Conference Magazine 2011 - Deutsches Eigenkapitalforum

Transcription

Deutsches Eigenkapitalforum
21 – 23 November 2011
Frankfurt / Main
»Entrepreneurs meet investors«
Conference Magazine
Publishing Partner
Issue No. 2
Legal • Capital Markets • Industries & Sectors • Financing
• Bond Issuance • Top 50 Capital Seeking Companies •
Sponsors & Partners • Forum Programme • Exhibitors’ Index
$EUTSCHES¬%IGENKAPITALFORUM
w%NTREPRENEURSåMEETåINVESTORSi
Co-Initiator
Main Sponsors
Sponsors
Partner
STEP AWARD
Spirit to expand
Network Partner
Media Partner
Page 2
Deutsches Eigenkapitalforum 2011
Editorial
Dear Readers,
The ultimate purpose of exchanges is to serve the real economy. In today’s volatile markets, this is truer than ever.
New capital requirement regimes such as Basel III further
increase the pressure companies face in getting sufficient
financial resources at affordable conditions. The best
method for giving companies greater strategic leeway in
such an environment is giving them better access to equity
capital. And this is exactly what exchanges are doing.
A new study conducted on behalf of Deutsches Aktieninstitut, Commerzbank and Deutsche Börse has demonstrated once more: small and medium-sized companies are
much better prepared for raising new capital at exchanges
than many of them seem to think. Around 1,250 German
“Mittelstand” companies are economically and financially in
a position to go public, if one considers key indicators such
as turnover, growth, and return on capital.
We at Deutsche Börse support this – by providing companies with a wide variety of ways of going public, tailor-made
to suit the stage of the life cycle they are in: first, the Entry
Standard for newcomers, then the more demanding
General Standard, and finally the sophisticated Prime
Standard in line with the most advanced global listing
standards. And a precondition for acting responsibly on
capital markets is information, guidance and advice – as
provided, for example, at this year’s German Equity Forum
in Frankfurt.
One of “Mittelstand” entrepreneurs’ main concerns is the
supposed loss of control after floatation of the company.
This is one of the reasons why we started a new market
providing an alternative way of gaining access to the capital
market at the beginning of this year, which provides for a
“temporary” listing: Since February 2011, small and
medium-sized enterprises and growing start-ups can issue
bonds in the Entry Standard. This is attractive especially in
times when low interest rates on government bonds
encourage investors to look for corporate bonds.
However, in the long run, the potential in equity capital
remains huge – witness the vibrant activity on our primary
markets during the calmer first half of the year: the total
issue volume reached around EUR 1.3 billion, with 120 new
Dr. Reto Francioni
admissions, seven of them in the Prime Standard, one in
the General Standard, and three in the Entry Standard. In
addition, capital increases reached a volume of nearly EUR
19 billion.
Joining the Frankfurt Stock Exchange as an issuer means
gaining direct access to professional investors worldwide,
with around 250 international trading participants all over
Europe, coordinated from the headquarters of firms in
financial centres all over the globe. Deutsche Börse offers,
as another recent study by Prof. Christoph Kaserer from
Technische Universität Munich and Prof. Dirk Schiereck
from Technische Universität Darmstadt has found out, the
best listing conditions in Europe.
I am confident that this year’s German Equity Forum, which
is accompanied with background information by this new
conference magazine, will make you reconsider the financial options you have in front of you.
Sincerely yours,
Dr. Reto Francioni
CEO
Deutsche Börse AG
Page 1
Content
1 Editorial
Dr. Reto Francioni, Deutsche Börse
Introduction
6 Sustainability vs. Return on Investment
On the situation with sustainable capital investments in
international financial markets
Katarin Wagner, HSBC Trinkaus & Burkhardt
10 Public and private venture
capital as an impetus for
new technologies
The ERP START-UP Fund as
an example
Werner Oerter,
KfW Mittelstandsbank
12 The “Mittelstand” (SMEs) needs a partner
Comprehensive capital market and financing support for
greater returns
Johann Ostermair, Silvia Quandt & Cie.
14 Turkish Markets Appeal to Investors and Companies
Hüseyin Erkan, Istanbul Stock Exchange Chairman & CEO
16 Best practice in investor relations
IR is about the stock price
Steve Kelly, Thomson Reuters Extel
Legal
20 Friend or foe?
The influence of proxy
advisors on resolutions
of the shareholders’
meeting
Christoph F. Vaupel,
Dr. Lars-Gerrit Lüßmann,
Taylor Wessing
22 Can confidence in Chinese accounts be increased?
A brief comment on China SOX and their impact on investor
confidence
Dr. Gebhard Zemke, Tim Sichting, BDO
24 More to come
Good corporate governance becomes more and
more important
Christian Orth,
Ernst & Young
28 Close the gap
A qualification standard for board members
Gerhard Bauer, Capital Markets Academy
Page 2
Financing
30 What does German “Mittelstand” really want?
A survey provides evidence that German SMEs are still
sceptical vis-à-vis stock markets
Dr. Gerrit Fey, Dr. Norbert Kuhn, Deutsches Aktieninstitut
34 Choosing a listing venue
to raise equity or debt
Getting it right for entrepreneurs, investors and
shareholders
Alexander von Preysing,
Elisabeth Plakinger, Deutsche Börse Group
38 Efficient Markets?
How trading patterns increase the cost of equity capital
Volker Potthoff, CMS Hasche Sigle
42 Crucial Success Factors in SME Financing
How the German “Mittelstand” can prepare for a successful
financing process
Markus Kurzhals, Arndt Rautenberg, RoelfsPartner
46 Financing alternatives
for “Mittelstand”
companies
Choosing the right
financing instrument
and diversification
level
Kai Frömert, Arno Fuchs,
FCF Fox Corporate Finance
50 Shares, convertibles, bonds and the like
What financing alternatives are currently available in Germany
to smaller companies?
Dr. Dietmar Schieber, Close Brothers Seydler Bank
Special: Bond Issuance
54 “Helping bond issuers be ‘fit’ for accessing the capital
markets”
Interview with Tilo Kraus, Head of Capital Markets &
Derivatives, IKB Deutsche Industriebank
56 Procedure and challenges of
bond issues
Financing through bond issues
on the capital market is not
rocket science
Dr. Anne de Boer,
GSK Stockmann + Kollegen
Content
60 Corporate bonds go “Prime”
The Prime Standard for corporate bonds
Barbara Georg, Michael Rieß, Deutsche Börse
62 “The pipeline is still full to bursting”
Interview with Axel Haubrok,
Managing Director, Haubrok Investor
Relations
Organizer, Co-Initiator & Sponsors
Organizer & Co-Initiator
88 Deutsche Börse, KfW Bankengruppe
89 Ernst & Young Wirtschaftsprüfungsgesellschaft
Main Sponsors
Capital Markets
64 Confidence has to be restored
European IPO markets, quo vadis?
Johannes Borsche, Johannes Koehler, Morgan Stanley
66 The Dual Track Process
An IPO as a real alternative to a trade sale or secondary buy-out
Christoph Vigelius, equinet Bank
70 “The complexity of a Dual
Track demands a lot of
experience and intuition”
Interview with Michael
Oppermann, Partner, Head of
Financial Accounting and Advisory Services, Ernst & Young
72 “Despite stricter regulations, the German stock market is
still popular for easy listing requirements”
Interview with Marc Renell, Management Board, Renell
Wertpapierhandelsbank
90 BERENBERG BANK, Close Brothers Seydler Bank, DZ BANK
91 equinet Bank
92 FCF Fox Corporate Finance GmbH, Istanbul Stock Exchange,
Jefferies International Limited
93 LBBW
94 Renell Wertpapierhandelsbank, Silvia Quandt & Cie.,
Thomson Reuters
Sponsors
96 BDO AG Wirtschaftsprüfungsgesellschaft (96), CMS Hasche Sigle
(96), GSK STOCKMANN + KOLLEGEN (96), Haubrok (97), HSBC
Trinkaus & Burkhardt (98), IKB Deutsche Industriebank (98),
Morgan Stanley (98), RölfsPartner (100), Taylor Wessing (100),
WestLB (100)
Partners
102 bwcon Baden Württemberg: connected (102), Creathor Venture
Management (102), DVFA (102), HPE Holland Private Equity (103),
PvF Investor Relations (103), STEP Award (103)
Network Partners
Industries & Sectors
76 LifeScience Forum
Innovative strategies at a time of growing funding shortfall
Dr. Christa Bähr, DZ BANK
78 Managing REITs in challenging times
Bright future after dragging start
Olivier Elamine, Michael Gallagher, Barbara Georg,
Claus Hermuth, Thomas Körfgen, Maren Lorth,
Hans Richard Schmitz, Frank Schaich
82 Is cleantech still an investible
theme?
With cleantech stocks down by
more than 40% in 2011, investors
increasingly ask this question
Dr. Martina Ecker, Jefferies
International
84 Clean energy and the capital market
The big energy-turnaround: gamble or sound investment story?
Heike Härtl, Dr. Stefan Steib, Landesbank Baden-Württemberg
104 BVI (104), BVK (104), BVMW (104), DIRK – Deutscher Investor
Relations Verband (105), High-Tech Gründerfonds (105),
Zero2IPO Group (105)
Media Partners
106 BIOCOM (106), BOND MAGAZINE - Institutional Investment
Publishing (106), Börsen Radio Network (106), Börsen-Zeitung
(107), business new europe (bne) (107), CNBC-e (108),
DAF Deutsches Anleger Fernsehen (108), Dow Jones Private
Markets (108), dpa-AFX Wirtschaftsnachrichten (109),
FINANCIAL GATES (109), FinanzNachrichten.de (110),
GoingPublic Media (110), International Herald Tribune (110),
IR Magazine (111), mergermarket (111), n-tv Nachrichtenfernsehen (111), Neue Zürcher Zeitung (112), Phoenix CNE
(112), RiD Real Estate Information (112), VDI Verlag (113)
Page 3
Content
TOP 50 Capital Seeking Companies
116
117
118
120
121
122
123
124
125
126
127
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
AE Photonics GmbH
Affimed Therapeutics AG
AMEOS AG
ANM Adaptive Neuromodulation GmbH
Armatix GmbH
Atlas Interactive Deutschland GmbH
Aupeo GmbH
BIOMETRY.com AG
Breezecom Inc.
Concentrator Optics GmbH
CPM Compact Power Motors GmbH
Curetis AG
Cytolon AG
Deutsche Revo AG | Bank in Gründung
evidanza GmbH
finocom AG
friedola TECH GmbH
froodies GmbH
healthy planet
Henan Snow Bird Enterprise Co., Ltd
ibidi GmbH
Inventux Technologies AG
Jedox AG
JPK Instruments AG
Lophius Biosciences GmbH
Maxidor (Pty) Ltd
MCW Oil Sands Recovery, LLC
Medicyte GmbH
Metasonic AG
Micropelt GmbH
mimoOn GmbH
mitcaps GmbH
MOBILES REPUBLIC
Ningbo Strong Magnets Co., Ltd.
Novaled AG
NTS Energie- und Transportsysteme GmbH
Omikron Data Quality GmbH
Platin Delikatessmanufaktur GmbH
REVOTAR Biopharmaceuticals AG
RIEMSER Arzneimittel AG
Sana Kliniken AG
SemiLev GmbH
Page 4
Photo: Deutsche Börse Group
159
160
161
162
163
164
165
166
167
168
169
Signature Diagnostics AG
SIRION BIOTECH GmbH
SUNOVA AG
Superwise Technologies AG
Targos Molecular Pathology GmbH
Torqeedo GmbH
van den Berg AG
VESTOLIT GmbH & Co. KG
VST Verbundschalungstechnik GmbH – VST Group
Windreich AG
Zimory GmbH
Service
170 Deutsche Börse Listing Partners
178 Financing via Deutsche Börse
An overview
179 Imprint/Index of Advertisers
180 Contact Persons at Deutsche Börse Group
Programme Deutsches Eigenkapitalforum 2011
182 Programme Overview
Appendix a: Main Level Map
Appendix b: Upper Level Map and Exhibitors’ Index
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Considering an IPO?
Preparing your masterpiece
in capital markets
Michael Oppermann
Partner
Head of Financial Accounting Advisory Services
Germany - Switzerland – Austria
Dr. Martin Steinbach
Executive Director (FAAS)
Head of IPO and Listing Services
Germany - Switzerland - Austria
Phone +49 6196 996 27305
michael.oppermann@de.ey.com
Phone +49 6196 996 11574
martin.steinbach@de.ey.com
www.de.ey.com
Introduction
Sustainability vs. Return on Investment
On the situation with sustainable capital investments in
international financial markets
Responsible investing in international financial markets has
gained in importance in recent years. The forms of investment that can be characterised as sustainable are those, in
addition to the conventional investment criteria (risk, return,
liquidity), that also take extra-economic factors, i.e. ethical
values and moral principles, into account. To date, there
has been no universally valid definition of just what constitutes socially responsible investing. In the English-speaking
world, one term that has taken root is ‘Socially Responsible
Investment’ (SRI), a term that encompasses the dimensions
of ‘economy’, ‘ecology’ and ‘social responsibility’. It should
be pointed out that where sustainable investment is concerned, the decision to invest capital involves not only economic considerations but social and/or ecological aspects
as well.
Katarin Wagner has worked for HSBC
Trinkaus in a variety of capacities for
nearly 11 years. In early 2011 she took
over the ‘Corporate Responsibility’
area, a unit of Corporate Communications.
Katarin Wagner, CR Officer,
HSBC Trinkaus & Burkhardt AG
Market volume and variations of SRI
During the past decade, the worldwide markets for stock
and bond portfolios that invest according to ESG (environment, social and governance) criteria have experienced
stronger growth than the conventional markets. An overview published in Oekom research’s Corporate Responsibility Review 2011 puts the global volume for sustainable
Figure 1:Evolution of SRI Market in Germany
14.0
0.5
12.0
investments at EUR 7.8 trillion. The previous year’s report
set this amount at around EUR 5 trillion. Nevertheless, the
share of investments placed in Germany still accounts for
only 0.8% of total investment volume. Germany thus lags
significantly behind other countries in a European comparison.
Yet there are variations in the criteria used to define sustainable investments. Accordingly, when different institutions
are examined, estimates of the absolute volume involved
vary from one to the next. Definitions also vary internationally with regard to the things considered ethically, ecologically or socially responsible.
1.8
10.0
5.9
8.0
4.3
6.0
0.9
4.0
1.7
6.6
5.0
2.0
2.5
0.0
2005
Mandates
2007
Mutual Funds
2009
Structured Products
Source: Eurosif European SRI Surveys 2010, 2008 and 2006
Page 6
The volume indicated gives an impression of the funds that
can be set in motion if investors decide for or against
investing in a particular company. The institutional investors
clearly dominate among the investors involved. Within this
group, the pension funds are the strongest group, closely
followed by public funds and a lower share of ‘other financial products’ that are neither mandates nor public funds.
These include funds of funds, hedge funds, ETFs and
closed funds.
The role of private investors is not a negligible one where
sustainable investing is concerned. Some 45% of the total
volume of EUR 12.9 billion in sustainable investments in the
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Introduction
chase and sale of securities (this is known as the screening
approach), an investor with active strategies consciously
takes a company’s management into consideration (known
as the engagement approach). In recent years, there has
been a host of empirical studies to determine whether there
is an inevitable deterioration in the yield/risk relationship,
with investors required to accept underperformance in an
investment universe intentionally narrowed in comparison
to the overall market. The bottom line of such studies is that
no such underperformance has been documented. Indeed,
a considerable number of studies have identified an outperformance by sustainable capital investments in comparison
to conventional ones.
Photo: Bilderbox.de
German capital market is carried by this group. In terms of
the individual financial titles, fixed-interest securities
account for the lion’s share of sustainable investments,
followed by shares invested through funds and mandates.
The remaining shares of the total market are in the hands of
institutional investors. If one considers the institutional
investors, it can be observed that insurance companies,
pension schemes and funds are less prominent here than
they are in the conventional capital market. The total investment volume in Germany is thus broken down in equal
parts into private and institutional investors.
Outperformance by sustainable capital
investments
From a practical standpoint SRIs are distinguishable on the
basis of whether investors make them in an active or a passive form. Whereas an investor with passive strategies
expresses his or her values exclusively through the pur-
Page 8
A comparison between the leading sustainability index, the
Dow Jones Sustainability Index World (DJSI World), and its
conventional counterpart, the Morgan Stanley Composite
Index World (MSCI World), which is not structured according to ESG criteria, yields no clear conclusion. The reason
for the asymmetry between sustainable capital investments
in Germany versus the international landscape owes to the
small share that stocks and investment funds comprise
relative to wealth formation macroeconomically. German
private households still exercise considerable restraint visà-vis investments in securities as the system of statebacked guarantees remains quite important.
Outlook
In the near future, professional SRI investments can be
expected to exert a lasting impetus for growth in sustainable investments. An example of this is the planned exit from
the field of atomic energy. Ensuring that energy needs in
Germany can still be met in the year 2022 will require
billions in investments in the triple-digit range in renewable
energies. Ensuring the continued relay of electric current
alongside this will require billions in investments in the
double-digit range to extend and develop grid infrastructure. The points of capital collection, and the banks, will
thus have a significant role to play in the effort to finance
these developments to meet the ambitious aims of the German federal government. They also require security from a
political and regulatory standpoint, particularly given the
current situation in the financial markets.
Jefferies. One of the fastest growing
global investment banks.
Jefferies, a global securities and investment banking firm, has served companies
and their investors for nearly 50 years. Headquartered in New York, with offices
in more than 25 cities around the world, we are the largest independent full
service investment bank with approximately 3000 employee-partners worldwide
including more than 700 professionals in Europe.
Jefferies Highlights
• Jefferies and its affiliates have 180 equity and leveraged finance research professionals
globally covering nearly 1,700 companies
• Winner of over 27 analyst awards so far in 2010, including The Wall Street Journal
“Best on the Street”, The Financial Times/StarMine, Institutional Investor, Forbes/Zack’s
“Best Brokerage Analyst Survey” and Thomson Reuters “Awards for Excellence”
• Our investment banking group consists of 650 bankers in globally integrated sector
and product teams
• In 2010 Jefferies has acted as bookrunning manager on 425 capital markets deals
and advised on more than 125 advisory transactions with a total value of $175 billion
for our clients
• Jefferies has been appointed by the appropriate local authorities to trade government
bonds in Germany, the US, UK, Portugal, The Netherlands and Austria
Investment Banking
Sales & Trading
Research
Asset Management
Niederlassung Frankfurt
Bockenheimer Landstraße 24
60323 Frankfurt am Main, Germany
Jefferies.com
+49 (69) 719 187 0
© 11/2010 Jefferies International Limited. Jefferies International Limited is authorised and regulated by the Financial Services Authority
All Jefferies logos, trademarks and service marks appearing herein are property of Jefferies & Company, Inc.
MOST INNOVATIVE
INVESTMENT BANK
FOR GROWTH
COMPANIES
For Sales & Trading
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Introduction
Public and private venture capital as an impetus
for new technologies
The ERP START-UP Fund as an example
New technologies are born from knowledge. In the hightech sector, it is frequently spin-off companies from universities or enterprising graduates from technical universities
who translate their cutting-edge knowledge and technological expertise into business ideas. Successfully, developing these ideas into marketable products and processes is
essential for the innovative strength of Germany as an
industrial and business location.
Werner Oerter has been the head of
KfW Mittelstandsbank since March
2009. He is responsible for KfW’s
financing offer to small and medium
sized businesses, amongst others for
Private Equity investments.
New ideas need capital
Newly established and young, innovative technology enterprises have to struggle with high market and technology
risks. Most start-up entrepreneurs also lack sufficient equity
so they need a financially strong partner to help them with
capital to turn their idea into reality. Particularly in the seed
or early start-up phase, the partnership between public
venture capital and private equity providers, who are convinced of the feasibility, marketability and demand potential
of a new product or service, affords technology-dedicated
start-up entrepreneurs and young businesses greater
financial scope.
Public equity capital as a catalyst for private
investments
Besides the High-Tech Start-Up Fund, the ERP START-Up
Fund performs an important task in the seed and start-up
phase at national level. It provides venture capital directly to
Figure 1: Yearly investment of ERP start-up fund
250
184
200
192
137
150
108
113
100
61
50
32,5
44,7
63,4
53,8
73,4
83,2
0
2005
2006
commitments
2007
2008
2009
m€
Source: KfW Mittelstandsbank
Page 10
2010
Werner Oerter, Head of
KfW Mittelstandsbank
start-up entrepreneurs and young technology enterprises
on a one-to-one basis with private investors (“pari passu” –
principle).
The ERP START-Up Fund was launched jointly by the
Federal Economics Ministry and KfW in 2005, replenished
for the first time in 2009 and already again in June 2011. In
this year alone, the Fund was increased by another EUR
250 million to meet the future financial requirements of
small innovative firms. Annual commitments are growing
steadily, amounting to EUR 80 million in 2010. Altogether,
more than EUR 400 million has been provided so far, as
venture capital for start-up entrepreneurs and young technology enterprises.
Equity participation by the ERP START-Up Fund aims to
help new ideas and modern technologies to achieve a
breakthrough. It focusses on enterprises in Germany that
are looking to bring new technologies to market maturity. It
is important that the share of development finance for the
core innovation is provided by the enterprises themselves.
As experience shows, in-depth technological competency
is needed to successfully carry out developments and
introduce an innovation onto the market. Also, the prospective firm may not be more than ten years old, earn no more
than EUR 10 million in annual turnover and employ no more
than 50 members of staff. The ERP START-Up Fund leve-
Introduction
rages each euro that a lead investor provides to a technology enterprise by 100%! The maximum equity contribution
of the ERP START-Up Fund amounts to EUR 5 million, EUR
2.5 million in the first round of funding. The fund participates under the same terms and conditions as the lead
investor, but makes its own investment decision.
The ERP START-Up Fund is available as a co-investor for all
its accredited equity providers. National or international VC
companies are just as eligible as venture capital funds or
business angels to perform the role of so-called “lead investors”. These various lead investors make use of the coinvestment facility of the ERP START-Up Fund for individual
investments, but increasingly also for their whole portfolio.
start-up businesses practically always are – the prospect of
having a reliable co-investor like the ERP START-Up Fund
at their side is an advantage to funds competing for
investors. All this of course also directly helps start-up
entrepreneurs and young technology enterprises themselves. The availability of the ERP START-Up Fund simply
raises the number of start-ups and technology-dedicated
enterprises that can obtain venture capital at all. The coinvestor approach adopted by the ERP START-Up Fund
also creates an incentive for the technology business to
already venture onto the equity market at a very early stage
of corporate development and soon learn how to deal with
the requirements of private equity capital providers. This
experience is certain to help them in soliciting investors in
subsequent funding rounds.
More capital for start-up entrepreneurs
Conclusion
A co-investment by the ERP START-Up Fund doubles the
financial leeway for the private investor. Theoretically, a
fund can, for example, make twice as many investments
with the same amount of capital, effectively doubling its
funding. This enlarges the portfolio, broadens diversification, lessens risk and enhances the fund’s chances of
success. It also makes an impression on prospective fund
investors. In risky investments – and equity contributions to
With the ERP START-Up Fund, private investors can leverage their investment and double their financial ‘power’.
This holds for business angels but also for investment companies. Together, by helping technology-dedicated, young
enterprises to start up and grow, they can contribute to
improving the technological competitiveness of German
business and industry.
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Introduction
The “Mittelstand” (SMEs) needs a partner
Comprehensive capital market and financing support
for greater returns
Many drivers use a garage to provide them with all-round
support, because a good garage knows the vehicle’s history,
knows when the oil, brakes, tires, etc. next need to be
changed. However, anyone who visits a garage that just
specialises in changing the oil or brakes, for instance, only
gets the oil or brakes changed. All the while, other important things are left undone. In short: good all-round support
completely represents customers’ interests. The same principle applies to the Mittelstand (SMEs) in regards to investment banking.
At times it is still suggested that SMEs only require a very
restricted approach in the form of traditional banking, that is
payments, deposits and lending. This is incorrect in my
opinion. First-class investment banking services can
sustainably increase, in particular, an SME’s sales and
profits. And not just major companies are entitled to excellent capital market and financing services, SMEs are too!
Our experience shows that SMEs are increasingly interested in receiving support from a bank with a presence in a
number of European financial centres with access to the
German and international capital market – and accordingly
to international investors.
Johann Ostermair has been a member of the Executive Board of Silvia
Quandt & Cie. AG since June 2011.
Previously, he held various leading
positions at Merrill Lynch, Julius Bär,
Salomon Brothers and JP Morgan in
Germany and UK.
Johann Ostermair, CEO,
Silvia Quandt & Cie. AG
high-quality range of investment banking services; this is
the only way for SMEs to gain access to all capital market
opportunities. And secondly, SMEs, like the driver, need a
partner who speaks the same language and who understands his clients’ requirements and demands particularly
well. Naturally, this is the case with a smaller, medium-sized
and business-oriented bank.
The partner must be a perfect fit
In my view, two points in particular are important for SMEs:
Firstly, like the driver, SMEs should only work with qualified
organisations. That is an institution with a team of experts
and a sustainable network to offer a comprehensive and
What are the advantages of all-round support? The SME
could, after all, have different institutions to cover the various
investment banking services. In this case, the SME would
have to know the best current services and solutions types
itself. This would also result in a conflict of interests as each
institution would give special mention to the services they
provide. As with the car example, the customer with allround support is usually better off.
Customer closeness provides competent
real-life solutions
Photo: AshDesign - Fotolia.com
Page 12
In contrast, a comprehensive partnership approach aims to
find the best solution for the SME using experts with similar
interests. Only someone who knows a company well can
also recognise and utilise capital market opportunities.
There are many types of transactions, but it is important to
select those that best fit the customer’s strategy and business model. Factors such as exclusivity, flexibility, sustain-
Introduction
Figure 1: Working principles for banking services
Exclusivity
Sustainablility
Flexibility
Discretion
Focus on clients‘ needs
Aligning of interests
Focus on sustainable added value
One-stop-service approach
Long term relationship to companies and clients
bination of the two; what solution fits best needs to be
examined on a case-by-case basis. Institutional brokerage
means more than just finding and getting to know investors,
it also means selecting investors who will support the company for some time. Designated sponsoring does not
provide a share with liquidity but gives important information on the situation in a share’s market, which is of great
interest for capital measures, for instance. And qualified
research ensures that interest is generated for a company
and its business model in the first place. An investment
banking partner also helps with tasks such as preparing
presentations so that they meet investors’ expectations.
And M&A can show a company its development opportunities. All these factors are closely linked in a relatively small
bank. Being a partner to an SME means promoting a
company with expertise and passion.
Source: Silvia Quandt & Cie.
SMEs will benefit
ability and discretion are also extremely important to SMEs.
These can best be delivered using a long-term
comprehensive approach.
Some real-life examples: Customers have the option of
equity and borrowed capital financing solutions or a com-
All in all, a long-term comprehensive approach is an advantage, just as with the example of the car. However, such an
approach can only bring about the desired positive results if
the all-round support is not secured at the expense of
quality in individual areas.
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Introduction
Turkish Markets Appeal to Investors
and Companies
Hüseyin ERKAN, Istanbul Stock Exchange Chairman & CEO
The world economy is going through an unsteady recovery
period in the post-crisis era. While growth in developed
countries has been limited in this period, emerging economies are evidently less affected from the recession posting
more favorable economic results.
Turkey has managed to remain immune, to a certain extent,
to the virulent symptoms of the financial crisis thanks to its
strong macroeconomic policy framework and robust structural reforms of the recent decade. The reinforcement of
sound fiscal policies seems to have broken the typical
pattern of booms and busts, and it has been rewarded with
a considerable decline in Turkey’s risk premium. The country has experienced a quick rebound achieving a record
8.8% of growth rate in the second quarter of 2011, and has
become the fastest growing economy in the G-20 club.
Banks have soared to record profits building up on strong
balance sheets and capital adequacy ratios.
Turkish capital markets have fairly enjoyed this period evidently in all figures. 2010 resulted in a 35% increase in
traded value at Istanbul Stock Exchange and 21% rise in
the ISE 100 Index (USD based). By September 2011, the
total traded value reached at USD 354,279 million and the
value of the ISE 100 at 1,877.73 (USD based).
ISE has registered a success story in government debt
securities market as well. The exchange hosts virtually
4/5th of the trading volume in fixed income securities and
the over-the-counter market transactions of government
securities run in small quantities. The traded value in repo
market is substantial that it hits 2 trillion USD in 2010. In
terms of traded value the ISE Bonds and Bills Market is one
of the top ten markets of the world as of June 2011.
In the meantime, a nationwide IPO Campaign, which has
been underway for more than two years, has set to bearing
fruits. In 2010, 22 companies went public resulting with the
highest number of IPOs since 2000. The number of public
offerings has maintained tendency to rise up in 2011 setting
the bar higher. Similarly, corporate bonds market has signaled
a healthy revival as a result of decreased domestic borrowing
Page 14
Hüseyin Erkan is the Chairman and
CEO of the Istanbul Stock Exchange
(ISE), President of the Federation of
Euro-Asian Stock Exchanges (FEAS)
and Member of the Board of Directors
of the World Federation of Exchanges
(WFE).
Hüseyin ERKAN, Chairman & CEO,
Istanbul Stock Exchange
requirements. The dynamism brought to the market by the
IPO Campaign has influenced foreign companies as well;
as we have received listing applications from foreign companies.
As an additional incentive to the public offerings initiative,
ISE is applying a discount of 25% on initial listing fees
which will be in effect until the end of 2012. This IPO initiative is pegged on two anchors: first, European Union’s minimum free-float rate of 25 %; second, the Istanbul International Financial Center (IFC) Action Plan. The IFC strategy
plays a key role in delivering a roadmap for the financial industry towards the centennial anniversary of the Republic
in 2023. This multi-pronged strategy suitably envisages
targets inter alia the number of listed companies on the
exchange.
ISE has meticulously sustained efforts to augment markets
operations and surveillance for market efficiency and integrity. In due respect, automatic circuit breaker system has
been put in place along with continuous auction with or without market makers and single price auction methods, order
cancellation, and reduced price ticks. Anonymity of order
executers has been another policy action so as to support a
more effective price formation and to prevent adverse market movements.
Introduction
one of the four signatory exchanges to the United Nations
Responsible Investment Principles (UNPRI), and full member of the Federation of European Stock Exchanges (FESE).
ISE is shareholder at Baku Stock Exchange, Kyrgyz Stock
Exchange and Sarajevo Stock Exchange.
Istanbul Stock Exchange is steering a joint initiative for
creating an order routing platform which would serve as a
single access point from and to the local as well as regional
exchanges. This platform will consolidate the liquidity of the
local and regional markets and as a consequence increase
the global recognition of the local securities industry.
The Istanbul Stock Exchange has subscribed to innovative
ideas and policies. In line with the efforts to offer new
markets and financial instruments to investors, a market for
trading of warrants of financial intermediaries has been
launched. Emerging Companies Market for SMEs has been
initiated, and three sub-markets under the Bonds and Bills
Market (the Offerings Market for Qualified Investors, the
Repo Market for Specified Securities and the Interbank
Repo Market) have been introduced. Equity repo market
will be built up and running before the end of the year.
ISE designs different types of indices so as to enable investors to track the ISE markets. Respectively, 46 and 18 indices are computed for the stock market and the bonds and
bills market. Aside from benchmark and sectoral indices,
ISE City Indices, Dividend Index, Corporate Governance
Index and Greece & Turkey 30 Index (GT-30) are only a few
calculated as the main monitor of the price and return performances of the stock market. A recent project of Sustainability Index is underway relying on peculiar multi-stakeholder
process and best practices. Sustainability Index is expected to be a platform for the institutional investors to commit
to companies managing environmental, social and governance (ESG) issues with high performance.
Innovation, investors and issuers will be the three main
pillars paving the way ahead of the Istanbul Stock
Exchange. The commitment to working with the regulators,
intermediaries, fund managers and other involved parties to
devise new products and markets will be the denominator
for innovation. ISE will engage more in the public offering
initiative by putting the corporate governance and sustainability at the forefront and bringing more flexibility to the
listing criteria. Meanwhile, the joint action on investor awareness and financial literacy will underpin the efforts to
strengthen the demand side. It is our firm belief that the
concerted efforts of the sectoral institutions will lead us to
create synergy and success on all the targeted areas.
Putting all these in a context, we invite global investors and
market participants to explore more on the growth potential
and prosperity that the Turkish markets offer.
Counting on its progress in the past and potential in the
future, Istanbul Stock Exchange is moving forward with a
global vision. The ISE is presiding over the Federation of
Euro-Asian Stock Exchanges (FEAS), represented at the
Executive Board of World Federation Exchanges (WFE),
Page 15
Introduction
Best practice in investor relations
IR is about the stock price
The role and purpose of investor relations is to maximize
the share price for a company. That is a simple truth, but
you might think it is a heresy. Whether you are new to IR or a
seasoned practitioner, you will have heard clearly that IR is
not about the share price, as short-term fluctuations in
value are down to the market, so the IR team can not control these, and moreover, they really should not try.
Well, what you’ve heard is all very true, and further backed
up by the fact that our worldwide Thomson Reuters Extel
data shows only a handful of IROs around the globe get
paid based on short-term stock performance. So – how can
we claim IR is about the stock price? The answer lies in the
unique position IR has in almost every quoted company.
For a business, all employees there are focussed effectively
on earnings. That can be through driving revenues and
sales, keeping customers, controlling costs, delivering new
products and services – but they all add up to the same
thing. Now stock price is a function of earnings x the multiple,
and the IR team are the ones – very often the only ones –
whose job, day in and day out, is to influence that multiple
number. The market derives a multiple for any company by
how clearly defined and expressed is corporate strategy,
and how much they believe in that strategy; the confidence
they have in execution and delivery; and by assessing consistent performance over time. The role of the IR is to put all
that across to analysts and investors, and providing an
Photo: Deutsche Börse AG
Page 16
Steve Kelly is Managing Director,
Thomson Reuters Extel, and has held
this post since 1999, when Thomson
Reuters acquired the Extel business.
Steve has held a range of marketing
and communications roles in the past,
including spells with Philips and British
Airways. He holds an MA in Modern
History from Oxford University.
Steve Kelly, Managing Director,
Thomson Reuters Extel
ongoing corporate narrative. Doing so successfully over a
longer period will increase the multiple, and thus increase
the stock price.
The data speaks for itself
75% of companies worldwide use investor/analyst feedback to evaluate their IR performance, because of this
direct link between the market view on your IR to how the
market ascribes a multiple to the stock. Each year in Extel,
we receive nominations for over 1,500 companies in Europe
for their IR, across 30 sectors and 15 countries. For any
single year, the companies with the best regarded IR may
have a positive relative stock performance, or they may not.
The pattern is very consistent – each year about half of the
IR winners outperform in share price, and half underperform. When you examine these rankings over a longer
period – say 5 years – only a small number of companies,
about 10, are top-rated each and every year for their sector
or country. By definition, these selected companies are delivering long-term, consistent excellence in IR. And, over the
same 5 year period, they outperform their peers and sectors by an average of 24% in stock price terms. So IR is
about the stock price – consistent focus and delivery in IR,
which is both a requirement for today and every day – will
mean you compete more effectively for investment dollars,
and you change the valuation of your company.
Introduction
Every aspect of IR activities – roadshows, conferences,
website, analyst calls, investor days, formal reporting, and
all the rest – must be framed against the fundamental of
enhancing the multiple. On a daily basis, IR is all about
developing trust with the market. It is building a coherent
corporate story, which naturally develops over time, but has
a narrative thread that investors can trace back. So what
works and what does not work here – how are the IR top
performers making a difference? Through the unmatched
Thomson Reuters Extel findings, based on views from over
9,000 asset managers, 2,500 brokerage analysts and 750
IR directors, we can define and guide on what really works
in implementing and communicating that story. The critical
points are:
Budgets matter, but only up to a point
Obviously bigger companies can spend more, and do
spend more, but our data shows on average German and
other European companies are spending about EUR
300,000 per annum on IR, and that number is only increasing slowly, if at all. The top-rated IR teams are sometimes
spending more than the average, but it is much more about
how they spend, rather than how much.
Focus on the best investor opportunities
It may sound facile, but it is not. Extel data shows companies overall spend nearly half CEO/CFO time on IR in
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Introduction
are much more open to this, and have worked through the
issues of coaching and developing directors so that they
are both comfortable and effective in an investor meeting.
Be connected with company strategy
Photo: Photodisc
meeting their top 20 investors. The IR top performers spend
far less time here, and much more with major buyside firms
that own only a little of their stock – but have the capacity to
own much more. Essentially, the main investors in a stock
are believers in your story, and understand your business.
They need to be kept informed, but they do not need overservicing. In fact, they can resent it, as they want to spend
their time on new investment ideas. Conversely, those
asset managers with extensive resources, but not in your
stock (or only holding a tiny fraction) represent real opportunity. We see Extel top IR performers spending over 30%
more time with these prospective investors than the
industry norm.
Stay up to date with market trends
From all our market interaction, areas such as sustainability
investing and use of social media are growing in importance. Top-rated IR companies have established a policy for
social media, and an active programme to respond to SRI
issues, whereas companies overall are either uncertain or
unaware.
Make more of divisional directors
While this is reflective of another key trend – the appetite of
investors to ‘drill down’ and understand real value drivers in
a business through meetings with divisional heads – it is
worth highlighting separately as it is such a key demand.
Our latest data shows that over 85% of active equity investors take their key investing decision on the back of a
company meeting, and that over 60% now expect divisional director access. Companies offer such access at investor days, but the buyside also wants more ad hoc, personal
interaction, too. Again, we see the leading companies for IR
Page 18
As the role of the sellside has become constrained by regulation, and as the depth of expertise amongst brokers is
less than before, investors expect IROs to be able to speak
cogently about the sector, as well as their own company,
and provide a clear sense of company direction. Also, as
demand for meetings increase, investors and analysts
recognise they cannot always speak with CEO/CFO – on
those occasions the IRO must be able to address all the
issues. Without exception, every Extel IR winner as an
individual IRO reports into CEO/CFO, and is embedded in
strategic formulation at their company.
Put technology to work
Teleconferences and video-calls are standard issue, and
every company has an IR website. These are all expected
by investors, and the real penalties come if a website is out
of date, or hard to use, or if the line goes down on a call.
However, as the standard is higher now, IR teams need to
place more resources here, so that they do not suffer by
comparison. We see many of the leading IR teams using
tele-presence follow-up for international investor meetings.
Investor relations is an unceasing quest, and any technology, or appreciation of the latest issue, runs secondary to
trust, transparency and consistency. In conclusion, and in
the context of Germany, it is worth stating that, based on all
the Extel data, Germany has IR leadership in Europe. On
these key best practice items, German companies are ahead
of pan-European norms; in each of the last 5 years, it has
been a German company (and a different one each time);
that has been top-rated across all pan-Europe for quality of
IR; and a German IRO is the best in Europe (against 5 500
other nominees) for the third time in the last four years. The
virtues of transparency, clarity and professionalism that
resonate in IR sit well with the German approach to
business, and should ensure German IR continues to
deliver for coronus in terms of the ultimate IR goal – longterm stock price appreciation.
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Friend or foe?
The influence of proxy advisors on resolutions of the
shareholders’ meeting
Recommendations given by institutional proxy advisors on
shareholders’ resolutions have an increasing impact on
shareholders’ decisions. These advisors, which inter alia
analyse the company’s agenda and offer recommendations
to their shareholding clients on how to vote, have become
important players in the global corporate world. A growing
number of institutional investors rely on recommendations
of proxy advisors thereby contributing to the significance of
their respective recommendations. Some observers
estimate that up to thirty percent of the votes cast are
influenced by the market leader Institutional Shareholder
Services Inc. (ISS) alone.
Recommendations of advisors like ISS, Proxinvest, IVOX,
or other shareholder organisations such as Deutsche
Schutzvereinigung für Wertpapierbesitz (DSW) or Schutzgemeinschaft der Kapitalanleger (SdK) aim to enforce high
corporate governance standards. However, such recommendations may not necessarily match the company’s best
interests or – more precisely – the voting recommendations
issued by the management. This relates – among others –
to the fact that many leading advisors apply their home –
mostly Anglo-American – jurisdiction standards, which may
not always be appropriate for the corporate governance
structure of German companies. On the other hand, proxy
advisors’ recommendations may as well assist investors,
who often hold shares of many companies in various jurisdictions without having the (local) expertise to appropriately
estimate the consequences of certain resolutions, in
making more competent decisions on how to vote.
Christoph F. Vaupel, Partner,
Taylor Wessing
Dr. Lars-Gerrit Lüßmann, Partner,
Taylor Wessing
Seeking the dialogue
Given the voting power of (institutional) investors following
the recommendations of proxy advisors, it has become
crucial for the management to carefully analyse the company’s shareholder structure and to communicate its strategy
not only by normal means of investor relations but rather
actively seek the dialogue with proxy advisory institutions.
Legal environment
Nevertheless, proxy advisors’ recommendations and the
actual interests of the company as identified by its management may diverge in the individual case, thus raising the
question which remedies the management may have at
hand. As corporate law and corporate governance represent a steady focus of legislators, the lack of regulations
explicitly dealing with proxy advisors may surprise. Yet, this
does not mean that advisors may act without accountability
leaving the companies without protection.
Potential remedies
Companies may be entitled to damages and, sometimes
even more importantly, pre-emptively demand correction or
even retraction of a recommendation. A damage claim
could possibly be based on a violation of the advisor’s
Photo: HV Magazin
Page 20
Legal
contractual obligations towards the investor by not appropriately taking into account the company’s best interests as
the consultancy agreement may have a protective effect for
the company. Furthermore, damage claims and claims for
correction or retraction may be based on an infringement of
the company’s rights with regard to its protected business
interests if the recommendation contains or implies a false
statement or abusive criticism. However, such claims
probably exist – in the absence of case law – in limited
circumstances only. Especially the question as to whether
the proxy advisor may owe fiduciary duties to the company
remains an open issue.
Capital market law
Shareholders of a listed company are requested to disclose
their shareholding if it reaches, exceeds or falls below
certain thresholds (e.g. 3, 5, 10, 15, 20 percent). For purposes of determining such thresholds, shares held by third
parties have to be taken into account if, for example, shares
are entrusted to a third party insofar as the latter may
exercise the voting rights at his own discretion without
instructions. If the advisor’s guidelines provide for a scope
of discretion and the investors follow such recommenda-
tions without taking their own decisions, it could be argued
that the shares held by these investors are to be attributed
to the proxy advisor. In addition, if shareholders agree to
exercise their voting rights in a coordinated manner (“acting
in concert”), their shareholdings have to be added up,
obliging such shareholders to make a notification to the
company and BaFin. It could be argued that the strict
following of recommendations of a single proxy advisor by
investors may qualify as acting in concert. If these disclosure obligations are violated, investors forfeit their shareholder rights and votes cast may not be counted at the
shareholders’ meeting. In extreme cases, the shareholders’
resolutions may be voidable and investors may even be
required to make a mandatory takeover offer if at least thirty
percent of the shares are considered to act in concert.
Responsibility and consequences
The influence of proxy advisors is likely to increase.
Although proxy advisors are unregulated, companies are
not entirely defenceless against their recommendations.
The effective transfer of voting power from shareholders to
their proxy advisors may also have highly unpleasant
consequences for all parties involved.
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Legal
Can confidence in Chinese accounts be increased?
A brief comment on China SOX and their impact on
investor confidence
China SOX (C-SOX) is the Chinese Basic Standard for
Enterprise Internal Controls that was jointly announced in
June 2008 by five Chinese government agencies and will be
phased in over the coming years. It is a regulation designed
to improve risk management, compliance and internal
controls and shall prevent cases like AIG, Enron and Worldcom in China. The following five main requirements govern
the Basic Standard for Enterprise Internal Control.
