Advantages of a Listing at Frankfurt Stock Exchange
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Media R Elease
Frankfurt/Main, 5 December 2018 Carl Zeiss Meditec AG to be included in MDAX Three changes in SDAX/ Changes to be effective as of 27 December 2018 On Wednesday, Deutsche Börse announced changes to its selection indices, which will become effective on 27 December 2018. The shares of Carl Zeiss Meditec AG will be included in the MDAX index and will replace the shares of CTS Eventim AG & CO. KGaA, which will be included in the SDAX index. The exclusion of CTS Eventim AG & CO. KGaA is based on the fast exit rule; Carl Zeiss Meditec AG is eligible for the index inclusion due to its market capitalisation and order book turnover. MDAX tracks the 60 largest and most liquid companies below DAX. The following changes will apply to SDAX: CTS Eventim AG & CO. KGaA, Knorr- Bremse AG and VARTA AG will be included. The shares of BayWa AG and DMG Mori AG will be deleted from the index, according to the fast exit rule. SDAX tracks the 70 next biggest and most actively traded companies after the MDAX. The constituents of the indices DAX and TecDAX remain unchanged. The next scheduled index review is 5 March 2019. DAX®, MDAX®, SDAX® and TecDAX® are registered trademarks of Deutsche Börse AG. Media Release About Deutsche Börse – Market Data + Services In the area of data, Deutsche Börse Group is one of the world’s leading service providers for the securities industry with products and services for issuers, investors, intermediaries, and data vendors. The Group’s portfolio covers the entire value chain in the financial business. -
Organized Equity Markets in Germany Erik Theissen
No. 2003/17 Organized Equity Markets in Germany Erik Theissen Center for Financial Studies an der Johann Wolfgang Goethe-Universität C Taunusanlage 6 C D-60329 Frankfurt am Main Tel: (+49)069/242941-0 C Fax: (+49)069/242941-77 C E-Mail: [email protected] C Internet: http://www.ifk-cfs.de CFS Working Paper No. 2003/17 Organized Equity Markets in Germany Erik Theissen* March 2003 Abstract: The German financial system is the archetype of a bank-dominated system. This implies that organized equity markets are, in some sense, underdeveloped. The purpose of this paper is, first, to describe the German equity markets and, second, to analyze whether it is underdevel- oped in any meaningful sense. In the descriptive part we provide a detailed account of the microstructure of the German equity markets, putting special emphasis on recent develop- ments. When comparing the German market with its peers, we find that it is indeed underdeveloped with respect to market capitalization. In terms of liquidity, on the other hand, the German equity market is not generally underdeveloped. It does, however, lack a liquid market for block trading. JEL Classification: G 51 Keywords: Market size, liquidity, floor versus screen trading * Prof. Dr. Erik Theissen, Universität Bonn, BWL 1, Adenauerallee 24-42, 53113 Bonn, Germany Email: [email protected]. Forthcoming in: The German Financial System by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press, August 2003 Organized Equity Markets Erik Theissen, University of Bonn March 2003 I. Introduction ........................................................................................................................ 2 II. The German Equity Market................................................................................................ 2 III. The (micro)structure of the German equity markets......................................................... -
Guide to the Equity Indices of Deutsche Börse AG
