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Listing at Deutsche Börse
Finance your Future. Made in Germany. Listing at Deutsche Börse
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Agenda Deutsche Börse at a Glance Germany – Ukraine: Strong Relations
Finance your Future. Made in Germany. Agenda Deutsche Börse at a Glance Germany – Ukraine: Strong Relations Why list at Deutsche Börse? IPO Process Corporate Bonds as an Alternative Financing Way
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Market Data & Analytics
Deutsche Börse at a glance Finance your Future. Made in Germany. The world‘s largest Stock Exchange Organization Sales revenue and net income (EBIT) 2010 (mEUR) Facts: Deutsche Börse AG Market Capitalization EUR > 10 billion and highest profitability Fully integrated business model: Listing, Trading, Clearing, Settlement, Custody Issuers from over 70 countries Powerful and best-in-class trading system XETRA Global network 722 2,166 426 1,854 466 1,124 202 730 478 702 Fully integrated business model Settlement Custody Clearing Listing Clearstream Eurex Clearing Eurex XETRA Market Data & Analytics Trading
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Facts and Figures 2010 2010 2009 Change in % Sales revenue € m 2,106.3
Deutsche Börse at a glance Finance your Future. Made in Germany. Facts and Figures 2010 2010 2009 Change in % Sales revenue € m 2,106.3 2,061.7 2 Earning before interest and tax (EBIT) 637.8 527.8 17 Cash flow from operating activities 943.9 801.5 18 Xetra Number of transactions m 189.4 167.3 13 Trading volume (single counted) € bn 61.4 60.0 Eurex Number of contracts 2,642.1 2,647.4 Clearstream Value of securities deposited (annual average) 10,897 10,346 6 116.4 102 16 Source: Deutsche Börse AG: Annual Report 2010, March 2011 4 4
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Pooling Liquidity at the Heart of Europe
Deutsche Börse at a glance Finance your Future. Made in Germany. Pooling Liquidity at the Heart of Europe All European financial centers are linked to Deutsche Börse Over 247 admitted international trading institutions (114 in Germany, 133 in foreign countries) – more than 4,600 traders in 18 countries interlinked via XETRA platform Direct access to investors representing 35% of the global institutional capital Main institutional investors with Ukrainian investments are active on Deutsche Börse Comgest SA DWS Investment ING Investment Management Aviva Investors Allianz Global Investors JPMorgan Asset Management Capital Research Global Investors Union Investment Privatfonds Deka Investment Mackenzie Cundill Investment Companies have direct access to the widest pool of investors Sweden Ireland UK Netherlands Germany 114 Belgium Luxembourg Czech Republic France Austria Hungary Switzerland With our network we have a global reach and pool liquidity at the heart of Europe. We reach more than 250 international trading institutions in 18 countries via our Xetra platform. Moreover, we have a direct access to investors that represent 35% of the global institutional capital. Here you see the top 10 most active investors. There you find some of the most reputable and most powerful investors in the world like Norges Bank, Black Rock Asset Management or DWS Investment. Italy Spain UAE Greece Cyprus Gibraltar Source: FactSet, August 2011
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Top 10 Largest International Investors in Germany
Deutsche Börse at a glance Finance your Future. Made in Germany. Strong Presence of International Investors in Germany Investor Nationality in Resent German IPOs Strong Presence of UK and US Investors 371 Mio. € 3x Oversubscribed 759 Mio. € 2x Oversubscribed 912 Mio. € 2x Oversubscribed 1,2 Bn. € 19x Oversubscribed 4,4 Bn. € 3x с Oversubscribed Access to High Profile German and International Investors Top 10 Investors Key German Investors Top 10 Largest International Investors in Germany Source: Morgan Stanley, May 2011 6 6
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Your Access to Euro Region and Stable German Economy