1) Implementation and conduct of the company internal
environment, risk assessment, control activities, information and communication as well as internal monitoring.
2) Internal control policies shall be defined and implemented
3) Establish a suitable IT system with embedded controls
4) Establish policies to reward proper implementation of
internal controls.
5) Perform an annual self-assessment of the effectiveness
of internal controls and issue internal control selfassessment reports
Dr. Gebhard Zemke, Partner,
Tim Sichting, Audit Senior Manager,
BDO AG Wirtschaftsprüfungsgesellschaft BDO AG Wirtschaftsprüfungsgesellschaft
cases became public in 2011 and led to concerns of
investors in regard to the credibility of the accounting of
Chinese companies.
Addressing investors’ concerns
C-SOX are targeted at domestically-listed Chinese companies and companies with a dual listing in China and
abroad. As of today, more than 900 companies are listed on
the Shanghai Stock Exchange and more than 700 are listed
in Shenzhen. C-SOX intend to impose stricter corporate
governance, risk management and control standards on
these listed companies. In 2010, only the first batch of large
enterprises has been requested to implement C-SOX in a
trial phase. In the following we want to discuss whether
C-SOX are suitable to help regain investor confidence in
Chinese enterprises after the Sino-Forest and LongTop
Page 22
During the time of our research a total of 1618 listed companies published an internal control report. In the self
assessment reports 99.2% of them state their internal
control system to be effective. Out of these 875 companies
listed in China have their internal controls audited by accounting firms in 2010 and 99.8% of the auditors’ reports
show an unqualified opinion. Furthermore, in comparison to
2008 and 2009, an upward trend in the quality of internal
controls in China could be seen.
From the business year 2011 onwards, Chinese listed companies with a dual listing abroad are required to publish an
auditors’ report about the design and operating effectiveness of internal controls where major control deficiencies
will be disclosed. Furthermore, from the business year 2012
onwards only domestically listed companies are required to
have their internal control system audited. Due to the fact
that the concept of internal controls and the audit thereof is
a concept that is new to many large Chinese corporations;
concerns have been expressed whether the implementation
of the C-SOX can be successful at all. The reason for these
concerns is the unfamiliarity of many Chinese enterprises
with a well-documented internal control system and the
Legal
lacking available guidance for the introduction of a modern
comprehensive internal control system.
controls regarding operations and in the long term is
expected to apply to all medium and large companies.
Who’s to follow?
As the creation of trust in Chinese financial statements
needs immediate response, C-SOX can only be part of it.
From a foreign investor’s perspective a largely successful
system has been created in Germany by listing Chinese
companies under the German corporate governance
regime of a German stock corporation (Aktiengesellschaft).
The oversight by a partly German supervisory board has
proven to be an important factor in creating trust as the
German members of the supervisory board have direct
access to Chinese management and can convey concerns
of international investors to Chinese management.
Problems mentioned in the Chinese media tackle various
areas. A large Chinese company like Sinopec employs
374,000 people, operates in all provinces in China, comprises more than 100 subsidiaries and is present in all major
cities in China. These dimensions help to understand that
the introduction of a standardized, centralized internal control system within a short time is ambitious. Problematic
areas include the fact that often Chinese companies operate
less advanced IT systems which are sometimes not integrated. Furthermore, a habit mentioned in the media of
Chinese employees is to follow instructions of their supervisors rather than follow the companies’ guidelines in a
specific situation.
The aforementioned discussion within China illustrates that
as of today C-SOX helps to improve the environment for
internal controls of Chinese enterprises, but that this improvement will take a long time until today’s efforts pay off.
Whereas the US-SOX focus on financial reporting processes
and is designed for listed entities, C-SOX will also cover
Outlook
Another initiative has been launched by Chinese businessmen who are aware of the disadvantages of today’s negative perception of Chinese companies listed abroad. As a
Chinese businessman put it: “After all, advisors, lawyers,
auditors and internal control systems also have limits in the
creation of trust, the main responsibility lies with company
management that is required to enter into a transparent and
open communication with investors.”
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Legal
More to come
Good corporate governance becomes more and
more important
New and increasing shareholder activism, additional duties
and higher liabilities for executive and supervisory board
members combined with scandals based on moral hazard
in the entire world demonstrate the necessity to establish
good corporate governance. Signalling best practice of
corporate governance towards existing shareholders and
potential investors is increasingly a critical success factor
to differentiate yourself from competitors and to lower your
cost of capital. A challenge for issuers’ organisation and
processes in high speed interlinked global capital markets
without boundaries or borders in trading and investing.
Despite non existing borderlines, the global variety of
underlying governance systems as well as the different
forms of capitalism and cultures add additional complexity
to the challenges they face. Regardless, they do have one
thing in common: the corporate governance mechanisms
and the related controls, which are designed to reduce the
inefficiencies that arise from the existing moral hazard.
Dr. Christian Orth is a partner of Ernst
& Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart. He is a member of “Institut der Wirtschaftsprüfer
e.V.” as well as Institute of Chartered
Accountants, England and Wales.
Christian Orth, Tax Manager Germany,
Ernst & Young
Effective oversight in Europe
Figure 1: Rights and obligations of the supervisory board
After releasing two EC Greenpapers
“Corporate governance in financial
institutions and remuneration policies”
and “Audit Policy: Lessons from the
Crisis” the European Commission shifted its focus towards the oversight bodies within corporations. By releasing
the third EC Greenpaper “The EU corporate governance framework” in April
2011, the European Commission is targeting the members and the organisation of the board of directors in their
supervisory role (= supervisory board in
a two tier system, such as in Germany).
Source: Ernst & Young
Page 24
The European Commission believes
that an effective oversight requires
accountability of each and every board
member. The requested personal qualification addresses aspects such as the
merit, professional qualification, experience, personal qualities and independence (in appearance and in fact). In
addition to this current initiative, board
Legal
members face more often litigation and legal action
in practice. As a result, supervisory board members
should apply due diligence and take immediate
action against any breach of duties. First of all,
board members need to be aware of all their duties.
Unfortunately these duties are not static due to continuously released new rules and regulations, new
case law, and new best practices – and there is
more to come!
The European Commission’s 2005 recommendation on the role of non-executive and supervisory
directors of listed companies stated that the board
should evaluate its performance annually. This
recommendation has become law in all European
countries – however, in most countries it has only
become “soft law”, i.e. it is part of the corporate
governance codes. In Germany, the German Corporate Governance Code recommends an annual
self-evaluation which is more or less intensively
executed by all listed companies in Germany.
Relationship
banking
The European Commission recently raised the
questions whether regular use of an external facilitator can improve board evaluations due to an
objective perspective and by sharing best practices
from other companies. Such an evaluation could
especially be performed by independent certified
public accountants, i.e. in Germany the “Wirtschaftsprüfer”. Based on his knowledge and experience, the public accountant could also provide a
performance review for the entire board or perform
counsel functions for single board members.
Effective control systems in the German
two tier system
The German Law (i.e., Commercial Code (HGB),
Stock Corporation Act (AktG)) does not explicitly
oblige executive boards to implement an internal
control system in a way it is required in other states,
such as by the Sarbanes Oxley Act in the US.
However, general provisions (especially the required
duty of care) determine the necessity to implement
Page 25
www.bankm.de
Legal
Figure 2: Control System in the German two tier system
Source: Ernst & Young
effective processes and systems which manage risks
related to the company’s business. A new German law
(BilMoG, 2009) clarified the supervisory board’s obligation
with respect to the oversight of the executives’ responsibilities to establish and operate an effective control
system.
The German two tier system determines a clear segregation
of duties with respect to the operation and oversight of the
companies’ control systems. The following is a brief overview of the obligations related to the executive board and
the supervisory board members:
1. Executives’ obligations
• Inventory and documentation of controls – effective controls and rating of control systems require documentation
of all relevant elements of the systems including organisational structure, processes and major goals.
• Rating of adequacy – based on the documentation executives have to rate the adequacy of the control instruments, such as an evaluation of whether the controls have
been designed effectively to prevent or detect material
risks on a timely basis.
• Rating of operating effectiveness – evaluation of the operating effectiveness of controls and determination of
whether the relevant controls (in fact) prevent or detect
material risks on a timely basis.
• Reporting to the supervisory board – in order to enable
the supervisory board members to monitor the control
Page 26
systems, the executive board has to provide the supervisory board with all relevant information on a regular
basis, including the executives’ assessment of adequacy
and operating effectiveness of the control systems.
2. Supervisory board members’ obligations
• Monitoring of financial reporting process – obtaining an
understanding of the financial statement close process,
including an evaluation of the design and operation of the
financial statement close process.
• Monitoring of effectiveness of the company’s internal
control system – evaluation of the design and operating
effectiveness of the internal control system, usually by
using work of internal audit or external facilitators, such as
an independent certified public accountant.
• Monitoring of effectiveness of the company’s risk
management systems – evaluation of the design and
operating effectiveness of the risk management system
with particular consideration of safeguards to prevent
from significant business risks.
• Monitoring of effectiveness of the company’s internal
audit – evaluation of effectiveness of an internal audit,
including assessment of professional qualification, experience, personal qualities, and independence of internal
auditors.
• Monitoring of statutory audit – this includes reviewing and
monitoring the independence of the statutory auditor or
audit firm and in particular the provision of additional
services to the audited entity.
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Close the gap
A qualification standard for board members
Requirements for German supervisory
boards have increased
The ongoing Corporate Governance discussion has
gradually put supervisory board members at the centre of
discussions. Today, a high degree of economic authority
and experience in corporate policy is necessary in order to
be able to fulfil the tasks formulated in the German Corporate Governance Code. Lately the Accounting Law Modernization Act (BilMoG) has stipulated that publicly traded
stock corporations must have at least one independent
member of the supervisory board with specialist expertise
in the fields of financial reporting or accounting. For a long-
Gerhard Bauer is Head of Capital
Markets Academy. It brings together
all Deutsche Börse Group’s training
activities and acts by public mandate
to qualify exchange participants.
Gerhard Bauer, Head of
Capital Markets Academy
Facts about the Qualified Supervisory Board Exam
The first qualified supervisory board exam provided by
the Capital Markets Academy will be held in March 2012.
It is aimed at prospective supervisory boards of small and
mid caps or companies considering an initial public offering. The examination is computer-based and includes
true or false questions as well as multiple response questions. The topics relevant for the exam cover all a supervisory board’s roles and areas of responsibility. These
include, among others, organisation and management of
the supervisory board, corporate strategy and management, operational risk management, compliance and
auditing, financing and investment, change IT and technology management, corporate governance, ethics and
corporate social responsibility, liability and manager liability insurance, as well as SEs under German law.
Training courses on the qualification of supervisory
boards are currently preparing members for the examination. The academy itself does not offer any seminars
or preparation courses. It in fact certifies courses by
other seminar providers. Deutsche Börse has already
certified the first course: “The Qualified Supervisory
Board of Interfin Forum GmbH”. Other organisers have
also expressed their interest in certification. Certification
of such training courses by Deutsche Börse is open to all
providers in the field.
www.deutsche-boerse.com/academy
Page 28
term perspective the establishment of professional board
members seems to be inevitable. And in the last issue of
this magazine a more proactive interpretation of the role of
supervisory board members was discussed ( see Conference Magazine 2010, Volker Potthoff, CMS Hasche Sigle,
Driving value in the boardroom, P. 34f). The increase in
requirements consequently ends in a greater demand of
qualification measures. Especially since the German
Corporate Code explicitly points out that necessary training
and further education measures are required for the work of
board members. As a result, the market for education and
qualification programs for this target group is booming.
No homogenous standard for qualification so far
Although the German Corporate Governance Code exists
since 2002, there is no commonly agreed standard for the
qualification of board members so far. This might be due to
the fact that qualifications like economic authority, professional expertise and above all personality count more in
fact for this job profile than some sort of “seminar history”
for a potential candidate.
A standard could rather define what a board member
should know to avoid mistakes in his daily operative
business. In discussions with prospective and yet inexperienced board members we found out that they ask
Legal
themselves simple questions like: Can I directly contact
middle management for information about specific projects
or about the company? Can I avoid personal liability for a
case by simply abstaining from voting? Which tasks can be
delegated to a committee? A qualification standard in line
with the German Corporate Governance Code would be
something both sides could refer to and rely on: The
prospective board member already qualified by his or her
personality and professional expertise who just has to close
the knowledge gap he might have in his new role, and the
companies that want to ensure that their new board
members are fully qualified.
Conclusion
Photo: Photodisc
A standard in line with the Corporate Governance Code will
contribute to establishing transparent and neutral criteria
for the qualification of supervisory boards. Whether the
knowledge transfer has to be controlled via an exam is
something that is being quite controversially discussed.
Deutsche Börse offers one. Like many parts in the German
Corporate Governance Code we do not consider it to be
something compulsory but recommended.
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Financing
What does German “Mittelstand” really want?
A survey provides evidence that German SMEs are
still sceptical vis-à-vis stock markets
Traditionally, German small and medium sized enterprises’
(SMEs) finance has been heavily dependent on loans
supplied by their “Hausbank”. But times are changing. The
ongoing turmoil in the financial markets is likely to decrease
banks’ ability to refinance loan portfolios in the capital markets. In addition, Basel III will lead to stricter capital requirements for banks which also might restrict credit availability.
SMEs should therefore reconsider their reliance on bank
loans and diversify their financing base by taking into
account capital markets as a source of finance, in particular
stock markets.
But how important are stock markets as a source of finance
for German SMEs? What is their attitude with regard to
initial public offerings (IPOs) in general?
A study conducted by Deutsches Aktieninstitut in cooperation with Deutsche Börse AG and Commerzbank AG
provides answers to these questions. More than 300
responses from SMEs allow well-founded insights into
SMEs’ finance behaviour and their willingness to go
public.
Funding of internal growth
Acquisitions
Reducing reliance on outside creditors
Strengthening the equity ratio
“IPO willingness” has decreased
34,1%
Access to other capital market instruments
31,8%
Employee stock ownership
29,5%
Company's succession
Image/awareness level
27,3%
Fungibility of company's shares
27,3%
22,7%
Asset diversification of former owners
18,2%
Exit venture capital/private equity
9,1%
Source: DAI
Page 30
Dr. Norbert Kuhn,
Deutsches Aktieninstitut
Although the respondents confirm that the strategic
relevance of corporate finance has increased and 90 percent are planning to strengthen their equity and/or liquidity
ratios, financing patterns remain
nearly unchanged. Besides the
retention of earnings, bank loans are
and will probably remain the main
75,0% source of external finance. This
result is somewhat surprising, as two
59,1%
thirds of the respondents complain
40,9%
that credit standards of banks are
getting tighter.
36,4%
Figure 1: Reasons for an IPO
Sale of company's shares to third parties
Dr. Gerrit Fey,
Deutsches Aktieninstitut
Also, capital market instruments, like
private equity, mezzanine, bonds or
IPOs, still only play a minor role for
German SMEs. In particular, 15%
indicate that they are either aiming for
or considering an IPO. Compared to a
study carried out by Deutsches
Aktieninstitut in 2007, the “IPO willingness” of the German “Mittelstand”
is down by nearly ten percent. When
considering this severe drop in stock
market orientation one should take
Financing
Figure 1: Reasons against the IPO
Company's size
69,8%
Other sources of finance are sufficient
58,3%
Loss of strategic independence
57,0%
Equity ratio is appropriate
48,8%
Costs of going public
22,7%
Capital markets regulation
20,7%
Draw on organisational and time resources
19,0%
Low autonomy compared to other sources of finance
12,8%
Fear that shares might fall into wrong hands
12,4%
Transparency requirements of investors
Mandatory transparency requirements
Knowledge is not sufficient
Low valuation
10,7%
9,9%
9,1%
7,4%
Business model is difficult to explain
2,9%
No further growth
2,5%
Source: DAI
into account that the survey was conducted when
sovereign debt crisis accelerated, the mood among financial market participants turned bearish and worldwide IPOactivity fell significantly. This might have influenced respondents’ affinity for stock markets.
Growth funding as an important reason to go public
There is a wide variety of reasons to go public among IPOaffine companies. Funding of internal and external growth
turned out to be the main rationale for roughly seven out of
ten companies surveyed. Furthermore, especially companies with a strong growth potential are interested to use the
stock market as a source of finance. These findings underline that financing firms’ growth is the most important
reason to issue shares.
Reducing reliance on outside creditors was also stressed
among the study’s participants (41%). This may well be a
reaction of the banks’ lending practices becoming more
selective. It is also important to strengthen the companies’
equity ratio (36%). Both are important aspects in creating a
broader financing basis for companies.
Continuing prejudices against IPOs
Despite these obvious advantages, more than 80% of the
companies surveyed ruled out an IPO for the time being.
Nearly 70% justified this decision by being too small to make
the move onto the stock market. Yet company size is not the
decisive factor for an IPO. There are special listing segments,
in particular the Entry Standard, which open smaller companies a low-cost access to the capital market with tailor-made
Page 32
regulatory requirements. On average the balance sheet total
of companies in the Entry Standard has been EUR 25m at the
time of their IPO. Thus, stock market finance is by no means
solely the domain of larger companies.
Nearly two third of respondents are also afraid to lose
independence in making strategic decisions after the listing.
However, only ten percent fear transparency requirements of
outside investors. This underlines that companies are willing
to provide investor-related information while fearing that they
have to discuss important decisions with their investors. It is
clear that investors, who put their own or third parties’ money
at risk, wish to be involved in important strategic issues.
However, this is only one side of the coin. Newly listed companies frequently report that their entrepreneurial scope has been
expanded by the decision to go public. It is therefore a question of perspective, whether an IPO restricts or rather opens the
room for manoeuvre. Also, it has to be considered that there
are different means to preserve control in a listed company,
retaining the majority of shares being the simplest of them.
Conclusion
The findings of the study show that the German “Mittelstand” and stock markets as a source of finance are only
partially compatible. Unfortunately, deep-rooted prejudices
remain, e.g. regarding a certain minimum size of “IPO-suitability” and the degree of entrepreneurial freedom in listed
companies. It is however a positive sign, that there is a clear
willingness to communicate with investors. If it was possible
to clear these prejudices, there would be no doubt that the yet
untapped IPO-potential among SMEs could be successfully
exploited as soon as market volatilities come down again.
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Das Dienstleistungsspektrum umfasst:
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Institutional Brokerage
Designated Sponsoring*
Die Silvia Quandt & Cie. AG ist in den europäischen Finanzzentren Frankfurt,
London und Zürich für ihre Unternehmerkunden sowie für ihre institutionellen
Investoren aktiv. Bei der einzelnen Dienstleistung hört die Betreuung und
Beratung nicht auf. Vielmehr beginnt damit eine jahrelange, partnerschaftlich
geprägte Zusammenarbeit sowohl mit den Unternehmen als auch mit deren
Investoren. Die unternehmerisch denkenden und handelnden Investmentbanker
und Analysten der Silvia Quandt & Cie. AG fokussieren sich auf jene Transaktionen,
die am besten auf die jeweilige Strategie und das jeweilige Geschäftsmodell des
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Die Silvia Quandt & Cie. AG handelt in Deutschland als
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Rechnung der biw Bank für Investments und Wertpapiere AG (biw AG), soweit sie Dienstleistungen
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sind. Designated Sponsoring Mandate übernimmt als
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biw AG für Kunden der Silvia Quandt & Cie. AG.
Financing
Choosing a listing venue to raise equity or debt
Getting it right for entrepreneurs, investors and shareholders
In order to remain competitive companies have to prefinance important innovations. The capital market can be
an important source for raising the necessary funds. Two
most generally accepted ways to use the capital market are
to raise equity or debt. Using the financing facilities of an
exchange, the question for entrepreneurs becomes when
and where to take their private company or their bonds
public.
Historically, the question of which exchange to use as a
listing venue was of relatively low priority, usually defaulting
to the domestic exchange. But today entrepreneurs are
operating in a far more mobile capital market environment,
one where the domestic exchange is not necessarily the
standard option. There are many options of listing venues.
Making the correct decision directly influences the cost of
capital and the ultimate success of the IPO or bond issuance (IBO). Tight control over the actual cost of raising
capital through listing of equity or bonds is an opportunity
which can be a competitive advantage and actively exploited to the benefit of the entrepreneur, shareholder or
bondholder. Costs vary considerably between listing venues
and it makes sense to evaluate and compare in detail all
costs involved before going public.
Alexander von Preysing,
Head of Issuer Services,
Deutsche Börse Group
Elisabeth Plakinger, Key Account
Manager Issuer Services,
finance, compares the analysis of the world’s primary
market activities and terms for listing on the Frankfurt Stock
Exchange to leading international exchanges.
Subjects of the examination included the costs of market
access, the subsequent costs for further capital increases
and liquidity of equities and bonds.
Many variables to consider
One relevant study by Professors Christoph Kaserer and
Dirk Schiereck, both renowned academics in the field of
Figure 1: Percentage of prospectus IPOs and probability of
IPO sustainability (in %)
80.0
73.5
72.3
70.0
60.0
The study shows the importance of how initial trading liquidity in newly listed companies supports their long term success. Deutsche Börse has a solid history in promoting
newly-listed companies and developing liquidity in their
shares. In addition, IPOs at Deutsche Börse are particularly
attractive to investors as around 74% of all new listings
come with an approved EU prospectus which assures high
transparency, issuer liability and supports investor confidence.
50.0
40.0
30.0
17.9
20.0
10.0
0.0
Deutsche Börse
Euronext
LSE
Source: Kaserer, Schiereck: Primary Market Activity and the Cost of Going
and Being Public – An Update, September 2011
Page 34
With regard to the sustainability of an exchange listing
Deutsche Börse also holds a leading position without
bankruptcies among the companies with an IPO in Frankfurt. IPOs on Deutsche Börse are less transient than they
are on the LSE or Euronext. Every fourth IPO on the LSE
during the period from January 2001 and March 2011 is no
longer quoted today. The percentage of insolvencies for
Euronext is nearly 8% and for LSE more than 15%.
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Financing
Figure 2: Zero-trade ratio for main and alternative markets (in %)
20
18
16
14
12
10
8
6
4
2
0
18.2
9.1
18.18
9.09
0
0
DBAG
LSE
main markets
Euronext
alternative markets
Source: Kaserer, Schiereck: Primary Market Activity and the Cost of Going and Being Public – An Update, September 2011
Deutsche Börse: outstanding liquidity
Because investors usually prefer to invest in stocks which
have optimal liquidity, a lack of trading activity can be
potentially detrimental to a company’s share price. The
zero-trade ratio (ZTR) is a measure of inactivity. The ZTR on
Deutsche Börse’s main market is far lower than that on
other European exchanges. Investors are more likely to buy
and sell shares in larger companies listing on Deutsche
Börse than on other European exchanges.
Deutsche Börse leads among companies whose business
is in alternative energies, high technology, chemical and
industrial sectors. In the European alternative energies market alone, 97.4% of the entire IPO volume has been placed
on the Frankfurt Stock Exchange.
Corporate Bonds
4.26% for issuing a bond on the Entry Standard for Corporate Bonds is the most cost-efficient solution compared to
other segments. Moreover, by calculating the weighted flotation cost and thus taking the issue volume into account,
the Entry Standard offers an even lower total cost of 4.18%
and is therefore the most reasonable debt financing solution via a stock exchange.
Conclusion
In summary it is therefore possible to conclude that
Deutsche Börse’s Prime Standard and General Standard
are the most attractive listing venues among the main
markets. The alternative market segments Entry Standard
and Entry Standard for Bonds are one of the most attractive
listing venues for alternative markets and considerably
more attractive than the others. All three of Deutsche
Börse’s market segments performed strongly against the
benchmark criteria. The research shows: Deutsche Börse is
the most attractive listing and trading platform for companies, whether small, medium, large, young or already
established.
To show the activity on the German debt markets the analysis compares the terms for listing corporate bonds of
SMEs on the Frankfurt Stock Exchange to other relevant
national exchanges. The evaluation
includes Stuttgart (Bondm) as well Figure 3: Flotation costs for issuing bonds for German alternative markets (in %)
as Düsseldorf (mittelstand) and
4.77
Deutsche Börse (Entry Standard for 4,80
4.64
4.62
Bonds).
4,60
Deutsche Börse offers a new segment
especially for midcap companies that
decide to raise debt: the Entry
Standard for Corporate Bonds,
launched in May 2010.
The cost comparison for issuance of a
corporate bond on one of the non EUregulated platforms proves very
insightful. A total flotation cost of
Page 36
4,40
4,20
4.26
4.18
4.21
4,00
3,80
Entry Standard /
Frankfurt
Flotation costs (mean)
Bondm / Stuttgart
mittelstandsmarkt /
Düsseldorf
Flotation costs (weighted average)
Source: Kaserer, Schiereck: Primary Market Activity and the Cost of Going and Being Public – An Update,
September 2011
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Financing
Efficient Markets?
How trading patterns increase the cost of equity capital
It has become obvious that we cannot continue to believe
in the theory of efficient financial markets1. In the last decade
the prices of equities (as of many other financial instruments) seem to follow irrational behaviour. In times of economic and political uncertainty we are facing extreme volatilities that do not adequately correlate with macroeconomic
and in particular microeconomic conditions. Between the
end of July and end of August 2011 equity prices dropped
globally by EUR 5 trillion which equals to 15% of global
market capitalization. On 6th May 2010, the US equity market dropped by 600 points in 5 minutes eliminating approximately USD 800 billion in value, and then regained almost
all of the losses within 30 minutes (so called “flash crash”)2.
Academics, economists and regulators are trying to analyse these phenomena. However, the complexities of the
interactions of different behavioural patterns are so overwhelming that there is no clarity about the causes as well as
the remedies.
High volatility leads to lower valuations
When you look at the recent downturn of the equity markets
in August 2011 you will notice that there was a general market uncertainty, mainly due to the Euro crisis, but not any
specific trigger event. Nevertheless, the German DAX, for
example, dropped by almost 25%. At the same time the
IPO market came to a complete standstill. Institutional investors are extremely nervous. Any of their investment decisions have to take into account the incalculable behaviour of
Figure 1: Global national derivatives versus primary securities
16.0
Ratio GDP
14.0
Total
12.0
Non-Derivative
10.0
Derivatives
8.0
6.0
4.0
2.0
0.0
Jan
99
Mar
00
May
01
Jul
02
Sep
03
Nov
04
Jan
0
Mar May
07
08
Source: OECD Directorate for Financial and Enterprise Affairs (2011)
Page 38
Jul Sep
09 10
Volker Potthoff is an attorney with CMS
and holds several supervisory board
positions. He is a former executive
board member of Deutsche Börse AG
and was a member of the German
Corporate Governance Commission.
Volker Potthoff, Of Counsel,
CMS Hasche Sigle
the market and the threat of high volatility. As a consequence, if the IPO markets open up again, investors will
factor in a “volatility risk discount” when buying shares in
the primary market. This in turn leads to higher capital costs
for companies seeking to raise capital. Companies that are
not of a critical size will inevitably be affected even worse.
Innovation in the financial industry: the tail
wagging the dog
If you search for the causes of high volatility and asset
mispricing, you will be confronted with an enormous complexity of interrelated factors such as herding behaviour,
short selling, high frequency trading, derivatives, short term
investment strategies, principal-agent conflicts, portfolio
insurance, etc. All these phenomena are interrelated. First
and foremost one must mention the leverage effect resulting from multifold derivative products. With a relatively
small capital investment a trading participant can move the
price of a multiple number of underlying assets. Due to their
1) The theory of efficient financial markets is based on the assumption that
competition among profit-seeking market participants will ensure that asset
prices continuously adjust to reflect all publicly available information; thus
prices will equate to the consensus of investors’ expectations about the discounted value of future attributable cash flows ( Paul Woolley “Why are financial markets so inefficient and exploitative” in “The Future of Finance”, Report
by The London School of Economics and Political Science, p. 123)
2) CFTC & SEC (2010) Findings regarding the market events of 6th May 2010
– official report published 30th September 2010
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der Biotechnologie steckt. Die Spezialisten von BB Biotech verfügen über das Wissen und die
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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.
Financing
Figure 2: Feedback Loops
events can have big effects due to risk reduction (stop loss)
mechanisms programmed into the HFT trading devices6.
Synchronised
selling of risk
Conclusion: How to get the spirit back
into the glass bottle
Initial
Losses
Capital hit,
Risk increases
Prices
adversely
affected
Losses on
positions,
"Haircuts" go
up
Prices fall
Investor
decides
to sell
Investor algo sells
on increased
volume
HFTs
"pass-theparcel"
Volume
increases
Source: UK Government Office of Science (2011)
magnitude the derivative markets rather than the underlying
markets constitute the benchmark for price determination.
In 1998 the value of globally outstanding derivatives was
equal to 3 times the GDP. In 2010 this value amounted to 10
times the world GDP while the underlying equity market turnover remained within a range of 1.5 to 2 times3 (see Figure 1).
Derivatives markets are to a large extent not transparent as
more than 80% of their instruments are traded over the
counter (“OTC”), i.e. outside of regulated market infrastructures. Derivatives traded with computer based technology
enable market participants to move markets rapidly in
accordance with short-term speculation on future market
movements. To a large extent derivative exposure is neither
collateralized nor subject to balance sheet risk exposure.
Modern trading technology also enables the exploitation of
arbitrage opportunities by programming automated trading
patterns without human intervention, known as “high
frequency trading” ( HFT) or “algorithmic trading”4.
There have been several studies regarding the question
whether HFT is enhancing price trends in volatile markets5.
There are different findings in these studies. On the one
hand it is emphasized that HFT is adding to market liquidity
and in certain circumstances even softens downward price
trends. On the other hand, in certain situations like the
“flash crash” of May 2010 fully automated HFT may well
cause a landslide downturn in equity markets (in this event
caused by “mini futures”). A thorough analysis can be found
in the Foresight study, according to which HFT can cause
non linear sensitivities to price change, i.e. where small
Page 40
Ideally capital markets shall connect investors’ money with
those needing the money for productive usage. The creativity of financial intermediaries has created a virtual liquidity
pool that is to a large extent decoupled from the productive
economy. Looking at the above considerations there are
three main items regarding the trading environment that
can be identified as amplifiers for volatility in equity
markets: (i) the exorbitant growth in (equity related) derivatives, (ii) the high leverage of derivatives, (iii) the lack of
”capital at risk” for short term oriented trading instruments.
All these trading related patterns are interconnected with
investors’ reactions. Investors are forced to act in line with
short-term oriented price mechanisms (herding effect),
even though they may have a different fundamental view on
the valuation of assets they have invested in. If policy
makers, regulators, exchanges and financial market participants wish to re-establish an efficient price finding
mechanism in equity markets they have to tackle these
issues in a joint effort. There are proposals up for debate:
restrictions of proprietary trading by financial institutions,
prohibition of short selling, submission of alternative
trading platforms for exchange regulation, transparency
requirements for OTC traded derivatives, introduction of a
transaction tax and disclosure requirements for trading
strategies of alternative investment funds. Among others,
the revision of the EU-Markets in Financial Instruments
Directive (“MiFID II”) is envisaged to become landmark
regulation for the revision of European capital markets. The
corporate world reliant on efficient equity capital markets
should get deeply involved in the legislative process. It will
be a huge challenge to tackle the shortcomings without at
the same time doing harm to market liquidity in the underlying equity markets. As always there is no reward without
risks.
3) OECD Journal: Financial Market Trends – Volume 2011 Issue 1
4) see “Die Macht der Computer” (“The Power of Computers”) in Frankfurter
Allgemeine Sonntagszeitung, 2nd October 2011
5) CFTC & SEC (see Footnote 2); “The Future of Computer Trading in Financial
Markets”, Working paper, Foresight Government Office for Science (UK 2011);
“High Frequency Trading” White paper by the Goethe Universitaet, Frankfurt
am Main (2011)
6) The Future of Computer Trading in Financial Markets, pages 13 sub.: the
study concludes that there are internal endogenous risks of trading markets
based on feedback loops and increased trading volume
7) The report by the OECD Directorate for Financial and Enterprise Affairs proposes that regulators impose different accounting rules for derivatives as well
as transaction charges on derivative transactions and finally consider the separation of certain banking activities that deal in OTC derivatives from retail
and commercial banking – see OECD Journal: Financial Market Trends – Volume 2011 Issue 1, page 32
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
Financing
Crucial Success Factors in SME Financing
How the German “Mittelstand” can prepare for a
successful financing process
The German Mittelstand is a crucial pillar of the German
economy. It has grown continually over recent decades and
has almost become an international brand. As one consequence of these growth patterns, financing instruments for
companies from the German Mittelstand have outgrown
traditional bank loans by far. Additionally, the global financial
and economic crisis, as well as Basel III, resulted in banks
increasing their requirements with respect to the reporting
quality, compliance with covenants and collateralisation
when granting loans. Companies seeking funding from
private equity investors or public capital markets as an Initial
Public Offering (IPO) or by issuing debenture loans have to
fulfil even more restrictive requirements. In order to successfully manage through a (re)financing cycle, SMEs
should appropriately prepare for the fulfilment of certain
financing prerequisites and success factors.
Markus Kurzhals, Partner, CPA and
Tax Consultant, RoelfsPartner
Arndt Rautenberg, Executive Partner,
Head of Competence Center Transactions, RoelfsPartner
Market trends in financing the German Mittelstand
Increased requirements from capital providers
As one result of the internationalisation of the German Mittelstand, the regulation of banks in the context of Basel III
and the increased dynamics of the current debt crisis,
financing has become more difficult – simply raising conventional loan financing is often not sufficient to replace
capital and sustain strong growth. At the same time, banks
increasingly use standard selection processes on their current and potential customers where they cluster them in ABC
analyses and provide only those companies with necessary
future debt volumes which pass that selection process.
As a result, a mix of debt and equity financing has become
a common solution to SMEs’ financing needs. A snapshot
of the financing market quite clearly delivers the following
trends:
• Standardised mezzanine programs are no longer en
vogue. Instead, individualised mezzanine programs with
tailored conditions have become much more popular.
• Although the issuing of corporate bonds requires a specific company size and brand awareness, this financing
alternative is becoming an increasingly common alternative for the German Mittelstand.
• Minority interests, in terms of a participation of a private
equity investor, are experiencing higher levels of acceptance than in the past.
Page 42
Accompanied by the abovementioned trends, capital providers require increased transparency through monthly
management reporting and regular presentations to banks
and/or equity providers. Additionally, planning and reporting processes, as well as liquidity and working capital
management systems, are subject to regular reviews by
these capital providers.
These transparency requirements are not only substantial
for debt financing as banks set up a selection process.
They are also relevant for private equity investors and, even
more rigidly, for transactions on the public capital market.
Only companies which continue to improve their reporting
quality and thus fulfil the new criteria will be successful in
their financing process. Companies not adapting to the
changed environment might well experience problems in
managing a financing process successfully.
Common problems of SMEs
One challenge many SMEs have to address is the implementation of an appropriate corporate structure. In situations where sales have increased significantly within a short
period and are budgeted to grow further, the company
Direkt
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Kapitalmarkt
via Mittelstandsanleihe
Ihr Finanz- und Kapitalmarktpartner für
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– Listings (Entry, General und Prime Standard)
– Platzierungsstark, großes Investorennetzwerk
Unternehmerische Freiheit durch bankalternative Finanzierung
Mehr Informationen auf www.youmex.de
youmex AG ist Deutsche Börse Listing Partner
youmex AG, Taunusanlage 19, 60325 Frankfurt / Germany, +49 69 795 398 000, www.youmex.de
Financing
Figure 1: Supporting capital market transactions – Overview
Financial reporting
transparency
• Set up and improvement of internal and external
reporting processes and structures
• Definition of documentation standards
• Establishment of accounting principles
2.
Integrated business
plan & valuation
• Analysis of historical financial information and
identification of value drivers
• Business plan & scenario building
• Sensitivity analysis
3.
Fact Book /
Due Diligence
• Financial / Legal / Tax / Commercial Due Diligence
• Analysis and information processing for prospectus
preparation as well as for external rating agencies
• Q&A sessions
4.
Comfort Letter
• Critical review of information which are the basis
for the prospectus preparation
• Confirmation of adequate care in respect of the
prospectus preparation
5.
Fraud / Risk /
Compliance
• Establishment and improvement of risk
management and early detection system
• Adaption of internal revision to the regulatory
requirements of the capital market
1.
Source: RoelfsPartner
structure, as well as reporting tools and processes, often do
not expand to the same extent – along with the corporate
level of expertise to manage through a growth phase. As a
result, companies from the German Mittelstand are not
always fully prepared to fulfil increased transparency and
reporting requirements. On the contrary – while they continue to do well in their respective markets, they tend to face
challenges when trying to obtain sufficient funding to achieve their strategic goals.
Another problem which can be observed quite frequently in
the German Mittelstand is SMEs’ lack of appropriate contacts or inroads to sources of a required financing. This is
true for the debt side, but even more so for all equity related
measures. As a consequence, SMEs are often seeking relevant contacts, but more importantly, experience and advice
also, to help them match their specific requirements and
profile with the criteria of providers of debt or equity capital.
Prerequisites for a successful financing process
German Mittelstand companies need to build the basis for a
successful financing process early. This includes setting up
a transparent financial reporting system, consisting of the
preparation of financial reports, the improvement of internal
and external reporting processes, the preparation of finan-
Page 44
cial processes (business plan, forecasts, liquidity analysis) or the calculation of covenants. Besides the fulfilment of transparency requirements,
further potential prerequisites for a
successful financing process are a
clear alignment of the financing process to the business strategy and necessary contacts with capital providers. Structuring the process, “beauty contests” and the selection of appropriate partners are key elements of
a successful transaction. In addition
to these aspects, an effective funding
process can be supported by the preparation of an integrated business
plan and a fact book/due diligence,
the issuance of a comfort letter as
well as the fulfilment of fraud/risk/
compliance issues.
Markus Kurzhals, a Partner in the RoelfsPartner Competence Center Transactions, states: “To secure a successful
financing process, SMEs have to accurately prepare for increased transparency requirements. However, capital providers also have to acknowledge the specific characteristics of the German Mittelstand!”
Summary
Companies seeking funding from banks, private equity
investors or the public capital market need to be aware of
an entire set of increased requirements for a successful
financing process and thus need to prepare early. Key
success factors are effective management reporting
structures and transparent communication, an early
alignment of the funding to the business strategy, and a
reliable selection of appropriate partners. SMEs should
also consider the fact that a financing and/or M&A
process not only requires personnel resources, but also
specific knowledge in the field of financial, tax, legal, commercial and operational aspects. Last but not least, the
vast diversity of financial sponsors often makes foreign
language skills essential. For many German Mittelstand
companies, this raises the bar to perform a financing
and/or M&A process entirely on their own.
Mediq Group
Berlin, Germany
Manesty
Knowsley, United Kingdom
Sale of all
assets to
Neustadt an der Weinstraße, Germany
to
WASGAU Produktions & Handels AG
Services GmbH
Pirmasens, Germany
Munich, Germany
Sep 2011
Hüttlin GmbH
Schopfheim, Germany
Sale of 100% of the
shares to
Capital increase
Oct 2011
Sell-Side Advisory
Sell-Side Advisory
Nov 2011
Acquisition of a minority stake in
WASGAU Food Beteiligungs GmbH
and conclusion of a cooperation
agreement with
Sale of alpha meß-steuerregeltechnik gmbh
Bilfinger Berger Industrial
First Sensor AG
Utrecht, The Netherlands
Cologne, Germany
Sell-side Advisory
Sale of 100%
of the shares to
Acquisition of a
minority stake in
REWE Markt GmbH
Sep 2011
Bond placement
Merzig, Germany
Munich, Germany
Buy-side Advisory
assist GmbH
DPE Deutsche
Private Equity GmbH
Buy-side Advisory
Sell-Side Advisory
“The entrepreneurs among bankers”
SINGULUS TECHNOLOGIES AG
Kahl am Main, Germany
7,880,203 shares
Placement price: € 3.30
Placement volume: € 26.0 m
KTG Agrar AG
Hamburg, Germany
Corporate Bond
€ 70 m
Bosch Packaging Technology
Bosch Packaging Technology
Waiblingen, Germany
Selling Agent
Sole Lead Manager
Waiblingen, Germany
Aug 2011
Aug 2011
Jun 2011
Jun 2011
(selected transactions)
Corporate Finance
G
G
G
G
G
Research & Sales
Mergers & Acquisitions
Initial Public Offering/
Equity Capital Market Transactions
Bond Issues
Private Equity Advisory
Debt Advisory
G
G
G
G
G
Exclusive member of the
European Securities Network
(ESN)
Research
Support for Institutional
Clients
Share Placements
Share Placements
Roadshows
Financial Markets
G
G
G
G
G
Designated Sponsoring
Shares/Bonds
Brokerage Shares/Bonds
Specialist Shares/Bonds
Bond Placements
Electronic Order Routing
equinet Bank AG
Frankfurt/Main
www.equinet-ag.de
Tel. 0049 (0)69 58997-0
Financing
Financing alternatives for “Mittelstand”
companies
Choosing the right financing instrument and
diversification level
Since the establishment of bond market segments at
German Stock Exchanges, e.g. bondm in Stuttgart and the
Entry Standard for Corporate Bonds in Frankfurt, several
German Mittelstand companies have participated in the
starting retail public bond hype. This hype has been especially driven by a “retail” pricing caused by, inter alia, misunderstood ratings and inexperienced (retail) investors.
In the light of the Euro-crisis and the US rating downgrade,
investors became more cautious. The market realised that
published ratings for “retail” bonds are company ratings
rather than issue ratings, which disregard a potential structural subordination of the unsecured bonds vs. any existing
secured bank debt. Furthermore, missing covenants
increased investors’ risk compared to market standard
institutional bonds. Thus, the Bondm Index of the Stuttgart
Stock Exchange lost 4.5% since January 2011, while the
iBoxx Euro Corporates Overall Performance Index gained
1.5% during the same time period.
To avoid any misunderstanding: corporate bond issues are a
proven and important financing alternative not only for Mittelstand companies to diversify corporate funding alongside
bank and asset based financing instruments. However, such
corporate bonds should comply with long-standing market
standards, i.e. have adequate covenants, contain clear ratings
and at-market pricings. Corporate bonds together with other
financing instruments, especially bank and asset based financing, form important parts of a company’s financing strategy.
Figure 1: Comparison Bondm vs. iBoxx Index
106
104
Kai Frömert, Director,
FCF Fox Corporate Finance GmbH
Asset based financing
Asset based financings, such as factoring, leasing (incl.
sale-and-lease-back) or a borrowing base working capital
facility, might not be the right instrument for everyone.
However, depending on a company’s type of business,
accounts receivables structure, inventories, fixed asset
base, etc. may add an attractive and competitive financing
alternative to the “classic” bank loan. While accounts
receivables may be recognised by banks as a security for a
loan at just 50% of their actual value, factoring can provide
a cash payout in excess of 90%. And a (depreciated) fixed
asset may only be recognised by banks at
book value as a security, while a sale-andlease-back can provide financing at up to
100% of market value.
101,5
102
100
98
95,5
96
94
92
90
Jan 11
Bondm Index
Apr 11
Jul 11
iBoxx Euro Corporates Overall Performance Index
Source: Bloomberg
Page 46
Arno Fuchs, CEO,
Okt 11
Corporate bonds
The retail Mittelstand corporate bond market
has left its juvenile stage and there will be less
inexperienced investors purchasing underpriced securities. The market is moving towards the long-standing institutional corporate
bond market with existing market standards
for more professional, institutional structuring,
pricing and “real” investment grade ratings.
April 2011
April 2011
April 2011
April 2011
Übernahmeangebot
MEDICLIN AG
Prime Standard
EUR 136.983.000
Kapitalerhöhung
Prime Standard
EUR 54.000.000
Wachstumsfinanzierung
Genussrecht (FK)
Beteiligung und
Gesellschafterdarlehen
Verkauf
Financial Advisor &
Exchange Agent
WestLB
Joint Bookrunner
Joint Global Coordinator
WestLB
Investor (u.a.)
