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VIPsight

Corporate Governance – portrayed in the individual cultural and legal framework, from the standpoint of equity capital.

VIPsight is a dynamic photo archive, sorted by nations and dates, by and for those interested in CG from all over the world.

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transparent and independent current information / comments / facts and figures on corporate governance locally and internationally,

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VIPsight International


Article Index

 

 

VIPsight - April 2014


COMPANIES

 

Manz replaces ADVA in Tec DAX

In the course of the periodic analysis of Deutsche Börse indices, the composition of the DAX listing remained unchanged as expected. On March 5, however, Deutsche Börse announced changes in TecDAX and SDax. From March 24 , Manx, the high-tech machine tool manufacturer, was re-admitted to TecDax but its shares were withdrawn from ADVA Optical Networking.  In SDax, the shares of SURTECO the Bavarian manufacturer of surface coating materials was grouped within Capital Stage. On the other hand, the shares of H&R (chemicals) and VTG (logistics) were ousted. The next review of Deutsche Börse share indices is scheduled for June 4; Celesio will probably stay in MDax until the volume freely traded dips below the baseline of 10 percent. At the beginning of February, Mc Kesson had gathered just under 78 percent of the shares of the pharmaceutical wholesaler, giving the new latest date of April 2 for the offer of the remaining shares of Celesio.

 

Schaltbau: a bumper year for transport engineering

SDAX-listed Schaltbau AG, supplier to the transport industry and engineering, posted record figures for 2013; turnover grew from 372 to  approximately 391 million Euros and EBIT  rose by 36 million, 22 per cent up on 2012. Consequently the Schaltbau share dividend has risen from 3.09 to 3.48 Euros. The board of directors is expected to advise the Supervisory Board to raise the per share dividend from 0.19 to 0.96 Euros. According to management, the main boost to the disproportionately high results was generated by the  Mobile Transport Engineering sector but company restructuring measures and competitive raw material prices also contributed. Certain planning delays on the part of customers in the infrastructure engineering were compensated by increased sales of braking systems.

In a communiqué, the group points out that it has increased the quota of its equity capital to approximately 33% from about 18 to just about 89 million Euros. The group has free credit lines of more than 75 million Euros available and some 14 million in ready cash for investing in continuity of growth. Schaltbau presently employs over 2000 staff.


Capital Stage: sunny forecast

Despite market hardships, solar-park and wind-farm administrator Capital Stage AG remains upbeat. This SDAX new-entry is setting its sights on an increase in turnover of some 40 percent to over 80 million Euros for 2014. The company ‘s invoiced earnings for 2013 are presently stated as 57 million Euros.  Management is also expecting to raise the EBIT from the previous year’s 32 million to over 40 million Euros.

At the end of February, Capital Stage had raised some 17 million Euros by an increase in capital to expand its solar parks and achieve  a capacity of some 40 Megawatt. According to the company, the successive purchase of four solar parks in Aquitaine in South-West France cost 140 million Euros including the absorption of the existing third-party funding. Capital Stage rates this as the biggest investment ever in the company’s history.

At this point in time, Capital Stage has a 281 Megawatt Peak capacity from sun-parks and wind-farms in Germany, France and Italy. The company’s business is the administration and technical management of sun-parks. Furthermore, Capital Stage acquires rights to plan large-scale sun-parks that its own construction division can build. It also owns quotas of in a number of companies in the field of renewable energy.


Paion: a step closer to authorization

Biopharmaceutical concern Paion AG has published good news regarding Reminazolam  (for short-term narcosis) and has published its year-end accounts for 2013.

Reminazolam that will probably be used in competition to Propofol, has the advantage that in all likelihood its use will not demand the presence of an anaesthesiologist. Paion, a General Standard-listed concern on the Frankfurt bourse, has concluded phase 2 of studies on the active ingredient, and the results are expected over the next few weeks. Paion is now focusing on phase 3 tests to obtain the authorization required by Europe and the United States.

The company points out that there is great interest in the United States for products that fall within the category of “short-term anaesthesia”; today, active ingredients and anaesthesiologists whose presence must be assured cost millions.  Remimazolam is expected to be safer because in the event of an overdose an antidote can be administered, a remedy denied by Propofol for example.

The financial numbers declared by Paion AG, however, are less brilliant. Turnover in 2013 fell to around 4 million Euros, some 23 million Euros less than 2012 and the main reason for this was the sell-off of the Desmoteplase project to the Lundbeck group for approximately 20 million Euros. Paion’s turnover is mainly generated by licence agreements for Remimazolam in markets such as, for example, South Korea, Russia and Turkey. However, 13 million Euros in ready cash, and revenues of approximately 11 million Euros deriving from the recent increase in capital assure the company’s funding up till 2016. Now, Paion is aiming to regain a Prime Standard listing to enhance the share image in the eyes of foreign investors.






The German Mittelstand

 

Coupons insufficient to assess real SME bond risk potential


In Germany, a 5 thousand million Euro volume, 10 year bond did not work well for its issuer.  With an median forecast yield of 1.64%, when the subscription period ended in mid-February, investors had only put up 4,3 thousand million. In the final analysis, only 3.8 million were assigned and the rest went into the reserves of the tax authorities for debt management. The procedure is not unheard of. The last transaction of this kind dates back to no more than 18 months ago.

Almost contemporaneously, the by-then 5 year SME bond issued on the Deutsche Börse in Frankfurt by Neue ZWL Zahnradwerk Leipzig was celebrating –earlier than expected–a vigorous launch in Entry Standard for bonds. The title, oversubscribed many times, was assigned no less than 10 days before the deadline. On the first day of trading, its quotation rose to102.70%. Investors who came away empty-handed from the subscription and wanted to purchase directly on the market had no option but to accept a 7% per annum slash in revenue.

In principle, a 25 million Euro SME bond ought not to be compared to a 5 thousand million Euro state bond. The ZWL launch, however, highlights how, just like at the time of the “New Economy”, investors are remarkably flippant in their approach to shares with a growth potential. The experts at one of the most important banks for issuing SME bonds, Close Bothers Seydler Bank AG, point out, however, that institutional investors tend to prefer a more diversified structure of lending conditions. In addition to the interest, they also set stock by specific terms inherent in the lending conditions that regulate certain guarantees of the obligors towards creditors during the life-time of  the bond.

What is of real interest to many investors, however, is the coupon. And the coupon should in reality be oriented similar to the bond’s rating. This is the regular bone of contention. There are known cases of bonds issued by MDax-listed companies assessed with a BBB investment grade that offer 3% interest while according to the coupons of SME bonds with a BBB rating, the interest  is 7%. It simply doesn’t square – either the rating or the coupon needs to be tweaked.

This is also the viewpoint of CAPMARCON – a consultancy company specialised in company financing. In its report, CAPMARCON spotlights the discrepancy in approach between that of a consolidated rating agency and that of an agency with a shorter history. The newer agencies with a shorter history tend to give much more practical evaluations. They assume that SMEs are comparable to major corporations, which leaves them open to the risk of giving insufficient weight to the risks inherent in SME bonds, notes CAPMARCON

Even though there are bonds that are clearly in difficulty, enthusiasm for SME bonds continues undiminished. It is highly likely that investors will grow to become more selective, but individual investors must quickly understand that on the capital market there is no such thing as a free lunch. For a proper risk assessment you need to look further than the coupon. A classic investment based on financial indices and the business model of the issuer is absolutely vital. Failing that, the man in the street will find himself – as so often happened after the collapse of the new market – on his uppers.






Buhlmann's Corner


Banks ‘R’ Us

How far do older banks get from people by impersonal call-centres and ATMs and building an authentically industrial-scale production line (product – credit, investment etc.);

How near are bank customers, so used to seeing their overdraft interest figures, to realising the size of bonuses pocketed by some bankers;

How long do our transactions have to be burdened with interest rates, value dates etc, all seemingly harmless until the façade crumbles and the classic conditions that banks apply to account management are seen to bear no relation to reality;

How soon after the months of deliberation and investigation before regulators are able to come up with a sensible answer as to how global asset managers at BlackRock could decide, if they bought a bank ....

Who gets to ask the right questions? Or should it be “who can understand the answers”?

“Wir sind Bank” declared Nicola Leibinger-Kammüller (CEO of Trumpf and long-serving member of Supervisory Boards in Germany, long before state-funded quotas reserved for women came up for debate) during the press conference held for launching the initiative. Following up on the slogan “rooted in SME, rooting for SME”, Trumpf,  machine tool manufacturer opened a bank  - from brokerage activities  for leasing contracts, a bank was born with deposit-taking business for employees.

Concerned as they are for the security of their investments, “Wir sind Bank” has been on the lips of industrial giants such as Airbus and Siemens for some time, also because in this guise they are  direct customers of the central bank. Naturally, groups that are very close to the final consumer, such as Volkswagen and Daimler also have their banks, often with a better rating than that held by savings banks and credit institutes.

It is of little importance whether the pendulum is swinging in favour of or against the revenge of the bank customer. What is important is that bank customers are slowly beginning to stand up for their rights. Which is why I was so struck by what Leonhard (Lenny) Fischer has in mind for HF Bank. At long last someone at the wheel who knows both sides of the coin and can see beyond the tip of their own nose.

The day bank employees stop saying “we are the bank” will be the day bank managers had better begin caring less about their bonuses and more about customer complaints. Culture is like sailing; when you get up to speed, you’d better be pointing in the right direction whether it’s an ocean liner you’re sailing or a sail boat (SME style).

 

 

 


 

 

ACTIONS CORNER


Brenntag is hoping that its stock will look more enticing by share split, this being the reason for the company funding its own tripling of share capital. For each share held, shareholders of the chemical distribution company will receive a further two free of charge. This will trigger a “visible” lowering of the price and could loosen the logjam. The MDAX-listed stock is currently traded at 130 Euros and up. This move should nudge Brenntag closer to being able to transit to DAX. The initiative is still to be approved by the shareholders meeting on June 17.

 

Münchner Rückversicherungs-Gesellschaft is actively collecting up to 13 million of its own shares for a volume of 1 thousand million Euros by latest for the shareholders meeting on 23 April 2015. At today’s pricing, this amounts to 7 million shares, or 4 percent of share capital. This new initiative is a direct continuation of the share buy-back launched a year ago. CEO Nikolaus von Bomhard points out that so far the programme has recovered stock worth some 800 million Euros, with a further 200 million Euros worth expected by the end of April, bringing this stage to conclusion. Münchner Rückversicherungs-Gesellschaft has spent 6.8 thousand million Euros since 2006 in share buy-back.

 

 

 


 

 

AGM Dates

 