Deutsche Börse at a glance Finance your Future. Made in Germany. Your Access to Euro Region and Stable German Economy Germany – a powerful catalyst for your business in the center of Europe Europe's largest economy with the largest consumer market facilitates a position within EU sales markets No. 2 Export nation worldwide Strategic and large M&A potential to acquire technology and new customers/market shares Creation of Euro acquisition currency for strategic M&A Activities Close connection to German and European customers and Technology – Made in Germany GDP Growth 2010 in percent Population 2010 in million 7 7
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Germany – Ukraine: Strong Relations
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German-Ukrainian Economic Relations
Germany – Ukraine: Strong Relations Finance your Future. Made in Germany. German-Ukrainian Economic Relations Germany is one of the most important trade and investment partners of Ukraine; Ukrainian export volume to Germany is still quite low German direct investments: about $ 7 billion (only Cyprus invest more) Trading volume between Germany and Ukraine in 2010 – more than € 6 billion The main Ukrainian export goods to Germany are textiles and clothing, metals / alloys, iron and chemical products, vehicles German companies in Ukraine: ca. 250 German business representatives, ca. 620 German firms and Joint-Ventures, ca. 330 subsidiaries All in all more than Ukrainian companies with German equity (capital participation) The most important sectors for investment: retail, finance and banking, construction, logistics and automotive industry Source: Federal Foreign Office, August 2011 9 9
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Investment Climate in Ukraine
Germany – Ukraine: Strong Relations Finance your Future. Made in Germany. Investment Climate in Ukraine Current Situation: Credits become more expensive and difficult to get but companies are looking for capital Expected economic growth Looking for new distribution channels Free-trade agreement with the EU is expected to be signed in 2011 European football championship 2012 evolves economy Economy Agricultural production and agricultural infrastructure Retail Banking sector Areas with huge investment needs Growing opportunities for international investors in Ukraine 10 10
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Opportunities for Investors in Ukrainian Companies Stock exchanges
Germany – Ukraine: Strong Relations Finance your Future. Made in Germany. Opportunities for Investors in Ukrainian Companies Stock exchanges National exchanges: PFTS and UX - currently used as a source of capital raising only by few companies not well-established for Ukrainian companies to raise capital London stock exchange: - in the past was mostly used by blue chips - separated Russia & CIS-Segment (IOB) only for Ukrainian bluechips, otherwise companies get lost in Russian and Ukrainian bluechip-universe Warsaw stock exchange: - since few years an attractive place for small and mid-sized Ukrainian companies - Ukraine as a second country focus How long will the liquidity of Polish pension funds sustain? Strong focusing on pension funds as the biggest group of investors Are there any Ukrainian companies at Deutsche Börse? 11 11
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Germany – Ukraine: Strong Relations
Finance your Future. Made in Germany. Opportunities for Ukrainian Companies at Deutsche Börse 21 Ukrainian companies traded on Deutsche Börse All Ukrainian companies on Deutsche Börse are only introduced and traded in First Quotation Board (Open Market) – the segment with the minimal transparency requirements and no ongoing requirements => means easy and quick access for companies but not a really beneficial position for getting relevant investors: Absence of ongoing transparency requirements doesn’t meet institutional investors’ needs No index participation and a large pool of nearly securities is not clearly arranged for investors Often insufficient coverage of companies DR’s of Ukrainian companies are traded, without using Deutsche Börse as a listing revenue to position themselves in the international capital market! 12 12
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IPO Why list at Deutsche Börse?