WestLB
Lead Investor (u.a.)
WestLB
März 2011
ab März 2011
Dezember 2010
November 2010
EUR 143.746.000
Kapitalerhöhung
Prime Standard
Aktienrückkauf von
bis zu 18.300.00 Aktien
Prime Standard
EUR 70.000.000
Wachstumsfinanzierung
Hybridanleihe
CHF 297.750.000
Kapitalerhöhung
SIX Swiss Stock Exchange
Co-Lead Manager
WestLB
Sole Agent
WestLB
Investor (u.a.)
WestLB
Joint Bookrunner
Joint Lead Manager
WestLB
Oktober 2010
Oktober 2010
Oktober 2010
September 2010
EUR 78.443.000
Kapitalerhöhung
Prime Standard
EUR 79.450.000
Kapitalerhöhung
Prime Standard
EUR 33.433.000
Kapitalerhöhung
Prime Standard
EUR 419.275.000
Kapitalerhöhung
Prime Standard
Joint Bookrunner
Joint Lead Manager
WestLB
Sole Bookrunner
Sole Lead Manager
WestLB
Financial Advisor &
Listing Agent
WestLB
Co-Lead Manager
WestLB
August 2010
Juli 2010
März 2010
März 2010
EUR 10.066.000
Kapitalerhöhung
Prime Standard
EUR 393.937.000
IPO
Prime Standard
EUR 104.650.000
IPO
Prime Standard
EUR 57.200.000
Umplatzierung von Aktien
der United Internet AG
Sole Lead Manager
WestLB
Co-Lead Manager
WestLB
Co-Lead Manager
WestLB
Sole Bookrunner
Sole Lead Manager
WestLB
Eigenkapitallösungen – so individuell wie unsere Kunden.
Wohin möchten Sie?
Ihre Finanzierungsstrategie bestimmt den Kurs, den wir zur Realisierung Ihrer Ziele verfolgen.
Hier sehen Sie einige Wege für Eigenkapitallösungen, die wir mit unseren Kunden beschritten
haben. Wohin dürfen wir mit Ihnen gehen?
Christian Fuest, Tel. + 49 211 826-8612, Leiter Equity Solutions, christian.fuest@westlb.de
Partner der Spark assen
Financing
Ratings are not carved in stone
As can be seen from the USA example, even an
assumed safe AAA government bond can loose its AAA
rating quickly.
Thus, a today’s investment grade rating may not be
investment grade quality tomorrow.
Figure 2: FCF Financing Framework
Therefore, a company’s decision process regarding the
favoured financing product will change. The question is
whether a publicly listed bond will indeed be more favourable than a private placement, as it imposes publication
obligations to the issuer. Privately placed bonds still allow a
bank-independent funding through institutional investors
such as insurance companies or private debt funds, while
the reporting requirements are much lower. On the other
hand, an undisputed requirement for a private placement
usually is a clear investment grade credit quality of the
issuer, although an “official” rating by a rating agency might
not even be required, as the investors conduct an in-house
due diligence.
In the case of public bonds, German institutional “blue
chip” investors generally require a rating by either Euler
Hermes or one of the “big-3” rating agencies (S&P, Moody’s
or Fitch). Recent discussions with such investors suggest
that, while an Euler Hermes rating has become acceptable,
an investment grade rating from other agencies would still
be questionable. Investors suspect that during the last two
years, there has been a systematic “up-notching” of newly
rated companies, similar to the situation in the program
mezzanine sector about five years ago, where smaller,
riskier companies had been “pushed” into investment
grade ratings.
Last but not least, promissory notes (Schuldscheindarlehen) are also a type of securitised loans, similar to a privately placed bond. However, as promissory notes are mostly
placed within the banking, Sparkassen and insurance sectors, the investor universe is smaller compared to a corporate bond issue, where all kinds of institutional investors
can be approached. Furthermore, while bonds are usually
fungible and add liquidity to the market, promissory notes
are more difficult for investors to sell, thus limiting investor
interest. This is, however, somewhat mitigated by the fact
that for promissory notes, as well as for private bonds,
investors do not have to conduct a mark-to-market evaluation, which is appealing in the light of today’s volatile
markets. On the other hand, as the documentation for promissory notes is less extensive than for bonds, it limits
transaction costs and may be an ideal entry instrument into
the capital markets, especially for smaller financing needs.
Page 48
Bank
Financing
Loans
Optimization
Capital Markets
Financing
Private Promissory Public
Bonds
Notes
Bonds
Asset Based
Financing
Factoring
Leasing
Forfaiting
Borrowing Base Facility
Source: Bloomberg
Bank loans
Bank loans are the classic financing instrument, which will
never go out of fashion. While the financier universe is actually limited to banks, loans may provide a greater flexibility
and – sometimes – more attractive pricing when compared
to bonds. Nevertheless, so that it is not fully dependent on
banks regarding its financing requirement, a company
should – as far as possible – diversify its financing instruments.
Conclusion
While not every available instrument may be the right product for each company, one should however investigate
which is the best-fitting instrument (or a combination of
instruments) to optimise the financing structure in terms of
financier diversification, interest burden, security value,
redemption schedules, etc. The retail corporate bonds
market, as represented by the Bondm Index, has dropped
by almost 9% during the last three months, proving that the
yield requirements by investors are inclining towards more
regular capital markets bond levels. Consequently, rather
than jumping on the “retail bond” train late, one should
carefully consider all available alternatives – and they may
prove to be the more attractive ones.
Wind turbine
Inventor: Prof. Dr. Ulrich W. Hütter
Germany, 1957
Drive. Made in Germany.
Also in equity capital procurement.
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-
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.
2011
Share Placement
114 m EUR
Joint Lead Manager
Joint Bookrunner
2011
Capital Increase
2011
Convertible
2011
Capital Increase
2011
Capital Increase
5 bn EUR
Co-Manager
325 m EUR
Co-Bookrunner
4 m EUR
Sole Lead Manager
8 m EUR
Sole Lead Manager
2011
Capital Increase
2011
Sale of a majority stake
to Centrotec AG
2010
Sale of a majority stake in
Behr Group to Mahle Group
2010
Capital Increase
2010
Capital Increase
Exclusive M&A Advisor
Exclusive M&A Advisor
10.2 bn EUR
Co-Bookrunner
420 m EUR
Co-Lead Manager
2010
Share Placement
2010
Capital Increase
2010
Share Placement
2009
Capital Increase
2009
Capital Increase
21 m EUR
Sole Lead Manager
4.2 bn EUR
Co-Bookrunner
504 m EUR
Co-Lead Manager
25 m EUR
Joint Lead Manager
86 m EUR
Sole Lead Manager
2009
Convertible
2008
Capital Increase
2008
Capital Increase
2008
Capital Increase
2008
IPO
190 m EUR
Co-Lead Manager
39 m EUR
Sole Lead Manager
156 m EUR
Co-Lead Manager
61 m CHF
Sole Lead Manager
361 m EUR
Co-Lead Manager
6 m EUR
Sole Lead Manager
Landesbank Baden-Württemberg
Financing
Shares, convertibles, bonds and the like
What financing alternatives are currently available
in Germany to smaller companies?
The unresolved debt crisis affecting several eurozone countries combined with the cloudy economic outlook have led
to a marked decline in capital market activity. While equity
transactions completed in the German market during the
first half of 2011 included nine IPOs totalling EUR 1.3 billion
plus another 79 capital increases totalling EUR 18.9 billion,
only four companies have dared to enter the equity capital
markets so far in the second half of 2011. In total,
exchange-listed companies have raised capital of just
EUR 0.4 billion since the second half began (as of midOctober 2011).
Just how unsettled the capital markets are right now can be
measured by the dramatic daily swings – or more specifically, by their volatility. The VDAX index, which gives us the
implied volatility in the DAX issues expected by market participants, even gives us a direct measure of this. The higher
the level of this index, the greater is the expected volatility.
The VDAX typically ranges between 15 and 25 points. Since
the start of August, this index has risen dramatically,
reaching its year-to-date high of 47 points two months later.
By comparison, the VDAX reached its all-time high of 74
points in October 2008 following the Lehman bankruptcy.
As volatility rises, it is typical for IPO activity to temporarily
dry up. To the extent that the market is open to capital
Dr. Dietmar Schieber is Executive
Director Equity & Debt Capital Markets
at Close Brothers Seydler Bank AG,
Frankfurt am Main. From 2001 to July
2010 he was Director Equity Capital
Markets at a major German bank.
Prior to that he worked for the German Institute for Share Promotion
(Deutsches Aktieninstitut e.V.).
Dr. Dietmar Schieber, Executive Director
Equity & Debt Capital Markets,
increases for companies already listed on the stock market,
these are generally only possible at deep discounts to the
market price. Because abrupt increases in volatility are, in
addition, usually associated with falling market prices, this
means that exchange-listed companies are likewise keen
to explore alternative forms of capital raising in such market
environments.
Nearly EUR 2 bn raised
Figure 1: DAX and VDAX
Points
Points
9,000
80
8,000
70
7,000
60
6,000
50
5,000
40
4,000
30
3,000
2,000
20
1,000
10
0
01 2008
0
07 2008
01 2009
DAX Index (left scale)
07 2009
01 2010
VDAX Index (right scale)
Source: Close Brothers Seydler Bank AG
Page 50
07 2010
01 2011
07 2011
In terms of the organised capital
markets, one alternative broadly available to companies is bonds. Up until
the middle of 2010, the public bond
market in Germany was generally
restricted to large corporations.
However, the creation of new bond
segments has opened this market to
much smaller companies, enabling
them since the second half of 2010 to
offer their debt securities to a wide
base of investors. These segments
have been seeing healthy demand for
new issues from both publicly listed
and privately held companies. In the
first full year of existence of these new
Financing
bond segments for German Mittelstand (small- to mediumsized) companies, i.e. from September 2010 through
September 2011, we calculate that a total of some EUR 1.7
billion was raised through 38 different bond issues.
In contrast to public equity offerings, the transparency
requirements which confront the issuer are quite modest.
For instance, unlike an IPO on the regulated market,
conversion of financial statements to IFRS is not specifically required, and other requirements regarding the content of the offering prospectus are likewise generally
much less onerous. The planned issue size should in no
case be less than EUR 30 million, with EUR 50 million or
more generally recommended so that issuance fees and
expenses are commensurate with issue proceeds. In
addition, investors want to see an issue size of at least
this amount.
Beyond these basics, it is also essential that issuers have
demonstrable ongoing cash flows sufficient to support the
scheduled interest and principal payments. Bond yields
depend on issuer ratings but presently (October) range, not
considering a few exceptions, between eight and ten per
cent. It should be noted at this point that bonds are not
always a substitute for an IPO or share offering. Only an IPO
allows risk capital to be placed in the form of true equity,
which does not have to be serviced with cash – at least for
some initial period of time.
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It goes without saying that lower transparency requirements are hardly a compelling argument to issue bonds for
companies whose shares are already listed on the
exchange. In these cases, the existing disclosure obligations in conjunction with their share listings already cover,
or go substantially beyond, the disclosure required for a
bond issuance. Here we must consider some of the other
advantages of turning to the bond market: The issuer
becomes less dependent upon bank financing, and
covenants for these bond segments are generally quite
light, e.g. without restrictions on the use of proceeds, and
with payment acceleration (unless otherwise provided)
usually only in the event of default or change of control.
The bond market, however, has not been immune to the
turmoil of the euro crisis. From July through September
there was not a single new issue of these Mittelstand
bonds. It is only since the end of September that we have
seen a total of four such smaller companies dare to bring
their bonds to the public market. Only the coming months
will show whether this thaw continues.
Page 52
There is yet another alternative to share and bond issues,
although one which is inherently limited to exchange-listed
companies: an issuance of convertible bonds. Convertibles
are hybrid financial instruments which, beyond the scheduled payment of interest and principal like any bond, offer
investors the opportunity to exchange the bonds into shares of the company at defined future times. In periods of
elevated uncertainty in the equity markets, these instruments may be particularly attractive to investors, who
because of their greater sensitivity to risk may not be
prepared to make an outright equity investment. The fixed
schedule of interest and principal payments while these
remain bonds serves to limit the investor’s risk of losses
(aside, of course, from credit risk). At the same time, the
convertibility feature allows the investor to participate in
upside movements in the company’s share price, often
referred to as the “equity kicker”. Because these convertible securities are indeed bonds at the time of their issuance, but nevertheless allow creditors to participate in
equity gains, opportunities to place these hybrid securities
in the market are very broad, including not only specialised
convertible bond funds but also a wide range of traditional
fixed-income and equity investors.
Cash for future capital increases?
From a company’s perspective, the issuance of convertibles is a particularly attractive alternative when share
prices have recently been weak, as this generally means
that the conversion price is substantially higher than the
market price at the time of issue. This higher conversion
price, in turn, lessens the dilution effects on existing shareholders. It should furthermore be noted that the coupon
rate on convertibles is invariably lower than that of straight
bonds without a conversion feature. Finally, should the
bonds be converted to shares, the bonds must no longer be
repaid, thus relieving the company of this burden on its
liquidity. In this case, the issuance of convertible bonds
becomes, in essence, cash now for a future capital increase.
Under German law, the issuance of convertible bonds
requires that the company’s general assembly of shareholders pass a resolution authorising the issuance of the
securities, along with a conditional increase of the com-
Financing
>
Proven
Track Record
pany’s capital. This authority may be granted for a
period of no more than five years. The amount of the
conditional capital increase, as with other authorisations for future capital increases, may not exceed
one half of the company’s existing share capital
(Grundkapital) as of the date of such authorisation.
>
Global Reach
Opportunities for placing convertible bond issues
are, to a significant extent, determined by the size of
the issue. The smaller an issue, the tougher it becomes to place it. Experience shows that EUR 100 million is the threshold deal size at which convertible
bonds can be most effectively placed. In addition to
the size of the convertible issue, the liquidity of the
underlying shares also plays an important role.
Investors generally expect to see a certain minimum
level of regular exchange trading in the company’s
shares so that they can hedge in the market if
needed. Finally, the secondary-market liquidity of
the convertible bonds themselves is an important
consideration because, from an investor’s point of
view, this may largely determine how quickly a
position can be liquidated.
Summary
The capital markets may appear to be closed right
now, but this is only at first glance. A closer look
reveals that, despite the difficult present market
environment for equity transactions, straight bond or
convertible bond issues present viable alternatives
for Mittelstand companies to raise new capital in the
public markets.
>
Full Service
www.taylorwessing.com
Berlin
Brussels
Frankfurt a. M.
Page 53
Beijing Ω
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Shanghai Ω
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London
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Associated Office *In Cooperation with RHT Law
“Helping bond issuers be ‘fit’ for accessing the
capital markets”
Interview with Tilo Kraus, Head of Capital Markets &
Conference Magazine: Mr Kraus, IKB has been involved in
several bond issues from German small and medium sized
companies. What is your experience regarding this?
Kraus: From a macro perspective, I believe these new
market segments offer sensible and useful financing alternatives for the German Mittelstand. As an institution, we
have been involved in a number of issues like Katjes or
SIAG. A strong brand like Katjes certainly helps in a placement, however, it is not a prerequisite for a placement.
Conference Magazine: And what do investors say?
Kraus: Investors can be grouped into retail and smaller
institutional investors. At IKB, we do not deal with retail
investors, focussing instead on this semi-institutional
group. Institutions in particular with a link into the Mittelstand value the emergent segment and see investment
opportunities. Liquidity on the secondary market is certainly
one focus area for investors. Sooner or later, we should see
some form of designated sponsoring emerging here in
order to improve market liquidity. Investors also voiced a
demand for research – post-issuance research – which is
something that we are looking to address going forward.
Conference Magazine: None of these bond issuance were
particularly large, and they came from a wide range of
sectors. What are your prerequisites for support from IKB?
Kraus: For a new issue we need internal clearance from a
number of departments including IKB’s credit department.
Each of those departments has a veto right within the process.
Conference Magazine: What would be the specific
grounds for such a veto?
Kraus: Whilst we cannot predict the future, this process
aims to ensure that we assess a potential issuer from
various angels. For example, terms and conditions of a
bond should reflect conditions which are already
standard practice for high-yield bonds, for example
restrictions on dividend distribution or regulations covering the sell-off of company divisions. An issuer aiming to
raise money in the capital markets should think about
offering such covenants and in doing so signals that it is
prepared to be governed by accepted capital market
provisions.
Page 54
Tilo Kraus heads IKB’s Capital Markets and Derivatives team. He joined
in 2009 from UBS. Tilo Kraus is a CFA
charterholder and studied business
and economics at the Universities of
Munich and Warwick.
Tilo Kraus, Head of Capital Markets &
Conference Magazine: The covenants differed widely
between the various bond offerings; as yet, little appears to
be standardised.
Kraus: True, and for that very reason, I believe there are
some risks for investors here. We at IKB are therefore trying
to help standardizing and elevating the quality of documentation and covenant templates.
Conference Magazine: What is your role in the selection of
the market segment? Do you give specific advice on the
direction to take?
Kraus: We merely advise on what would be a good choice
for the issuer in the light of all key factors. At the end of the
day, the issuer needs to take the final decision. The requirements of individual exchanges such as Stuttgart, Frankfurt
and Düsseldorf do differ in some respects. Key parameters
include amongst others regional considerations, the structure of the bond and the target size.
Conference Magazine: What is your assessment of the
current market for SME bonds? – Around three quarters of
prices are under par at the moment.
Kraus: Falls in prices were not limited to SME bonds: high
yield bonds and leveraged loans have seen similar falls in
price. Also, price movements are similar for bonds issued in
different markets but by companies in a similar sector such
as the solar industry where Centrosolar and Solarworld
Bonds are traded in different market segments. In some
instances, however, the low liquidity of certain SME bonds
has led to veritable price leaps when investors decided to
buy or sell slightly larger blocks.
Conference Magazine: Returns are now as high as 9%,
but most coupons have yet to reach this level. Do you think
this divergence can be maintained?
Kraus: Coupons for future issuance will to some extend
need to reflect the new market levels.
Conference Magazine: How high is still “bearable” for an
issuer?
Kraus: For some issuers, a 9% cost of debt is likely to be too
high. Cost, however, is not the only decisive factor for issuers.
Reducing dependency on bank financing or spreading out
maturities may also be important. Many bond offerings are
motivated by alterations in a corporate’s financing strategy given
shrinking bank balance sheets and stricter lending conditions
in terms of covenants. So SMEs rightly ask themselves what
financing options they will be able to rely on in the years to come.
Conference Magazine: How serious will it be when the
first “SME bond” fails?
Kraus: A “Neuer Markt”-like situation is certainly not desirable.
Approval processes and covenants as described before
hopefully help to ensure that the market as such focusses on
bond issuers that are “fit” for accessing the capital markets.
Conference Magazine: Many thanks for speaking to us,
Mr Kraus.
The interview was conducted by Falko Bozicevic.
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Procedure and challenges of bond issues
Financing through bond issues on the capital market
is not rocket science
In our estimation, bonds have now become an established
part of the toolbox used for company finance. Since, just
over a year ago, Dürr AG prominently ventured the step to
issue its corporate bond on the capital market on its own
(own issue), there has been a far simpler and more economical way of doing this, making a bond issue on the capital
market an interesting option for medium-sized enterprises.
Which companies should consider bond issues?
In our opinion any company wishing to raise finance in
excess of EUR 15 to 20 million can take a bond issue into
consideration. A bond is especially interesting if the finance
is to be raised independently from a bank and with fewer
covenants.
Dr. Anne de Boer works in the field of
corporate/capital markets law and has
accompanied bond issues by several
medium-sized companies. She studied in Germany, France and South
Africa and started her professional
career as an lawyer in an international
law firm before moving to GSK Stockmann + Kollegen in 2005.
Dr. Anne de Boer, Partner,
GSK Stockmann + Kollegen
What is the procedure for an issue?
What documentation is required?
In our experience, a bond issue takes approximately 4–6
months from initial preparation through to commencement
of the issue. The placing itself can take up to one year, but it
can also be restricted to a core period of 1 to 2 weeks.
Issues are regularly accompanied by a bond coach who
coordinates the entire process, assisting the issuer above
all in structuring the terms and conditions of the bond and
the sales channels. Lawyers are required to manage the
drafting of the prospectus and the Federal Financial Supervisory Authority (BaFin) the approval procedure. Specialists
are also involved as a rule to market the company and the
issue.
If the bond is to be included in trading as a public offering or
in special trading segments such as the Entry Standard on
the Frankfurt Stock Exchange or Bondm on the Stuttgart
Stock Exchange, it is necessary to have an approved
prospectus in accordance with the laws on securities
prospectus. In such a prospectus, the issuer provides comprehensive information on the issuer itself, its business
operation and has to publish its audited consolidated or
annual financial statements for the past two financial years
and possibly half-yearly figures. Depending on the sales
channels chosen, documents have to be produced in
accordance with distance sales law.
Figure 1: Issue procedure and timeline
Prospectus procedure
throught to approval
Draft of prospectus
Analysis of needs, the
company and the market
4–6 weeks
Structure of the bond,
the issue and marketing
4–6 weeks
Structuring of the
marketing concept
Source: GSK Stockmann + Kollegen
Page 56
Public offering of the bond
Possibly rating process
1–2 weeks
1–2 weeks up to 12 months
Marketing of the company and
of the issue
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Figure 2: Example for a bond issuance for a medium-sized company
Subscription using the stock
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weeks
Subscription via the issuer with and without Internet portal
1–2 weeks up to
12 months
Private placing with qualified investors
Selection and
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the issuer
Sales support by Selling Agent(s)
Source: GSK Stockmann + Kollegen
What is relevant to the terms and
conditions of bonds?
The terms and conditions of the bond must be adapted to
suit the issuer. Termination rights by the creditors in the
event of change of control should still allow for a planned
IPO the exit of an institutional shareholder or imminent
succession at a family company. Financial figures should only
be guaranteed if this is unavoidable and provided that future
financing remains sufficiently possible in accordance with
corporate planning.
How is a bond sold?
Naturally all of the sales channels can be used to secure
maximum placing of the bond. This does, however, involve
higher costs and expenses than if only some sales channels
are selected. Experience has taught us that the skill lies in
finding a sales structure which is attuned to the respective
issuer and is simultaneously cost-efficient.
Transparency & security through subsequent
obligations
Depending on the trading segment, issuers have to publish
their annual financial statements, interim reports, ratings
and, if any significant events occur, quasi ad-hoc announce-
ments after the issue as well. The aim of these requirements
is to inform investors at an early stage and to ensure that
the bonds in these particular segments are of a particular
quality.
Are there any special challenges?
An important criterion is for the bond issue to mesh with the
overall financing. The other finance must permit a bond
issue and it must also be possible to comply with the
covenants of such other finance when the bond is issued.
Medium-sized companies should verify at an early stage in
the process whether they have all necessary financial information or whether the company’s history means that an
exception can be discussed with the Federal Financial
Supervisory Authority (BaFin). Many medium-sized issuers
are not fully focussed on the capital market prior to the
bond issue. A number of companies use the bond issue to
reassess their internal structures and strengthen their focus
on the capital market.
Furthermore, several issuers and their products are
unknown to a wide section of the public so that more targeted
public relations are required in addition to the bond issue,
also with respect to the company. Here too several enterprises make use of the opportunity to establish a comprehensive marketing strategy when issuing a bond.
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7)
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ionen (S.
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| League
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aktuellen
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| News zu
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im Fokus:
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| Anleihe
AVW Grund
Interview:
:
Ausgabe
In dieser
(S. 1)
| Vorwort
(S. 2)
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ing-Matrix
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e #01) sind
wir schon an
gestartet. BKN
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h
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rinnen &
Liebe Lese
Page 58
The precondition for an efficient bond issue is a structured
process. For some medium-sized issuers this entails a
challenge as far as the rating, financial information and
prospectus procedure is concerned. But if a company has a
good internal team and experienced advisers, this is not
rocket science and is absolutely feasible. In addition, a
bond issue offers a company the opportunity to structure its
internal organisation with a greater focus on the capital
market and to obtain first experience on the capital market
and also advertise to a wider audience.
Private Banking | Investment Banking | Asset Management | Commercial Banking
Berenberg Bank
German Equity Forum 2011
Tuesday, 22nd November 2011
13:45h | Plenum | Presentation
Emerging Market IPOs: Lessons learnt
Going public – experiences and investor reactions
Oliver Diehl – Head of Equity Capital Markets, Berenberg Bank
Dr. Gebhard Zemke – Partner/Head of China Desk, BDO AG
Philipp Melzer – Partner, CMS Hasche Sigle
Tuesday, 22nd November 2011
16:45h | Room Moscow | Panel Discussion
Weak Euro but Order Books at Historical High –
Do Capital Goods Companies benefit from the Crisis?
Current trends, industry-specific challenges and financing issues
Oliver Diehl – Head of Equity Capital Markets, Berenberg Bank
Stephan Klepp – Analyst Capital Goods, Berenberg Bank
Dipl.-Vw. Marcus Ketter – CFO, Schuler AG
Christian Bernert – CFO, KraussMaffei AG
Oliver Kuan – CFO, United Power Technology AG
Karoline Kalb – IR, WashTec AG
Contact:
Boris Kögel
Capital Markets · Head of Sales Germany
Phone +49 69 91 30 90-740
www.berenberg.com
Corporate bonds go “Prime”
Corporate bonds are in fashion. After the successful start of
the Entry Standard, Deutsche Börse is creating a segment
for larger issuers. The success of SME bonds with a direct
subscription option for private investors has awakened the
interest of larger companies, too. Deutsche Börse is taking
notice and will launch a new segment in due course,
offering larger companies with correspondingly large issue
volumes the opportunity to approach private investors and
to list on the stock exchange: the Prime Standard for corporate bonds.
The Prime Standard for corporate bonds is aimed at listed
and non-listed companies that wish to place an issuing
volume of over EUR 100 million. Private investors are to be
served, too. A quota of at least 10% must therefore be allocated to “retail” – defined as orders of less than EUR
25,000. The denomination is set at EUR 1,000. If the issuing
volume is less than EUR 100 million, the issuer can still be
admitted to the segment if annual company turnover is at
least EUR 300 million. There are two ways to access the
new segment: via the Regulated Market or the Open
Market. A listing in the Prime Standard for corporate bonds
commits the company to clearly defined transparency
requirements.
Page 60
Barbara Georg,
Head of Listing & Issuer Services,
Deutsche Börse AG
Michael Rieß, Project Manager Prime
Standard for corporate bonds in Listing
& Issuer Services, Deutsche Börse AG
Two ways of access, one segment
Access to the Prime Standard for corporate bonds is either
via admission to the Regulated Market or inclusion in the
Open Market of the Frankfurt Stock Exchange. In the Regulated Market, the issuer applies together with the accompanying bank for admission to the Regulated Market and to
the segment. In the Open Market, a trading participant –
called the applicant – initially applies for inclusion in the
Open Market. The application for admission to the segment
is made by both the trading participant and the issuer. The
applicant in the Open Market must fulfill the same requirements as the accompanying bank in the Regulated Market,
i.e. it must be a bank or financial services institution with
liable equity capital of at least EUR 730,000. For admission
in the Regulated Market or inclusion in the Open Market,
the admission respectively inclusion requirements for the
relevant market must, of course, be fulfilled. Whichever
means of access is chosen, universal acceptance requirements for the segment must be fulfilled: a short company
profile (with important information about the bond), an
issuer rating and 24 finalised company figures must be
provided. A rating does not need to be provided if the issuer
already has shares admitted to the General or Prime
Standard of the Frankfurt Stock Exchange. If covenants
have been agreed in addition, the issuer must include these
in the short company profile.
Follow-up requirements
The Prime Standard for corporate bonds sets more extensive
follow-up requirements than the Entry Standard. These
comprise the publication of the annual and semi-annual
reports, two interim reports by the company management
(after the first and third quarters), an up-to-date short company profile, an annual issuer rating, 24 finalised company
figures and the publication and distribution of important
company announcements. Additional transparency is
provided by an analysts’ conference, which must be held
once a year for credit investors.
Positioning
Apart from the conditions concerning issuing volume and
denomination, the Prime Standard for corporate bonds
does not set any requirements for the structure of the
bonds. Bonds with a flexible coupon and subordinate
bonds may be admitted to the segment. However, they
must be clearly indicated to provide investors with the
important information. Larger issuers, in particular, wel-
come greater flexibility in bond structuring. For retail clients
– including “friends and family” programs –, placing bonds
and acceptance for trading on the same Deutsche Börse
platform increases the chance of successful placement,
favourable conditions, higher trading quality and liquidity.
The Prime Standard for corporate bonds is the logical
extension to the Entry Standard for bonds, particularly for
issuers that want access to new groups of investors and to
demonstrate a high level of transparency. It thus also
rounds off Deutsche Börse’s offering in the area of debt
financing.
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“The pipeline is still full to bursting”
Interview with Axel Haubrok, Managing Director,
Haubrok Investor Relations
Around three quarters of “SME bonds” listed are trading
under par. What is the future for SME bonds? Conference
Magazine spoke to Axel Haubrok about the current market
situation and what an issuer needs to offer if a placement is
to be successful.
Conference Magazine: Mr Haubrok, what is your assessment of the current situation?
Haubrok: Interest from business is still considerable. In
structural terms, the situation is such that interest should
continue growing, for banks are no longer able to provide
traditional business loans at such attractive conditions.
This is because the banks themselves need greater security. More and more businesses are also realising that
company finance need not be based solely on bank loans.
Conference Magazine: You were involved at the very
beginning at Rena and MAG-IAS, then Uniwheels. Things
have quietened down somewhat since then. What has
happened?
Haubrok: One reason for the slowdown is market uncertainty.
Bonds no longer “place themselves”, and potential issuers
have therefore become more cautious. One look at the current issuance environment is enough to see the initial euphoria has gone. Yet the bond issuance pipeline is still full to
bursting – companies are just waiting for the right moment.
Conference Magazine: What exactly do you look for when
approached by a potential issuer?
Axel Haubrok, Managing Director,
Haubrok: We check that the companies can really be
placed. Of course, you cannot be 100% sure beforehand,
but there are certain criteria which give an indication of
whether an issuance will be successful. These criteria
include the profile of the company and the rate of interest. A
key criterion for bond issues is naturally also that the issuer
is able, in the long term, not just to pay the interest but also
to repurchase the bond.
Conference Magazine: With or without the “right” bank on
board?
Haubrok: This is a very interesting development, on which
there are now two schools of thought. There are those who
were instrumental in establishing the market for SME bonds
and who do not see support from an underwriter as absolutely necessary. Then there are those who believe only a
bank can successfully establish firm contact with investors.
Interest on the part of retail investors has fallen due to
rather indifferent bond performance. Companies must
therefore consider in exactly which constellation it would be
best to place a bond. Yet here too, there are differences
depending on size, timescale, etc. Whether or not to go
public with a bank is a question which must be assessed on
a case-to-case basis.
Conference Magazine: What kind of a tool is this system?
Haubrok: It is a subscription tool which can be used in
more or less all situations. It allows the issuer to process
Photo: Bilderbox.de
Page 62
Axel Haubrok is CEO of Haubrok
Investor Relations. The company
founded in 1991 has supported more
than 50 companies with their IPO
communication and assists roughly
25 companies as part of ongoing
capital market communication and
about 150 annual general meetings a
year.
subscription itself throughout the entire issue period. The
old system is tied to specific partners.
period of time. The fact that many of these bonds are currently
listed under par is quite simply down to the time.
Conference Magazine: Returns are now as high as 9%,
but most new-issue coupons have yet to reach this level.
How do you see this situation developing?
Haubrok: I believe this divergence can be maintained – some
companies have listed shares, and their security and valuation
is different. For companies like this, coupons at 7% is already
high. We will continue to see this large spread in the future.
When SME bonds first appeared, we talked to a number of
banks. Many took the view that companies – such as Air
Berlin – were now trying, through the capital market, to obtain
terms from retail investors which they would not be given in
the banking sector. But that was only possible for a certain
Conference Magazine: How serious would it be if an “SME
bond” was to fail?
Haubrok: Such a failure is bound to come sooner or later.
Initially, it would of course create uncertainty. We must,
however, remember that it is higher risks which underlie
higher interest rates – investors should realise that a higher
rate of interest ultimately means a greater risk.
Conference Magazine: Many thanks for speaking to us,
Mr Haubrok.
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Capital Market
Confidence has to be restored
European IPO markets, quo vadis?
What was meant to become a robust year for European
IPOs – fuelled by expectations of sustainable corporate
growth, increased investor appetite to re-allocate funds into
equities, attractive valuation levels and a healthy pipeline of
high-quality listing candidates – turned out to be one of the
most challenging periods in IPO markets for over a decade.
In fact, 21 of 50 European IPOs have been postponed or
withdrawn since the beginning of 2011 with none of the
successfully priced transactions currently trading above
issue price (Source: Dealogic).
Recurring macroeconomic turmoil fuelled by contagion risk
of structurally challenged European countries and a looming global growth scare added to investors’ scepticism of
European IPOs as an asset class. In particular, a dramatic
sell-off since the summer across sectors and exchanges
which has sent equity indices down by approx. 30% within
a matter of weeks has caused investors to reduce overall
risk exposure.
“Poor vintage 2011”?
In fact, one needs to think very hard to identify the limited
number of IPOs to date which should be defined as successful, namely earning both issuers’ and investors’ money.
With the final quarter of the year underway, it would probably be too early to classify 2011 as a “poor vintage” in the
European equities cycle – however, investors seem to have
lost faith in IPOs as an attractive source of alpha as secondary markets are muddling through arguably the most challenging environment since the fall of Lehman Brothers in
2008.
Nevertheless, there are strong signs that Europe’s closed
IPO market will re-open strongly in the beginning of 2012.
Many of the factors that ruined the confidence of equity
issuers and investors, such as market volatility brought on
by an ineffectual response to the region’s sovereign and
bank-funding woes, now seem to be waning. Conditions
are improving, albeit with risks not entirely dissipated.
But IPO markets never stay shut for long – typically a few
months during periods of severe economic distress. So, it is
reasonable to expect a healthy revival of share issuances in
Page 64
Johannes Borsche, Managing Director Johannes Koehler, Managing Director,
IBD, Morgan Stanley*
Morgan Stanley**
early 2012. With that in mind, there are a few aspects of the
IPO process that could benefit from further scrutiny and
adherence to ensure that the forecast lift-off of the market
in 2012 is robust.
Syndicate size
Several European IPOs, irrespective of transaction size and
complexity, have been executed by an oversized syndicate
line-up. The resulting battle amongst the banks for “air
time” with both management and investors has obscured
visibility on process responsibility and diluted the banks’
market advice. While an IPO is admittedly an attractive
opportunity to reward established banking relationships,
the early selection process should be more focussed on
market expertise and judgment. Amid the current difficult
market backdrop, those qualities should take priority over
the existence of other criteria, such as for example a bank
lending relationship.
*) 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.
**) Johannes Koehler, Managing Director, joined Morgan Stanley in 2011. He
worked at renowned institutions such as JP Morgan and Merrill Lynch. Mr.
Koehler studied Economics, Banking and Finance in Germany and the USA.
Capital Market
Importance of the company
delivering post-IPO
The first earnings release post-IPO
is one of the most important events
in the lifetime of a publicly listed
company – it reinforces the confidence in the equity story and can
act as a positive catalyst for the
company’s share price performance. However, most recently,
several issuers have failed to meet
the markets’ expectations in this
regard.
Early familiarisation with
Investors
Fund managers and buy-side analysts increasingly gripe that their
involvement in the IPO process is
confined to very late stages of a
transaction. It is critical for the success of any European IPO going
forward, to arrange the preparatory
work streams in such a way that
they allow for sufficient interaction
between management and investors as early as possible. For example, concerns about potentially
adverse reactions from investors
are largely overrated when a dualtrack process goes down the M&A
route after investors have devoted
a considerable amount of time.
Investors appreciate spending time
with industry-leading executives,
irrespective of the transaction’s
outcome.
Book building dynamics
Banks have witnessed at various
instances that the participation of
an increasing number of investors
is almost exclusively driven by the
demand momentum generated during the book building process. The
“books covered” message often
triggers buy orders with limited fundamental conviction. This behaviour is partly due to insufficient
Die Unternehmer-Anwälte
lead time for investors to educate
themselves around an issuer. Therefore, European syndicates and issuers must be diligent in managing
the granularity of communication
around the book building progress.
Valuation expectations
The objective of any company is to
issue shares at a price as close to
fair value as possible. Hiring syndicate banks to achieve that level of
valuation has nurtured an overly
aggressive and overpromising
pitching culture. Inherent in this
quest for maximum value lies the
well-documented dichotomy between issuers and the investors. The
latter are looking to buy at a discount in order to generate early
performance, while the former aim
to sell as close to fair value as possible. This balancing act is often misunderstood. So, it is vital for the
beneficial co-existence of issuer
and buyer that banks intensify educational efforts around this topic.
The discount should be understood
to relate to the lack of a public trading record rather than to the quality
of an issuer relative to its peers.
Outlook
Thankfully, there are various potential IPOs with highly attractive equity
stories scheduled for 2012. They
will provide ample opportunities to
refine marketing and execution tactics, assuming that confidence in
the IPO process, so damaged by
unchecked sovereign debt and
bank-funding woes, can be restored.
As long as issuers, advisors and the
buy-side remain mindful that they
are all ultimately sitting in the same
boat, they should be able to collectively weather stormy waters
towards a new era of successful
IPOs as a tool of sustainable value
creation.
Unverwechselbar.
Als Unternehmer-Anwälte konzentrieren wir
uns auf ein Ziel: individuelle und pragmatische
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Page 65
^^^S\[OLYSH^ÄYTJVT
Capital Market
The Dual Track Process
An IPO as a real alternative to a trade sale or
secondary buy-out
After an increased IPO activity in the first half of 2011, the
IPO market has closed in the second half as a result of the
sovereign debt crisis. However, in recent years the exits
initiated by private equity sponsors have been a major fuel
for German initial public offerings (IPOs) and for companies
with the right profile, an IPO still represents an attractive
exit alternative to a trade sale or secondary/tertiary buyout. This is evidenced by German market statistics; since
2006 more than 50% of all IPOs in the Regulated
Market/Prime Standard and ten out of nineteen Prime
Standard IPOs in 2010/11 have been triggered by financial
sponsors. As the M&A practice has changed over years
with auctions becoming commonplace and processes
often being front loaded (vendor assistance, vendor due
diligence, stapled finance) to ensure a clean exit on
favourable terms, sellers pursuing a dual track increase the
likelihood of being able to sell all or parts of its interest in the
target at best pricing.
Advantages clearly outweigh challenges
Properly conceived and executed, the dual track process
offers significant upside potential for the seller resulting
from the interplay of the specific characteristics of a concurrently pursued IPO and M&A process and an expansion
Christoph Vigelius is Director at
equinet Bank AG, Frankfurt. Prior to
that he worked for PricewaterhouseCoopers AG and Dresdner Bank AG.
Christoph Vigelius, Director,
equinet Bank AG
of the kind and number of bidders. With a target company
well suited for an IPO, the seller will be able to increase the
certainty of the proposed exit. Further prospective purchasers will be incentivised to bid higher in order to offer an
attractive alternative to an IPO valuation. Also, selling a
target company primed for an IPO will increase seller’s
power to negotiate favourable terms in the purchase agreement. Given that, and considering that in the IPO and M&A
valuation methods vary, it should be easier for sellers to
demonstrate to its investors that valuation has been
maximised. Even potential purchasers can benefit from a
dual track. Besides an increased transparency level of the
target, financial bidders in particular can gain insights into
the possibility of its own IPO exit. From our market experience these upside potentials clearly outweigh the challenges for the seller and the target, including the increased
complexity of the dual track process and higher transaction
costs.
Sellers benefit from process synergies
Page 66
Synergies in the dual track process mainly result from
aligning interests of the seller and the involved target
management in the process, as target management often
prefers an IPO over a private sale with regard to its own
interests and independence. Both IPO due diligence and
prospectus drafting provide a head start for M&A
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Capital Market
Figure 1: Dual Track – Synchronization of schedules
IPO Track
Selection
of
Investment
Banks
Preparation
Equity
Story
Internal
Preparation
Collection
Information
Dataroom
Due
Diligence
Vendor
Due
Diligence
Prospectus Drafting
Drafting
Infomemo
M&A
Marktung
Pilot
Fishing
Indicative
Offers
Analyst
Presentation
Drafting
Research
Mgmt.
Presentation
Due
Diligence
Receipt
Research
Valuation
Investor
Education
Decision
on Final
Track
Binding
Offers
Contract
Negotiations
Decision
on Final
Track
M&A Track
Source: equinet
documentation and contributes to the seller’s understanding concerning the target and therefore have a value for the
M&A process. It goes without saying that an information
memorandum in the M&A process does not materially differ
from the IPO prospectus.
Synchronizing timetables
Due to legal requirements, an IPO usually takes longer
preparation considering requirements with regard to a
change of legal form of the target, capital increase, creation
of authorised capital and application of IFRS reporting. To
properly execute a dual track, both IPO and M&A processes are needed to progress simultaneously. The IPO due
diligence can accomplish the same purposes as a vendor
due diligence can in the M&A process. For the M&A
process a vendor due diligence can provide substantial
advantages for the seller’s better knowledge of the target
and a higher level of preparedness.
In order to maintain momentum in a dual track, an important milestone to be achieved is, on the one hand, the
receipt of the IPO research reports estimating the fair
value of the target company and, on the other hand,
following an additional due diligence the binding offers
from selected bidders including comments to the purchase agreement. Both should provide a clearer picture
about the exit alternatives and could be a decision point
in the process. Alternatively, the dual track process can
be run during the investor education period for the IPO for
example if IPO market conditions remain uncertain and/or
additional due diligence and negotiation subjects remain
on the M&A side.
Page 68
IPO success factors
An attractive equity story will be fuelled by a resilient capital
structure, cash flow visibility and liquidity of the stock. In
these volatile markets investors will focus on mature
industries rather than on pure growth stories. From the
financial sponsors’ perspective, we remain confident that
the placement volume does not necessarily need to result
solely from a capital increase; instead a broad exit up to
100% is conceivable as long as institutional investors’
expectations are met.
Successful recent examples
equinet Bank, as joint lead manager and joint bookrunner,
has been able to successfully market and place the Derby
Cycle AG, the largest German bike manufacturer and one of
the leading manufacturers of branded bikes in Europe. The
transaction structure consisted of more than 70% from the
placement of shares from a financial investor and of less
than 20% from a capital increase. Although the seller
examined alternative exit options including a trade sale, the
IPO remained the most attractive exit to the seller and the
target company.
Conclusion
The dual track is a highly effective way to pursue alternative
exit options, optimising pricing pressure as well as timing
momentum. Furthermore, it increases the likelihood of a
successful exit, if the target company and the IPO structure
meet investors’ criteria at the equity markets and general
timing is favourable.
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Capital Market
“The complexity of a Dual Track demands a lot
of experience and intuition”
Interview with Michael Oppermann, Partner, Head of
Interview with Michael Oppermann about Dual Track
processes in IPOs, investor communication and information requirements
Conference Magazine: Mr Oppermann, it is indeed striking just how many planned IPOs were recently carried
out with the so-called Dual Track. How new is this trend?
Oppermann: It’s not so new. Companies were already
always well advised to have a plan B up their sleeve. Even
at times when the internet boom was dying away and in the
time after that, companies and private equity managers
usually planned using the Dual Track. The increasing level
of volatility in the capital market is challenging and new.
Even in the implementation phase of the IPO, the nonpredictable nature of the future development of the capital
market and of external shocks leads, in the medium term,
to processes, which simultaneously allow for more financing and exit options.
Conference Magazine: Is this route actually suitable for
every prospective IPO candidate?
Oppermann: That depends on many factors, such as company and owner-specific situations, but also on the expectations and motives of the parties involved with regard to
the different methods – Dual or Multi Track. In this way,
sales to a strategic industrial investor, sales to or adoption
of a private equity partner or the IPO offer completely different opportunity and risk profiles and advantages and
disadvantages.