Company Event Date Time Place Adress
Published on
DAX
Henkel AG & Co. KGaA ord. HV 04.04.2014 10:00 40474 Düsseldorf Rotterdamer Straße 141, im Congress Center Düsseldorf, Eingang CCD Stadthalle
20.02.2014
Auf der Agenda der ordentlichen HV der Henkel AG & Co. KGaA stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Die Henkel AG & Co. KGaA hat im abgelaufenen Geschäftsjahr einen Bilanzgewinn in Höhe von 700,36 Mill. Euro erwirtschaftet. Der Bilanzgewinn soll in Höhe von 529,11 Mill. Euro als Dividende ausgezahlt und in Höhe von 171,25 Mill. Euro auf neue Rechnung vorgetragen werden. Wahlen zum Aufsichtsrat sollen stattfinden.
Daimler AG ord. HV 09.04.2014 10:00 14055 Berlin in der Messe Berlin, Sondereingang Ecke Masurenallee/Messedamm
26.02.2014
Auf der Agenda der ordentlichen HV der Daimler AG stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Die Daimler AG hat im abgelaufenen Geschäftsjahr einen Bilanzgewinn in Höhe von 2.406,99 Mill. Euro erwirtschaftet. Der Bilanzgewinn soll in voller Höhe als Dividende ausgezahlt werden. Die Billigung des Systems zur Vergütung des Vorstands soll beschlossen werden. Wahlen zum Aufsichtsrat sollen stattfinden. Ein neues Genehmigtes Kapital in Höhe von 1.000 Mill. Euro (Genehmigtes Kapital 2014) soll geschaffen werden. Die Vergütung des Aufsichtsrats soll neu geregelt werden. Dem Abschluss von Vereinbarungen zur Änderung von bestehenden Beherrschungs- und Gewinnabführungsverträgen mit Tochtergesellschaften der Daimler AG soll zugestimmt werden. Zudem sollen mehrere Satzungsänderungen beschlossen werden.
RWE AG ord. HV 16.04.2014 10:00 45131 Essen Norbertstraße 2, in der Grugahalle
04.03.2014
The Agenda of the RWE AG Annual General Shareholders’ Meeting provides for the procedural business of presenting the Annual Report and Financial Statements, and discharging the relevant company organs from liability. Last financial year, RWE AG posted a balance sheet profit of 614.83 million Euros. 614.75 million will be paid out as dividends and 0.09 million Euros will be carried forward. The Agenda will provide for discussing and approving the system of remuneration of the Board of Directors. The company requires authorization to buy back and make use of its own shares excluding any right to subscription or put option for shareholders, but with an exceptional quasi-right of veto for each member of the Supervisory Board. The company intends to create new authorized Capital of 314.75 million Euros, excluding any right to subscription. A number of amendments to the company Articles of Association will also be on the Agenda.
Beiersdorf AG ord. HV 17.04.2014 10:30 20355 Hamburg Am Dammtor/Marseiller Straße, im Congress Centrum Hamburg, Saal 1
04.03.2014
The Agenda of the Beiersdorf AG Annual General Shareholders’ Meeting provides for the procedural business of presenting the Annual Report and Financial Statements, and discharging the relevant company organs from liability. Last financial year Beiersdorf AG posted a balance sheet profit of 244.6 million Euros. 158.77 million will be paid out as dividends and 85.83 million Euros posted to profit reserve. The Agenda will also provide for the election of the Supervisory Board. The meeting will also be requested to approve the adjustment of existing contracts for profit transfer. A number of amendments to the company Articles of Association will also be on the Agenda.
Continental AG ord. HV 25.04.2014 10:00 30175 Hannover Theodor-Heuss-Platz 1-3, im Kuppelsaal des Hannover Congress Centrums
19.03.2014
The Agenda of the Continental AG Annual General Shareholders’ Meeting provides for the procedural business of presenting the Annual Report and Financial Statements, and discharging the relevant company organs from liability. Last financial year Continental AG posted a balance sheet profit of 913.39 million Euros. 500.01 million will be paid out as dividends and 413.38 million Euros carried forward. The Agenda will provide for discussing and approving the system of remuneration of the Board of Directors. The meeting will also be called upon to approve agreements for amending domination and profit transfer contracts with affiliated companies in which Continental AG is the dominating party. A number of amendments to the company Articles of Association will also be on the Agenda.
Deutsche Lufthansa AG ord. HV 29.04.2014 10:00 20355 Hamburg Marseiller Straße 2, in dem CCH - Congress Center Hamburg
18.03.2014
.The Agenda of the Deutsche Lufthansa AG Annual General Shareholders’ Meeting provides for the procedural business of presenting the Annual Report and Financial Statements, and discharging the relevant company organs from liability. Last financial year Deutsche Lufthansa AG posted a balance sheet profit of 207.83 million Euros. The entire balance sheet profit will be paid out as dividends. The company intends to create new authorized B Capital of 29 million Euros for employee shares excluding any right to subscription. The meeting will also be called upon to approve the draft assignation and absorption contract between Deutsche Lufthansa AG, the assignor, and Miles & More International GmbH the assignee. In addition, the meeting will be called upon to approve a domination and profit transfer agreement between Deutsche Lufthansa AG and Miles & More International GmbH in favour of Deutsche Lufthansa AG. A number of amendments to the company Articles of Association will also be on the Agenda.
Bayer AG ord. HV 29.04.2014 10:00 50679 Köln Deutz-Mühlheimer-Straße 111, Congress-Centrum Koelnmesse, Eingang Nord, Halle 7
28.02.2014
The Agenda of the Bayer AG Annual General Shareholders’ Meeting provides for the procedural business of presenting the Annual Report and Financial Statements, and discharging the relevant company organs from liability. Bayer AG is posting a balance sheet profit for last financial year of 1,746.59 million Euros. The entire balance sheet profit will be paid out as dividends. The Agenda will also provide for the election of the Supervisory Board. The existing authorized Capital I is to be replaced by a new capital sum of 530 million Euros (authorized Capital I). In the case of an increase in capital by contribution of assets, said contribution may not be in excess of 423,397,120.00 Euros. The existing authorized Capital II is to be replaced by a new capital sum (authorized Capital II) amounting to 211.7 million Euros. The company must also be authorized to issue bond options, convertible bonds, participation papers and income bonds (including combinations thereof) with the possibility of excluding the right to subscription. For this reason an authorized capital amounting to 211.7 million Euros will be held conditionally (Conditional Capital 2014). The existing 2010 authorised capital held conditionally is to be cancelled The company requires authorization to buy back and make use of its own shares excluding any right to subscription or put option for shareholders. Furthermore, Bayer AG requests authorization to pay for the buy-back of its own shares by means of equity derivatives In addition, the meeting will be called upon to approve a domination and profit transfer agreement between Bayer AG and 8 companies in its group respectively, all in favour of Bayer AG. A number of amendments to the company Articles of Association will also be on the Agenda.
Münchener Rückvers.Gesellschaft AG ord. HV 30.04.2014 10:00 81829 München Am Messesee 6, im ICM - Internationales Congress Center München, Messegelände
21.03.2014
The Agenda of the Münchener Rückversicherungs-Gesellschaft AG Annual General Shareholders’ Meeting provides for the procedural business of presenting the Annual Report and Financial Statements, and discharging the relevant company organs from liability Münchener Rückversicherungs-Gesellschaft AG is posting a balance sheet profit for last financial year of 1,300.33 million Euros. 1,266.86 million will be paid out as dividends and 33.36 million Euros will be carried forward. The company again requires authorization to buy back and make use of its own shares excluding any right to subscription or put option for shareholders. This new authorization replaces the previous one. The company requests authorization to pay for the buy-back of its own shares by means of equity derivatives. In addition, the meeting will be called upon to authorize 7 contracts to amend existing profit transfer agreements A number of amendments to the company Articles of Association will also be on the Agenda.
E.ON SE ord. HV 30.04.2014 10:00 45131 Essen Norbertstraße 2, in der Grugahalle
18.03.2014
The Agenda of the E.ON SE Annual General Shareholders’ Meeting provides for the procedural business of presenting the Annual Report and Financial Statements, and discharging the relevant company organs from liability. E.ON SE AG is posting a balance sheet profit for last financial year of 1,144.69 million Euros. The entire balance sheet profit will be paid out as dividends. The dividend payment will be in cash or partly in E.ON SE shares In addition, the meeting will be called upon to approve a domination and profit transfer agreement between E.ON SE and E.ON US Holding GmbH.
BASF SE ord. HV 02.05.2014 10:00 68161 Mannheim Rosengartenplatz 2, im Congress Center Rosengarten
21.03.2014
The Agenda of the BASF SE Annual General Shareholders’ Meeting provides for the procedural business of presenting the Annual Report and Financial Statements, and discharging the relevant company organs from liability. BASF AG is posting a balance sheet profit for last financial year of 2,825.84 million Euros. 2,479.89 million Euros will be paid out as dividends and 345.95 million Euros will be posted to profit reserves. The Agenda will also provide for the election of the Supervisory Board. The company intends to create a new authorized capital of 500 million Euros with the possibility of excluding any right to subscription. In addition, the meeting will be called upon to approve 9 contracts to amend existing domination and profit transfer agreements. A number of amendments to the company Articles of Association will also be on the Agenda.
Allianz SE ord. HV 07.05.2014 10:00 80809 München Coubertinplatz, in der Olympiahalle im Olympiapark
26.03.2014
The Agenda of the Allianz SE Annual General Shareholders’ Meeting provides for the procedural business of presenting the Annual Report and Financial Statements, and discharging the relevant company organs from liability. Allianz SE is posting a balance sheet profit for last financial year of 3,068.57 million Euros. 2,404.89 million will be paid out as dividends and 663.68 million Euros will be carried forward. The Agenda will also provide for the election of the Supervisory Board. The existing authorized capital is to be cancelled and a new authorised capital of 550 million Euros created (Authorized capital 2014 I) with the possibility of excluding any kind of right to subscription. Authorized capital 2012/ created for employee shares is to be replaced by a new authorized capital for employee shares worth 15 million Euros (Authorised capital 2014/II). The company is again requesting authorization to issue bond options and/or convertible bonds and/or convertible participation paper. For this reason an authorized capital amounting to 250 million Euros will be held conditionally (Conditional Capital 2010/2014). In this way the hitherto unused authorization to issue financial instruments will be cancelled. Furthermore, the company requests authorization to buy back its own shares for use in share trading. The company also seeks authorization to buy back and use its shares excluding any right to subscription and put option for shareholders. The company requests authorization to pay for the buy-back of its shares and to amend existing company contracts by means of equity derivatives. A number of amendments to the company Articles of Association will also be on the Agenda.
HeidelbergCement AG ord. HV 07.05.2014 10:00 69117 Heidelberg Neckarstaden 24, im Kongresshaus Stadthalle Heidelberg
26.03.2014
The Agenda of the HeidelbergCement AG Annual General Shareholders’ Meeting provides for the procedural business of presenting the Annual Report and Financial Statements, and discharging the relevant company organs from liability. HeidelbergCement AG is posting a balance sheet profit for last financial year of 130.28 million Euros. 112.5 million will be paid out as dividends and 17.78 million Euros will be carried forward. The Agenda will also provide for the election of the Supervisory Board. The Agenda will provide for discussing and approving the system of remuneration of the Board of Directors with effect from January 1, 2014. The company also requests approval to extend and amend an existing contract for profit transfer. A number of amendments to the company Articles of Association will also be on the Agenda.
adidas AG ord. HV 08.05.2014 10:30 90762 Fürth Rosenstraße 50, in der Stadthalle Fürth
18.03.2014
The Agenda of the Adidas AG Annual General Shareholders’ Meeting provides for the procedural business of presenting the Annual Report and Financial Statements, and discharging the relevant company organs from liability. Adidas AG is posting a balance sheet profit for last financial year of 424.08 million Euros. 313.82 million will be paid out as dividends and 110.25 million Euros will be carried forward. The Agenda will also provide for the election of the Supervisory Board. The Agenda will provide for reviewing the remuneration of the Supervisory Board. The authorization of 6 May 2010 to issue bond options and/or convertible bonds is to be cancelled. The company seeks authorization to again issue bond options and/or convertible bonds with the possibility of exclusion of any right to subscription. For this reason an authorized capital amounting to 12.50 million Euros will be held conditionally (Conditional Capital 2014) The company also seeks authorization to buy back and use its shares excluding any right to subscription and put option for shareholders. Authorization should comprehend withdrawal of shares purchased and the lowering of capital In this way the existing authorization would be cancelled. In addition, the company requests authorization to pay for the buy back of its own shares by means of equity derivatives. A number of amendments to the company Articles of Association will also be on the Agenda
Commerzbank AG ord. HV 08.05.2014 10:00 60327 Frankfurt am Main Ludwig-Erhard-Anlage 1, in der Messehalle 11/Porthaus, Messe Frankfurt
27.03.2014
The Agenda of the Commerzbank AG Annual General Shareholders’ Meeting provides for the procedural business of presenting the Annual Report and Financial Statements, and discharging the relevant company organs from liability. The balance sheet profit of 83.06 million Euros will be wholly posted to profit reserve. Authorization is sought to approve the amendment of existing domination contracts for profit transfer, and approve a new formulation of the contract with Atlas Vermögensverwaltungsgesellschaft mbH for profit transfer. A number of amendments to the company Articles of Association will also be on the Agenda.
MERCK KGaA ord. HV 09.05.2014 10:00 65929 Frankfurt am Main Pfaffenwiese 301, Jahrhunderthalle Frankfurt
26.03.2014
The Agenda of the MERCK KGaA Annual General Shareholders’ Meeting provides for the procedural business of presenting the Annual Report and Financial Statements, and discharging the relevant company organs from liability. MERCK KGaA is posting a balance sheet profit for last financial year of 133.91 million Euros. 122.78 million will be paid out as dividends and 11.13 million Euros will be carried forward. The share capital of the company now standing at168.02 million Euros divided into 64,621,125 bearer shares and 1 nominal share is to be redistributed by means of a 1:2 proportional share split. The proportion of share capital per share will fall from 2.6 to 1.3 Euros. The single nominal share will be split in two, one of which will continue to be nominal while the other becomes bearer. The company is requested to rule that the existing authorized capital be excluded from any kind of right to subscription in the case of an increase in capital by contribution in kind. The company must be authorized to issue bond options, convertible bonds income bonds and participation papers with the possibility of excluding the right to subscription. To this end an authorized capital amounting to 16.80 million Euros will be held conditionally (Conditional Capital II). Certain amendments to the company Articles of Association will also be on the Agenda.
VOLKSWAGEN AG ord. HV 13.05.2014 10:00 30521 Hannover auf dem Messegelände der Deutschen Messe AG, Eingang Nord 2, Hallen 2 und 3
13.03.2014
The Agenda of the VOLKSWAGEN AG Annual General Shareholders’ Meeting provides for the procedural business of presenting the Annual Report and Financial Statements, and discharging the relevant company organs from liability. VOLKSWAGEN AG is posting a balance sheet profit for last financial year of 1,874.46 million Euros. 1,871.16 million will be paid out as dividends and 3.3 million Euros will be carried forward. The Agenda will also provide for the election of the Supervisory Board. The company requests authorization to issue bond options and/or convertible bonds. To this end authorized capital amounting to 119 million Euros will be held conditionally (For this measure to be valid, this motion must be approved by a majority of priority shareholders by ad hoc resolution). The company requires authorization to amend existing contracts between VOLKSWAGEN AG and certain subsidiary companies. A number of amendments to the company Articles of Association will also be on the Agenda.
Bayerische Motoren Werke AG ord. HV 15.05.2014 10:00 80809 München Coubertinplatz, in der Olympiahalle im Olympiapark
27.03.2014
The Agenda of the Bayerische Motoren Werke AG Annual General Shareholders’ Meeting provides for the procedural business of presenting the Annual Report and Financial Statements,and discharging the relevant company organs from liability. Bayerische Motoren Werke AG is posting a balance sheet profit for last financial year of 1,706.65 million Euros. The entire balance sheet profit will be paid out as dividends. The company must be authorized to buy back and use its own shares excluding any right to subscription and put option for shareholders. The company intends to create a new authorized capital to issue employee shares for 5 million Euros (priority shares with no voting rights) with the possibility of excluding any shareholder right to legal subscription. The Agenda will provide for discussing and approving the system of remuneration of the Board of Directors. A number of amendments to the company Articles of Association will also be on the Agenda.