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Finance your Future. Made in Germany
Why list at Deutsche Börse? Finance your Future. Made in Germany. Finance your Future. Made in Germany Benefit from a higher valuation among strong and world class peers Gain reputation alongside renowned global brands and market leaders Get access to the Euro region as well as a stable economic and regulatory environment Be traded at the largest and most liquid capital market for small and mid cap companies 14 14
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Tailored Market Segments
Why list at Deutsche Börse? Finance your Future. Made in Germany. Tailored Market Segments Overview market segments and target companies Established Companies with focus on international Investors (esp. US investors) Additional transparency defined by exchange Quarterly Reports English Language Corporate Calendar Analyst Conference Regulated Market Companies with focus on German Investors Minimum transparency defined by EU-Law: Annual and interim report based on IFRS Disclosure of Director‘s Dealings and Ad-hoc Disclosure Shareholder Stake and Takeover Reporting Increasing Transparency Entry-level segment for small- and mid Cap as well as high- growth companies Additional transparency defined by exchange Respective corporate filings Annual and interim report nat. GAAP or IFRS Corporate Calendar online Corporate Profile online In Europa gibt es zwei Zugänge zum Kapitalmarkt. Für die verschiedenen Entwicklungsphasen eines Unternehmens haben wir zugeschnittene Marktsegmente entwickelt: Es gibt die EU-Regulierten Märkte, dass ist der Prime Standard und der General Standard. Der Prime Standard ist der Ort für etablierte und mittelständische Unternehmen, die bereits einen Fokus auf int. Investoren haben und int. Geschäfte betreiben. Des Weiteren gibt es den General Standard in dem die lokaleren, regionaleren, insb. auf deutsche Investoren fokussierten Unternehmen den Börsengang vollziehen. Dem General Standard liegen die Mindestanforderungen der EU Regularien zu Grunde. Eine Notierungsaufnahme im Börsensegment des Open Market (Freiverkehr) würde eine Aufnahme in das First Quotation Board oder in den Entry Standard bedeuten. Der Entry Standard ist für kleine, mittlere und junge Wachstumsunternehmen geeignet, da er an diese niedrigere Anforderungen stellt und somit einen guten Einstieg in den Kapitalmarkt darstellt. Regulated Unofficial Market Minimum Requirements defined by EU-Law: Insider Trading Rules Market Abuse Rules Takeover Rules 15 15
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Continuous financial reporting fits investors’ needs
Why list at Deutsche Börse? Finance your Future. Made in Germany. Continuous financial reporting fits investors’ needs Reporting Obligations for Issuers from Non-EU Countries General Standard Prime Standard Annual financial report Shares DRs 4 months after the end of the financial period (§37v WpHG) 6 months exemptions possible for issuers from non-EU countries by BaFin1 (§37z WpHG) 4 months after the end of the financial period (§65(2) BörsO) 6 months exemptions possible for issuers from non-EU countries by BaFin1 (§65 BörsO) Half yearly financial report Shares DRs 2 months after the end of the financial period (§37w WpHG) No regulation within the WpHG 2 months after the end of the financial period (§66(5) BörsO) 3 months for shares that are represented by certain certificates (§66(5) BörsO) Quarterly financial report Shares DRs Not required 2 months after the end of the financial period (§66(5) BörsO) 3 months for shares that are represented by certain certificates (§66(5) BörsO) Management interim statements Shares DRs 10 weeks before ending and 6 weeks before the end2 (§37x WpHG) No regulation within the WpHG Not required Enhanced reporting periods for DRs address country specific demands 1 Depending on a by-case basis by the BaFIN 2 Filing interim management statements for a period between ten weeks after the beginning and six weeks before the end of the relevant six- month period. 16
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Enhancing Visibility by Indices: DAX Index Family
Why list at Deutsche Börse? Finance your Future. Made in Germany. High Visibility and Investor Awareness Enhancing Visibility by Indices: DAX Index Family Sector Indices Selection Indices All Share Indices 9 DAXsupersector 18 DAXsector 63 DAXsubsector 18 DAXsector All 63 DAXsubsector All DAX Int.100 DAX Int. Mid 100 Prime Standard All Share General Standard All Share Entry Standard All Share Prime Standard √ √ √ √ √ √ √ √ General Standard √ √ √ √ Huge family of equity indices is open for all international companies All companies listed in PS, GS or ES can opt for inclusion in at least two selection indices – DAX International Family and Segment selection indices Companies are automatically included at least in three indices – Sector-, Subsector- and All share indices Entry Standard √ √ √ √ Indices help to raise investor awareness and visibility in your peer group. Within these segments your company is at least in three indices. 17
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Deutsche Börse: Europe's No 1 in Turnover Velocity
