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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.

VIPsight offers, every month:
transparent and independent current information / comments / facts and figures on corporate governance locally and internationally,

  • written by local CG experts,
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VIPsight International

Article Index



VIPsight - October 2013


DAX-listed banks face a 47 thousand million euro shortfall

Pending the next Asset Quality Review (AQR) and the subsequent stress tests of capital in the accounts of European banks carried out by the European Central Bank, Deutsche Bank has calculated that the need for further capital that emerged from the AQR for the banks it covers amounts to 16 thousand million Euros. The diagnosis, though, is for the accumulated capital gap of 44 thousand million Euros that stems from the comprehensive implementation of Basle 3 and that has to be filled by the end of 2014. The forecast gap for Commerzbank is 2.6 thousand million Euros. The term capital gap is used when “a need for capital is perceived within an assessed need for capital, a stress test, an audit of the quality of a bank’s credit holdings, and then may be confirmed by an ad hoc audit on the part of an appropriate authority”. According to the ECB, the stress tests on the accounts are expected to be concluded in the first quarter of 2014. This will enable the European Banking Authority to begin its stress tests in the second quarter of 2014.

Schaeffler’s showdown with Continental

Schaeffler has placed at least four percent of its holding in Continental with Goldman Sachs for a revenue of 950 million Euros. The eight million shares were put on offer to international investors in a fast track placing. Schaeffler sold the Bonds that have increased in value by 40% from the beginning of this year to 122.5 Euros each, far higher than the launch price of 75 Euros of four and a half years ago. The family company has made it known that at this point its holding is down to 46%. After a special redemption of 325 million with no limit on availability of resources, the company is still burdened with debts of some 9 thousand million Euros. On September 17, Klaus Rosenfeld did however state that in the long term Schaeffler intends to maintain its present level of holding.  Continental is not expected to initiate any new forays on to the market over the next six months. Nel 2009 Schaeffler decidedly bit off more than it could chew when in 2009 it took over a competitor three times larger than itself. The CFO made no reference to any upcoming stock market flotation by Schaeffler.

Osram, Evonik and RTL admitted to MDAX

The share index working group of Deutsche Börse has made a number of changes in the selection criteria of the DAX family, which were introduced on September 23. The DAX index (with K+S as a member) is still the benchmark. Le shares of Osram Licht, Evonik Industries and RTL Group move upwards to MDAX. The stock of BayWa, Puma and SGL Carbon leave the index. The shares of CompuGroup Medical and Nemetschek move upwards to TEcDAX. Euromicron and Süss MicroTec shares leave the technological index. Every three months the stock exchange audits the make up of its indices and bases its decisions on how they classify on a given day on the trading of the previous month – in this case the month of August. In addition to the value on the floor is also the turnover of certain shares. The date for the next audit is set at December 4.

Municipalities against halving of dividends

Despite the vote its representatives in the supervisory board cast in favour, the municipality shareholders of RWE are on the point of rising up against the halving of dividends announced in 2013. In the final analysis, the dividend is decided on by the shareholders’ meeting attended by a substantial representation of the municipalities that hold stock, says Lars Martin Klieve, municipal treasurer of the city of Essen who says he hopes the dividends will not be halved. Willi Loeven, treasurer of the city of Bottrop says he hopes the shareholders’ meeting will reject the distribution of 1 Euro per share instead of 2. Bottrop would not have the financial wherewithal to weather the storm that such a cut in revenue would unleash. For years, many cities and municipal companies have participated in up to 24% of the stock of the energy producer. The share, which once touched 100 Euros, has shed over a third of its value over the last five years. In 2008 and 2010 it was still worth 70. Presently, it stands at about 25 Euros.



Windreich: winded

Wind farm planner Windreich went bankrupt at the beginning of September with debts of 400 million Euros. The company which had issued two pmi bonds for a total of 125 million Euros announced insolvency a mere three or four days after bankruptcy. At that point, the investors and the company’s business partner demanded that business consultant Werner Heer replace former managing director Willi Balz who affirms that he himself is committed for 250 million and who, no more than a few weeks ago was up-beat and optimistic. How much will be paid to Windreich creditors now depends on the funding that will be made available for the MEG 1 wind farm. The Swiss bank Sarasin is the biggest supplier of credit to the tune of 70 million Euros. A number of bond creditors have initiated proceedings against the private bank for not keeping investors sufficiently informed about the risks incurred in Windreich bonds.

Evotec: perfect partners

Evotec, the Tec-Dax biotechnology concern is about to embark on a joint venture with scientists from Harvard University to conduct research on diseases of the nervous system. Working hand in hand with stem cell specialists, the company intends to explore substances that actively combat the loss of nerve cells. At the same time, impetus will be given to inhibiting or at least slowing down the loss of the so-called motor neurons in Lou Gehrig’s disease, amniotrophic lateral sclerosis. This is the fourth project that Evotec has undertaken with specialists from Harvard.

Hornbach: DIY back on its feet

After a slack first half-year blighted by bad weather, sales in the summer months improved considerably for the Hornbach DIY  stores. Turnover rose by almost 7% and total sales rose to 939 million Euros. The initial losses were recovered and year on year saw a rise in sales of 1.8% on last year. EBIT was 87 million Euros making Hornbach the third largest DIY group in Germany but in the second quarter, it was unable to recover the 30%  losses of the first quarter, the difference being only 12.5%. According to management, this result, too, will change by the end of the year.