Photo: pressmaster – Fotolia
Page 70
Michael Oppermann has worked at
Ernst & Young since 1986. He has 25
years experience in auditing IFRS and
US GAAP financial statements and
extensive experience in projects for
conversion to IFRS and US GAAP. He
is Head of Financial Accounting Advisory Services in Germany, Switzerland
and Austria and Co-Head of the Ernst
& Young IPO Competence Center
Frankfurt/Main.
Michael Oppermann, Partner, Head of
Conference Magazine: Roughly, what are the decision
points on the way to a deal – IPO or sale?
Oppermann: Ultimately, the owner preferences are decisive so that an order of priority of the different routes is
established. Everything else is derived from the preferred
route. In addition, scope, time plan, processes and availability of resources are also important. The art lies in
simultaneously balancing processes and data and working towards the moment of the decision. Criteria for which
route is adopted and implemented on the basis of the
offers ideally at hand up until that time are manifold. Of
course, evaluation and liability aspects are paramount in
making the decision. But also factors such as whether the
current route is strategically suited to the company, the
profile of new investors or how swiftly it can be implemented are also considered in the process.
Conference Magazine: Are the costs for the company
concerned proportionate to the expected results? After
all, several teams regarding accounting, law, etc. are at
work. Is there a statistic for this?
Oppermann: Each financing route and each sales process has specific costs. In Dual or Multi Track processes
it is important to align and synchronise necessary documents and processes, such as the plausibility checks and
the identification of possible risks with the vendor due
Capital Market
diligence, the organisation of data
rooms, the integrated company
profile in the fact book, as well as
the business plans. The aim is to
not generate any substantial
additional costs in these processes. In IPOs there are also
transparency and statistics e.g. by
indicating the costs in the prospectus. Depending on the company´s size and complexity these
are around 5-8% of the underwriting revenue.
Conference Magazine: Can you
briefly outline recent examples of
a successful and, in your opinion,
a less successful Dual Track
process?
Oppermann: Such processes are
treated with extreme confidentiality both internally and externally so that non-disclosure is
agreed and no official data is
available. However, experiences
from successful Dual and Multi
Track processes show just how
important punctual preparation of
the project, sufficient internal
resources and professional support by external advisors are. The
time line in a Multi Track project
plan, the scope with demanding
project to-dos and the necessary
resources for the project team are
predefined. Whilst time and
scope are set, many companies
use additional external support
as room to manoeuvre and as
counsel. This is because the
complexity of the project demands a lot of experience and the
necessary intuition in confidential
communication with the investors
and working towards a decision
point.
Conference Magazine: Isn’t the
issue of conflicts of interests a difficult question, if the final IPO process has already been started but
then there is a resell to financial investors? In this situation, is it possible to truly stick to the guideline
that all the investors, as well as
the general public, should have
the same information?
Oppermann: I think it is. The successful management of a Multi
Track procedure ranks among the
top tier in corporate finance. In a
project section, if need be, an IPO,
M&A and private equity and trade
sales process are combined; a
challenge on many levels. They all
have one thing in common: professional communication with new
investors. If one considers the different groups of investors, such as
strategic
investors,
financial
private equity investors or institutional investors in the capital
market, their information requirements are practically the same.
This particularly concerns the lists
of issues in the due diligence and
the company profile, be it the
contract of participation or acquisition agreement or the securities
prospectus. It pays off to prepare
well and in good time.
Conference Magazine: Thanks a
lot for the discussion, Mr Oppermann!
The interview was conducted by Falko
Bozicevic.
Page 71
Capital Market
“Despite stricter regulations, the German stock
market is still popular for easy listing requirements”
Interview with Marc Renell, Management Board,
Renell Wertpapierhandelsbank AG
Conference Magazine: Mr Renell, listings on the open
market are increasingly concentrated on fewer and fewer
applicants and official brokers. What’s the background for
this trend?
Renell: Business has become significantly more difficult.
This year there were two drastic changes: one is the new
business terms and conditions for stocks listed on the
Frankfurt open market. As a result, double the share capital
of EUR 500,000 must now be proved to have been audited
by an auditor and the nominal value per share must be at
least EUR 10 cent. The second drastic change was the
introduction of the specialist model. This was accompanied
by much tighter regulations for stockbrokers, for example
bid and ask rates must be stipulated.
Conference Magazine: Why is this so dramatic?
Renell: With well-known titles from the Prime and General
Standard it is of course no problem for brokers to provide
firm quotes. You can always buy ahead here on other stock
Marc Renell is Board Director of Renell
Wertpapierhandelsbank AG. The company founded in 1985 is a member of
the Bundesverband der Wertpapierfirmen an den Deutschen Börsen
(bwf – German Association of Investment Firms).
Marc Renell, Management Board,
markets or offset positions. It is different on the open
market though – here order books are sometimes completely black, therefore empty. Despite this we are obligated as
a broker to provide bid and ask, both with minimum sizes,
also the spread may only be 10 or even just 5%. And that’s
when things get difficult.
Conference Magazine: That means you must be prepared
to accept positions into your own books if needs be, which
might then otherwise be unsaleable?
Renell: In the process we are a counterparty with our capital. However, what’s more risky than having to buy offered
shares is the opposite: having to sell shares, which we then
have to buy ahead somewhere else.
Page 72
Conference Magazine: What is the actual process for a
listing on the open market?
Renell: Besides the share capital confirmation already
mentioned, it largely involves documents that a company
should have anyway: an annual financial statement, articles
of association, commercial register extract. At least 30 current shareholders are required. These documents are then
sent to one of the applicants and handed over to Deutsche
Börse, for example. This all happens relatively quickly and
despite stricter regulations, the German stock market is still
popular for this.
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Capital Market
those that meet the new requirements, for the Berlin Stock
Exchange in May. Thanks to these dual listings all titles are
therefore still tradable.
Conference Magazine: But that can’t be totally without
any problems, can it?
Renell: That’s right, because as soon as the listing drops off
in Frankfurt, the Berlin Stock Exchange no longer treats
these titles as dual listings but as initial listings and this
requires new, more comprehensive documentation from
the companies affected. Therefore, these titles are not definitely automatically “safe”.
Conference Magazine: And the costs?
Renell: Even for start-ups we are talking here about affordable costs to make their shares tradable. At most a low fivedigit-euro range with an average small company for a listing.
Conference Magazine: Plus the ongoing costs for support
by specialists.
Renell: Exactly, incidentally though the more reputable the
company, the more favourable the costs, as the risk for us
as a securities bank exists as described in very small and
foreseeable illiquid titles. However, before you get started
on the stock exchange the electronic trading of shares must
be set up, nowadays we no longer deal with hard copy
certificates. The so-called depository agent does this.
Banks generally offer this. Abroad this would be the equivalent to Clearstream here.
Conference Magazine: What exactly is going on with the
so-called “clearing out” of the open market using tighter
OTC regulations at the Frankfurt Stock Exchange?
Renell: It is obvious that there will now be a few delistings,
as not all companies have met the new requirements. I estimate that this will affect roughly 15% of the securities managed by us.
Conference Magazine: And what are you going to do
now?
Renell: We already started to provide listing applications
for all open market companies managed by us, including
Page 74
Conference Magazine: However, there’s no higher share
capital, just documentation, which the company should
have anyway or should easily be able to produce?
Renell: [laughs] Yes – and if not, it probably wouldn’t be a
bad thing to cancel the listing. Some companies however
are only now shaking themselves out of their state of inertia
too late and are attempting to secure the tradability of their
shares elsewhere at the very last minute.
Conference Magazine: A general question: What impact
do you actually expect?
Renell: For some medium-sized, i.e. small companies it will
now become difficult to still be able to be traded properly
based on the tighter requirements on the Frankfurt open
market. As it is a challenge to still provide firm and really
tight bid and ask margins as a broker. Berlin does not have
this kind of regulation: if there isn’t a bid and ask side, then
that’s simply how it is and the broker can signal this to the
market. As a broker I would not like to be forced to become
the company’s next major shareholder or take short positions that will be difficult to close. However, the Xontro
order routing and trading system used by regional stock
exchanges is simply no competition for Deutsche Börse’s
Xetra, which foreign market participants know as the only
one around. They do not have any access to our regional
stock exchanges.
Conference Magazine: Mr Renell, many thanks for the
extremely interesting interview.
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LifeScience Forum
Innovative strategies at a time of growing funding shortfall
In the wake of the global financial and sovereign debt crisis,
how to fund the growing demand for healthcare services is
becoming even more of a pressing concern. There is a need
for innovative strategies in all areas of healthcare in order to
increase efficiency and effectiveness, for affordable innovative products and optimized care for chronically sick
patients along the treatment chain. Healthcare companies
with innovative strategies and products offer attractive
opportunities for investors and should be in a position to
raise the necessary funds on the capital market.
Dr. Christa Bähr is Head of Life
Science Team, Lead Analyst Healthcare and Group Leader in Equity
Research at DZ BANK. She is a
CEFA Investment Analyst/DVFA,
Chartered Financial Analyst (CFA)
and chairwoman of the DVFA Life
Science Commission.
Pressure to adjust in healthcare essential
The IMF estimates that, without significant systemic changes,
public healthcare spending in Germany is set to increase by
3.7% GDP points and by as much as 4.7% points in the US
by 2030. Since healthcare spending in many countries is funded primarily by public-sector carriers, the sovereign debt crisis and other restrictions are likely to hit already tight finances.
Industrial nations must cut costs and especially in healthcare
where they are huge and rising sharply. In the US, there are
currently real fears that the budget restructuring announced
by Obama could also lead to cuts in healthcare spending. In
Southern and Eastern Europe there are already signs of significant financing problems in the healthcare sector.
Promising innovative strategies
The focus is on various strategic concepts in the different
areas of healthcare in line with varying services and products in order to be able to meet the challenges:
• Healthcare services – integration & cooperation
• Medical technology – e-health/telemonitoring
• Pharmaceuticals/biotech – innovations in health economics & innovation networks
Integration & cooperation
There is currently a worldwide trend towards a reorganisation
of healthcare systems aimed at greater integration and
cooperation between hospitals, physicians and other healthcare providers. The aim is to achieve greater interconnection
between individual sectors in order to be able to meet patient
needs for a holistic, continuous type of care and ensure a
carefully targeted use of tight resources without any waste at
Page 76
Dr. Christa Bähr, Equity Research,
Head of Life Science, DZ BANK
the point of interface. This would improve the quality of treatment and realise rationalisation potential. It is possible to
make a distinction between two levels of integration among
service providers: horizontal integration (e.g. physician networks, hospital chains) and vertical integration (e.g. interconnections between prevention-acute-rehabilitation, ambulatory and in-patient care). There are interesting organic and
especially external growth opportunities for healthcare
service providers from the consolidation trend and resurgence in hospital privatisations. In future, apart from positioning themselves as specialist providers – which has often been
the strategy of choice in the past – players are increasingly
likely to opt for a strategy as a one-stop-shop healthcare
service provider. In addition, companies are likely to put
greater emphasis on a strategy of forming regional clusters in
order to optimise efficiency gains and synergy effects.
E-health/telemonitoring
Crucial success factors for providing cross-sector and interdisciplinary healthcare are communication and coordination
among the service providers and in this respect, telemedicine, e.g. electronic patient/health records (EPR/EHR), electronic treatment plans and tele-monitoring, are becoming
increasingly important. The aim is not only to further standardise treatment but above all to increase efficiency and improve the flow of information along the value chain. The importance of homecare is also growing as policy-makers promote
Figure 1: Sector Performance – Five-Year Comparison
130
110
90
70
50
Okt. 06
Okt. 07
Okt. 08
Germany Prime Pharmaceuticals & Health
Okt. 09
Okt. 10
STOXX Health Care
Okt. 11
DAX
Source: Factset, DZ BANK
the idea of ambulatory treatment over in-patient care, which
requires networking all the way into the patient’s own home
using modern communication technology.
Innovation in health economics & innovation
networks
New drugs face stiffer approval conditions and, despite rising
R&D costs, more restrictive reimbursement by cost carriers.
Any new drug faces an intensive value-for-money assessment: in Germany, by the Institut für Qualität und Wirtschaftlichkeit im Gesundheitswesen (IQWIG), in the UK by the
National Institute for Clinical Excellence (NICE).
Only really innovative products with a proven
added benefit are to be exempt from the reference pricing system; products without any
added benefit will immediately come under the
reference pricing system. We see promising
strategies especially in the area of personalised
medicine and the development of drugs
addressing unmet medical needs. The creation
of “innovation networks” consisting of big pharmaceutical and smaller biotech companies
reduces individual development risks and individual financing requirements.
Conclusion
Healthcare systems around the world face major challenges,
a prominent one being how to fund the growing demand for
medical services. The increasing funding shortfall is likely to
act as a catalyst for radical structural changes in healthcare
and for corporate strategies. The focus thereby will be on
patients from the point of view of health economics and on
providing optimised, cross-discipline medical care. Companies with promising innovative strategies should not only
have access to the necessary finances on the capital market
but also be among the winners on the stock market.
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Managing REITs in challenging times
Bright future after dragging start
The REITG was inaugurated in 2007. Since then four German companies have been transformed into a REIT-AG.
Read what leading capital market experts say about the
current status of REITs in Germany…
Olivier Elamine, CEO, alstria office REIT-AG
Germany is still the European
powerhouse. And it is still the
only major European country
where investors cannot get
decent exposure to the
underlying real estate market
through public equities.
The total size of the German
listed real estate market is
estimated at 1.6% of the
total investable stock. This
compares with a European
average of 3.5% and a global Olivier Elamine
average of 5.5%. There is
therefore a significant opportunity to increase the size of the German REIT/listed real estate.
However, the question is not how many REITs do you need,
but how big do you need them. The number of REITs available
in the market is to a certain extent irrelevant. What equity
capital markets need is a large liquid, investable vehicle. As of
today, with maybe the exception of Deutsche Euroshop, there
are none. The future of German listed sector does not lie in 50
companies, but in three or four companies only. But large
enough to be relevant on the global marketplace.
Michael Gallagher, Investment Manager,
Aviva Investors
REITs in Germany had a difficult birth in 2007, complicated
by the global real estate and financial sector collapse that
hit just after their introduction. While the development of
REITs and the listed real estate sector in Germany has been
limited so far, we are convinced of their potential for growth
in the medium term. The open-ended funds that have historically dominated the German real estate investment market
are currently in crisis. German open-ended funds managing
Page 78
a total of EUR 24bn in assets are currently suspended or in the process of
liquidation. A recent study
commissioned by the European Public Real Estate Association (EPRA) and carried out by the International
Real Estate Business School
Regensburg showed an
average annual total return
since 1989 of 7.2% for the
EPRA Eurozone listed real
estate index compared to
5.0% for German openended funds.
Michael Gallagher
As a global fund manager, we welcome the further growth in
the German listed real estate sector as a transparent and liquid means of accessing the German real estate market.
Our frustrations so far have been the lack of liquidity and
the high degree of leverage in the listed sector, which have
resulted in heightened share price volatility.
Barbara Georg, Head of Listing & Issuer Services,
The idea behind REITs and
the arguments in favour of
the REIT introduction in
2007 have not changed to
this day. The relatively moderate development of the
asset class in Germany is
mainly due to the overall
international market situation in recent years. As a
publicly listed corporation,
the REIT structure forms an
additional asset class which
offers an alternative to the
conventional direct and indirect investment opportunities in the real estate sector.
Barbara Georg
We predict a positive future for the asset class as a whole
as these alternatives are increasingly necessary. Moreover,
it is not decisive how many REIT corporations are represented in the market, but more importantly that the public
REITs stand out because of their sustainable business
model and the strict asset and equity capital regulations
they have to fulfil.
Claus Hermuth, CEO, Prime Office REIT-AG
REITs in general have established themselves on the international capital markets as their own asset class – in some
markets like the US already with a long-term history of more
than 50 years. In Germany, the history of G-REITs so far is
pretty short and the number
of REITs is small. During our
IPO-road show in summer
2011 as well as in the following road shows in autumn,
we
recognised
strong
interest for Germany and
G-REITs thanks to the main
characteristics of G-REITs
with LTV-limits, minimum
equity-ratio and high dividend payments.
Being a conservative asset
class with a high level of
Claus Hermuth
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transparency, and Germany being an attractive market, G-REITs
gain more and more interest from international investors. To
put it in a nutshell: G-REITs have excellent future prospects.
Thomas Körfgen, Managing Director,
SEB Investment GmbH
The German property market
offers the best conditions
for successful investments
in this huge asset class. In
an international context the
volatility of German property prices are marginal and
besides this there has never
been a speculative bubble.
Nevertheless the small
number of listed property
companies and the meaningless quantity of REITs in
Germany are contradictory Thomas Körfgen
to the size of the German
economy. This should be
seen as an opportunity and not as barrier. In the future only
G-REITs which can manage to combine their extensive
property knowledge with the requirements, needs and
expectations of the capital market will be successful.
Hans Richard Schmitz, Board Member,
HAMBORNER REIT-AG
Open-ended property funds
have increasingly faced
liquidity problems in recent
years. A look at other countries shows that a possible
transformation into a REIT
open-ended property fund
has prevented losses in
similar crisis situations. This
means it would be possible
to avoid the pressure to sell
following cash outflows or
even liquidation. However,
this will take the political will Hans Richard Schmitz
to establish such a legal
framework in Germany as
well. The market would quickly show whether a strictly
regulated open-ended fund with high value stability or a
REIT with better tradability but also greater volatility wins
out – or whether they can both coexist. With the right regulations the government could help to reduce the risk of loss
for investors and thereby breathe life into the German REIT
market.
Frank Schaich, CEO, Fair Value REIT-AG
Maren Lorth, Executive Director Equity Capital
Markets, WestLB AG
Looking at the number and
average size of REITs worldwide and comparing these
to the number and size of
German REITs since its
initiation in 2007, one could
easily declare it a non-event
to date. But considering how
many successful capital
market transactions (total
transaction volume around
EUR 700m) we have seen for
these few German REITs
over the last year – ranging Maren Lorth
from IPOs to secondaries –
despite the difficult market
environment, one would also see that a tender green shoot is
steadily growing and gaining increasing acceptance and
attention among domestic and international investors.
Page 80
Property investments in
Germany are on the list of
private and institutional
investors worldwide. But
when it comes to real
investments you often hear:
“… but only listed property
and most preferably REITs”.
The listed property sector in
Germany however represents only about 25% of the
European average in terms
of total market cap, even
less in global context. In Frank Schaich
addition to that just four
REITs have been established
since enaction of the German REIT act in mid 2007 – a
dragging start due to volatile capital markets since then.
Size and diversity are of essence for the development of the
listed property sector in Germany including REITs. Looking
at the investment opportunities and the available equity,
I see a bright future for German REITs.
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Is cleantech still an investible theme?
With cleantech stocks down by more than 40% in 2011,
investors increasingly ask this question
Clean, green and alternative energy is seen by many as
exciting investments for the future. Some see it as the most
exciting investing opportunity for the next 50 years and
many compare it to earlier technology revolutions like telephony, the computer and the Internet. Growth rates have
indeed been impressive. The global market for solar photovoltaics (PV) has expanded from just USD 2.5bn in 2000 to
71.2bn in 2010 for example, representing a compound
annual growth rate (CAGR) of 40%. The global market for
wind power has similarly expanded from a global market
worth USD 4.0bn in 2000 to more than USD 60.5bn today,
for a CAGR of 31.2%. And these growth rates are not limited to solar and wind energy. Other clean-tech sectors such
as hybrid electric vehicles, green buildings and smart grid
have seen similarly spectacular growth rates.
Despite the strong growth profile, cleantech stocks have recently significantly underperformed the overall market. In what
is a very challenging market environment global stock indices
like the Standard & Poor’s is flat for the year or the FTSE 100
fell by 8.7% respectively. Cleantech stocks however are
down by more than 40% compared to the beginning of this
year. How could this happen given the renewed interest in
alternative energy after the Fukushima disaster in March 2011
and a still ongoing debate around climate change?
What explains the underperformance?
First and foremost, investors found out that most of clean
technology depends on government subsidies to make them
a viable alternative to carbon-based energy. And they have
learnt that government incentives cannot only disappear in
the future, but that even retrospective cuts are possible, think
of Spain and the Czech Republic and their retrospective cuts
to solar feed-in-tariffs. With tight government budgets this
perceived risk has increased dramatically in 2011.
Furthermore, investors have started to understand that
cleantech is a scale game. Contrary to the internet or software it involves manufacturing and the need to get production
costs down through reengineering and scale effects. This
means cleantech resembles other much more capital intensive industries like semi-conductors or mobile handset
manufacturing and just think of its fallen angels like Motorola
Page 82
Dr. Martina Ecker is a member of the
Investment Banking division of Jefferies International Limited, Frankfurt
branch. Jefferies International is
authorised and regulated by the UK
Financial Services Authority.
Dr. Martina Ecker, Managing Director,
or Nokia. Finally, no other industry has so quickly become
global with manufacturing rapidly moving to China and
other Asian countries. China declared both solar and wind
as strategic industry and massively supported its companies with state loans. In solar alone for instance, the Chinese government backed banks invested almost USD 10bn in
2011 and thereby motivated Chinese players to invest into
(over) capacity which is now a drag on pricing and competitive positioning. A massive shake-out of the industry is
expected in the next 12 months and it is still unclear who
will survive and who will disappear either through a takeover or even more likely through receivership.
So, where to invest?
This backdrop makes investing challenging. A portfolio
approach investing in a number of companies in a certain
sector and hoping that the star performers will outweigh the
losers simply does not work, it is all about picking the right
companies. And, although there is a lot of uncertainty in all
cleantech sectors, some general observations driven by
over-arching trends can be made.
Relying on subsidies – long-term sustainability?
Sectors with high reliance on subsidies have historically
underperformed, even in an environment of robust funda-
mentals. The retrospective changes to solar feed-in-tariff in
Spain and the Czech Republic highlight that point. Sectors
with relatively low reliance on subsidies, such as LED companies or smart grid companies, should outperform their
peers in sectors dependant on feed-in-tariffs such as solar
and wind.
ongoing investment to continue being significant players.
This can be a challenging proposition for public investors if
earnings growth trails behind and cash flows are negative.
Taking this into consideration, sectors with an asset light
model are preferable.
Differentiation through intellectual property
Consumer centric adoption cycles are
usually shorter
Furthermore adoption cycles should also be an important
area of assessment. More consumer driven applications
like LED, roof-top solar or biofuels are more consumer
centric and therefore easier to adopt. Sectors which rely on
utilities to adopt them usually suffer from long-sales-cycles
and intransparent decision-making processes. This makes
it difficult to predict and it is not clear that the best technology will win.
Significant capital expenditure leads to negative
cash-flows
Another important criterion is total capital expenditure
needed for a business to succeed. The majority of
cleantech sectors like solar, wind, biomaterials, etc. rely on
Finally the opportunity to create intellectual property and
turn this into a long-term competitive advantage should
also be a key metric. This is particularly important as most
of the manufacturing will eventually move to Asia and will
be a game around scale and efficiencies. Sectors with lots
of potential for IP are Smart Grid, Energy Efficiency and the
upcoming sector of Green Chemicals are in the long-term
more likely to allow for differentiating IP than solar and
wind, where most likely manufacturing excellence and
sales will be key drivers.
In summary, it is fair to say that cleantech follows the
path of other high-growth, technology driven sectors
like biotech, IT or telecoms. As in these sectors the
potential opportunity is great but can only be unlocked by
investing smartly and selectively and not in a portfolio
approach.
Advertisement
Clean energy and the capital market
The big energy-turnaround: gamble or sound investment story?
Tulips , rail transport , internet , WAP technology , nanotechnology or football – in its long history, the stock market has seen many investment stories come and go. The
nerve-racking up and down of the former great white hope
photovoltaics and solar has left many investors disillusioned. However, stock market players are creative and promptly present a successor: clean energy is the new buzz propelled by the energy turnaround as determined by the German Bundestag and the dramatic events in Fukushima. Are
these simply old concepts, disguised as new? Probably.
However, unlike in the past, the new approach is not only
discussed by avid environmentalists , but has gained
weight and dynamics as it is based on inexorable megatrends and therefore concerns an ever broader strata of society.
On the one hand, it is quite clear that rapid population
growth as forecast by the UN and the associated economic
boom will further drive global demand for primary goods
such as water, food and energy. On the other hand, the
environmental impacts this growth will cause might reach a
scale that would choke reasonable progress. Without counter measures, a total collapse of the climate would be the
final stage of this route. The friction between population
growth and climate change has long since been recognised
by the public as well as in the political and economic
sphere. So what can be done?
The mega-trend is still there
The key to meeting these challenges is efficiency . Climbing commodity prices and more stringent regulations on
environmental issues will drive and determine efficiency
improvements as the paramount aim of entrepreneurial
activities for decades to come. The clean energy sector is
currently simply going through a consolidation and maturation process typical for young industries, however, unfortunately in a particularly difficult macro-economic environment. Writing off the clean energy investment story altogether would be highly premature. The underlying megatrend is still there and growth opportunities in the energy
and environmental technology sectors are enormous, albeit
requiring major investments. Against the backdrop of the
current debt and banking crisis, there is limited potential
Page 84
Heike Härtl,
Dr. Stefan Steib,
that states and the credit sector will provide capital. In the
longer term, (growth) companies therefore depend more
than ever on the stock market to raise equity capital. What
are the criteria that companies need to fulfil if they wish to
gain access to the stock market?
Do not forget about the special characteristics
of issuers
To start with, the company profile needs to come up to the
minimum criteria of the capital market, which are constantly
changing over time, and they need to be able to present a
proof of concept. A crucial criterion was and is a company’s
convincing and robust investment case. In addition to that,
the capital concept needs to take the special characteristics of the issuer into account in order to ensure that the
investment case is reliably anchored in the capital market.
While larger corporations naturally tend to replace a high
amount of shares from the parent company or the financial
investor in their capital market transactions, often in the
form of spin-offs, which conforms quite well to the capital
market, transactions of medium-sized issuers normally
involve a capital increase as the core aspect of the investment case. Concerns on the part of investors are to be
expected if capital market transactions are supposed to
finance company growth on the one hand, while the inflow
of funds is to be mainly generated at the level of existing
shareholders using a high replacement component, on the
other. Moreover, existing shareholders and the company
need to be realistic with regard to the issuer’s fair value.
This also includes an awareness of maintaining conventional market mechanisms such as a situation-driven, adequate price discount on the fair value as a purchasing incentive.
In addition to the above-mentioned minimum criteria, the
current situation of the capital market and related preference of investors with regard to minimum liquidity of market capitalisation and transaction volume are also crucial.
Particularly in phases of high capital market volatility and
high uncertainty in company outlooks, investors prefer large-volume capital market transactions by established companies with adequate market capitalisation as well as a relevant track record. Therefore, investors tend to be rather
cautious with regard to investing in medium-sized companies in times of high market volatility.
Conclusion
The multi-facetted field of clean energy investments is here
to stay and will keep market participants engaged for decades
to come. In order to manage the change successfully and
Photo: Bilderbox.de
to be able to benefit from new opportunities, the required
capital needs to be provided. The debt and banking crisis
substantially restrict the scope of state investments and the
credit sector. This makes the stock market the most promising
source of equity offering feasible solutions. However, at the
moment only those clean energy companies fulfil the requirements of a sustainable investment story that not only conform to the relevant minimum criteria and the (temporary)
willingness to take risks on the part of investors, but also
show the flexibility to potentially accept market-driven adjustments.
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Co-Initiator
Main Sponsors
Sponsors
Partners
STEP AWARD
Spirit to expand
Network Partners
Media Partners
Organizers & Co-Initiator
Deutsche Börse
KfW Bankengruppe
Ernst & Young
Page
88
88
89
Main Sponsors
Berenberg Bank
DZ BANK AG
equinet Bank AG
Thomson Reuters
Page
90
90
90
91
92
92
92
93
94
94
94
Sponsors
BDO AG
Wirtschaftsprüfungsgesellschaft
CMS Hasche Sigle
GSK STOCKMANN + KOLLEGEN
Haubrok AG
Page
96
96
96
97
98
IKB Deutsche Industriebank AG
Morgan Stanley
RölfsPartner
Taylor Wessing
WestLB AG
98
98
100
100
100
Partners
bwcon Baden Württemberg:
connected
Creathor Venture
Management GmbH
DVFA GmbH
HPE Holland Private Equity
PvF Investor Relations
STEP Award
Page
Network Partners
BVI
BVK
BVMW
DIRK – Deutscher Investor
Relations Verband
High-Tech Gründerfonds
Zero2IPO Group
Page
104
104
104
102
102
102
103
103
103
105
105
105
Media Partners
BIOCOM AG
BOND MAGAZINE - Institutional
Investment Publishing GmbH
Börsen Radio Network AG
Börsen-Zeitung
business new europe (bne)
CNBC-e
DAF Deutsches Anleger
Fernsehen AG
Dow Jones Private Markets
dpa-AFX Wirtschaftsnachrichten GmbH
FINANCIAL GATES GmbH
FinanzNachrichten.de
GoingPublic Media AG
International Herald Tribune
IR Magazine
mergermarket
n-tv Nachrichtenfernsehen GmbH
Neue Zürcher Zeitung
Phoenix CNE
RiD Real Estate Information GmbH
VDI Verlag GmbH
Page
106
106
106
107
107
108
108
108
109
109
110
110
110
111
111
111
112
112
112
113
Organizers
Deutsche Börse AG
Phone
E-mail
Website
Address
KfW Bankengruppe
Contact Person
Phone
E-mail
Website
Address
Page 88
+49-(0) 69-211 1 88 88
issuerrelations@deutsche-boerse.com
www.deutsche-boerse.com/listing
Mergenthalerallee 61
65760 Eschborn
Germany
Infocenter der KfW Bankengruppe
+49-(0) 18 01 24-11 24
infocenter@kfw.de
www.kfw.de
Palmengartenstr. 5-9
60325 Frankfurt
Germany
As one of the world’s leading exchange organizations,
Deutsche Börse Group provides investors, financial institutions and companies access to global capital markets. Our
business covers the entire process chain from securities
and derivatives trading, clearing, settlement and custody,
through to market data and the development and operation
of electronic trading systems. With a high value on stock
liquidity, Deutsche Börse Group serves the interests of
listed companies as well as investors, offering its professional and efficient listing platform and services. A signature
feature of the Deutsche Börse service & event portfolio is
the German Equity Forum, Europe’s largest networking
platform in the field of equity financing. For further information, please visit www.deutsche-boerse.com/listing.
KfW as a promotional bank applies expertise and strength to
sustainably improve the economic, social and ecological
conditions of peoples’s lives. Established in 1948, KfW is
owned 80% by the Federal Republic of Germany and 20% by
the federal states (“Länder”). With a balance sheet total of
more than 400 bn€, KfW is one of Germany’s five largest
banks. As a bank with no branch network or customer deposits, it refinances its lending business almost exclusively in
the international capital markets. Its function is to contribute
to the continuous growth of the economy and society. As a
promotional bank, the KfW is devoted to the guiding principle
of sustainability, integrating aspects that are important for the
economy, the environment and social cohesion.
Co-Initiator
The global Ernst & Young organization is a leader in assurance, tax, transaction and advisory services. It makes a
difference by helping its people, its clients and its wider
communities achieve their potential. Worldwide, 141,000
people are united by shared values and an unwavering
commitment to quality. In Germany, Ernst & Young comprises some 6,900 people at 22 locations.
Ernst & Young GmbH
Contact Person
Phone
E-mail
Website
Address
Dr. Martin Steinbach
+49-(0) 61 96-9 96-1 15 74
martin.steinbach@de.ey.com
www.ey.com
Mergenthalerallee 3-5
65760 Eschborn
Germany
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Main Sponsors
Berenberg Bank
Contact Person
Phone
E-mail
Website
Address
Boris Kögel
+49-(0) 69-91 30 90-7 40
boris.koegel@berenberg.com
www.berenberg.de
Bockenheimer Anlage 3
Germany
Contact Person
Dr. Dietmar Schieber
Phone
+49-(0) 69-9 20 54-1 96
E-mail
dietmar.schieber@cbseydler.com
Website
www.cbseydler.com
Address
Schillerstr. 27-29
60313 Frankfurt
Germany
DZ BANK AG
Contact Person
Phone
E-mail
Website
Address
Page 90
Kersten Schmitz
+49-(0) 69-74 47-9 20 99
kersten.schmitz@dzbank.de
www.dzbank.de
Platz der Republik
Germany
Berenberg Bank was founded in 1590 and with assets
under management of over 25 bn€ and more than 1,000
employees is one of the leading private banks in Germany.
Due to our partnership structure, we are independent of
corporate interests and feel first and foremost committed to
our clients, so that we are able to make swift decisions and
to act fast. We moreover have direct access to international
fund managers. This gives us excellent opportunities for the
execution and placement of capital increases and makes
sure that we are perceived as a competent partner. We support our clients’ investment decisions by bringing them into
direct contact with the managing boards of listed companies.
Close Brothers Seydler Bank AG focusses on mid-sized
companies. Core business areas are Designated Sponsoring, Corporate Finance, Equity & Fixed Income Sales &
Trading, Research and Floor Specialist Trading on the
Frankfurt Stock Exchange. The bank is market leader in
Designated Sponsoring with more than 200 mandates. The
Equity & Debt Capital Markets team assists with the
planning, structuring and placement of 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 mid-sized German companies. Close Brothers Seydler Bank AG 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 markets products and services.
The product portfolio includes e.g. initial public offerings,
capital increases, convertible bonds, participation certificates, equity-research and corporate actions like designated
sponsoring, employee participation programs, share-buyback-programs, public take-over, going private, delisting,
squeeze-outs, block trades, paying and depositary agent
as well as the conversion into registered shares.
Main Sponsors
equinet Bank offers tailor-made solutions for all financing
and capital market issues. As the entrepreneurs among
bankers, we are a partner of credibility and integrity with a
special grasp for mid-sized companies. With our corporate
finance and M&A expertise, combined with an universal
bank status, we develop and implement individual solutions. Financial investors and banks value our advanced
trading and sales services and research products of the
highest quality. equinet Bank is the exclusive partner for the
European Securities Network (ESN) in Germany.
equinet Bank AG
Contact Person
Phone
E-mail
Website
Address
Gerald Diezel
+49-(0) 69-5 89 97-2 00
gerald.diezel@equinet-ag.de
www.equinet-ag.de
Gräfstr. 97
Germany
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Main Sponsors
Contact Person
Arno Fuchs
Phone
+49-(0) 89-20 60 40 90
E-mail
arno.fuchs@fcfcompany.com
Website
www.fcfcompany.com
Address
Burgstr. 8
80331 München
Germany
Contact Person
Nazli Gamze Aksu
Phone
+9-(0) 2 12-2 98 21 00
E-mail
international@ise.org
Website
www.ise.org
Address
Istanbul Menkul Kıymetler Borsası Reşitpaşa
Mah. Tuncay Artun Cd. Emirgan
34467 Istanbul
Turkey
Contact Person
Phone
E-mail
Website
Address
Page 92
Michael Harbisch
+49-(0) 69-71 91 87-5 00
mharbisch@jefferies.com
www.jefferies.com
Bockenheimer Landstr. 24
Germany
FCF is a Corporate Finance Boutique specialising in
arranging, structuring and placing equity and debt capital
for privately owned and publicly 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,
capital markets oriented capital structure while reducing
their dependency on traditional bank financing.
The Istanbul Stock Exchange (ISE) offers investors access
to a diverse range of financial products through a wellorganized, transparent and reliable platform. ISE plays a
pivotal role in the development of Turkish capital markets
and the Turkish economy as a whole and is now proudly
moving forward with its global vision of making Istanbul an
international financial hub. For further information, please
visit our website at www.ise.org.
Jefferies, the global investment banking firm, has served
companies and investors for nearly 50 years. Headquartered in New York, Jefferies provides clients with capital
markets and financial advisory services, institutional brokerage and securities research, as well as wealth and asset
management. With 3,750 employees worldwide, the firm
provides research and execution services in equity, fixed
income, currencies and commodities markets, and a full
range of investment banking services with all businesses
operating with 30+ offices in the U.S., Europe and Asia.
Main Sponsors
Landesbank Baden-Württemberg (LBBW) is a universal
bank with regional roots. In approx. 210 branches and
representative offices and at selected overseas locations –
including New York, London, Singapore and Seoul – at the
end of 2010, 13,061 employees were working for the
success of the LBBW Group. Together with the legally dependent institutions Baden-Württembergische Bank,
Rheinland-Pfalz Bank und 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, 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.
Contact Person
Phone
E-mail
Website
Address
Jobst Bartmer
+49-(0) 7 11-12 72 50-20
jobst.bartmer@lbbw.de
www.lbbw.de
Am Hauptbahnhof 2
70173 Stuttgart
Germany
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Main Sponsors
Contact Person
Phone
E-mail
Website
Address
Marc Renell
+49-(0) 69-1 33 87 65 00
info@renellbank.com
www.renellbank.com/de
Schillerstr. 2
Germany
Renell Wertpapierhandelsbank AG is a long-established
and steadily expanding specialist at the Frankfurt Stock
Exchange. Founded in 1985 by Peter Renell, we are still
100% family owned and in the second generation of
successful work for our clients at the Frankfurt and Berlin
Stock Exchanges as well as NYSE Euronext. With the acquisition of the specialist mandates from TriTrade GmbH,
we are considered to be a top player in the market. In addition to lead broking and Xetra® specialist trading, Renell
Bank offers designated sponsoring, brokerage and proprietary trading, and provides IPO support for German and foreign companies, primarily SMEs. True to our philosophy
‘man is the measure!’, the personal aspect is not a contradiction. Instead, it is a principle that guides our business
and our success.
With 50 professionals, the owner-managed Silvia Quandt &
Cie. AG offers comprehensive Investment Banking
services. The service scope encompasses Institutional
Brokerage, Investment Research, Corporate Finance and
Real Estate Investment Banking.
Contact Person
Phone
E-mail
Website
Address
Thomson Reuters
Contact Person
Phone
E-mail
Website
Address
Page 94
Robin Huber
+49-(0) 69-95 92 90 93-04
huber@silviaquandt.de
www.silviaquandt.de
Grüneburgweg 18
60322 Frankfurt/Main
Germany
Carsten Lock
+41 (0)-2 722.3633
financial@thomsonreuters.com/sales
www.thomsonreuters.com
Friedrich-Ebert-Anlage 49
60327 Frankfurt
Germany
Thomson Reuters is the world’s leading source of intelligent
information for businesses and professionals. Through our
worldwide footprint, technology capabilities and content
offerings we can help financial firms scale their presence and
business agility. Thomson Reuters Elektron is a simple-toaccess global network that links the world’s financial institutions. The shared platform provides connectivity to all key
markets and liquidity pools via a single access point, reducing
complexity, cost and time to market. It delivers access to realtime data from 350+ exchange and OTC markets, 14 million
instruments, along with proprietary news, evaluated pricing,
reference data, tick history and third party content, at the
speed and depth of information a firm requires, as well as
providing analytics and other value-added services.
Professional support from start
to finish. An eye for the essential.
We drive transaction support
to a new level.
Arndt Rautenberg
Head of Competence Center Transactions
Our Competence Center Transactions offers professional support for professionals. And indeed for all
companies that value professional advice in the transaction process. We accompany you every step
of the way, focusing on all the major aspects of your project from an interdisciplinary base. In particular,
we help you make the right decisions rather than just providing you with a report.
www.roelfspartner.com/transactions
Sponsors
Contact Person
Dr. Gebhard Zemke
Phone
+49-(0) 40-3 02 93-5 25
E-mail
gebhard.zemke@bdo.de
Website
www.bdo.de
Address
Ferdinandstr. 59
20095 Hamburg
Germany
BDO is one of the five leading companies for accountancy,
tax and business law consulting and advisory services. At
25 locations in Germany, BDO attends to medium-sized
companies and large capital market oriented corporations
from various industries. Altogether, roundly 1,900 employees in Germany generated approximately 180 m€ in
total fee income in 2010. BDO is a founding member of the
international BDO network which operates in 119 countries
with approximately 46,000 employees. With an industryoriented organizational set up and interdisciplinary teams,
BDO develops solutions tailored for the clients’ individual
needs. With an industry-oriented organizational set up,
BDO set standards for offering effective audit and consulting services.
Dr. Andreas Zanner
+49-(0) 69-7 17 01-2 56
andreas.zanner@cms-hs.com
www.cms-hs.com
Barckhausstr. 12-16
60325 Frankfurt
Germany
CMS Hasche Sigle is one of the leading commercial law
firms in Germany. More than 600 lawyers, tax consultants
and notaries advise clients ranging from mid-sized companies to major groups on all aspects of national and international commercial law. With our strong, trust-based client
relationships, extensive presence and highly qualified
advice, we can help you achieve your objectives. Our assistance for your company is built around a comprehensive
range of outstanding services and the personal commitment of the best specialists for your particular matter. A
long-established local presence in nine key German
business locations and ever-closer links with partner firms
in the international CMS organisation with over 2,800
lawyers in 27 countries set us apart from other commercial
law firms.
Rechtsanwälte Wirtschaftsprüfer Steuerberater
Contact Person
Dr. Peter Ladwig
Phone
+49-(0) 7 11-2 20 45 79-0
E-mail
ladwig@gsk.de
Website
www.gsk.de
Address
Kronenstr. 30
70174 Stuttgart
Germany
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 over 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, the selection,
structuring and successful implementation of share issues,
prospectus procedures, capital market communication and
other corporate transactions relating to the stock
exchange. We offer solutions.
CMS Hasche Sigle
Contact Person
Phone
E-mail
Website
Address
Page 96
Sponsors
Haubrok Investor Relations is your partner for a successful
communication with the financial community. Since 1990,
we have partnered over fifty companies through their stock
exchange listing. As of today, we are still active for many of
these mostly small and mid cap companies. We advise
them on all matters concerning equity and fixed-income
transactions, reporting and the daily capital markets
communications business. The services we provide are
based on the personal and professional abilities of our staff.
Together with our clients, we develop optimal communications solutions for a wide range of capital market transactions.
Haubrok AG
Contact Person
Phone
E-mail
Website
Address
Ursula Querette
+49-(0) 89-2 10 27-5 22
u.querette@haubrok.de
www.haubrok.de
Landshuter Allee 10
80637 München
Germany
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Sponsors
Contact Person
Phone
E-mail
Website
Address
Contact Person
Phone
E-mail
Website
Address
Anke Ohm
+49-(0) 2 11-9 10-25 44
anke.ohm@hsbc.de
www.hsbctrinkaus.de
Königsallee 21-23
40212 Düsseldorf
Germany
Dr. Jörg Schröder
+49-(0) 2 11-82 21-41 01
joerg.schroeder@ikb.de
www.ikb.de
Wilhelm-Bötzkes-Str. 1
40474 Düsseldorf
Germany
HSBC offers in Germany comprehensive capital market
know-how of a global operating investment bank with a
local highly-personalised service culture. Our customers
benefit from the resources and the international network of
one of the world’s largest and most capable banking
groups, HSBC. For their long-term capital markets success
our corporates can expect tailored and consistent solutions
in all areas of equity support. We have been one of the
leading designated sponsors in Germany for many years
now. The large number of our client base also reflects the
outstanding quality of our services for mid-cap and smallcap enterprises.
IKB Deutsche Industriebank AG (“IKB”) is a specialist bank
for corporate financing in Germany and Europe. Its target
groups are German and European enterprises and private
equity companies. As a provider of specialist banking and
financial services in addition to consulting, IKB has a strong
connection to medium-sized German businesses. Its
focussed business model is based on long-standing
customer relationships. The Bank offers a broad range of
products and innovative solutions to problems as well as
access to the capital markets.
IKB is based in Düsseldorf and also has branches in six
German and four European cities.