Guide to the Equity Indices of Deutsche Börse AG Version 9.0.0 Valid from 24th September 2018 Published on 31st May 2018 Deutsche Börse AG Version 9.0.0 September 2018 Guide to the Equity Indices of Deutsche Börse AG Page 2 General Information In order to ensure the highest quality of each of its indices, Deutsche Börse AG exercises the greatest care when compiling and calculating equity indices on the basis of the rules set out in this Guide to the Equity Indices of Deutsche Börse AG (“Guide”). However, Deutsche Börse AG cannot guarantee that the various indices, or the various ratios that are required for index compilation and computation purposes, as set out in this Guide, are always calculated free of errors. Deutsche Börse AG accepts no liability for any direct or indirect losses arising from any incorrect calculation of such indices or ratios. Deutsche Börse AG generally makes decisions regarding the method of calculating its equity indices after consulting the Working Committee to the best of its knowledge and belief. Deutsche Börse AG reviews the validity of its index concepts and the rules on index calculation each quarter. Deutsche Börse AG consults the Working Committee for Equity Indices for this purpose. Furthermore, Deutsche Börse AG may also decide to undertake a market consultation. Once a decision on a change to index methodology has been made, a notification will be issued for public comment with a reasonable notice period. Deutsche Börse AG shall not be liable for any losses incurred after such decisions are made. The equity indices of Deutsche Börse AG in no way represent a recommendation for investment. -
Comstage 1 Tecdax® UCITS ETF
ComStage 1 TecDAX® UCITS ETF The ComStage 1 TecDAX® UCITS ETF (I) is an exchange- ComStage in portrait traded investment fund (Exchange Traded Fund, “ETF”) Currently ComStage holds in more than 100 ETFs about linked to the performance of the TecDAX® Index (Price- 8.4 billion EUR in assets under management. ComStage is Index). ComStage ETFs combine the advantages of a managed by Luxembourg-based “Commerz Funds traditional investment fund and the tradability of a Solutions S.A.” (CFS). The management company was stock. The EU Fund Directive „UCITS” stipulates that all founded in 2008. The fund range of ComStage covers all fund inventory are segregated assets (“Sondervermö- asset classes: equities, bonds, commodities, money gen”). Should an investment company file for market and strategy indices. insolvency, ETF assets are not affected because they are held in an account separated from the asset manager’s For a detailed description the benefits and the risks, balance sheet. The Net Asset Value (NAV) of an ETF is please refer to the Key Investor Information Document calculated daily by the custodian bank independently. (KIID) and the prospectus. ComStage ETFs are traded continuously on several stock exchanges just like equities. Other than actively managed funds, ETFs do not charge entry and exit fees when traded via stock exchanges. Instead transaction costs apply as with standard equity trades. ETFs can Key facts also be traded over-the-counter (OTC) through market ETF information makers. Fund name ComStage 1 TecDAX® UCITS ETF Index TecDAX® (Price-Index) (ISIN Index description DE0007203283) The TecDAX® TR (price index), which is calculated by Number of index members 30 Deutsche Börse AG, comprises the 30 largest companies OGAW/UCITS V Yes from the technology sector that rank directly below the Fund currency EUR stocks included in the DAX® Index in terms of order book Use of income Distributing volume and market capitalization. -
REGULATED MARKET for HIGHLY LIQUID TRADING Liquid
Xetra. The market. REGULATED MARKET FOR HIGHLY LIQUID TRADING Liquid. Regulated. Reliable. XETRA: BENEFITS 2 There are many things that make Xetra the ideal trading venue for investors worldwide: maximum liquidity, low transaction costs and maximum security. Plus the people who make sure this will still be the case tomorrow. XETRA: BENEFITS 3 TRADE ON THE NUMBER 1 VENUE FOR GERMAN EQUITIES Welcome to Xetra, the undisputed number 1 in Europe for German equities trading and – with a network spanning 18 countries – one of the world’s leading trading venues. Not only does Xetra® host over 200 of asset classes. Many also praise Xetra’s Xetra – all benefits at the most important trading players on the gapless service chain and efficient a glance: European capital market, it is also the straight-through processing, while still • high trading volumes for reference market for fixing the prices of others see the central counterparty, German equities German securities at many other trading which plays a crucial role in risk man- • low transaction costs venues. agement, as a very important factor. • international network of participants from Xetra: one trading venue – many But all