Hornbach is forecasting an EBIT at year end at the very least the same as last year.

The group has its sights set on extending its markets; this year will include Netherlands, Sweden, and Slovakia. Hornbach has no intention of taking over its bankrupt competitor Praktiker, despite the interest there could be for certain areas.

The company is prime-standard listed.


The German Mittelstand

The banks are reaching out in an attempt to win over the German Mittelstand.

A recent survey carried out by the ifo Institute shows that access to credit for this sector of the German economy has never been quite so easy. The effect of the Basel III European directive, once greatly feared for its obligation on the banks to increase their capital deposit in order to enhance  their lending capability, is proving to be much milder than originally thought.  By and large, the cost of money is still reasonable, and the door is kept open for the Mittelstand.

This state of affairs is due in part to manoeuvring by the commission and in part due to the appeal of German Mittelstand itself, and its rate of growth, outdoing every other economic category in Europe and now a major factor in the banking business. Five years after the Lehman debacle, the credit crisis seems to be behind us.  The low rate of interest on the capital market means that banks are increasingly seeking higher returns for reinvesting their clients’ money. In terms of low risk and generosity of margin, the German Mittelstand is tried and tested, and is virtually unrivalled.

Beyond national boundaries, though, the situation is less  florid. In Spain, for example, small and medium-sized companies are in serious difficulty, suffocated by interest rates much higher than in Germany. This may in part stem from a lower solvibility than their German counterparts, but with little or no investment to foster growth, small and medium-sized companies are finding it virtually impossible to achieve strength and stability.

Resorting to bank loans is still an economically worthwhile means of obtaining capital in Germany. It is to be hoped that while continuing to resort to capital from third parties, medium-sized companies begin to re-embrace the idea of self capitalization. Stock market flotation of healthy companies has become something of a rarity lately. Investors, though are ready and waiting.





Buhlmann's Corner

It’s voting time –some come, some go

So, is voting in a general election the same as voting in a general meeting? The answer is, by and large, yes, the only differences being that you don’t get the results of general elections several days beforehand, and votes are cast personally or, failing that, by post. It has to to be said, though, that the majority of stakeholder votes end up adrift, lost on the way. How can that be? It can be and it is, because someone, somewhere along the line changes the procedure, or very simply put, because nobody really knows how the custody chain system works.

After 21 hours and 19 minutes, Ted Cruz, the senator from Texas was bodily removed from the rostrum after 60 fellow senators passed a vote of protest. He had vowed to carry on his fillibustering speech against Obamacare for as long as his legs would hold him up. Compared to this, aren’t the three minute slots allowed to shareholders in general meetings in Germany a bit of a joke? Is the only reason behind the dramatic slump in the number of votes cast during general meetings because some judge is applying a law that has long been known to be on the statute books? The fact is that every attempt to increase shareholder attendance has tended to come undone. Particularly droll, if it can be so defined, is the example of PUMA. When I asked for a copy of the annual report, what I got was a kind e-mail saying that they would assuredly send me a hard copy of the report in German and that the document would be available from ... which was the day of the general meeting. The revelation that the promise was a slip-up only heightened its absurdity; first you vote then you read what you’re supposed to be voting about. By contrast to company executives, these days ever less constrained by national boundaries, shareholders’ votes tend to stay at home, and when they do manage to cross borders, they are to all intents at the beck and call of management who can use them (almost) as they wish. There is, however, a counter tendency, dated 2013 the year of the lowest ever attendance. The shareholders of GSW had understood the importance and the need to attend the meeting in person. The lady from furthest afar had travelled 20,500 kilometres to come to Berlin from Sao Paolo to be part of the sshareholders’ revolt, the only way she could get a voting receipt to take back to her hedge fund. (VIP could have performed the service for her at a much lower cost).

I am looking forward to the outcome of the second post-IPO general meeting of Facebook. At the first, which took place in June 2013 (AGMagenda.com), the company worth had been halved. Since then, however, it has more than doubled, all without corporate governance (one share one vote) either in Facebook or in the Chinese ALIBABA which having shunned good corporate governance will not be quoted on its home stock market in the PRC but in the US,  the country where Corporate Governance first saw the light.

I’m beginning to think that Americans lead the field in consequentiality, if their way of designating the CEO of Nokia is anything to go by. He weaves business in with the company he started out with and where he is now coming back to. My question is why should Nokia pay him 19 million Euros for the pleasure since his tenure has led the Finnish company back to where it started – manufacturing Wellington boots. The same thing has happened extensively to European airline companies – Air France, IAG international airlines group (former: British Airways) and Deutsche Lufthansa. There is no lack of cross border executives – Linde, RWE, Roche and Diageo are fine examples. So why shouldn’t they be followed by shareholders’ votes? An interesting case is brewing for 2014. Will Cevian succeed in bringing shareholders’ votes to bear on the Daimler supervisory board? In the meantime, some people are already packing their bags for the cross border journey to cast their votes, and the discussion table is set in many countries.


Deutsche Bank is not obliged to reveal the exact amount of the ad hoc reserves set up in relation to the on-going controversy among the heirs of Leo Kirch. The appeal by Kirch’s widow, Ruth, was quashed by the Frankfurt Oberlandesgericht, upholding the first instance ruling handed down by the Frankfurt Landgericht in November 2012. Co-CEO Anshu Jain has, however, made it known that the bank intends to raise the reserves further against possible legal action. The second quarter profit was halved as a result of the controversy and stands at 335 million Euros.