Why list at Deutsche Börse? Finance your Future. Made in Germany. Unsurpassed Liquidity Deutsche Börse: Europe's No 1 in Turnover Velocity No. 1 Deutsche Börse LSE Euronext Honk Kong SE Warsaw SE No. 2 No. 3-5 Monthly average number of trades per company May – Oct. 11 (thousand) 15.9 7.3 16.6 9.9 1.8 Trades Turnover 148.5 60.0 116.2 59.7 7.7 Monthly average turnover per company May. – Oct. 11 (million €) Turnover Velocity 114% 62% 70% 59% 48% Turnover/ Market Cap October 2011 Liquidity should be one of the most important criteria, when choosing a listing platform Comparison between exchanges of different size requires standartisation of the citeria and a single source of data Deutsche Börse: Europe's No 1 in Turnover and Turnover Velocity Recognized by institutional investors as the most efficient trading network Over 1,400,000 trades per day on XETRA® Deutsche Börse runs the most active capital market with competitive pricing and the highest degree of liquidity Source: World Federation of Exchanges, November 2011 18
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IPO Process 19
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Fast Listing: IPO Process Structure
Deutsche Börse – IPO-Process Finance your Future. Made in Germany. Fast Listing: IPO Process Structure Phase 1: Planning and Preparation Phase 2: Structuring Phase 3: Realization and Marketing Phase 4: 1st Trading day Secondary Market Selection of advisors, e.g. Deutsche Börse Listing Partner Selection of investment bank Establishing legal preconditions within the company Establishing controlling and reporting preconditions Determination of a business plan Determination of a time table Planning of the conception of the public offering Financial, business and legal due diligence Preparation of the EU-security prospectus Preparation of investor relations activities Pre-marketing with investors and analysts Provide and publish EU-security prospectus Prepare und publish research coverage Application for admission of shares to trading Book building and pricing of IPO First price auction IPO event and media coverage on the floor of Frankfurt Stock Exchange Trading on the electronic system XETRA Examples of companies: e.g. Zhong de Waste 20 20
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Prime Standard and Entry Standard for Сorporate Bonds
Finance your Future Made in Germany. Offering process 4 phases describe the process of an IBO (Initial Bond Offering) Phase 1: Planning and Preparation Phase 2: Structuring Phase 3: Realization and Marketing Phase 4: Placement and Secondary Market Initial consultation with Deutsche Börse Establishing of the IBO project team within the company Selection of advisors (for example Deutsche Börse Listing Partner) Determination of time table Bonds structuring Development of marketing concept Preparation of the EU security prospectus Publishing of the EU security prospectus Rating Application for addmission of securities Investor roadshows Book building phase Possibility to order over the platform of Deutsche Börse, distribution by the company itself possible Initial price auction Continuous trading on the Xetra platform
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Fast Listing Process and Time to Market
Deutsche Börse – IPO Process Finance your Future. Made in Germany. Fast Listing Process and Time to Market Time Schedule: IPO in Entry Standard (Open Market) Publication of preliminary prospectus Planning & Preparation Structuring Realization & Marketing 1st Day of Trading Month 1 Kick-off Selection of Advisors Selection of Investment Bank Month 2 Due Diligence (2-4 Weeks) Determination of Prospectus Month 3 Month 4 English Translation (2 Weeks) Analyst Presentation Premarketing Preparation Research (2-3 Weeks) Publication Research Approval of Prospectus by BaFin (max. 20 days) Print Prospectus Bookbuilding Allocation//Pricing First day of trading 22
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Fast Listing Process and Time to Market
Deutsche Börse – IPO Process Finance your Future. Made in Germany. Fast Listing Process and Time to Market Time Schedule: IPO in Prime Standard or General Standard Publication of pre- liminary prospectus Planning & Preparation Structuring Realization & Marketing 1st Day of Trading Month 1 Kick-off Selection of Advisors Selection of Investment Bank Month 2 Due Diligence (2-4 Weeks) Determination of Prospectus Month 3 Month 4 English Translation (3 Weeks) Preparation and Analyst Presentation Premarketing Preparation Research (2-3 Weeks) Publication Research Approval of Prospectus by BaFin (max. 20 days) Print Prospectus Bookbuilding Allocation//Pricing First day of trading Month 5 23
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Prime Standard and Entry Standard
for Сorporate Bonds
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Financing Options at Deutsche Börse
Prime Standard and Entry Standard for Сorporate Bonds Finance your Future. Made in Germany. Financing Options at Deutsche Börse Equity Capital Debt Capital Offering of Shares (IPO) Target Groups: - small and medium-sized, - established and growing international companies 3 segments with different transparency levels: - Prime Standard - General Standard - Entry Standard Offering of Bonds (IBO) Target Groups: - listed and non-listed international companies - institutional and private investors Market segment: - Prime Standard - Entry Standard Nun möchten wir Ihnen die beiden Finanzierungsoptionen vorstellen. Dabei handelt es sich zum einen um den Börsengang. Mit diesem können Sie Ihr Eigenkapital über die Börse erhöhen. Auf der anderen Seite haben Sie aber auch die Möglichkeit Fremdkapital aufzunehmen. Dies geschieht über das in letzter Zeit stärker in die Öffentlichkeit getretene Instrument der Unternehmensanleihe, für die wir ein eigenes Segment geschaffen haben. Beide Finanzierungsoptionen sind auf mittelständische, kleine und mittlere Unternehmen abgestellt und bieten Marktsegmente, die ganz spezifisch auf den Entwicklungsstand und die Bedürfnisse des Unternehmens zugeschnitten sind.