of them swear by the trading sys- 18 countries benefits tem’s secure technology, which ensures • diversified product range If the around 4,000 traders on Xetra were that Xetra is not only fast but also ex- comprising equities, ETFs, asked why this venue is so successful tremely stable and reliable – with system ETNs and ETCs one would hear a wide range of answers. availability of nearly 100 per cent. • transparency of a Many would definitely point to the high regulated market liquidity and the resulting extremely low As you can see, there are many different • lower risk and anonymity transaction costs, while others would reasons why you should opt for Xetra. -
EXTEL 2018 Investor Relations Rankings for Germany
EXTEL 2018 Investor Relations rankings for Germany June 2018 1. EXECUTIVE OVERVIEW & COMMENTARY This year marks the 13th Anniversary of the partnership between DIRK – Deutsche Investor Relations Verband - and Extel, an Institutional Investor Company. Every year, this successful collaboration produces the highly lauded Investor Relations Study, which takes its data from Extel’s comprehensive annual Pan-European Survey. The survey measures IR excellence and includes insightful views and trend information from investment professionals globally who are either invested in or cover the German equity market. The results of the study form the basis of the ‘Deutsche Investor Relations Preis’, presented during the DIRK annual conference in Frankfurt in June 2018. As part of its annual Pan-European Survey, year. The leading MDAX IR Professional Extel undertook this study from 14th March to was Burkhard Sawazki of LEG Immobilien 27th April, 2018; seeking ratings and rankings where 136 individuals received for IR excellence, at a company level and nominations. separately for IR professionals. From the In the SDAX category Hapag-Lloyd moved overall sector contributions, we derived up from 11th last year to 1st place. For the distinct rankings for the main German equity individual IR Professional ranking in SDAX, indices constituents – DAX30, MDAX, SDAX and Stephan Haas of SAF-HOLLAND was TecDAX. The study was undertaken almost ranked 1st, out of 61 individuals receiving exclusively through direct online votes. nominations. Telefonica Deutschland held on to top Since the beginning of the Extel and DIRK’s spot as the highly regarded TecDAX partnership in 2006, responses have increased company for IR. -
Combined Management Report
15 Content Combined Management Report Our Group 16 Finances and strategy 16 2019 fiscal year 21 Business focus 22 Growth drivers 29 Group strategy 37 Human Resources strategy 39 The segments 40 Automotive 45 Industrial Power Control 49 Power Management & Multimarket 52 Digital Security Solutions 56 Research and development 60 Operations 62 Internal management system 65 Sustainability at Infineon 65 The Infineon share Our 2019 fiscal year 68 Group performance 68 Review of results of operations 73 Review of financial condition 76 Review of liquidity 79 Report on outlook, risk and opportunity 79 Outlook This report combines the Group Management 83 Risk and opportunity report Report of Infineon (“Infineon” or “Group”) – comprising Infineon Technologies AG (hereafter also referred to as “the Company”) and its 95 Overall statement on Infineon’s financial condition consolidated subsidiaries – and the Management 96 Infineon Technologies AG Report of Infineon Technologies AG. 99 Corporate Governance The Combined Management Report contains forward-looking statements about the business, 99 Information pursuant to section 289a, paragraph 1, financial condition and earnings performance and section 315a, paragraph 1, of Infineon. These statements are based on assumptions and projections based on currently of the German Commercial Code (HGB) available information and present estimates. They 102 Statement on Corporate Governance pursuant are subject to a multitude of uncertainties and risks. Actual business development may therefore to section 289f, 315d of the German Commercial differ materially from what has been expected. Code (HGB)/Corporate Governance Report Beyond disclosure requirements stipulated by law, Infineon does not undertake any obligation to 103 Compensation report update forward-looking statements. -