Deutsche Börse AG ord. HV 15.05.2014 10:00 65929 Frankfurt am Main Pfaffenwiese 301, in der Jahrhunderthalle Frankfurt
27.03.2014
The Agenda of the Deutsche Börse SE Annual General Shareholders’ Meeting provides for the procedural business of presenting the Annual Report and Financial Statements, and discharging the relevant company organs from liability. Deutsche Börse AG is posting a balance sheet profit for last financial year of 400 million Euros. 386.64 million Euros will be paid out as dividends and 13.36 million Euros will be posted to profit reserve The company is to be authorized to buy back and use its own shares excluding any right to subscription and put option for shareholders. To this end an authorized capital amounting to 19,3 million Euros will be held conditionally (Conditional capital 2014). Up to the conclusion of the Annual General Shareholders’ Meeting in which a vote will be taken on its merit, the Supervisory Board will be composed of 18 members for the financial year 2014. Thereafter its membership will be reduced to 12. A number of amendments to the company Articles of Association will also be on the Agenda, including enabling the Annual General Shareholders’ Meeting to vote on profit distribution in kind as well as in cash.
MDAX
GEA Group Aktiengesellschaft ord. HV 16.04.2014 10:00 46045 Oberhausen Düppelstraße 1, im Kongresszentrum Luise-Albertz-Halle
07.03.2014
Auf der Agenda der ordentlichen HV der GEA Group Aktiengesellschaft stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Die GEA Group Aktiengesellschaft hat im abgelaufenen Geschäftsjahr einen Bilanzgewinn in Höhe von 116,38 Mill. Euro erwirtschaftet. Der Bilanzgewinn soll in Höhe von 115,5 Mill. Euro als Dividende ausgezahlt und in Höhe von 0,88 Mill. Euro auf neue Rechnung vorgetragen werden. Das bestehende Genehmigte Kapital III soll aufgehoben werden. Ein neues Genehmigtes Kapital III in Höhe von 99 Mill. Euro (Genehmigtes Kapital III) soll geschaffen werden, mit der Möglichkeit zum Bezugsrechtsausschluss. Den Änderungen bzw. den Änderungen und Neufassungen bestehender Beherrschungs- und Gewinnabführungsverträgen zwischen der GEA Group Aktiengesellschaft und verschiedenen Tochtergesellschaften soll zugestimmt werden. Den Änderungen und Neufassungen bestehender Gewinnabführungsverträgen zwischen der GEA Group Aktiengesellschaft und verschiedenen Tochtergesellschaften soll ebenfalls zugestimmt werden. Zudem sollen mehrere Satzungsänderungen beschlossen werden.
Axel Springer SE ord. HV 16.04.2014 10:00 12057 Berlin Sonnenallee 225, im ESTREL CONVENTION CENTER
10.03.2014
Auf der Agenda der ordentlichen HV der Axel Springer SE stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Die Abstimmung über die Entlastung des Aufsichtsrats soll in zwei Gruppen stattfinden; zum einen über die Entlastung der im Geschäftsjahr 2013 amtierenden Mitgliedern des Aufsichtsrats der Axel Springer AG und der Axel Springer SE außer Frau Dr. h.c. Friede Springer und zum anderen über die Entlastung von Frau Dr. h.c. Friede Springer als Mitglied des Aufsichtsrats der Axel Springer AG und der Axel Springer SE. Die Axel Springer SE hat im abgelaufenen Geschäftsjahr einen Bilanzgewinn in Höhe von 178,09 Mill. Euro erwirtschaftet. Der Bilanzgewinn soll in voller Höhe als Dividende ausgezahlt werden. Wahlen zum Aufsichtsrat sollen stattfinden. Den Ausgliederungs- und Übernahmeverträgen soll zugestimmt werden. Die Gesellschaft soll ermächtigt werden, eigene Aktien aufzukaufen und zu verwenden unter Ausschluss des Bezugs- und Andienungsrechts der Aktionäre. Eine Beschlussfassung über die Nichtveröffentlichung der Vorstandsvergütung soll erfolgen. Zudem sollen mehrere Satzungsänderungen beschlossen werden.
RTL Group S.A. ord. HV 16.04.2014 15:00 L-1543 Luxembourg-Kirchberg 45, boulevard Pierre Frieden, in den Geschäftsräumen der Gesellschaft
14.03.2014
Auf der Agenda der ordentlichen HV der RTL Group S.A. stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Die RTL Group S.A. hat im abgelaufenen Geschäftsjahr einen Bilanzgewinn in Höhe von 1732,2 Mill. Euro erwirtschaftet. Der Bilanzgewinn soll in Höhe von 1.082 Mill. Euro als Dividende ausgezahlt (davon wurden am 05. September 2013 bereits 386,54 Mill. Euro ausgezahlt, entspricht 2,50 Euro je Aktie) und in Höhe von 649,9 Mill. Euro auf neue Rechnung vorgetragen werden. Das Board of Directors soll künftig aus zwölf Mitgliedern bestehen. Wahlen zum Aufsichtsrat sollen stattfinden. Die Gesellschaft soll ermächtigt werden, eigene Aktien aufzukaufen.
RATIONAL AG ord. HV 30.04.2014 10:00 86159 Augsburg Am Messeturm 5, in der Messe Augsburg (Schwabenhalle)
20.03.2014
Auf der Agenda der ordentlichen HV der RATIONAL AG stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Die RATIONAL AG hat im abgelaufenen Geschäftsjahr einen Bilanzgewinn in Höhe von 177,13 Mill. Euro erwirtschaftet. Der Bilanzgewinn soll in Höhe von 68,22 Mill. Euro als Dividende ausgezahlt und in Höhe von 108,91 Mill. Euro auf neue Rechnung vorgetragen werden. Wahlen zum Aufsichtsrat sollen stattfinden. Dem Abschluss von drei Änderungsvereinbarungen zu bestehenden Gewinnabführungsverträgen zwischen der RATIONAL AG und drei Tochtergesellschaften soll zugestimmt werden. Zudem sollen mehrere Satzungsänderungen beschlossen werden.
Dürr AG ord. HV 30.04.2014 11:00 74321 Bietigheim-Bissingen Carl-Benz-Straße 34, im Foyer des Verwaltungsgebäudes der Dürr AG
21.03.2014
Auf der Agenda der ordentlichen HV der Dürr AG stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Die Dürr AG hat im abgelaufenen Geschäftsjahr einen Bilanzgewinn in Höhe von 267,78 Mill. Euro erwirtschaftet. Der Bilanzgewinn soll in Höhe von 50,17 Mill. Euro als Dividende ausgezahlt und in Höhe von 217,61 Mill. Euro auf neue Rechnung vorgetragen werden. Wahlen zum Aufsichtsrat sollen stattfinden. Des Weiteren soll die Gesellschaft ermächtigt werden, Options- und Wandelschuldverschreibungen, Genussrechte und Gewinnschuldverschreibungen oder Kombinationen dieser Instrumente auszugeben, mit der Möglichkeit zum Bezugsrechtsausschluss. Hierfür soll ein Bedingtes Kapital in Höhe von 44,29 Mill. Euro (Bedingtes Kapital 2014) bereitgehalten werden. Dadurch soll die bestehende Ermächtigung zur Ausgabe von Finanzinstrumenten sowie das bestehende Bedingte Kapital aufgehoben werden. Das bestehende Genehmigte Kapital soll von einem neuen in Höhe von 44,29 Mill. Euro (Genehmigtes Kapital 2014) abgelöst werden. Dem Abschluss von Änderungsvereinbarungen zu bestehenden Beherrschungs- und Gewinnabführungsverträgen soll zugestimmt werden. Zudem sollen mehrere Satzungsänderungen beschlossen werden.
SGL Carbon SE ord. HV 30.04.2014 10:00 65189 Wiesbaden Kurhausplatz 1, im Kurhaus Wiesbaden
20.03.2014
Auf der Agenda der ordentlichen HV der SGL Carbon SE stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Die Billigung des neuen Systems zur Vergütung des Vorstands soll beschlossen werden. Das bestehende Bedingte Kapital 2004/II der Gesellschaft soll aufgehoben werden. Die Vergütung des Aufsichtsrats soll neu geregelt werden. Zudem sollen mehrere Satzungsänderungen beschlossen werden.
Gerresheimer AG ord. HV 30.04.2014 10:00 40474 Düsseldorf Stockumer Kirchstraße 61, im Congress Center Düsseldorf (CCD Ost), Raum L, M, R
20.03.2014
Auf der Agenda der ordentlichen HV der Gerresheimer AG stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Die Gerresheimer AG hat im abgelaufenen Geschäftsjahr einen Bilanzgewinn in Höhe von 89,68 Mill. Euro erwirtschaftet. Der Bilanzgewinn soll in Höhe von 21,98 Mill. Euro als Dividende ausgezahlt und in Höhe von 67,7 Mill. Euro auf neue Rechnung vorgetragen werden. Wahlen zum Aufsichtsrat sollen stattfinden. Die Vergütung des Aufsichtsrats soll neu geregelt werden. Der Änderungsvereinbarung zu dem bestehenden Gewinnabführungs- und Verlustübernahmevertrag mit der Gerresheimer Holdings GmbH soll zugestimmt werden. Dem Abschluss zu einem Beherrschungsvertrag mit der Gerresheimer Holdings GmbH soll ebenfalls zugestimmt werden. Zudem sollen mehrere Satzungsänderungen beschlossen werden.
Rheinmetall AG ord. HV 06.05.2014 10:00 10785 Berlin Stauffenbergstraße 26, im MARITIM Hotel Berlin
26.03.2014
Auf der Agenda der ordentlichen HV der Rheinmetall AG stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Die Rheinmetall AG hat im abgelaufenen Geschäftsjahr einen Bilanzgewinn in Höhe von 16 Mill. Euro erwirtschaftet. Der Bilanzgewinn soll in Höhe von 15,23 Mill. Euro als Dividende ausgezahlt und in Höhe von 0,77 Mill. Euro auf neue Rechnung vorgetragen werden. Die Gesellschaft soll ermächtigt werden, eigene Aktien aufzukaufen und zu verwenden unter Ausschluss des Bezugs- und Andienungsrechts der Aktionäre. Dadurch soll die bestehende Ermächtigung aufgehoben werden. Das bestehende Genehmigte Kapital soll von einem neuen in Höhe von 50 Mill. Euro abgelöst werden. Des Weiteren soll die Gesellschaft ermächtigt werden, Options- und/oder Wandelschuldverschreibungen auszugeben, mit der Möglichkeit zum Bezugsrechtsausschluss. Hierfür soll ein Bedingtes Kapital in Höhe von 20 Mill. Euro bereitgehalten werden. Die bestehende Ermächtigung zur Ausgabe von Finanzinstrumenten sowie das bestehende Bedingte Kapital der Gesellschaft soll aufgehoben werden. Dem Abschluss zu einem Beherrschungs- und Gewinnabführungsvertrag zwischen der Rheinmetall AG und der Rheinmetall Eastern Markets GmbH zu Gunsten der Rheinmetall AG soll zugestimmt werden. Dem Abschluss von neun Änderungsvereinbarungen zu bestehenden Unternehmensverträgen soll ebenfalls zugestimmt werden. Zudem sollen mehrere Satzungsänderungen beschlossen werden.
Hannover Rück SE ord. HV 07.05.2014 11:00 30175 Hannover Theodor-Heuss-Platz 1-3, im HCC Hannover Congress Centrum (Kuppelsaal)
26.03.2014
Auf der Agenda der ordentlichen HV der Hannover Rück SE stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Die Hannover Rück SE hat im abgelaufenen Geschäftsjahr einen Bilanzgewinn in Höhe von 456 Mill. Euro erwirtschaftet. Der Bilanzgewinn soll in Höhe von 361,79 Mill. Euro als Dividende ausgezahlt und in Höhe von 94,21 Mill. Euro auf neue Rechnung vorgetragen werden. Wahlen zum Aufsichtsrat sollen stattfinden. Der Änderung eines bestehenden Gewinnabführungsvertrags soll zugestimmt werden.
HOCHTIEF AG ord. HV 07.05.2014 10:30 45131 Essen Norbertstraße 2, in der Grugahalle
24.03.2014
Auf der Agenda der ordentlichen HV der HOCHTIEF AG stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Die HOCHTIEF AG hat im abgelaufenen Geschäftsjahr einen Bilanzgewinn in Höhe von 115,5 Mill. Euro erwirtschaftet. Der Bilanzgewinn soll in Höhe von 103,96 Mill. Euro als Dividende ausgezahlt und in Höhe von 11,54 Mill. Euro auf neue Rechnung vorgetragen werden. Die Gesellschaft soll neu ermächtigt werden, eigene Aktien aufzukaufen und zu verwenden unter Ausschluss des Bezugs- und Andienungsrechts der Aktionäre. Die Ermächtigung soll die Einziehung erworbener eigener Aktien und Kapitalherabsetzung umfassen. Die bestehende Ermächtigung eigene Aktien aufzukaufen und zu verwenden soll ab Wirksamwerden der neuen Ermächtigung aufgehoben werden. Der Unternehmensgegenstand der Gesellschaft soll insgesamt neu gefasst werden, um hierdurch allen im Konzern ausgeübten Arbeitsgebieten angemessen Rechnung zu tragen. Des Weiteren soll dem Abschluss von neun Beherrschungsverträgen mit neun Tochtergesellschaften der HOCHTIEF AG zugestimmt werden. Dem Abschluss von sechs Änderungsvereinbarungen zu bestehenden Gewinnabführungsverträgen soll ebenfalls zugestimmt werden. Zudem sollen mehrere Satzungsänderungen beschlossen werden.
FUCHS PETROLUB SE ord. HV 07.05.2014 10:00 68161 Mannheim Rosengartenplatz 2, im Congress Center Rosengarten, Mozartsaal
26.03.2014
Auf der Agenda der ordentlichen HV der FUCHS PETROLUB SE stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Die FUCHS PETROLUB SE hat im abgelaufenen Geschäftsjahr einen Bilanzgewinn in Höhe von 129,53 Mill. Euro erwirtschaftet. Der Bilanzgewinn soll in Höhe von 97,03 Mill. Euro als Dividende ausgezahlt und in Höhe von 32,5 Mill. Euro auf neue Rechnung vorgetragen werden. Das Grundkapital der Gesellschaft soll aus Gesellschaftsmitteln von derzeit 70,98 Mill. Euro um 70,98 Mill. Euro durch Ausgabe von je 35.490.000 neuen auf den Inhaber lautenden Stamm- und Vorzugsaktien auf 141,96 Mill. Euro erhöht werden. Das bestehende Genehmigte Kapital soll von einem neuen in Höhe von 35,49 Mill. Euro abgelöst werden. Des Weiteren soll der Änderung eines bestehenden Beherrschungs- und Gewinnabführungsvertrags zwischen der FUCHS PETROLUB SE und der FUCHS Finanzservice GmbH zugestimmt werden. Zudem sollen mehrere Satzungsänderungen beschlossen werden.
LEONI AG ord. HV 08.05.2014 10:00 90471 Nürnberg in der Frankenhalle der NürnbergMesse GmbH, Messezentrum
27.03.2014
Auf der Agenda der ordentlichen HV der LEONI AG stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Die LEONI AG hat im abgelaufenen Geschäftsjahr einen Bilanzgewinn in Höhe von 33,56 Mill. Euro erwirtschaftet. Der Bilanzgewinn soll in Höhe von 32,67 Mill. Euro als Dividende ausgezahlt und in Höhe von 0,89 Mill. Euro auf neue Rechnung vorgetragen werden. Die Billigung des Systems zur Vergütung des Vorstands soll beschlossen werden. Des Weiteren soll den Änderungen der Ergebnisabführungsverträge mit der LEONI Bordnetz-Systeme GmbH und der LEONI Kabel Holding GmbH zugestimmt werden. Zudem sollen mehrere Satzungsänderungen beschlossen werden.
MTU Aero Engines AG ord. HV 08.05.2014 10:00 81925 München Arabellastraße 6, The Westin Grand München, Eingang Ballsaal Foyer
27.03.2014
Auf der Agenda der ordentlichen HV der MTU Aero Engines AG stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Die MTU Aero Engines AG hat im abgelaufenen Geschäftsjahr einen Bilanzgewinn in Höhe von 131,86 Mill. Euro erwirtschaftet. Der Bilanzgewinn soll in Höhe von 68,66 Mill. Euro als Dividende ausgezahlt und in Höhe von 63,2 Mill. Euro in die Gewinnrücklagen eingestellt werden. Die Altersgrenze für Aufsichtsratsmitglieder soll ersatzlos aus der Satzung gestrichen werden. Eine Altersgrenze von 72 Jahren soll in die Geschäftsordnung aufgenommen werden. Wahlen zum Aufsichtsrat sollen stattfinden. Zudem sollen mehrere Satzungsänderungen beschlossen werden.
Talanx AG ord. HV 08.05.2014 10:30 30175 Hannover Theodor-Heuss-Platz 1-3, im HCC Hannover Congress Centrum (Kuppelsaal)
27.03.2014
Auf der Agenda der ordentlichen HV der Talanx AG stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Die Talanx AG hat im abgelaufenen Geschäftsjahr einen Bilanzgewinn in Höhe von 611,47 Mill. Euro erwirtschaftet. Der Bilanzgewinn soll in Höhe von 303,36 Mill. Euro als Dividende ausgezahlt und in Höhe von 308,11 Mill. Euro auf neue Rechnung vorgetragen werden. Dem Änderungsvertrag zu einem bestehenden Beherrschungs- und Gewinnabführungsvertrag mit der Talanx Asset Management GmbH soll zugestimmt werden.
MAN SE ord. HV 15.05.2014 10:00 30521 Hannover auf dem Messegelände der Deutsche Messe AG, Eingang Nord, Hallen 2 und 3
17.03.2014
Auf der Agenda der ordentlichen HV der MAN SE stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Die MAN SE hat im abgelaufenen Geschäftsjahr einen Bilanzgewinn in Höhe von 20,66 Mill. Euro erwirtschaftet. Der Bilanzgewinn soll in Höhe von 20,59 Mill. Euro als Dividende ausgezahlt und in Höhe von 0,07 Mill. Euro auf neue Rechnung vorgetragen werden. Dem Abschluss des D&O Vergleichs ISAR zwischen der Allianz Global Corporate & Specialty AG, der AIG Europe Ltd., der HDI Gerling Industrie Versicherung AG, der CNA Insurance Company Limited, der Chubb Insurance Company of Europe S.E. und der MAN SE vom 26. September /04. Oktober 2013 soll zugestimmt werden. Den Individualvergleichen mit ehemaligen Vorstandsmitgliedern soll ebenfalls zugestimmt werden. Des Weiteren sollen vier Änderungsvereinbarungen zu bestehenden Beherrschungs- und Gewinnabführungsverträgen beschlossen werden.
TecDAX
Sartorius AG ord. HV 10.04.2014 10:00 37081 Göttingen Bahnhofsallee 1, in der Lokalhalle Göttingen
28.02.2014
Auf der Agenda der ordentlichen HV der Sartorius AG stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Die Sartorius AG hat im abgelaufenen Geschäftsjahr einen Bilanzgewinn in Höhe von 146,24 Mill. Euro erwirtschaftet. Der Bilanzgewinn soll in Höhe von 17,22 Mill. Euro als Dividende ausgezahlt und in Höhe von 129,03 Mill. Euro auf neue Rechnung vorgetragen werden.
Dialog Semiconductor PLC ord. HV 01.05.2014 09:00 E1W 1AA London St Katharine's Way, Tower Bridge House, in den Räumlichkeiten der Reynolds Porter Chamberlain LLP
28.03.2014
Auf der Agenda der ordentlichen HV der Dialog Semiconductor PLC stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Die Vergütung des Aufsichtsrats soll neu geregelt werden. Die Wiederbestellung sowie die Art und Höhe der Vergütung des Abschlussprüfers soll beschlossen werden. Wahlen zum Aufsichtsrat sollen stattfinden. Der Vorstand soll zur Ausgabe von bis zu 23.689.640 Aktien ermächtigt werden, mit der Möglichkeit zum Bezugsrechtsausschluss. Des Weiteren soll der Vorstand zur Aktienausgabe im Rahmen einer Bezugsrechtsemission ermächtigt werden, ebenfalls mit der Möglichkeit zum Bezugsrechtsausschluss. Die Mitteilungsfrist für außerordentliche Hauptversammlungen soll künftig 14 Tage betragen. Zudem sollen mehrere Satzungsänderungen beschlossen werden.
PSI AG ord. HV 06.05.2014 10:00 10623 Berlin Fasanenstraße 85, im Konferenzzentrum im Ludwig Erhard Haus
26.03.2014
Auf der Agenda der ordentlichen HV der PSI AG für Produkte und Systeme der Informationstechnologie stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Der Bilanzgewinn soll in voller Höhe von 0,64 Mill. Euro auf neue Rechnung vorgetragen werden. Wahlen zum Aufsichtsrat sollen stattfinden.
Drägerwerk AG & Co. KGaA ord. HV 09.05.2014 10:00 23554 Lübeck Willy-Brandt-Allee 10, in der Lübecker Musik- und Kongresshalle
26.03.2014
Auf der Agenda der ordentlichen HV der Drägerwerk AG & Co. KGaA stehen zunächst die üblichen TOP wie die Vorlage des Jahresabschlusses und die Entlastung der Gremien. Die Drägerwerk AG & Co. KGaA hat im abgelaufenen Geschäftsjahr einen Bilanzgewinn in Höhe von 386,32 Mill. Euro erwirtschaftet. Der Bilanzgewinn soll in Höhe von 13,26 Mill. Euro als Dividende ausgezahlt und in Höhe von 373,06 Mill. Euro auf neue Rechnung vorgetragen werden. Des Weiteren soll zwischen der Drägerwerk AG & Co. KGaA und der Dräger Holding International GmbH ein Beherrschungs- und Gewinnabführungsvertrag zu Gunsten der Drägerwerk AG & Co. KGaA abgeschlossen werden.

