Conference Magazine 2011:EKF 2010 - Deutsches Eigenkapitalforum

Publishing Partner 

Deutsches Eigenkapitalforum 

21 – 23 November 2011 

Frankfurt /Main 

»Entrepreneurs meet investors« 

Conference Magazine 

Issue No. 2 

Legal • Capital Markets • Industries & Sectors • Financing 

• Bond Issuance • Top 50 Capital Seeking Companies • 

Sponsors & Partners • Forum Programme • Exhibitors’ Index

Co-Initiator 

Main Sponsors 

Sponsors 

Partner 

Network Partner 

Media Partner 

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Page 2 Deutsches Eigenkapitalforum 2011 

STEP AWARD 

Spirit to expand

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 Aktien - 

institut, 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 

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 finan - 

cial options you have in front of you. 

Sincerely yours, 

Dr. Reto Francioni 

CEO 

Deutsche Börse AG 

Dr. Reto Francioni 

Editorial 

Deutsches Eigenkapitalforum 2011 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 gover - 

nance becomes more and 

more important 

Christian Orth, 

Ernst & Young 

28 Close the gap 

A qualification standard for board members 

Gerhard Bauer, Capital Markets Academy 


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

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 

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 

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 

Organizer, Co-Initiator & Sponsors 

Organizer & Co-Initiator 

88 Deutsche Börse, KfW Bankengruppe 

89 Ernst & Young Wirtschaftsprüfungsgesellschaft 

Content 

Main Sponsors 

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), Rölfs Partner (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 

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 Net work (106), Börsen- Zeitung 

(107), business new europe (bne) (107), CNBC-e (108), 

DAF Deutsches Anleger Fern sehen (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 Nachrichten - 

fernsehen (111), Neue Zürcher Zeitung (112), Phoenix CNE 

(112), RiD Real Estate Infor mation (112), VDI Verlag (113) 


Content 

TOP 50 Capital Seeking Companies 

116 AE Photonics GmbH 

117 Affimed Therapeutics AG 

118 AMEOS AG 

120 ANM Adaptive Neuromodulation GmbH 

121 Armatix GmbH 

122 Atlas Interactive Deutschland GmbH 

123 Aupeo GmbH 

124 BIOMETRY.com AG 

125 Breezecom Inc. 

126 Concentrator Optics GmbH 

127 CPM Compact Power Motors GmbH 

128 Curetis AG 

129 Cytolon AG 

130 Deutsche Revo AG | Bank in Gründung 

131 evidanza GmbH 

132 finocom AG 

133 friedola TECH GmbH 

134 froodies GmbH 

135 healthy planet 

136 Henan Snow Bird Enterprise Co., Ltd 

137 ibidi GmbH 

138 Inventux Technologies AG 

139 Jedox AG 

140 JPK Instruments AG 

141 Lophius Biosciences GmbH 

142 Maxidor (Pty) Ltd 

143 MCW Oil Sands Recovery, LLC 

144 Medicyte GmbH 

145 Metasonic AG 

146 Micropelt GmbH 

147 mimoOn GmbH 

148 mitcaps GmbH 

149 MOBILES REPUBLIC 

150 Ningbo Strong Magnets Co., Ltd. 

151 Novaled AG 

152 NTS Energie- und Transportsysteme GmbH 

153 Omikron Data Quality GmbH 

154 Platin Delikatessmanufaktur GmbH 

155 REVOTAR Biopharmaceuticals AG 

156 RIEMSER Arzneimittel AG 

157 Sana Kliniken AG 

158 SemiLev GmbH 


Photo: Deutsche Börse Group 

159 Signature Diagnostics AG 

160 SIRION BIOTECH GmbH 

161 SUNOVA AG 

162 Superwise Technologies AG 

163 Targos Molecular Pathology GmbH 

164 Torqeedo GmbH 

165 van den Berg AG 

166 VESTOLIT GmbH & Co. KG 

167 VST Verbundschalungstechnik GmbH – VST Group 

168 Windreich AG 

169 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

�� 

Considering an IPO? 

Preparing your masterpiece 

in capital markets 

Michael Oppermann 

Partner 

Head of Financial Accounting Advisory Services 

Germany - Switzerland – Austria 

Phone +49 6196 996 27305 

michael.oppermann@de.ey.com 

www.de.ey.com 

Dr. Martin Steinbach 

Executive Director (FAAS) 

Head of IPO and Listing Services 

Germany - Switzerland - Austria 

Phone +49 6196 996 11574 

martin.steinbach@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. 

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 Responsi - 

bility Review 2011 puts the global volume for sustainable 

Figure 1:Evolution of SRI Market in Germany 

14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

0.9 

1.7 

2.5 

1.8 

4.3 

5.0 


0.5 

5.9 

6.6 

2005 2007 2009 

Mandates Mutual Funds Structured Products 

Source: Eurosif European SRI Surveys 2010, 2008 and 2006 

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 Communi - 

cations. 

Katarin Wagner, CR Officer, 

HSBC Trinkaus & Burkhardt AG 

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 compa - 

rison. 

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 interna - 

tionally with regard to the things considered ethically, ecologically 

or socially responsible. 

The volume indicated gives an impression of the funds that 

can be set in motion if investors decide for or against 

invest ing 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 finan - 

cial 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 

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 - 


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. 

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 accord - 

ing 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 infrastruc - 

ture. 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 

poli tical and regulatory standpoint, particularly given the 

current situation in the financial markets.

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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 uni versities 

or enterprising graduates from technical universities 

who translate their cutting-edge knowledge and techno - 

logical expertise into business ideas. Successfully, develop - 

ing these ideas into marketable products and processes is 

essential for the innovative strength of Germany as an 

industrial and business location. 

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 

200 

150 

100 

50 

0 

61 

32,5 

108 

44,7 

113 

53,8 

137 

63,4 

184 


73,4 

192 

2005 2006 2007 2008 2009 2010 

commitments m€ 

Source: KfW Mittelstandsbank 

83,2 

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. 

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 -

ages 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 inves - 

tors”. 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. 

More capital for start-up entrepreneurs 

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 

Vertrauen 

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. 

Conclusion 

Introduction 

With the ERP START-Up Fund, private investors can leve - 

rage 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 interest - 

ed 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. 

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 

Photo: AshDesign - Fotolia.com 


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. 

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 

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 -

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 

Source: Silvia Quandt & Cie. 

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 - 

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 opportu - 

nities. 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. 

SMEs will benefit 

Introduction 

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 eco nomies 

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 borrow ing 


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 initia - 

tive is pegged on two anchors: first, European Union’s minimum 

free-float rate of 25 %; second, the Istanbul Inter - 

national 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 with - 

out 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.

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 Sustain - 

ability 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. 

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), 

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. 

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. 


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 


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. 

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 

Steve Kelly, Managing Director, 

Thomson Reuters Extel 

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 under - 

perform. 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 deliver 

ing 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.

Investments and services offered through Morgan Stanley & Co. LLC, member SIPC. © 2011 Morgan Stanley 

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: 

Morgan Stanley is proud to support 

Deutsches Eigenkapitalforum 

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 increas - 

ing slowly, if at all. The top-rated IR teams are sometimes 

spend ing more than the average, but it is much more about 

how they spend, rather than how much. 

Focus on the best investor opportunities 

Introduction 

It may sound facile, but it is not. Extel data shows com - 

panies overall spend nearly half CEO/CFO time on IR in 

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Introduction 

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 oppor - 

tunity. 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 inves - 

tors 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 inves - 

tor days, but the buyside also wants more ad hoc, personal 

interaction, too. Again, we see the leading companies for IR 


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 

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 techno - 

logy, 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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Legal 

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. 

Photo: HV Magazin 


Christoph F. Vaupel, Partner, 


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 com pany’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 

Dr. Lars-Gerrit Lüßmann, Partner, 


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

Börsengänge 

April 2011 

DATRON AG 

Global Coordinator 

Sole Bookrunner 

Anleihen 

Juni 2011 

Alpine Holding 

GmbH 

Co-Lead Manager 

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 pur - 

poses 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 - 

März 2011 

Williams Grand 

Prix Holdings PLC 

Local Bookrunner 

Joint Lead Manager 

Dezember 2010 

S.A.G. 

Solarstrom 


Juli 2010 

BHB Brauholding 

Bayern Mitte AG 



Kapitalerhöhungen 

Mai 2011 

VIB Vermögen AG 



Ausgewählte weitere Dienstleistungen 


Odeon Film AG 

Kapitalerhöhung 

Börsenzulassung 

Technical Lead 

Februar 2011 

FRoSTA AG 

Segmentwechsel 


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 disclo - 

sure 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 

Legal 

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. 


Grammer AG 



Januar 2011 

Vivanco Gruppe 

AG 

Kapitalherabsetzung 


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November 2010 

DO & CO 

Selling Agent 


Pulsion Medical 

Systems AG 

Aktienrückkauf 


Oktober 2010 

7days music 

entertainment AG 




MERCATURA 

Cosmetics Biotech 

AG 

Wandelanleihe 


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Greiffenberger AG 




Wilex AG 

Börsenzulassung 

Technical Lead

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 implement ed 

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 

Addressing investors’ concerns 

C-SOX are targeted at domestically-listed Chinese com - 

panies 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 


Dr. Gebhard Zemke, Partner, 

BDO AG Wirtschaftsprüfungsgesellschaft 

Tim Sichting, Audit Senior Manager, 


cases became public in 2011 and led to concerns of 

investors in regard to the credibility of the accounting of 

Chinese companies. 

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 com panies 

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

lacking available guidance for the introduction of a modern 

comprehensive internal control system. 

Who’s to follow? 

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 super - 

visors 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 improve - 

ment 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 

controls regarding operations and in the long term is 

expected to apply to all medium and large companies. 

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. 

Outlook 

Charging ahead in the capital markets 

Legal 

Another initiative has been launched by Chinese businessmen 

who are aware of the disadvantages of today’s nega - 

tive 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. 

Figure 1: Rights and obligations of the supervisory board 

Source: Ernst & Young 


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 

After releasing two EC Greenpapers 

“Corporate governance in financial 

institutions and remuneration policies” 

and “Audit Policy: Lessons from the 

Crisis” the European Commission shift - 

ed 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). 

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, expe - 

rience, personal qualities and independence 

(in appearance and in fact). In 

addition to this current initiative, board

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 recommenda - 

tion 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 Cor - 

porate Governance Code recommends an annual 

self-evaluation which is more or less intensively 

executed by all listed companies in Germany. 

The European Commission recently raised the 

questions whether regular use of an external faci - 

litator 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 expe - 

rience, 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 

Legal 

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 

Deutsches Eigenkapitalforum 2011 Page 25 

Relationship 

banking 

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’ respon - 

sibilities 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 organi - 

sational structure, processes and major goals. 

• Rating of adequacy – based on the documentation exe - 

cutives 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 


systems, the executive board has to provide the super - 

visory 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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Legal 

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- 

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 ques - 

tions. The topics relevant for the exam cover all a super - 

visory 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 tech - 

nology management, corporate governance, ethics and 

corporate social responsibility, liability and manager lia - 

bility 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 


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 

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 inex - 

perienced board members we found out that they ask

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 

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 

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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 

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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? 


Dr. Gerrit Fey, 

Deutsches Aktieninstitut 

Dr. Norbert Kuhn, 

Deutsches Aktieninstitut 

A study conducted by Deutsches Aktieninstitut in cooperation 

with Deutsche Börse AG and Commerzbank AG 

provides answers to these questions. More than 300 

“IPO willingness” has decreased 

responses from SMEs allow well-founded insights into Although the respondents confirm that the strategic 

SMEs’ finance behaviour and their willingness to go relevance of corporate finance has increased and 90 per- 

public. 

cent are planning to strengthen their equity and/or liquidity 

ratios, financing patterns remain 

nearly unchanged. Besides the 

Figure 1: Reasons for an IPO 

retention of earnings, bank loans are 

and will probably remain the main 

Funding of internal growth 

75,0% source of external finance. This 

Acquisitions 

59,1% result is somewhat surprising, as two 

thirds of the respondents complain 

Reducing reliance on outside creditors 

40,9% 

that credit standards of banks are 

Strengthening the equity ratio 

36,4% 

getting tighter. 

Access to other capital market instruments 

Employee stock ownership 

Company's succession 

Image/awareness level 

Fungibility of company's shares 

Asset diversification of former owners 

Exit venture capital/private equity 

Sale of company's shares to third parties 

Source: DAI 

9,1% 

34,1% 

31,8% 

29,5% 

27,3% 

27,3% 

22,7% 

18,2% 

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 

Other sources of finance are sufficient 

Loss of strategic independence 

Equity ratio is appropriate 

Costs of going public 

Capital markets regulation 

Draw on organisational and time resources 

Low autonomy compared to other sources of finance 

Fear that shares might fall into wrong hands 

Transparency requirements of investors 

Mandatory transparency requirements 

Knowledge is not sufficient 

Low valuation 

Business model is difficult to explain 

No further growth 

Source: DAI 

into account that the survey was conducted when 

sovereign debt crisis accelerated, the mood among finan - 

cial 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 under - 

line 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 


22,7% 

20,7% 

19,0% 

12,8% 

12,4% 

10,7% 

9,9% 

9,1% 

7,4% 

2,9% 

2,5% 

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 com panies. 

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 

69,8% 

58,3% 

57,0% 

48,8% 

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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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 issu - 

ance (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 ex - 

ploited 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. 

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 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

73.5 72.3 


17.9 

Deutsche Börse Euronext LSE 

Source: Kaserer, Schiereck: Primary Market Activity and the Cost of Going 

and Being Public – An Update, September 2011 

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. 

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 con fidence. 

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 

0 

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 

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 

as Düsseldorf (mittelstand) and 

4,80 

Deutsche Börse (Entry Standard for 

Bonds). 

4,60 

Deutsche Börse offers a new segment 

especially for midcap companies that 

decide to raise debt: the Entry 

Standard for Corporate Bonds, 

launch ed 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 

0 

9.1 


9.09 

18.2 

DBAG LSE Euronext 

main markets alternative markets 

18.18 

Source: Kaserer, Schiereck: Primary Market Activity and the Cost of Going and Being Public – An Update, September 2011 

4.26 

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 com panies, 

whether small, medium, large, young or already 

established. 