In the legal proceedings against Uriel Sharef, presiding judge Jutta Zeilinger has voiced misgivings about the integrity of the acts and has called for a more scrupulous interpretation of testimony, adjourning the proceedings from September 6 to September 17.  Almost seven years after the discovery of the corruption in Siemens, the courtroom reconstruction of the millionaire scandal seems to be slowing up just as it approaches the final straight. The truth is that some years ago, the Munich investigators had discovered that the former high-ranking executive responsible for Siemens’s operations in America had covered up and in part personally authorised kick-back payments for some 27 million dollars.






AGM Dates


Company Event Date Time Place Address Published on

Kabel Deutschland Holding AG ord. Hauptversammlung 10.10.2013 11:00 80333 München Max-Joseph-Straße 5, im Haus der Bayerischen Wirtschaft 29.08.2013
The agenda of the ordinary AGM of Kabel Deutschland Holding AG contains the standard issues like the presentation of the annual accounts and discharge of the boards. During the last accounting year the Kabel Deutschland Holding AG has realized a balance sheet profit of 221,31 milions of Euro. The profit is going to be completely distributed as dividend. Shareholders are asked to confirm the domination and profit transfer agreement between Kabel Deutschland Holding AG and the Kabel Deutschland Holding Erste Beteiligungs GmbH and the Kabel Deutschland Holding Zweite Beteiligungs GmbH.





The new Remuneration ordinance for Institutions 2013

As early as 2011 Arne Martin Buscher was concerned about the sudden dip in numbers of particularly high-risk profile bank employees. From the time when the so-called  “Institutsvergütungsverordnung  2010” regulation came into force specifying that it would fall to the banks to adopt certain qualitative criteria to identify risk-takers subject to special remunerative requirements, their numbers fell “in some cases by 90 percent”. Buscher works for BaFin  (Bundesanstalt für Finanzdienstleistungsaufsicht, the Federal Financial Supervisory Authority) and is the person responsible for remuneration system requirements within the department that deals with matters of principle.

Buscher proposes that future legislation not merely entrust those employees whose work is most likely to have “the strongest effect on the profile of overall risk”.  On its own, BaFin could extend the circle of risk-takers if the assessment of the principal were not deemed “plausible, broad-based and comprehensible to third parties”. The new legal framework should be approved by the end of the year. Banks are oriented towards identifying their own risk-takers by directives as yet unapproved by the EBA, European Banking Authority. As a matter of principle, every European bank should revise their remunerative system says Towers Watson. In Germany, BaFin had already pointed out defects in the old remunerative framework.

End the capping of executive’s salaries

On September 20, an opposition majority in the German Federal Council overturned the legislation capping executives’ salaries put in place by the Government in June. The law stated that general meetings of stock-market listed joint stock companies would have to approve the salaries paid to company executives. The Länder Chamber prepared a draft and passed it to the mediation committee but the shortage of parliamentary time in the run up to the elections put paid to the law. Bills that are not converted into Acts of Parliament by the end of the legislature are nullified. The Bill was a knee-jerk reaction to the debate in recent years on exaggerated salaries paid to executives. The Länder justify their position stating that the shift in decisional power to the shareholders’ meetings as to who gets paid how much in stock-market listed companies, as provided by parliament cannot be used as a means for preventing exorbitant salaries.







Roland Auschel joined the Adidas executive board as of October 1. The former Multichannel Markets Chief Sales Officer will be responsible for the new division of Global Sales. The move will combine the Adidas and Reebok brands under a single distribution network for each  market area – wholesale, retail and e-commerce – and bring them together under a single board function.

Christoph Franz joins Roche, and from June 2014 will replace Franz Humer. In a public communiqué dated September 16, the present CEO of Deutsche Lufthansa announced his decision not to extend his contract with the airline. Franz asserts that the chairman of the airline’s supervisory board Wolfgang Mayrhuber was aware of his having been in contact “for some time” with the Swiss pharmaceutical colossus and yet the airline has yet to present a successor.

Karl-Heinz Streibich and Lars Hinrichs have joined the supervisory board of Deutsche Telekom. The group announced the Bonn tribunal’s appointment of the two men as of October 1 until the general meeting of 2014 when they will stand for election by the shareholders. They will replace Ulrich Middelmann, who died on July 2 and Lawrence H. Guffey who represented Blackstone on the supervisory board and who resigned spontaneously on the major shareholders’ withdrawal from the company.  According to Ulrich Lehner, president of the overseeing body, Streibich “who is very familiar with the reality of Telekom” will contribute his undisputed IT experience. “Hinrichs, by contrast was a pioneer in what is known today as ‘start-up scenarios’, and thus a valuable addition in terms of innovation and partnerships within the sphere of Internet” explains Lehner.

Wolfgang Reitzle will resign the helm of Linde next May and his place will be taken by Wolfgang Büchele, who, only last year moved into the top slot of the Finnish company Kemira. Up until 2007, when he changed to certain financial investors, the 54 year-old executive had had a 20-year long career with BASF.  Reitzle will celebrate his 65th birthday on 24 March 2014, the age limit for CEOs in DAX listed companies.