 


 

 

Politics


Maas wants enforced female quotas before end March

Legislation on mandatory gender-based quotas on the Supervisory Boards of stock-market-listed company is expected to be up and running before the end of March. We are already behind in introducing quotas for women, says Heiko Maas. Voluntary agreements have not changed the scenario in the world of economics the Minister of Justice points out. In Germany, women are unquestionably better educated, and this must be reflected at the highest levels. This requires enforcement by means of quotas. It is a big mistake in terms both of society and of economics to block the development of the career of highly qualified women said Maas during International Women’s Day. The coalition contract between the parties in government provides that the Supervisory Boards of companies who are obliged by law to co-determination and who are listed must, by 2016, comprise at least 30% of women. From 2015, listed companies with the obligation of co-determination will be obliged by law to set and publish binding targets for increasing the percentage of women in Supervisory Boards, Boards of Directors and the highest levels of management.

 

 

 


 

 

People


Adidas is keen to have Katja Kraus and Kathrin Merges on the Supervisory Board. In a communiqué of March 17, the sports-goods manufacturer confirmed its endorsement of the two women for the  Supervisory Board at the elections to be held in Fürth on April 8 next. Adidas itself has stated its intention to have at least one women stand for election. Up to now the Adidas Supervisory Board has been composed of 12 members, two of whom were women representing the interests of the Board of Directors. Between 2003 and 2011 former soccer player Kraus was on the Board of Management of Hamburger Sport Verein. Merges, on the other hand, has been on the Henkel Board of Directors since 1999 as head of Human Resources. Christian Tourres is leaving the Supervisory Board for age reasons, while Alexander Gründen is leaving for professional reasons.


Bechtle’s Supervisory Board intends to present new member Matthias Metz on June 15. If he is elected, he will proposed for the chair of the Board of Directors and successor to Gerhard Schick. In the wake of Klaus Winkler’s resignation last November, Schick, who had already left the Supervisory Board, agreed to come out of retirement to again chair the Board of Directors of the IT service provider.


Celesio has not only changed its major shareholder; there have been changes in the Supervisory Board too. The new Chairman is John Hammergren, and the Chairman and CEO of McKesson, Celesio’s new major shareholder, has taken the place of Stephan Gemkow who resigned on March 13. Also joining the Board of Directors as new shareholder representatives are Paul C. Julian, Executive Vice President and Group President of the McKesson Corporation, as well as Prof. Wilhelm Haarmann, partner of the law practice Linklaters,  In the wake of the restructuring event, Florian Funck and Hanspeter Spek will leave the board. Just over a month ago, McKesson’s efforts to buy their way into the Stuttgart pharmaceutical concern was successful at the second attempt.


Consequent to the Commerzbank General Shareholders’ meeting held on May 8, two managers have to be elected to the Supervisory Board. The decision by the governing body led by Klaus-Peter Müller dates to March 19. New entries include Stefan Lippe, former Swiss Re CEO to replace E.ON CFO Marcus Schenk who left the Supervisory Board to return to Goldman Sachs last September.  Nicholas Teller, former member of Commerzbank Board of Directors is also running the gauntlet of voters’ choice . He will guide the Rickmeers shipping line until mid 2014 after which he will replace Prof. Hans-Peter Keitel.  The former president of BDI (Bundesverband der Deutschen Industrie) will resign his post with the conclusion of the General Meeting.


Deutsche Lufthansa has confirmed that Monika Ribar will join its Supervisory Board to replace Jürgen Hambrecht. Hambrecht, former CEO of BASF, will resign during the shareholders’ meeting of April 29 to re-join BASF, the largest chemical conglomerate in the world now Supervisory Board level. Monika Ribar, former CEO of Panalpina, also worked at BASF in Austria at the outset of her career.


The Board lf Directors of Münchener Rückversicherungs-Gesellschaft is about to welcome two women. The world’s largest re-insurance company has decided it needs the female touch at the helm, with Doris Höpke and Pina Albo. The two new members of the Board of Directors are law graduates and have, for several years, worked for Munich Re in a variety of positions. They are the first women to be appointed to the group’s Board of Directors for some 21 years. Höpke, age 47, will begin on May 1 with responsibility for the “Health” department which up to now has been led by Nikolaus von Bomhard. 51-year-old Albo instead will commence on October 1, and replace the head of Europe Georg Daschner, who is retiring. In addition to the two new members of the Board of Directors, the Supervisory Board has proposed two new members for itself. Ursula Gather dean of Dortmund’s Technische Universität and, since the death of Berthold Beltz, also chair of the Alfried Krupp von Bohlen und Halbach Stiftung watchdog committee; incidentally, the foundation is the largest shareholder in ThyssenKrupp.  The second newcomer will be Gerd Häusler who is leaving his position as CEO with Bayern LB.  The candidate for the chair of the Supervisory Board is again former CEO of BMW and VW Bernd Pischetsrieder. Peter Löscher and Annika Falkengren, the Swedish bank official  did not stand for re-election. Löscher,  at the head of Zürcher Renova Management since March, and Sulzer’s proposed candidate for the chair of the Board of Directors and again member of the Supervisory Board of Thyssen Bornemisza Group,the former Siemens CEO preferred to tender his resignation.


Contemporaneous to the conclusion of the shareholders’ meeting on April 16, Gerhard Cromme, Klaus Krone and Michael Otto will leave the Axel Springer Supervisory Board. The publishing company is hoping that Rudolf Knepper, former member of its Board of Directors with responsibility for logistics, will succeed in getting elected to its Supervisory Board this, the second time round. Knepper had been expected to get elected  last year but alleged irregularities in one of the Springer logistic subsidiaries came under fire from the magistracy. Despite being in no way involved in the fictitious business transactions staged by a number of Springer group employees, Knepper preferred to withhold his candidature. There is therefore nothing to prevent his election on April 16. On March 5, Springer also let it be known that he wanted outgoing Linde CEO Wolfgang Reitzle on the group’s Supervisory Board. The other two candidates are Lothar Lanz, Springer group outgoing CFO, and Internet investor Martin Varsavsky. Argentine by birth the entrepreneur is president and founder of FON, established in 2006 and now the world’s biggest WI FI provider.


If her invitation to the shareholder’s meeting is anything to go by, Simone Bagel-Trah is a probable candidate to Bayer’s Supervisory Board to replace Ekkehard Schulz who is leaving at the closure of his year’s shareholders’ meeting on April 29.  Bagel-Trah, heiress of the Henkel family, is the only woman ever to have chaired the Supervisory Board of a DAX-listed company. When asked at the end of January why she had never stood for election to another Supervisory Board, she replied that she took her job within the chemical and consumer goods group very seriously.


Karl Ulrich Garnadt is moving to the Deutsche Lufthansa group Board of Directors. Former CEO of Lufthansa Cargo AG, he will take over from Carsten Spohr as head of the Lufthansa Passage segment. Spohr, on the other hand, is taking over from Christoph Franz as chair of the Board of Directors. Franz will be leaving the company shortly for the Swiss chemical conglomerate Roche. Garnadt has been with Lufthansa since 1979.


After six years on the Deutsche Post Board of Directors, and more than 25 years in the group, Bruce Edwards is resigning his seat in the Boardroom and going into retirement. In the course of the meeting of March 12, the Supervisory Board accepted his resignation, effective March 10,  “with regret”. It then appointed new Board of Directors member John Gilbert as head of the DHL Division Supply Chain with immediate effect.


Less than two weeks after the unexpected resignation of Kathrin Dahnke, CFO  of DMG MORI SEIKI, the Supervisory Board has appointed André Danks as her successor.  37-year old Danks, who was head of Capital Markets and Investor Relations  has already taken over as CFO at boardroom level in the areas of Finance, Accounting, Controlling, Taxation, Risk Management and Investor Relations.

 

Heinz-Peter Ross, member of the Talanx Board of Directors, will leave the company towards mid-2014. On March 19 last the insurance company issued a curt communiqué to the effect that the 48-year-old head of business and private clients in Germany would not be continuing in his position. The Supervisory Board has appointed Jan Martin Wicke as his successor from May 1.


Prof. Rolf Nonnenmacher is standing for election to the Supervisory Board of Continental.  In 2013, the former Chairman for Europe of KPMG, the consultancy and auditing firm and its top man in Germany left the partnership that still today certifies Continental’s year end accounts.  Nonnenmacher will be free to take up his new post from October 1. Until then, Bernd W. Voss remains on board.


Peter Schmitz, whose resignation from Fraport will become effective at the end of August will not be replaced.  Schmitz’s decision to resign was his own, and his responsibilities will be distributed among the remaining boardroom members.


Klaus Probst has announced his resignation from LEONI with effect from end June 2015. Probst, who has led the company since 2002, explains his decision as arising from “my own ideas on how to spend my life”. His successor will not be appointed before early 2015. The WCS (Wire & Cable Solutions) industrial division for which Probst is co-responsible will, by contrast, be assigned to Board member Frank Hiller in July this year.


Stefan Freyer resigned his post on the Board of Directors of Cologne-based QSC on March 31. According to the company, the 47-year-old manager decided to dedicate himself to “new professional challenges”. Freyer joined QSC subsidiary Info AG in 1997 as head of sales logistics. Ultimately, his responsibilities covered operational activities, ITC business and IT solutions from Info AG..


SMA Solar Technology, a producer of invertors, has reshuffled responsibilities at boardroom level. Technology has been split into Technical Innovation and  Technical Development. Effective April 1, Jürgen Reinert will be appointed member of the Board of Directors member responsible for Technical Development. His responsibility will be for “the development of new platforms of product and the expansion of premises for conducting development worldwide”.


Bernd M Steidle, Board member with responsibility for Marketing and Sales of TecDAX-listed STATEC Biomedical since 2000, has resigned from the company with effect from March 19. Both Supervisory Board and Board of Directors have expressed their thanks to Steidle for his long service with the company and the significant contributions he made to its growth, with best wishes for the future. He will not be replaced on the Board of Directors.