Figure 3: Flotation costs for issuing bonds for German alternative markets (in %) 

4,40 

4,20 

4,00 

3,80 

4.18 

Entry Standard / 

Frankfurt 

4.62 

4.21 

4.77 

4.64 

Bondm / Stuttgart mittelstandsmarkt / 

Düsseldorf 

Flotation costs (mean) 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 markets 1 . 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 volati - 

lities 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 ana - 

lyse these phenomena. However, the complexities of the 

interactions of different behavioural patterns are so over - 

whelming 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 

14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

Ratio GDP 

Total 

Non-Derivative 

Derivatives 

Jan Mar May Jul Sep Nov Jan Mar May Jul Sep 

99 00 01 02 03 04 0 07 08 09 10 

Source: OECD Directorate for Financial and Enterprise Affairs (2011) 


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 conse - 

quence, 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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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 

Initial 

Losses 

Investor 

decides 

to sell 

Capital hit, 

Risk increases 

Investor algo sells 

on increased 

volume 

Source: UK Government Office of Science (2011) 

Synchronised 

selling of risk 

Losses on 

positions, 

"Haircuts" go 

up 

Prices fall 

Volume 

increases 

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 turn - 

over remained within a range of 1.5 to 2 times 3 (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 markets 5 . 

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 


Prices 

adversely 

affected 

HFTs 

"pass-theparcel" 

events can have big effects due to risk reduction (stop loss) 

mechanisms programmed into the HFT trading devices 6 . 

Conclusion: How to get the spirit back 

into the glass bottle 

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) deriva - 

tives, (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 parti - 

cipants 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 under - 

lying 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 Hybridfi nanzierungen 

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. 

Market trends in financing the German Mittelstand 

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 alter - 

native 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. 


Markus Kurzhals, Partner, CPA and 

Tax Consultant, RoelfsPartner 

Increased requirements from capital providers 

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 report - 

ing 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 

Arndt Rautenberg, Executive Partner, 

Head of Competence Center Transactions, 

RoelfsPartner 

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

Ihr Finanz- und Kapitalmarktpartner für 

– Mittelstandsanleihen 

– IPOs 

– Kapitalerhöhungen 

– Listings (Entry, General und Prime Standard) 

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 

Direkt 

Kredit vom 

Kapitalmarkt 

via Mittelstandsanleihe 

Unser Mehrwert für Sie 

– One-Stop-Shop 

– Transaktionsmanagement 

– Budgetsicherheit durch Kostenpauschale 

– Platzierungsstark, großes Investorennetzwerk

Financing 

Figure 1: Supporting capital market transactions – Overview 

1. 

2. 

3. 

4. 

5. 

Financial reporting 

transparency 

Integrated business 

plan & valuation 

Fact Book / 

Due Diligence 

Comfort Letter 

Fraud / Risk / 

Compliance 

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- 


• Set up and improvement of internal and external 

reporting processes and structures 

• Definition of documentation standards 

• Establishment of accounting principles 

• Analysis of historical financial information and 

identification of value drivers 

• Business plan & scenario building 

• Sensitivity analysis 

• Financial / Legal / Tax / Commercial Due Diligence 

• Analysis and information processing for prospectus 

preparation as well as for external rating agencies 

• Q&A sessions 

• Critical review of information which are the basis 

for the prospectus preparation 

• Confirmation of adequate care in respect of the 

prospectus preparation 

• Establishment and improvement of risk 

management and early detection system 

• Adaption of internal revision to the regulatory 

requirements of the capital market 

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.

Sell-Side Advisory 


Nov 2011 

assist GmbH 

Merzig, Germany 

Sale of 100% 

of the shares to 

Mediq Group 

Utrecht, The Netherlands 

Manesty 

Knowsley, United Kingdom 

Sale of all 

assets to 

Bosch Packaging Technology 

Waiblingen, Germany 

Aug 2011 


● Mergers & Acquisitions 

● Initial Public Offering/ 

Equity Capital Market Transactions 

● Bond Issues 

● Private Equity Advisory 

● Debt Advisory 

“The entrepreneurs among bankers” 

Buy-side Advisory 


Oct 2011 

DPE Deutsche 

Private Equity GmbH 


Acquisition of a 

minority stake in 

First Sensor AG 

Berlin, Germany 

Hüttlin GmbH 

Schopfheim, Germany 

Sale of 100% of the 

shares to 

Bosch Packaging Technology 

Waiblingen, Germany 

Aug 2011 

Exclusive member of the 

European Securities Network 

(ESN) 

Buy-side Advisory 

Capital increase 

Research & Sales 

● Research 

● Support for Institutional 

Clients 

● Share Placements 

● Share Placements 

● Roadshows 

SINGULUS TECHNOLOGIES AG 

Kahl am Main, Germany 

7,880,203 shares 

Placement price: € 3.30 

Placement volume: € 26.0 m 

Jun 2011 

REWE Markt GmbH 

Cologne, Germany 

Acquisition of a minority stake in 

WASGAU Food Beteiligungs GmbH 

and conclusion of a cooperation 

agreement with 

WASGAU Produktions & Handels AG 

Pirmasens, Germany 

Sep 2011 

Sole Lead Manager 

Sell-side Advisory 

Bond placement 

equinet Bank AG 

Frankfurt/Main 

www.equinet-ag.de 

Tel. 0049 (0)69 58997-0 

Sale of alpha meß-steuerregeltechnik 

gmbh 

Neustadt an der Weinstraße, Germany 

to 

Bilfinger Berger Industrial 

Services GmbH 


Sep 2011 

Jun 2011 

KTG Agrar AG 

Hamburg, Germany 

Corporate Bond 

€ 70 m 

Selling Agent 

(selected transactions) 

Financial Markets 

● Designated Sponsoring 

Shares/Bonds 

● Brokerage Shares/Bonds 

● Specialist Shares/Bonds 

● Bond Placements 

● Electronic Order Routing

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 espe - 

cially driven by a “retail” pricing caused by, inter alia, mis - 

under stood 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 financ - 

ing, form important parts of a company’s financing strategy. 

Figure 1: Comparison Bondm vs. iBoxx Index 

106 

104 

102 

100 

98 

96 

94 

92 

90 

Jan 11 Apr 11 Jul 11 Okt 11 

Bondm Index iBoxx Euro Corporates Overall Performance Index 

Source: Bloomberg 


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 

95,5 

Corporate bonds 

Arno Fuchs, CEO, 


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.


Übernahmeangebot 

MEDICLIN AG 

Prime Standard 

Financial Advisor & 

Exchange Agent 

WestLB 


EUR 143.746.000 




WestLB 


EUR 78.443.000 



Joint Bookrunner 


WestLB 

August 2010 

EUR 10.066.000 




WestLB 

Eigenkapitallösungen – so individuell wie unsere Kunden. 

Wohin möchten Sie? 

Partner der Sparkassen 


EUR 136.983.000 




Joint Global Coordinator 

WestLB 

ab März 2011 

Aktienrückkauf von 

bis zu 18.300.00 Aktien 


Sole Agent 

WestLB 


EUR 79.450.000 





WestLB 

Juli 2010 

EUR 393.937.000 

IPO 



WestLB 


EUR 54.000.000 

Wachstumsfinanzierung 

Genussrecht (FK) 

Investor (u.a.) 

WestLB 

Dezember 2010 

EUR 70.000.000 

Wachstumsfinanzierung 

Hybridanleihe 

Investor (u.a.) 

WestLB 


EUR 33.433.000 



Financial Advisor & 

Listing Agent 

WestLB 


EUR 104.650.000 

IPO 



WestLB 


Beteiligung und 

Gesellschafterdarlehen 

Verkauf 

Lead Investor (u.a.) 

WestLB 


CHF 297.750.000 


SIX Swiss Stock Exchange 



WestLB 

September 2010 

EUR 419.275.000 




WestLB 


EUR 57.200.000 

Umplatzierung von Aktien 

der United Internet AG 



WestLB 

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

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. 

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 (Schuldscheindar - 

lehen) 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, 

inves tors 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. 


Figure 2: FCF Financing Framework 

Private 

Bonds 

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 

Capital Markets 

Financing 

Source: Bloomberg 

Promissory Public 

Notes Bonds 

Bank 

Financing 

Loans 

Optimization 

Asset Based 

Financing 

Factoring Leasing Forfaiting 

Borrowing Base Facility 

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.

With many years of experience in the fi eld of equity capital procurement, 

we offer you unrivalled access to capital markets. Benefi t from 

our individual advice covering Equity Capital Markets and our compre- 

Landesbank Baden-Württemberg 

Wind turbine 

Inventor: Prof. Dr. Ulrich W. Hütter 

Germany, 1957 

Drive. Made in Germany. 

Also in equity capital procurement. 

2011 

Share Placement 

114 m EUR 




Capital Increase 

6 m EUR 




21 m EUR 


2009 

Convertible 

190 m EUR 




5 bn EUR 

Co-Manager 


Sale of a majority stake 

to Centrotec AG 

Exclusive M&A Advisor 



4.2 bn EUR 

Co-Bookrunner 

2008 


39 m EUR 



Convertible 

325 m EUR 

Co-Bookrunner 


Sale of a majority stake in 

Behr Group to Mahle Group 

Exclusive M&A Advisor 



504 m EUR 


2008 


156 m EUR 


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. 



4 m EUR 




10.2 bn EUR 

Co-Bookrunner 

2009 


25 m EUR 


2008 


61 m CHF 




8 m EUR 




420 m EUR 


2009 


86 m EUR 


2008 

IPO 

361 m EUR 

Co-Lead Manager

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 mid- 

October 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 

Figure 1: DAX and VDAX 

Points 

9,000 

8,000 

7,000 

6,000 

5,000 

4,000 

3,000 

2,000 

1,000 

0 

01 2008 07 2008 01 2009 07 2009 01 2010 07 2010 01 2011 07 2011 

DAX Index (left scale) VDAX Index (right scale) 

Source: Close Brothers Seydler Bank AG 


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. 

Points 

80 

70 

60 

50 

40 

30 

20 

10 

0 

Nearly EUR 2 bn raised 

In terms of the organised capital 

markets, one alternative broadly avail 

able 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

ond 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 

Equity 

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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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Hardly compelling arguments... 

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 obliga - 

tions 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. 


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 sche duled 

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 conver - 

tible securities are indeed bonds at the time of their issu - 

ance, 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 conver - 

tibles 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 share - 

holders pass a resolution authorising the issuance of the 

securities, along with a conditional increase of the com -

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 authori - 

sations for future capital increases, may not exceed 

one half of the company’s existing share capital 

(Grundkapital) as of the date of such authorisation. 

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. 

Inves tors 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 trans actions, straight bond or 

convertible bond issues present viable alternatives 

for Mittelstand companies to raise new capital in the 

public markets. 


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“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 cover - 

ing 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. 


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 stan dardised. 

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 spread ing out 

maturities may also be important. Many bond offer ings 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 desi r able. 

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 eco nomical 

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. 

What is the procedure for an issue? 

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. 

Figure 1: Issue procedure and timeline 

Analysis of needs, the 

company and the market 

Structure of the bond, 

the issue and marketing 

Source: GSK Stockmann + Kollegen 

Draft of prospectus 

Possibly rating process 

Structuring of the 

marketing concept 


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. 

What documentation is required? 

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. 

Prospectus procedure 

throught to approval 

Marketing of the company and 

of the issue 

Dr. Anne de Boer, Partner, 

GSK Stockmann + Kollegen 

Public offering of the bond 

4–6 weeks 4–6 weeks 1–2 weeks 1–2 weeks up to 12 months

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Figure 2: Example for a bond issuance for a medium-sized company 

Subscription using the stock 

exchange subscription function 

(processed via the payment unit) 

Subscription via the issuer with and without Internet portal 

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? 

1-2 

weeks 

Private placing with qualified investors 

Sales support by Selling Agent(s) 

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- 

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A l ihe 

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 target ed 

public relations are required in addition to the bond issue, 

also with respect to the company. Here too several enter - 

prises make use of the opportunity to establish a comprehensive 

marketing strategy when issuing a bond. 

Conclusion 

1–2 weeks up to 

12 months 

Selection and 

agreement with 

the issuer 

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.

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16:45h | Room Moscow | Panel Discussion 

Weak Euro but Order Books at Historical High – 

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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 

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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 cor - 

porate 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. 



Barbara Georg, 

Head of Listing & Issuer Services, 


Two ways of access, one segment 

Michael Rieß, Project Manager Prime 

Standard for corporate bonds in Listing 

& Issuer Services, Deutsche Börse AG 

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 accom - 

panying 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 secu - 

rity. 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 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. 

Axel Haubrok, Managing Director, 

Haubrok Investor Relations 

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 abso - 

lutely 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

Berlin 

subscription itself throughout the entire issue period. The 

old system is tied to specific partners. 

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 

period of time. The fact that many of these bonds are currently 

listed under par is quite simply down to the time. 

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. 

The interview was conducted by Falko Bozicevic. 


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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 challeng ing 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 loom - 

ing 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 pro - 

bably 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 


Johannes Borsche, Managing Director 

IBD, 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 

Johannes Koehler, Managing Director, 

Morgan Stanley** 

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.

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 con fidence 

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 prepara tory 

work streams in such a way that 

they allow for sufficient interaction 

between management and inves - 

tors 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 inves tors 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 limit ed fundamental 

conviction. This beha - 

viour is partly due to insufficient 

lead time for investors to educate 

themselves around an issuer. Therefore, 

European syndicates and is - 

suers 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 

pitch ing 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 trad - 

ing 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 restor ed. 

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. 


Die Unternehmer-Anwälte 

Unverwechselbar. 

Als Unternehmer-Anwälte konzentrieren wir 

uns auf ein Ziel: individuelle und pragmatische 

Lösungen. Lösungen, die für unsere Mandanten 

wirtschaftlichen Mehrwert schaffen. Unternehmerisches 

Verständnis und exzellentes 

rechtliches Know-how bilden dabei unseren 

„roten Faden“. Eine einzigartige und unverwechselbare 

Beratung, auch in kapitalmarktrechtlichen 

Fragen. 

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Rechtsanwälten und Steuerberatern in zwölf 

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für Sie. Die Luther Rechtsanwaltsgesellschaft 

mbH ist das deutsche Mitglied von Taxand, 

einem weltweiten Zusammenschluss unabhängiger 

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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 Pricewaterhouse- 

Coopers AG and Dresdner Bank AG. 