Ralf P. Thomas, of the Siemens’s supervisory board has been appointed the new company CFO. Up to now CFO of the industrial division, Thomas takes the place of Joe Kaeser who in turn has replaced Peter Loescher as CEO. Brigitte Ederer left the board at the end of September following a ruling by the supervisory board concerning a disagreement between the former head of human resources and the shop stewards and trade union. After the previously publicised departure of the head of purchasing, Barbara Kux, Siemens’s board of management is again an all male team. Josef Ackermann, the supervisory board vice-president, recently announced his resignation following what in his view was the scrappy haste of Loescher’s exit. His place will be taken by Jim Hagemann Snabe up to now co-chief executive of SAP.



Nemetschek: Tension high-up

Nemetschek AG,  the producer of software for architects and the building trade has a new CEO.  Tobias Wagner has been appointed to replace Tanja Tamara Dreilich who resigned in August despite the positive results of the company. According to the press, there were insurmountable differences between the CEO and the supervisory board. Dreilich is the third top manager to leave the company in two years

Nemetschek has been listed in TecDax since September.

Balda: In full control

Plastic specialist Balda AG has a new supervisory board. Major shareholder Elector won control of the monitoring body at the extraordinary meeting. (see VIPsight’s previous coverage).The new members of the board of management Thomas van Aubl, Frauke Vogler and Klaus Rueht replace in toto the former monitors. The former president resigned his post at the beginning of the meeting.

Mr. van Aubl, lawyer, obtained some 30% of Balda stock through Elector. Vogler is also a lawyer. Former Merck executive, Klaus Rueht, was appointed to the board of management by the Texas Pacifica Group hedge fund and the Indaba Capital Fund. Furthermore, Elector appointed Dieter Brenken as a new member of the board of management.

Balda and Elector had been at loggerheads for months. Elector criticised the chairman of the supervisory board Naschke for incompetence. Naschke, for his part continually rejected van Aubel’s proposal for most of the supervisory board to be occupied by candidates of his choice. Its block of a third now gives Elector a two-thirds majority on the supervisory board. In terms of compliance, the situation could become a problem. Balda AG is listed in SDax.

MT Energie: All round innovation

Specialist in biogas and issuer of a pmi bond, MT Energie made a clean sweep of its board of management in a restructuring exercise. Former manager of MAN, Markus Niedermayer, has been appointed CEP. Sören Schleider, formerly in sales in a Bosch affiliate, is the new CFO. The third is Karsten Wünsche in the post of COO. Former Managing Director and founder of the company Christoph Martens, and former CFO and partner Tobias Brunkhorst stay with MT Energie in product development and distribution.

A challenge is already awaiting CFO Schleider. Bearing in mind that the numbers are not good, the firm does not rule out a breach with the covenant of the bonds placed in April 2013. If it happened and if the quota of capital dipped below the guaranteed 20%, the investors could invoke the special right of cancellation. This could cost MT Energie some 14 million Euros.


DAI funds the government committee

The three candidates presented by Deutscher Corporate Governance Kodex government committee for appointment to its board have been confirmed by the Minister of Justice of Chancellor Merkel’s second term. According to Sabine Leutheusser-Schnarrenberger (FDP Liberal Party) Joachim Faber, chairman of the supervisory board of Deutsche Boerse, Thomas Kremer, a board-member of Deutsche Telekom with responsibility for privacy, legal affairs and compliance, and Michael Mertin, CEO of Jenoptik will carry out their committee duties with propriety.

Manfred Gentz has been officially appointed new chairman. The announcement dates back to August (see VIP sight, Corner August 2013), when Gentz had been identified as the successor to Klaus-Peter Müller who was on his way out. Former board member of DaimlerChrysler , former chairman of the Deutsche Börse supervisory board and chairman of the management board of the Swiss finance company Zurich Financial Services. Gentz is said to have a wealth of experience in managing and monitoring companies. The Deutsche Juristinnenbund (Union of German women jurists) were critical of this decision for its break with the politically driven campaign to appoint more women to top positions in the private sector. In addition to bringing staff numbers up to par, another issue tackled was the question of the new cost apportionment and the organizational support of the governmental committee. At an extraordinary shareholders’ meeting of the Deutsches Aktieninstitut (DAI) on September 17 in Frankfurt a sizeable majority voted to move the government committee headquarters to DAI premises.  Hans-Martin Buhlmann, VIP eV, requested more availability for active cooperation by investors, which in addition to voting on the year-end accounts, would benefit the supreme good of democracy.

One of Gentz’s priorities was to devise a new way of apportioning costs and organizational support for the committee. Up to now, committee expenses have been shouldered by the two groups with the two previous presidents heading the respective supervisory boards.



TecDAx in the female gender: More enhanced career prospects than in the S- or MDax

There is a big surprise awaiting those who thought that technological companies were a male-only domain. 12 percent of members of supervisory or management boards of TecDax listed companies are women according to a survey on 2012 conducted by the human resource consultancy agency Dwight Cribb. The number of women in the technology index beats both SDax and MDax, in which a mere one in ten executive is female. According to the survey, the five companies with most women on the boards are Bechtle, Sartorius, Jenoptik, Software AG and Freenet. If the survey were extended to include this year, the top slot would probably be filled by Telefonica in which 44% of jobs are held by women. The telecommunication group, though, has only been listed in TecDax since March 2013.





Capital News

MorhoSys: All set for takeovers and research

The biotechnology company MorhoSys gathered 84 million in fresh money in September by an increase in share capital. Income from the private placing – some 1.5 million shares with institutional investors – will be used to fund acquisitions and continue research and development.