Morgan Stanley is a leading global financial services firm
providing a wide range of investment banking, securities,
investment management and wealth management services. The Firm’s employees serve clients worldwide including corporations, governments, institutions and
individuals from more than 1,300 offices in 42 countries.
Morgan Stanley
Contact Person
Phone
E-mail
Website
Address
Page 98
Johannes Borsche
+49-(0) 69-21 66-15 07
judith.schmuck@morganstanley.com
www.morganstanley.com
Junghofstr. 13-15
60311 Frankfurt
Germany
For further information about Morgan Stanley, please visit
www.morganstanley.com.
By your side –
worldwide.
There is more in capital markets than IPO!
Besides our extensive experience in international IPOs and listings, our
portfolio of advice comprises all other aspects in relation to capital markets.
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Sponsors
RölfsPartner
Contact Person
Phone
E-mail
Website
Address
Taylor Wessing
Contact Person
Phone
E-mail
Website
Address
WestLB AG
Contact Person
Phone
E-mail
Website
Address
Page 100
Markus Kurzhals
+49-(0) 2 11-69 01-2 76
transactions@roelfspartner.de
www.roelfspartner.de
Grafenberger Allee 156
40237 Düsseldorf
Germany
Stephan Heinemann
+49-(0) 69-9 71 30-0
s.heinemann@taylorwessing.com
Senckenberganlage 20-22
60325 Frankfurt
Germany
Christian Fuest
+49-(0) 2 11-8 26-86 12
christian.fuest@westlb.de
www.westlb.de
Herzogstr. 15
40217 Düsseldorf
Germany
With 750 employees at 11 sites in Germany, RölfsPartner is
a leading independent business consultancy and auditing
company within Germany. Strong team orientation and a
holistic approach to the provision of consultancy services
characterise the RölfsPartner credo: accountants, lawyers,
tax advisors, management consultants and restructuring
specialists working together on an interdisciplinary basis,
offering a wide range of specialist and client-oriented services. Its interdisciplinary competencies are pooled within
the Competence Centres Financial Services, Fraud • Risk •
Compliance, Private Clients, Public Sector, Real Estate, Restructuring and Transactions. Through its membership of
Baker Tilly International, RölfsPartner is represented by a
staff of 25,000 employees in 120 countries.
Taylor Wessing is a European full service law firm with over
750 lawyers in Germany, France and the UK as well as
further offices in Belgium, China and the U.A.E. Our capital
markets practice is one of the largest in Europe, with
genuine cross-border capability, offering a flexible onestop-shop service through our network of partners and
offices on pan-European matters. We act for clients from
the technology and know-how fields, leading investment
banks, financial services companies, bidders and target
companies at a national and international level through all
phases of public takeovers. Our particular expertise in
capital markets law and regulation allows us to effectively
deal with the increasing notification and reporting obligations of quoted companies in various jurisdictions.
WestLB AG is a commercial bank with firm roots in NorthRhine Westphalia, Germany’s largest federal state.
WestLB’s key strengths include the close and strategic
alliance with the savings banks and its expertise in structured finance, corporate banking, capital markets business
and transaction services. WestLB employs a total of 4,473
full-time staff (as of December 31, 2010). With an integrated
equity approach, WestLB offers the whole range of investment banking products including private placements, IPOs,
capital increases and mezzanine products for German and
international clients. It is one of the key players for equity
solutions and belongs to the leading Corporate Brokers in
Germany acting as Designated Sponsor for about 40 companies.
Partners
bwcon Baden Württemberg: connected
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
Ute Molders
Phone
+49-(0) 61 72-13 97 20E-mail
creathor@creathor.de
Website
www.creathor.de
Address
Marienbader Platz 1
61348 Bad Homburg
Germany
DVFA GmbH
Contact Person
Phone
E-mail
Website
Address
Page 102
Karin Wenzel
+49-(0) 69-26 48 48-1 01
kw@dvfa.de
www.dvfa.de
Mainzer Landstr. 47a
Germany
Baden-Württemberg: Connected e.V. (bwcon) is the top
business initiative promoting Baden-Württemberg as a
high-tech location. bwcon connects more than 460 companies and research institutes. Currently more than 4,600
experts are benefiting from systematic networking via the
bwcon hub. With its fields of activity bwcon: ICT network,
bwcon: creative and bwcon: Health Care, bwcon is creating
a base for the cross-sectoral usage of technologies and an
interdisciplinary cooperation. The network promotes young
and growing companies via the bwcon: CyberOne Hightech Award and the extensive counselling and coaching
programme Coach&Connect plus+ in the Network for Business Excellence. This includes an extensive range of counselling and coaching, events and workshops.
CREATHOR VENTURE currently manages funds of over
150 m€ in total and invests up to 10 m€ in high-tech companies in the sectors of IT, telecommunication, media, life
science, new materials, nanotechnology and cleantech.
The management team at Creathor Venture includes the
founder of former Technologieholding, Dr. Gert Köhler, as
well as Ingo Franz and Karlheinz Schmelig. With more than
20 years of experience in the venture capital market, the
Team has been acting as lead investor for more than 200
companies, participating in over 20 IPOs and numerous,
successful trade sales. Creathor venture has its roots in
Germany and is investing in Europe with focus on Germany,
France, Switzerland and Austria.
DVFA is the society of investment professionals in Germany,
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 altogether. DVFA is
also a leading platform for financial communication (organiser of analyst conferences and forums). DVFA offers
investment professionals access to a worldwide network
via EFFAS – European Federation of Financial Analysts
Societies, with more than 17,000 investment professionals
in Europe, and ACIIA – Association of Certified International
Investment Analysts, with more than 60,000 investment
professionals worldwide.
Partners
Holland Private Equity (HPE) is an expansion capital investment firm providing equity (no leverage) in minority investments. Companies we invest in are local technology champions in the Benelux and Germany with an ambition to
accelerate growth.
Investing tickets of 10 to 20 m€ per company for a minority
stake and using the expertise of our network of financial
and operational veterans, we have a hands-on approach in
helping companies grow revenues from 15 m€ to beyond
100 m€. 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 professionalization.
PvF Investor Relations provides advice and support in
financial communications with corporate clients in all fields
of business. PvF offers the full range of IR and PR services,
in terms of content and strategy, in the identification of
specific target groups and the implementation of individual
communication methods and measures, as well as the preparation of annual, interim financial and sustainability/CSR
reports. Based in Eschborn next to Deutsche Börse as well
as in Berlin, in the Rhein-Neckar region, and in Jinan (Shandong Province), China, expertise, experience, independence, and a high quality standard define PvF’s way of
working. Both partners act as lecturers at the Frankfurt
School of Finance for the professional training of future
Certified Investor Relations Officer (C.I.R.O.)
The STEP Award is a competition designed to recognize
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: to give
companies in their growth phase an important boost in their
successful development. The STEP Award focusses on the
pharmaceutical, chemical, life science, biotechnology,
nanotechnology, medical engineering and greentech –
businesses that are considered the sectors of the future.
HPE Holland Private Equity
Contact Person
Phone
E-mail
Website
Address
Contact Person
Phone
E-mail
Website
Address
Tim van Delden
+31-(0) 20-7 14-34 00
tvandelden@hollandpe.com
www.hollandprivateequity.com
Gustav Mahlerplein 109/111
1082 M Amsterdam
Netherlands
Jörg G.H. Peters
+49-(0) 61 96-7 77 99-11
joerg.peters@pvf.de
www.pvf.de
Hauptstr. 129
65760 Eschborn
Germany
STEP AWARD
Spirit to expand
STEP Award
Contact Person
Phone
E-mail
Website
Address
Michael Klapproth
+49-(0) 69-75 91-30 28
m.klapproth@faz-institut.de
www.step-award.de
Mainzer Landstr. 19
Germany
Deutsches Eigenkapitalforum 2011 Page 103
Network Partners
BVI Bundesverband Investment und Asset Management e.V.
Phone
+49-(0) 69 15 40 90-0
E-mail
info@bvi.de
Website
www.bvi.de
Address
Bockenheimer Anlage 15
60322 Frankfurt
Germany
BVK Bundesverband Deutscher Kapitalbeteiligungsgesellschaften e. V.
Phone
+49 (0)-30 30 69 82-0
E-mail
bvk@bvkap.de
Website
www.bvkap.de
Address
Residenz am Deutschen Theater
Reinhardtstr. 27c
10117 Berlin
Germany
BVMW - Bundesverband mittelständische Wirtschaft,
Unternehmerverband Deutschlands e.V.
Phone
+49-(0) 30 533206-0
E-mail
info@bvmw.de
Website
www.bvmw.de
Address
Leipziger Platz 15
10117 Berlin
Germany
Page 104
BVI Bundesverband Investment and Asset Management represents the interests of the German investment fund and
asset management industry. BVI`s offices are located in
Berlin, Brussels and Frankfurt. Its 83 members currently
handle assets of 1.8 trillion € in both investment funds and
mandates. BVI enforces improvements for fund-investors
and promotes equal treatment for all investors in the financial markets. BVI`s investor education programmes support
students and citizens to improve their financial knowledge.
BVI`s members directly and indirectly manage the capital of
64 million private clients in 21 million households. (BVI’s ID
number in the EU register of interest representatives is
96816064173-47). For more information, please visit
www.bvi.de
The German Private Equity and Venture Capital Association
(BVK) is the representative of the German private equity
industry covering private equity firms, from venture capital
through growth capital to buyouts, as well as institutional
investors. It is the mission of the BVK to create best
possible environmental conditions for the industry in Germany. This requires improving tax and legal environmental
conditions for private equity in Germany in dialogue with
political and administrative decision-makers, facilitating the
access to capital sources, surveying the markets and
analysing market trends, and supporting our members in
exchanging their experience. To achieve this, systematic
industry communication is fundamental like the BVK pursues it together with its more than 320 members.
The German Association of Small and Medium-sized Enterprises (short the BVMW) is the largest voluntarily organized
association of medium-size enterprises in Germany.
Together with its partners, the BVMW represents altogether
150,000 SME’s (small and Medium-sized Enterprises) in
Germany. Since it becomes for SME´s ever more important
to operate internationally, the BVMW helps its members
actively. A large network of enterprises in Germany is
worldwide supported by partner offices worldwide since
2006, focussing in particular on Eastern Europe, the Middle
East, Asia and North and South America – areas where it
expects the most activities in future. Additionally a pool of
experts is available, whose members can help almost in all
regions of the world.
Network Partners
DIRK is the association for Investor Relations (IR) in Germany. As the organ of IR professionals, 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 active, specific support and promotes regular
exchange among its own ranks and with IR specialists from
all over the world. With its more than 330 members, DIRK
sets the standards of communication between companies
and the capital market. The spectrum of companies organised within DIRK includes almost all DAX companies and
the bulk of companies listed in the MDAX, SDAX and
TecDAX as well as small companies and those which have
not yet made their IPO or issue debt instruments.
High-Tech Gründerfonds invests in young, high potential
high-tech start-ups. The seed financing provided is
designed to enable start-ups to take an idea through prototyping and to market launch. Typically, High Tech Gründerfonds invests 500,000 € in the seed stage, with the potential
for up to a total of 2 m€ per Portfolio Company in follow-on
financing. Investors in this public/private partnership
include the Federal Ministry of Economics and Technology,
the KfW Banking Group, as well as twelve industrial groups
of ALTANA, BASF, B.Braun, Robert Bosch, CEWE Color,
Daimler, Deutsche Post DHL, Deutsche Telekom, Qiagen,
RWE Innogy, Tengelmann and Carl Zeiss. High-Tech Gründerfonds has about 560.5 m€ under management in two
funds (272 m€ HTGF I, 288.5 m€ HTGF II).
Founded in 1999, Zero2IPO is a leading integrated service
provider in the China venture capital and private equity
industry. Now, Zero2IPO has become an unbeatable deal
flow and networking source in China. Zero2IPO’s mission is
to be the preferred service provider to businesses in the
venture capital and private equity industry by offering an
unparalleled knowledge and expertise to our clients and
partners. To ensure this, Zero2IPO provides a broad and
deep array of services (Zero2IPO Research, Zero2IPO
Events, Zero2IPO Capital, Zero2IPO Ventures, Zero2IPO
Partners, PEdaily.cn) enabling entrepreneurs and investors
to reach the next level of success. Zero2IPO Group is headquartered in Beijing with offices in Shanghai, Shenzhen,
Hong Kong, and Silicon Valley.
DIRK - Deutscher Investor Relations Verband e.V.
Phone
+49 (0)-40-41363960
E-mail
info@dirk.org
Website
www.dirk.org
Address
Baumwall 7
20459 Hamburg
Germany
High-Tech Gründerfonds Management GmbH
Phone
+49-(0) 228-82300-100
E-mail
info@high-tech-gruenderfonds.de
Website
www.high-tech-gruenderfonds.de
Address
Ludwig-Erhard-Allee 2
53175 Bonn
Germany
Zero2IPO Group
Contact Person
Phone
E-mail
Website
Address
Jesmine Zhao
+86 (0)-10 84580476-8058
esminezhao@zero2ipo.com.cn
www.pedaily.cn/en/
1266 Nan Jing Rd. (West)
200040 Shanghai
China
Media Partners
BIOCOM AG
Contact Person
Phone
E-mail
Website
Address
BIOCOM AG. Biotechnology, life sciences, knowledgebased bioeconomy, medical technology – each of these
terms embodies hope and confidence in advances for
humankind. Science, research and technology create the
foundation, politics and capital are the prerequisites for
implementation, companies bring the results to market.
Information and communication are indispensable at every
stage of process.
Oliver Schnell
+49-(0) 30-26 49 21-45
o.schnell@biocom.de
www.biocom.de
Stralsunder Str. 58-59
13355 Berlin
Germany
BOND MAGAZINE - Institutional Investment Publishing GmbH
Contact Person
Christian Schiffmacher
Phone
+49-(0) 81 71-4 18 04-91
E-mail
info@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
Page 106
Wolf Roth
+49-(0) 9 21-74 13 40-7
vertrieb@brn-ag.de
www.brn-ag.de
Denzenlohestr. 47
95500 Heinersreuth
Germany
Experienced industry and scientific specialists at BIOCOM AG
have been tracking the development of biotechnology from
research to market for more than 25 years. Content-driven
and success-oriented, enthusiastic about the subject and
always committed to the customer.
Founded in October 2006, Institutional Investment
Publishing GmbH is an independent publisher of magazines on institutional asset management and corporate
finance topics. October 2009 saw the publication of
”BONDBOOK”, the first independent bond magazine in
German-speaking Europe. A complement to BONDBOOK,
“BOND MAGAZINE”, is published bimonthly and addresses current topics (bond issues and investments).
Börsen Radio Network is producing audio interviews all
around stock exchange and markets since 1999 already.
Our focus: the professionally prepared talk with CEOs,
CFOs and deciders of listed companies, analysts and market experts. Actually we are Germany’s leading provider of
original interviews. Our partners use our podcasts, audiostreams for enhancing customer retention and mean residence
time on their website. Also available for SmartPhone. Create
your individual solution from our up-to-date daily programme,
use our bundle packages at low monthly rates or use our
know-how for realizing your own concepts, such as e.g. a
market entrance in Germany. Make yourself heard – we are
looking forward to receiving your call and to making you topic
of conversation for a million listeners per month.
Media Partners
Börsen-Zeitung: Germany’s only daily Newspaper for the
financial markets
The Börsen-Zeitung compiles facts and researches background information to give a daily information edge. The
Börsen-Zeitung covers banking and finance, capital markets, companies and sectors as well as economy and
policy. Sound background reports and detailed analyses
make the Börsen-Zeitung an important decision-making
tool for the financial markets. On its website www.boersenzeitung.de displays the contents of the paper as well as a
large of investment-related data combined with tools for
proper analysis.
business new europe (bne) was set up in 2006 by a group of
journalists who have been covering emerging Europe for
more than a decade. It remains the only English-language
publication that covers all 30 of the countries of “new
Europe” – Central, Eastern and Southeast Europe, as well
as the former Soviet Union. bne covers business, economics, finance and politics in these dynamic new markets
and while there is a fair amount of reporting by wires on the
“what” of the story, there is almost no commentary on the
“why” which is bne’s core function.
Börsen-Zeitung
Contact Person
Phone
E-mail
Website
Address
Thorsten Dieterle
+49-(0) 69-27 32-5 63
leserservice@boersen-zeitung.de
www.boersen-zeitung.de
Düsseldorfer Str. 16
60329 Frankfurt
Germany
business new europe (bne)
Contact Person
Elena Arbuzova
Phone
+7-(0) 9 16 00-1 55-10
E-mail
arbuzova@businessneweurope.eu
Website
www.bne.eu
If you have questions, please contact:
subs@businessneweurope.eu
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Media Partners
CNBC-e
Website
www.cnbce.com
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
Börsenplatz 5
Germany
CNBC-e is the world’s one of the best hybrid examples, successfully combining economy and entertainment content
under the same brand and Turkey’s the only finance-business TV channel. It was established on October 16, 2000, as
a result of cooperation of the world’s leading business channel CNBC and the Group’s entertainment channel, Kanal e.
CNBC-e has two different programming formats and took its
day-time format from American CNBC and content from
Dogus Media Group. In the daytime, CNBC-e targets
business professionals and individual investors, providing
real-time access to economic and market data. During the
evening line-up, CNBC-e turns into an entertainment channel, offering award-winning films, popular series, dramas and
important organizations in their original language with
Turkish subtitles. CNBC-e cooperates with the giants of the
industry, such as; HBO, WB, MGM, Paramount, Buena Vista,
Sony Columbia and Fox etc.
DAF Deutsches Anleger Fernsehen – offers access to up to
date news from the finance sector for private investors. The
programme focusses on the investor´s value of benefit by
covering the markets considering the whole bandwith from
blue chips to small & midcaps. Every hour Boerse Live
highlights the current situation at the stock markets. Via
video conference system analysts, institutional fund
advisors, journalists, and insiders state their opinion on the
situation. Our DAF-correspondents report live from the
German Stock Exchange in Frankfurt and the New York
Stock Exchange. DAF is offering one of the largest financial
video-on-demand archives in Germany. The DAF programme can be reached on TV via satellite and cable-networks
and is also integrated in a wide range of online-portals.
The right news and data for today’s dynamic marketplace
Dow Jones Private Markets
Website
Page 108
www.dowjones.com
www.dj.com/venturefurther
Dow Jones Private Equity & Venture Capital offers integrated solutions for the deal-sourcing, due diligence and
compliance needs of today’s private capital investors, fund
managers and advisors. Our suite of products delivers the
most trusted data and insight on developments around the
world – before they happen and as they happen. With Dow
Jones Private Equity & Venture Capital, you gain deep
market knowledge and insight for a clear business advantage, whatever your market or strategy.
Media Partners
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 – as articles, radio and
video reports. dpa-AFX delivers news to banks, financial
service groups and the media to enable them to provide
their customers and employees with financial news on the
internet, intranet or via terminals. It is part of a worldwide
network of 1,500 journalists and so is represented in the
most important financial locations of the world. More information on www.dpa-AFX.de.
Since its founding in 2001, FINANCIAL GATES has grown
into a leading publishing house of finance-related crossmedia platforms. We are majority-owned by the F.A.Z.
Group, the publishing house of Germany’s leading daily
F.A.Z. We have successfully staked out a relevant position
in the financial services ad market through our flexible and
efficient positioning services. Our flagship publications
speak to three distinct core target groups: 1.) CFOs of
private-sector companies (the German magazine
”FINANCE” and the English “FINANCE in Emerging
Europe”, “FINANCE Europe” magazines); 2.) treasurers of
municipalities and public-sector companies (newspaper
“Der Neue Kämmerer”); 3.) shareholders, founders and
CEOs of large family owned businesses (“wir” and “Markt
und Mittelstand” magazines).
dpa-AFX Wirtschaftsnachrichten GmbH
Contact Person
Marion Köhler
Phone
+49-(0) 69-9 20 22-4 57
E-mail
koehler@dpa-afx.de
Website
www.dpa-afx.de
Address
Gutleutstr. 110
60327 Frankfurt
Germany
Contact Person
Phone
E-mail
Website
Address
Dione Bork
+49-(0) 60 31-73 86-17 03
d.bork@financial-gates.de
www.finance-magazin.de
Bismarckstr. 24
61169 Friedberg
Germany
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FinanzNachrichten.de
Contact Person
Markus Meister
Phone
+41-(0) 44-6 83-1 01
E-mail
markus.meister@finanznachrichten.de
Website
www.finanznachrichten.de
Address
Zollikerstr. 27
8008 Zürich
Switzerland
Contact Person
Phone
E-mail
Website
Address
Contact Person
Phone
E-mail
Website
Page 110
Daniela Gebauer
+49-(0) 89-2000 339-13
gebauer@goingpublic.de
www.goingpublic.de
Hofmannstr. 7a
81379 München
Germany
Jörg Müller
+49-(0) 6 90-71 67 79-15
jmueller@iht.com
www.global.nytimes.com/?iht
FinanzNachrichten.de is the leading financial news portal in
the German language 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 different countries. FinanzNachrichten.de offers around 11,000 financial news per day, in
German or English, from more than 400 different media
sources. The website has 16 million page impressions and
4 million visits per month (IVW) by 530,000 users (AGOF).
According to surveys, 87% of the users are men, around
41% of the users hold an academic title and half of the
users are buying/selling shares at least once a week.
FinanzNachrichten.de – www.finanznachrichten.de
GoingPublic Media AG is one of the leading publishers of
magazines on capital markets, corporate finance and technology trends. In addition to the “GoingPublic Magazin” –
the modern magazine on capital markets –, the “VentureCapital Magazin” stands as a hub for the German speaking
private equity and venture capital industry. The magazine
“Smart Investor” addresses retail investors. For M&A-professionals the “M&A REVIEW” is monthly published. The
quarterly “HV Magazin” focusses on trends with shareholder meetings. The publication “Unternehmeredition”
addresses small & medium-sized entrepreneurs. With
16,000 recipients, “DIE STIFTUNG” is the magazine with
the highest coverage in the German speaking non-profit
foundation sector. The “BondGuide” reports on the growing
market for corporate bonds.
The International Herald Tribune, the global edition of The
New York Times, is the world’s daily newspaper. Edited in
Paris and printed in 40 key cities, the IHT provides the best
coverage of the changing face of Europe, its future and its
place in the world. The IHT has long served the global
business executive with a broad and comprehensive report
on news as it shapes world and regional economies. With
its Business with Reuters section offering deeper reporting,
clear market information and authoritative insights from the
best analytical writers around, the IHT continues to combine insightful business reporting with perceptive coverage
of geopolitics, security and society.
Media Partners
IR magazine and www.InsideInvestorRelations.com together form the definitive source of information for the global
investor relations community. Launched in 1988 at The
Economist, IR magazine is the essential business tool for
anyone involved in raising capital for companies and for
others who communicate regularly with analysts and investors. This includes IROs, CEOs, CFOs and corporate communications professionals at publicly traded companies
worldwide. Over the years we have seen investor relations
evolve dramatically. As the industry’s primary editorial
voice, we have played an integral role in that growth. And as
consistent IR practice continues to be an essential part of a
company’s business strategy, we remain committed to
providing investor relations professionals with an unrivalled
source of news, reviews, updates, research, benchmarking
tools, networking events, feature articles and advice on
best practice IR.
mergermarket is an independent Mergers and Acquisitions
(M&A) intelligence service with an unrivalled network of
dedicated M&A journalists based in 56 locations across the
Americas, Europe, Asia-Pacific, the Middle-East and Africa.
Unlike any other service of its kind, mergermarket specializes in providing forward-looking origination and deal flow
opportunities integrated with a comprehensive deals database – resulting in real revenues for clients.
n-tv, Germany’s first news channel, standing for reliable,
fast, comprehensive and independent news: 24 hours a
day, 365 days a year. From main office in Cologne, studios
in Berlin, Frankfurt a.M. and with a global network of correspondents n-tv informs about the latest news from
politics, economy, sports and society. n-tv is known for its
live and breaking-news coverage. Day-to-day, n-tv offers
cutting-edge stock market news, enterprise news and
service-formats – investigated solidly, processed understandably and presented competently. Political talks,
magazines and documentations complete the programme.
In line with the company motto “Any time, any place”, n-tv
has transformed itself into a cross-media information
service, supplying content via all platforms and all media
formats.
IR Magazine
Contact Person
Phone
E-mail
Website
Address
mergermarket
Contact Person
Phone
E-mail
Website
Address
Claire Lavery
+44-(0) 20 7107 2555
claire.lavery@thecrossbordergroup.com
www.insideinvestorrelations.com
Cross Border Ltd 1/ Sekforde Street
London EC1R 0BE
United Kingdom
Laura Walker
+49-(0) 30-88 92 22-61
laura.walker@mergermarket.com
www.mergermarket.com
80 Strand
WC2R 0RL London
United Kingdom
n-tv Nachrichtenfernsehen GmbH
Contact Person
Phone
E-mail
Website
Address
Bettina Klauser
+49-(0) 2 21-4 56 31-3 00
bettina.klauser@n-tv.de
www.n-tv.de
Picassoplatz 1
50679 Köln
Germany
Media Partners
The NZZ is the leading quality daily newspaper in Switzerland. The NZZ reaches more executives from economic,
political, cultural and social spheres than any other Swiss
subscription newspaper. It is the most important source of
information for executives and CEOs.
Neue Zürcher Zeitung
Contact Person
Phone
E-mail
Website
Address
Phoenix CNE
Contact Person
Phone
E-mail
Website
Address
Leserservice
+41-(0) 44 258 18 03
leserservice@nzz.ch
www.nzz.ch
Falkenstr. 11
8021 Zürich
Switzerland
Pingping Luo
+49-(0) 69-35 35 78-26
pingping.luo@phoenixcne.eu
www.pcne.tv
Neue Mainzer Str. 75
60311 Frankfurt
Germany
RiD Real Estate Information GmbH
Contact Person
Matthias Freutel
Phone
+49-(0) 69-27 13 89-18
E-mail
redaktion@reits-in-deutschland.de
Website
www.reits-in-deutschland.de
Address
Münchener Str. 36
Germany
Page 112
The NZZ organizes top-class symposia which offer companies the opportunity to represent themselves to an exclusive audience. These events are an important networking
platform at the top management level with experts from the
investment and entrepreneurial environment.
As a bridge connecting Europe and China, Phoenix
Chinese News & Entertainment Channel (PCNE) brings to
its audience the major political and business news and
entertainment programs through a wide distribution
network. PCNE broadcasts its programmes 24/7 across
Europe via transponder Eurobird D9S. Phoenix CNE is
dedicated to promote economic partnerships and cultural
exchanges between China and Europe, creates waves for
Chinese enterprises and provinces in their efforts to open
up new trade and investment opportunities. Apart from
serving the needs of the European Chinese communities,
PCNE also offers a window of opportunity for investors to
target the most affluent and educated European Chinese as
well as for European companies to generate publicity as
they charge into the China market.
REITs in Deutschland is the Real Estate Investment Trusts
information portal in Germany. We create transparency,
provide independent in-depth reports, and promote an
effective dialogue between investors and issuers. REITs in
Deutschland is an initiative of ergo Kommunikation, one of
the leading communications consultancies and PR agencies in Germany with special focus on financial, corporate
and political communications. A team of real estate specialists based in Frankfurt/M. and Berlin supports real estate
companies in all aspects of their communications.
www.ergo-komm.com
Media Partners
VDI nachrichten is the leading opinion-forming weekly
magazine for engineers and technical management. 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 with examples how finances can be used to
expand and increase efficiency in business. Panels of
experts and surveys keep you informed of the capital
market, start-up initiatives as well as financial and investment strategies, and analysts and market observers offer
an assessment of trends. VDI nachrichten reaches around
334,000 readers every Friday (Allensbacher Communication Media Analysis 2011). It is published by VDI Verlag, 60%
of which is held by VDI GmbH and 40% by the Handelsblatt
GmbH group of publishers.
VDI Verlag GmbH
Contact Person
Phone
E-mail
Website
Address
Iris Klose
+49-(0) 2 11-61 88-0
info@vdi-nachrichten.com
www.vdi-nachrichten.com
VDI-Platz 1
40468 Düsseldorf
Germany
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AE Photonics GmbH
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AMEOS AG
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139
159
Armatix GmbH
121
JPK Instruments AG
140
SIRION BIOTECH GmbH
160
Atlas Interactive Deutschland GmbH 122
141
SUNOVA AG
161
Aupeo GmbH
123
Maxidor (Pty) Ltd
142
162
BIOMETRY.com AG
124
143
Targos Molecular Pathology GmbH 163
Breezecom Inc.
125
Medicyte GmbH
144
Torqeedo GmbH
126
164
Metasonic AG
145
van den Berg AG
165
CPM Compact Power Motors GmbH127
Micropelt GmbH
146
166
Curetis AG
128
mimoOn GmbH
147
VST Verbundschalungstechnik
Cytolon AG
129
mitcaps GmbH
148
GmbH – VST Group
167
MOBILES REPUBLIC
149
Windreich AG
168
Bank in Gründung
130
150
Zimory GmbH
169
evidanza GmbH
131
Novaled AG
151
finocom AG
132
NTS Energie- und
friedola TECH GmbH
133
Transportsysteme GmbH
152
froodies GmbH
134
153
Deutsche Revo AG |
Capital Seeking Companies
AE Photonics GmbH
Renewable Energies
Profile
Business Field
Year of establishment
Number of employees
Equity (in m€)
Financing needs (in m€)
Positive result since
Revenues in 2009 (in m€)
Revenues in 2011e (in m€)
2008
45
6
10
2008
43
93
85
110
AE Photonics GmbH specialises in the trade of photovoltaic
components along the value chain. Aside from the core
business of trading, AE Photonics Group also realises solar
parks and photovoltaic power plants in major plant engineering up to several megawatts. In the trade of photovoltaic components as well as in the project business,
AE Photonics works with products of well-known manufacturers of solar modules, inverters and substructures.
Strategic Market Position
Contact
Contact person
Phone
E-mail
Website
Address
Gunnar Anger
+49-(0) 3 51-31 58 07-23
g.anger@ae-photonics.com
www.ae-photonics.com
Loschwitzer Str. 37
01309 Dresden
Germany
The markets being currently mostly relevant for AE Photonics are Germany and Italy being sales markets for wholesaling and construction. Greece and Morocco will follow.
Management
Marco Lamsouguer, CEO
He originates from real estate financing. From 2007 until the
incorporation of AE Photonics he managed the department
Alternative Energies at a privately owned company. He
founded AE Photonics Group in November 2008.
Gunnar Anger, CFO
As a trained banker, Mr. Anger studied BA and worked as
an investment banker in the fields of corporate finance,
equity financing and M&A, where he was responsible for
several capital market transactions for German small and
medium-sized companies. He joined AE in September 2010.
Gunnar Anger, CFO
Martin Attenhauser, CSO
Martin Attenhauser, CSO
Martin Attenhauser worked for 5 years as senior asset manager with Hudson Advisors Germany GmbH / Lone Star
Funds. Beforehand he was a consultant for the law firm
Walter & Walter in the area of Corporate Restructuring. Mr.
Attenhauser studied industrial engineering and BA. In September 2010 he joined AE.
Planned Investment, Shareholders/Investors
Privately owned so far
Investments of around 10 m€
Page 116
Biotechnology
Profile
Number of employees
Equity (in m€)
2000
30
7.8
25
3
5
and auto-immune indications. The company is focussing on
two liquid cancer indications, Non-Hodgkin- and Hodgkin’s
disease addressing unmet medical needs in both indications and attractive market potentials.
Management
Affimed is led by an internationally experienced management team with extensive experience in the pharmaceutical
and biotech industries: Dr. Rolf H. Günther, CEO; Prof. Dr.
Melvyn Little, CSO; Dr. Florian Fischer, CFO; Dr.
Miroslav Ravic, CMO; Dr. Adi Hoess, CCO.
Contact
Website
Address
www.affimed.com
Im Neuenheimer Feld 582
69120 Heidelberg
Germany
Business Field
Dr. Adi Hoess, CCO
Affimed is an innovation driven biotech company very
strongly positioned in antibody therapeutics – the fastest
growing segment of the pharmaceutical industry – and has
pursued a focussed strategy of developing human antibodies as therapeutics. By utilizing its broad portfolio of proprietary, in-house technology platforms together with crucial enabling freedom-to-operate licenses, the company has
been able to establish an early stage and clinical product
pipeline of promising novel product candidates focussed
on oncology. Affimed has its lead product in advanced Phase I clinical stage with a CD30xCD16a Tandab – Antibody targeting Hodgkin’s disease.
Dr. Florian Fischer, CFO
We are backed by a peer group of investors including
Orbimed, Aeris, LSP, BioMed Invest and Novo Nordisk A/S.
The company is currently raising up to 25 m€ in a Series D
financing, of which 13 are currently committed.
Affimed has developed a novel bi-specific antibody technology. The antibodies are suited to be applied in oncological
AMEOS AG
Healthcare
Profile
Business Field
Number of employees
Equity (in m€)
2002
7000
100
200
2008
336
356
394
410
Contact
Contact person
Phone
E-mail
Website
Address
Dr. Volker Wendel
+41-(0) 8 78 35-33 66
cfo@ameos.ch
www.ameos.eu
Bahnhofplatz 14
8021 Zürich
Switzerland
The AMEOS business model includes the acquisition, the
reorganisation as well as the sustainable management of
hospitals and long-term care facilities. AMEOS operates in
four business lines: AMEOS acute general hospitals,
AMEOS acute psychiatric hospitals, AMEOS long-term
elderly care and AMEOS long-term mental care. AMEOS
provides healthcare services for the general public and
focusses on major regional medical centres offering various
specialties. AMEOS is a major private operator of psychiatric facilities in Europe with broad expertise in the field of
operating forensic hospitals. The elderly and mental care
facilities of AMEOS complement the integrated healthcare
approach of an AMEOS Region.
AMEOS is among Europe’s leading health service providers, focussing mainly on German-speaking regions.
AMEOS hospitals and long-term care facilities offer highquality and cost-effective medical and nursing services,
combining inpatient and outpatient services in regional networks – the AMEOS regions. With this integrative business
model AMEOS stands out from its competitors. Following a
growth strategy, AMEOS aims to establish new healthcare
regions and expand existing ones. AMEOS has become a
highly distinctive brand in the healthcare market.
Management
The AMEOS group is lead by a management team of five:
Dr. Axel Paeger (CEO), Dr. Volker Wendel (CFO), Michael
Dieckmann (COO), Dr. Stephan Zahn (CTO) und Dr. Marina Martini (CDO).
From left to right: Dr. Stephan Zahn, Dr. Marina Martini, Dr. Axel Paeger,
Michael Dieckmann, Dr. Volker Wendel
Page 118
Institutional investors with a long-term investment horizon
such as pension funds and life insurances make the majority of the shareholders; furthermore the members of the
management team are personally invested. Because
AMEOS follows a growth strategy, future growth will require
both private and debt capital.
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ANM Adaptive
Neuromodulation GmbH
Medical Technology
Profile
Number of employees
Equity (in m€)
2005
21
6.0
3.0
0.001
2.3
1.2
4.8
Contact
Contact person
Phone
E-mail
Website
Address
Dr. Jörg Stein
+49-(0) 2 21-4 54-63 01
j.stein@anm-medical.com
www.anm-medical.com
Im Mediapark 6d
50670 Köln
Germany
huge market. The neurostimulator is approved as a medical
device for commercialisation in Europe and has been marketed
in Germany since 2010 and in four other European countries
as from 2011. Filing for U.S. FDA-approval was done.
10-20% of Parkinson’s patients suffer from the late-dopa
syndrome: drugs no longer help. This is the target group for
treatment with deep brain stimulation. ANM has developed
an implant that is due to be transferred in a first human
application in 2012 to confirm long-term therapy success
with minimal side effects. The latter already was demonstrated in animal experiments and in acute human applications. ANM has the potential to come up with a breakthrough innovation in a fast-growing billion-dollar market.
Management
ANM is led by an experienced management team and
advisory team.
Business Field
ANM is a start-up, spun off from Forschungszentrum
Jülich. Its scientifically developed technology platform has
potential to generate benefits in various medical fields
(such as Tinnitus, Parkinson’s, Chronic Pain, ADHD, or
Movement Disorders after Stroke). Pioneering work in
neuromodulation devices has been developed to reduce
the disease symptoms, initially focussing on two projects,
an auditory tinnitus neurostimulator and a deep brain
stimulation implant for Parkinson’s treatment.
The basic technology (coordinated reset, CR) is widely protected by world-wide patents. ANM has shown that CR can
reduce Tinnitus by acoustic stimulation (with about 70%
treatment success). Since there is no treatment standard and
no established treatment method, CR addresses a potentially
Page 120
Dr. Jörg Stein, CEO
Jukka Schnitzler, CFO
ANM is a technology leader in the field of neural stimulation.
The successful development and market introduction of the
advanced CR technology allows entry into billion-markets
with products which might be “game-changing”. With the
universal approach of having a platform technology further
treatments can be developed, e.g. in Chronic Pain, Migraine, Movement Disorders after Stroke, Dystonia or ADHD. In
order to complete the developments and to conduct the
necessary clinical studies in the next two years, about 3 m€
are required. According to conservative planning, the
break-even will be achieved by then. ANM is currently
financed via 25 private investors and the KfW.
Armatix GmbH
Industrial Products & Services
Profile
Number of employees
Equity (in m€)
Business Field
2004
30
5.0
0.190
0.260
1.400
7.900
Locking Systems for Weapons
Technology leader in mechatronic locking systems for
weapons
Management
Bernd Dietel, Ernst Mauch, Günter Hefner,
Franz Hermann
Contact
Contact person
Phone
E-mail
Website
Address
Günter Hefner
+49-(0) 89-4 27 29 79-0
gmh@armatix.de
www.armatix.de
Feringastr. 4
85774 Unterföhring
Germany
Bernd Dietel
Ernst Mauch
Günter Hefner
Franz Hermann
Approx. 5 m€
Bernd Dietel, Ernst Mauch, Mountain Partners, KfW
Atlas Interactive
Deutschland GmbH
Telecommunication Services
Profile
Management
Number of employees
Equity (in m€)
1995
30
0.5
5.0
2007
15
21
30
45
The management consists of 5 persons:
Marco Priewe, CEO: More than 15 years of management
experience in telecommunications. Has been honorary
member of the Board of Directors of the DVTM, the German
Association for Telecommunication and Media, for more
than 10 years.
Andreas Syska-Funk, CIO, Ingo Vahl, CFO, Andreas
Pritzlaff, COO, and Lars Ketelsen, CMO.
Contact
Contact person
Phone
E-mail
Website
Address
Marco Priewe
+49-(0) 40-41 33 00-1 15
m.priewe@atlasinteractive.de
www.atlasinteractive.de
Christoph-Probst-Weg 3
20251 Hamburg
Germany
Business Field
AI is the provider of kanzaloo™, a unique micro payment
solution, allowing merchants to monetize on digital goods
and virtual currency. Kanzaloo™ allows payment transactions in 85 countries without unveiling any personal data.
Since 2001, ATLAS Interactive is owned to 100% by ATLAS
Interactive Holdings Ltd, a 90% daughter company of the
ATLAS Group of Companies. This group is owned to 90%
by Mr. Jean Michel Alfieri and Mr. Philippe Bednarek.
The mission of AI is to become the leading global provider
of micro payment solutions for the distribution of digital
goods. Raising external funds of approx. 5.0 m€ shall help
AI to realize the existing growth strategy. It is the declared
goal to reach an annual turnover of above 400 m€ by 2015.
The funds shall mainly be used for the following purposes:
Foundation of international subsidiaries, increase of human
development resources, external IT developments, e-wallet
functionality and acquisition of small e-money license, expansion of sales and marketing activities, development of
additional B2C and affiliation strategy, product improvements, etc.
AI is leading provider of micro payment solutions in Europe,
serving companies such as Bigpoint, Gameforge, Frogster,
Travian Games, Aeria Games, Innogames, NDR Media,
Deutsche Telekom, Sport 1, Playa Games etc. AI has 28 employees located in Hamburg (HQ) and Cologne. In March
2010, AI opened an office in San Francisco, another office is
scheduled to open in Indonesia end of 2011. The company is
profitable since 2007 and reaches annual growth rates of
30–50%.
Page 122
Marco Priewe, CEO
Aupeo GmbH
Communications Technology
Profile
Number of employees
Equity (in m€)
Management
2008
30
0.9
5-6
2012
0.1
0.250
0.500
7.0
Holger G. Weiss, CEO
Armin G. Schmidt, COO
Steffen Holly, CTO
Daniel Cox, Head of Sales
Daniel Mieves, Head of Marketing
Talip Yenal, Head of Finance
Contact
Contact person
Phone
E-mail
Website
Address
Holger G. Weiss
+49-(0) 30-4 00 05 68-0
holger@aupeo.com
www.aupeo.com
Alexanderstr. 7
10178 Berlin
Germany
Holger G. Weiss, CEO
Armin G. Schmidt, COO
Business Field
AUPEO is specialized in personalized music stream in the
web, on apps and on internet capable devices. The global
services allow users to create their own Music DNA and to
discover music they really like
- JCMB, Hamburg
- Ventegis Capital, Berlin
- IBB Beteiligungsgesellschaft, Berlin
- Kfw, Bonn
- Innoven Partners, Paris
AUPEO is the leading music service on internet capable
devices. On more than 25 million devices like netbooks,
laptops, TVs, smartphones, HIFI etc., the service can be
accessed all over the world. AUPEO is also leading partner
to the automotive industry. In 2010 they launched for MINI
the first streaming service in a serial car ever.
AUPEO is venture capital backed. So far the following
funds have invested:
AUPEO is seeking to close a Series C round by end of 2011
over 6 m€.
BIOMETRY.com AG
IT-Services
Business Field
Profile
Biometric Authentication
Number of employees
Equity (in m€)
2006
4+5
2.5
1.5
2013
0.1
1++
Contact
Contact person
Phone
E-mail
Website
Address
Werner Blessing
+41-(0) 79-4 34 45 35
w.blessing@biometry.com
www.biometry.com
Chilcherlistr. 1
6055 Alpnach - Luzern
Switzerland
More security is needed, because of increased cybercrime.
PINs and tokens are insecure. The biometric passports
bring a strong growth into this market segment.
BIOMETRY.com AG invented a solution called ComBiom
(Communication Biometrics), which uses four biometrics (biometric face, voice, word recognition and
recognition of lip movement) simultaneously. Four randomly selected numerals appear successively on the
display and the user speaks these numerals. Internet
and mobile applications are uniquely secured against
replay and spoofing attacks. An international research
group shows the importance; BIOMETRY is a member of
the www.tabularasa-euproject.org.
MOBILE AUTHENTICATION: a pilot will start in Q1-2012 in
partnership with www.access-company.com (ACCESS has
1 billion customers worldwide).
PHYSICAL ACCESS: in cooperation with www.bioguard.net
applicable biometric door openers with the trademark
BIOMETRY will be introduced to the market.
LOGICAL ACCESS: Werner Blessing presents possibilities
of Logical Access to the “Deutsche Bank” in December `11.
Further contacts are being made with the Swiss banks.
AFFILIATES: in Estonia, Shanghai. To come: Munich, Tel
Aviv, Cape Town, California, etc.
Management
Werner Blessing, CEO, Herbert Lüthold, CTO, Martin
Aschwanden, CFO
Werner Blessing, CEO
Money for development of the authentication products is
needed.
Further for sales and marketing.
Page 124
Breezecom Inc.
Profile
Number of employees
Equity (in m€)
2007
90
1.0
15.0
2007
20.75
37.01
35.0
50.0
Breezecom’s strategic geographic locations in the Middle
East & Asia Pacific has enabled strong strategic deals with
major telecom companies in the region. It controls about
20% of the voice traffic into Pakistan and significant traffic
to Bangladesh & India. Focus has always been on countries
where the outward immigration pattern is strong, and hence
core destinations like Pakistan, India, Bangladesh, Srilanka
have been a success story for Breezecom. Having
established itself in Asia, the group now aims to explore
countries in Latin America, Africa & Europe.
