"Best prepared for every possible scenario"
Since the beginning of the year thyssenkrupp Elevator has been set up organizationally as an stand-alone company. The preparations for various scenarios are now continuing. The draft prospectus for a possible IPO has been filed with the Federal Financial Supervisory Authority (BaFin). We spoke with Philipp Voet van Vormizeele, Head of Legal, Compliance & Labor Relations, about the background.
we.online: Mr. Vormizeele, thyssenkrupp Elevator has been set up as an stand-alone company since the beginning of the year. Nevertheless we remain part of thyssenkrupp. What does this mean exactly?
A: Of course we are still part of thyssenkrupp. But since January 1, 2020 thyssenkrupp Elevator has been operating more independently in organizational terms and is being managed by thyssenkrupp like a financial investment. The so-called carve-out of thyssenkrupp Elevator is almost 100% complete.
we.online: That sounds abstract. What concrete significant effects does it have?
There are many. Compared with the other business areas, we are no longer a direct part of the thyssenkrupp management organization. The Group now runs the elevator business mainly through our company’s supervisory board. But of course there are exceptions, such as financial reporting, where coordination by thyssenkrupp AG remains very close.
Services at all levels between the Group and thyssenkrupp Elevator are governed exclusively by Transitional Service Agreements (TSAs).
The catalogue of transactions requiring approval (TRAs) of thyssenkrupp AG applicable to Elevator has been drastically reduced and now only covers things required by law or necessary for Group management purposes. However, the TRA catalogue within our company, i.e. the of thyssenkrupp Elevator and the BUs and OUs, remain unaffected; the TRAs must still be observed.
The number of Group policies that apply to us has also reduced significantly and thyssenkrupp Elevator has introduced its own policies. Since January 2020, for example, we have had our own ET compliance guidelines – naturally they are of the same high standard as those at thyssenkrupp.
we.online: Let’s turn to the next steps: It was recently announced that thyssenkrupp Elevator had filed a draft prospectus with the Federal Financial Supervisory Authority (BaFin)…
A: Yes, that’s right. Over the past few weeks we have painstakingly prepared a draft prospectus and submitted it to BaFin. This will be necessary if we opt for an IPO.
The prospectus is now being scrutinized. This is of course an exciting time for us.
we.online: For those of us not familiar with the financial markets: What exactly does this prospectus cover?
The prospectus contains all the information about thyssenkrupp Elevator and the shares necessary to enable potential investors to make an accurate assessment of the assets and liabilities, financial position, profits and losses, and future prospects of thyssenkrupp Elevator as well as the rights attached to the shares.
Our colleagues at headquarters and at thyssenkrupp AG have invested many hours in this, for which I would like to thank them once again. It involved a lot of work, and all functional areas were involved.
we.online: Why is the prospectus necessary?
A: In Germany, shares cannot be offered to the public and/or admitted to trading on an organized market without a prospectus approved by the Federal Financial Supervisory Authority (BaFin). Other countries have similar requirements.
we.online: The decision on the IPO is still pending. What are the next steps for thyssenkrupp Elevator?
A: The decision on the next steps will be taken by the Executive Board of thyssenkrupp AG. If an IPO is to take place, the prospectus will be approved by the Federal Financial Supervisory Authority (BaFin) and published.
We at thyssenkrupp Elevator headquarters are working to ensure we’re best prepared for every possible scenario.