Christoph Vigelius, Director, 


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 pur - 

chasers 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 expe - 

rience 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 

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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Figure 1: Dual Track – Synchronization of schedules 

IPO Track 

Selection 

of 

Investment 

Banks 

M&A Track 

Source: equinet 

Preparation 

Equity 

Story 

Internal 

Preparation 

CollectionInformationDataroom 

documentation and contributes to the seller’s understand - 

ing 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 

Diligence 

Vendor 

Due 

Diligence 

Prospectus Drafting 

Drafting 

Infomemo 

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 im - 

portant 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, 

follow ing an additional due diligence the binding offers 

from selected bidders including comments to the pur - 

chase 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. 


M&A 

Marktung 

Pilot 

Fishing 

Indicative 

Offers 

Analyst 

Presentation 

Mgmt. 

Presentation 

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 book runner, 

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 

Drafting 

Research 

Due 

Diligence 

Receipt 

Research 

Valuation 

Binding 

Offers 

Decision 

on Final 

Track 

Investor 

Education 

Contract 

Negotiations 

Decision 

on Final 

Track 

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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Über 350 mittelständische Emittenten haben unseren Lösungen bereits vertraut. 

Wir bieten Ihnen folgende Dienstleistungen: 

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in Augsburg, Düsseldorf, München, Zürich 

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Kontaktieren Sie uns für ein persönliches Gespräch: kontakt@gbc-ag.de 

GBC AG � Halderstraße 27 � 86150 Augsburg


“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 

Interview with Michael Oppermann about Dual Track 

processes in IPOs, investor communication and informa - 

tion requirements 

Conference Magazine: Mr Oppermann, it is indeed strik - 

ing just how many planned IPOs were recently carried 

out with the so-call ed 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 financ - 

ing 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 


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 

Financial Accounting and Advisory Services, 

Ernst & Young 

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 

establish ed. 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 work - 

ing 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 strate gically suited to the company, the 

profile of new investors or how swiftly it can be imple - 

mented 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

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 pro - 

cesses. 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 under - 

writing 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 confiden - 

tiality 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 

pre defined. Whilst time and 

scope are set, many com panies 

use addi tional external support 

as room to manoeuvre and as 

counsel. This is because the 

complexity of the project demands 

a lot of expe rience 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 insti tu - 

tional 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. 



“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 Wertpapier - 

firmen 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. 

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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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 equi - 

valent 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 


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: 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 posi - 

tions 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. 

The interview was conducted by Falko Bozicevic.

Kaufl eute 

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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 inno - 

vative 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. 

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 fund - 

ed 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 eco - 

nomics & 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 


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 chair woman of the DVFA Life 

Science Commission. 

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, ambula - 

tory and in-patient care). There are interesting organic and 

especially external growth opportunities for healthcare 

service providers from the consolidation trend and resur - 

gence in hospital privatisations. In future, apart from position - 

ing 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 

Dr. Christa Bähr, Equity Research, 

Head of Life Science, DZ BANK 

Crucial success factors for providing cross-sector and interdisciplinary 

healthcare are communication and coordination 

among the service providers and in this respect, telemedi - 

cine, 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 Okt. 09 Okt. 10 Okt. 11 

Germany Prime Pharmaceuticals & Health STOXX Health Care 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 

Ist auch Ihr Unternehmen dabei? 

Conclusion 

Ihre Vorteile: 

– Zugang zu neuen privaten und institutionellen Investoren 

– Schnelle und unkomplizierte Abwicklung 

– Erfahrung seit 2002 


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. 

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. 

www.geschaeftsbericht-service.de 

Weitere Informationen: Kristina Weber, weber@goingpublic.de 

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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 Euro pean 

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 


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. 

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 

develop ment of the 

asset class in Germany is 

mainly due to the overall 

international mar ket situ - 

ation 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 indi - 

rect investment opportu ni - 

ties in the real estate sector. 

Michael Gallagher 

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 repre - 

sent ed 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 

Ihre Zahlen zeigen, 

wie Sie Chancen 

sicher ergreifen. 

Die Unsicherheit an den Finanzmärkten 

und steigende regulatorische Anforderungen 

stellen Unternehmen vor größere 

Herausforderungen denn je. Wir haben 

Expertenteams zusammengestellt, die 

Sie bestmöglich darauf vorbereiten, die 

Chancen des Kapitalmarkts auch 

in unruhigen Zeiten zu nutzen. 

Sprechen Sie mit uns. 

Michael Salcher 

T +49 89 9282-1239 

msalcher@kpmg.com 

Haiko Schmidt 

T +49 40 32015-5688 

haikoschmidt@kpmg.com 

www.kpmg.de 

© 2011 KPMG AG Wirtschaftsprüfungsgesellschaft. Alle Rechte vorbehalten. 

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 

num ber of listed property 

companies and the mea ningless 

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. 

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 

from IPOs to secondaries – 

despite the difficult market 

Maren Lorth 

environment, one would also see that a tender green shoot is 

steadily growing and gaining increasing ac ceptance and 

attention among domestic and international investors. 


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 

to establish such a legal 

framework in Germany as 

Hans Richard Schmitz 

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 

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 

addition to that just four 

REITs have been esta blish ed 

Frank Schaich 

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 limit - 

ed 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 re - 

cently 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 


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. 

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 compe - 

titive 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? 

Dr. Martina Ecker, Managing Director, 


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. 

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 tech nology 

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 


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 

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. 

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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 inves tors disillusioned. 

However, stock market players are creative and promptly 

present a successor: clean energy is the new buzz propelled 

by the energy turnaround as deter mined 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 . Climb - 

ing 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, unfor - 

tunately 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 


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 characte - 

ristics 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 invest ing 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 en gag ed for decades 

to come. In order to manage the change successfully and 

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Name / Vorname 

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to be able to benefit from new opportunities, the required 

capital needs to be provided. The debt and bank ing 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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Phone +49-(0) 69-211 1 88 88 

E-mail issuerrelations@deutsche-boerse.com 

Website www.deutsche-boerse.com/listing 

Address Mergenthalerallee 61 

65760 Eschborn 

Germany 

KfW Bankengruppe 

Contact Person Infocenter der KfW Bankengruppe 

Phone +49-(0) 18 01 24-11 24 

E-mail infocenter@kfw.de 

Website www.kfw.de 

Address Palmengartenstr. 5-9 

60325 Frankfurt 

Germany 


Organizers 

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 profes - 

sional 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.

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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 

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prises some 6,900 people at 22 locations. 

Ernst & Young GmbH 

Contact Person Dr. Martin Steinbach 

Phone +49-(0) 61 96-9 96-1 15 74 

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Website www.ey.com 

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DZ BANK AG 

Contact Person Kersten Schmitz 

Phone +49-(0) 69-74 47-9 20 99 

E-mail kersten.schmitz@dzbank.de 

Website www.dzbank.de 

Address Platz der Republik 


Germany 


Main Sponsors 

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 deci sions by bringing them into 

direct contact with the manag ing boards of listed companies. 

Close Brothers Seydler Bank AG focusses on mid-sized 

companies. Core business areas are Designated Spon - 

soring, 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 inves - 

tors 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 asso ciated 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 solu - 

tions. 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. 

Message meets 

Audience! 

German Traders TV 


Contact Person Gerald Diezel 

Phone +49-(0) 69-5 89 97-2 00 

E-mail gerald.diezel@equinet-ag.de 

Website www.equinet-ag.de 

Address Gräfstr. 97 


Germany 

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DAF - Team Frankfurt


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 

Istanbul Stock Exchange 

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 Michael Harbisch 

Phone +49-(0) 69-71 91 87-5 00 

E-mail mharbisch@jefferies.com 

Website www.jefferies.com 

Address Bockenheimer Landstr. 24 


Germany 


Main Sponsors 

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. Headquar - 

tered 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 Jobst Bartmer 

Phone +49-(0) 7 11-12 72 50-20 

E-mail jobst.bartmer@lbbw.de 

Website www.lbbw.de 

Address Am Hauptbahnhof 2 

70173 Stuttgart 

Germany 

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Contact Person Marc Renell 

Phone +49-(0) 69-1 33 87 65 00 

E-mail info@renellbank.com 

Website www.renellbank.com/de 

Address Schillerstr. 2 


Germany 


Contact Person Robin Huber 

Phone +49-(0) 69-95 92 90 93-04 

E-mail huber@silviaquandt.de 

Website www.silviaquandt.de 

Address Grüneburgweg 18 

60322 Frankfurt/Main 

Germany 

Thomson Reuters 

Contact Person Carsten Lock 

Phone +41 (0)-2 722.3633 

E-mail financial@thomsonreuters.com/sales 

Website www.thomsonreuters.com 

Address Friedrich-Ebert-Anlage 49 


Germany 


Main Sponsors 

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. 

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 institu - 

tions. 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


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 

CMS Hasche Sigle 

Contact Person Dr. Andreas Zanner 

Phone +49-(0) 69-7 17 01-2 56 

E-mail andreas.zanner@cms-hs.com 

Website www.cms-hs.com 

Address Barckhausstr. 12-16 


Germany 

GSK STOCKMANN + KOLLEGEN 

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 


Germany 


Sponsors 

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 em - 

ployees 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 con - 

sulting services. 

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 com - 

panies 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 assis - 

tance 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. 

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 succes - 

sion. In these contexts, we draw on many years of expe - 

rience 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.

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 communi - 

cations solutions for a wide range of capital market transactions. 

Haubrok AG 

Contact Person Ursula Querette 

Phone +49-(0) 89-2 10 27-5 22 

E-mail u.querette@haubrok.de 

Website www.haubrok.de 

Address Landshuter Allee 10 


Germany 

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Contact Person Anke Ohm 

Phone +49-(0) 2 11-9 10-25 44 

E-mail anke.ohm@hsbc.de 

Website www.hsbctrinkaus.de 

Address Königsallee 21-23 


Germany 

IKB Deutsche Industriebank AG 

Contact Person Dr. Jörg Schröder 

Phone +49-(0) 2 11-82 21-41 01 

E-mail joerg.schroeder@ikb.de 

Website www.ikb.de 

Address Wilhelm-Bötzkes-Str. 1 


Germany 

Morgan Stanley 

Contact Person Johannes Borsche 

Phone +49-(0) 69-21 66-15 07 

E-mail judith.schmuck@morganstanley.com 

Website www.morganstanley.com 

Address Junghofstr. 13-15 


Germany 


Sponsors 

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. 

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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RölfsPartner 

Contact Person Markus Kurzhals 

Phone +49-(0) 2 11-69 01-2 76 

E-mail transactions@roelfspartner.de 

Website www.roelfspartner.de 

Address Grafenberger Allee 156 


Germany 


Contact Person Stephan Heinemann 

Phone +49-(0) 69-9 71 30-0 

E-mail s.heinemann@taylorwessing.com 

Website www.taylorwessing.com 

Address Senckenberganlage 20-22 


Germany 

WestLB AG 

Contact Person Christian Fuest 

Phone +49-(0) 2 11-8 26-86 12 

E-mail christian.fuest@westlb.de 

Website www.westlb.de 

Address Herzogstr. 15 


Germany 


Sponsors 

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 inter disciplinary 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 obliga - 

tions of quoted companies in various jurisdictions. 

WestLB AG is a commercial bank with firm roots in North- 

Rhine 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.

wcon 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 


Germany 

Creathor Venture Management GmbH 

Contact Person Ute Molders 

Phone +49-(0) 61 72-13 97 20- 

E-mail creathor@creathor.de 

Website www.creathor.de 

Address Marienbader Platz 1 

61348 Bad Homburg 

Germany 

DVFA GmbH 

Contact Person Karin Wenzel 

Phone +49-(0) 69-26 48 48-1 01 

E-mail kw@dvfa.de 

Website www.dvfa.de 

Address Mainzer Landstr. 47a 


Germany 


Partners 

Baden-Württemberg: Connected e.V. (bwcon) is the top 

business initiative promoting Baden-Württemberg as a 

high-tech location. bwcon connects more than 460 com panies 

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 (orga - 

niser 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, indepen - 

dence, 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 Tim van Delden 

Phone +31-(0) 20-7 14-34 00 

E-mail tvandelden@hollandpe.com 

Website www.hollandprivateequity.com 

Address Gustav Mahlerplein 109/111 

1082 M Amsterdam 

Netherlands 

PvF Investor Relations 

Contact Person Jörg G.H. Peters 

Phone +49-(0) 61 96-7 77 99-11 

E-mail joerg.peters@pvf.de 

Website www.pvf.de 

Address Hauptstr. 129 


Germany 

STEP AWARD 

Spirit to expand 

STEP Award 

Contact Person Michael Klapproth 

Phone +49-(0) 69-75 91-30 28 

E-mail m.klapproth@faz-institut.de 

Website www.step-award.de 

Address Mainzer Landstr. 19 


Germany 


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 


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 



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 pur - 

sues 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 

world wide 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.