Management
Contact
Website
Address
www.breezecom.biz
Level 1, Lot 7, Block F,
Saguking Commercial Building,
Jalan Patau-Patau
87000 Labuan FT
Malaysia
Business Field
Breezecom is one of the leading providers of international
wholesale voice aggregation services in the Middle East
and the Indian Sub-Continent. Using its carrier-grade telecom infrastructure, it provides voice calls routes to telecom
companies around the globe that enable them to offer international calling services to their subscribers, e.g. Telecom
Italia would use Breezecom to carry their subscribers’ international voice traffic around the world. Breezecom enjoys
strategic interconnects with over 500 telecom providers,
deals in over 25 major destinations, and processes over
two billion minutes of voice traffic each year. It uses intelligent technologies in order to efficiently manage large
volumes with minimum human interaction. Building its own
organic voice traffic has also been managed successfully
by the group.
Breezecom
was
founded by Silicon
Valley
veterans,
Afaque Ahmed &
Yasin Altaf, who
have taken this
venture from a two
man company to
over 35 m€ revenues
Afaque Riaz Ahmed
Yasin Altaf
in 5 years. Mr. Riaz
has extensive experience in technical marketing and sales
roles in networking technologies, while Mr. Altaf enjoys
valuable experience in defining and successfully launching
bleeding edge telecom products at startup companies.
Both of them are serial technology entrepreneurs and have
other successful ventures under their belts. The dynamic
duo is popular for its vision and attention to detail in the
technology arena. Breezecom’s finance is currently being
headed by Mr. Faisal Muqeet, ACMA.
The company is privately funded by the two founders. They
are the only shareholders sharing the equity 50/50. The
group now plans to expand its services in different countries in Latin America, Africa & Europe. The capital raised
will be used primarily for the development of telecom infrastructure, establishment of manned offices, targeted
acquisitions, hiring seasoned management staff, and
working capital to secure strategic deals.
Renewable Energies
Profile
Number of employees
Equity (in m€)
2008
12
0.58
3.5 bis 5.0
2013
0.3
0.4
0.7
3.5
Contact
Contact person
Phone
E-mail
Website
Address
Dr. Ralf Leutz
+49-(0) 64 21-16 89 40-0
ralf.leutz@concentratoroptics.com
www.concentratoroptics.com
Lahnstr. 16
35091 Cölbe
Germany
Business Field
customary in the market (PMMA and silicone-on-glass,
SOG), and the only one to offering both processes as turnkey supplier to her customers.
Management
Concentrator Optics was founded in 2008 by Dr. Ralf Leutz
and Rainer Adomeit. Ralf Leutz has been working on Fresnel lenses and solar applications for over 15 years. He accompanied several solar projects from research to production. Dr. Leutz is the author of the book “Nonimaging
Fresnel lenses – Design and performance of solar concentrators” (Springer 2001), and a respected expert in the
developing market of CPV.
Rainer Adomeit complements the technology as experienced Shareholder and Managing Director of several companies. His responsibilities at Concentrator Optics are marketing, sales and finances.
The Financing Round C is designed to ensure and press
ahead the growth of Concentrator Optics. Investments will
flow in equal parts into an automated production line and
expanding personnel capacity around the world.
Principal shareholders are the founders Dr. Ralf Leutz and
Rainer Adomeit, as well as the Capricorn Cleantech Fund,
Leuven, Belgium.
Concentrator Optics is the one-stop turn-key provider of
technologies empowering Fresnel lens production. We offer
optical design, prototyping and manufacturing of Fresnel
lenses for concentrating photovoltaics (CPV) as well as
complete turn-key production lines.
The market volume for solar optics in CPV is estimated to
exceed 500 m€ in 2015. These optics will be nonimaging
Fresnel lenses in large-area Fresnel lens parquets of highest transmittance. Traditional optics makers do not produce
such lens parquets as they have specialized on other materials, processes and small size units. There are 5 companies
worldwide producing Fresnel lenses for CPV. Concentrator
Optics is the only company supporting both processes
Page 126
Dr. Ralf Leutz
Rainer Adomeit
CPM Compact Power Motors GmbH
Energy Efficiency & Reduction of Emission
Profile
Number of employees
Equity (in m€)
2008
15
n/a
n/a
n/a
n/a
0.65
1.0
3.5
• Far East markets with already large sales volumes of gasoline powered and electric two-wheelers such as China
and India
With a strong network of experienced professionals, development associates and manufacturing partners, as well as
leading investor support from the “Cleantech” sector, CPM
is a flexible, reliable and innovative partner for electrical
drive solutions.
Contact
Contact person
Phone
E-mail
Website
Address
MBA Christian Kasten
+89-(0) 2 87 24 68-52
c.kasten@cpmotors.eu
www.cpmotors.eu
Feringastr. 11
85774 Unterföhring
Germany
Nico Windecker
Christian Philip Kasten
Business Field
Management
CPM develops and manufactures the world’s most efficient
and compact drive solutions – all “Made in Germany”. Our
compact, high-performance drive units couple a brushless
synchronous motor with a fully integrated control unit, provide powers ranging from 500 W to 100 kW and are particularly well suited for all types of vehicle and battery-driven
applications as well as for all energy recovery tasks.
Dr. Ing. Thomas Leiber, Aerospace & Electrical Engineer,
Founder and Chairman
Nico Windecker, Attorney, Founder & CEO
Dipl.-Ing. Thomas Simonis, Electrical Engineer, Head of R&D
Christian Philip Kasten, MBA, CFO
Lead Investor Munich Venture Partners with Co-Investor
KfW, Environmental Technologies Fund (UK), IP GATE AG
Zurich, Nico Windecker, Founder
CPM offers fully integrated drive train systems, particularly
in the fields of electric two-wheelers and auxiliary power
units such as AC compressors and pumps.
CPM sales activities are focussed on two main geographical areas:
• European countries with established, high volume two
wheeler market and relatively high price levels
Curetis AG
Medical Technology
Business Field
Profile
Number of employees
Equity (in m€)
2007
30
6.7
10
2
Molecular Diagnostics / Med Tech
Curetis develops the Unyvero platform and solution to
diagnose acute infectious diseases by identifying pathogens as well as antibiotic resistances.
The first product application is for the diagnosis of 17
pathogens and 22 antibiotic resistance markers for pneumonia in hospitalized patients.
Clinical Trial stage company with a proprietary platform with
unmatched multiplexing capabilities.
Contact
Contact person
Phone
E-mail
Website
Address
Dr. Oliver Schacht
+49-(0) 70 31-4 91 95-12
oliver.schacht@curetis.com
www.curetis.com
Max-Eyth-Str 42
71088 Holzgerlingen
Germany
Curetis is building a marketing and sales organization for its
home markets in Germany, Austria and Switzerland (DACH)
and will rely on distributors and strategic partners to commercialize the Unyvero solution globally.
Management
Oliver Schacht, CEO
Andreas Boos, CTO
Johannes Bacher, COO
Anne Burger, CFO
Raised over 27 m€ of capital from top European VC investors (aeris Capital, LSP Life Science Partners, BioMed Partners, CD-Venture, KfW). Several private angel investors.
Series A financing completed
Oliver Schacht, CEO
Page 128
Johannes Bacher, COO
Curetis targets an additional financing round in late 2011 to
fully fund our clinical trials in EU and USA towards an FDA
approval.
Cytolon AG
Biotechnology
Profile
Number of employees
Equity (in m€)
2008
15
2.8
5.0
2013
1.5 (e)
Cytolon is now working on the next generation of platform
technology for “distributed inventories” as an approach to
include and match additional stem cell products via donor
registries or inventories of the pharmaceutical industry. In a
strategic deployment, the company sees an opportunity for
a second innovative matching product. Cytolon will adapt
its proprietary IT-platform to enable more efficient and
effective partnering and acquisitions between players in
drug development. Cytolon’s objective is to be the world’s
first trusted source for partnering opportunities on the web.
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
Thomas Klein, CEO
Business Field
Management
Cytolon AG is a private company based in Berlin, Germany,
that develops and operates proprietary, global, internetbased brokering platforms to address challenges of personalized medicine and innovative drug development. The
company’s first product is the patent-pending CordMatch®
platform which was developed to enable the matching of
available cord blood units to Leukaemia patients requiring a
transplant. This market is the first existing market of personalized medicine.
Thomas Klein, Founder & CEO of Cytolon AG. He focusses
on the company’s strategy, business development and
marketing of the matching platform CordMatch®. With more
than 20 years of professional experience as an entrepreneur, he has a proven track record in biotechnology and IT.
Dr. Jeanette Libera-Körner, Biophysics, MBA – Vice President Research & Development
Isabel Feys, MBA – Vice President Partnering
Ralf Schliehe-Diecks, M. Sc. – Vice President IT Systems
With CordMatch® Cytolon provides solutions and services
for today and the future, so world-wide transplant centers
(TC) and physicians can talk actively and effectively to
world-wide cord blood banks (CBB), registries, industry
partners and service providers.
5 m€ for strategical imperative investment, Dr. Jürgen
Schumacher, Co-Founder of QIAGEN AG, further investors
are family funds in Switzerland and Germany as well as KfW
Bankengruppe.
Deutsche Revo AG
Bank in Gründung
Other Banks
Profile
Number of employees
Equity (in m€)
1998
6
1
15
1998
153
147
2
175
Contact
Contact person
Phone
E-mail
Website
Address
Dr. Uwe-Peter Hastedt
+49-(0) 61 73-60 77 681
uwe.hastedt@mhb-gruppe.de
www.deutsche-revo.de
Hauptstr. 332
65760 Eschborn
Germany
Working capital management is a market of the future
having enormous potential in terms of business and yields.
Target customers will be the premier small to medium sized
companies with a turnover ranging from 10 m€ to 1 bn€.
Deutsche RevoBank is aiming for a business volume of
1 m€ in the medium term. As a result of the emphasis placed by Deutsche RevoBank on working capital it has a unique selling proposal within the banking sector. The focus
will be on the areas of inventories and commodities, where
a substantial competitive advantage exists. Deutsche
RevoBank will revolutionize working capital management
because it optimizes and finances it at the same time.
Management
Dr. Uwe-Peter Hastedt, initiator and CEO of the Deutsche
Revo AG, jointly founded the MHB-Group and as the managing business partner built it up to a successful specialist
provider for working capital for small to medium sized
companies in Germany.
Business Field
Deutsche Revo AG is taking a completely new approach to
financing working capital (inventories, goods, accounts
receivable and tangible fixed assets). Innovative solutions
for working capital will be combined with the financial
power of a bank. Deutsche Revo AG has applied for a full
bank license and in the future will operate as the Deutsche
RevoBank. The start of business operations is planned for
2012. In the role of supplier and customer, Deutsche RevoBank is a part of the supply chain. The company brings
classic trading and service functions and combines these
with typical banking activities such as financing services.
The advantage for the customer is reduced capital commitment, increased liquidity, as well as improvement of ratings.
Deutsche RevoBank is a spin-off of the MHB-Group which
since 1998 has successfully provided innovative working
capital solutions for businesses with annual volumes of up
to 300 m€.
Page 130
Dr. Uwe-Peter Hastedt, CEO
Deutsche Revo AG has a share capital of 1 m€, totally
owned by the MHB-Group. A current increase in equity of
15 m€ for the formation of the bank (14 million NPV shares
at 1.10€) is required. Anticipated yield 8-14% p.a. additionally increased by capital appreciation of the shares.
Preferably Deutsche Revo AG is looking for investors with
2 m€ or more.
evidanza GmbH
Software
Profile
Number of employees
Equity (in m€)
2004
45
1.672
5
2012
3.314*
3.105*
3.8
7.2
Management
Thomas Gross, CEO and Founder, responsible for development, marketing and sales.
Günter Meier, CEO and Founder, responsible for finance
and administration.
Contact
Contact person
Phone
E-mail
Website
Address
evidanza is the leading platform manufacturer for companies that rely on Microsoft technologies in the client and/or
infrastructure area. evidanza’s target market is the (upper)
middle class, the Microsoft Dynamics market, defined
branch markets and for the future the “Small and Small
Middle” market by using Cloud and App solutions.
Thomas Groß and Günter Meier
+49-(0) 9 41-78 49 44-31
g.meier@evidanza.de
www.evidanza.de
Haupstr. 27
90562 Heroldsberg
Germany
* 2009 revenues include consulting business revenues, 2010 from July onwards revenues are without revenues of consulting business (after sale of
consulting business)
Business Field
evidanza is a software developer for Business Intelligence,
Corporate Performance Management, GRC (Governance,
Risk & Compliance) and Business Process Management
solutions. The software solutions are based on a proprietary
software framework (platform). This framework supports
SaaS/AaaS, as well as cloud-based software architectures
and innovative licensing models, such as App Solutions.
evidanza’s software solutions do not only cover all the
functional requirements of controlling, but even more optimize all business processes regarding information and
communication within companies. Thus the classic business intelligence approach will extended by two key areas:
enterprise management (controlling) and business process
management.
Thomas Groß, CEO
Günter Meier, CEO
The company faces continuing growth and will require capital for internationalization and for the marketing of SaaS
and cloud-app solutions. In addition to the two founders,
investors are the S-Refit, the KfW and the BayBG.
finocom AG
Profile
Number of employees
Equity (in m€)
2007
14
0.610
2
-
Contact
Contact person
Phone
E-mail
Website
Address
Peter Nowack
+49-(0) 2 21-9 99 98 56-21
peter.nowack@finocom.de
www.placetel.de
Merowinger Platz 1
40225 Düsseldorf
Germany
Due to increasing bandwidth and modified needs in communication behaviour, business customers are now deciding
more and more on hosted phone systems. In the private sector, VOIP-technology is already gaining in popularity. Also in
business fields there are great potentials for cloud telephony
in the core target group – enterprises with 5-100 employees
(around 2.5 million). 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, as well as
a highly scalable telephony platform, an online sale and distribution approach and fully owned technology: Placetel.de
works with marginal costs which results in savings for its
users. Placetel.de offers hosted phone systems in two versions. Placetel FREE offers complimentary range standard
services. Placetel PROFI provides premium features and
support with a wider scope of services for a limited fee.
Placetel.de is proud to be the winner of the “Mittelstandspreis
2011”, underlining 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 enterprises through its product Placetel.de.
This business voice solution is based on a self-developed
and highly scalable telephony platform. Business customers
are able to obtain their complete phone system from the
Placetel cloud offering, without the costly investments of a
traditional hardware telephone system. In this way, clients
benefit from a “pay per use” business model, which enables an effective resource management. Business customers
can upgrade or downsize their hosted phone system according to their individual needs and only pay for the used telephony services. In addition to the dramatic reduction in
costs, customers also profit from a wide range of unified
communication and collaboration services which work more
efficiently in the daily business environment. More than
5,000 SMB customers use Placetel today with a staggering
number of new customers registering every day.
Page 132
The managing board of the finocom AG consists of: Peter
Nowack, CEO), Kamran Hedjrat, CTO, Italo Adami, COO,
and Markus Haas, CFO.
Peter Nowack, CEO
Markus Haas CFO
The finocom AG is funded by KfW, Platinum Ventures, Sirius
Ventures Partners and Vilitas. To strengthen its market
leadership and international reach, finocom AG regularly
reviews potential strategic partners and investors.
friedola TECH GmbH
Profile
Business Field
Number of employees
Equity (in m€)
2004
300
16
10
2011
33
45
55
65
Automotive and packaging
Strategic market position
Leading position in the field of lightweight boards
Leading position in the field of lightweight boards
Contact
Contact person
Phone
E-mail
Website
Address
Christoph-Helmut Holzapfel
+49-(0) 03 60 82-4 72 25
christoph.holzapfel@friedola-tech.de
www.friedola-tech.de
Ershäuser Str. 4
37308 Geismar
Germany
Christoph Holzapfel, CEO
Werner Eisenhardt, CFO
Management
Christoph-Helmut Holzapfel, CEO
Werner Eisenhardt, CFO
Mario May
Management 10%
Wheb F Tech 90%
For growth in the markets of North America and Asia.
There is a need for funding of 20 m€.
froodies GmbH
Food
Profile
Business Field
Number of employees
Equity (in m€)
2009
6 VZ, 45 TZ
0.1
1.5
0.034
0.3
0.7
3.1
Contact
Contact person
Phone
E-mail
Website
Address
Ingo Bohg
+49-(0) 2 11-26 00 85-62
ib@froodies.de
www.froodies.de
Worringer Platz 14
40210 Düsseldorf
Germany
froodies is an online grocery shop with a personal same day
delivery service in selected major german cities and a national and international shipping service.
froodies started its online grocery business in March 2009
as one of the early movers in the German market. The
online grocery market in Germany has recently been in
vogue by new start-up companies and big grocery retailers
as REWE und Metro. As one of the few established companies in the market, froodies has established an outstanding
webshop (www.froodies.de) with efficient logistics, a huge
number of regular customers and a quick growth both in
new customers and revenues. froodies does not build up
and control own warehouses, but instead co-operates mit
local retailers from EDEKA where out-of-store picking and
personal home delivery is organized and executed by
froodies employees. This business modell and concept is
currently unique in the German market.
Management
Ingo Bohg, responsible for marketing und online products
Lutz Preußners, responsible for assortement, expansion
and operations
To realize expansion into all major German cities, the company seeks for a series A financing round with a volumne of
1.5-2.0 m€ in March/April 2012.
Lead investors: Sirius Venture Partners, High-Tech Gründerfonds
Ingo Bohg
Page 134
Lutz Preußners
healthy planet
Food
Profile
Number of employees
Equity (in m€)
Business Field
2012
10
0.25
2.75
2012
0.3
0.9
Organic ice cream & sorbets
Fully sustainable product and service portfolio, including
city stores and solar powered production facilities.
Products are 100% organic, fair trade, gluten-free and
highly desirable.
Management
Contact
Contact person
Phone
E-mail
Website
Address
Approved management. 20 years experience in company
development, leadership and product design.
Guido Jörg
+49-(0) 6 11-7 24 93 76
gj@healthyplanet.de
healthyplanet.de
Wandersmannstr. 68
65205 Wiesbaden
Germany
3 m€ for production facility, machinery and PV
Page 136
ibidi GmbH
Biotechnology
Profile
Number of employees
Equity (in m€)
2001
27
1.099
4,000
2008
2.216
2.648
2.800
3.100
Management
Managing Directors:
Dr. Valentin Kahl, Production, Finances, Organisation
Dr. Roman Zantl, Sales, R&D
Contact
Contact person
Phone
E-mail
Website
Address
There are three relevant markets for ibidi:
Segment 1: Scientists in the academic field. (Total: 8 bn€ in
2010 / 25 m€ relevant for ibidi).
Segment 2: Scientists in industries (Total 6 bn€ in 2015 /
200 m€ relevant for ibidi)
Segment 3: cell-based diagnostics (9 bn€ / 2011)
Dr. Valentin Kahl
+49-(0) 89-5 20 46 17-14
vkahl@ibidi.de
www.ibidi.de
Am Klopferspitz 19
82152 Martinsried
Germany
Business Field
ibidi is a leading supplier for functional cell-based assays
and advanced products for cellular microscopy. ibidi is
located in Martinsried, Germany, close to Munich. The US
headquarters, ibidi LLC, is located in Verona, WI, near
Madison.
Dr. Valentin Kahl
Dr. Roman Zantl
Our mission is to enable our customers to achieve outstanding success and breakthroughs in life sciences, pharma,
biotechnology and medical diagnostics. We thereby are
helping to make improvements in life possible.
Privately owned company. Founders are still holding 65%.
Renewable Energies
Profile
Number of employees
Equity (in m€)
2007
270
4.0
30-40
2010
22.5
61.6
>50
>60
range has been continuously expanded to include system
components and photovoltaic project planning services.
The Inventux Solutions GmbH has already completed turnkey photovoltaic plants with a cumulated volume of over
5 MWp. In 2010, Inventux has marketed 40 MWp and
achieved an annual turnover of 61.6 m€ and positive
EBITDA and EAT. Inventux has developed a broad range of
proprietary technology, know-how and IP. It has developed
its own back-end production line and operates independently from turn-key equipment providers. Full capacity
utilization and constant improvement of production
processes have led to competitive production costs with
the potential to further reduce costs.
Contact
Management
Contact person
Phone
E-mail
Website
Address
Oliver Rothe
+49-(0) 30-62 64 06-0
oliver.rothe@inventux.com
www.inventux.com
Wolfener Str. 23
12681 Berlin
Germany
Business Field
Inventux Technologies AG is a Germany-based developer,
manufacturer and distributor of silicon-based micromorph
thin-film solar modules focussed on the residential and commercial scale rooftop market. Inventux was founded by the
current management team in 2007 and is headquartered in
Germany which is also home to the Company’s main manufacturing facility. Inventux has built a European distribution
network with local presence in the core markets of Germany, Italy, France, Great Britain, Spain and South Europe. In
2010 Inventux has built up its own project business company offering turn-key photovoltaic plants.
Inventux markets its products directly to installation companies and developers and focusses in particular on the residential and commercial rooftop market. Inventux’ product
Page 138
Inventux relies on a
highly experienced
management team
with a long-term
track record in solar and a proven
ability to develop
within 18 months a
start-up idea into a
Oliver Rothe, CFO
Roland Sillmann, CTO
successful revenue
generating company with 270 employees. Inventux has fully implemented a
Management Information System and an SAP ERP-System
and has four testified annual financial statements. In 2009,
Inventux received ISO 9001 certification. Prerequisites for
growth have been put in place.
Inventux has a concentrated shareholder structure. Shareholders comprise the executive board the management
team, Capital Stage AG and Conetwork Erneuerbare Energien Holding GmbH. Inventux plans to further expand production with the addition of another 120 MW solar module
line to increase overall capacity to 150 MW. Total invest
volume is about 130 m€. This expansion step will reduce
production costs of the solar modules to below 0,5 €/Wp
further strengthening Inventux` competitiveness.
Jedox AG
IT-Services
Profile
Number of employees
Equity (in m€)
2002
70
1,5
k.A.
-
In the market segment of database and planning systems,
Jedox is (according to the actual BARC BI Survey) the most
innovative vendor with the lowest total costs, the highest
business achievements rate, the fastest realtime analysis
and the best support quality.
Currently more than 70 employees are working for Jedox.
The headquarters are located in Freiburg, subsidiaries exist
in Frankfurt, Hamburg and Paris. Furthermore over 50 partner companies are selling the Jedox products in Europe,
the APAC area and in North and South America.
Contact
Contact person
Phone
E-mail
Website
Address
Jochen Lachnit
+49-(0) 7 61-1 51 47-2 42
jochen.lachnit@jedox.com
www.jedox.com
Bismarckallee 7a
79098 Freiburg
Germany
Business Field
Jedox is a worldwide leading vendor of in-memory-based
Business Intelligence Systems. Jedox is the pioneer in
using parallel processors (GPUs) for in-memory OLAPservers and with that provides an advantage in speed that
is up to 100 times higher than comparable systems offered
by IBM, SAP or Microsoft.
The software is available as an open source as well as a
premium version and is used by more than 10,000 companies worlwide. The increase in sales of the last years has
always been in the range of 50% (exception 2009: 15%). In
the first half of 2011 a growth of more than 70% could be
realized.
Kristian Raue, CEO
Jochen Lachnit, Vice President Finance
Management
Kristian Raue, CEO and Founder
Matthias Krämer, CTO
Bernd Eisenblätter, COO (Sales & Marketing)
More information online:
www.jedox.com/en/about-jedox/management.html
No acute funding needs, possible funding need in a range
of 5 m€ to accelerate international growth.
JPK Instruments AG
Nanotechnologie
Profile
Business Field
Number of employees
Equity (in m€)
1999
70
2
2004
8
10
12
-
Established in 1999, JPK Instruments AG is a leading
manufacturer of nano-analytical instruments on a global
scale. These instruments enable access to previously
unavailable levels of nanotechnology. The product portfolio
includes systems for a wide range of applications in the
areas of physics, chemistry and biology. JPK products are
especially applied in the research of surfaces, materialproperties and also nano-optics.
Contact
Contact person
Phone
E-mail
Website
Address
Frank Pelzer
+49-(0) 30-5 33 11 20 72
pelzer@jpk.com
www.jpk.com
Bouchéstr. 12
12435 Berlin
Germany
Several times in the past years, Deloitte has named JPK as
the fastest-growing company in the sector of nanotechnology in Germany. The company commands a market
share of more than 50 percent in Germany. JPK instruments
are utilised in the most prestigious research institutes from
all over the world and will also be used by industrial companies in the future. The headquarters of JPK Instruments AG
are located in Berlin, with branches in Dresden, Cambridge
(UK), Paris, Tokyo and Singapore. Furthermore the company maintains a global distribution network.
Management
Management consists of the founding team and has many
years of experience and a high level of know-how in the
area of technology.
Frank Pelzer, CEO
René Grünberg, CFO
Torsten Jähnke, CTO
Jörn Kamps, COO
Main shareholders/funding requirements.
Management is the majority shareholder.
From left to right.: Torsten Jähnke (CTO), Frank Pelzer (CEO), Jörn Kamps
(COO), René Grünberg (CFO)
Page 140
Biotechnology
Profile
Number of employees
Equity (in m€)
Management
2002
19
0.8
1.5
0.1
0.03
0.1
1.0
Contact
Contact person
Phone
E-mail
Website
Address
Dr. Michael Lutz
+49-(0) 9 41-6 30 91 97-2
michael.lutz@lophius.de
www.lophius.de
Josef-Engert-Str. 13
93053 Regensburg
Germany
Lophius Biosciences has a very experienced management
team with proven expertise in the biotech and diagnostic
space. Dr. Michael Lutz as CEO has a well documented
track record with respect to build-up of small to medium
sized biotech companies. Additional management members include:
Dr. Ludwig Deml, CSO
Sabine Wahlländer, Head Sales & Marketing
Dr. Marcus Hämmerle, Head Technical Operations
Dr. Karl Kleine, Head Quality Management
Dr. Nadja Prang, Head Business Development
Dr. Kornelia Schlombs, Project leader Molecular Biology
Dr. Sascha Barabas, Project leader Cell Biology/Immunology
Business Field
Lophius Biosciences develops and markets innovative
T-cell-based diagnostic tests for diagnosis and therapy
control in the areas of transplantation, infectious and autoimmune diseases. The tests are based on two proprietary
technology platforms.
Dr. Michael Lutz, CEO
Lophius Biosciences intention is to become one of the
leading T-cell-based diagnostic products based on its
proprietary technology platforms with a particular focus on
Europe.
Currently Lophius is strongly supported by local investors
such as S-Refit (Lead Investor), High-tech Gründerfonds
and Bayernkapital. The company has a financing need of
about 1.5 m€ until break-even mid 2013.
Maxidor (Pty) Ltd
Manufacturing
Profile
Number of employees
Equity (in m€)
1985
300
2.5
30
2002
12
12.1
12.2
12.8
sales engineer will assess the clients need and we will manufacture the custom made products to the specific customers physical security barrier needs. We have a number of
patents and registered designs. We have an apetite for custom solutions and are experts at product development. We
are regarded as the experts in our field.
Management
Miklos Hegyi, Executive Director
Adv. Tinus E. Lotz, Legal
Tertius Venter-Davies, Executive Director
Renier Martin, Finance
Contact
Contact person
Phone
E-mail
Website
Address
Mr Miklos Hegyi
+27-(0) 11-2 84-30 00
miki@maxidor.co.za
www.maxidor.com
16 Arnold Street Alrode
1451 Johannesburg
South Africa
Miklos Hegyi
Adv. Tinus E. Lotz
Renier Martin
Business Field
Maxidor is in the business of marketing, sales, manufacturing and installation of physical security barriers. We have
two manufacturing factories in Johannesburg, two in
Durban and one in Cape Town South Africa. We also have a
branch in Pretoria and a world class Call Centre in Johannesburg. We are sales and marketing experts and have
developed an acute ability to target our market. We advise
clients on their security needs and manufacture custommade solutions from our range of products. We have
developed a successful sub-assembly franchise model in
Africa and have a network of franchises and agents.
Maxidor markets its range of expandable barriers, fixed
window grilles, swing gates and roller shutters to domestic
homes as well as commercial and industrial applications. A
Page 142
Maxidor has a well developed sub-assembly distribution
strategy. The strategy has been implemented successfully
in the factories in Cape Town and Durban as well as franchisees in four locations in South Africa and outside of
South Africa in Ghana and Zimbabwe. This successful
concept as well as the product range is well developed and
ready for massive expansion. Maxidor has the logistical
(Call centre in Johannesburg) and manufacturing infrastructure. Capital is required to expand this concept into the rest
of South Africa, Africa, South America (Brazil) and Europe.
Worldwide people are under threat in their homes and
places of work. This market is growing. Maxidor has had 25
years of experience in South Africa providing these
solutions to individuals, families and companies. These
principles, strategies and products have been tested and
are ready to be implemented worldwide.
Multi-Utilites
Profile
Number of employees
Equity (in m€)
2010
12
2
5
2011
0.0
0.0
2.2
12.5
Contact
Contact person
Dr. R. Gerald Bailey
Phone
+1-(0) 83 22 89 53-12
E-mail
rgbailey@baileyhouse.com
Website http://mcwenergygroup.com/oilsandsllc.php
Address
334 Main Street, Suite 101
E4P 2E Shediac, New Brunswick
Canada
To date, the Utah oil sands areas have not been developed,
mainly due to America’s reliance on foreign oil imports, and
the fact that until now, an effective technology has not
emerged to safely extract oil from oil sands materials. MCW
Oil Sands Recovery, LLC is planning the development of its
Asphalt Ridge oil sands lease with its unique, environmentally-friendly, proprietary technology with impressive hydrocarbon extraction levels (up to 99%), utilizing benign solvents within a closed-loop system, resulting in no greenhouse gases and oil extraction at commercially viable production costs. The technology requires no water during the
process, and no high temperatures or high pressures are
needed. It is scalable and extremely mobile, and the technology works efficiently on a wide range of oil and sediment
types (both water-based and oil-based). The technology is
highly profitable, especially during the current high oil price
ranges. Due to its outstanding oil sands recovery technology, MCW Oil Sands Recovery, LLC believes it has the keys
of technology expertise and the capability to open vast oil
sands resources to production. The timing for the development of America’s oil sands deposits could not be better.
There is a new attitude in the U.S. Government about the
dependence on foreign oil and that America’s oil sands deposits should be developed.
Business Field
Management
MCW Oil Sands Recovery, LLC will produce and market oil
extracted from oil sands resources from its lease in Asphalt
Ridge, Utah. The Company is the sole owner of the Utah Oil
Sands Lease and possesses a proprietary oil sands extraction technology, which stands alone in the industry with
respect to environmental safety and efficiency. MCW Oil
Sands Recovery, LLC expects a rapid, profitable growth
with an excellent cash flow in a large market yearning for
domestic fuel sources.
America’s oil sands resources are primarily concentrated in
Eastern Utah. The Company currently owns the mineral
rights to 50+ million barrels of proven oil sands reserves in
the prolific Asphalt Ridge area.
Alexsandr Blyumkin, CEO,
R. Burk Adams, P.E., COO,
R. Gerald Bailey, CEO,
MCW Energy Group Ltd
R. Gerald Bailey
Planned Investment 5 m€; MCW Energy Group Ltd
Medicyte GmbH
Biotechnology
Profile
Number of employees
Equity (in m€)
2007
14
3
2
2013
0.1
0.1
0.5
technologies upcyte® and vericyte® enable to produce
novel types of healthy human primary cells which have not
been commercially available so far in scalable quantities and
of highest quality. Our lead product are standardized human
hepatocytes from different donors as the better alternative to
current in vitro ADME-Tox models. Medicyte is targeting the
fast growing markets for cells and cell systems as well as the
emerging multi-billion Euro market for regenerative medicine.
Medicyte has developed its innovative technologies to a proofof-principle stage in a variety of human primary cell types.
First revenues are generated from non-therapeutic licences
grants and R&D products (Liver, NK, Endothel etc.). Further
therapeutic applications for acute liver failure and bone regeneration are under development.
Contact
Management
Contact person
Phone
E-mail
Website
Address
Dipl.oec. Stefan Holder
+49-(0) 62 21-7 29 52-30
bd@medicyte.com
www.medicyte.com
Im Neuenheimer Feld 581
69120 Heidelberg
Germany
The Company is managed by a team with more than 60 years
of biotech, pharmaceutical industry and product development experience. Managing Directors: Dr. Joris Braspenning, Founder and CSO, Stefan Holder, Founder and CFO.
Business Field
Medicyte is a cell technology company specialized in the
controlled, scalable generation and standardization of
human primary cells. Medicyte’s vision is to establish its
unique and patent protected technology as a gold standard
and preferred source of human primary cells and human
cell-based products for research, industrial and therapeutic
applications. The Company has developed its innovative
cell proliferation technology ready for commercialization
and is now focussing on further market implementation of
new innovative cell products and ready-to-use kits.
Medicyte has developed a unique cell proliferation technology that forms the basis for novel cell-based research tools
and cell therapy products. Differentiated primary cells have
no or only limited proliferation capacities. Our proprietary
Page 144
Dr. Joris Braspenning,
CSO
Stefan Holder,
CFO
In a Series B financing round the Company intends to raise
a single-digit million Euro amount to continue the development of new products and prepare the path to further clinical applications. Of equal importance is the extension of the
production capacities as well as the expansion of the
marketing and sales activities.
Medicyte has previously secured funding from the Prinz von
Hohenzollern Capital, the KfW, from a business angel and
from public grants.
Metasonic AG
Software
Profile
Number of employees
Equity (in m€)
2004
45
8.583
ca. 10
0.927
1.95
3 to 6
6 to 12
Contact
Contact person
Phone
E-mail
Website
Address
Intelligence (rapidly making the right decisions), Real Resilience (being prepared for the unexpected), Real Enterprise
(fulfilling tasks as soon as they are needed) and Real Return
on Invest (fast and high ROI).
That`s Metasonic reality. E.g. NEC Japan was able to increase
productivity by 70% in an implemented process. Additionally,
a significant reduction of implementation and changes costs
within the IT-department could be achieved. Metasonic considers NEC (Japan), Fiducia, FI-TS, AUDI, TESAT and SAP
Research as their reference customers. To this date Metasonic has partners in Japan, Singapore, the Russian Federation,
Austria, Switzerland, the Middle East and India.
Management
Herbert Kindermann
+49-(0) 84 41-2 78 10-1 00
herbert.kindermann@metasonic.de
www.metasonic.de
Münchner Str. 29 - Hettenshausen
85276 Pfaffenhofen
Germany
Herbert Kindermann, CEO, since Aug. 2009 sole Board
member, appointed in 2007. Prior to that member of the board
of IDS Scheer AG. Additional management positions with
COMSOFT GmbH, IBCS S.A. (Founder and CEO with subsidiaries in Germany, Czech Republic and Slovakia), acquisition
of IBCS by IDS Scheer in May 2001. Supervisory board: Dr.
Albert Fleischmann; MSC Computer Science; Chairman of the
Supervisory Board and Founder of Metasonic AG; Hansjoerg
Baur; Investment Manager; T-Venture Holding GmbH; Deputy
Chairman; Jürgen Hopfner; Investment Manager; BayBG.
Business Field
Development and Sales of a Software Solution for dynamic
Business Process Management, based on the idea of
S-BPM, developed and patented by Dr. Albert Fleischmann. Sole focus of Metasonic is the sales of licenses.
Consulting, as well as international sales, is done through
an international partner ecosystem.
Only with the Metasonic Suite it is possible to use a single
process model (identical for business and IT) to represent
the reality of the process 1:1, and execute the process
instantly. This is unique and revolutionizes Business
Process Management as it is known to date. This is achieved
by the method of subject-oriented BPM, which was added
as a new category to the Gartner BPM Hype Cycle in 2011.
Delivered value for our customers: Real Business
Herbert Kindermann,
CEO
Dr. Albert Fleischmann,
Chairman Supervisory Board
Main investors: BayBG: 7,61%, KfW: 17,52%, T-Venture:
45,17% Rest: management, founder, employees and small
investors – planned investment: Min. of 10 m€ for the ongoing internationalization in Asia, US, Europe and further
development of the software.
Micropelt GmbH
Profile
Number of employees
Equity (in m€)
2006
22
3
0.3
0.3
0.6
1.9
Contact
Contact person
Phone
E-mail
Website
Address
Fritz Volkert
+49-(0) 7 61-15 63 37-77
fritz.volkert@micropelt.com
www.micropelt.com
Emmy-Noether-Str. 2
79110 Freiburg
Germany
Millions of thermostatic heating valve actuators can be
operated from only one 6 mm^2 chip. Wireless sensor is
used as monitor or smart meter measuring temperature and
current consumption can be used from only 5 degree Celsius temperature difference. Home automation and building
technology applications offer huge potential with millions of
units per year – in Germany alone.
In the fast growing market of thermoharvesting, Micropelt
reached the highest level of industrialization, both in chip
mass production as well as application development.
Micropelts qNODE is the world’s first thermoharvesting based
wireless sensor. Many years of chip production know-how
and IP will secure it is significant competitive advantage.
Business Field
Micropelt develops and markets chip-size thermogenerators
that convert heat into milli-Watts of electrical energy. The products are manufactured on semiconductor-type mass production lines that will start its roll-out in early 2012. Economies of scale have been the driving force behind a scalable
product business model, which allows broad market penetration from industrial and commercial to the point of cost sensitive consumer applications. Increase in energy efficiency and
better resource utilization does require more and more monitoring and control of processes and facilities. Wireless sensors and actuators e.g. control heating, cooling and energy
transport and distribution. One of the biggest hurdles is the
limited lifetime of batteries when used as power supply. And
wiring cost in existing buildings and facilities can be a prohibiting factor. Micropelt products solve these problems
through recycling of waste heat as an infinite, maintenance
free, “deploy-and-forget” power source at minimum cost.
Page 146
Fritz Volkert, CEO
Oliver Keilhack, CFO
Management
Founder and CEO Fritz Volkert spend 15 years in the international semiconductor business;
Co-founder and CTO Dr. Joachim Nurnus (Dr. Ing) is a high
profile and leading scientist in thermoelectric since 10 years.
CFO Oliver Keilhack has 15 years international experience
in financing of start-ups und blue chips.
3 m€ to be provided to fund launching cost and expansion to
break-even in 2013; SHS Venture Capital; KFW; L-Bank
Baden-Württemberg; Goodvent; Management GbR.
mimoOn GmbH
Software
Profile
Number of employees
Equity (in m€)
2006
50
1.4
6.0
0
1.0
2.3
3.0
7.0
Brian Meads, VP Sales & Marketing, previously with
TTPCom, Ericsson, 15 years of Sales & Marketing Expertise,
Jan Westmeier, VP Engineering, previously with Nokia,
Ericsson, Headed the LTE pioneering team @ Nokia, Willem Mulder, VP Standards & IPs, previously with Agere,
Lucent, Ericsson, 20 years of Wireless & Silicon Expertise,
Peter Walther, VP Business Development, previously with
TTPCom, TI, 7Layers, 25 years of Wireless Expertise, René
Kantehm, VP Finance, previously with IKB AG and West LB
banks, 8 years in financial control
Contact
Contact person
Phone
E-mail
Website
Address
Prof. Dr.-Ing. Thomas Kaiser
+49-(0) 2 03-3 06 45-00
travel@mimoon.de
www.mimoon.de
Bismarckstr. 120
47057 Duisburg
Germany
Thomas Kaiser, CEO
René Kantehm
Business Field
Software licensing (upfront fee & royalties or one-time payment; evaluation, development or manufacturing license)
Investors: NRW Bank Venture Capital, Enjoy Venture, KfW,
HTGF, Vivieris, Aumenta
Market:
Focus is the LTE Software market (no application software)
Volume is greater than 1 bnUS$
Market entry is achieved, products are shipping
World leading chip and IP core partners
Management
Thomas Kaiser – CEO, Founder of mimoOn GmbH, 10
years of MIMO Expertise, Matthias Wesseling – CTO,
previously with Siemens, BenQ, 15 years of SDR Expertise,
mitcaps GmbH
Profile
mitcaps delivers its service portfolio on an individual
basis and scalable to the customer needs.
Number of employees
Equity (in m€)
2007
18
1.9
2010
1.26
3.1
4.5
6.9
Contact
Contact person
Phone
E-mail
Website
Address
Wilfried Röttgers
+49-(0) 61 31-9 50 19-10
info@mitcaps.de
www.mitcaps.de/
Mombacher Str. 40
55122 Mainz
Germany
Further services like consulting, Internet security, convergence solution, and overall IT services complete the portfolio.
mitcaps is the only virtual network operator focussing only
on the international operating mid-sized market in Germany
offering this individual combination of services on a worldwide basis. All vertical market sectors can benefit from
mitcaps service which is individually designed for each
customer. With the mitcaps’ technology, carriers and
service partners can extend their global reach beyond their
own footprint.
Management
Wilfried Röttgers, CEO & Founder
Michaela Pfeifer, CFO, Head of HR & Project Management
Ingo Kemper, Head of Engineering & Operations
Harry Boele, Investor Relations
Business Field
mitcaps GmbH – located in Mainz – is a virtual network
operator (VNO). As a VNO, mitcaps provides managed
data network services worldwide to medium-sized
companies and ensures their secure transfer of data and
VoIP communication based on state-of-the-art technologies from MPLS, Ethernet, IPSec, SDH to LTE.
mitcaps contracts the capacity of lines from various
telecommunication and service providers, merges the
sub networks to one homogeneous and optimized VPN
solution and enriches them with first class value-added
services.
The customer benefits from our special service features
such as single sourcing, billing, contract and inventory
management, monitoring through a single point of
contact. Through flexible and transparent business processes mitcaps always “delivers profit” to its customers.
Page 148
Wilfried Röttgers, CEO
Investors: W. Röttgers, KfW, ISB, GPV Investment, Ltd
MOBILES REPUBLIC
Publishing & Printing
Profile
Number of employees
Equity (in m€)
2008
15
3
-
Contact
Website
Address
www.mobilesrepublic.com
Imm P / Bureaux du Lac II /
Rue Robert Caumond
33049 BORDEAUX
France
Mobiles Republic products capitalised on 3 trends : a) It has
never happened before in the history of civilisation that so
many people spend so much time reading so many news.
b) As any other type of content such as videos and music,
news will follow delinearisation.
c) The application eco system, based on his success on
mobile and tablet is going beyond reaching TV & PC.
Management
Gilles Raymond: from 1998 to 2005 Gilles was the CEO
and Founder at In-Fusio, a mobile technology provider that
deployed on 50 million phones worldwide.
Thierry Vazzoler: CTO of the company. He was IT Project
Manager at the N°1 ecommerce website in France.
David Finch (UK ): Business development with experience
in mobile content and Internet solutions.
Jérôme Le Feuvre: worked in 8 countries on mobile operator related activities. Recently he was heading the mobile
entertainment activities at Orange France.
Todd Mc Kellar (USA) was head of Business Dev for Hiplogic.
Business Field
Mobiles Republic is an international mobile media group
offering personalized content driven by intelligent semantic
technology. News Republic, our first product, is a personalized news client/application for mobile, tablets and TV.
Powered by our unique semantic tagging technology platform, it enables the user to build their own news and
information portal based on 150 000 specific topics or tags
they define. Today, News Republic offers more than 10,000
full news per day, in five languages globally. Top 10 best
rated News Application in Europe & US, News Republic has
been in the top 10 Android News section in US & Europe for
the last 3 months. Our second product, Appy Geek, 3
months after launch is already in the top 10 of the News
section of the android market.
Gilles Raymond, CEO
In order to consolidate our position in Europe and US,
prepare our expansion in Asia, and go beyond mobile &
tablets, we are raising money.