Energiekontor: bonds fully subscribed

The company bond of the wind farm and solar power manager Energiekontor AG has been fully subscribed in the few months since its issuance. Its volume of 7 million Euros and 5-year duration amount to a interest rate of 7%. Furthermore, in recent weeks, the company has also placed in short order a step-up bond of 23 million Euros and is planning to issue other step-up bonds before the end of this year.

In early September, the Bremen company announced that it had sold an offshore wind farm at an estimated loss of between 2 and 3 million Euros.

Helma: Safe as houses

Since the month of September a Helma Eigenbau company bond of 25 million Euro volume and 5-year duration has been traded. Interest is some 5.9%. The bond was oversubscribed before the end of the duration. The company’s sells owner-occupant homes, holiday homes and real estate for investors. In recent months, Helma’s turnover has improved as has its EBIT and its order book has also grown. Revenue from the bond issuance will be used to foster systematic growth. The company is listed in the Entry Standard.





Director's Dealings


Company Person Function Buy / Sell Total value in Euro Number of shares Date
Aurubis AG Faust, Erwin VR V 61.043 1400 13.09.2013
Axel Springer AG Lanz, Lothar VR V 705.527 17454 30.09.2013
Daimler AG Weber, Dr. Frank AR A2 174.280 4000 19.09.2013
Daimler AG Weber, Dr. Frank AR V 235.040 4000 19.09.2013
Dialog Semiconductor Plc. Duncan, Gary VR A2 6.851 4791 06.09.2013
Dialog Semiconductor Plc. Duncan, Gary VR V 69.182 4791 06.09.2013
Gerry Weber International AG Weber, Ralf VR K 17.893 620 13.09.2013
Gerry Weber International AG Weber, Ralf VR K 52.002 1800 13.09.2013
Gerry Weber International AG Weber, Ralf VR K 241.110 9000 13.09.2013
Gerry Weber International AG Lippert, Klaus AR K 2.944 100 16.09.2013
Gerry Weber International AG R + U Weber GmbH & Co. KG
K 506.260 17000 16.09.2013
Gerry Weber International AG Weber, Ralf VR K 149.875 5500 17.09.2013
Gerry Weber International AG R + U Weber GmbH & Co. KG
K 540.360 18000 19.09.2013
GSW Immobilien AG Scharpe, Dr. Jochen AR V 33.220 1000 20.09.2013
GSW Immobilien AG Schwagenscheidt, Jörg VR-Chef V 747.714 22936 24.09.2013
GSW Immobilien AG Segal, Andreas VR-Chef V 290.994 9011 26.09.2013
Henkel AG & Co. KGaA Henkel, Christoph
A1 0 150000 13.09.2013
Henkel AG & Co. KGaA Henkel, Christoph
K 7.466.685 118500 13.09.2013
Henkel AG & Co. KGaA Henkel, Christoph
K 434.256 6814 16.09.2013
Henkel AG & Co. KGaA von Braun, Dr. Kaspar AR V 256.700 4000 16.09.2013
Henkel AG & Co. KGaA von Braun, Dr. Kaspar AR V 320.320 5000 17.09.2013
Henkel AG & Co. KGaA von Braun, Dr. Kaspar AR V 322.795 5000 18.09.2013
Henkel AG & Co. KGaA von Braun, Dr. Kaspar AR V 327.780 5000 19.09.2013
Henkel AG & Co. KGaA Henkel, Christoph
V 6.937.383 125314 20.09.2013
Henkel AG & Co. KGaA von Braun, Dr. Kaspar AR V 85.550 1300 30.09.2013
Kabel Deutschland Holding AG Adams, Erik VR V 952.315 11270 20.09.2013
Kabel Deutschland Holding AG Cubero, Dr. Manuel VR K 4.534.355 53661 20.09.2013
Kabel Deutschland Holding AG von Hammerstein, Dr. Adrian VR-Chef V 6.615.759 78293 20.09.2013
Kabel Deutschland Holding AG Siemen, Andreas VR V 1.810.159 21422 20.09.2013
Kabel Deutschland Holding AG Basil Management Inc.
V 2.657.694 31452 20.09.2013
Klöckner & Co SE Rühl, Gisbert VR-Chef V 282 200 17.09.2013
LEONI AG Paglia, Richard AR V 22.117 497 10.09.2013
Linde AG Couturier, Anke AR K 6.218 42 18.09.2013
Linde AG Blades, Thomas VR K 148.000 1000 23.09.2013
MERCK Kommanditgesellschaft auf Aktien Leuchs, Dr. Hans-Jürgen AR V 56.272 500 10.09.2013
MorphoSys AG Eastham, Karin AR K 56.744 1000 20.09.2013
PSI AG für Produkte und Systeme der IT Schrimpf, Dr. Harald VR-Chef K 11.686 1000 24.09.2013
PSI AG für Produkte und Systeme der IT Schrimpf, Dr. Harald VR-Chef K 11.534 1000 25.09.2013
PSI AG für Produkte und Systeme der IT Trippel, Karsten AR K 6.492 572 26.09.2013
PSI AG für Produkte und Systeme der IT Schrimpf, Dr. Harald VR-Chef K 11.980 1000 30.09.2013
SAP AG Vishal, Sikka VR K 53.710 1000 11.09.2013
TAG Immobilien AG Albert Asmussen GmbH
V 771.928 85000 26.09.2013
TAG Immobilien AG Albert Asmussen GmbH
V 772.914 85000 27.09.2013
TAG Immobilien AG Albert Asmussen GmbH
V 729.288 80000 30.09.2013
United Internet AG Scheeren, Carlotta
V 277.250 10000 07.10.2013
United Internet AG Scheeren, Carlos
V 554.500 20000 07.10.2013
United Internet AG Scheeren, Michael AR V 2.772.500 100000 07.10.2013





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M & A


SAF Holland: Bounding along to the Far East

Sdax listed SAF Holland, worldwide supplier in the market of goods vehicles has acquired 80% ownership of a Chinese manufacturer of automotive suspension systems. Now, with the participation of Corpco Beijing Technology and Development Co, Ltd. the company, based in Lower Franconia is extending its presence in the world and its range of products to the Chinese market.