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 institu - 

tions 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 orga - 

nised 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 Jesmine Zhao 

Phone +86 (0)-10 84580476-8058 

E-mail esminezhao@zero2ipo.com.cn 

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BIOCOM AG 

Contact Person Oliver Schnell 

Phone +49-(0) 30-26 49 21-45 

E-mail o.schnell@biocom.de 

Website www.biocom.de 

Address Stralsunder Str. 58-59 

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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 

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Börsen Radio Network AG 

Contact Person Wolf Roth 

Phone +49-(0) 9 21-74 13 40-7 

E-mail vertrieb@brn-ag.de 

Website www.brn-ag.de 

Address Denzenlohestr. 47 

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BIOCOM AG. Biotechnology, life sciences, knowledgebased 

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Börsen Radio Network is producing audio interviews all 

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Börsen-Zeitung: Germany’s only daily Newspaper for the 

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The Börsen-Zeitung compiles facts and researches background 

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Börsen-Zeitung covers banking and finance, capital markets, 

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business new europe (bne) was set up in 2006 by a group of 

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Website www.boersen-zeitung.de 

Address Düsseldorfer Str. 16 


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 

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VST VERBUNDSCHALUNGSTECHNIK GesmbH 

Contact Person Siegfried Gassner 

Tel: +43 (0) 2235/81071 

Fax: +43 (0) 2235/81071 – 715 

E-Mail: vienna@vst-austria.at 

Feuerwehrstrasse 17 

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DAF Deutsches Anleger Fernsehen AG 

Contact Person Katarina Dziamski 

Phone +49-(0) 92 21-90 51-6 62 

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Website www.daf.fm 

Address Börsenplatz 5 


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CNBC-e is the world’s one of the best hybrid examples, successfully 

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DAF Deutsches Anleger Fernsehen – offers access to up to 

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Faster business insights – dpa-AFX Wirtschaftsnachrichten 

GmbH is one of the leading news agencies for German and 

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Since its founding in 2001, FINANCIAL GATES has grown 

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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 


Germany 

FINANCIAL GATES GmbH 

Contact Person Dione Bork 

Phone +49-(0) 60 31-73 86-17 03 

E-mail d.bork@financial-gates.de 

Website www.finance-magazin.de 

Address Bismarckstr. 24 

61169 Friedberg 

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Contact Person Markus Meister 

Phone +41-(0) 44-6 83-1 01 

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Website www.finanznachrichten.de 

Address Zollikerstr. 27 

8008 Zürich 

Switzerland 

GoingPublic Media AG 

Contact Person Daniela Gebauer 

Phone +49-(0) 89-2000 339-13 

E-mail gebauer@goingpublic.de 

Website www.goingpublic.de 

Address Hofmannstr. 7a 


Germany 

International Herald Tribune 

Contact Person Jörg Müller 

Phone +49-(0) 6 90-71 67 79-15 

E-mail jmueller@iht.com 

Website www.global.nytimes.com/?iht 



FinanzNachrichten.de is the leading financial news portal in 

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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” – 

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Capital 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 share - 

holder 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 

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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 

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IR magazine and www.InsideInvestorRelations.com together 

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worldwide. Over the years we have seen investor relations 

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mergermarket is an independent Mergers and Acquisitions 

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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 cor - 

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service-formats – investigated solidly, processed understandably 

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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 Claire Lavery 

Phone +44-(0) 20 7107 2555 

E-mail claire.lavery@thecrossbordergroup.com 

Website www.insideinvestorrelations.com 

Address Cross Border Ltd 1/ Sekforde Street 

London EC1R 0BE 

United Kingdom 

mergermarket 

Contact Person Laura Walker 

Phone +49-(0) 30-88 92 22-61 

E-mail laura.walker@mergermarket.com 

Website www.mergermarket.com 

Address 80 Strand 

WC2R 0RL London 

United Kingdom 

n-tv Nachrichtenfernsehen GmbH 

Contact Person Bettina Klauser 

Phone +49-(0) 2 21-4 56 31-3 00 

E-mail bettina.klauser@n-tv.de 

Website www.n-tv.de 

Address Picassoplatz 1 

50679 Köln 

Germany 


Neue Zürcher Zeitung 

Contact Person Leserservice 

Phone +41-(0) 44 258 18 03 

E-mail leserservice@nzz.ch 

Website www.nzz.ch 

Address Falkenstr. 11 

8021 Zürich 

Switzerland 

Phoenix CNE 

Contact Person Pingping Luo 

Phone +49-(0) 69-35 35 78-26 

E-mail pingping.luo@phoenixcne.eu 

Website www.pcne.tv 

Address Neue Mainzer Str. 75 


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 



The NZZ is the leading quality daily newspaper in Switzerland. 

The NZZ reaches more executives from economic, 

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subscription newspaper. It is the most important source of 

information for executives and CEOs. 

The NZZ organizes top-class symposia which offer companies 

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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 

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PCNE also offers a window of opportunity for investors to 

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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


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 

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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 Iris Klose 

Phone +49-(0) 2 11-61 88-0 

E-mail info@vdi-nachrichten.com 

Website www.vdi-nachrichten.com 

Address VDI-Platz 1 


Germany 

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�� 

�� 

Top 50 capital seeking companies

Company Page 

AE Photonics GmbH 116 

Affimed Therapeutics AG 117 

AMEOS AG 

ANM Adaptive 

118 

Neuromodulation GmbH 120 

Armatix GmbH 121 

Atlas Interactive Deutschland GmbH 122 

Aupeo GmbH 123 

BIOMETRY.com AG 124 

Breezecom Inc. 125 

Concentrator Optics GmbH 126 

CPM Compact Power Motors GmbH127 

Curetis AG 128 

Cytolon AG 

Deutsche Revo AG | 

129 

Bank in Gründung 130 

evidanza GmbH 131 

finocom AG 132 

friedola TECH GmbH 133 

froodies GmbH 134 

healthy planet 

Henan Snow Bird 

135 

Enterprise Co., Ltd 136 

ibidi GmbH 137 

Inventux Technologies AG 138 

Jedox AG 139 

JPK Instruments AG 140 

Lophius Biosciences GmbH 141 

Maxidor (Pty) Ltd 142 

MCW Oil Sands Recovery, LLC 143 

Medicyte GmbH 144 

Metasonic AG 145 

Micropelt GmbH 146 

mimoOn GmbH 147 

mitcaps GmbH 148 

MOBILES REPUBLIC 149 

Ningbo Strong Magnets Co., Ltd. 150 

Novaled AG 

NTS Energie- und 

151 

Transportsysteme GmbH 152 

Omikron Data Quality GmbH 153 

Platin Delikatessmanufaktur GmbH 154 

REVOTAR Biopharmaceuticals AG 155 

RIEMSER Arzneimittel AG 156 

Sana Kliniken AG 157 

SemiLev GmbH 158 

Signature Diagnostics AG 159 

SIRION BIOTECH GmbH 160 

SUNOVA AG 161 

Superwise Technologies AG 162 

Targos Molecular Pathology GmbH 163 

Torqeedo GmbH 164 

van den Berg AG 165 

VESTOLIT GmbH & Co. KG 

VST Verbundschalungstechnik 

166 

GmbH – VST Group 167 

Windreich AG 168 

Zimory GmbH 169

Capital Seeking Companies 

Profile 

Year of establishment 2008 

Number of employees 45 

Equity (in m€) 6 

Financing needs (in m€) 10 

Positive result since 2008 

Revenues in 2009 (in m€) 43 

Revenues in 2010 (in m€) 93 

Revenues in 2011e (in m€) 85 

Revenues in 2012e (in m€) 110 

Contact 

Contact person Gunnar Anger 

Phone +49-(0) 3 51-31 58 07-23 

E-mail g.anger@ae-photonics.com 

Website www.ae-photonics.com 

Address Loschwitzer Str. 37 

01309 Dresden 

Germany 

Gunnar Anger, CFO 

Martin Attenhauser, CSO 


AE Photonics GmbH 

Renewable Energies 

Business Field 

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 

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. 

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€

Affimed Therapeutics AG 

Biotechnology 

Profile 



Equity (in m€) 7.8 


Positive result since - 

Revenues in 2009 (in m€) - 

Revenues in 2010 (in m€) - 



Contact 

Website www.affimed.com 

Address Im Neuenheimer Feld 582 

69120 Heidelberg 

Germany 


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. 


Affimed has developed a novel bi-specific antibody technology. 

The antibodies are suited to be applied in oncological 


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. 

Dr. Adi Hoess, CCO 

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. 



Profile 










Contact 

Contact person Dr. Volker Wendel 

Phone +41-(0) 8 78 35-33 66 

E-mail cfo@ameos.ch 

Website www.ameos.eu 

Address Bahnhofplatz 14 

8021 Zürich 

Switzerland 

From left to right: Dr. Stephan Zahn, Dr. Marina Martini, Dr. Axel Paeger, 

Michael Dieckmann, Dr. Volker Wendel 


AMEOS AG 

Healthcare 


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). 


Institutional investors with a long-term investment horizon 

such as pension funds and life insurances make the majo - 

rity 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.

Entscheidend ist nicht, wie, 

sondern was Sie lesen. 

Testen Sie jetzt die «Neue Zürcher Zeitung» als Printausgabe oder als E-Paper auf 

Ihrem Computer und iPad. Probeabo unter abo.nzz.ch oder Tel. +41 44 258 15 30. 

Die NZZ organisiert übrigens auch Investorenkonferenzen. Mehr Infos unter www.nzz.ch/investorenkonferenzen


Profile 




Financing needs (in m€) 3.0 


Revenues in 2009 (in m€) 0.001 

Revenues in 2010 (in m€) 2.3 

Revenues in 2011e (in m€) 1.2 

Revenues in 2012e (in m€) 4.8 

Contact 

Contact person Dr. Jörg Stein 

Phone +49-(0) 2 21-4 54-63 01 

E-mail j.stein@anm-medical.com 

Website www.anm-medical.com 

Address Im Mediapark 6d 

50670 Köln 

Germany 


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 

stimu lation 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 


ANM Adaptive 

Neuromodulation GmbH 

Medical Technology 

huge market. The neurostimulator is approved as a medical 

device for commercialisation in Europe and has been mar ket ed 

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 appli - 

cations. 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. 

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 



Equity (in m€) - 







Contact 

Contact person Günter Hefner 

Phone +49-(0) 89-4 27 29 79-0 

E-mail gmh@armatix.de 

Website www.armatix.de 

Address Feringastr. 4 

85774 Unterföhring 

Germany 


Locking Systems for Weapons 



Technology leader in mechatronic locking systems for 

weapons 

Management 

Bernd Dietel, Ernst Mauch, Günter Hefner, 

Franz Hermann 

Bernd Dietel 

Günter Hefner 


Approx. 5 m€ 

Ernst Mauch 

Franz Hermann 

Bernd Dietel, Ernst Mauch, Mountain Partners, KfW 



Profile 










Contact 

Contact person Marco Priewe 

Phone +49-(0) 40-41 33 00-1 15 

E-mail m.priewe@atlasinteractive.de 

Website www.atlasinteractive.de 

Address Christoph-Probst-Weg 3 

20251 Hamburg 

Germany 


AI is the provider of kanzaloo, a unique micro payment 

solution, allowing merchants to monetize on digital goods 

and virtual currency. Kanzaloo allows payment trans - 

actions in 85 countries without unveiling any personal data. 


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%. 


Atlas Interactive 

Deutschland GmbH 

Telecommunication Services 

Management 

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. 


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. 

Marco Priewe, CEO

Aupeo GmbH 

Communications Technology 

Profile 




Financing needs (in m€) 5-6 






Contact 

Contact person Holger G. Weiss 

Phone +49-(0) 30-4 00 05 68-0 

E-mail holger@aupeo.com 

Website www.aupeo.com 

Address Alexanderstr. 7 

10178 Berlin 

Germany 


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 


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. 

Management 

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 

Holger G. Weiss, CEO 



AUPEO is venture capital backed. So far the following 

funds have invested: 

- JCMB, Hamburg 

- Ventegis Capital, Berlin 

- IBB Beteiligungsgesellschaft, Berlin 

- Kfw, Bonn 

- Innoven Partners, Paris 

Armin G. Schmidt, COO 

AUPEO is seeking to close a Series C round by end of 2011 

over 6 m€. 



Profile 


Number of employees 4 + 5 







Revenues in 2012e (in m€) 1++ 

Contact 

Contact person Werner Blessing 

Phone +41-(0) 79-4 34 45 35 

E-mail w.blessing@biometry.com 

Website www.biometry.com 

Address Chilcherlistr. 1 

6055 Alpnach - Luzern 

Switzerland 

Werner Blessing, CEO 


BIOMETRY.com AG 

IT-Services 


Biometric Authentication 

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 bio - 

metrics (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 


Money for development of the authentication products is 

needed. 

Further for sales and marketing.

Breezecom Inc. 


Profile 










Contact 

Website www.breezecom.biz 

Address Level 1, Lot 7, Block F, 

Saguking Commercial Building, 

Jalan Patau-Patau 

87000 Labuan FT 

Malaysia 


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’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 

establish ed itself in Asia, the group now aims to explore 

countries in Latin America, Africa & Europe. 

Management 

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. 



Profile 




Financing needs (in m€) 3.5 bis 5.0 






Contact 

Contact person Dr. Ralf Leutz 

Phone +49-(0) 64 21-16 89 40-0 

E-mail ralf.leutz@concentratoroptics.com 

Website www.concentratoroptics.com 

Address Lahnstr. 16 

35091 Cölbe 

Germany 


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 high - 

est 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 


Concentrator Optics GmbH 


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. 

Dr. Ralf Leutz 

Rainer Adomeit

CPM Compact Power Motors GmbH 

Energy Efficiency & Reduction of Emission 

Profile 



Equity (in m€) n/a 

Financing needs (in m€) n/a 

Positive result since n/a 

Revenues in 2009 (in m€) n/a 




Contact 

Contact person MBA Christian Kasten 

Phone +89-(0) 2 87 24 68-52 

E-mail c.kasten@cpmotors.eu 

Website www.cpmotors.eu 

Address Feringastr. 11 

85774 Unterföhring 

Germany 


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. 


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 


• 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. 

Nico Windecker 

Management 

Christian Philip Kasten 

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 



Profile 








Revenues in 2011e (in m€) - 


Contact 

Contact person Dr. Oliver Schacht 

Phone +49-(0) 70 31-4 91 95-12 

E-mail oliver.schacht@curetis.com 

Website www.curetis.com 

Address Max-Eyth-Str 42 

71088 Holzgerlingen 

Germany 

Oliver Schacht, CEO 

Johannes Bacher, COO 


Curetis AG 

Medical Technology 


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. 

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 inves - 

tors (aeris Capital, LSP Life Science Partners, BioMed Partners, 

CD-Venture, KfW). Several private angel investors. 

Series A financing completed 

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 









Revenues in 2012e (in m€) 1.5 (e) 

Contact 

Contact person Thomas Klein 

Phone +49-(0) 30-2 63 92 88-0 

E-mail thomas.klein@cytolon.com 

Website www.cytolon.com 

Address Am Karlsbad 15 

10785 Berlin 

Germany 


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. 


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. 


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. 

Thomas Klein, CEO 

Management 

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 


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. 



Profile 










Contact 

Contact person Dr. Uwe-Peter Hastedt 

Phone +49-(0) 61 73-60 77 681 

E-mail uwe.hastedt@mhb-gruppe.de 

Website www.deutsche-revo.de 

Address Hauptstr. 332 


Germany 


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 Revo- 

Bank 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€. 


Deutsche Revo AG 

Bank in Gründung 

Other Banks 


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. 

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. additio - 

nally increased by capital appreciation of the shares. 