Steel & Other Metals
Profile
Number of employees
Equity (in m€)
1996
400
10
100
1996
1.5
2
5
8
With our technique we could provide a variety of complicated shape and many surface treatment. Furthermore the
products can be magnetized in different direction of magnetization according to requests. Our technician could
design different magnetic applications according to customers’ applies.
Our R&D Center is dedicated to high-performance research
and development. The products are widely used in electric
automobile, wind generation, frequency conversion air
condition, nuclear magnetic resonance, CD-Rom drive,
vibrating motor, DC motor, linear motor, audio-systems,
sensor, apparatus and toys etc.
Contact
Contact person
Phone
E-mail
Website
Address
Zhengshan Sun
+86-(0) 1 50-22 09 54 10
sale-01@dechangciye.com.cn
www.magnets-china.com/
Qingshuipu Industry Zone, Zhenhai
315176 Ningbo
China
Our company has sales offices in Germany, USA, Canada,
Italy, Spain, India, Malaysia etc.
Management
Our company is a high-technology enterprise with research
& development ability and the permit of import & exporting.
And passed ISO-9001-2000 quality system certification.
Business Field
Ningbo Strong Magnets Co., Ltd. was established in 1996
and specialized in producing rare earth permanent magnets
and many kinds of magnetic application. The annual
throughput comes to NdFeB 1500 tons, SmCo 100 tons,
AlNiCo 500 tons, Ferrite 8000 tons.The rare earth magnets
are widely applied in auto industry, consumption electronics, wind generator, electric car etc. Since more than 98%
of the rare earth are supplied by China all over the world,
our company plays a key role as a top permanent magnet
manufacturer between the rare earth raw material supplier
and permanent magnet applicants.
The new manufacture workshop of our company will be
completed in October, 2011. On one hand, we are looking
for suitable partners who are in the area of rare earth
magnets application. On the other hand, we plan to invest
rare earth mine outside China.
Our company is one of the several manufactures in China
which is occupying the whole production chain between the
raw materal and applicable rare earth permanent magnets.
Page 150
Yuncheng Sun,
General Manager
Zhengshan Sun,
Investor Relations Manager
Novaled AG
OLED Technologie
Profile
Business Field
Number of employees
Equity (in m€)
2001
114
9.9
2011
8.3
11.2
-
Novaled AG is a world leader in the OLED (Organic Light
Emitting Diode) field and specializes in high efficiency long
lifetime OLED structures and is an expert in organic electronics. The company is known for its Novaled PIN OLED®
technology, its proprietary OLED materials and customized
OLED products and services. Novaled has developed long
term partnerships with major OLED producers in display
and lighting throughout the world.
Contact
Contact person
Phone
E-mail
Website
Address
Harry Böhme
+49-(0) 3 51-7 96-58 65
harry.boehme@novaled.com
www.novaled.com
Tatzberg 49
01307 Dresden
Germany
Novaled AG is a world leader in the OLED (Organic Light
Emitting Diode) field and specializes in high efficiency long
lifetime OLED structures and is an expert in organic electronics.
Management
Harry Böhme, CFO
Gildas Sorin, CEO
Gerd Günther, CMO
Gildas Sorin, CEO
Harry Böhme, CFO
Gerd Günther, CMO
TechnoStart, Crédit Agricole Private Equity, TechFund,
CDC Innovation, eCapital, KfW, TUDAG, Dresden Fonds,
Thomson
NTS Energie- und
Transportsysteme GmbH
Renewable Energies
Profile
Number of employees
Equity (in m€)
2006
7
2.5
10
-
NTS X-Wind plants will reach a capacity of utilization of approx. 90%. The reasons for the extremly high availibilty can
be seen in the fact, that wind is more continous and stable
at higher altitude and that kites start to operate at 2 m/sec
windspeed (common windmills start at 4.5 m/sec windspeed). Therefore the investment per kWh produced per
annum with NTS power plants will be at least three times lower than with today’s windmills.
Management
Contact
Contact person
Guido Lütsch
Phone
+49-(0) 30-88 72 09 03
E-mail
guido.luetsch@nts-transportsysteme.de
Website
www.nts-transportsysteme.de
Address
Kurfürstendamm 217
10719 Berlin
Germany
Uwe Ahrens, Technical Director: born
1953; “innovator of the idea”, Aerospace engineer (Dipl. Ing.), Founder
and long-standing CEO of aap Implantate AG, IPO with aap implantate AG in
2001; CEO of co.don AG; Committee
Chairman of innovation, technology
and industry of the Berlin Chamber of
Industry and Commerce, board member of the Gesundheitsstadt Berlin,
among others.
Uwe Ahrens
Business Field
NTS developed a patented and innovative wind power
plant to harness the enormous energy of wind at an altitude
of 300-500m/1.600 feet. The NTS-Concept assembles
well-known technologies to a unique and flexible wind
power plant which is able to produce baseload energy and
is suitable to almost any territory: Automatically steered
kites drag grounded cars running on a rail system in a
closed loop. A feasibility study for BMW (plant Leipzig)
showed that a NTS X-Wind-plant (speak: Crosswind) is at
least 3x more efficient than a common windmill, that the
capacity of utilization is approx. 90%, that X-Wind plants
are suitable to nearly any territory and that they can produce nearly basload energy for lesser costs than fossil fuels. Some figures: a common windmill has 1.900 fuel load
hours at Leipzig, NTS X-Wind plants 4.650! A test track of
400m has been established at northern Germany.
Page 152
Guido Luetsch, Managing Director:
born 1965; business administrator
(lic.oec, University of St. Gallen, Switzerland); 16 years of experience in
managing medium-sized companies
and project management for global
players (Kraft Foods, Volkswagen,
Schering AG).
Guido Lütsch
MAMA Sustainable Incubation AG (with cornerstone
investor 3M): 20%, KfW: 17,5%, Uwe Ahrens: 50,5%,
Guido Lütsch: 9%, Others: 3%. Round B: NTS is looking for
an investment of 13 m€ to finance a X-wind plant to generate
40 GWh/year. Subsidies are likely. Current investors will
invest as well.
Software
Profile
Number of employees
Equity (in m€)
1988
91
1.7
3.0
2005
4.6
5.4
6.5
10.6
Contact
Contact person
Phone
E-mail
Website
Address
Carsten Kraus
+49-(0) 72 31-1 25 97-1 25
ck@omikron.net
www.fact-finder.com
Habermehlstr. 17
75172 Pforzheim
Germany
Semantic Search is globally considered the next level of
search technology. Our invention, the probabilistic inference engine, allows a better understanding of ambiguous
human input, and thus produces even better search results.
We have chosen the online travel industry as our first target
market, as travel has a global revenue of 630 bnUS$ dollars
and is the largest single eCommerce segment.
Management
CEO Carsten Kraus co-founded Omikron in 1988 and set
up FACT-Finder in 2001. The research team is headed by
mathematician Emin Karayel. The Development and technical teams are lead by Siegfried Schüle, CFO Siegfried
Raisin joined in 2010. The sales force for Germany is headed by Mathias Duda, international business is developed
by Katrin Jähnke.
Business Field
FACT-Finder is an innovative technology for Search & Navigation in webshops. By using FACT-Finder, online shops
have measured to increase their revenue by 10-33%. We
provide FACT-Finder mainly in an SaaS model, over 70% of
our revenue is recurring.
Carsten Kraus, CEO
This year, we have finished a new semantic search technology, which finds its first application in the largest online
shopping segment: Travel.
51 of Germany’s top100 online shops, in total more than
1,000 online shops in 26 countries rely on FACT-Finder –
this makes us the European market leader with approx.
30% market share. Each month, FACT-Finder processes
over 300 million search queries, which is about 7% of
Microsoft Bing’s world wide volume.
Siegfried Raisin, CFO
The company is 100% owned by the founders and some
employees. Omikron intends to raise a significant amount
of equity, first to conquer 20% of the global travel portals,
then to generally roll out the revolutionary semantic technology globally.
Platin Delikatessmanufaktur GmbH
Food
Profile
Business Field
Number of employees
Equity (in m€)
2011
35
0.60
2.50
2012
0.00
0.00
1.00
10.00
Contact
Delicatessen for European Food Retail. Customerfocussed “White-Labels” are offered.
The German Anti-Pasti market is dominated by a few
producers. The “Platin Delikatessmanufaktur GmbH” is a
start-up in this market segment, which has taken over an
insolvent company, which was active in this market
segment since the beginning of the century.
Management
Contact person
Phone
E-mail
Website
Address
Michael Peter
+49-(0) 70 32-2 03-0
info@delikatessmanufaktur.com
www.delikatessmanufaktur.com
Bonner Str. 5
14197 Berlin
Germany
Michael Peter, Founder
Gordon Finlay, CEO (from 01.01.2012)
Markus Fauser
Planned 6.50 m€ new investment in East Germany in 2012
Now: production is located near Stuttgart/Tuebingen for the
new production we are looking for an investment with the
minimum volume of 2.50 m€
Markus Fauser
Page 154
Biotechnology
Profile
Number of employees
Equity (in m€)
2000
15
10.5
25
-
Contact
Contact person
Phone
E-mail
Website
Address
Dr. Martin Pöhlchen
+49-(0) 33 02-2 02 50-41
m.poehlchen@revotar.com
www.revotar.com
Neuendorfstr. 24 a
16761 Hennigsdorf
Germany
Revotar’s clinical pipeline is based on the lead compound
of Bimosiamose. The small-molecule active ingredient is
the world’s most developed selectin antagonist for respiratory diseases. As a pan-selectin antagonist, Bimosiamose
is directed at the various targets of the selectin family (E, P
and L selectin), which play a central role in the development, perpetuation and worsening of inflammatory diseases. Given its entirely new, selectin-antagonist active
principle, Bimosiamose represents one of the few promising therapy approaches that make a causal fight against
inflammatory pulmonary diseases possible. In addition,
Revotar’s pipeline consists of a new generation of selectin
antagonists in the pre-clinical stage, which were developed
using the company’s own technology platform (Rational
Drug Design).
Management
Dr. Martin Pöhlchen, CEO, former Pieris, MediGene, Tripos
Ludwig Felber, CFO, former Viscardi, Cowen, HVB
Prof. Dr. Wolfgang Meyer-Sabellek, CMO, former Charité,
AstraZeneca, Boehringer Mannheim
Business Field
Revotar is a privately owned biopharmaceutical company
headquartered in Hennigsdorf near Berlin, which specialises in the development of innovative drugs for the treatment of chronic and acute inflammatory diseases. The
research and development activities focus on anti-inflammatory small-molecule active ingredients for the treatment
of severe respiratory diseases with a high medical need and
an insufficient therapy. The two core areas of the clinical
product portfolio are chronic obstructive pulmonary
disease (COPD) and acute lung injury (ALI/ARDS). The
company pursues the development of its own therapeutic
projects until completion of clinical phase II in order to
supply attractive active ingredient candidates with clinically
proven efficacy and resilient, high sales expectations for
licensing out to pharmaceutical companies.
Dr. Martin Pöhlchen, CEO
Ludwig Felber, CFO
bmp, BFB Brandenburg, ANZ Nomineees, IBG, MVC
Pharmaceuticals
Profile
Business Field
Number of employees
Equity (in m€)
1991
600
52
1991
103
115
-
Contact
Contact person
Phone
E-mail
Website
Address
Dr. Michael Mehler
+49-(0) 3 83 51-76-59
mehler@riemser.de
www.riemser.com
An der Wiek 7
17493 Greifswald-Insel Riems
Germany
RIEMSER Arzneimittel AG is a mid-sized specialty pharmaceutical company that markets primarily branded specialty/niche products for the area of Human Rx Specialties.
The Company has a direct sales presence in Germany,
France and the US with a rapidly growing presence internationally, selling into more than 80 countries worldwide.
RIEMSER is an international specialty pharmaceutical company, focussed on attractive niches in selected therapeutic
areas with high medical need, blending hands-on Mittelstand-culture with top industry processes and standards,
thereby delivering sustained top-tier growth rates, driven by
targeted acquisitions, organic growth and geographic
expansion. Key strategic areas comprise oncology, dermatology, antiinfectives and oral surgery technologies.
Management
Dr. Michael Mehler, Chief Executive Officer, joined
RIEMSER in 2009. He has more than 20 years of industry
experience in leading pharmaceutical and biotech companies. Dr. Mehler managed worldwide successfully blockbuster and specialty/niche product portfolios.
Beatrice von Buchwaldt joined RIEMSER in 2011 as Chief
Financial Officer. She brings 25 years of experience in
senior finance positions in a broad spectrum of industries
ranging from consumer goods to finance to biotech/pharma/healthcare.
Dr. Michael Mehler, CEO
Page 156
Beatrice von Buchwaldt, CFO
59.4% of the shares are held by the Braun Family, founders
of the company. The remaining shares are held in equal
parts by General Electric Equity and TVM Capital.
Sana Kliniken AG
Healthcare
Profile
Number of employees
Equity (in m€)
Management
1976
22,483
413.2
1,254
1,484
-
Dr. Michael Philippi, CEO
Thomas Lemke, CFO
Jan Stanslowski, management board member HR
Dr. Markus Müschenich, management board member
Medicine
Financing requirements
The financing requirements comprise transactions and
investment.
Contact
Contact person
Phone
E-mail
Website
Address
Thomas Lemke
+49-(0) 89-67 82 04-1 15
thomas.lemke@sana.de
www.sana.de
Oskar-Messter-Str. 24
85737 Ismaning
Germany
Majority shareholders/Investors
Sana is owned by 31 leading private health insurance companies. The majority share-holders consist of the DKV (21,7%),
Signal (14,5%), Allianz Private (13,8%), Continentale (10,1%),
Debeka (10,1%), Deutscher Ring (4,2%), Barmenia (3,7%),
and other private health insurance companies (21,9%).
Business Field
Apart from the core business area which is the acute medical care at over 50 different hospitals, the Sana Kliniken AG
focusses on hospitals that specialize in the following key
medicines: cardiovascular medicine, orthopaedics and
neurology. Rehabilitation hospitals and retirement homes
complete their medical services.
Dr. Michael Philippi, CEO
Thomas Lemke, CFO
The Sana Kliniken AG is the number four among Germany’s
private clinic groups. It ranks among the top five private
European market leaders.
SemiLev GmbH
Semiconductors
Profile
Business Field
Number of employees
Equity (in m€)
2010
6
0.7
3
2014
0.4
SemiLev develops and markets Equipment Frontend
Modules (EFEMs) and sorters for wafer-handling in the
semiconductor industry. The heart of these products is a
proprietary technology platform based on contactless
bearings made practical for wafer-handling for the first
time. This constitutes a decisive step toward completely
contamination- and wear-free wafer processing in a chip
factory. Even energy- and data-transfer processes are
executed without contact.
Contact
Contact person
Phone
E-mail
Website
Address
Willi Rugen
+49-(0) 60 22-2 61-8 00
rugen@semilev.de
www.semilev.de
Industriering 7
63868 Grosswallstadt
Germany
SemiLev has entered the handling equipment market with a
new protected proprietary technology which gives the
company a clear USP. SemiLev’s products help its customers to significantly improve the yield in computer chip
production and reduce total cost for equipment ownership.
Management
SemiLev is lead by a high profile management team.
Willi Rugen (56), chief sales and finance officer, looks back
to 30 years management experience in sales and finance. In
his career he several times successfully built up and grew
new business units and lead larger entities with a multi bn€
business volume. Willi holds a Master degree in economics.
Dr. Ulrich Oldendorf (46), chief technology officer, started
his career as an assistant professor and then founded and
successfully developed a business in the field of mechatronics. Ulrich holds a PhD in mechanical engineering.
Willi Rugen
Page 158
Dr. Ulrich Oldendorf
SemiLev is seeking a funding commitment of 3 m€ for the
expansion of its sales and service organization, assembly
facilities and further R&D.
Biotechnology
Profile
Number of employees
Equity (in m€)
2004
33
7.9
15
1.6
0.6
0.4
1.9
Contact
Contact person
Phone
E-mail
Website
Address
Prof. Dr. André Rosenthal
+49-(0) 3 31-20 00-2 01
rosenthal@signature-diagnostics.de
www.signature-diagnostics.de
Hermannswerder 20a
14473 Potsdam
Germany
a focussed commercialization strategy targeting six key
metropolitan markets. The Company is currently evaluating
its regulatory and commercialization strategy in the United
States and has the potential to launch Detector C alone or
with a strategic partner as a laboratory developed tests
(LDT) in early 2013 or as a FDA-approved test in 2014.
Large market opportunity with significant growth potential;
Detector C is a game changing diagnostic product for early
CRC screening;
strong value proposition of Detector C will drive adoption;
deep pipeline of earlier stage product candidates to drive
long-term growth;
strong IP position provides competitive advantage and
creates barrier to entry.
Management
Prof. Dr. André Rosenthal, CEO
Dr. Rainer Kramer, CBO
Business Field
Signature Diagnostics AG is a molecular diagnostics company that discovers, develops and commercializes innovative
in vitro diagnostic tests to detect cancer at an early stage,
predict the prognosis of cancer patients and predict the
drug response of cancer patients. The Company’s lead product, Detector C, is best-in-class non-invasive blood-based
test for the early detection of colorectal cancer (CRC). The
CRC screening market remains largely underpenetrated
given the low compliance rates, and as such, the Company
believes the market has significant potential to grow with
the launch of Detector C. Signature intends to target the
non-compliance segment of the market and projects the
global market opportunity for Detector C to be approximately 5 bnUS$ by 2018. The Company projects its revenues in the US and Germany to reach 1.3 bnUS$ by 2018, representing 25% market penetration. The Company intends
to launch these products in Germany in early 2012 utilizing
Prof. Dr. André Rosenthal, CEO
Dr. Rainer Kramer, CBO
Financing need: 20 m€;
VC investors: 61%, private investors: 13%, management: 26%
SIRION BIOTECH GmbH
Biotechnology
Profile
Number of employees
Equity (in m€)
2006
11
2.3
2.5
2013
0.263
0.445
0.450
0.700
Contact
Contact person
Phone
E-mail
Website
Address
Dr. Christian Thirion
+49 (0)-89-70 09 61 99-15
thirion@sirion-biotech.de
www.sirion-biotech.de
Am Klopferspitz 19
82152 Martinsried
Germany
Today, most industrial and academic cell line development
is made in-house; such captive in-house development presents the main competition to SIRION BIOTECH.
With its focus and commitment, its vast technology platforms
and its long standing experience, SIRION BIOTECH’s Cell
Competence Center presents an attractive alternative for
clients to outsource such development for effectiveness and
efficiency. In addition, outsourcing as a trend is accelerating
to allow clients to focus on their core capabilities. As a consequence, leading European drug discovery companies like
Bayer and Merck are on SIRON BIOTECH’s client list and
entertain framework service agreements.
Management
SIRION BIOTECH was founded in 2006 by Dr. Christian
Thirion, a renowned expert in cell line development. He
serves as its Chief Technology Officer. Chief Operating Officer
is Dieter Lingelbach, a sales & marketing professional with
many years of leadership and management experience at
Roche Diagnostics/Roche Applied Science and MorphoSys.
Business Field
SIRION BIOTECH is a technology leader in the field of
functional gene analysis and cell models for basic research,
drug and compound development. The company serves
leading European and Japanese Drug and Biotech companies as a provider of latest technologies for them to advance identification of novel compounds and target validation.
SIRION BIOTECH has over the years developed vast virus
platform technologies that allow for effective knockdowns
and overexpression of target genes. With its proven RNAi
validation system, SIRION BIOTECH is able to achieve gene knockdowns of about 90% thus outperforming current
industry standards by multiples. In only 6 weeks SIRION
BIOTECH can provide for new custom-made cell pools.
With its set of skills and technologies, SIRION BIOTECH
contributes significantly to the shortening of pre-clinical development cycles.
Page 160
Dr. Christian Thirion
Dieter Lingelbach
SIRION BIOTECH is funded by Creathor Venture, Bayern
Kapital, KfW & HTGF. It seeks funding for further rolling out
its business model into the North American and Japanese
markets and to leverage its base technologies for related
ready-to-go high value products suitable for outlicensing.
SUNOVA AG
Renewable Energies
Profile
Management
Number of employees
Equity (in m€)
2008
25
1.8
10
2009
9
21
10
13
Werner Innerhofer, CTO (Chairman)
Werner Hillebrand-Hansen, CTO
Stockholders:
- Hans Steinbronn
- Werner Innerhofer
- Werner Hillebrand-Hansen
- Marino Fantin
- Hans-Dieter Broschwitz
Contact
Contact person
Phone
E-mail
Website
Address
Werner Innerhofer
+49-(0) 89-1 89 04 73-72
werner.innerhofer@sunova.eu
www.sunova.eu
Bretonischer Ring 11
85630 Gransbrunn
Germany
Financing requirement 10 m€:
Mezzanine capital for a solid equity base for development
of the SUNOVA Smart Energy business sector, investment
and operation of solar plants
Business Field
Solar power stations on industrial and commercial flat
lightweight roofs
SUNOVA is specialist for solar power stations on industrial
and commercial flat lightweight roofs. In the installation of
solar power stations, the company unites expertise in flat
roof and solar technology, using in-house-developed fixing
methods for solar generator and roof sealing.
USPs:
• Roof solar installation from a single source
• Flat roof compatible solar technology
• 20 years stability guarantee
Werner Innerhofer, CEO
Werner Hillebrand-Hansen, CTO
IT-Services
Profile
Number of employees
Equity (in m€)
2007
15
2
3.5
2012
0.25
1.0
0.6
3.0
Contact
Contact person
Phone
E-mail
Website
Address
Dr. jur. Ernst Pechtl
+49-(0) 81 71-9 69 69-0
info@superwise-technologies.com
www.superwise-technologies.com
Bahnhofstr. 26
82515 Wolfratshausen
Germany
proprietory technology, Superwise provides meaningbased speech analysis and thus offers technology for comprehensive video search. This technological edge is enhanced
by user-friendliness: Superwise’s software is capable of
learning: the training material simply has to be imported,
learning is performed fully automatically – and fast. No
programming is required. Among the numerous possible
market segments Superwise has decided for media and tv
(video analysis in the fields of medicine is economically
most interesting and can be licensed). Currently, a beta
version is implementation for a global satellite company. All
available data indicate Superwise’s excellent position as
comparable solutions are hardly offered. There is a keen
interest for this solution. In order to serve the market an
investment in personnel and infrastructure is required,
which should essentially be covered by capital injection.
Management
Dr. jur. Ernst Pechtl, CEO
Torsten Dobroschke, Head of Development
Supervisory Board: RA Dr. Oliver Maaß, Dr. Robert Zores,
Heiko Eckelt
Business Field
Development and distribution of software for the search in
and the analysis of multimedia data, especially in large
archives of media companies, A/V archives and organizations right up to realtime scene-analysis of supervisory video
cameras.
Dr. Ernst Pechtl, CEO
Currently images and videos can hardly be searched for
their content. Instead, only a keyword search can be carried
out, provided the searched images are tagged. Therefore,
only tagged content can be found. The same is true for
videos, drawings and the like. But the market urgently calls
for real image search and analysis. Superwise presents for
the first time a REAL image search: a search engine for the
content of digital images and videos. Video search/analysis
requires analysis of the sound track, too. With similar,
Page 162
Ca. 3,5 m€. Assignment: productization, sales infrastructure,
extension of development capacities, broadening of IP.
Founder Dr. Ernst Pechtl: ca. 75%, investors: ca. 25%
Targos Molecular
Pathology GmbH
Biotechnology
Profile
Number of employees
Equity (in m€)
2005
65
1.95
5
2005
4.3
4.7
5.0
5.4
Contact
Contact person
Phone
E-mail
Website
Address
Dr. Thomas Henkel
+49-(0) 5 61-5 00 45-3 00
thomas.henkel@targos-gmbh.de
www.targos-gmbh.de
Germaniastr. 7
34119 Kassel
Germany
currently 700 mUS$, plus an additiona 300 mUS$ for
reference testing in regions with insufficient access to biomarker testing but need for targeted therapies. A market
share of 5-10% will offer a revenue potential of up to 100
mUS$. The Targos USP is the know-how with large and complex international biomarker trials and IVD approval studies
and the large and experienced pathology team.
Management
Targos founders and top management represent the companies core expertise: Dr. Thomas Henkel (CEO) enjoys a
20-year experience in the biopharmaceutical industry as
entrepreneur, innovation manager and research director
(MediGene, Tularik). Prof. Josef Rüschoff (Chief Medical
Officer) is one of Germany’s most dynamic clinical & molecular pathologists. He gained international reputation by
10-years of achievements in the clinical testing of predictive
biomarkers. He is on the SABs of Roche, Merck-Serono
und DAKO.
Business Field
Targos Molecular Pathology GmbH is a preferred provider
for clinical biomarker services. The main product is highly
standardized biomarker analytics under GCP conditions
combined with project-logistics and data management.
Our daughter company Targos Advance AG offers training
& education, consulting, marketing support und reference
testing for the industry. The R&D daughter Targos Development AG develops an own portfolio of proprietary biomarkers and targets and offers the industry co-development of
companion diagnostics.
The global market for next generation cancer diagnostics is
currently 776 mUS$, reachin up to 5 bnUS$ in 2015. Targos
cooperates with 6 of the Top 15 Global Industries. The market potential for biomarker services for industry customers is
Dr. Thomas Henkel, CEO
Prof. Josef Rüschoff, CMO
Establishment of tele-pathology and new Targos locations
(Cologne, potentially US, Brazil, China), strengthening of
marketing activities (web-presentation, congresses),
expansion of the reference testings in Latin America and
Middle East. Planned investments of about 5 m€, for organic
growth. For accelerated growth by acquisition higher
investments are foreseen.
Torqeedo GmbH
Profile
Business Field
Number of employees
Equity (in m€)
2005
36
5.0
2013
5
6.3
9.2
13
Contact
Website
Address
www.torqeedo.com
Petersbrunner Str. 3a
82319 Starnberg
Germany
Torqeedo is the global leader in e-mobility for boats, focussing on electric outboards.
Torqeedo outboards convert limited battery supply better
into propulsive power than any other outboard on the market. In addition, they offer product-specific advantages like
ultra-lightweight design, integrated GPS-based range calculation, competitive price-points etc. Drivers for Torqeedo’s unique performance are unique technological advantages with regards to module-technologies (motor-, battery-,
propeller-technology) as well as system-technologies (e.g.
safety, user-interface, corrosion resistance). Torqeedo is
leveraging the unique product advantages to build an international consumer brand for clean outboards. As the global
pioneer in this field, Torqeedo stands already today for
clean high-tech drives with superior performance.
Management
Christoph Ballin, Co-Founder and Managing Director
– prior positions include
Managing Director Gardena
Deutschland GmbH, Corporate Sales Director Gardena
AG, Engagement Manager
McKinsey & Company Inc.
Christoph Ballin
Photo: Torqeedo GmbH
Main current investors: Wheb Ventures, Brose Trust AG,
Extorel AG
Page 164
van den Berg AG
Software
Profile
Number of employees
Equity (in m€)
1986
58
1.2
4.0
2007
3.9
4.1
4.1
10.0
Contact
Contact person
Phone
E-mail
Website
Address
Hans-Rainer van den Berg
+49-(0) 24 06-9 54-5 50
hans-rainer.vdb@vdb.de
vdb.de
Im Strasser Feld 3
52134 Herzogenrath
Germany
The costs for the SEPA implementation of the bank customers are expected to be a double-digit billion amount.
The introduction of SEPA at bank customers is a project,
which goes far beyond the accounts department. Affected
are the managements department, the staff department,
treasury, the legal department, marketing, IT, the sales
department, the mail-administrating department, archive/
research and the customer service. For that reason the
implementation of the vdb/SSC will be accomplished
through experienced consulting partners (as e.g. cirquent,
C1FinCon, Pass Consulting).
Management
Hans-Rainer van den Berg, CEO
G.-D. van den Berg, Authorized Representative
A. Frank, G. Wöbken, Authorized Representatives
Business Field
Since 25 years the van den Berg AG (vdb) stands for innovative solutions in the field of payment transactions – development, distribution, support and finally operating of a
SWIFT Service Bureau. By now, vdb’s SEPA solutions are
implemented since four years at banks, as e.g. at the
Oldenburgische Landesbank, ING DIBa, National Bank and
the Wüstenrot Bank.
Hans-Rainer van den Berg
The activities concerning the SEPA development started in
2006 with the SEPA Credit Transfer (SCT). In the following,
solutions for SEPA Direct Debit (SDD) and mandate management for debtor banks were developed. With the planned EU-regulation, the adoption of SEPA-payments also for
bank customers (corporates) will become obligatory. Van
den Berg has extended its SEPA-solutions for banks in respect to the needs of the bank customer.
4 m€
H.-R. van den Berg and G.-D. van den Berg
Chemicals, Commodity
Profile
Number of employees
Equity (in m€)
1994
560
40
30
2011
344
404
462
513
Contact
Contact person
Phone
E-mail
Website
Address
Dr. Michael Träger
+49-(0) 23 65-49-55 12
michael.traeger@vestolit.de
www.vestolit.de
Paul-Baumann-Str. 1
45772 Marl
Germany
VESTOLIT has long-term relationships with its customers
offering them advantages that few or none of our competitors can provide. We generally target higher value-added
specialised PVC products such as paste PVC which protects us from the cyclicality of PVC prices. The Monomers
business is predominantly focussed on lowest cost to supply our downstream processes. In addition to that it excels
in the production of specialty chlorine derivative products
such as Ethylchloride, where we are Europe’s only producer, and Methylchloride where we are number 2 in Europe’s
merchant market. Our monomer plants also form an essential part of the production of the chemical park in Marl
where we are supplying basic chemicals and offering
production services to other chemical companies.
Management
Dr. Michael Träger, Managing Director, CEO, Thomas
Dötsch, CFO, Dr. Michael Beziel, VP Operations Monomers, Dr. Dieter Polte, VP Operations Polymers, Dr.
Thomas Neu, Marketing Monomers, Hans-Christoph
Porth, Marketing Polymers, Dirk Weinmann, Production
Services, Martin Rath, Human Resources
Business Field
VESTOLIT is a major European manufacturer of PVC and
operates Europe’s largest fully integrated plant for PVC production. VESTOLIT targets specialised PVC products and
has a leading European market share for HIS-PVC and
paste PVC. Our site at the chemical park in Marl, Germany,
provides us with lowest costs thereby enhancing our competitiveness. The business is managed through three product divisions: Extrusion PVC which produces predominatly HIS-PVC for window profiles; Paste PVC which produces
grades for the automobile industry, flooring, wall coverings
and coated fabric products; and Monomers which produces
chlorine, caustic soda and other chlor-alkali products which
are sold to industrial organic and inorganic chemicals
customers.
Dr. Michael Träger, CEO
Private Equity owned
(Strategic Value Partners)
Page 166
Thomas Dötsch, CFO
VST Verbundschalungstechnik GmbH –
VST Group
Construction material
Profile
Number of employees
Equity (in m€)
2002
230
6.6
5.0 – 10.0
2005
9.9
18.8
24.0
30.0
Contact
Contact person
Phone
E-mail
Website
Address
Dr. Michael Müller
+43-(0) 66 44 64 03 89
m.mueller@vst-austria.at
www.vst-austria.at
Feuerwehrstr. 17
2333 Loepoldsdorf
Austria
Industrialized construction methodology: More than 50%
of construction work is relocated to the production facilities
of the own VST fabric.
Tow business fields: 1.) Formwork system for construction
companies 2.) Technology & License Business
Regional market leadership is already achieved in cooperation with a world market leading company in construction
business, SKANSKA AB of Sweden in the multi-storey buildings market of Sweden. VST system meets all mega
trends in construction as the Green Building Trend, Fast
Speed Construction, Off-site construction methodology
and Freedom of Design. Set of IPs and production know
how allow protection of a sustainably increasing market
position.
Management
Well approved technical as well as financial capabilities.
Audited consolidated annual reports since 2008 based on
IFRS standard. Complete management team at best age
consists of CEO/CFO (Founder), COO and CTO. All with
academic degrees.
Business Field
A world market product in construction material as “Green
Building Technology” component. Patent protected VST
permanent formwork system meets worldwide standards
and allows every local design and type of building. VST
industrially manufactured formwork forms after poured with
self compacting concrete at the construction site, a fully
loadbearing shell of any user-defined structural design.
VST system saves 50% of construction time and offers
superior building features. Strong Clean Tech profile:
highest thermal insulation standard. Certified Passive
House component. Allows lowest running costs over life
cycle of buildings because of significant energy savings
and minimal maintenance level for the shell, approved by
life cycle assessments. Minimal construction waste saves
costs of site cleaning and disposal and protects environment. High accuracy & precision offer best of class construction quality. No internal or external plasterwork necessary.
Mag. Dr. Michael Müller
Ing. Siegfried Gassner
Capital need is is at least 5 m€ up to 10 m€ in a first finance
round. An IPO is considered over the next two years. Company is fully owned by the Founder and CEO.
Windreich AG
Renewable Energies
Profile
Business Field
Number of employees
Equity (in m€)
1999
100
142
75-100
1999
113
125
150
>200
Contact
CContact person
Phone
E-mail
Website
Address
Matthias Hassels
+-(0) 70 22-95 30 60
m.hassels@windreich.ag
www.windreich.ag
Esslinger Str. 11-15
72694 Wolfschlungen
Germany
The Windreich AG is one of the leading pioneers in the development of wind energy. The company was found in 1999
and has since then; built, financed, and operated more than
1000 wind turbines (2000 MW). After successfully testing
the possibilities of onshore wind, the Windreich AG decided
to expand its field of business to include the construction
and management of large offshore wind parks. Again, the
Windreich AG found itself in a leading role in the expansion
of this new market segment which is rapidly growing. Because of its unique market position, the Windreich AG will
once again have a leading role in one of the major developments in renewable energies.
Through the company’s extensive experience in the development of onshore wind, the Windreich AG was able to secure a key market advantage by securing limited property
and building rights for offshore wind parks. According to an
industry report, the Windreich AG has secured property
rights for 40% of all possible offshore wind park projects in
the German North Sea. Windreich’s first offshore wind park,
Global Tech I consists of 80 wind turbines each with a capacity of 5 MW. The project is running on-time and is expected to be connected to the grid in 2012. Due to Windreich’s
extensive project pipeline, the company plans to realize one
offshore wind park annually.
Management
Willi Balz, CEO and sole shareholder
Dr. Walter Döring, Chairman of the Board
Heiko Roß, Director of Technology
Matthias Hassels, Chief Financial Officer
Willi Balz, CEO
Page 168
Dr. Walter Döring,
Chairman of the Board
Funding requirements exist on two levels:
project level (1.7 bn€ total investment volume, 1/3 equity,
2/3 financing)
corporate level (financing for upfront investments made by
the Windreich AG to secure the offshore project pipeline)
Zimory GmbH
Software
Profile
clouds, test & lab clouds and enterprise IT consolidation
across multiple sites, while avoiding costly lock-in.
Number of employees
Equity (in m€)
2007
30
-
Ruediger Baumann, CEO Maximilian Ahrens, CPO
Contact
Contact person
Phone
E-mail
Website
Address
Maximilian Ahrens
+49-(0) 30-6 09 85 07-18
maximilian.ahrens@zimory.com
www.zimory.com
Revaler Str. 100
10245 Berlin
Germany
Prof. Dr. Gustavo Alonso,
CTO
Management
Ruediger Baumann, CEO, brings to Zimory a wealth of
experience and expertise, with more than 30 years of
knowledge within the IT and communications industries.
Prior to Zimory, Ruediger successfully served in well-known
enterprises like Philips and ADC, and start-ups that have
included British Telecom spin off companies.
Zimory provides dynamic, independent and elastic cloud
management software that enables Enterprise Companies
and Service Providers to transform their virtualized data
centers into Cloud Services infrastructures and Cloud
Service Provider’s to set up and offer high quality Infrastructure as a Service (IaaS).
Maximilian Ahrens, CPO, is a frequent speaker at international conferences for service oriented architecture and virtualization. Prior to co-founding Zimory, he served as a
research scientist at the innovation development laboratory
at Deutsche Telekom.
Prof. Dr. Gustavo Alonso, CTO and professor at Swiss
Federal Institute of Technology Zurich (ETH), brings extensive experience in databases, enterprise application integration, transaction processing, data replication and
middleware platforms.
Zimory’s _Carrier Grade_ Cloud product suite delivers a
secure, fully flexible, scalable and interoperable, end-toend solution for private, public, hybrid and database cloud.
Zimory’s IaaS cloud management software is a strong complement to CloudFactory’s capabilities. Its user friendly,
self-service portal enables customers to rapidly deploy and
manage solutions for service providers, development
Funding round scheduled for Q2/2012.
Investor Creathor Venture is personal referral.
Business Field
Service
Deutsche Börse Listing Partner
www.deutsche-boerse.com > Listing > Listing Partner
ACON Actienbank AG
Entry Standard for corporate
bonds, China Expert
Contact Person
E-mail
Phone
Web
Marco Bodewein
bodewein@aconbank.de
+49-(0) 89-24 41 18 335
www.aconbank.de
Allen & Overy LLP
Contact Person
E-mail
Phone
Web
Entry Standard for shares,
China, Russia & CIS Expert
Dr. Oliver Seiler, Okko-Hendrik Behrends
oliver.seiler@allenovery.com
okko.behrends@allenovery.com
+49-(0) 69-26 48 50 00
www.allenovery.com
Ashurst LLP
bonds, China, Russia & CIS Expert
Reinhard Eyring, Matthias von Oppen
reinhard.eyring@ashurst.com
matthias.vonoppen@ashurst.com
+49-(0) 69-97 11 27 08, +49-(0) 69-97 11 28 32
www.ashurst.com
Bankhaus Main AG
Contact Person
E-mail
Phone
Web
Bayerische Landesbank Entry Standard for shares Expert
Phone
Web
Phone
Web
China Expert
Pauline Sim
paulinesim@asiasonswfg.com
+65-(0) 6319 4999
Baader Bank Entry Standard for shares, Entry Standard
Aktiengesellschaft
for corporate bonds Expert
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
Bankhaus Lampe KG
Entry Standard for shares
Friedrich Dietz
fdi@bellevue.ch
+41-(0) 44-267-7262
www.bellevue.ch
Russia & CIS Expert
Contact Person Ludger Meckenstock, Dr. Carsten Lehmann
E-mail
ludger.meckenstock@bankhaus-lampe.de
lehmann@lampe-cf.de
Phone
+49-(0) 2 11-49 52-6 33, +49-(0) 69-33 99 51-0
Web
www.bankhaus-lampe.de
Page 170
bonds, China, Russia
& CIS Expert
Contact Person
Ralf Hellfritsch, Peter Sang
E-mail
ralf.hellfritsch@bankm.de, peter.sang@bankm.de
Phone
+49-(0) 69-719 18 38-32, -11
Web
www.bankm.de, www.biw-bankm.de
Contact Person
E-mail
Contact Person
E-mail
Phone
Rainer Bergmann, Klaus Armbrust
rainer.bergmann@bankhaus-main.com
klaus.armbrust@bankhaus-main.com
+49-(0) 69-59 76 76-105, -106
www.bankhaus-main.com
BankM – Representative
Office of biw Bank for
Investments and
Wertpapiere AG
Contact Person
E-mail
Asiasons WFG Financial
Russia & CIS Expert
Alf Niezold, Helmut Steinhauser
alf.niezold@bayernlb.de,
helmut.steinhauser@bayernlb.de
+49-(0) 89-21 71-2 76-31, -27
www.bayernlb.de
BDO AG
Wirtschaftsprüfungsgesellschaft and China Expert
Contact Person
E-mail
Phone
Web
Axel Maack
axel.maack@bdo.de
+49-(0) 30-88 57 22-470
www.bdo.de
BDO AWT GmbH
Wirtschaftsprüfungsgesellschaft and China Expert
Contact Person
E-mail
Phone
Web
BDO Unicon
Contact Person
E-mail
Phone
Web
Manuel Rauchfuss, Günter Wörl
manuel.rauchfuss@bdo-awt.de
guenter.woerl@bdo-awt.de
+49-(0) 89-769 06-327, -338
www.bdo-awt.de
Russia & CIS Expert
Andrei Baliakin
a.baliakin@bdo.ru
+7-(0) 495-797-56-65
www.bdo.ru
Service
Beiten Burkhardt
Entry Standard for shares, Business Wire - A Berkshire Hathaway Company
Rechtsanwaltsgesellschaft mbH
Entry Standard for Contact Person
Henrik Adelmann
corporate bonds and China Expert
Contact Person
E-mail
Phone
Web
Dr. Dirk Tuttlies
dirk.tuttlies@bblaw.com
+49-69-75 60 95-0
www.bblaw.com
BERENBERG BANK
Joh. Berenberg,
Gossler & Co. KG
Entry Standard for coporate
bonds Expert
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 82 572
www.bhf-bank.com
BLÄTTCHEN & PARTNER AG
Entry Standard for corporate bonds Expert
Contact Person
E-mail
Phone
Web
Dr. Konrad Bösl, Peter Thilo Hasler
kb@blaettchen.de, pth@blaettchen.de
+49-(0) 89 210294 60
www.blaettchen.de
E-mail
Phone
Web
henrik.adelmann@businesswire.com
+49-(0) 69-91 50 66-35
www.businesswire.de, www.businesswire.com
CdC Capital GmbH
Contact Person
E-mail
Phone
Web
Jörn J. Follmer, Alexander Schwaab
follmer@cdc-capital.com,
schwaab@cdc-capital.com
+49-(0) 89-480 580 6-0
www.cdc-capital.com, www.trust-research.com
Citigate Dewe
Rogerson GmbH
Contact Person
E-mail
Hanning Kempe, Ilka Schwarz
hanning.kempe@citigatedr.de,
ilka.schwarz@citigatedr.de
+49-(0) 69-90 50 0-0
www.citigatedr.de, www.citigatedr.co.uk
Phone
Web
Clifford Chance
Contact Person
E-mail
Phone
Web
Markus Pfüller
markus.pfueller@cliffordchance.com
+49-(0) 69-71 99-01
www.cliffordchance.com
BLÄTTCHEN FINANCIAL
ADVISORY
Entry Standard for corporate bonds Expert Close Brothers
Entry Standard for shares, Entry
Contact Person
Prof. Dr. Wolfgang Blättchen, Seydler Bank AG Standard for corporate bonds Expert
Phone
Web
Dr. Stephan Mahn
blaettchen@blaettchen-fa.de,
mahn@blaettchen-fa.de
+49-(0) 7152-610 194-0
www.blaettchen-fa.de
BNP Paribas
Entry Standard for shares Expert
Contact Person
E-mail
Phone
Web
Lars Stiewe
lars.stiewe@bnpparibas.com
+44-(0) 207-5 95 20 84
www.bnpparibas.com
E-mail
BRUNSWICK GROUP
Contact Person
E-mail
Phone
Web
China Expert
Christian Weyand, Gundolf Moritz
cweyand@brunswickgroup.com,
gmoritz@brunswickgroup.com
+49-(0) 69-24 00 55-11, -62
www.brunswickgroup.com
Contact Person
E-mail
Phone
Web
Thomas Kaufmann
thomas.kaufmann@cbseydler.com
49-(0) 69-9 20 54-1 90
www.cbseydler.com
CMS Hasche Sigle
China, India, Russia & CIS Expert
Contact Person
E-mail
Phone
Web
Dr. Andreas Zanner
andreas.zanner@cms-hs-com
+49-(0) 69-71 70 10
www.cms-hs.com
Cometis AG
Contact Person
Michael Diegelmann, Henryk Deter
E-mail
diegelmann@cometis.de, deter@cometis.de
Phone
+49-(0) 611-20 58 55-0
Web
www.cometis.de
Service
Commerzbank AG
Contact Person
E-mail
Phone
Web
Ute Gerbaulet
ute.gerbaulet@commerzbank.com
+49-(0) 69-136-2 29 74
www.commerzbank.com
DGAP Deutsche Gesellschaft
für Ad-hoc-Publizität mbH
Contact Person
E-mail
Phone
Web
Entry Standard for
shares Expert
Robert Wirth
marketing@dgap.de
+49-(0) 89-21 02-1 98 40
www.dgap.de
Computershare Deutschland GmbH & Co. KG
Contact Person
E-mail
Phone
Web
Steffen Herfurth
steffen.herfurth@computershare.de
+49-(0) 89 - 30 90 3 - 0
www.computershare.de
Concord Capital Ltd.