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Market segments - target groups
Prime Standard and Entry Standard for Corporate Bonds Finance your Future. Made in Germany. Market segments - target groups Prime Standard Issuers, who orient themselves to the customs of institutional bond emissions (EU-prospectus, covenants etc.) Listed and non-listed companies Syndicate emissions as classical placement process (via pool of banks) Financing requirements > €100 Mio. Target investors: institutional investors with retail offering Transparent secondary market Regulated Market or Open Market Entry Standard SME-Issuers with financing requirements < €100 Mio. Own issue as established placement process Target investors: retail, private wealth managers, family offices Admission requirements SME-friendly admission- and subsequent obligations Open Market
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Innovative Financing Option for Your Company
Prime Standard and Entry Standard for Сorporate Bonds Finance your Future Made in Germany. Innovative Financing Option for Your Company Advantages at a glance … source of debt capital, independent from bank requirements … temporary limited option to raise capital at a stock exchange … no loss of voting right … simple, quick and cost-effective access to the capital market … clear formal requirements and follow-up obligations … advantage of clearing in foreign currency … trading on the high performance international trading platform Xetra („Designated Sponsor and Specialist model“) … flexibility for issuers and bond structure: admission in Regulated or Open Market Das zweite Finanzierungsinstrument ist die Unternehmensanleihe, die im Mittelstand eine zunehmende Bedeutung gewonnen hat. Hier ist hervorzuheben, dass es sich um eine bankenunabhängige Fremdkapitalquelle handelt, bei der es keine Abgabe von Stimmrechten gibt. Das Unternehmen bekommt Geld zur Verfügung gestellt, ohne dafür Mitspracherechte abgeben zu müssen. Sie finden auch dort auf den Mittelstand zugeschnittene und mittelstandsfreundliche Transparenzanforderungen. Des Weiteren ist es ein sehr schneller, einfacher und kosteneffizienter Weg. Es ist ein Börsengang auf Zeit, d.h. Sie entscheiden nach Ablauf der Frist ob Sie diese Kapitalquelle weiter nutzen, oder ob Sie sich von der Börse wieder verabschieden möchten.
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Prime Standard for Bonds
Prime Standard and Entry Standard for Corporate Bonds Finance your Future. Made in Germany. Market structure Prime Standard for Bonds Benchmark Bonds Financial Sponsored Bonds Public issuers Privately held issuers Regulated Market Open Market Approved EU prospectus (EU passport) Enhanced access to all kind investors via Regulated Market and less regulated entry for especially privately held issuers via Open Market
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Essential admission requirements
Prime Standard and Entry Standard for Сorporate Bonds Finance your Future. Made in Germany. Essential admission requirements Entry Standard Prime Standard Applicant = Trading participant of the FWB Admission in the Open Market Specific admission requirements Approval of the issuer Commitment of the applicant about the compliance of the obligations Audited annual financial report in accordance with national GAAP or IFRS 6 key business figures for capital structure, debt position and coverage obligations * Applicant in the Open Market = trading participant of the FWB + issuer Applicant in Regulated Market = issuer + accompanying bank Listing via Open Market or admission to Regulated Market Specific admission requirements Approval of the issuer (only OM) Commitment of the applicant (only OM) Audited annual financial report in accordance with national GAAP or IFRS Extended key business figures (24), (no exclusion) Freefloat allocation quote for retail investors (Ordersize <= EUR) min. 10 % * Not necessary if the company is already listed in the Regulated Market on FWB.