 

Telegate: New head of finance

Telegate, the telecommunications and advertising concern Prime-Standard-listed on the Frankfurt bourse, has just appointed a new CFO. Franz Peter Weber will take over from the present head of finance Ralf Grüßhaber, on the day of the shareholders general meeting this coming June. Grüßhaber has had a seat on the Telegate board of directors  for ten years and is resigning from management  at his contract expiry date for personal reasons. He will be proposed for election to the Supervisory Board during the shareholders general meeting..

Grüßhaber’s successor,  Weber, will also take over responsibility for the areas of information, technology, legal matters and regulating. Weber has been on the staff of the telecommunication concern for 13 years. He began his career with Telegate AG in 2000 as head of accounts and control. He has been a director in the financial division since 2006.


Heidelberger Druck: news about sales

As of the beginning of April, Marcel Kiessling resigned from his seat as member of the board of directors for sales of Heidelberg Druckmaschinen AG. Kiessling, whose resignation was by common consent, will be replaced by Harald Weimer, presently head of business areas services, spare parts, non-consumable materials and used machinery. This reshuffle at the top is part of the on-going restructuring effort involving in international sales..

Kiessling joined the company in 1989, and was head of business in the United States from 2004 to 2014. He joined the board of directors in 2010. The new board member, Weimer, an engineer, has been with Heidelberg Druck for 15 years  and has held a variety of key posts in international distribution, the most recent of which was head of business in North- and South-America. His seat on the board of directors will give him responsibility for managing and optimizing sales worldwide, thus contributing towards guaranteeing Heidelberg Druck’s profitability in time. In addition to Weimer, Heidelberg’s board of directors is chaired by Gerold Linzbach, head of finance Dirk Kaliebe and Stephan Plenz whose responsibility is equipment (product management, purchasing, research and development as well as manufacturing and assembly).


CPU: alone in the driver’s seat

CPU AG the software house listed on the Munich free market bourse, has a new CEO. Commencing April, Roger Heinz will be the only helmsman at the tiller guiding the software house with its over thirty years of experience in IT, communication and financial services

The Board of Directors, therefore, has been downsized. In 2013, the previous two managing directors Werner Binder and Sven Wollenhaupt stated that for personal reasons they would not accept a further term of appointment. So, after 40 years in IT and more than 15 in CPU, Binder resolved to retire while Wollenhaupt after 15 years in CPU is leaving to pick up new challenges.

Wollenhaupt and Binder were together for more than seven years guiding the group that develops software for banks, and services of a software nature quality guarantee and project management for the banking sector. According to a company communiqué, the two former managers are at the disposal of the CPU group in a consultancy capacity to ease the transition period.


Villeroy and Boch: no replacement for the exiting player

Jörg Wahler, CFO of della Villeroy & Boch, has decided to leave the SDAX-listed company at the end of May to be free to pick up new challenges. Head of finance, human resources and compliance, Wahler joined the porcelain manufacturers board of directors in 2011 after twenty years of professional experience managing the finance of such names as Kraft-Jacobs-Suchard, Campbell’s Germany and Reckitt Benckiser.

A note from the management of Villeroy & Boch states that Wahler’s successor  has yet to be identified. Until a successor is appointed, the company’s finances will be managed pro tempore by the president of Villeroy and Bosch’s Board of directors, Frank Göring.






Campus


Managers’ salaries frozen

Suggested salaries and upper limits, as well as the sums actually paid into the bank accounts of leading managers and published by seven DAX-listed companies are already now best practice for German Corporate Governance code and will be laid down in future for all stock-market listed companies. The total average remuneration of a CEO of a DAX-listed group dropped in 2013 by 1.4% to 5.97 million. The data was published by consultancy company Hofstettler, Kramarsch & Partner (HKP).  While Lufthansa CEO Christoph Franz took a 15% pay cut in 2013 to 1.8 million Euros, the Chairman of Volkswagen’s Board of Directors, Martin Winterkorn, was paid more than 13 million Euros.

Company

Name

2012

2013

Variation (%)

adidas

Hainer

4,18

3,85

-8

Allianz

Diekmann

5,77

6,02

4

BASF

Bock

5,57

5,28

-5

Bayer

Dekkers

5,03

4,79

-5

Beiersdorf

Heidenreich

4,25

BMW

Reithofer

6,51

6,91

6

Commerzbank

Blessing

1,31

1,31

0

Continental

Degenhart

2,91

4,03

38

Daimler

Zetsche

8,12

8,25

1

Deutsche Bank Ø

Fitschen und Jain

7,47

Deutsche Börse

Francioni

3,43

3,48

2

Deutsche Lufthansa

Franz

2,12

1,81

-15

Deutsche Post

Appel

5,42

5,59

3

Deutsche Telekom

Obermann

4,11

3,91

-5

E.ON

Teyssen

5,81

5,51

-5

Fresenius

Schneider

3,44

4,07

18

Fresenius Medical Care

Powell

2,34

HeidelbergCement

Scheifele

4,28

4,29

0

Henkel

Rorsted

6,64

6,73

1

Infineon

Ploss

1,82

K+S

Steiner

2,33

2,11

-9

LANXESS

Heitmann

3,72

2,27

-39

Linde

Reitzle

6,89

6,89

0

Merck

Kley

5,52

7,28

32

Münchener Rück

Von Bomhard

4,31

4,21

-2

RWE

Terium

4,43

SAP

McDermott

7,01

7,03

0

Siemens

Kaeser (dal 01.08.)

4,22

ThyssenKrupp

Hiesinger

3,82

4,88

28

Volkswagen

Winterkorn

12,8

13,2

3

 

Interest in the German Mittelstand, above all in Europe and North America

Investors from outside Europe or the United States take little interest in the German Mittelstand as emerges from a survey conducted by the Cometis consultancy company and Ipreo, the British information provider. Approximately one quarter of the quotas in German SMEs listed in SDax, MDax and TecDax are held by German institutional investors. A little under half of participation investment comes from the rest of Europe, in particular from Great Britain, and more than a quarter is in the hands of North American investors. Asian shareholders possess a mere two percent in MDax listed concerns and one percent in those listed in SDax. With its 4.8 million dollars invested in companies in all three listings the Norges Bank Investment Management,  a subsidiary of the Norwegian Central Bank, sits at the top of the list.

 

 


 

 

Capital News


Deutsche Bank Board member Stephan Leithner who presently oversees Legal and regulatory affairs & Compliance, is being investigated for giving misleading evidence.  Preliminary investigations were carried out as further information in the case against Ackerman, Fischer and other top-echelon officials of the bank came to light. The cross hairs are now also on Arne Wittig, former Chief Legal Officer, who in the meantime has moved to the same slot in Thyssen-Krupp, a further two staff members of the legal affairs department, and three lawyers with Hengeler Mueller and Gleiss Lutz who for years have been advising Germany’s biggest bank in this legal battle.


On January 29, a local court upheld the sentence it passed in August 2013, barring Siemens for five years from tendering for public works and entering into contracts with public bodies in Brazil. The motivation for this ruling is remote and dates back to manipulation in bids for post and telecommunication contracts between 1999 and 2004. Turnover generated from public bids in Brazil of late has been in the region of 100 to 200 Million Euros. The Munich-based concern is launching legal action.

 

Helma: Full coffers

Helma Eigenheimbau AG has succeeded in raising money on the capital market in two transactions.  310,000 new shares that were taken up by institutional investors  at an issue price of 22 Euros, raised a gross revenue of 6.82 thousand million Euros. Then Helma increased  a 25 million Euro company bond issued last September by an additional 10 million Euros. The actors in the second transaction, too, were exclusively institutional investors who paid the issue price of  102.00%. The bond matures in September 2018, its coupon is for 5,875% and it is traded on the Entry Standard list for company bonds. The company has earmarked the revenue for expanding its building activity in high concentration urban environments in German metropolises.


Franconofurt: Withdrawal from Entry Standard

Carrot and stick for the shareholders of the Franconofurt AG real estate agency-The success reaped last fiscal year has led the Board of Directors to promise a dividend of 0.20 Euros per share. Only eleven days earlier the company had declared its intention of withdrawing from the Entry Standard listing on the Frankfurt stock market. At present the company has not specified on which market (and under which rules) it intends to list its shares. Some 17% of the shares are possessed by a highly diversified number of shareholders.


Drägerwerk: Low earnings less dividend

In the wake of its fall in profits, Drägerwerk, producers of medical and safety technology is cutting the dividend to be paid out to its shareholders . Privileged shares will get 83 Eurocents, while a dividend of 77 Eurocents for normal shares will be proposed at the shareholders general meeting . Dividends last year were set at 92 and 86 Eurocents respectively. The profit for 2013 is posted as 114.6 million Euros, compared to 127 million Euros in 2012. The causes include the strength of the Euro and the extremely high expenses incurred in research and development.


Solarworld: the old versus the new

The shareholders of Solarworld AG can be grouped into two categories; the old shareholders who contributed towards putting the company back on its feet by taking a cut in capital on the one hand and, on the other, the younger ones who mainly obtained their shares by a bond exchange of the company deep in debt. The old shares are presently quoted at slightly less than 40 Euros and the younger ones could have been picked up at the end of March for just under 10 Euros. Considering that the two will be unified in June, some kind of price adjustment was expected. This no longer seems to be an option. The real reasons are still unclear, but many believe that it points to hedgefonds having banked on a drop in price and now realise that they will have to repurchase the shares at a higher price. What is certain is that the old shareholders will have to brace themselves for further losses, presuming, that is, that they haven’t dumped their shares beforehand.






Director's Dealings

 