Preferably Deutsche Revo AG is looking for investors with 

2 m€ or more.

evidanza GmbH 

Software 

Profile 






Revenues in 2009 (in m€) 3.314* 

Revenues in 2010 (in m€) 3.105* 



Contact 

Contact person Thomas Groß and Günter Meier 

Phone +49-(0) 9 41-78 49 44-31 

E-mail g.meier@evidanza.de 

Website www.evidanza.de 

Address 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) 


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. 



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. 

Management 

Thomas Gross, CEO and Founder, responsible for development, 

marketing and sales. 

Günter Meier, CEO and Founder, responsible for finance 

and administration. 

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. 



Profile 









Revenues in 2012e (in m€) - 

Contact 

Contact person Peter Nowack 

Phone +49-(0) 2 21-9 99 98 56-21 

E-mail peter.nowack@finocom.de 

Website www.placetel.de 

Address Merowinger Platz 1 


Germany 


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. 


finocom AG 



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 ver - 

sions. 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 

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 





Positive result since 2011 





Contact 

Contact person Christoph-Helmut Holzapfel 

Phone +49-(0) 03 60 82-4 72 25 

E-mail christoph.holzapfel@friedola-tech.de 

Website www.friedola-tech.de 

Address Ershäuser Str. 4 

37308 Geismar 

Germany 



Automotive and packaging 

Strategic market position 

Leading position in the field of lightweight boards 


Leading position in the field of lightweight boards 

Christoph Holzapfel, CEO 

Management 

Christoph-Helmut Holzapfel, CEO 

Werner Eisenhardt, CFO 

Mario May 


Management 10% 

Wheb F Tech 90% 

Werner Eisenhardt, CFO 

For growth in the markets of North America and Asia. 

There is a need for funding of 20 m€. 



Profile 


Number of employees 6 VZ, 45 TZ 








Contact 

Contact person Ingo Bohg 

Phone +49-(0) 2 11-26 00 85-62 

E-mail ib@froodies.de 

Website www.froodies.de 

Address Worringer Platz 14 


Germany 

Ingo Bohg 

Lutz Preußners 


froodies GmbH 

Food 


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

healthy planet 

Food 

Profile 










Contact 

Contact person Guido Jörg 

Phone +49-(0) 6 11-7 24 93 76 

E-mail gj@healthyplanet.de 

Website healthyplanet.de 

Address Wandersmannstr. 68 

65205 Wiesbaden 

Germany 


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 

Approved management. 20 years experience in company 

development, leadership and product design. 


3 m€ for production facility, machinery and PV 



Profile 










Contact 

Contact person yang CHEN 

Phone +86-(0) 21-33 31 73 96 

E-mail susan_cy@hotmail.com 

Website www.xueniao.com 

Address TaiQian industry zone, PuYang, HeNan 

457600 HeNan 

China 


Henan Snowbird Enterprise Co., Ltd covers a land of 

258,000 square meters and has a floor area of 78,000 square 

meters. It employs more than 1,100 employees and total 

assets of 265.53 mRMB. The company currently has four 

eider down sorting and washing production lines that produce 

1,000 tons of high-quality eiderdowns each year and 

more than 1,000 Japanese high-speed sewing machines 

and auxiliary equipment that design and process one million 

pieces of down-filled garments and bedding and other 

product lines each year. It is the largest manu facturing and 

processing enterprise in Henan Province that integrates 

duck and goose hatching & breeding, slaughter ing, processing 

and sales, eiderdown washing and sorting, down-filled 

garments, down-filled bedding and other lines of products 

and has the right to operate import and export. 


Henan Snow Bird 

Enterprise Co., Ltd 

Clothing & Footwear 


The company is a member of the China Feather and Down 

Industrial Association and the China National Garment Association 

and one of the “Top Ten Foreign Exchange-earning 

Enterprises in Henan Province”. The company’s eiderdown 

products and garments are exported to Germany, the United 

States, Russia, Japan, Taiwan and other places. Its foreign 

exchange earnings are expected to reach more than 10 mUS$ 

in 2011. The company currently accounts for 3.2% of the 

country’s eiderdown output and is expected to account for 

7.6% of the domestic output of eiderdown and finished goods 

after going public, ranking among the top 20 in the industry. 

Management 

Mr. Yan and Mr. 

Qiu are industry 

experts with more 

than 20 years of 

experience in production 

operation 

and business management. 

The company 

actively implementsinterna- 

CEO YAN, Changzai COO QIU, Duoxiang 

tional standards and has successively passed ISO 9001, 

ISO 14001, OHSAS 18001 and HACCP certifications. While 

attaching importance to product quality, it has stepped up 

efforts towards product innovation and technology innovation 

and actively promoted the “high-tech, high-taste, modernized 

and branding” strategy. 


The company recently purchased more than 150 mu of land 

in the industry cluster zone to build a modern, high-standard 

deep processing, export and production base for eiderdown 

products. The project involves a total investment of 450 

mRMB, including 200 mRMB in fixed assets and 250 mRMB 

as working capital. Upon commencement of production, the 

project will bring an annual output value of 2.2 bnRMB, 

annual profits and taxes of 350 mRMB and annual foreign 

exchange earnings of 50 mUS$.

ibidi GmbH 

Biotechnology 

Profile 




Financing needs (in m€) 4,000 






Contact 

Contact person Dr. Valentin Kahl 

Phone +49-(0) 89-5 20 46 17-14 

E-mail vkahl@ibidi.de 

Website www.ibidi.de 

Address Am Klopferspitz 19 

82152 Martinsried 

Germany 


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. 

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. 



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) 

Management 

Managing Directors: 

Dr. Valentin Kahl, Production, Finances, Organisation 

Dr. Roman Zantl, Sales, R&D 

Dr. Valentin Kahl 

Dr. Roman Zantl 


Privately owned company. Founders are still holding 65%. 



Profile 








Revenues in 2011e (in m€) >50 

Revenues in 2012e (in m€) >60 

Contact 

Contact person Oliver Rothe 

Phone +49-(0) 30-62 64 06-0 

E-mail oliver.rothe@inventux.com 

Website www.inventux.com 

Address Wolfener Str. 23 

12681 Berlin 

Germany 


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 com - 

pany 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 


Inventux Technologies AG 


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. 

Management 

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 

successful revenue 

generating compa- 

Oliver Rothe, CFO Roland Sillmann, CTO 

ny 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 



Equity (in m€) 1,5 

Financing needs (in m€) - 

Positive result since k.A. 





Contact 

Contact person Jochen Lachnit 

Phone +49-(0) 7 61-1 51 47-2 42 

E-mail jochen.lachnit@jedox.com 

Website www.jedox.com 

Address Bismarckallee 7a 

79098 Freiburg 

Germany 


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. 


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. 

Kristian Raue, CEO 

Management 

Jochen Lachnit, Vice President Finance 

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. 



Profile 










Contact 

Contact person Frank Pelzer 

Phone +49-(0) 30-5 33 11 20 72 

E-mail pelzer@jpk.com 

Website www.jpk.com 

Address Bouchéstr. 12 

12435 Berlin 

Germany 

From left to right.: Torsten Jähnke (CTO), Frank Pelzer (CEO), Jörn Kamps 

(COO), René Grünberg (CFO) 


JPK Instruments AG 

Nanotechnologie 


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, material - 

properties and also nano-optics. 


Several times in the past years, Deloitte has named JPK as 

the fastest-growing company in the sector of nanotech - 

nology 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 com - 

pany 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.

Lophius Biosciences GmbH 

Biotechnology 

Profile 










Contact 

Contact person Dr. Michael Lutz 

Phone +49-(0) 9 41-6 30 91 97-2 

E-mail michael.lutz@lophius.de 

Website www.lophius.de 

Address Josef-Engert-Str. 13 

93053 Regensburg 

Germany 


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. 


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. 

Management 


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/Immu - 

nology 

Dr. Michael Lutz, CEO 


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. 



Profile 










Contact 

Contact person Mr Miklos Hegyi 

Phone +27-(0) 11-2 84-30 00 

E-mail miki@maxidor.co.za 

Website www.maxidor.com 

Address 16 Arnold Street Alrode 

1451 Johannesburg 

South Africa 


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 


Maxidor (Pty) Ltd 

Manufacturing 

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 

Miklos Hegyi 

Adv. Tinus E. Lotz 

Renier Martin 


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.

MCW Oil Sands Recovery, LLC 

Multi-Utilites 

Profile 

Year of establishment 2010 









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 


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. 



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. 

Management 

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 



Profile 










Contact 

Contact person Dipl.oec. Stefan Holder 

Phone +49-(0) 62 21-7 29 52-30 

E-mail bd@medicyte.com 

Website www.medicyte.com 

Address Im Neuenheimer Feld 581 

69120 Heidelberg 

Germany 


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 


Medicyte GmbH 

Biotechnology 

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. 

Management 

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. 

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 




Financing needs (in m€) ca. 10 




Revenues in 2011e (in m€) 3 to 6 

Revenues in 2012e (in m€) 6 to 12 

Contact 

Contact person Herbert Kindermann 

Phone +49-(0) 84 41-2 78 10-1 00 

E-mail herbert.kindermann@metasonic.de 

Website www.metasonic.de 

Address Münchner Str. 29 - Hettenshausen 

85276 Pfaffenhofen 

Germany 


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 achiev ed 

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 


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, 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. 

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. 



Profile 










Contact 

Contact person Fritz Volkert 

Phone +49-(0) 7 61-15 63 37-77 

E-mail fritz.volkert@micropelt.com 

Website www.micropelt.com 

Address Emmy-Noether-Str. 2 

79110 Freiburg 

Germany 


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 prohi - 

biting factor. Micropelt products solve these problems 

through recycling of waste heat as an infinite, maintenance 

free, “deploy-and-forget” power source at minimum cost. 


Micropelt GmbH 


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 Cel - 

sius 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 bas ed 

wireless sensor. Many years of chip production know-how 

and IP will secure it is significant competitive advantage. 

Fritz Volkert, CEO 

Management 

Oliver Keilhack, CFO 

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 










Contact 

Contact person Prof. Dr.-Ing. Thomas Kaiser 

Phone +49-(0) 2 03-3 06 45-00 

E-mail travel@mimoon.de 

Website www.mimoon.de 

Address Bismarckstr. 120 

47057 Duisburg 

Germany 


Software licensing (upfront fee & royalties or one-time payment; 

evaluation, development or manufacturing license) 


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, 


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 

Thomas Kaiser, CEO 

René Kantehm 


Investors: NRW Bank Venture Capital, Enjoy Venture, KfW, 

HTGF, Vivieris, Aumenta 



Profile 










Contact 

Contact person Wilfried Röttgers 

Phone +49-(0) 61 31-9 50 19-10 

E-mail info@mitcaps.de 

Website www.mitcaps.de/ 

Address Mombacher Str. 40 

55122 Mainz 

Germany 


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 tech - 

nologies 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. 


mitcaps GmbH 


mitcaps delivers its service portfolio on an individual 

basis and scalable to the customer needs. 

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 

Wilfried Röttgers, CEO 


Investors: W. Röttgers, KfW, ISB, GPV Investment, Ltd

MOBILES REPUBLIC 

Publishing & Printing 

Profile 










Contact 

Website www.mobilesrepublic.com 

Address Imm P / Bureaux du Lac II / 

Rue Robert Caumond 

33049 BORDEAUX 

France 


Mobiles Republic is an international mobile media group 

offering personalized content driven by intelligent semantic 

technology. News Republic, our first product, is a per son - 

alized 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. 



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. 

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. 



Profile 










Contact 

Contact person Zhengshan Sun 

Phone +86-(0) 1 50-22 09 54 10 

E-mail sale-01@dechangciye.com.cn 

Website www.magnets-china.com/ 

Address Qingshuipu Industry Zone, Zhenhai 

315176 Ningbo 

China 


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. 


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. 


Ningbo Strong Magnets Co., Ltd. 

Steel & Other Metals 

With our technique we could provide a variety of compli - 

cated 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. 

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. 


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. 

Yuncheng Sun, 

General Manager 

Zhengshan Sun, 

Investor Relations Manager

Novaled AG 

OLED Technologie 

Profile 










Contact 

Contact person Harry Böhme 

Phone +49-(0) 3 51-7 96-58 65 

E-mail harry.boehme@novaled.com 

Website www.novaled.com 

Address Tatzberg 49 

01307 Dresden 

Germany 

Harry Böhme, CFO 

Gerd Günther, CMO 



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. 


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 


TechnoStart, Crédit Agricole Private Equity, TechFund, 

CDC Innovation, eCapital, KfW, TUDAG, Dresden Fonds, 

Thomson 



Profile 










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 


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 pro - 

duce 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. 


NTS Energie- und 

Transportsysteme GmbH 



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 

Uwe Ahrens, Technical Director: born 

1953; “innovator of the idea”, Aero - 

space 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 

Indus try and Commerce, board member 

of the Gesundheitsstadt Berlin, 

among others. 

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). 

Uwe Ahrens 

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.

Omikron Data Quality GmbH 

Software 

Profile 










Contact 

Contact person Carsten Kraus 

Phone +49-(0) 72 31-1 25 97-1 25 

E-mail ck@omikron.net 

Website www.fact-finder.com 

Address Habermehlstr. 17 

75172 Pforzheim 

Germany 


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. 

This year, we have finished a new semantic search tech - 

nology, 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. 


Semantic Search is globally considered the next level of 

search technology. Our invention, the probabilistic infe - 

rence 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. 

Carsten Kraus, CEO 

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. 



Profile 










Contact 

Contact person Michael Peter 

Phone +49-(0) 70 32-2 03-0 

E-mail info@delikatessmanufaktur.com 

Website www.delikatessmanufaktur.com 

Address Bonner Str. 5 

14197 Berlin 

Germany 

Markus Fauser 


Platin Delikatessmanufaktur GmbH 

Food 


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 

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€

REVOTAR Biopharmaceuticals AG 

Biotechnology 

Profile 










Contact 

Contact person Dr. Martin Pöhlchen 

Phone +49-(0) 33 02-2 02 50-41 

E-mail m.poehlchen@revotar.com 

Website www.revotar.com 

Address Neuendorfstr. 24 a 

16761 Hennigsdorf 

Germany 


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. 