Guide to the Ökodax Index of Deutsche Börse AG
Guide to the ÖkoDAX Index of Deutsche Börse AG Version 1.1 April 2016 Version 1.1 Deutsche Börse AG April 2016 Guide to the ÖkoDAX Index of Deutsche Börse AG Page 2006 2 General Information In order to ensure the highest quality of each of its indices, Deutsche Börse AG exercises the greatest care when compiling and calculating indices on the basis of the rules set out in this Guideline. However, Deutsche Börse AG cannot guarantee that the various indices, or the various ratios that are required for index compilation and computation purposes, as set out in this Guideline, are always calculated free of errors. Deutsche Börse AG accepts no liability for any direct or indirect losses arising from any incorrect calculation of such indices or ratios. Decisions concerning the way its indices are calculated, as well as regarding their compilation, are always taken by Deutsche Börse AG to the best of its knowledge and belief. Deutsche Börse AG monitors the execution of the index calculation rules in order to ensure the validity of the index methodology on an annual basis. Deutsche Börse AG may decide to undertake a broad market consultation. Once a decision on a significant index methodology change is made, a notification will be issued for public comment with a reasonable notice period. Deutsche Börse AG shall not be liable for any losses incurred after such decisions are made. The indices of Deutsche Börse AG in no way represent a recommendation for investment. In particular, the compilation and calculation of the various indices shall not be construed as a recommendation of Deutsche Börse AG to buy or sell individual instruments, or the basket of instruments underlying a given index. -
Interim Report for the Period from 1 January to 30 June 2020 Key Figures at a Glance
H1 2020 INTERIM REPORT FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2020 KEY FIGURES AT A GLANCE Nordex Group key figures 01.01. – 30.06.2020 01.01. – 30.06.2019 Change Earnings Sales EUR million 2,047.9 990.8 106.7 % Gross revenue EUR million 1,990.0 1,603.6 24.1 % EBITDA EUR million –70.8 1 7. 1 n / a EBIT EUR million –146.4 –50.2 n / a Free cash flow EUR million –137.1 –161.3 n / a Capital expenditure EUR million 79.1 60.2 31.4 % Consolidated net result EUR million –180.0 –55.4 n / a Earnings per share 1 EUR –1.69 –0.57 n / a EBITDA margin % –3.5 1.7 –5.2 PP Working capital ratio % –7. 1 –4.7 –2.4 PP Statement of financial position as of 30.06.2020 and 31.12.2019 Total assets EUR million 4,023.5 4,002.8 0.5 % Equity EUR million 554.9 745.4 –25.6 % Equity ratio % 13.8 18.6 –4.8 PP Employees Employees as of 30 June 7,949 6,385 24.5 % Staff costs EUR million 203.2 172.9 1 7. 5 % Staff cost ratio % 9.9 1 7. 4 –7.5 PP Company-specific performance indicators Order intake, Projects segment EUR million 1,805.9 2,111.8 –14.5 % Installed capacity MW 2,287.1 778.1 193.9 % 1 Earnings per share = based on a weighted average of 106.681 million shares (previous year: 96.982 million shares) Content 01 CONTENT To our shareholders Group Interim Management Report 02 06 02 Letter to Shareholders 06 Group Interim Management Report 04 Nordex shares Interim Consolidated Notes to the Consolidated Financial Statements Financial Statements 12 22 12 Consolidated statement of financial position 22 Notes to the Consolidated Financial Statements for the interim period -
Annual Report 2007
Connected life and work. The 2007 fi nancial year. Selected fi nancial data of II the Deutsche Telekom Group. billions of € Change compared to prior year (%) a 2007 2006 2005 2004 2003 Revenue and earnings Net revenue 1.9 62.5 61.3 59.6 57.3 55.6 Of which: domestic (%) (3.8) 49.1 52.9 57.4 60.6 61.8 Of which: international (%) 3.8 50.9 47.1 42.6 39.4 38.2 Profit from operations (EBIT) (0.0) 5.3 5.3 7.6 6.3 8.3 Net profit (82.0) 0.6 3.2 5.6 1.6 2.1 Net profit (adjusted for special factors) (22.0) 3.0 3.9 4.7 3.7 2.4 EBITDA a, b, c 3.5 16.9 16.3 20.1 19.4 18.6 EBITDA (adjusted for special factors) a, b, c (0.6) 19.3 19.4 20.7 19.6 18.5 EBITDA margin (adjusted for special factors) (%) a (0.8) 30.9 31.7 34.8 34.2 33.3 Balance sheet Total assets (7.3) 120.7 130.2 128.5 125.5 136.2 Shareholders’ equity (8.9) 45.2 