Both companies are aiming to take advantage of the synergy in this expanding market for trucks and buses. According to SAF Holland, Corpco’s 18 million turnover in 2012 and 180 staff make it a world leader in its market. The joint venture contemplates purchasing the remaining 20% of Corpco at a later date.

Delticom: acquisition with hot tyres

Delticom AG, on-line tyre vendor has taken over Tirendo, its on-line competitor and start-up company for 50 million Euros cash from the Berliner Inkubator Proect A and from the Jahr publishing house family. The platform, set up in April 2012, will be managed by Delticom, but with its own brand. The company is the on-line leader in Europe in the distribution of tyres and automobile accessories. There are 100 online Delticom shops in 42 countries that serve both a private and commercial clientèle. In the first six months of 2013, the registered turnover was 220 million Euros with EBIT at nine million Euros. At present, Tirendo has a staff of about 100 and its forecast turnover for this year is in excess of 10 million Euros. In the meantime, Tirendo’s former partner, European Media Holding, has acquired a stake in Delticom, again in the market of vehicle tyres. Delticom is Sdax listed.





VIPsight International


19 October 2013


Windreich: senza fiato

Ai primi di settembre il progettista dei parchi eolici Windreich è andato in bancarotta con 400 milioni di Euro di debiti. L’emittente di due bond pmi per un totale di 125 milioni di euro ha annunciato l’insolvenza  solo tre o quattro giorni dopo il ricorso per fallimento. Su richiesta degli investitori e di business partner il consulente aziendale Werner Heer ha sostituito l’ex AD Willi Balz. Ancora poche settimane fa quest’ultimo, che a suo dire è impegnato con 250 milioni, di dichiarava ottimista.

Ciò che spetterà ai creditori della Windreich dipenderà ora dal finanziamento del progetto del parco eolico offshore MEG 1. La banca svizzera Sarasin è il più grande datore di credito con un prestito di 70 milioni di Euro.  Alcuni creditori dei bond hanno presentato una causa contro la  banca privata per non aver informato a sufficienza gli investitoti sui rischi legati ai bond della Windreich.

Evotec: parnership eccelente

Insieme agli scienziati della Harvard Università l’azienda biotecnologica Evotec intende fare ricerca sulle malattie del sistema nervoso.  Insieme agli esperti delle cellule staminali l’azienda vuole cercare delle sostanze attive contro la perdita di cellule nervose. L’obiettivo è anche l’inibizione o al meno il rallentamento della perdita dei cosiddetti motoneuroni nella sindrome di Lou-Gehrig, la sclerosi laterale amiotrofica, la cosiddetta SLA. Questo è il quarto progetto tra Evotec e gli specialisti di Harvard. Evotec è quotata nel Tec-Dax.

Hornbach: il fai da te si sta riprendendo

Dopo un primo semestre piuttosto fiacco a causa del cattivo tempo i mesi estivi sono andati di nuovo a gonfie vele per la catena di mercati del fai da te Hornbach. Tra luglio ed agosto il fatturato è salito del quasi 7% portando il fatturato totale a 939 milioni di Euro. L’azienda è riuscita a recuperare le perdite  iniziali  registrando rispetto all’anno precedente un aumento del fatturato del 1.8%. Con  risultato operativo di 87 milioni di Euro l’oramai terzo gruppo del fai da te in Germania non è riuscito a recuperare nel secondo trimestre la perdita del 30 % registrata nel primo. L’aumento era solo del 12 5. Secondo gli amministratori anche questo risultato cambierà entro la fine dell’anno. Hornbach si aspetta di chiudere con un risultato operativo che sia almeno pari a quello dell’anno precedente.

Il gruppo intende inoltre di espandere i propri mercati: per quest’anno sono previsti i Paesi bassi, la Svezia e la Slovacchia. Hornbach non intende invece rilevare il concorrente fallito Praktiker, anche se per alcuni sedi esiste un certo interesse.

L’azienda è quotata nel Prime-Standard.

Buhlmann's Corner

Si vota – alcuni ci vanno e altri arrivano!

L’elezione del parlamento e l’assemblea generale sono la stessa cosa?  In linea di massima, si, solo che nel primo caso il risultato non lo si conosce già giorni prima e che i voti vengono consegnati personalmente, o eventualmente per posta. Bisogna dirlo, la maggior parte dei voti degli azionisti si arena, si perde da qualche parte. Come mai? Perché da qualche parte hanno cambiato sistema, o semplicemente perché nessuno sa come il sistema, la custody chain funziona.