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 dis - 

eases. Given its entirely new, selectin-antagonist active 

principle, Bimosiamose represents one of the few promis - 

ing 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 

Dr. Martin Pöhlchen, CEO 

Ludwig Felber, CFO 


bmp, BFB Brandenburg, ANZ Nomineees, IBG, MVC 



Profile 










Contact 

Contact person Dr. Michael Mehler 

Phone +49-(0) 3 83 51-76-59 

E-mail mehler@riemser.de 

Website www.riemser.com 

Address An der Wiek 7 

17493 Greifswald-Insel Riems 

Germany 

Dr. Michael Mehler, CEO 

Beatrice von Buchwaldt, CFO 


RIEMSER Arzneimittel AG 

Pharmaceuticals 


RIEMSER Arzneimittel AG is a mid-sized specialty pharmaceutical 

company that markets primarily branded spe - 

cialty/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 inter - 

nationally, 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, der matology, 

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 com - 

panies. 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. 


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 22,483 




Revenues in 2009 (in m€) 1,254 

Revenues in 2010 (in m€) 1,484 



Contact 

Contact person Thomas Lemke 

Phone +49-(0) 89-67 82 04-1 15 

E-mail thomas.lemke@sana.de 

Website www.sana.de 

Address Oskar-Messter-Str. 24 

85737 Ismaning 

Germany 


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. 


The Sana Kliniken AG is the number four among Germany’s 

private clinic groups. It ranks among the top five private 

European market leaders. 

Management 


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. 

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%). 

Dr. Michael Philippi, CEO 

Thomas Lemke, CFO 



Profile 










Contact 

Contact person Willi Rugen 

Phone +49-(0) 60 22-2 61-8 00 

E-mail rugen@semilev.de 

Website www.semilev.de 

Address Industriering 7 

63868 Grosswallstadt 

Germany 

Willi Rugen 

Dr. Ulrich Oldendorf 


SemiLev GmbH 

Semiconductors 


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. 


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. 


SemiLev is seeking a funding commitment of 3 m€ for the 

expansion of its sales and service organization, assembly 

facilities and further R&D.

Signature Diagnostics AG 

Biotechnology 

Profile 










Contact 

Contact person Prof. Dr. André Rosenthal 

Phone +49-(0) 3 31-20 00-2 01 

E-mail rosenthal@signature-diagnostics.de 

Website www.signature-diagnostics.de 

Address Hermannswerder 20a 

14473 Potsdam 

Germany 


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 approxi - 

mately 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 


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 

Prof. Dr. André Rosenthal, CEO 

Dr. Rainer Kramer, CBO 


Financing need: 20 m€; 

VC investors: 61%, private investors: 13%, management: 26% 



Profile 










Contact 

Contact person Dr. Christian Thirion 

Phone +49 (0)-89-70 09 61 99-15 

E-mail thirion@sirion-biotech.de 

Website www.sirion-biotech.de 

Address Am Klopferspitz 19 

82152 Martinsried 

Germany 


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. 


SIRION BIOTECH GmbH 

Biotechnology 


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. 

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 


Profile 










Contact 

Contact person Werner Innerhofer 

Phone +49-(0) 89-1 89 04 73-72 

E-mail werner.innerhofer@sunova.eu 

Website www.sunova.eu 

Address Bretonischer Ring 11 

85630 Gransbrunn 

Germany 


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 

Management 

Werner Innerhofer, CTO (Chairman) 

Werner Hillebrand-Hansen, CTO 



Stockholders: 

- Hans Steinbronn 

- Werner Innerhofer 

- Werner Hillebrand-Hansen 

- Marino Fantin 

- Hans-Dieter Broschwitz 

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 

Werner Innerhofer, CEO 

Werner Hillebrand-Hansen, CTO 



Profile 










Contact 

Contact person Dr. jur. Ernst Pechtl 

Phone +49-(0) 81 71-9 69 69-0 

E-mail info@superwise-technologies.com 

Website www.superwise-technologies.com 

Address Bahnhofstr. 26 

82515 Wolfratshausen 

Germany 


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. 


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, 


Superwise Technologies AG 

IT-Services 

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 

Dr. Ernst Pechtl, CEO 


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 










Contact 

Contact person Dr. Thomas Henkel 

Phone +49-(0) 5 61-5 00 45-3 00 

E-mail thomas.henkel@targos-gmbh.de 

Website www.targos-gmbh.de 

Address Germaniastr. 7 

34119 Kassel 

Germany 


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 


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. 

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. 



Profile 










Contact 

Website www.torqeedo.com 

Address Petersbrunner Str. 3a 

82319 Starnberg 

Germany 

Photo: Torqeedo GmbH 


Torqeedo GmbH 



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 


Main current investors: Wheb Ventures, Brose Trust AG, 

Extorel AG

van den Berg AG 

Software 

Profile 










Contact 

Contact person Hans-Rainer van den Berg 

Phone +49-(0) 24 06-9 54-5 50 

E-mail hans-rainer.vdb@vdb.de 

Website vdb.de 

Address Im Strasser Feld 3 

52134 Herzogenrath 

Germany 


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. 

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. 



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 

Hans-Rainer van den Berg 


4 m€ 

H.-R. van den Berg and G.-D. van den Berg 



Profile 










Contact 

Contact person Dr. Michael Träger 

Phone +49-(0) 23 65-49-55 12 

E-mail michael.traeger@vestolit.de 

Website www.vestolit.de 

Address Paul-Baumann-Str. 1 

45772 Marl 

Germany 


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. 


VESTOLIT GmbH & Co. KG 

Chemicals, Commodity 


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 

Dr. Michael Träger, CEO 


Private Equity owned 

(Strategic Value Partners) 

Thomas Dötsch, CFO

VST Verbundschalungstechnik GmbH – 

VST Group 

Construction material 

Profile 




Financing needs (in m€) 5.0 – 10.0 






Contact 

Contact person Dr. Michael Müller 

Phone +43-(0) 66 44 64 03 89 

E-mail m.mueller@vst-austria.at 

Website www.vst-austria.at 

Address Feuerwehrstr. 17 

2333 Loepoldsdorf 

Austria 


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. 


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. 

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. 



Profile 









Revenues in 2012e (in m€) >200 

Contact 

CContact person Matthias Hassels 

Phone +-(0) 70 22-95 30 60 

E-mail m.hassels@windreich.ag 

Website www.windreich.ag 

Address Esslinger Str. 11-15 

72694 Wolfschlungen 

Germany 

Willi Balz, CEO 

Dr. Walter Döring, 

Chairman of the Board 


Windreich AG 



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 


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 










Contact 

Contact person Maximilian Ahrens 

Phone +49-(0) 30-6 09 85 07-18 

E-mail maximilian.ahrens@zimory.com 

Website www.zimory.com 

Address Revaler Str. 100 

10245 Berlin 

Germany 


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). 


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 


clouds, test & lab clouds and enterprise IT consolidation 

across multiple sites, while avoiding costly lock-in. 

Ruediger Baumann, CEO Maximilian Ahrens, CPO 

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. 

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. 


Funding round scheduled for Q2/2012. 

Investor Creathor Venture is personal referral. 

Prof. Dr. Gustavo Alonso, 

CTO 


Service 

Deutsche Börse Listing Partner 

www.deutsche-boerse.com > Listing > Listing Partner 

ACON Actienbank AG Entry Standard for corporate 

bonds, China Expert 

Contact Person Marco Bodewein 

E-mail bodewein@aconbank.de 

Phone +49-(0) 89-24 41 18 335 

Web www.aconbank.de 

Allen & Overy LLP Entry Standard for shares, 

China, Russia & CIS Expert 

Contact Person Dr. Oliver Seiler, Okko-Hendrik Behrends 

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okko.behrends@allenovery.com 

Phone +49-(0) 69-26 48 50 00 

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Ashurst LLP Entry Standard for corporate 

bonds, China, Russia & CIS Expert 

Contact Person Reinhard Eyring, Matthias von Oppen 

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matthias.vonoppen@ashurst.com 

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Asiasons WFG Financial China Expert 

Contact Person Pauline Sim 

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Baader Bank Entry Standard for shares, Entry Standard 

Aktiengesellschaft for corporate bonds Expert 

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Bank am Bellevue Entry Standard for shares 

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Bankhaus Lampe KG Russia & CIS Expert 

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Bankhaus Main AG Russia & CIS Expert 

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BankM – Representative Entry Standard for shares, 

Office of biw Bank for Entry Standard for corporate 

Investments and bonds, China, Russia 

Wertpapiere AG & CIS Expert 

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Bayerische Landesbank Entry Standard for shares Expert 

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BDO AG Entry Standard for shares 

Wirtschaftsprüfungsgesellschaft and China Expert 

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BDO AWT GmbH Entry Standard for shares 

Wirtschaftsprüfungsgesellschaft and China Expert 

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guenter.woerl@bdo-awt.de 

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BDO Unicon Russia & CIS Expert 

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Beiten Burkhardt Entry Standard for shares, 

Rechtsanwaltsgesellschaft mbH Entry Standard for 

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BERENBERG BANK Entry Standard for shares, 

Joh. Berenberg, Entry Standard for coporate 

Gossler & Co. KG bonds Expert 

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BHF - BANK AG 

Contact Person Cornelius Clotten 

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BLÄTTCHEN & PARTNER AG Entry Standard for shares, 

Entry Standard for corporate bonds Expert 

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BLÄTTCHEN FINANCIAL Entry Standard for shares, 

ADVISORY Entry Standard for corporate bonds Expert 

Contact Person Prof. Dr. Wolfgang Blättchen, 

Dr. Stephan Mahn 

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mahn@blaettchen-fa.de 

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BNP Paribas Entry Standard for shares Expert 

Contact Person Lars Stiewe 

E-mail lars.stiewe@bnpparibas.com 

Phone +44-(0) 207-5 95 20 84 

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BRUNSWICK GROUP China Expert 

Contact Person Christian Weyand, Gundolf Moritz 

E-mail cweyand@brunswickgroup.com, 

gmoritz@brunswickgroup.com 

Phone +49-(0) 69-24 00 55-11, -62 

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Service 

Business Wire - A Berkshire Hathaway Company 

Contact Person Henrik Adelmann 

E-mail henrik.adelmann@businesswire.com 

Phone +49-(0) 69-91 50 66-35 

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CdC Capital GmbH Entry Standard for shares, 


Contact Person Jörn J. Follmer, Alexander Schwaab 

E-mail follmer@cdc-capital.com, 

schwaab@cdc-capital.com 

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Citigate Dewe Entry Standard for shares, 

Rogerson GmbH China, Russia & CIS Expert 

Contact Person Hanning Kempe, Ilka Schwarz 

E-mail hanning.kempe@citigatedr.de, 

ilka.schwarz@citigatedr.de 

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Clifford Chance Entry Standard for shares, 

Entry Standard for corporate 


Contact Person Markus Pfüller 

E-mail markus.pfueller@cliffordchance.com 

Phone +49-(0) 69-71 99-01 

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Close Brothers Entry Standard for shares, Entry 

Seydler Bank AG Standard for corporate bonds Expert 

Contact Person Thomas Kaufmann 

E-mail thomas.kaufmann@cbseydler.com 

Phone 49-(0) 69-9 20 54-1 90 

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CMS Hasche Sigle Entry Standard for shares, 

China, India, Russia & CIS Expert 

Contact Person Dr. Andreas Zanner 

E-mail andreas.zanner@cms-hs-com 

Phone +49-(0) 69-71 70 10 

Web www.cms-hs.com 

Cometis AG Entry Standard for shares, 



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 Entry Standard for shares Expert 

Contact Person Ute Gerbaulet 

E-mail ute.gerbaulet@commerzbank.com 

Phone +49-(0) 69-136-2 29 74 

Web www.commerzbank.com 

Computershare Deutschland GmbH & Co. KG 

Contact Person Steffen Herfurth 

E-mail steffen.herfurth@computershare.de 

Phone +49-(0) 89 - 30 90 3 - 0 

Web www.computershare.de 

Concord Capital Ltd. Entry Standard for shares, 


Contact Person Mathias Schmid, Veith Hamper 

E-mail mathias.schmid@concordcapital.de 

veith.hamper@concordcapital.de 

Phone +49-(0) 69-271 38 79-18, -12 

Web www.concordcapital.de 

Conmit Entry Standard 

Wertpapierhandelsbank AG for shares Expert 

Contact Person Christoph Weideneder 

E-mail c.weideneder@conmitbank.de 

Phone +49-(0) 89-244 047 361 

Web www.conmitbank.de 

Cortent Kommunikation AG Russia & CIS Expert 

Contact Person Volker Siegert 

E-mail volker.siegert@cortent.de 

Phone +49-(0) 69-5 77 03 00-61 

Web www.cortent.de 

Deloitte & Touche GmbH China, Russia & CIS Expert 

Contact Person Daniel Döpfner 

E-mail ddoepfner@deloitte.de 

Phone +49-(0) 69-7 56 95-64 33 

Web www.deloitte.de 

Deutsche Bank AG China, Russia & CIS Expert 

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 

Dewey & LeBoeuf LLP China, India, Russia & CIS Expert 

Contact Person Philipp von Ilberg, Joseph Marx 

E-mail pvonilberg@dl.com, jmarx@dl.com 

Phone +49-(0) 69-36 39-33 15, -35 60 

Web www.dl.com 


DGAP Deutsche Gesellschaft Entry Standard for 

für Ad-hoc-Publizität mbH shares Expert 

Contact Person Robert Wirth 

E-mail marketing@dgap.de 

Phone +49-(0) 89-21 02-1 98 40 

Web www.dgap.de 

Donner & Reuschel AG 

Contact Person Svenja Weber, Andra John 

E-mail svenja.weber@donner-reuschel.de 

andra.john@donner-reuschel.de 

Phone +49-(0) 40-3 02 17-53 37, -55 66 

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DZ BANK AG Entry Standard for shares Expert 

Contact Person Andreas John 

E-mail andreas.john@dzbank.de 

Phone +49-(0) 69-74 47 01 

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Ebner Stolz Entry Standard for shares Expert 