Company Person Function Buy / Sell Total value in Euro Number of shares Datum
Aareal Bank AG Graf von Bassewitz, Christian SB S 63.060 2.000 03.03.2014
Bayer Aktiengesellschaft Achleitner, Dr. Paul SB B 45.004 447 05.03.2014
Bayer Aktiengesellschaft Börsig, Dr. Clemens SB B 30.003 298 05.03.2014
Bayer Aktiengesellschaft Ebeling, Thomas SB B 30.003 298 05.03.2014
Bayer Aktiengesellschaft Fischer, Dr.-Ing. Thomas SB B 45.004 447 05.03.2014
Bayer Aktiengesellschaft Kleinfeld, Dr. Klaus SB B 30.003 298 05.03.2014
Bayer Aktiengesellschaft Panke, Dr. Helmut SB B 30.003 298 05.03.2014
Bayer Aktiengesellschaft Rataj, Sue H. SB B 40.343 293 05.03.2014
Bayer Aktiengesellschaft Schmidt-Kiessling, Michael SB B 30.003 298 05.03.2014
Bayer Aktiengesellschaft Schulz, Dr.-Ing. Ekkehard D. SB B 45.450 450 05.03.2014
Bayer Aktiengesellschaft Sturany, Dr. Klaus SB B 60.005 596 05.03.2014
Bayer Aktiengesellschaft Wenning, Werner SB-Head B 90.008 894 05.03.2014
Bayer Aktiengesellschaft Winnacker, Prof.Dr. Ernst-Ludwig SB B 30.003 298 05.03.2014
BB Biotech AG Koller, Dr. Daniel MB-Head B 31.420 200 26.03.2014
Brenntag AG Fluri, Prof. Dr. Edgar SB B 45.850 350 20.03.2014
Brenntag AG Ludwig, Dr. Thomas SB B 44.785 339 24.03.2014
Brenntag AG Nowotne, Doreen SB B 22.236 170 20.03.2014
Brenntag AG Nowotne, Doreen SB B 22.593 170 19.03.2014
Brenntag AG Rittstieg, Dr. Andreas SB B 44.625 340 21.03.2014
Brenntag AG Zuschke, Stefan SB-Head B 44.982 340 24.03.2014
DEUTSCHE BANK AKTIENGESELLSCHAFT Hammonds, Kim
S 340.305 9.723 06.03.2014
Drägerwerk AG & Co. KGaA Dräger, Claudia
S 150.818 2.195 02.04.2012
Drillisch Aktiengesellschaft Brucherseifer, Marc SB-Head S 19.120.000 800.000 13.03.2014
Dürr Aktiengesellschaft Dieter, Ralf MB-Head B 151.450 2.600 25.02.2014
Dürr Aktiengesellschaft Heuwing, Ralph MB B 244.979 4.250 25.02.2014
E.ON SE Winkel, Mike MB B 11.072 816 20.03.2014
Evonik Industries AG Adam, Günter SB B 3.938 150 14.03.2014
Evonik Industries AG Engel, Dr. Klaus MB-Head B 269.800 10.000 20.03.2014
Evonik Industries AG Müller, Dr. Werner SB-Head B 669.625 25.000 19.03.2014
Fresenius SE & Co. KGaA Schneider, Dr. Karl
S 555.230 5.000 28.02.2014
Gerry Weber International Aktiengesellschaft Weber, Ralf MB B 265.140 9.000 14.03.2014
Gerry Weber International Aktiengesellschaft Weber, Ralf MB S 166.155 5.500 14.03.2014
Hannover Rück SE Arrago, André MB B 97.599 1.600 11.03.2014
Henkel AG & Co. KGaA Henkel, Christoph
B 2.239.770 32.354 17.03.2014
Henkel AG & Co. KGaA Henkel, Christoph
B 4.764.240 67.646 18.03.2014
Henkel AG & Co. KGaA Henkel, Christoph
B 7.576.600 100.000 17.03.2014
HUGO BOSS AG Albrecht, Dr. Hellmut SB-Head S 149.380 1.540 06.03.2014
HUGO BOSS AG Albrecht, Dr. Hellmut SB-Head S 172.444 1.800 05.03.2014
K+S Aktiengesellschaft Bethke, Barbara
B 22.150 1.000 18.03.2014
K+S Aktiengesellschaft Bethke, Dr. Ralf SB-Head B 26.094 1.200 14.03.2014
K+S Aktiengesellschaft Malmström, Dr. Bernd SB B 100.266 4.389 13.03.2014
K+S Aktiengesellschaft Messemer, Dr. Annette Hildegard SB B 49.885 2.250 18.03.2014
K+S Aktiengesellschaft Nöcker, Dr. Thomas MB B 44.890 2.000 13.03.2014
Klöckner & Co SE Cassiopeia GmbH
B 247.500 5 24.03.2014
LEONI AG Probst, Christopher
B 146.850 3.000 25.03.2014
LEONI AG Probst, Klaus MB-Head B 146.850 3.000 25.03.2014
Linde Aktiengesellschaft Achleitner, Prof. Dr. Dr. Ann-Kristin SB B 22.162 158 20.03.2014
Linde Aktiengesellschaft Börsig, Dr. Clemens SB B 22.162 158 20.03.2014
Linde Aktiengesellschaft Couturier, Anke SB B 22.162 158 20.03.2014
Linde Aktiengesellschaft Diekmann, Michael SB B 16.356 116 20.03.2014
Linde Aktiengesellschaft Fehrenbach, Franz SB B 22.162 158 20.03.2014
Linde Aktiengesellschaft Müller, Klaus-Peter SB B 100.110 708 21.03.2014
Linde Aktiengesellschaft Müller, Klaus-Peter SB B 22.315 159 20.03.2014
Linde Aktiengesellschaft Schneider, Dr. rer. pol. Manfred SB-Head B 66.487 474 20.03.2014
MERCK Kommanditgesellschaft auf Aktien Kley, Dr. Karl-Ludwig MB-Head B 99.024 836 18.03.2014
MorphoSys AG C&F Consulting
B 33.802 500 13.03.2014
Münchener Rückvers.-Gesellschaft AG Mayrhuber, Wolfgang SB B 98.160 630 25.03.2014
PSI Aktiengesellschaft Schrimpf, Dr. Harald MB-Head B 6.500 500 21.03.2014
QIAGEN N.V. Brandt, Werner SB S 10.841 497 04.03.2014
QIAGEN N.V. Brandt, Werner SB Zugang 0 1.868 28.02.2014
QIAGEN N.V. Brandt, Werner SB Zugang 0 2.683 27.02.2014
QIAGEN N.V. Brandt, Werner SB S 4.650 220 03.03.2014
QIAGEN N.V. Brandt, Werner SB S 22.258 990 28.02.2014
QIAGEN N.V. Colpan, Metin SB Zugang 0 2.683 27.02.2014
QIAGEN N.V. Colpan, Metin SB S 31.656 1.408 28.02.2014
QIAGEN N.V. Colpan, Metin SB S 12.695 582 04.03.2014
QIAGEN N.V. Colpan, Metin SB S 9.300 440 03.03.2014
QIAGEN N.V. Colpan, Metin SB Zugang 0 1.868 28.02.2014
QIAGEN N.V. Karobath, Manfred SB B 0 2.683 27.02.2014
QIAGEN N.V. Karobath, Manfred SB B 0 1.868 28.02.2014
QIAGEN N.V. Karobath, Manfred SB S 31.656 1.408 28.02.2014
QIAGEN N.V. Karobath, Manfred SB S 9.300 440 03.03.2014
QIAGEN N.V. Karobath, Manfred SB S 12.695 582 04.03.2014
QIAGEN N.V. Riesner, Prof. Dr. Detlev SB-Head Zugang 0 1.868 28.02.2014
QIAGEN N.V. Riesner, Prof. Dr. Detlev SB-Head Zugang 0 2.683 27.02.2014
QIAGEN N.V. Riesner, Prof. Dr. Detlev SB-Head S 31.656 1.408 28.02.2014
QIAGEN N.V. Riesner, Prof. Dr. Detlev SB-Head S 12.695 582 04.03.2014
QIAGEN N.V. Riesner, Prof. Dr. Detlev SB-Head S 9.300 440 03.03.2014
QIAGEN N.V. Sackers, Roland MB S 551.284 25.274 04.03.2014
QIAGEN N.V. Sackers, Roland MB Zugang 0 52.154 28.02.2014
QIAGEN N.V. Sackers, Roland MB S 251.106 11.880 03.03.2014
QIAGEN N.V. Schatz, Peer MB-Head S 1.485.554 91.850 28.02.2014
QIAGEN N.V. Schatz, Peer MB-Head S 1.633.393 76.045 03.03.2014
QIAGEN N.V. Schatz, Peer MB-Head Zugang 0 155.370 28.02.2014
QIAGEN N.V. Schatz, Peer MB-Head Zugang 0 196.923 28.02.2014
QSC AG Gerd Eickers Vermögensverwaltungs GmbH & Co. KG
B 93.969 25.000 11.03.2014
QSC AG Schlobohm, Dr. Bernd SB-Head B 93.969 25.000 11.03.2014
RWE Aktiengesellschaft Schneider, Dr. rer. pol. Manfred SB-Head B 52.994 1.840 06.03.2014
RWE Aktiengesellschaft Schulz, Prof. Dr. Ekkehard SB B 25.180 860 05.03.2014
RWE Aktiengesellschaft Zetsche, Dr. Dieter SB B 25.180 860 05.03.2014
SMA Solar Technology AG Cramer, Günther MB S 34.529.225 792.500 26.02.2014
SMA Solar Technology AG Drews, Peter MB S 34.529.225 792.500 26.02.2014
SMA Solar Technology AG Günther Cramer Stiftung
S 43.570.000 1.000.000 26.02.2014
SMA Solar Technology AG Kleinkauf, Prof. Dr.-Ing. Werner SB S 43.134.300 990.000 26.02.2014
SMA Solar Technology AG Peter Drews Stiftung
S 43.570.000 1.000.000 26.02.2014
SMA Solar Technology AG Reiner Wettlaufer Stiftung
S 43.570.000 1.000.000 26.02.2014
SMA Solar Technology AG Well being Stiftung
S 5.446.250 125.000 26.02.2014
SMA Solar Technology AG Wettlaufer, Reiner
S 34.529.225 792.500 26.02.2014
SMA Solar Technology AG Wissenschafts-Stiftung Kleinkauf
S 3.812.375 87.500 26.02.2014
TUI AG Teck Capital Management
S 3.030.100 250.000 17.03.2014
TUI AG Teck Capital Management
S 3.038.425 250.000 18.03.2014
TUI AG Teck Capital Management
S 2.448.420 200.000 19.03.2014
TUI AG Teck Capital Management
S 3.637.950 300.000 20.03.2014
TUI AG Teck Capital Management
S 4.906.120 400.000 21.03.2014
TUI AG Teck Capital Management
S 2.511.360 200.000 11.03.2014
TUI AG Teck Capital Management
S 950 76 12.03.2014
TUI AG Teck Capital Management
S 191.580 15.965 14.03.2014
TUI AG Teck Capital Management
S 663.499 50.853 05.03.2014
TUI AG Teck Capital Management
S 13.000 1.000 06.03.2014
TUI AG Teck Capital Management
S 78.059 6.238 10.03.2014
TUI AG Teck Capital Management
S 2.608.200 200.000 28.02.2014
TUI AG Teck Capital Management
S 163.738 12.595 04.03.2014
TUI AG Teck Capital Management
S 2.618.500 200.000 24.02.2014
TUI AG Teck Capital Management
S 1.243.551 94.879 25.02.2014
TUI AG Teck Capital Management
S 2.611.900 200.000 26.02.2014
TUI AG Teck Capital Management
S 2.602.040 200.000 27.02.2014
Wirecard AG MB Beteiligungsgesellschaft mbH
B 24.562.500 750.000 26.02.2014

 

 


 

 

VIPsight Shareholders

in March



VIPsight Shareholder ID <click here>

 

 

 


 

 

M & A

 

Aap Implantate: a milestone

Aap Implantate AG, manufacturer of medical technology has sold Medical Contract Manufacturing B.V. (EMCM) the European manufacturing company for medical produce. EMCM develops and manufacturers medical produce for third parties in the fields of biological, pharmaceutical and tissue processing materials The sale price of 18 million Euros for the 100 percent stake of EMCM will be paid in cash in three instalments by the end of April. According to the Prime-Standard-listed company, the transaction is to be viewed as a strategic and financial milestone. The revenue will be used to invest in infection prevention and absorbable implants.


Kloeckner: A purchasing trip to Switzerland

Fresh from its restructuring, Klöckner & Co. SE is off on another buying spree. In Switzerland it acquired 75% of Riedo Bau + Stahl, a companied specialised in reinforcing steel. Over the coming two years Riedo is expected to be wholly taken over. With its 130 staff, the company generated a turnover some 140 million Euros, considered “highly remunerative”. For Klöckner + Co., the buy-over will create synergies and allow savings in investments. The benefits will be seen as early as 2014.



 


 

VIPsight aprile 2014

Aziende

Manz sostituisce ADVA nel Tec DAX

Durante la periodica presa in esame degli indici della Deutsche Börse la composizione del DAX è rimasta, come previsto, invariata.  Il 5 marzo la  Deutsche Börse ha però annunciato dei cambiamenti nel Tec Dax e nel SDax. Dal 24 marzo il costruttore di macchine utensili hightech Manz rientra nel TecDax, mentre è stata tolta l’azione della ADVA Optical Networking Nel SDax i titoli del produttore bavarese di materiali da superfice SURTECO è stato inserito insieme alle azioni di Capital Stage. In compenso i titoli dell’azienda chimica H&R e dell’impresa logistica VTG se ne sono dovuti andare. La prossima data per la presa in esame degli indici azionari della Deutsche Börse è il 4 giugno. Celesio rimarrà probabilmente nel MDax fino a che il valore liberamente commerciabile sarà sceso sotto la soglia del 10 per cento.  All’inizio di febbraio la Mc Kesson aveva già raccolto poco meno del 78 percento delle partecipazioni al grossista di farmaci concedendo come  nuova data limite per le offerto delle restanti azioni di Celesio il 2 aprile.

Schaltbau: anno record per l’ingegneria del trasporto

La Schaltbau AG, fornitrice per l’ingegneria e l’industria del trasporto, ha realizzato nel 2013 dei numeri da record: Il fatturato del gruppo quotato nel SDax è cresciuto da circa 372 a circa 391 milioni di Euro. Il risultato prima degli interessi e delle imposte segna un guadagno di 36 milioni – una crescita del 22 percento rispetto all’anno precedente. Il risultato per ogni azione della Schaltbau è quindi aumentato da 3,09 Euro a 3,48 Euro. Il consiglio di amministrazione avrebbe proposto al consiglio di sorveglianza un alzamento del dividendo da 0,19 a 0,96 Euro per ogni azione.

Il maggiore contributo all’aumento del fatturato è arrivato secondo il management della Schaltbau dal settore del Mobile Transport Engineering. Ma anche le misure di ristrutturazione degli anni precedenti e i prezzi vantaggiosi delle materie prime avrebbero contribuito all’aumento sovraproporzionale del risultato. Alcuni ritardi nei progetti da parte di clienti nel settore del infrastructure engineering sono stati compensati dalla crescita del fatturato realizzato con i sistemi di frenatura.

Il gruppo comunica di aver aumentato la quota di capitale proprio a circa 33 percento – da circa 18 a più o meno 89 milioni di Euro. L’azienda dispone attualmente di oltre 75 milioni di  Euro di linee di credito libere e di circa 14 milioni i liquidità da investire in un continuamento della crescita.  La Schaltbau occupa oltre 2000 persone.

Capital Stage: prognosi solare

Nonostante la crisi del settore, il gestore di parchi solari e eolici Capital Stage AG mostra ottimismo. L’azienda da poco quotata nel SDax prevede per l’esercizio 2014 un aumento del fatturato di circa 40 percento a oltre 80 milioni di Euro. Per il 2013 l’azienda parla al momento di ricavi da fatturato di 57 milioni di Euro- Secondo il management anche per il risultato operativo dovrebbe crescere dai 32 milioni di Euro dello scorso anno a più di 40 milioni di Euro.

Ancora alla fine di febbraio la Capital Stage aveva raccolto circa 17 milioni di Euro con un aumento di capitale per aumentare il portfolio dei parchi solari  e arrivare ad una prestazione di circa 40 Megawatt. Secondo l’azienda il successivo acquisto di quattro parchi solari nella zona dell’Aquitaine nel Sudovest della Francia è costato 140 milioni di Euro – incluso l’assorbimento dell’esistente finanziamento da terzi. L’acquisto è secondo la Capital Stage il più grande investimento mai fatto nella storia dell’azienda.

Oramai l’azienda dispone di una capacità di circa 281 Megawatt Peak da centrali solari e parchi eolici in Germania, in Francia e in Italia. L’azienda gestisce parchi solari e si occupa della gestione tecnica. Capital Stage acquista inoltre diritti per progetti per la costruzione di gradi parchi solari e realizza i progetti anche come impresa appaltatrice. Inoltre detiene diverse partecipazioni in aziende operative nel settore delle energie rinnovabili.

Paion: prossimo round per l’autorizzazione

L’azienda biofarmaceutica Paion AG fornisce notizie positive in merito a Reminazolam (prodotto per anestesie brevi) e ha presentato i conti del 2013-

Il prodotto dovrebbe entrare in competizione con Propofol, con il vantaggio che probabilmente potrà essere somministrato senza la presenza obbligatoria di un anestesista. L’azienda quotata nel General Standard della borsa titoli di Francoforte ha concluso la fase II dello studio della sostanza attiva; i dati definitivi sono attesi entro le prossime settimane. Paion prepara adesso altri studi per l’autorizzazione previsti dalla fase III in Europa e negli Stati Uniti.

L’azienda spiega che negli Stati Uniti il mercato  per i prodotti rientranti nell’indicazione “anestesia breve”  suscitano molto interesse tenendo conto  che al momento le sostanze attive e la presenza degli anestesisti costano miliardi.  Remimazolam sarebbe relativamente più sicuro perché in caso di sovradosaggio si può ricorrere ad un antidoto – possibilità che per Propofol ad esempio non esiste.

I numeri finanziari della Paion AG si presentano invece in maniera meno spettacolare: Nel 2013 il fatturato si aggirava intorno a 4 milioni di Euro – quasi 23 milioni di Euro in meno che nell’anno precedente. Il motivo sarebbe da ricercarsi  nella rivendita del progetto  Desmoteplase al gruppo Lundbeck per circa 20 milioni di Euro. Il fatturato della Paion nasce in prevalenza dagli accordi di licenza per Remimazolam in alcuni mercati come la Corea del Sud, la Russia e la Turchia. Con 13 milioni di liquidità e ricavi per circa 11 milioni di Euro dal recente aumento di capitale la società è finanziata fino al 2016. Ora la Paion vorrebbe ritornare quanto prima nel Prime Standard per rendere l’azione più attraente per investitori internazionali.

The German Mittelstand

La cedola dice poco sul rischio effettivo di un bond PMI

In Germania il  piazzamento di un bond decennale con un volume previsto di 5 miliardi di Euro non  ha funzionato bene per il suo emittente.  Con una rendita media prevista del 1,64 per cento,  alla fine del periodo di sottoscrizione, a metà febbraio,  le offerte degli investitori non superavano i 4,3 miliardi.  In ultimo sono stati assegnati solamente 3,8 miliardi di Euro, il resto è andato nelle riserve proprie dell’agenzia delle finanze che in Germania si occupa della gestione del debito. L’iter non è del tutto inconsueto, l’ultima transazione del genere risale a 18 mesi fa.

Quasi contemporaneamente il bond PMI oramai cinquenne della Neue ZWL Zahnradwerk Leipzig festeggia – prima del previsto – una partenza con i fiocchi nell’Entry Standard per bond della Deutsche Börse di Francoforte. Il titolo, più volte sovrasottoscritto,  è stato assegnato ben 10 giorni prima della scadenza dell’offerta. Il primo trading day la sua quotazione è salita al 102,70 percento.  Gli investitori che al momento della sottoscrizione sono rimasti a mani vuote e che volevano acquistare direttamente sul mercato  si sono dovuti accontentare adesso di una rendita inferiore a sette percento annui.