Dopo 21 ore e 19 minuti il senatore texano Ted Cruz è stato portato via dal pulpito in seguito al voto di 60 colleghi. Aveva promesso di portare avanti il suo discorso contro l’„Obamacare“ finché le sue gambe avrebbero retto. Di fronte a questo episodio  i tre minuti di intervento concessi agli azionisti durante le assemblee tedesco fanno quasi ridere, vero? La presenza die voti degli azionisti nelle assemblee tedesche è drammaticamente scesa – solo perché un giudice ha applicato una legge che si conosceva da tempo? Fatto sta che tutti gli sforzi per aumentare la presenza sono andate tendenzialmente male. Particolarmente divertente, se così si può dire, il caso PUMA. Alla mia richiesta di inviarmi relazione sulla gestione ricevo una gentile risposta per mail:“ le manderemo certamente una versione stampata della relazione in tedesco. Le copie stampate saranno a disposizione a partire dal giorno (...) dell’assemblea“. Il fatto che la promessa si è rivelata essere un lapsus non fa che amplificare  il suo non-senso: prima si vota, e dopo si legge su che cosa.

Mentre gli executive varcano sempre più spesso i confini, i voti degli azionisti rimangono tendenzialmente chiusi a casa – e quando possono lasciare il paese, sono praticamente ai piedi del management. I gestori possono utilizzarli (quasi) come vogliono. C’è però una controprova alla tendenza. L’aneddoto è del 2013, l’anno in cui le presenze erano più basse che mai. Nel caso della GSW gli azionisti attivi avevano capito l’importanza e la necessità di una presenza in persona all’assemblea. La Signora col viaggio più lungo aveva affrontato ben 20500 km per spostarsi da Sao Paolo a Berlino per partecipare alla breve e vincente rivolta degli azionisti. Questo era l’unico modo per portare al suo hedge fund un certificato di partecipazione alla votazione (voting receipt). (VIP avrebbe potuto risolvere il problema ad un prezzo inferiore)

Sarà interessante osservare come andrà a finire la seconda Assemblea post IPO  di facebook. Alla prima a giugno 2013 (AGMagenda.com) il valore dell’azienda risultava dimezzato, e nel frattempo è più che raddoppiato. E tutto ciò senza applicazione di  Corporate Governance (one share on vote) ne in Facebook, ne nella cinese ALIBABA che proprio a causa della rottura con la buona Corporate Governance non entrerà in borsa nella sua Cina, ma nel paese madre della Corporate Governance (?Sic)

A questo punto mi sembrano più consequenziali gli americani quando decidono di designare il CEO di NOKIA. Questo intreccia il business con  quello della sua azienda d’origine alla quale poi ritorna. Mi chiedo per quale motivo  NOKIA gli paga 19 milioni di Euro per questo servizio, visto che ha ricondotto il l’azienda finlandese alla produzione di stivali di gomma. Casi simili sono successi alla grande nell’aeronautica europea, penso a Air France, IAG international airlines group (former: British Airways) o Deutsche Lufthansa. Abbiamo del Executives cross border c/o Linde, RWE, Roche und Diageo – perché non farli accompagnare anche dai voti degli aizonisti? Un caso buffo si sta già delineando per il 2014: Cevian ce la farà a far influenzare il consiglio di sorveglianza della Daimler dagli azionisti? Intanto qualcuno prepara i voti per il viaggio cross border e il tavolo delle discussioni è apparecchiato in  molti / tutti i paesi.


Nemetschek: Tensione in alto

In Nemetschek AG,  produttore di software architettonica e per l’edilizia, Tobias Wagner ha preso il posto della CEO Tanja Tamara Dreilich che, ad Agosto,  nonostante lo sviluppo positivo dell’azienda ha deciso lasciare la carica. Secondo la stampa ci sarebbero state delle “differenze incolmabili” tra il  CEO e il consiglio di sorveglianza. Negi ultimi due anni Dreilich è la terza top manager che lasca l’azienda.

Da settembre Nemetschek è quotata nel TecDax.

Balda: Controllo pieno

Dall’inizio di settembre lo  specialista per la plastica Balda AG ha un nuovo consiglio di sorveglianza. Durante l’assemblea straordinaria il grande azionista Elector ha vinto la gara per l’organo di controllo (VIPsight ne ha parlato). I nuovi membri del consiglio di amministrazione Thomas van Aubl, Frauke Vogler eKlaus Rueht sostituiscono quindi completamente gli ex-controllori. All’inizio dell’assemblea l’ex presidente si era dimesso dalla sua carica.

L’avvocato van Auble tiene attraverso la Elector circa il 30 % delle quote di Balda. Anche Vogler è avvocato. L’ex Manager della Merck, Klaus Rueht, è stato nominato per  il consiglio di amministrazione dal hedge fund Texas Pacifica Group e dal Indaba Capital Fund. Inoltre Elector ha nominato Dieter Brenken come nuovo membro del consiglio di amministrazione.

Per mesi Balda e Elector erano in lite. Elector rimprovera al presidente del consiglio di sorveglianza Naschke di essere incompetente.  Dal suo canto Naschke ha rifiutato l’intenzione di van Aubel, di occupare il consiglio di sorveglianza per la maggior parte con candidati propri. Con un terzo delle quote Elector possiede adesso una maggioranza con due terzi nell’attuale organo di controllo; da un punto di vista della compliance la situazione potrebbe essere problematica.  La Balda AG è quotata nel SDax.