Mönning Bachem 

Contact Person Christian Fuchs, Jan Maertins 

E-mail christian.fuchs@ebnerstolz.de 

jan.maertins@ebnerstolz.de 

Phone +49-(0) 711-20 49-12 76, +49-(0) 40-3 70 97-1 47 

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equinet Bank AG Entry Standard for shares, 


bonds, India, Russia & CIS Expert 

Contact Person Lutz Weiler, Jobst Müller-Trimbusch 

E-mail lutz.weiler@equinet-ag.de, 

jobst.mueller-trimbusch@equinet-ag.de 

Phone +49-(0) 69-58 99 70 

Web www.equinet-ag.de 

EquityStory AG Entry Standard for corporate bonds Expert 

Contact Person Robert Wirth 

E-mail robert.wirth@equitystory.de 

Phone +49-(0) 89-21 02-1 98 34 

Web www.equitystory.de 

Ernst & Young GmbH Entry Standard for shares, 

Wirtschaftsprüfungs- Entry Standard for corporate 

gesellschaft bonds, China, Russia & CIS Expert 

Contact Person Dr. Martin Steinbach, Daniel Mair 

E-mail martin.steinbach@de.ey.com, 

daniel.mair@de.ey.com 

Phone +49-(0) 6196 996-11574, -24703 

Web www.de.ey.com

fischerAppelt, advisors Entry Standard for 

shares Expert 

Contact Person Ulf Ziegler, Dr. Matthias Larisch 

E-mail uz@fischerappelt-advisors.de, 

ml@fischerappelt-advisors.de 

Phone +49-(0) 40-89 96 99 0 

Web www.fischerappelt.de 

FTI Consulting China, Russia & CIS Expert 

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 

Goldman, Sachs & Co. oHG China, Russia & CIS Expert 

Contact Person Dr. Christoph Stanger 

E-mail christoph.stanger@gs.com 

Phone +44-(0) 20 77 74-47 33 

Web 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 

Hauck & Aufhäuser Entry Standard for shares, 

Investment Banking China Expert 

Contact Person Dirk Weyerhäuser 

E-mail dirk.weyerhaeuser@ha-ib.com 

Phone 49-(0) 69-50 500 49 36 

Web www.ha-ib.com 

Helaba Landesbank Hessen-Thüringen 

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 

HEUKING KÜHN Entry Standard for shares, Entry 

LÜER WOJTEK Standard for corporate bonds Expert 

Contact Person Dr. Mirko Sickinger, LL.M., 

Dr. Thorsten Kuthe 

E-mail m.sickinger@heuking.de, t.kuthe@heuking.de 

Phone +49-(0) 221 20 52-591, -746 

Web www.heuking.de 

Service 

Hogan Lovells Entry Standard for shares, 

Entry Standard for corporate bonds, 


Contact Person Dr. Karsten Müller-Eising, 

Prof. Dr. Michael Schlitt 

E-mail karsten.mueller-eising@hoganlovells.com, 

michael.schlitt@hoganlovells.com 

Phone 49-(0) 69-962 36-341, -432 

Web www.hoganlovells.com 

HSBC Trinkaus Entry Standard for shares Expert 

Burkhardt AG 

Contact Person Dr. Ralf Neuhaus, Mark Kahlenberg 

E-mail ralf.neuhaus@hsbctrinkaus.de, 

mark.kahlenberg@hsbctrinkaus.de 

Phone +49-(0) 2 11-9 10 25 90 

Web www.hsbctrinkaus.de 

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 Entry Standard 

Industriebank AG 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 Entry Standard for 

shares Expert 

Contact Person Pierre Drach 

E-mail pdrach@irffm.de 

Phone +49-(0) 69-971 490 0 

Web www.irffm.de 

IPONTIX Equity Entry Standard for shares, 

Consultants GmbH Entry Standard for corporate bonds, 


Contact Person Ulrich Barnickel 

E-mail ubarnickel@ipontix.com 

Phone +49-(0) 69-9 54 54-0 

Web www.ipontix.com 

JP Capital China Expert 

Contact Person Jane Wang 

E-mail jane.wang@jpc-i.com 

Phone +86-(0) 21-61650998 

Web www.jpc-i.com 


Service 

JP|KOM GmbH China Expert 

Contact Person Boris Bolwin 

E-mail boris.bolwin@jp-kom.de 

Phone +49-(90) 69 921019-36 

Web www.jp-kom.de 

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 China, Russia & CIS Expert 

Contact Person Dr. Serge Ragotzky, Andrej Kirschke 

E-mail serge.ragotzky@keplercm.com, 

andrej.kirschke@keplercm.com 

Phone +49-(0) 69-756 96-380 

Web www.keplercapitalmarkets.com 

Kirchhoff Entry Standard for shares, 

Consult AG Entry Standard for corporate 

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 Elnur Kurbanov, Sergey Shlyuger 

E-mail e.kurbanov@kf.ru, s.shlyuger@kf.ru 

Phone +7-(0) 495 641 4414 

Web www.kf.ru/eng 

KMO – Entry Standard for 

Kestler Mielert & Partner shares Expert 

Contact Person Hubertus Kestler 

E-mail kestler@kmo-legal.de 

Phone +49-(0) 69-97 16 00 

Web www.kmo-legal.de 

KPMG Deutsche Entry Standard for shares, 

Treuhand-Gesellschaft AG China, India, Russia 

& CIS Expert 

Contact Person Michael Salcher 

E-mail msalcher@kpmg.com 

Phone +49-(0) 89-92 82 12 39 

Web www.kpmg.de/emergingmarkets 


Landesbank Baden- Entry Standard for 

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Contact Person Jobst Bartmer, Jan Schwendemann 

E-mail jobst.bartmer@lbbw.de 

jan.schwendemann@lbbw.de 

Phone 49-(0) 711-1 27-250-21,-40 

Web www.lbbw.de 

Lang & Schwarz Entry Standard for 

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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 China, Russia & CIS Expert 

Contact Person Dr. Roland Maass, LL.M. 

E-mail roland.maass@lw.com 

Phone +49-(0) 69-6062-66-24 

Web www.lw.com 

Linklaters LLP Entry Standard for shares 


Contact Person Dr. Herbert Harrer 

E-mail herbert.harrer@linklaters.com, 

Phone +49-(0) 69-71 00 30 

Web www.linklaters.com 

Luther Entry Standard for shares, 

Rechtsanwaltsgesellschaft Entry Standard for 

mbH corporate bonds, China and India Expert 

Contact Person Thomas Weidlich, Dr. Angelika Yates 

E-mail thomas.weidlich@luther-lawfirm.com, 

angelika.yates@luther-lawfirm.com 

Phone +49-221-99 37-1 62 80, -2 57 97 

Web www.luther-lawfirm.com 

Mayer Brown LLP China Expert 

Contact Person Dr. Ulrike Binder, Patrick C. K. Wong 

E-mail ubinder@mayerbrown.com, 

patrick.wong@mayerbrownjsm.com 

Phone +49-(0) 69-79 41 0 

Web www.mayerbrown.com 

Merrill Lynch International Russia & 

Bank Limited CIS Expert 

Contact Person Magnus von Schlieffen, Riccardo Orcel 

E-mail magnus.vonschlieffen@baml.com, 

riccardo.orcel@baml.com 

Phone +49-(0) 69-58 99-50 00, +44-(0) 20-9953203 

Web www.ml.com

M.M.Warburg & CO KG aA Entry Standard for 

shares, China Expert 

Contact Person Till Wrede 

E-mail twrede@mmwarburg.com 

Phone +49-(0) 40-32 82 - 22 98 

Web www.mmwarburg.com 

Morgan, Lewis & Bockius LLP 

Contact Person Dr. Christian O. Zschocke 

E-mail czschocke@morganlewis.com 

Phone +46-(0) 69-71 40 07-11 

Web www.morganlewis.de 

Morgan Stanley Bank AG China Expert 

Contact Person Klaus Froehlich, Mille Cheng 

E-mail klaus.froehlich@morganstanley.com 

mille.cheng@morganstanley.com 

Phone +44-(0) 207-425-23 12 

Web www.morganstanley.com 

mwb fairtrade China Expert 

Wertpapierhandelsbank AG 

Contact Person Elke Fürstenau, Herbert Schuster 

E-mail efuerstenau@mwbfairtrade.com 

listing@mwbfairtrade.com 

Phone +49-(0) 89-85852-300, -0 

Web www.mwbfairtrade.com 

news aktuell GmbH Entry Standard for shares Expert 

Contact Person Lars Müller 

E-mail euroadhoc@newsaktuell.de 

Phone +49-(0) 40-41 13-28 59 

Web www.newsaktuell.de 

Noerr LLP Entry Standard for shares, Entry Standard 

for corporate bonds, China, Russia & CIS Expert 

Contact Person Dr. Laurenz Wieneke, Dr. Tobias Bürgers 

E-mail laurenz.wieneke@noerr.com, 

tobias.buergers@noerr.com 

Phone 49-(0) 69-9 71 47 70, 49-(0) 89-28 62 80 

Web www.noerr.com 

Norton Rose LLP Entry Standard for shares, 


bonds, China, India, Russia & CIS Expert 

Contact Person Dr. Frank Peter Regelin, Dr. Sascha Grimm 

E-mail frank.regelin@nortonrose.com, 

sascha.grimm@nortonrose.com 

Phone 49-(0)69-50 50 961-97, -91 

Web www.nortonrose.com 

Service 

Omiris AG Entry Standard for shares Expert 

Contact Person Sam Winkel, Robert Zeiss 

E-mail winkel@omiris.de, zeiss@omiris.de 

Phone +49-(0) 89 - 5457 8550 

Web www.consult.omiris.de 

Orrick Hölters & Elsing Entry Standard for 

shares 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 

PricewaterhouseCoopers Entry Standard for shares, 



Contact Person Christoph Gruss, Nadja Picard 

E-mail christoph.gruss@de.pwc.com, 

nadja.picard@de.pwc.com 

Phone +49-(0) 69-95 85 34 15, +49-(0) 211-981 29 78 

Web www.pwc.de 

quirin bank AG Entry Standard for shares, 


Contact Person Holger Clemens Hinz 

E-mail holger.hinz@quirinbank.de 

Phone +49-(0) 69-2475 049-30 

Web www.quirinbank.de 

SALANS LLP Entry Standard for shares, 


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 Dr. Stephan Hutter, Dr. Hans Diekmann 

E-mail shutter@shearman.com, 

hdiekmann@shearman.com 

Phone +49-(0) 69-97 11-12 30, +49-(0) 211-17 88 8-818 

Web www.shearman.com 

Silvia Quandt & Cie. AG Entry Standard for shares, 


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 

Contact Person Bodo Kräter, Cong Philip Yao 

E-mail bodo.kraeter@skillnet.com, 

cong.yao@skillnet.com 

Phone +49-(0) 40-2 80 15 4-0, +86-(0) 21-56654986 

Web www.skillnet.com 

Süddeutsche Entry Standard for shares, 

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 

Taylor Wessing China and India Expert 

Contact Person Stephan Heinemann 

E-mail s.heinemann@taylorwessing.com 

Phone +49-(0) 69-9 71 30-0 

Web www.taylorwessing.com 

The Royal Bank of Scotland N.V. 

Contact Person Klaus Schinkel, Dr. Barbara Böhnlein 

E-mail klaus.schinkel@rbs.com, 

barbara.boehnlein@rbs.com 

Phone +49-(0) 69-2690-0325, -0322 

Web www.rbs.de 

UBJ. GmbH Entry Standard for shares, 


Contact Person Ingo Janssen 

E-mail ingo.janssen@ubj.de 

Phone +49-(0) 40 - 6378 5410 

Web www.ubj.de 

UniCredit Bank AG 

Contact Person Peter Schaede 

E-mail peter.schaede@unicreditgroup.de 

Phone +49-(0) 89 378-11650 

Web www.unicreditgroup.eu 

VEM Aktienbank AG Entry Standard for shares, 

Entry Standard for corporate bonds 

and China Expert 

Contact Person Justus Linker, Markus Becker 

E-mail j.linker@vem-aktienbank.de, 

m.becker@vem-aktienbank.de 

Phone +49-(0) 89 3 09 03 48-60, -85 

Web www.vem-aktienbank.de 


VISCARDI AG China Expert 

Contact Person Markus Fischer, Dr. Liming Ge 

E-mail markus.fischer@viscardi.com 

Phone +49-(0) 89 25 558-0, -127 

Web www.viscardi.com 

Warth & Klein Grant Thornton AG China Expert 

Wirtschaftsprüfungsgesellschaft 

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 Entry Standard for shares, 


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 

WGZ BANK Entry Standard for shares Expert 

Contact Person Dr. Reiner Selbach, Thomas Aldenrath 

E-mail reiner.selbach@wgzbank.de, 

thomas.aldenrath@wgzbank.de 

Phone +49-(0) 211-7 78-28 81, +49-(0) 211- 778-2887 

Web www.wgzbank.de 

Willkie Farr & Gallagher LLP 

Contact Person Sven-Erik Heun 

E-mail sheun@willkie.com 

Phone 49-(0) 69-79302-170 

Web www.willkie.com 

Wolfgang Steubing AG Entry Standard for shares, 


Contact Person Dr. Jochen Grossmann, Kai Jordan 

E-mail jochen.grossmann@steubing.com, 

kai.jordan@steubing.com 

Phone +49-(0) 69-297 16-168, -112 

Web www.steubing.com 

youmex AG Entry Standard for shares, Entry Standard 

for corporate bonds and China Expert 

Contact Person Andreas Wegerich 

E-mail wegerich@youmex.de 

Phone +49-(0) 69-79 53-98-000 

Web www.youmex.de

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 

Haubrok Investor Relations 51 

HSBC Trinkaus & Burkhardt 23 

IEG Investment Banking 9 

Independent Research 93 

International Herald Tribune 89 

Istanbul Stock Exchange 31 

Jefferies & Company 11 

KfW Bankengruppe 19 

KPMG 79 

Landesbank Baden-Württemberg 49 

Luther Rechtsanwaltsgesellschaft 65 

mergermarket 83 

Michael Konrad 81 

Morgan Stanley 17 

NZZ 119 

PvF Investor Relations 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: 


Mergenthalerallee 61, 65760 Eschborn, Germany 

www.deutsche-boerse.com/listing 

issuerrelations@deutsche-boerse.com 

Tel. +49-(0) 69-2 11-1 88 88 

Publishing Partner: 

GoingPublic Media AG 

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 

issuerrelations@deutsche-boerse.com 

Service 


Service 

Financing via Deutsche Börse 

An overview 

Financing via the 

capital market is 

especially attrac - 

tive to dynamically 

growing and innovative 

companies 

and creates the 

basis for a successful 

future. An 

Initial Public Offer - 

ing (IPO) will 

enable a company 

to make largescale 

financial investments 

which 

can be repeated 

by means of capital increase. This is particularly helpful to 

companies who often need to make large advance pay- 

Figure 2: Phases of an IPO 

Phase 1: Planning and preparation 

Figure 1: Market segments at Deutsche Börse – Entrepreneurs have the choice 

Two ways to access the 

capital market 

Deutsche Börse 

primary market segments: 

shares 


primary market segments: 


Source: Deutsche Börse AG 

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 



EU-Regulated Market Regulated Unofficial Market 

Prime Standard Entry Standard 

General Standard First Quotation Board 

(Open Market) 


ments in order to finance strategic decisions, technical 

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 

stock exchange listing at Deutsche Börse. 