Un bond PMI con un volume di 25 milioni di Euro è per principio difficilmente paragonabile ad un’obbligazione statale di 5 miliardi di Euro. L’emissione della ZWL mostra però che - un po’ come ai tempi delle New Economy - nel settore delle azioni con prospettiva di crescita gli investitori agiscono con grande spensieratezza. Gli esperti di uno degli istituti più importanti per l’emissione di bond PMI, la Close Bothers Seydler Bank AG, fanno però presente, che gli investitori istituzionali tendono ciònondimeno  a preferire una struttura più differenziata delle condizioni di prestito. Oltre che agli interessi essi danno importanza anche a specifici accordi inerenti alle condizioni del prestito che regolano certe garanzie degli emittenti nei confronti dei creditori durante la durata dell’obbligazione.

Tuttavia: per molti investitori ciò che interessa veramente è la cedola. E la cedola dovrebbe in realtà orientarsi al rating del bond. Ma è proprio questo il punto in cui ci sono regolarmente dei disaccordi.  Si conoscono dei casi in cui dei bond di aziende quotate nel MDax valutati con investment grade BBB  offrono un 3% di interesse, quando per bond PMI con BBB le cedole contano circa il 7 per cento. Le cose non tornano: sul rating o sulla cedola bisognerà indagare.

Questo è anche il punto di vista della  CAPMARCON, azienda di consulenza specializzata in finanziamenti aziendali che fa luce sul diverso approccio tra agenzie di rating consolidate e quelle con una storia aziendale più breve. I fornitori di rating più nuovi sul mercato e quindi con una storia di rating più recente tendono a dare valutazioni molto più pratiche. Loro considerano le PMI  alla pari con le grandi aziende, col pericolo di non restituire i rischi effettivi dei bond PMI, si legge nel rapporto.

Anche se alcuni titoli debitori sono già sofferenti, il boom dei bond PMI continua. E’ più che probabile che in  futuro gli investitori diventeranno sempre più selettivi. Ma anche gli investitori privati dovranno rapidamente capire che sul mercato dei capitali non si fanno regali e che per inquadrare il rischio non è sufficiente guardare solo la cedola.  Una valutazione classica in base agli indici finanziari  e il business model del emittente sono indispensabili. Altrimenti “l’uomo della strada” si troverà – come è già successo dopo la caduta del new market – lasciato a piedi.

Buhlmann's Corner

“Noi siamo banca”

Quanto più le vecchie banche si allontanano dalle persone costruendo secondo le leggi dell’economia di scala e dietro call center e bancomat delle vere e proprie fabbriche (fabbriche del credito, fabbriche dell’investimento e.a.),

quanto meno i correntisti abituati agli interessi sullo scoperto di conto  hanno un’idea dei boni pagati a certi bancari,

quanto più si protrae la ricerca di transazioni con tanto di interessi, valute e altro  in apparenza  innegabilmente piccole ma con grandi conseguenze,

quanto più la classica gestione di conti di un banchiere si svolge lontana dalle condizioni reali,

quanto meno i regolatori dopo mesi di riflessioni e perizie non riescono a dare una risposta soddisfacente alla domanda su come degli asset manager globali della dimensione di un BlackRock potrebbero decidere,  se avessero comprato una banca….

Chi è che pone le domande giuste? O piuttosto: chi è che capisce le risposte date?

“Noi siamo banca” esordisce Nicola Leibinger-Kammüller (socia amministratrice di Trumpf e membro  di consigli di sorveglianza in Germania dai tempi in cui le  discussioni sulle quote rose finanziate dal fisco non erano ancora all’ordine del giorno) durante la conferenza stampa indetta per la presentazione dell’iniziativa. Seguendo il motto “dalle PMI per le PMI”  la Trumpf,  produttrice  di macchine utensili,  è arrivata ad avere una  sua banca – dal broker per contratti di leasing è nata una banca con un deposit-taking business per i dipendenti.

Preoccupati per la sicurezza dei loro investimenti i grandi dell’industria come Airbus e Siemens proclamano da tempo “noi siamo banca” – anche perché in questa veste sono clienti diretti della banca centrale. Naturalmente anche i gruppi molto vicini al consumatore come Volkswagen o Daimler hanno le loro banche con un rating spesso superiore a tante casse di risparmio o istituti di credito.

Non importa se ci troviamo di fronte al pendolo che ci oscilla contro oppure alla vendetta del cliente bancario. Fatto sta che gli utenti delle banche cominciano piano piano a difendersi. Ed è proprio per questo motivo che mi colpisce quello che Leonhard (Lenny) Fischer vuol fare con la BHF Bank. Finalmente c’è qualcuno al volante che conosce le due facce della medaglia e che sa guardare al di là del suo naso.

Quando i dipendenti di una banca non diranno più “la banca siamo noi”, il management dovrà smettere di ignorare i problemi ed aspettare i boni. La cultura è come una petroliera, quando prende velocità bisogna conoscere la direzione. Come comandante di una nave e come timoniere di un’imbarcazione a remi (stile PMI).

Corporate actions

Brenntag intende rendere la sua azione più accattivante con uno share split. Per questo motivo il capitale sociale sarà triplicato con mezzi della società. Ogni azionista riceverà altre due azioni del distributore chimico, senza dover pagare. Lo share split avrà per conseguenza un abbassamento “visibile” della quotazione e questo potrebbe provocare un po’ di movimento. Attualmente l’azione quotata nel MDAX viene negoziata a 130 Euro e più. Si aggiunge che così la Brenntag si avvicina un altro po’ al passaggio nel DAX. L’operazione sul capitale dovrà ancora essere approvata dall’assemblea generale del 17 giugno.

La Münchner Rückversicherungs-Gesellschaft intende raccogliere al più tardi entro l’assemblea generale del 23 aprile 2015 fino a 13 milioni di titoli propri per un volume di 1 miliardo di Euro. Sulla base del prezzo attuale si tratterebbe di sette milioni di azione o di circa 4 per cento del capitale sociale. Questo nuovo programma si allaccia direttamente al riacquisto di azione iniziato un anno fa. Il CEO Nikolaus vom Bomhard riferisce che all’interno del programma corrente l’azienda ha riacquistato finora titoli per un valore di circa 800 milioni di Euro. Entro la fine di aprile dovranno essere ripresi altri 200 milioni di Euro per chiudere l’operazione attuale. Dal 2006 la Münchner Rückversicherungs-Gesellschaft ha già speso 6,8 miliardi di Euro per il riacquisto di azioni proprie.

Politica

Maas vuole quota rosa prima della fine di marzo

La legge sulla quota rosa obbligatoria nei consigli di sorveglianza delle aziende quotate dovrebbe partire ancora prima della fine di marzo.  Siamo già in ritardo con l’introduzione della quota delle donne, dice Heiko Maas. Gli accordi volontari non hanno cambiato lo scenario nel mondo dell’economia, dice il ministro della giustizia. La Germania ha in assoluto le donne meglio educate che devono essere visibili anche ai piani alti.  Bisogna quindi forzare la mano con una quota obbligatoria. E’ un grande errore, sia sul piano della società che al livello economico ostacolare la carriera verso l’alto a donne altamente qualificate., sostiene Maas durante la giornate mondiale delle donne. Il contratto di coalizione tra i partiti di governo prevede che i consigli di sorveglianza delle aziende con obbligo di co-determinazione e quotate devono essere composte dal 2016 al meno per il 30 % da donne. Dal 2015 le aziende quotate e con obbligo di co-determinazione saranno obbligate per legge di fissare degli obbiettivi vincolanti per l’aumento della percentuale delle donne nel consiglio di sorveglianza, nel consiglio di amministrazione e nei livelli più alti del management e di pubblicarli.

Persone

Adidas desidera far eleggere Katja Kraus e Kathrin Merges nel consiglio di sorveglianza. Il produttore di articoli sportivi ha comunicato il 17 marzo di aver candidato le due donne per le elezioni del consiglio di sorveglianza che avrà luogo a Fürth il prossimo 8 maggio. Adidas ha fatto sapere l’intenzione di candidare almeno una donna. Fino ad oggi il consiglio di sorveglianza di adidas è composto da dodici persone, di cui due donne tra i rappresentanti del banco codeterminato dei dipendenti. Dal 2003 al 2011 l’ex-calciatrice Kraus ha fatto parte del CdA del Hamburger Sport Verein. Menges lavora invece dal 1999 nel CdA della Henkel come responsabile delle risorse umane. Christian Tourres lascerà il consiglio di sorveglianza per motivi di età, Alexander Gründen per motivi professionali.

Il consiglio di sorveglianza della Bechtle intende presentare il 5 giugno Matthias Metz come nuovo membro.  Se l’assemblea vota a suo favore, il consiglio di sorveglianza vorrebbe eleggerlo come suo presidente e successore di Gerhard Schick. Dopo le dimissioni di Klaus Winkler lo scorso mese di novembre Schick, che aveva già lasciato l’organo di controllo per andare in pensione, ha fatto marcia indietro per presiedere nuovamente il consiglio di amministrazione del provider di servici IT.

In Celesio non è cambiato solo il grande azionista, ma ci sono stati anche una serie di cambiamenti nel consiglio di sorveglianza. Il nuovo presidente è John Hammergren, Il Chairmen e CEO del nuovo grande azionista McKesson ha preso il posto di Stephan Gemkow, che si è dimesso il 13 marzo. Entrano a far parte del consiglio di amministrazione come nuovi rappresentanti dell’azionariato anche Paul C. Julian, Executive Vice President e Group President della Mc Kesson Corporation e il Prof. Wilhelm Haarmann, partner dello studio legale Linklaters, In seguito alla ristrutturazione Florian Funck e Hanspeter Spek lasceranno l’organo. Poco più di un mese fa la Mc Kesson è riuscita in un secondo tentativo ad entrare nell’azienda farmaceutica di Stuttgart.

In occasione dell’assemblea generale della Commerzbank il giorno 8 maggio due manager dovranno essere eletti nel consiglio di sorveglianza. La decisione dell’organo di controllo guidato da Klaus-Peter Müller risale al 19 marzo. Tra le new entry Stefan Lippe, ex CEO della Swiss Re come sostituto  del CFO di E.ON Marcus Schenk che a causa del suo ritorno in Goldman Sachs ha lasciato il consiglio di sorveglianza della Commerzbank lo scorso settembre.  Al voto degli azionisti si esporrà anche Nicholas Teller. L’ex-membro del CdA della Commerzbank guiderà ancora fino alla metà del 2014 l’impresa armatoriale Rickmers di Amburgo e prenderà il posto del Prof. Hans-Peter Keitel.  L’ex presidente del BDI (Bundesverband der Deutschen Industrie) lascerà il suo incarico con la chiusura dell’assemblea generale.

La Deutsche Lufthansa conferma che Monika Ribar entrerà nel consiglio di sorveglianza per prendere il posto di Jürgen Hambrecht. L’Ex CEO della BASF lascerà il posto durante l’assemblea generale del 29 aprile per entrare nel consiglio di sorveglianza del più grande gruppo chimico del mondo. Anche Monika Ribar, ex-CEO di Panalpina, ha lavorato all’inizio della sua carriera per la BASF in Austria.

Nel CdA  della Münchener Rückversicherungs-Gesellschaft stanno entrando due donne. La più grande ri-assicurazione del mondo ha deciso di voler una presenza femminile alla sua guida, Doris Höpke e Pina Albo. I due nuovi membri del CdA sono laureate in giurisprudenza e lavorano da anni in diverse posizioni per Munich Re.  Sono i primi membri femminili nel CdA del gruppo da circa 21 anni. La 47-enne Höpke arriverà il primo maggio e si assumerà la responsabilità per il reparto “Health”, fino ad adesso guidato da Nikolaus von Bomhard. Albo inizierà invece il primo ottobre. La 51-enne sostituirà il responsabile per l’Europa, Georg Daschner, che andrà in pensione. Oltre i due nuovi membri del CdA il consiglio di sorveglianza ha anche proposto due nuovi membri per il suo stesso organo. Ursula Gather è preside della Technische Universität Dortmund e, dalla morte di Berthold Beltz, anche presidente della commissione di vigilanza della Alfried Krupp von Bohlen  und Halbach Stiftung; la fondazione è tra l’altro il più grande azionista della ThyssenKrupp.  Il secondo nuovo membro sarà Gerd Häusler che sta lasciando il suo incarico di CEO in Bayern LB.  Il candidato per la presidenza del consiglio di sorveglianza è nuovamente l’ex CEO di BMW e di VW Bernd Pischetsrieder. Peter Löscher e la manager bancaria svedese Annika Falkengren non si sono ricandidati. Da marzo alla guida di Zürcher Renova Management, proposto come presidente del consiglio di amministrazione della Sulzer e ancora membro del consiglio di sorveglianza della Thyssen Bornemisza Group, l’ex CEO della Siemens ha preferito dare le dimissione.

Il membro del CdA della Talanx, Heinz-Peter Ross, lascerà l’azienda a metà anno. Lo scorso 19 marzo il gruppo assicurativo ha annunciato con poche parole che il 48-enne responsabile per i clienti business e privati in Germania non proseguirà il suo incarico. Il consiglio di sorveglianza ha nominato Jan Martin Wicke come suo successore dal 1 maggio.

Prof. Rolf Nonnenmacher è candidato per il consiglio di sorveglianza della Continental.  L’ex Chairman per l’Europa e capo per la Germania di KPMG ha lasciato la società di revisione dei conti e di consulenza, che firma attualmente la rapporto finale di Continental, nel 2013.  Nonnenmacher sarà a disposizione per il nuovo incarico dal 1 ottobre. Fino a quella data Bernd W. Voss rimarrà a bordo.

Peter Schmitz, che lascerà la Fraport per sua volontà alla scadenza del contratto alla fine di agosto non sarà sostituiti. Le sue responsabilità saranno distribuite sugli alti membri del CdA che da cinque sarà ridotto  a quattro membri.

Klaus Probst ha annunciato di lasciare LEONI a fine giugno 2015. Alla guida dell’azienda dal 2002 Probst motiva l’abbandono del suo incarico con la sua “personale pianificazione di vita”.  La nomina del sostituto non avverrà prima dell’inizio del 2015. Il settore industriale WCS (Wire & Cable Solutions) di cui Probst è  co-responsabile passerà già da luglio di quest’anno al membro del CdA Frank Hiller.