MT Energie: Novità a tutto tondo

Nell’ambito di una ristrutturazione dell’azienda lo specialista di Biogas e emittente di un bond pmi MT Enegier ha cambiato tutte le teste del suo consiglio di amministrazione. L’ex-manager MAN, Markus Niedermayer, è sato nominaro CEP. Sören Schleider, prima diretto commerciale in una affiliata di Bosch,  è il nuovo CFO. Il terzo à Karsten Wünsche nel ruolo del COO. L’ex AD Christoph Martens,  fondatore dell’azienda, e l’ex CFO e socio Tobias Brunkhorst rimangono dentro MT Energie nello sviluppo dei prodotti e nella distribuzione.

Al CFO Schleider aspetta già una prima sfida: tenendo conto del fatto che i numeri non sono buoni l’azienda non esclude un rottura dei covenant nei bond piazzata ad aprile 2013. Se il caso si produce e se la quota di capitale passa sotto i 20% garantiti gli investitori avrebbero un diritto di recesso straordinario Questo potrebbe costare ad MT Energie circa 14 milioni di Euro.


SAF Holland: Con passi molleggianti verso il lontano oriente

SAF Holland, quotato SDax, fornitore globale nell’industria dei veicoloi commerciali rileva l’ottanta per cento delle quote di un produttore cinese di sistemi di sospensione. Con la partecipazione alla Corpco Beijing Technology and Develpoment Co, Ltd.  l’azienda della Bassa Franconia estende la sua presenza globale e la sua gamma di prodotti per il mercato cinese.

Ambedue le aziende vogliono sfruttare il potenziale di sinergia nel mercato crescente per sospensioni per camion e autobus.  Secondo l’azienda Corpco si considera con 18 milioni Euro di fatturato  nel 2012 e circa 180 collaboratori leader del mercato in questo settore. La Joint Venture costituita comprende anche l’opzione di acquistare il restante 20 percento della Corpco in un secondo momento.

Delticom: Acquisizione con pneumatici caldi

La Delticom AG, venditrice on line di pneumatici ha rilevato la Tirendo, portale concorrente e azienda in start up, per 50 milioni di Euro in contanti dal Berliner Inkubator Project A e dalla famiglia di editori Jahr. La piattaforma nata nell’aprile 2012 sarà gestita dalla Delticom, ma come marchio proprio. La società è il distributore online leader del mercato europeo per gomme e accessori per automobili. Di Delticom fanno parte 100 online-shop in 42 paesi rivolti sia a clienti privati che a clienti commerciali. Nel primo semestre 2013 l’azienda ha registrato un fatturato di 220 milioni di Euro e un utile operativo di nove milioni di Euro.

Tirendo ha attualmente circa 100 collaboratori e prevede per questo anno un fatturato superiore  a 10 milioni di Euro. Nel frattempo l’ex-socio della Tirendo, la European Media Holding, si inserisce con una partecipazione a Delticom di nuovo nel business dei pneumatici. La Delticom è quotata nel SDax.


TecDAx al femminile: Migliori opportunità di carriera  che nel S- oppure nel MDax

Chi pensava che le aziende tecnologiche fossero riservate agli uomini ora si dovrà stupire: il 12 percento dei membri del consiglio di sorveglianza e di amministrazione delle aziende quotate nel TecDax  sono donne, come risulta da uno studio fatto dalla agenzia di consulenza per risorse umane Dwight Cribb per il 2012. L’indice tecnologico supera così per presenza femminile gli indici SDax e MDax dove solo un dirigente su dieci è una donna. Tra le cinque aziende con il maggiore numero di donne nei board ci sono, secondo la ricerca, Bechtle, Sartorius, Jenoptik, la Software AG e Freenet. Se la ricerca coprisse anche l’esercizio corrente al primo posto ci sarebbe probabilmente Telefonica, dove le donne occupano  il 44 % dei posti. Il gruppo di telecomunicazione è però entrato a far parte del TecDax solo a marzo di quest’anno.

Capital News

MorhoSys: Pronti per acquisizioni e ricerca

A settembre l’azienda biotecnologica MorphoSys ha raccolto 84 milioni di denaro nuovo tramite un aumento del capitale. Con i ricavi del collocamento (private placing) di circa 1,5 milioni di azioni presso investitori istituzionali l’azienda intende finanziare delle acquisizioni e ulteriore ricerca e sviluppo.


Il bond aziendale del gestore di parchi eolici e solari Energiekontor AG è stato sottoscritto al cento per cento a soli pochi mesi dopo la sua emissione. Con un volume di 7 milioni di Euro e una durata di cinque anni gli ammontano al 7%. L’azienda ha anche piazzato nelle ultime settimane in breve tempo uno step-up bond di 23 milioni di Euro e prevede di emettere ancora prima della fine di quest’ anno altri step-up bonds.

All’inizio di settembre l’azienda di Brema aveva annunciato la vendita di un parco eolico offshore con una perdita prevista di due a tre milioni di Euro.

Helma: Case stabili

Da settembre un bond aziendale della Helma  Eigenbau con un volume di 25 milioni di Euro e una durata di cinque anni è commerciabile. Gli interessi sono del 5,9 % circa. Il bond era già pienamente sottoscritto prima della fine della scadenza. L’azienda realizza il suo fatturato con case di proprietà, immobili per vacanza e immobili per abitazione per investitori. Nei mesi passati Helma ha guadagnato sia nel fatturato che nel risultato e registra un aumento delle commesse. I ricavi delle emissioni dei bond sono andranno a favore della crescita organica. L’azienda è quotata nel Entry Standard.