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Essential admission requirements
Prime Standard and Entry Standard for Сorporate Bonds Finance your Future. Made in Germany. Essential admission requirements Entry Standard Prime Standard Brief company profile with relevant information on the corporate bonds (on issuer website) Contract between the issuer and Deutsche Börse Listing Partner Approved security prospectus Issuer Rating* Up-to-date extract from the Commercial Register Articles of association of the issuer Division of securities max € Brief company profile with relevant information on the corporate bonds and all information about covenants (on issuer website) Approved security prospectus Issuer Rating* Up-to-date extract from the Commercial Register Articles of association of the issuer Division of securities € Min. issuing volume of 100 m €. (If issuing volume is lower group turnover has to be min. 300 m € in the year before the issue * Not necessary if the company is already listed in the Regulated Market on FWB.
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Follow-up obligations for applicants
Prime Standard and Entry Standard for Corporate Bonds Finance your Future Made in Germany. Follow-up obligations for applicants Entry Standard Prime Standard Applicant has to monitor, effect and inform about following facts concerning the issuer: Annual and half-year report Fast disclosure of relevant info on the issuer website Publication of a current corporate auction timetable and a factsheet to the corporate bonds (with information about interest loan, interest and back-payment, etc.) Applicant has to monitor, effect and inform about following facts concerning the issuer: Annual and half year financial statement and interim report (in accordance with IFRS in Regulated Market, national GAAP – in Open Market) Fast disclosure of relevant info via Corporate News Feed or Ad hoc disclosure on the issuer website Publication of a current corporate auction timetable and a factsheet to the corporate bonds (with information about covenants, interest loan, interest and back-payment, etc.)
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Follow-up obligations for issuers
Prime Standard and Entry Standard for Corporate Bonds Finance your Future. Made in Germany. Follow-up obligations for issuers Entry Standard Prime Standard Publication of a current corporate action timetable Publication of annual follow-up rating* Publication of 6 key business figures (with information about coverage obligations, debt position and capital structure)* Publication of a current corporate action timetable Publication of annual follow-up rating* Publication of extended key business figures (24) , no exclusion 1 (Kredit-) analyst conference each year * Not necessary if the company is already listed in the Regulated Market on FWB.
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Financial Figures Entry Standard
Prime Standard and Entry Standard for Corporate Bonds Finance your Future. Made in Germany. Financial Figures Entry Standard Key business figures about coverage obligations EBIT Interest Coverage EBITDA Interest Coverage Key business figures about debt position Total Debt / EBITDA Total Net Debt / EBITDA Key business figures about сapital structure Risk Bearing Capital Total Debt / Capital
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Financial Figures Prime Level
Prime Standard and Entry Standard for Corporate Bonds Finance your Future. Made in Germany. Financial Figures Prime Level In addition to the financial figures of Entry Standard there are those specified for Prime Standard: EBITDA (Earnings before interest, tax, depreciation and amortisation) EBIT (Earnings before interest, tax) Total revenues Total interest payments (Gross amount, not net interest!) Funds from operations (Net profit plus depreciation and amortisation plus deferred income tax) Operating cash flow (Funds from operation plus change in working capital) Operating cash flow last 5 years Capitalization (Short and long term borrowings plus shareholders equity) Net debt (Short and long term interest bearing liabilities minus cash & cash equivalents) Free cash flow to Bondholder (Operating cash flow – Capex – Investments – Acquisitions – Dividends = Free cash flow) Free cash flow (Operating cash flow minus capex minus dividends) Total debt (Short and long term interest bearing liabilities) Total debt sorted by maturity, by subordination level, by instrument type Off balance sheet exposures Retained earnings Total debt to EBITDA in times Funds from operations to total debt in percentage Funds from operations to net debt in percentage
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Rolls and Tasks in Book Building Process
