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DGAP-News: SIGNUM RESEARCH GMBH: Executive Interview with Mr. Philipp Steinhauer, CEO of aktiengesellschaft TOKUGAWA


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At today in its active form since 2002 aktiengesellschaft TOKUGAWA is an opportunistic investor dominated with medium-term investment horizon and less a classic Investment company. The company is pursuing a capital market environment, the respective customized investment policy. You can be in the plant’s own Assets of all asset classes operate in order to above average to generate returns. The success since 2002 to date document that this policy is successfully implemented.
The goal of the company is independent of overall market to achieve a high interest rate at a total manageable risk. This includes more aware of risks an individual investments. As the Company only Minority holdings is received, it pursues in doubt, activist strategies Enforcing your interests.
Mark the following interviews with the Board Philip Steinhauer is now pending capital increase.
Question: Mr. Steinhauer, was in the aktiengesellschaft TOKUGAWA Its NAV in 2009 by over 100% increase. As you can see the opportunities in 2010 build on this development?
A: 2009 was an absolutely exceptional year for us. This is and not only in relation to the declared performance, but also for the development of society as a whole. So we have a Prospectus published on our website which tokugawa.de is available. All this has meant that, within one year for a much larger society were. Back to Performance: Since the start TOKUGAWA in 2002, we have every year for our shareholders, the intrinsic value (NAV) of shares TOKUGAWA can increase, and our aim is a value added of 10% per annum was made after deduction of expenses, taxes and inflation so far clearly exceeded. Nevertheless, the result rises of 2009 clear out.
Question: How is the development in 2009 to explain? If it came to a change in investment strategy?
Answer: The investment approach was the TOKUGAWA unchanged. This results in the context of the massive distortions in the Capital markets to see. This offered us enormous opportunities, which we also use could.
Question was: What class of securities in 2009, such large Income achieved?
Answer: In essence, with debt securities by banks. We ourselves as opportunistic investors without restriction to a single asset class. We had in the past few Commitment made in bonds, for example during the Argentina debt restructuring. During the year 2008 were then bank loans due to the massive price declines and more interesting for us.
Question: Was this not a bit risky? Nevertheless, some banks were in the balance.
Answer: There were certainly enormous risks. Which there was but basically in virtually all other asset classes as well. What would be e.g. India shares at an average happens if, for example, Commerzbank had become a bankrupt? It was important that we only For us, acceptable risks are received. A larger Commitment of well over 10% in Tier1/Hybridbereich it has not given, because we have paid a great attention to the quality of the papers.
Question: What happens now? Threatened by the success in 2009, is now a Check!
Answer: Overall I would say that our portfolio currently focused defensive than a year ago. So I can her question clearly answered in the negative. We currently are still large parts our appropriation of classical Nachrangpapieren with remaining maturities of one tied to three years, so-called Lower Tier 2 These are subordinated bonds with a fixed maturity, for the payment of interest only in Bankruptcy case may be suspended. For us, raises the question of how we with the changing situation, keyword Greece, medium-term deal.
Question: Will they again reinforced in shares of German Creating Small Caps?
Answer: There are now many shares for us again significantly become more attractive, in particular to German Cap. In this area there were also recovered for an greater commitment, which following a marked rise in prices has already re- was sold.
Question: What is currently still interesting for you?
Answer: Very interesting are our current bonds Businesses in a restructuring phase, an area where we in the Past were engaged again and again. Thus we have, for example in Spring of a larger position in convertible bonds of Solar cell manufacturer Q-Cells acquired. General interest may be to us the The open real estate that have been closed. These are on the stock exchanges currently with some two-digit high Traded at discounts to their NAV. However, here, by ill-conceived regulatory efforts on the part of the policy that Prospect of rapid reopening of the fund significantly deteriorated. Therefore, as well as to limit losses, our position in this asset class again significantly reduced.
Question: If you chart the performance of your basic information (Available at tokugawa.de) look, then you are quite surprised over the long term very good performance. Started was an NAV of the equivalent of 88 Euro cents in 2002, down to an NAV of 7.30 € 8.10 € at the end of 2009 and the end of March this year developed has. What you see now the risk of a backlash?
