Intellektuelles Kapital als Unternehmens- und Standortfaktor

Transcription

1 EFFAS - The European Federation of Financial Analysts Societies ÖVFA - Österreichische Vereinigung für Finanzanalyse und Asset Management Intellektuelles Kapital als Unternehmens- und Standortfaktor Die Sicht des Kapitalmarktes Fritz Mostböck, CEFA Executive Management Committee, EFFAS Vize-Präsident, ÖVFA Head of Group Research, Erste Group Konferenz Ökonomie für die Zukunft Wien, 29. Februar 2012

2 The crisis is parked in government debt, that is a global not a regional problem Financial crisis 2. Economic crisis 3. Debt crisis Sources: Erste Group Research, The Banker

3 The global crisis has caught up with us again, holding us in a tight lock Volatility (3.) Debt crisis Deficit (2.) Economic crisis Debt Loss of trust in the financial system (1.) Lack of liquidity? Financial crisis Sectors and real economy negatively affected Bail-out packages by central banks and governments Loss of confidence Austerity measures Uncertainty Source: Erste Group Research Panic and fear on the financial markets Debt crisis will be a sustainable challenge for us

4 The debt crisis is a global crisis Gross public debt and fiscal deficit per capita (EUR ths) Fiscal deficit to GDP (2012e) Size of the bubble shows public debt in EUR per capita (2012e) BB Turkey Finland AAA AAA Netherlands AAA UK BBB- A+ Croatia Slovenia AAA A Denmark Slovakia BB+ A- Romania AA- Poland Czech Rep Germany AAA AA+ United States A Spain AA+ France AA+ Belgium Austria AA BB+ Hungary Ireland BBB+ Portugal BB Euro Area 2012F Italy BBB+ Maastricht limit Public debt to GDP (2012F) CC Greece Japan AA- Source: Erste Group Research, European Commission, ratings by S&P

5 Global debt crisis: Advanced vs. developing countries The gap is widening - stagnation vs. growth! Source: IMF

6 We do have a lot of unsolved problems worldwide Trust E S On a global scale, the discussion is still at the beginning! G etc.,.. It is all about responsibility!

7 Non Financial Reporting on ESG is: not a religion not a communist approach not a pseudo-moralistic view not a green policy concept not a bill of goods not an I-know-it-better approach Tool that seeks to respond to the failures of the past and prevent those of the future. ESG/CR should be understood as everyone s responsibility (extensive stakeholder approach).

8 Responsibility What are the benefits of ESG? Reporting on ESG is not a marketing gag. Differentiation effectively creates: 1. Competitive advantage, 2. Higher reputation, 3. Confidence. These ingredients are the basis for the sustainable success of a company. Therefore, applied ESG increases a company s value.

9 ESG Long-term consequences ESG is a topic of global significance and will gain greater acceptance. Investor awareness has to be raised substantially. Capital market can only cover listed companies. The capital market is best suited to implement objectives for the common good.

10 Thank you for your attention! and think positively.

11 Appendix

12 VIX index: Fear indicator of financial markets Implied volatility has fallen since the end of 2011, Current volatility below historical average, i.e. at a normal level.

13 ESG Advantages of the capital market > Wide transparency is honoured, lacking is sanctioned, > Soft facts are measured by the share price as well, > ESG and the capital market stands for performance orientation, > Generation of a common good, > Efficient allocation of financial resources, > Capital markets are the best-suited medium for a comprehensive evaluation (including soft facts) because: > Listed companies => represent the bulk of global GDP. Major disadvantage so far: Investor awareness -> public pressure is increasing.

14 EFFAS Non Financial Reporting KPIs EFFAS/ DVFA Report on Sector KPIs for ESG Released on September 20, 2010: see Sector Benchmark: Dow Jones Industry Classification Covering 10 main sectors: Oil & Gas, Basic Materials, Industrials, Consumer Goods, Health Care, Consumer Services, Telecom, Utilities, Financials, Technology. divided into 114 subsectors.

15 EFFAS Non Financial Reporting KPIs EFFAS/ OVFA Non Financial Reporting OVFA Report on Economic Responsibility 3.0 (1.) (2.) (3.) (4.) (5.) (6.) (7.) OVFA = Austrian Association for Financial Analysis and Asset Management

16 EFFAS - The European Federation of Financial Analysts Societies ÖVFA - Österreichische Vereinigung für Finanzanalyse und Asset Management Intellektuelles Kapital als Unternehmens- und Standortfaktor Die Sicht des Kapitalmarktes Fritz Mostböck, CEFA Executive Management Committee, EFFAS Vize-Präsident, ÖVFA Head of Group Research, Erste Group Konferenz Ökonomie für die Zukunft Wien, 29. Februar 2012