Stefan Freyer si è dimesso il 31 marzo dal suo incarico di membro del CdA di QSC, L’azienda di Colonia ha fatto sapere che il manager 47-enne lascia l’azienda per sua volontà per dedicarsi a “nuove sfide professionali”.  Probst che in QSC era responsabile per le attività operative, il business con le soluzioni ITC e la consulenza IT veniva dall’affiliata Info AG dove è entrato nel 1997 come capo gruppo nella logistica vendite.

La SMA Solar Technology, azienda produttrice di  invertitori, ha suddiviso, nel CdA, il segmento Tecnologia e Innovazione tecnica e Sviluppo Tecnico. Dal 1 aprile Jürgen Reinert sarà nominato membro del CdA responsabile per lo Sviluppo Tecnico. Il manager sarà responsabile per “lo sviluppo di nuove piattaforme di prodotti e dell’ampliamento delle sedi di sviluppo nel mondo”.

Bernd M Steidle, dal 2000 membro del CdA resposabile per Marketing e Vendite in STATEC Biomedical, ha dato le sue dimissioni con effetto 19 marzo e ha lasciato l’azienda quotata nel TecDAX. Il consiglio di amministrazione e il consiglio di sorveglianza hanno ringraziato Steidle per la sua lunga attività in azienda e gli importanti contributi con i quali l’ha fatta crescere facendogli i migliori auguri per il suo futuro. Il suo posto nel CdA non sarà rioccupato.

Telegate: Nuovo capo per le finanze

La Telegate, quotata nel Prime Standard della borsa titoli di Francoforte ha nominato un nuovo CFO. Il giorno dell’assemblea generale del fornitore di informazioni telefoniche e di servizi pubblicitari nel prossimo mese di giugno Franz Peter Weber sostituirà l’attuale responsabile delle finanze Ralf Grüßhaber. Grüßhaber ha fatto parte per più di dieci anni del CdA della Telegate e lasci il management per sua volontà alla scadenza del suo contratto. Durante l’assemblea generale sarà proposto come candidato per il consiglio di sorveglianza.

Il suo successore Weber prenderà da Grüßhaber oltre alle finanze anche la responsabilità per i settori Informazione, Tecnologia, Diritte e Regolazione. Weber lavora già da 13 anni per l’azienda di telecomunicazione. Nel 000 ha iniziato la sua carriera in telegate AG come responsabile della contabilità e del controling e dal 2006 era dirigente del settore Finanze.

Heidelberger Druck: novità nelle vendite

All’inizio di aprile Marcel Kiessling, membro del CdA responsabile per il settore delle vendite, ha lasciato di comune accordo  la Heidelberg Druckmaschinen AG. Il suo successore è Harald Weimer, che adesso si occuperà dei segmenti Business Areas Services , Pezzi di ricambi, Materiali d’uso e macchinari usati. Il cambio alla guida rientra nelle iniziative di ristrutturazione delle vendite al livello internazionale.

Kiessling lavorava per l’azienda dal 1989, dal 2004 al 2014 era a capo degli affari negli Stati Uniti. Nel 2010 è entrato a far parte del CdA. Il nuovo membro del consiglio di amministrazione Weimer è in Heidelberg Druck da 15 anni ricoprendo diverse posizioni chiave nella distribuzione internazionale. In ultimo l’ingegnere era responsabile per il business in Nord- e Sudamerica. Come membro del consiglio di amministrazione sarà a questo punto anche responsabile per la gestione e l’ottimizzazione delle organizzazioni di vendita al livello mondiale aiutando così la Heidelberg Druck a garantirsi una profitability nel tempo. I membri del CdA della Heidelberg Druck sono oltre Weimer il presidente Gerold Linzbach, il responsabile delle finanze Dirk Kaliebe e Stephan Plenz, che si occupa di Equipment (product management, acquisti, ricerca e sviluppo nonché fabbricazione e montaggio).

CPU: Da solo alla guida

La CPU AG quotata nel mercato libero della borsa di Monaco, ha un nuovo amministratore delegato: da aprile Roger Heinz guida come amministratore delegato unico le sorti del fornitore di software con alle spalle oltre 30 anni di esperienza nel campo IT, comunicazione e servizi finanziari.

Il CdA è stato quindi ridimensionato. I due ex amministratori Werner Binder e Sven Wollenhaupt avevano già annunciato nel 2013 di non essere disponibile per un altro periodo di incarico, per motivi personali. Dopo 40 anni nel settore IT e oltre 15 in CPU Binder ha deciso di andare in pensione. Wollenhaupt, anche lui da più di 15 anni in CPU, desidera invece confrontarsi con nuove sfide.

Wollenhaupt e Binder sono stati insieme per più di sette anni alla guida del gruppo che offre sofware per banche e servizi nei setti dello sviluppo di software, della garanzia della qualità e del project managemen nel settore bancario. L’azienda comunica che i due ex-manager rimarranno a disposizione del gruppo CPU come consulenti nella fase di passaggio.

Villeroy e Boch: uscita senza sostituzione

Il CFO della Villeroy & Boch, Jörg Wahler, ha deciso di lasciare l’azienda quotata nel SDax per la fine di maggio per confrontarsi con sfide nuove. Responsabile per finanze, risorse umane e compliance, Wahlers è entrato nel CdA del produttore di ceramica e porcellana nel 2011, dopo vent’anni di esperienza professionale nel management finanziario, tra cui in Kraft-Jacobs-Suchard, Campbell’s Germany e Reckitt Benckiser.

Il management di Villeroy & Boch fa sapere che che al momento non è stato trovato un sostituto per Wahlers.  Fino alla nomina di un successore il le finanze saranno gestite temporaneamente dal presidente del CdA della Villeroy & Boch AG, Frank Göring.

CAMPUS

Gli stipendi dei manager sono fermi

Le remunerazioni target e massime, ma anche gli importi realmente versati sui conti del gruppo dei leader e resi pubblici da  sette aziende quotate nel DAX già da quest’anno diventeranno la best practice che il codice tedesco per la Corporate Governance detta in futuro per tutte le società quotate in borsa. La remunerazione totale media di un CEO di un gruppo quotato nell’indice DAX è scesa nel 2013 di 1,4 % a 5,97 milioni. I dati sono stati pubblicati dalla società di consulenza Hofstettler, Kramarsch & Partner (HKP).  Mentre la paga del CEO della Lufthansa Christoph Franz è stata tagliata nel 2013 del 15 %  a 1,8 milioni di Euro, il presidente del consiglio di amministrazione della Volkswagen, Martin Winterkorn, ha incassato più di 13 milioni di Euro.

Azienda

Nome

2012

2013

Variazione (%)

adidas

Hainer

4,18

3,85

-8

Allianz

Diekmann

5,77

6,02

4

BASF

Bock

5,57

5,28

-5

Bayer

Dekkers

5,03

4,79

-5

Beiersdorf

Heidenreich

4,25

BMW

Reithofer

6,51

6,91

6

Commerzbank

Blessing

1,31

1,31

0

Continental

Degenhart

2,91

4,03

38

Daimler

Zetsche

8,12

8,25

1

Deutsche Bank Ø

Fitschen und Jain

7,47

Deutsche Börse

Francioni

3,43

3,48

2

Deutsche Lufthansa

Franz

2,12

1,81

-15

Deutsche Post

Appel

5,42

5,59

3

Deutsche Telekom

Obermann

4,11

3,91

-5

E.ON

Teyssen

5,81

5,51

-5

Fresenius

Schneider

3,44

4,07

18

Fresenius Medical Care

Powell

2,34

HeidelbergCement

Scheifele

4,28

4,29

0

Henkel

Rorsted

6,64

6,73

1

Infineon

Ploss

1,82

K+S

Steiner

2,33

2,11

-9

LANXESS

Heitmann

3,72

2,27

-39

Linde

Reitzle

6,89

6,89

0

Merck

Kley

5,52

7,28

32

Münchener Rück

Von Bomhard

4,31

4,21

-2

RWE

Terium

4,43

SAP

McDermott

7,01

7,03

0

Siemens

Kaeser (dal 01.08.)

4,22

ThyssenKrupp

Hiesinger

3,82

4,88

28

Volkswagen

Winterkorn

12,8

13,2

3

Interesse al Mittelstand tedesco soprattutto in  Europa e in Nordamerica

Gli investitori non-europei e non-statunitensi partecipano poco al Mittelstand tedesco, come dimostra una ricerca fatta dal consulente aziendale Cometis e dal provider d’informazione brittanico Ipreo. Circa un quarto delle partecipazioni alle PMI tedesche quotate nel SDax, MDax e TecDax si trovano nelle mani di investitori istituzionali tedeschi. Poco meno della metà degli investimenti vengono dal resto d?europa, in particolare dalla Gran Bretagna, e più di un quarto è in mano ad investitori nordamericani. Gli azionisti asiatici tengono solo un due percento nel MDax e un percento nel Sdax. Con investimenti per circa 4,8 milioni di dollari in aziende di tutti e tre gli indici la Norges Bank Investment Management,  affiliata della banca centrale norvegese, occupa il primo posto.

Capital news

L’attuale membro del CdA e Head of Legal & Compliance della Deutsche Bank, Stephan Leithner, è accusato di concorso nella presunta frode processionale. Le indagini preliminari sono scattate in seguito a nuove conoscenze dalla procedura in corso contro Ackermann, Fische e altri manager della Banca. Nel Focus adesso anche Arne Wittig, ex- Chief Legal Officer , che nel frattempo è passato alla Thyssen-Krupp dove svolge la stessa funzione, altri due collaboratori dell’ufficio legale interno e tre avvocati di Hengeler Mueller e Gleiss Lutz che assistono da anni la più grande banca tedesca in questo processo.

Il 29 gennaio un tribunale locale ha confermato la sua sentenza del l’agosto 2013 secondo la quale la Siemens rimane esclusa per cinque anni dalla partecipazione a gare pubbliche e dalla sottoscrizione di contratti con committenti pubblici in Brasile. I motivi per questa decisione sono molto remoti e fanno riferimento a delle manipolazioni durante delle gare nel settore brasiliano delle poste e della telecomunicazione tra il 1999 e il 2004. Ultimamente il fatturato realizzato con committenze pubbliche brasiliane si aggirava intorno ai 100 a 200 milioni di Euro.  L’azienda di Monaco sta promovendo un’azione legale.

Helma: Casse piene

La Helma Eigenheimbau AG è riuscita a raccogliere del denaro sul mercato dei capitali con ben due transazioni. Nell’ambito di un aumento di capitale sono state piazzate presso degli investitori istituzionali 310.000 nuove azioni per un prezzo di emissione di 22 Euro, Il ricavo lordo dall’emissione ammonta a circa 6,82 miliardi di Euro. Inoltre la Helma aumentato un bond aziendale emesso lo scorso per 25 milioni di ulteriori 10 milioni di Euro. Anche nel secondo caso gli attori erano esclusivamente investitori istituzionali che hanno pagato un  prezzo di emissione di 102,00 %. Il bond decorre a settembre 2018, ha un a ceula del 5,875% e viene commercializzato nel Entry Standard per bond aziendali. Con i ricavi l’azienda intende allargare il business con progetti edilizi nelle zone ad alta concentrazione urbane delle metropoli tedesche.

Franconofurt: Ritiro dal Entry Standard

Bastone e carota per gli azionisti dell’azienda immobiliare Franconofurt AG: dato il successo dello scorso esercizio il CdA promette un dividendo di 0,20 Euro /azione. Solo undici giorni prima l’azienda aveva fatto sapere che si sarebbe ritirata dall’Entry Standard della Borsa titoli di Francoforte. Al momento l’azienda non ha fatto sapere su quale piazza ovvero secondo quale regolamento intende quotare le proprie azioni. Circa il 17 % delle quote sono in mano ad un azionariato diffuso.

Drägerwerk: poco guadagno, meno dividendo

Dopo una riduzione del profitto la Drägerwerk,   produttore di tecnologia medica e di sicurezza, distribuisce meno denaro agli azioni. Gli azionisti privilegiati riceveranno 83 centesimi, in occasione dell’assemblea generale agli azionisti ordinari saranno proposti 77 centesimi. Lo scorso anno i dividendi ammontavano rispettivamente a 92 e  86 centesimi. Durante l’esercizio 2013 il profitto era sceso da 127 milioni di Euro dell’anno precedente a 114,6 milioni di Euro. Tra le difficoltà da affrontare la forza dell’Euro e delle spese molto elevate per il settore ricerca e sviluppo.

Solarworld: vecchi contro giovani

Gli azionisti della Solarworld AG si dividono oggi in due frazioni: i vecchi azionisti che nello scorso anno hanno già contribuito al risanamento dell’azienda con un taglio di capitale, e i proprietari di azioni più giovani, che hanno ottenuto le loro azioni in gran parte grazie allo scambio di bond dell’azienda fortemente indebitata, Le vecchie azioni sono attualmente quotate poco meno di 40 Ero, mentre le azioni giovani potevano essere reperite alla fine di marzo per poco meno di 10 Euro. Dato che a giugno i due titoli saranno uniti ci si aspetterebbe un adeguamento dei prezzi –  sembra invece che le cose stiano andando diversamente. Ancora non si conoscono le vere cause, ma molti pensano che ci siano ancora degli hedgefonds che hanno puntato sulla caduta del prezzo e che adesso devono ricomprare le azioni ad un prezzo rincarato. Quello che è sicuro è che i vecchi azionisti dovranno prepararsi ad altre perdite, sempre che non abbiano deciso di disfarsi prima dei titoli in loro possesso.

M&A

Aap Implantate: pietra miliare

L’azienda di tecnologia medica aap Implantate AG ha venduto la azienda manifatturiera per prodotti medici European Medical Contract Manufacturing B.V. (EMCM) ad una società di private equity. EMCM sviluppa e produce per conto terzi prodotti medici nei settori materiali biologici, farmaceutica e tissue processing)

Il prezzo di vendita di 18 milioni di Euro per 100 percento delle quote della EMCM sarà pagato in contanti entro la fine di aprile in tre tranche.  Secondo l’azienda quotata nel Prime Standard  la compravendita è da considerarsi come una pietra miliare strategica e finanziaria. I ricavi serviranno per essere investiti nei settori della prevenzione di infezioni e di impianti assorbibili.

Kloeckner: In viaggio d’acquisti in Svizzera

Dopo la ristrutturazione la Klöckner & Co. SE è di nuovo in viaggio d’acquisti. In Svizzera ha comprati il 75% della Riedo Bau + Stahl, azienda specializzata in acciai da armatura. Nei prossimi due anni la Riedo dovrà essere assorbita al 100%. Con circa 130 collaboratori l’azienda svizzera ha realizzato nel 2013 un fatturato di circa 140 milioni di Euro risultando “molto redditizia”. Per la  Klöckner + Co.  l’assorbimento creerà delle sinergie e permetterà di risparmiare sugli investimenti.  Il risultato ne trarrà vantaggio già dal 2014.