Prime Standard and Entry Standard for Сorporate Bonds Finance your Future. Made in Germany. Rolls and Tasks in Book Building Process The role of the applicant, the specialist and the paying agent can be accomplished by the same company is a trading participant and applies for the admission of the securities in the Regulated Unofficial Market applies at the same time for: - the use of the book building tool and - the admission in Entry Standard for Corporate Bonds agrees with Deutsche Börse upon the use of the book building tool and the network of Deutsche Börse denominates the specialist and the paying agent Applicant Specialist is responsible for the functional accomplishment of book building has the essential technology and know-how available in order to accomplish the book building is denominated by an applicant in the application for admission Paying agent is responsible for the physical asset of security on initial value date divests security from the issue under his own name on the account of the issuer Get an easy access to sign the bond with the book building tool and the standardised communication channels of Deutsche Börse 35 35
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Participant information
Prime Standard and Entry Standard for Сorporate Bonds Finance your Future. Made in Germany. Book building by using the network of trading participants and communication channels of Deutsche Börse Secondary Market Positioning Subscription ↓ Participant information Bond draft Trading Allocation 1 Allocation 2 Allocation … Allocation n Positioning Possibility to use already existing range of book building functions (at first on XETRA platform) Basic conditions for book building: Book building phase lasts between min. 5 to max. 20 days Book building happens by means of the input of sale order by particular bank At least one allocation daily by means of price fixing by a broker according to the particular issue price (Fix price procedure) Allocation occurs therefore according to the principle „First Come – First Served“; scale sellings can only be done for the last price fixing in allocation A premature closing of book building in case of overstated book building of securities can be carried out earliest in a day At first there are no parallel book buildings possible, the possibility is to be checked by an issuer according to particular demand No fee for transactions or broker‘s commission for trading participants supports liquidity Clearing of transactions according to the initial value date Secondary Market Variable trade of bonds on Xetra Frankfurt The broker donates additional liquidity in order to increase the speed of accomplishment and to prevent partial execution 36 36
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Overview of Recent German IBO Activities
Prime Standard and Entry Standard for Corporate Bonds Finance your Future. Made in Germany. Overview of Recent German IBO Activities Company Issue Date Issue Volume (€ MM) Maturity (in years) Coupon (in %) Amictus/Eyemaxx 26-Jul-11 25 5 7.50 S.A.G. Solarstrom 11-Jul-11 6 MS Spaichingen 15-Jul-11 30 7.25 SIAG SCHAAF INDUSTRIE AG 12-Jul-11 50 9 KTG AGRAR AG 06-Jun-11 100 7.13 SeniVita Sozial 17-May-11 15 6.50 DIC ASSET AG 16-May-11 70 5.88 Golden Gate 11-Apr-11 3 A.G. Solarstrom 15-Dec-10 6.25 Already 9 companies use Entry Standard for Corporate Bonds of Deutsche Börse for raising debt capital Source: Deutsche Börse AG, August 2011 37
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Finance your Future. Made in Germany.
Disclaimer This presentation was prepared by Deutsche Börse AG. Any information contained herein has been obtained from company and external sources believed to be reliable, but not guaranteed as to its accuracy or completeness. All proprietary rights and interest in this presentation shall be vested in Deutsche Börse AG and all other rights including, but without limitation to patent, registered design, copyright, trade mark, service mark, connected with this presentation shall also be vested in Deutsche Börse AG. Whilst all reasonable care has been taken to ensure that the details contained in this presentation are accurate and not misleading at the time of presentation, no liability is accepted by Deutsche Börse AG for the use of information contained herein in any circumstances connected with actual trading or otherwise. Neither Deutsche Börse AG, nor its servants or agents, are responsible for any errors or omissions contained in this presentation which is published for general information only and shall not constitute an investment advice or an offer to sell or a solicitation to buy shares of Deutsche Börse AG. Neither Deutsche Börse AG, nor its servants or agents, are responsible for any errors or omissions contained in this presentation which is published for general information only and shall not constitute investment advice or an offer to sell or a solicitation to buy shares of Deutsche Börse AG or any other security traded on any marketplace in the Deutsche Börse Group. The marketplaces of Deutsche Börse AG reserve the right to modify any of their rules or product specifications 38 38
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