Equity or debt capital 

Entry Standard 

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 seg - 

ments 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

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 


Debt capital via stock exchange 

Exchange listed corporate bonds are a source of debt capital 

independent of banks. No voting rights are granted when i ssuing 

corporate bonds. At Deutsche Börse, corporate bonds 


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 

Entry Standard Prime Standard 

for Bonds for Bonds 

Target group Small & medium Medium & larged 

sized companies sized companies 

Turnover p.a. < 300 m€ > 300 m€ 

Issuing volume < 100 m€ > 100 m€ 

(debt capital) 

Terms of bond 5-7 years 5-7 years 

Coupon Fixed coupon Fixed coupon, floater 

Denomination Max. 1,000 € 1,000 € fixed 


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 

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 

Rating 1) 

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 


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) 


Learn more about financing options via Deutsche Börse at: 

www.deutsche-boerse.com > Listing 


Service 

Contact Persons at Deutsche Börse Group 

Head of Listing & Issuer Services 

Telephone: +49-(0) 69-2 11-1 72 97 

E-mail: barbara.georg@deutsche-boerse.com 


Barbara Georg 

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 

Alexander von Preysing 

Head of Issuer Services 

Telephone: +49-(0) 69-2 11-1 72 71 

E-mail: alexander.von.preysing@deutsche-boerse.com 

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 

Industrial | 

SMEs | German Equity Forum | 

Telephone: +49-(0) 69-2 11-1 24 16 

E-mail: stefan.leisner@deutsche-boerse.com 

Stefan Höfer 

Stefan Leisner

Software | 

SMEs | Bonds | 

Telephone: +49-(0) 69-2 11-1 52 45 

E-mail: eric.leupold@deutsche-boerse.com 

Financial Services I 

India I 

Telephone: +49-(0) 69-2 11-1 52 71 

E-mail: susanne.plewan@deutsche-boerse.com 

China | 

Telephone: +49-(0) 69-2 11-1 52 32 

E-mail: yuxing.ruan@deutsche-boerse.com 

Eric Leupold 

Susanne Plewan 

Yuxing Ruan 

Service 

Elisabeth Plakinger 

Alternative Energies, Green Technology, Utilities | 

Regulations & Analytics | 

Telephone: +49-(0) 69-2 11-1 57 52 

E-mail: elisabeth.plakinger@deutsche-boerse.com 

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 


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 

12:15 Cooperation with Business Angels and Venture 

Capital Funds for the Future of Tech Start Up’s 

Hosted by KfW Bankengruppe 

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 

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 

17:15 Financing Alternatives for the Mittelstand 

Hosted by FCF Fox Corporate Finance 

18:15 Elevator Pitch of Venture Capital and Private 

Equity Investors in Rooms Frankfurt and Berlin 


IPO/Equity Transactions in Volatile Markets 

Hosted by 

LBBW Landesbank Baden-Württemberg 

Dual Track: 

IPO as an Alternative to Trade Sale?! 

Hosted by equinet bank AG 

IPOs in Germany, an Endangered Species? 

Development of New Approaches in the Future 

Hosted by DZ BANK AG 

IPO-Stock Exchange Listing 

of Foreign (Holding) Companies 

Hosted by Renell Wertpapierhandelsbank AG 

Power Grid TOP 50 – Telecommunication / Software & IT 

11:00 mitcaps GmbH 

11:30 finocom AG 

12:00 Breezecom, Inc. 

Energy Storage 

12:30 Jedox AG 

13:00 Zimory GmbH 

E-Mobility 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 

E-Mobility and German Engineering 

Clean Energies Forum hosted by 

LBBW Landesbank Baden-Württemberg 

TOP 50 – Clean Energies 

17:15 Windreich AG 

17:45 NTS Energie- und Transportsysteme GmbH 

Elevator Pitch – Private Equity Investors 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 

17:30 Metasonic AG 

Presentations end at 18:00 

Plenum Capital Markets Forum Frankfurt Capital Markets Forum Berlin Green Tech Forum Beijing Sector Forum 


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 

11:15 SPAC vs. IPO: 

Crucial Success Factors in SME Financing 

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? 


16:15 Coffee Break 

16:45 China: Momentum Will Pick Up Again 


17:45 Improving MiFID: Now or Never! Back to Transparency in Trading 


Capital Increases/Equity Funding 2011 – 

Major Trends 

Hosted by LBBW Landesbank Baden-Württemberg 

The Influence of Proxy Advisors on 

Resolutions of the Shareholders’ Meeting 

Hosted by Taylor Wessing 

Delivering Effective Investor Relations: 

What is Best Practise? 

Hosted by Thomson Reuters 

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 

TOP 50 – Green Technology 

13:15 Novaled AG 

13:45 Micropelt GmbH 

14:15 Concentrator Optics GmbH 

14:45 SUNOVA AG 

15:15 Inventux Technologies AG 

15:45 AE Photonics GmbH 

TOP 50 – Green Technology 

16:45 friedola TECH GmbH 

17:15 Torqeedo GmbH 

17:45 CPM Compact Power Motors 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 

Managing REITs in Challenging Times 

Hosted by WestLB 

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 

TOP 50 – Technology / Software & IT 

16:45 BIOMETRY.com AG 

17:15 MOBILES REPUBLIC 

17:45 Aupeo GmbH 

18:15 mimoOn GmbH 

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 


14:45 Developing Market Standards 

for Mid Cap Bonds 

Hosted by IKB Deutsche Industriebank 

Ernst & Young Forum 

IPO Readiness and Rating Aspects of 

Bonds for Mittelstand 

High Yield Bonds 

Hosted by Jefferies International 

Bonds – no Rocket Science: 

Structuring – Procedure – Placement Alternatives 

– 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 

Bond Investor Relations: 

Story and Communication Instruments 

Hosted by PvF Investor Relations 

Company Presentations Bond Issuers 

12:00 KTG Agrar 

12:20 Eyemaxx/Amictus 

12:50 BKN Biostrom AG 

Company Presentations Bond Issuers 

14:45 K-Bond 1 

Qualification and Composition 

of Supervisory Boards 

Hosted by Deutsche Börse AG/WILD 

The Change in the Role of the Supervisory 

Board: from “Old Boys Network” 

to “Independent Directors” 

Hosted by CMS Hasche Sigle

Istanbul Life Science Forum Moscow Sector Forum Room 

MedTech: 

Telemonitoring / Homecare 

Healthcare Services: 

Horizontal and Vertical Growth Strategies 

in Tighter Financial Markets 

Pharma/Biotech: 

Lessons Learnt – Set-Backs 

as an Opportunity 

TOP 50 – Life Sience 

16:00 RIEMSER Arzneimittel AG 

16:30 SANA Kliniken AG 

17:00 AMEOS AG 

Life Science Forum hosted by 

DZ BANK AG 

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 

TOP 50 – Technology / Industrial 

14:30 Ningbo Strong Magnets 

15:00 Henan Snow Bird Enterprise Co., Ltd. 

Istanbul Agro Forum | Turkey Forum Moscow Sector-/Life Science Forum 

Agro Forum 

Agro Markets - Resistant or Contagious this 

Time? 

Hosted by equinet bank AG 

Turkey Forum – 

Opening Remarks & Keynote Address 

14:45 Turkish Markets Appeal to 

Investors and Companies 

Hosted by Istanbul Stock Exchange 

Sector and Company Presentations 

Turkish listed companies 

Hosted by Istanbul Stock Exchange 

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 

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 

08:00 

10:00 

10:15 

11:00 

12:15 

13:30 

14:30 

15:30 

16:00 

17:15 

18:15 

19:15 

08:00 

09:30 

11:15 

12:30 

13:45 

15:15 

15:40 

16:15 

Weak Euro but Order Books at Historical High – 16:45 

Do Capital-Goods-Companies Benefit from Crisis? 

Hosted by BERENBERG BANK 

17:45 

Please note: Programme of Investors’ Conferences is scheduled from 08:15 until 18:40 19:00 

08:00 

09:30 

11:00 

12:00 

13:15 

14:45 

16:00 

Monday, 21 November 2011 

Investors’ Conferences / Sector 

London Madrid Milan Paris Zurich 

Media 


Financial Services 

Hosted by 


Real Estate 

Hosted by Close Brothers 

Seydler Bank AG 

Starts at 15:00 

Investors’ Conferences from 08:15 until 18:40 

Tuesday, 22 November 2011 

Software & Internet 



Consumer | Retail 

Hosted by 

equinet bank AG 


Industrial 

Hosted by LBBW 

Chemicals 



Industrial 



Biotechnology 

Hosted by DZ BANK 


Consumer & Retail 

Hosted by 

equinet bank AG 

Software – 

IT-Services 

Hosted by FCF 

Fox Corporate Finance 


Life Science – Biotech 

Hosted by FCF 

Fox Corporate Finance 


Industrial 

Hosted by 

BERENBERG BANK 

Infrastructure & 

Automotive 

Hosted by 



Aerospace & Defense Clean Energies 


Technology 

Hosted by 

BERENBERG BANK 


Wednesday, 23 November 2011 


Technology 



Nanotechnology 


Life Science 

MedTech 




Communication 

Technologies 

Hosted by 


Financial Services 

Hosted by 



Sector Forum Green Technology 

Miscellaneous Hosted by 

Hosted by FCF Fox Corpo- Jefferies International 

rate Finance

Floorplan Upper Level (C3) 

Investors‘ Conferences 

Exhibitors‘ Index 

Milan 

Paris 

Zurich 

Madrid 

London 

7.15 Baader Bank Aktiengesellschaft 

7.08 BankM - Repräsentanz der biw Bank 

für Investments und Wertpapiere AG 

5.02 BDO AG Wirtschaftsprüfungsgesellschaft 

2.08 Beiten Burkhardt Rechtsanwaltsgesellschaft mbH 

7.11 BHF-BANK Aktiengesellschaft 

6.04 Börsen-Zeitung 

1.02 Buse Heberer Fromm 

Rechtsanwälte Steuerberater Partnerschaftsgesellschaft 

5.06 CdC Capital GmbH 

7.12 CeWe Color Holding AG 

1.01 Close Brothers Seydler Bank AG 

4.05 CMS Hasche Sigle 

3.08 Creditwest Faktoring Hitzmetleri A.S. 

8.09 DAF Deutsches Anleger Fernsehen AG 

2.06 Deloitte & Touche GmbH 

0.01 Deutsche Börse AG 

2.03 Deutsche Technologie Beteiligungen AG 

2.02 Dipl.-Kfm. Wunderlich & Partner – Wirtschaftsberatung 

für den Mittelstand GmbH 

6.06 DIRK – Deutscher Investor Relations Verband e.V. 

6.03 DZ BANK AG 

3.01 equinet Bank AG 

8.10 EquityStory AG 

0.03 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft 

8.08 FAS AG 

4.03 FCF Fox Corporate Finance GmbH 

2.05 fi anc GmbH 

7.03 FINANCIAL GATES GmbH 

X.01* Financial Yearbook 

7.05 Global Menkul Degerler A.S. 

5.01 GoingPublic Media AG 

3.03 GSK STOCKMANN + KOLLEGEN 

Rechtsanwälte Wirtschaftsprüfer Steuerberater 

Coffee Bar 

9.01 

Internet Lounge 

Press Lounge 

8.01 Hessen Agentur GmbH - CIB Frankfurt 

8.07 HEUKING KÜHN LÜER WOJTEK 

6.07 heureka! Profi table Communication GmbH 

2.07 Hogan Lovells International LLP 

2.01 HSBC Trinkaus & Burkhardt AG 

8.12 ICF Kursmakler AG Wertpapierhandelsbank 

6.01 IKB Deutsche Industriebank AG 

4.09 International Herald Tribune 

8.04 IPONTIX Equity Consultants GmbH 

7.04 IS INVESTMENT 

3.04 Istanbul Stock Exchange 

0.02 KfW Bankengruppe 

7.02 Kirchhoff Consult AG 

4.01 LBBW - Landesbank Baden-Württemberg 

4.06 Luther Rechtsanwaltsgesellschaft mbH 

8.03 Menold Bezler Rechtsanwälte Partnerschaft 

8.05 mergermarket 

7.10 MSL Financial 

3.07 news aktuell GmbH 

7.09 NZZ/Swiss Equity magazin 

8.02 PG Alluvial Mining PLC 

3.06 quirin bank AG 

2.04 Renell Wertpapierhandelsbank AG 

6.02 RölfsPartner 

7.07 SALANS LLP 

7.06 Seker Yatirim Menkul Degerler AS-Seker Securities 

5.03 Silvia Quandt & Cie. AG 

7.01 Süddeutsche Aktienbank AG 

9.01** Thomson Reuters 

8.00 TOP 50 Partners 

3.09 Turkish Derivatives Exchange (TSKB) 

8.06 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 

< Turn page for Exhibitors‘ Index 

Moscow 

Istanbul 

Beijing 

Berlin 

Speaker Lounge 

Ice Cream Coffee Bar 

7.11 7.10 7.09 7.08 7.07 7.06 7.05 7.04 7.03 7.02 7.01 

7.12 

1.02 

One-on-Ones (A-C) 

DVFA 

1.01 

3.07 3.06 

3.01 

0.03 

3.03 

3.09 3.08 

3.04 

5.01 

5.02 

5.06 

5.03 

0.01 

1on1 

FACTory 

0.02 

2.01 2.02 2.03 

2.04 

4.01 

4.06 

4.03 

4.05 

4.09 

6.03 6.02 6.01 

6.07 6.06 6.04 

2.05 2.06 2.07 

2.08 

7.15 8.12 8.10 

Plenum 

Bar 

8.05 8.04 8.03 8.02 8.01 8.00 

8.05 

8.06 

8.07 

8.08 

8.09 

Frankfurt 

TOP50 

Lounge 

One-on-Ones (D-F) 

Internet Lounge

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 fi rst 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 fi tting 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:EKF 2010 - Deutsches Eigenkapitalforum

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