SINGULUS TECHNOLOGIES AG (Green Technology)
11:30 EYEMAXX Real Estate AG (Real Estate)
13:00 S.A.G. Solarstrom AG (Green Technology)
12:15 SeniVita Sozial gemeinnützige GmbH (Pharma & Healthcare)
Room
Upper Level (C3)
Internet Lounge
Press Lounge
Investors‘
Conferences
Bar
London
Madrid
Press
Lounge
Milan
Paris
Zurich
Investors‘ Conferences Detailed programme at infocounter
Monday, 12 November 2012
London
Madrid
Milan
Paris
Zurich
Time
Investors’ Conferences
High Tech & Industrial
Hosted by DZ BANK AG
Room
Financial Services
Hosted by DZ BANK AG
Software
Hosted by Edison
Investment Research
Chemicals & Basic Resources Automobile & Transportation 08:15
Hosted by FCF Fox
Hosted by LBBW Landesbank
Corporate Finance
Baden-Württemberg
Consumer
Hosted by FCF Fox
Corporate Finance
14:15
Software & IT
Hosted by Close Brothers
Seydler Bank AG
15:00
18:40
End of Programme
Tuesday, 13 November 2012
Consumer & Retail
Hosted by equinet Bank AG
Pharma & Healthcare
Hosted by Edison
Investment Research
Hosted by FCF Fox
Corporate Finance
Telecommunication &
Communication Technology
Hosted by Renell Wertpapierhandelsbank AG
08:15
Renewable Energies
Hosted by LBBW Landesbank
Baden-Württemberg
13:30
Consumer & Retail
14:15
Financial Services
Seydler Bank AG
End of Programme
18:40
Wednesday, 14 November 2012
Seydler Bank AG
Hosted by equinet Bank AG
Media
Hosted by Edison
Investment Research
Chemicals
Miscelleaneous
IT Services & Software
Hosted by Edison
Investment Research
08:15
09:45
12:00
Pharma & Healthcare
All hosted by
End of Programme
Consumer & Retail
Renewable Energies /
Green Technology
Hosted by FCF Fox
Corporate Finance
14:15
16:30
Main Level (C2)
Plenum, Forums
Exhibition, One on Ones
Hong Kong
München
Beijing
One on Ones (A-C)
Berlin
1.02
3.09 3.08 3.07 3.06
3.04 3.03 3.01
1.01
0.01
0.03
8.09 8.08 8.07 8.06 8.04
8.03
2.03 2.02 2.01
Bar
2.04
2.07 2.06 2.05
4.05 4.03 4.01
4.09
4.07 4.06
6.04 6.03 6.02
6.01
6.07 6.06
2.08
8.10 8.11 8.12
Plenum
Speakers
Lounge
DVFA
Ice
Cream
7.07 7.06 7.05 7.04 7.03 7.02 7.01
7.15
7.14 7.13 7.12 7.11 7.09 7.08
0.02
Bar
8.02 8.01 8.00
One on Ones (D-F)
TOP50
Lounge
Frankfurt
Internet
Lounge
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.
7.02
4.03
2.07
X.01
FAS AG
FINANCIAL GATES GmbH
Financial Yearbook*
3.06 news aktuell GmbH
7.12
6.01
8.08
3.03
GBC AG
Grand City Properties S.A.
8.01 quirin bank AG
6.07 CDC Capital GmbH
1.01 Close Brothers Seydler Bank AG
4.05 CMS Hasche Sigle
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
8.09
0.01
8.10
4.07
Deloitte & Touche GmbH
Deutsche Börse AG
Deutscher Investor Relations Verband e.V.
Dipl.-Kfm. Wunderlich & Partner
Wirtschaftsberatung für den
Mittelstand GmbH & Co. KG
6.04 DZ BANK AG
3.04
7.11
3.01
0.03
EQS Group
equinet Bank AG
Ernst & Young GmbH
3.09 Heuking Kühn Lüer Wojtek
8.12 heureka Profitable Communication 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
4.06 Powerland AG
3.07 pressetext Nachrichtenagentur GmbH
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
7.04 zfhn
Zukunftsfonds Heilbronn GmbH & Co. KG
* Service Level (C0)
Financing through
the stock exchange
Stay one step
ahead of your
competitors
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