"8th German Corporate Conference
TheTwo Faces of Germany
Dear client,
We are pleased to announce that Deutsche Bank’s pre-eminent German Corporate Conference will also be held in 2005, starting on Tuesday 31st May and ending on Thursday 2nd June. As every year the venue will be the Hilton Hotel, Frankfurt/Main.
Germany has been afflicted by three years of a difficult macroeconomic business environment containing rising unemployment, surging deficits in the fiscal and social security accounts, and an inability to achieve sweeping reforms. There is no longer a lack of awareness that the former Wirtschaftswunderland is in dire straits. Many observers now openly question Germany’s ability to address the short and long-term challenges posed by continued globalization as well as technological and demographic change.
Despite this uncertainty, investors in German equities have increasingly looked beyond the ailing home economy – because of two factors that have been key contributors to past success (and we believe will deliver success in the future, too). Firstly, Germany remains the leading European export nation, accounting for 9.8% of all global exports. Looking at Germany’s most recent GDP figure, exports accounted for 40% of the country’s total GDP. Furthermore, taking the constituents of the DAX 30 as a representative cross section, 69% of their stated 2003 topline was generated outside Germany. Secondly, German corporates have recently begun to embrace the globalisation process (partially driven by EU enlargement) and have begun to exploit offshoring of production to reduce labour costs and/or improve management’s domestic bargaining positions.
Confronted with the growth potential that these characteristics still represent, we believe that the German equity market, whether measured in historic terms or against it peers, is cheaper now than at any point in recent memory. At 12.5x forward earnings, the Dax trades at a level rarely seen for 15 years.
The 8th GCC provides institutional investors with the opportunity to get an inside view of more than 100 of the most important companies in the German market– including all DAX30 companies – in the space of 3 days.
Throughout the conference senior executives will present their views on key industry trends and changes in the competitive landscape. In addition to corporate executives we have lined up senior & influential keynote guest speakers like Prof. Otmar Issing, Chief Economist from the European Central Bank.
We are confident that we continue to provide the most comprehensive and insightful German conference in the market and we are convinced that you would not want to miss this opportunity.
An invitation containing further details will be sent to you in due course but in the meantime, please mark these dates in your diary.
We look forward to seeing you in Frankfurt."
www.conferences.db.com/europe/gercorp05/index.html
Grüße,
JG
TheTwo Faces of Germany
Dear client,
We are pleased to announce that Deutsche Bank’s pre-eminent German Corporate Conference will also be held in 2005, starting on Tuesday 31st May and ending on Thursday 2nd June. As every year the venue will be the Hilton Hotel, Frankfurt/Main.
Germany has been afflicted by three years of a difficult macroeconomic business environment containing rising unemployment, surging deficits in the fiscal and social security accounts, and an inability to achieve sweeping reforms. There is no longer a lack of awareness that the former Wirtschaftswunderland is in dire straits. Many observers now openly question Germany’s ability to address the short and long-term challenges posed by continued globalization as well as technological and demographic change.
Despite this uncertainty, investors in German equities have increasingly looked beyond the ailing home economy – because of two factors that have been key contributors to past success (and we believe will deliver success in the future, too). Firstly, Germany remains the leading European export nation, accounting for 9.8% of all global exports. Looking at Germany’s most recent GDP figure, exports accounted for 40% of the country’s total GDP. Furthermore, taking the constituents of the DAX 30 as a representative cross section, 69% of their stated 2003 topline was generated outside Germany. Secondly, German corporates have recently begun to embrace the globalisation process (partially driven by EU enlargement) and have begun to exploit offshoring of production to reduce labour costs and/or improve management’s domestic bargaining positions.
Confronted with the growth potential that these characteristics still represent, we believe that the German equity market, whether measured in historic terms or against it peers, is cheaper now than at any point in recent memory. At 12.5x forward earnings, the Dax trades at a level rarely seen for 15 years.
The 8th GCC provides institutional investors with the opportunity to get an inside view of more than 100 of the most important companies in the German market– including all DAX30 companies – in the space of 3 days.
Throughout the conference senior executives will present their views on key industry trends and changes in the competitive landscape. In addition to corporate executives we have lined up senior & influential keynote guest speakers like Prof. Otmar Issing, Chief Economist from the European Central Bank.
We are confident that we continue to provide the most comprehensive and insightful German conference in the market and we are convinced that you would not want to miss this opportunity.
An invitation containing further details will be sent to you in due course but in the meantime, please mark these dates in your diary.
We look forward to seeing you in Frankfurt."
www.conferences.db.com/europe/gercorp05/index.html
Grüße,
JG