49.7 48.6 45.5 43.5 Equity ratio (%) a, d (1.1) 34.7 35.8 35.5 34.2 31.9 Financial liabilities (in accordance with consolidated balance sheet) (7.7) 42.9 46.5 46.7 51.1 64.1 Net debt a, c (5.9) 37.2 39.6 38.6 39.9 51.1 Additions to intangible assets (including goodwill) and property, plant and equipment (32.3) 9.1 13.4 11.1 6.6 7.6 Cash flows Net cash from operating activities e (3.6) 13.7 14.2 15.1 16.7 15.0 Cash outflows for investments in intangible assets (excluding goodwill) and property, plant and equipment (in accordance with cash flow statement) 32.1 (8.0) (11.8) (9.3) (6.4) (6.4) Proceeds from disposal of intangible assets (excluding goodwill) and property, plant and equipment (in accordance with cash flow statement) 34.2 0.8 0.6 0.4 0.6 1.0 Free cash flow (before dividend payments) a, c, f, g n.a. -
Exchange Rules for the Frankfurter Wertpapierbörse (FWB) Table Of
FWB01e Exchange Rules for the As of 01.07.2019 Frankfurter Wertpapierbörse (FWB) Page 1 Exchange Rules for the Frankfurter Wertpapierbörse (FWB) Table of Contents § 1 Definitions ................................................................................................................ 6 Section I Areas of Business ............................................................................................... 11 § 2 Business, Registered Office .................................................................................. 11 § 3 Operating Institutions of FWB ................................................................................ 11 Section II Exchange Bodies and their Tasks ..................................................................... 11 Sub-section 1 Exchange Council ................................................................................................ 11 § 4 Responsibilities of the Exchange Council .............................................................. 11 § 5 Chair of the Exchange Council; Deputy Chair ....................................................... 12 § 6 Quorum and Passing of Resolutions in the Exchange Council ............................. 12 Sub-section 2 Management Board ............................................................................................. 13 § 7 Exchange Management ......................................................................................... 13 § 8 Duties and Competences of the Management Board ........................................... 13 -
Price List for the Utilization of the Exchange EDP of FWB Frankfurt Stock Exchange and of the EDP XONTRO
Price List for the Utilization of the Exchange EDP of FWB Frankfurt Stock Exchange and of the EDP XONTRO Price List for the Utilization of the Exchange EDP of FWB Frankfurt Stock Exchange and of the EDP XONTRO Part A) T7 and Xetra Price List (as of March 09, 2020) Part B) XONTRO Price List (as of July 01, 2017) Page 1 of 11 Price List for the Utilization of the Exchange EDP of FWB Frankfurt Stock Exchange and of the EDP XONTRO T7 and Xetra – as of March 09, 2020 **************************************************** AMENDMENTS ARE MARKED AS FOLLOWS: INSERTIONS ARE UNDERLINED DELETIONS ARE CROSSED OUT **************************************************** Part A) T7 and Xetra Price List […] 1 Connection Fees Through technically connecting to the T7® trading system and Xetra® trading system the Trading Member is automatically provided with access to price and order book information of the exchange trading places “Xetra” and “Börse Frankfurt”.1 Provision and termination of a connection component is offered without charges. Terminations are possible to the end of a month. Monthly fees are charged for a connection components to the Xetra trading system are charged starting with which are technically implemented on the first day of the respective calendar monthfollowing the technical implementation of the connection. This applies regardless of whether the Trading Member or Multi-Member-Service Provider has already used the connection or has made a functional test. 1.1 Bandwidths Connections mentioned in the following table allow Trading Members and Multi-Member-Service Providers access to both, the T7 trading system and the Xetra trading system for the exchange trading places Xetra and Börse Frankfurt.