Answer: I do not think it expedient, our to assess risk based on the performance achieved. For the current Composition of the portfolio, I have already stated my position. In general, expect I have been alone because of the increased size of the Society in future, a lower performance. In our Basic information, it is stated: the high yields of the years 2002 to 2009 do not allow conclusions about the future and are also against the Background of the still small size of the Company and the huge disruptions in the capital markets in recent years to be considered. Moreover, we could say that we our risks have always set out clearly and openly.
Question: If you look at the numbers of TOKUGAWA looks, is striking that the income primarily in the subsidiary vision maker Holdings Ltd. was achieved. Why?
Answer: This has historical reasons. Today the Construction, with a subsidiary no longer needed, the Fusion of the vision of the maker TOKUGAWA is in progress. Thereafter, the ownership structure greatly simplify.
Question: How do you want in your future shareholders at the Profit development of society can participate?
Answer: Management and Supervisory Board had to Introduction of the final decided not to fixed dividend payment desirable. We know, however, that there are now a slight majority among the Shareholders are to be regular dividend payments wants.
Question: Are you planning a capital increase. Even in the recent years they have repeatedly capital performed. Yet it is striking that, in contrast to other Holding companies have grown largely organically, especially when the Dividend payments into account.
Answer: That is correct. We are in 2002 with equity of 90 000 Euro started. On capital increases have since been almost 870 000 € raised and paid dividends of good 340 000 € distributed. This contrasted with net assets from just under 3.8 million Euro compared. The vast majority of our Equity was thus generated by profits.
Question: Why do they do then still a Capital increase?
Answer: Indeed, the future now be well once the last capital increase. The current capital but also goes back to the desire of our shareholders, their increase investment clearly once again to be able to. This included I have personally and two of our supervisory she agrees, to an appreciable extent in the Capital to participate. Furthermore, I hope the Capital more liquid trading of the stock.
Question: You have committed themselves to a greater extent participate in capital increase. You do this by certain variables of the capital raised from dependent. Is it is right that no more than a million € Drawing obligation on your part?
Answer: This is correct, does not mean that I am in a such cases are not involved in the capital increase. With the Subscription commitment I would like to contribute to the success of the capital. As I said, it was my own desire, nor even a Capital to participate. This would, however, the first Capital since 2002, in which I participate yourself.
Q: Who can participate in the capital?
Answer: Anyone on Record Date 21st May 2010 Shareholder of the Company shall be entitled to shares from the to draw in capital. Also is an oversubscription for this Shareholders should be possible.
Mr. Steinhauer, thanks for the interview. We wish you personally and the company’s success continues much.
Conflicts of interest: The following possible Conflicts of interest are taken into account in this financial analysis. You the following can exist in the analysis mentioned companies:
Company: True aktiengesellschaft TOKUGAWA No: 3, 7
1st SIGNUM Research GmbH and / or a related company hold directly or indirectly, a stake of at least 1% of the Share capital of the issuer described second SIGNUM Research GmbH and / or a associated company holds, directly or indirectly, a Net short position of at least 1% share capital of the discussed Issuers third The financial analysis of this company was commissioned by the Issuer or a related party of that company SIGNUM Research GmbH created 4th SIGNUM Research GmbH and / or a related Companies were within the previous twelve months at the Leadership of a consortium for an emission through a involved public offering of such financial instruments or even issued and the subject of the analysis are fifth SIGNUM Research GmbH and / or a related company have to pay Services in investment banking or IR-related services provided to the issuers discussed 6th The analysis was from Disclosure or publication of the issuer available made and amended thereafter. 7th The author or authors of these Financial analysis or any of its employees hold securities directly or then eighth related derivatives of this company A member of the Management or an employee of the SIGNUM Research GmbH and / or Subsidiary are members of the board of directors of that company 9th SIGNUM Research GmbH and / or an affiliate expect or strive for the next three months remuneration from that Company for services in investment banking or IR-related services.
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