Contact Person
E-mail
Phone
Web
Mathias Schmid, Veith Hamper
mathias.schmid@concordcapital.de
veith.hamper@concordcapital.de
+49-(0) 69-271 38 79-18, -12
www.concordcapital.de
Conmit
Wertpapierhandelsbank AG
Contact Person
E-mail
Phone
Web
Entry Standard
for shares Expert
Christoph Weideneder
c.weideneder@conmitbank.de
+49-(0) 89-244 047 361
www.conmitbank.de
Cortent Kommunikation AG
Contact Person
E-mail
Phone
Web
Contact Person
E-mail
Svenja Weber, Andra John
svenja.weber@donner-reuschel.de
andra.john@donner-reuschel.de
+49-(0) 40-3 02 17-53 37, -55 66
www.donner-reuschel.de
Phone
Web
DZ BANK AG
Contact Person
E-mail
Phone
Web
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, Jan Maertins
christian.fuchs@ebnerstolz.de
jan.maertins@ebnerstolz.de
+49-(0) 711-20 49-12 76, +49-(0) 40-3 70 97-1 47
www.ebnerstolz.de
Russia & CIS Expert
Volker Siegert
volker.siegert@cortent.de
+49-(0) 69-5 77 03 00-61
www.cortent.de
Deloitte & Touche GmbH
Contact Person
E-mail
Phone
Web
Daniel Döpfner
ddoepfner@deloitte.de
+49-(0) 69-7 56 95-64 33
www.deloitte.de
Deutsche Bank AG
Donner & Reuschel AG
Contact Person
Georg Hansel, Theodor Hertfelder
E-mail georg.hansel@db.com, theodor-a.hertfelder@db.com
Phone
+49-(0) 69-910-3 89 30, -3 88 13
Web
www.deutsche-bank.com
equinet Bank AG
Contact Person
E-mail
Phone
Web
bonds, India, Russia & CIS Expert
Lutz Weiler, Jobst Müller-Trimbusch
lutz.weiler@equinet-ag.de,
jobst.mueller-trimbusch@equinet-ag.de
+49-(0) 69-58 99 70
www.equinet-ag.de
EquityStory AG Entry Standard for corporate bonds Expert
Contact Person
E-mail
Phone
Web
Robert Wirth
robert.wirth@equitystory.de
+49-(0) 89-21 02-1 98 34
www.equitystory.de
Ernst & Young GmbH
WirtschaftsprüfungsEntry Standard for corporate
Dewey & LeBoeuf LLP China, India, Russia & CIS Expert gesellschaft
Contact Person
E-mail
Phone
Web
Page 172
Philipp von Ilberg, Joseph Marx
pvonilberg@dl.com, jmarx@dl.com
+49-(0) 69-36 39-33 15, -35 60
www.dl.com
Contact Person
E-mail
Phone
Web
Dr. Martin Steinbach, Daniel Mair
martin.steinbach@de.ey.com,
daniel.mair@de.ey.com
+49-(0) 6196 996-11574, -24703
www.de.ey.com
Service
fischerAppelt, advisors
Contact Person
E-mail
Entry Standard for
shares Expert
Ulf Ziegler, Dr. Matthias Larisch
uz@fischerappelt-advisors.de,
ml@fischerappelt-advisors.de
+49-(0) 40-89 96 99 0
www.fischerappelt.de
Phone
Web
FTI Consulting
Contact Person
Dr. Lutz Golsch, Markus Breidenstein
E-mail lutz.golsch@fd.com, markus.breidenstein@fd.com
Phone
+49-(0) 69-9 20 37-0
Web
www.fticonsulting.com
Hogan Lovells
Contact Person
E-mail
Phone
Web
Entry Standard for corporate bonds,
Dr. Karsten Müller-Eising,
Prof. Dr. Michael Schlitt
karsten.mueller-eising@hoganlovells.com,
michael.schlitt@hoganlovells.com
49-(0) 69-962 36-341, -432
www.hoganlovells.com
HSBC Trinkaus
Burkhardt AG
Contact Person
E-mail
Dr. Ralf Neuhaus, Mark Kahlenberg
ralf.neuhaus@hsbctrinkaus.de,
mark.kahlenberg@hsbctrinkaus.de
+49-(0) 2 11-9 10 25 90
www.hsbctrinkaus.de
Goldman, Sachs & Co. oHG China, Russia & CIS Expert
Contact Person
E-mail
Phone
Web
Dr. Christoph Stanger
christoph.stanger@gs.com
+44-(0) 20 77 74-47 33
www.goldman-sachs.de
Halter Financial Group
China Expert
Contact Person
Jennifer Guan
E-mail
jennifer@halter.com.cn
Phone
+86-(0) 21-50120990-193
Web
www.halter.com.cn, www.halterfinancial.com
Haubrok AG
Entry Standard for shares, Entry Standard
for corporate bonds and China Expert
Contact Person
Axel Haubrok, Ursula Querette
E-mail
a.haubrok@haubrok.de, u.querette@haubrok.de
Phone
+49-(0) 89-210 27-510, -522
Web
www.haubrok.de, www.haubrok-ce.de
Phone
Web
ICF Kursmakler AG
Contact Person
Bernd Gegenheimer, Sascha Rinno
E-mail
b.gegenheimer@icfag.de, s.rinno@icfag.de
Phone
+49-(0) 69-9 28 77-308, -501
Web
www.icfag.de
IKB Deutsche
Industriebank AG
Entry Standard
for corporate bonds Expert
Contact Person
Tilo Kraus, Dr. Jörg Schröder
E-mail
tilo.kraus@ikb.de, joerg.schroeder@ikb.de
Phone
+49-(0) 211-8221-3232, 4101
Web
www.ikb.de
Independent Research
Hauck & Aufhäuser
Investment Banking
Contact Person
E-mail
Phone
Web
China Expert
Dirk Weyerhäuser
dirk.weyerhaeuser@ha-ib.com
49-(0) 69-50 500 49 36
www.ha-ib.com
Contact Person
E-mail
Phone
Web
Pierre Drach
pdrach@irffm.de
+49-(0) 69-971 490 0
www.irffm.de
Helaba Landesbank Hessen-Thüringen
IPONTIX Equity
Consultants GmbH
Contact Person Albrecht von der Chevallerie, Thorsten Kiwitz
E-mail
albrecht.chevallerie@helaba.de,
thorsten.kiwitz@helaba.de
Phone
+49-(0) 69-91 32-41 85
Web
www.helaba.de
Contact Person
E-mail
Phone
Web
HEUKING KÜHN
LÜER WOJTEK
Contact Person
E-mail
Phone
Web
Entry Standard for shares, Entry
Standard for corporate bonds Expert
Dr. Mirko Sickinger, LL.M.,
Dr. Thorsten Kuthe
m.sickinger@heuking.de, t.kuthe@heuking.de
+49-(0) 221 20 52-591, -746
www.heuking.de
JP Capital
Contact Person
E-mail
Phone
Web
Entry Standard for
shares Expert
Entry Standard for corporate bonds,
Ulrich Barnickel
ubarnickel@ipontix.com
+49-(0) 69-9 54 54-0
www.ipontix.com
China Expert
Jane Wang
jane.wang@jpc-i.com
+86-(0) 21-61650998
www.jpc-i.com
Service
JP|KOM GmbH
China Expert
Contact Person
E-mail
Phone
Web
Boris Bolwin
boris.bolwin@jp-kom.de
+49-(90) 69 921019-36
www.jp-kom.de
Landesbank BadenWürttemberg (LBBW)
Contact Person
E-mail
Phone
Web
JPMorgan
Contact PersonDr. Karl Georg Altenburg, Klaus H. Hessberger
E-mail
klaus.h.hessberger@jpmorgan.com
Phone
+44-(0) 207-3 25 16 49
Web
www.jpmorgan.com
Kepler Capital Markets
Contact Person
E-mail
Phone
Web
Kirchhoff
Consult AG
Dr. Serge Ragotzky, Andrej Kirschke
serge.ragotzky@keplercm.com,
andrej.kirschke@keplercm.com
+49-(0) 69-756 96-380
www.keplercapitalmarkets.com
bonds, China and India Expert
Contact Person
Klaus Rainer Kirchhoff, Jens Hecht
E-mail
kirchhoff@kirchhoff.de, jens.hecht@kirchhoff.de
Phone
+49-(0) 40-6 09 18 60
Web
www.kirchhoff.de
KIT Finance
Russia & CIS Expert
Contact Person
E-mail
Phone
Web
Elnur Kurbanov, Sergey Shlyuger
e.kurbanov@kf.ru, s.shlyuger@kf.ru
+7-(0) 495 641 4414
www.kf.ru/eng
KMO –
Kestler Mielert & Partner
Contact Person
E-mail
Phone
Web
Entry Standard for
shares Expert
Hubertus Kestler
kestler@kmo-legal.de
+49-(0) 69-97 16 00
www.kmo-legal.de
KPMG Deutsche
Treuhand-Gesellschaft AG
China, India, Russia
Entry Standard for
shares Expert
Jobst Bartmer, Jan Schwendemann
jobst.bartmer@lbbw.de
jan.schwendemann@lbbw.de
49-(0) 711-1 27-250-21,-40
www.lbbw.de
Lang & Schwarz
Broker GmbH
Entry Standard for
shares Expert
Contact Person
Peter Zahn, Marc Evertz
E-mail
peter.zahn@ls-d.de, marc.evertz@ls-d.de
Phone
+49-(0) 211-13 840-410, -893
Web
www.ls-d.de
Latham & Watkins LLP
Contact Person
E-mail
Phone
Web
Dr. Roland Maass, LL.M.
roland.maass@lw.com
+49-(0) 69-6062-66-24
www.lw.com
Linklaters LLP
Contact Person
E-mail
Phone
Web
Dr. Herbert Harrer
herbert.harrer@linklaters.com,
+49-(0) 69-71 00 30
www.linklaters.com
Luther
Rechtsanwaltsgesellschaft
Entry Standard for
mbH
corporate bonds, China and India Expert
Contact Person
E-mail
Phone
Web
Thomas Weidlich, Dr. Angelika Yates
thomas.weidlich@luther-lawfirm.com,
angelika.yates@luther-lawfirm.com
+49-221-99 37-1 62 80, -2 57 97
www.luther-lawfirm.com
Mayer Brown LLP
Contact Person
E-mail
Phone
Web
China Expert
Dr. Ulrike Binder, Patrick C. K. Wong
ubinder@mayerbrown.com,
patrick.wong@mayerbrownjsm.com
+49-(0) 69-79 41 0
www.mayerbrown.com
& CIS Expert
Contact Person
E-mail
Phone
Web
Michael Salcher
msalcher@kpmg.com
+49-(0) 89-92 82 12 39
www.kpmg.de/emergingmarkets
Merrill Lynch International
Bank Limited
Contact Person
E-mail
Phone
Web
Page 174
Russia &
CIS Expert
Magnus von Schlieffen, Riccardo Orcel
magnus.vonschlieffen@baml.com,
riccardo.orcel@baml.com
+49-(0) 69-58 99-50 00, +44-(0) 20-9953203
www.ml.com
Service
M.M.Warburg & CO KG aA
Entry Standard for
shares, China Expert
Contact Person
E-mail
Phone
Web
Till Wrede
twrede@mmwarburg.com
+49-(0) 40-32 82 - 22 98
www.mmwarburg.com
Omiris AG
Contact Person
E-mail
Phone
Web
Sam Winkel, Robert Zeiss
winkel@omiris.de, zeiss@omiris.de
+49-(0) 89 - 5457 8550
www.consult.omiris.de
Orrick Hölters & Elsing
Entry Standard for
shares Expert
Morgan, Lewis & Bockius LLP
Contact Person
E-mail
Phone
Web
Dr. Christian O. Zschocke
czschocke@morganlewis.com
+46-(0) 69-71 40 07-11
www.morganlewis.de
Morgan Stanley Bank AG
Contact Person
E-mail
China Expert
Klaus Froehlich, Mille Cheng
klaus.froehlich@morganstanley.com
mille.cheng@morganstanley.com
+44-(0) 207-425-23 12
www.morganstanley.com
Phone
Web
mwb fairtrade
Wertpapierhandelsbank AG
Contact Person
E-mail
Elke Fürstenau, Herbert Schuster
efuerstenau@mwbfairtrade.com
listing@mwbfairtrade.com
+49-(0) 89-85852-300, -0
www.mwbfairtrade.com
Phone
Web
news aktuell GmbH
Contact Person
E-mail
Phone
Web
Noerr LLP
Phone
Web
Lars Müller
euroadhoc@newsaktuell.de
+49-(0) 40-41 13-28 59
www.newsaktuell.de
Dr. Laurenz Wieneke, Dr. Tobias Bürgers
laurenz.wieneke@noerr.com,
tobias.buergers@noerr.com
49-(0) 69-9 71 47 70, 49-(0) 89-28 62 80
www.noerr.com
Norton Rose LLP
Contact Person
E-mail
PricewaterhouseCoopers
Contact Person
E-mail
Phone
Web
Christoph Gruss, Nadja Picard
christoph.gruss@de.pwc.com,
nadja.picard@de.pwc.com
+49-(0) 69-95 85 34 15, +49-(0) 211-981 29 78
www.pwc.de
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
for corporate bonds, China, Russia & CIS Expert
Contact Person
E-mail
Phone
Web
China Expert
Contact Person
Dr. Erich Michel, Jens Röhrborn
E-mail
ermichel@orrick.com, j.roehrborn@orrick.com
Phone
+49-(0) 69-71588 0, +49-(0) 89-411 8930-0
Web
www.orrick.com
bonds, China, India, Russia & CIS Expert
Dr. Frank Peter Regelin, Dr. Sascha Grimm
frank.regelin@nortonrose.com,
sascha.grimm@nortonrose.com
49-(0)69-50 50 961-97, -91
www.nortonrose.com
SALANS LLP
bonds, China, India, Russia & CIS Expert
Contact Person
Robert Michels, Dr. Hermann Meller
E-mail
rmichels@salans.com, hmeller@salans.com
Phone
+49-(0) 69-45 00 12-398, +49-(0) 30 2 64 73-405
Web
www.salans.com
Shearman & Sterling LLP
China Expert
Contact Person
E-mail
Phone
Web
Dr. Stephan Hutter, Dr. Hans Diekmann
shutter@shearman.com,
hdiekmann@shearman.com
+49-(0) 69-97 11-12 30, +49-(0) 211-17 88 8-818
www.shearman.com
Contact Person
Robin Huber, Didier Beltai-Menth
E-mail
huber@silviaquandt.de, menth@silviaquandt.de
Phone
+49-(0) 69-95 92 90 93-04, -08
Web
www.silviaquandt.de
Service
Skillnet GmbH
China Expert
VISCARDI AG
China Expert
Bodo Kräter, Cong Philip Yao
bodo.kraeter@skillnet.com,
cong.yao@skillnet.com
+49-(0) 40-2 80 15 4-0, +86-(0) 21-56654986
www.skillnet.com
Contact Person
E-mail
Phone
Web
Markus Fischer, Dr. Liming Ge
markus.fischer@viscardi.com
+49-(0) 89 25 558-0, -127
www.viscardi.com
Contact Person
E-mail
Phone
Web
Warth & Klein Grant Thornton AG
Entry Standard for shares, Wirtschaftsprüfungsgesellschaft
Süddeutsche
Aktienbank AG
China Expert
Contact Person
Hartwig Traber, Lin Liu
E-mail
traber@sab-bank.com, liu@sab-bank.com
Phone
+49-(0) 711-229 315-0, +86-(0) 10 5169 0691
Web
www.sab-bank.com
Contact Person
Friedrich Graf von Kanitz, Tim Robinson
E-mail
r.clemens@wkgt.com, tim.robinson@wkgt.com
Phone
+49-(0) 211-9524 8361, +49-(0) 40-4321 862 14
Web
www.wkgt.com
WestLB
Taylor Wessing
Contact Person
E-mail
Phone
Web
China and India Expert
Stephan Heinemann
s.heinemann@taylorwessing.com
+49-(0) 69-9 71 30-0
Contact Person
Christian Fuest, Heiko Trapp
E-mail christian.fuest@westlb.de, heiko.trapp@westlb.de
Phone
+49-(0) 211-8 26-8612, -2592
Web
www.westlb.de
The Royal Bank of Scotland N.V.
WGZ BANK
Contact Person
E-mail
Contact Person
E-mail
Klaus Schinkel, Dr. Barbara Böhnlein
klaus.schinkel@rbs.com,
barbara.boehnlein@rbs.com
+49-(0) 69-2690-0325, -0322
www.rbs.de
Phone
Web
UBJ. GmbH
Contact Person
E-mail
Phone
Web
China Expert
Ingo Janssen
ingo.janssen@ubj.de
+49-(0) 40 - 6378 5410
www.ubj.de
Phone
Web
Dr. Reiner Selbach, Thomas Aldenrath
reiner.selbach@wgzbank.de,
thomas.aldenrath@wgzbank.de
+49-(0) 211-7 78-28 81, +49-(0) 211- 778-2887
www.wgzbank.de
Willkie Farr & Gallagher LLP
Contact Person
E-mail
Phone
Web
Sven-Erik Heun
sheun@willkie.com
49-(0) 69-79302-170
www.willkie.com
Wolfgang Steubing AG
UniCredit Bank AG
Contact Person
E-mail
Phone
Web
VEM Aktienbank AG
Contact Person
E-mail
Phone
Web
Page 176
Peter Schaede
peter.schaede@unicreditgroup.de
+49-(0) 89 378-11650
www.unicreditgroup.eu
Entry Standard for corporate bonds
and China Expert
Justus Linker, Markus Becker
j.linker@vem-aktienbank.de,
m.becker@vem-aktienbank.de
+49-(0) 89 3 09 03 48-60, -85
www.vem-aktienbank.de
Contact Person
E-mail
Phone
Web
youmex AG
Contact Person
E-mail
Phone
Web
Dr. Jochen Grossmann, Kai Jordan
jochen.grossmann@steubing.com,
kai.jordan@steubing.com
+49-(0) 69-297 16-168, -112
www.steubing.com
for corporate bonds and China Expert
Andreas Wegerich
wegerich@youmex.de
+49-(0) 69-79 53-98-000
www.youmex.de
Service
Index of Advertisers
Advertiser
Page
Baader Bank
21
BankM
25
BDO Wirtschaftsprüfungsgesellschaft
29
Beiten Burkhardt Rechtsanwaltsgesellschaft
67
Bellevue Asset Management
39
BERENBERG BANK Joh. Berenberg, Gossler & Co. 59
Börsen-Zeitung
85
Buse Heberer Fromm
61
Capital Raising
15
Close Brothers Seydler Bank
27
CMS Hasche Sigle
73
DAF Deutsches Anleger Fernsehen
91
Deloitte & Touche
55
Deutsche Börse
U4
DZ BANK
37
equinet Bank
45
Ernst & Young Wirtschaftsprüfungsgesellschaft
7
FCF Fox Corporate Finance
35
FINANCIAL GATES
97
finanznachrichten.de
113
GBC Kapital
69, 75
Geschaeftsbericht-Service
77
GoingPublic Magazin
109
51
HSBC Trinkaus & Burkhardt
23
IEG Investment Banking
9
Independent Research
93
89
31
Jefferies & Company
11
KfW Bankengruppe
19
KPMG
79
49
Luther Rechtsanwaltsgesellschaft
65
mergermarket
83
Michael Konrad
81
Morgan Stanley
17
NZZ
119
13
quirin bank
41
Renell Wertpapierhandelsbank
57
RölfsPartner
95
SALANS
99
Seker Yatirim Menkul Degerler AS-Seker Securities 71
Silvia Quandt & Cie.
33
STEUBING
101
Taylor Wessing
53
Thomson Reuters
86
UHY Deutschland Wirtschaftsprüfungsgesellschaft 63
VST-VERBUNDSCHALTUNGSTECHNIK
107
WestLB
47
youmex
43
Imprint Conference Magazine
(Issue No. 2)
Publisher:
Deutsche Börse AG
Mergenthalerallee 61, 65760 Eschborn, Germany
www.deutsche-boerse.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:
Valentyna Byelkina, Stefan Leisner, Malee Karch, Madeleine
Steinbach
Authors:
Dr. Christa Bähr, Gerhard Bauer, Dr. Anne de Boer, Johannes
Borsche, Dr. Martina Ecker, Olivier Elamine, Dr. Gerrit Fey, Dr.
Reto Francioni, Kai Frömert, Arno Fuchs, Michael Gallagher,
Barbara Georg, Heike Härtl, Steve Kelly, Johannes Koehler,
Thomas Körfgen, Dr. Norbert Kuhn, Markus Kurzhals, Maren
Lorth, Dr. Lars-Gerrit Lüßmann, Werner Oerter, Christian Orth,
Johann Ostermair, Elisabeth Plakinger, Volker Potthoff, Alexander von Preysing, Arndt Rautenberg, Michael Rieß, Frank
Schaich, Dr. Dietmar Schieber, Tim Sichting, Hans Richard
Schmitz, Dr. Stefan Steib, Christoph F. Vaupel, Christoph
Vigelius, Katarin Wagner, Dr. Gebhard Zemke
Interviewees:
Axel Haubrok, Tilo Kraus, Michael Oppermann, Marc Renell
Layout:
Andreas Potthoff, Robert Berger
Picture editing:
Andreas Potthoff
Proofreading:
Ade Team, Magdalena Lammel
Printing:
Kastner & Callwey, Forstinning, Germany
Reproduction:
All rights reserved, © 2011 Deutsche Börse AG, Eschborn,
Germany
Service
Financing via Deutsche Börse
An overview
Financing via the
Figure 1: Market segments at Deutsche Börse – Entrepreneurs have the choice
capital market is
Regulated Unofficial Market
EU-Regulated Market
Two ways to access the
especially attraccapital market
tive to dynamically
growing and innoEntry Standard
Prime Standard
Deutsche Börse
vative companies
primary
market
segments:
and creates the
shares
First Quotation Board
General Standard
basis for a suc(Open Market)
cessful future. An
Initial Public OfferPrime Standard
Deutsche Börse
ing
(IPO)
will
primary market segments:
enable a company
corporate bonds
Entry Standard
to make largescale financial inSource: Deutsche Börse AG
vestments which
can be repeated
by means of capital increase. This is particularly helpful to ments in order to finance strategic decisions, technical
companies who often need to make large advance pay- renewals and ever-shorter product life cycles. It also offers
options for succession planning. There are no formal
restrictions based on the size of a company or sector for a
Figure 2: Phases of an IPO
stock exchange listing at Deutsche Börse.
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 an IPO timetable
Preparation of a business plan and an IPO concept
Conduct due diligence of relevant business units
Preparation of the EU security prospectus
Phase 3: Realisation and marketing
Preparation of investor relations activities
Publishing of EU prospectus
Research
Application for admission of securities
Road show and investor relations activities
Bookbuilding
Phase 4: Price determination and secondary market
Pricing and allocation procedure
Initial price auction
®
Continuous trading via the Xetra electronic trading system
Source: Deutsche Börse AG
Page 178
Equity or debt capital
At Deutsche Börse companies can choose from two sources of capital to finance their growth, both will make them
independent of financing through banks: they can either
issue shares or corporate bonds. They can raise equity
capital with an IPO via the stock exchange and they can
raise debt capital by issuing corporate bonds. Both forms
of financing are suitable for companies of all sizes.
Company-friendly regulatory framework for a
successful financing
Deutsche Börse offers financing solutions for large companies as well as small and mid caps: tailor-made market
segments with a simple admission procedure, wellbalanced rules and regulations as well as low costs.
Transparency requirements in the different market segments reconsider also the needs and the capacity of companies. Above all, listing on the stock exchange will give
entrepreneurs access to their relevant investors. Not a
company’s size, but its quality is the key to a successful
Service
Figure 3: Phases of bond issuance in the Prime Standard and in
the Entry Standard
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,
compulsory in the Entry Standard)
Phase 2: Structuring
financing via the stock exchange. Entrepreneurs still will
be able to stay in control of their company even after the
listing.
Financing with equity capital: going public
An IPO is possible within six months
An IPO is an important milestone in a company’s history
and it often marks a time of increasing growth. During the
careful preparation of this important step, entrepreneurs
will receive professional support at all times, among others,
from banks and advisors from Deutsche Börse’s network of
Listing Partner®. This way, they can realise an IPO in Frankfurt within approximately six months. Deutsche Börse has
developed a very efficient and cost-effective access to the
capital market for a listing in Germany.
IPO-Line – all about going and being public at Deutsche
Börse the interactive way:
www.deutsche-boerse.com/ipo-line
Prime Standard and Entry Standard for
corporate bonds
Debt capital via stock exchange
Exchange listed corporate bonds are a source of debt capital
independent of banks. No voting rights are granted when issuing corporate bonds. At Deutsche Börse, corporate bonds
Setting of an IBO timetable
Structuring the bond
Development of a marketing concept
Preparation of the EU prospectus
Phase 3: Realisation and marketing
Publication of EU prospectus
Rating1)
Entry Standard: application for inclusion,
Prime Standard: application for inclusion or admission
Addressing of investors
Subscription period
Phase 4: Price determination and secondary market
Opportunity for subscription via subscription tool of
Deutsche Börse
Initial price auction
Continuous trading via the Xetra electronic trading system
1) Not applicable if shares or certificates representing shares of issuer are
already listed within the regulated market of Frankfurter Wertpapierbörse
(FWB®, the Frankfurt Stock Exchange)
are issued in the Prime Standard or in the Entry Standard. The
issue of corporate bonds is a quick, easy and cost-effective
way open to listed and non-listed companies.
Deutsche Börse actively supports companies with the
placement of their bonds and ensure that they have access
to the network of private and institutional investors and
traders, both domestic and international. The issue of
bonds is a non-permanent listing. At the end of the term,
which has been fixed beforehand, the management can
decide whether they want to use this instrument again.
Figure 4: Typical data of raising debt capital at Deutsche Börse
Target group
Turnover p.a.
Issuing volume
(debt capital)
Terms of bond
Coupon
Denomination
Entry Standard
for Bonds
Small & medium
sized companies
< 300 m€
< 100 m€
Prime Standard
for Bonds
Medium & larged
sized companies
> 300 m€
> 100 m€
5-7 years
Fixed coupon
Max. 1,000 €
5-7 years
Fixed coupon, floater
1,000 € fixed
Learn more about financing options via Deutsche Börse at:
www.deutsche-boerse.com > Listing
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
Alexander von Preysing
Head of Issuer Services
Telephone: +49-(0) 69-2 11-1 72 71
E-mail: alexander.von.preysing@deutsche-boerse.com
Dr. Albrecht Bürger
Russia & CIS |
Telephone: +49-(0) 69-2 11-1 58 85
E-mail: albrecht.buerger@deutsche-boerse.com
Nicole Koludrovic
Consumer, Retail, Food & Beverages |
SMEs | German Equity Forum |
Telephone: +49-(0) 69-2 11-1 26 83
E-mail: nicole.koludrovic@deutsche-boerse.com
Page 180
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
Stefan Leisner
Industrial |
SMEs | German Equity Forum |
Telephone: +49-(0) 69-2 11-1 24 16
E-mail: stefan.leisner@deutsche-boerse.com
Service
Eric Leupold
Software |
SMEs | Bonds |
Telephone: +49-(0) 69-2 11-1 52 45
E-mail: eric.leupold@deutsche-boerse.com
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
India I
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 infocounters
Monday, 21 November 2011
Room Plenum Capital Markets Forum
Frankfurt Capital Markets Forum
Berlin Clean Energies Forum
Beijing Sector Forum
08:00 Registration and Business Breakfast
10:00
Welcome Address and Opening Remarks – Dr. Reto Francioni, Deutsche Börse AG; Dr. Ulrich Schröder, KfW Bankengruppe
10:15
Keynote Speech: From Financial Crisis to Sovereign Crisis and Back? – Prof. Dr. Beatrice Weder di Mauro, German Council of Economic Experts
11:00 Are the Markets Still Foreseeable:
Impact of the Trading Strategies on Capital Costs
Panel discussion hosted by Deutsche Börse AG
Power Grid
12:15 Cooperation with Business Angels and Venture IPO/Equity Transactions in Volatile Markets
Capital Funds for the Future of Tech Start Up’s Hosted by
LBBW Landesbank Baden-Württemberg
Hosted by KfW Bankengruppe
Energy Storage
TOP 50 – Telecommunication / Software & IT
11:00 mitcaps GmbH
11:30 finocom AG
12:00 Breezecom, Inc.
12:30 Jedox AG
13:00 Zimory GmbH
13:15 Lunch Buffet and Exhibition
14:30 Primary Market Activity and the Cost
of Going and Being Public – an Update
Hosted by Deutsche Börse AG
Dual Track:
IPO as an Alternative to Trade Sale?!
Hosted by equinet bank AG
E-Mobility
15:00 Capital Markets Orientation and Financing of SMEs
15:30 Coffee Break
16:00 Capital Market Funding:
New Perspectives for the German Mittelstand
Hosted by IKB Deutsche Industriebank
E-Mobility and German Engineering
IPOs in Germany, an Endangered Species?
Development of New Approaches in the Future Clean Energies Forum hosted by
LBBW Landesbank Baden-Württemberg
Hosted by DZ BANK AG
17:15 Financing Alternatives for the Mittelstand
Hosted by FCF Fox Corporate Finance
IPO-Stock Exchange Listing
of Foreign (Holding) Companies
Hosted by Renell Wertpapierhandelsbank AG
Elevator Pitch – Private Equity Investors
18:15 Elevator Pitch of Venture Capital and Private
Equity Investors in Rooms Frankfurt and Berlin
TOP 50 – Software & IT / Financial Services
14:30 Atlas Interactive Deutschland GmbH
15:00 van den Berg AG
15:30 Deutsche Revo AG | Bank in Gründung
16:00 Omikron Data Quality GmbH
16:30 Superwise Technologies AG
17:00 evidanza GmbH
17:30 Metasonic AG
Presentations end at 18:00
TOP 50 – Clean Energies
17:15 Windreich AG
17:45 NTS Energie- und Transportsysteme GmbH
Elevator Pitch – Venture Capital Investors
19:15 End of Forum Program, Please note: Programme of Investors’ Conferences is scheduled from 08:15 until 18:40
Tuesday, 22 November 2011
Plenum Capital Markets Forum
Frankfurt Capital Markets Forum
Berlin Green Tech Forum
Beijing Sector Forum
Investment Opportunities in Lighting
10:00 Introduction
10:45 Current Developments in
the Smart Lighting Market
11:30 Innovative Heat and Power
Supply in the Smart Home
Hosted by Jefferies International
Managing REITs in Challenging Times
Hosted by WestLB
09:00 Entering Capital Markets – The Crucial Factors for Success
Hosted by Morgan Stanley
10:00 Financing and Blocktrades with
High Net Worth Individuals and Family Offices
Hosted by FCF Fox Corporate Finance
Ernst & Young Forum
IFRS-Updates and FREP Requirements for
IPO Candidates and Listed Companies
Crucial Success Factors in SME Financing
11:15 SPAC vs. IPO:
The Way of Exceet Group to Deutsche Börse AG Hosted by Rölfs Partner
13:45 Emerging Market IPOs: Lessons Learnt
Hosted by Berenberg Bank
15:00 The Latest Trends and Developments
of the Chinese PE/VC Market
15:20 European Investors’ Exposure to
Chinese PE: The Insiders’ Perspective
15:40 European Investors in China
- Lagging Behind?
TOP 50 – Green Technology
Capital Increases/Equity Funding 2011 –
13:15 Novaled AG
Major Trends
13:45 Micropelt GmbH
Hosted by LBBW Landesbank Baden-Württemberg 14:15 Concentrator Optics GmbH
14:45 SUNOVA AG
The Influence of Proxy Advisors on
15:15 Inventux Technologies AG
Resolutions of the Shareholders’ Meeting
15:45 AE Photonics GmbH
Hosted by Taylor Wessing
Real Estate & Economy – an Outlook into 2012
Hosted by Silvia Quandt & Cie. AG
TOP 50 – Food & Beverages
13:45 healthy planet
14:15 Platin Delikatessmanufaktur
14:45 froodies GmbH
TOP 50 – Technology
15:15 Armatix GmbH
15:45 VESTOLIT GmbH & Co KG
16:15 Coffee Break
16:45 China: Momentum Will Pick Up Again
Delivering Effective Investor Relations:
What is Best Practise?
Hosted by Thomson Reuters
17:45 Improving MiFID: Now or Never! Back to Transparency in Trading
TOP 50 – Green Technology
16:45 friedola TECH GmbH
17:15 Torqeedo GmbH
17:45 CPM Compact Power Motors GmbH
TOP 50 – Technology / Software & IT
16:45 BIOMETRY.com AG
17:15 MOBILES REPUBLIC
17:45 Aupeo GmbH
18:15 mimoOn GmbH
19:00 Get-Together German Equity Forum 2011 in Palais Frankfurt, Große Eschenheimer Straße 10, 60313 Frankfurt – Shuttle service to the venue will be provided
Wednesday, 23 November 2011
Plenum Bond Forum
Frankfurt Bond Forum
Berlin Bond Forum
Beijing Capital Markets Forum
09:30 Which Role Should Deutsche Börse Play in the Institutional German Bond Market and How Should it Cater to the Retail Investor?
Panel discussion hosted by Deutsche Börse AG
11:00 Capital Increase vs. Mittelstand Bond:
Which is the Better Alternative?
Hosted by Close Brothers Seydler Bank AG
12:15 Bonds continued! The Market is Growing Up
Hosted by Haubrok
Ernst & Young Forum
IPO Readiness and Rating Aspects of
Bonds for Mittelstand
Bond Investor Relations:
Story and Communication Instruments
Hosted by PvF Investor Relations
Qualification and Composition
of Supervisory Boards
Hosted by Deutsche Börse AG/WILD
High Yield Bonds
Hosted by Jefferies International
Company Presentations Bond Issuers
12:00 KTG Agrar
12:20 Eyemaxx/Amictus
12:50 BKN Biostrom AG
The Change in the Role of the Supervisory Board: from “Old Boys Network”
to “Independent Directors”
Hosted by CMS Hasche Sigle
14:45 Developing Market Standards
for Mid Cap Bonds
Hosted by IKB Deutsche Industriebank
Company Presentations Bond Issuers
Bonds – no Rocket Science:
Structuring – Procedure – Placement Alterna- 14:45 K-Bond 1
tives – Financial Communication
Hosted by GSK STOCKMANN + KOLLEGEN
16:00 End of Conference, Please note: Programme of Investors’ Conferences is scheduled from 08:15 until 16:30
Page 182
Monday, 21 November 2011
Istanbul Life Science Forum
Moscow Sector Forum
Room
Investors’ Conferences / Sector
08:00
London
Madrid
Milan
Media
Financial Services
Software & Internet Consumer | Retail
Industrial
Hosted by
Hosted by Close Brothers Hosted by
Seydler Bank AG
equinet bank AG
Hosted by
BERENBERG BANK
10:00
10:15
MedTech:
Telemonitoring / Homecare
Healthcare Services:
Horizontal and Vertical Growth Strategies
in Tighter Financial Markets
TOP 50 – Technology / Industrial
11:00 Semi Lev GmbH
11:30 VST Verbundschalungstechnik GmbH
12:00 Maxidor (Pty) Ltd
12:30 JPK Instruments AG
13:00 MCW Oil Sands Recovery LLC
Paris
Zurich
11:00
12:15
13:30
Pharma/Biotech:
Lessons Learnt – Set-Backs
as an Opportunity
TOP 50 – Technology / Industrial
14:30 Ningbo Strong Magnets
15:00 Henan Snow Bird Enterprise Co., Ltd.
TOP 50 – Life Sience
16:00 RIEMSER Arzneimittel AG
16:30 SANA Kliniken AG
17:00 AMEOS AG
14:30
Infrastructure &
Automotive
15:30
Real Estate
16:00
Hosted by Close Brothers
Seydler Bank AG
Starts at 15:00
Hosted by
equinet Bank AG
Starts at 13:30
17:15
Life Science Forum hosted by
DZ BANK AG
18:15
19:15
Investors’ Conferences from 08:15 until 18:40
Tuesday, 22 November 2011
Istanbul Agro Forum | Turkey Forum
Moscow Sector-/Life Science Forum
08:00
Agro Forum
Agro Markets - Resistant or Contagious this
Time?
Hosted by equinet bank AG
TOP 50 – Food & Beverages
09:30 Curetis AG
10:00 Affimed Therapeutics AG
10:30 Signature Diagnostics AG
11:00 Targos Molecular Pathology GmbH
11:30 REVOTAR Biopahrmaceuticals AG
12:00 ANM Adaptive Neuromodulation GmbH
London
Madrid
Milan
Paris
Industrial
Biotechnology
Consumer & Retail
Aerospace & Defense Clean Energies
Hosted by LBBW
Hosted by DZ BANK
Hosted by
equinet bank AG
09:30
14:45 Turkish Markets Appeal to
Investors and Companies
TOP 50 – Life Sciences
13:45 ibidi GmbH
14:15 Cytolon AG
14:45 Medicyte GmbH
15:15 Lophius Biosciences GmbH
15:45 SIRION BIOTECH GmbH
Hosted by Istanbul Stock Exchange
Hosted by LBBW
Software –
IT-Services
11:15
Hosted by FCF
Fox Corporate Finance
Starts at 11:15
12:30
Turkey Forum –
Opening Remarks & Keynote Address
Zurich
13:45
Chemicals
Technology
Hosted by LBBW
Starts at 13:30
Hosted by
BERENBERG BANK
Starts at 13:30
15:15
15:40
Industrial
16:15
Sector and Company Presentations
Turkish listed companies
Hosted by Istanbul Stock Exchange
Hosted by LBBW
Starts at 15:45
Weak Euro but Order Books at Historical High – 16:45
Do Capital-Goods-Companies Benefit from Crisis?
Hosted by BERENBERG BANK
Life Science – Biotech
Hosted by FCF
Fox Corporate Finance
Starts at 18:00
17:45
Please note: Programme of Investors’ Conferences is scheduled from 08:15 until 18:40
19:00
Wednesday, 23 November 2011
London
Madrid
Milan
Paris
Zurich
08:00
Technology
Nanotechnology
Hosted by Close Brothers Hosted by DZ BANK AG
Seydler Bank AG
Communication
Technologies
Sector Forum
Miscellaneous
Green Technology
09:30
11:00
Hosted by
Life Science
MedTech
12:00
Starts at 09:00
13:15
14:45
Financial Services
Hosted by
Starts at 15:45
16:00
Hosted by
Hosted by FCF Fox Corpo- Jefferies International
rate Finance
Floorplan Upper Level (C3)
Investors‘ Conferences
Internet Lounge
Coffee Bar
London
Madrid
Press Lounge
9.01
Milan
Paris
Zurich
Exhibitors‘ Index
7.15
7.08
5.02
2.08
7.11
6.04
1.02
5.06
7.12
1.01
4.05
3.08
8.09
2.06
0.01
2.03
2.02
6.06
6.03
3.01
8.10
0.03
8.08
4.03
2.05
7.03
X.01*
7.05
5.01
3.03
Baader Bank Aktiengesellschaft
BankM - Repräsentanz der biw Bank
für Investments und Wertpapiere AG
Beiten Burkhardt Rechtsanwaltsgesellschaft mbH
BHF-BANK Aktiengesellschaft
Börsen-Zeitung
Buse Heberer Fromm
Rechtsanwälte Steuerberater Partnerschaftsgesellschaft
CdC Capital GmbH
CeWe Color Holding AG
CMS Hasche Sigle
Creditwest Faktoring Hitzmetleri A.S.
DAF Deutsches Anleger Fernsehen AG
Deloitte & Touche GmbH
Deutsche Börse AG
Deutsche Technologie Beteiligungen AG
Dipl.-Kfm. Wunderlich & Partner – Wirtschaftsberatung
für den Mittelstand GmbH
DIRK – Deutscher Investor Relations Verband e.V.
DZ BANK AG
equinet Bank AG
EquityStory AG
Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft
FAS AG
fianc GmbH
Financial Yearbook
Global Menkul Degerler A.S.
Rechtsanwälte Wirtschaftsprüfer Steuerberater
8.01
8.07
6.07
2.07
2.01
8.12
6.01
4.09
8.04
7.04
3.04
0.02
7.02
4.01
4.06
8.03
8.05
7.10
3.07
7.09
8.02
3.06
2.04
6.02
7.07
7.06
5.03
7.01
9.01**
8.00
3.09
8.06
Hessen Agentur GmbH - CIB Frankfurt
HEUKING KÜHN LÜER WOJTEK
heureka! Profitable Communication GmbH
Hogan Lovells International LLP
ICF Kursmakler AG Wertpapierhandelsbank
IPONTIX Equity Consultants GmbH
IS INVESTMENT
KfW Bankengruppe
Kirchhoff Consult AG
LBBW - Landesbank Baden-Württemberg
Luther Rechtsanwaltsgesellschaft mbH
Menold Bezler Rechtsanwälte Partnerschaft
mergermarket
MSL Financial
news aktuell GmbH
NZZ/Swiss Equity magazin
PG Alluvial Mining PLC
quirin bank AG
RölfsPartner
SALANS LLP
Seker Yatirim Menkul Degerler AS-Seker Securities
Süddeutsche Aktienbank AG
Thomson Reuters
TOP 50 Partners
Turkish Derivatives Exchange (TSKB)
Verhülsdonk und Partner GmbH
* Service level (C0); ** Upper Level (C3)
As of 15. November 2011
Floorplan Main Level (C2)
Forums
Exhibition
One-on-Ones
Plenum
Beijing
Istanbul
Internet Lounge
Speaker Lounge
Ice Cream
0.01
Moscow
Coffee Bar
Berlin
0.02
0.03
Frankfurt
1.01
2.01 2.02 2.03
2.05 2.06 2.07
2.04
7.07 7.06 7.05 7.04 7.03 7.02 7.01
1.02
8.02 8.01 8.00
4.01
4.06
8.09 8.08 8.07 8.06 8.05 8.05 8.04 8.03
4.05
4.09
4.03
Bar
6.03 6.02 6.01
6.07 6.06
6.04
7.12
5.06
5.03
7.11 7.10 7.09
5.02 5.01
7.08
3.09 3.08
3.07 3.06
3.03 3.01
3.04
1on1
FACTory
7.15
8.12
8.10
One-on-Ones (D-F)
One-on-Ones (A-C)
DVFA
Plenum
< Turn page for Exhibitors‘ Index
TOP50
Lounge
2.08
Innovative business ideas grow in
innovative capital markets.
Think ahead today, move the world tomorrow. The success of innovative companies requires
an innovative environment. Deutsche Börse strategically positions your company alongside
international peers. This way you join first class sector coverage, encounter demand and interest
on the part of investors, and experience high valuation of your shares and bonds. Beyond
participating in the most exciting market for leading innovative industries, as a listed company
you profit from raising capital world-wide and staying independent at the same time. Add to this
our modern primary market segments and cutting edge trading technology, worldwide investors,
and you’ll understand why Deutsche Börse is your most fitting match for a successful future.
Phone +49-(0)69-2 11-1 88 88, E-mail issuerrelations@deutsche-boerse.com
www.deutsche-boerse.com / listing _ e
Finance your Future. Made in Germany

Conference Magazine 2011 - Deutsches Eigenkapitalforum

Transcription

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