股权投资估值ppt课件.ppt

InternationalPrivateEquityandVentureCapitalValuationGuidelines1stIPEVGeneralAssemblyHermanDaems ChairmanoftheIPEVValuationBoardWebConference 15February2007 Agenda 1 Endorsementacrosstheworld2 PresentationoftheIPEVValuationBoardActivities2005 20063 Stakeholders reactionstowardstheIPEVGuidelines4 Foreseenactivitiesin20075 ElectionofIPEVBoardMembersin20076 Q ASession Agenda 1 Endorsementacrosstheworld2 PresentationoftheIPEVValuationBoardActivities2005 20063 Stakeholders reactionstowardstheIPEVGuidelines4 Foreseenactivitiesin20075 ElectionofIPEVBoardMembersin20076 Q ASession ListofEndorsingAssociationsasoftoday 35associations EVCA EuropeanPrivateEquityandVentureCapitalAssociationFVCA FinnishVentureCapitalAssociationGVCA GulfVentureCapitalAssociationHKVCA HongKongVentureCapitalAssociationHVCA HungarianVentureCapitalandPrivateEquityAssociationILPA InstitutionalLimitedPartnersAssociationIVCA IrishVentureCapitalAssociationLAVCA LatinAmericanVentureCapitalAssociationLVCA LatvianVentureCapitalAssociationNVCA NorwegianVentureCapital PrivateEquityAssociationNVP DutchPrivateEquityandVentureCapitalAssociationPPEA PolishPrivateEquityAssociationR seauCapital Qu becVentureCapitalandPrivateEquityAssociationRVCA RussianPrivateEquityandVentureCapitalAssociationSAVCA SouthernAfricanVentureCapitalandPrivateEquityAssociationSECA SwissPrivateEquityandCorporateFinanceAssociationSLOVCA SlovakVentureCapitalAssociationSVCA SwedishPrivateEquityandVentureCapitalAssociation AFIC FrenchPrivateEquityandVentureCapitalAssociationAIFI ItalianPrivateEquityandVentureCapitalAssociationAPCRI PortuguesePrivateEquityandVentureCapitalAssociationAPEA ArabPrivateEquityAssociationASCRI SpanishPrivateEquityandVentureCapitalAssociationATIC TunisianVentureCapitalAssociationAVCA AfricanVentureCapitalAssociationAVCAL AustralianVentureCapitalAssociationAVCO AustrianPrivateEquityandVentureCapitalOrganizationBVA BelgianVenturingAssociationBVCA BritishVentureCapitalAssociationBVK GermanPrivateEquityandVentureCapitalAssociatione V CVCA Canada sVentureCapitalandPrivateEquityAssociationCVCA ChinaVentureCapitalAssociationCVCA CzechVentureCapitalandPrivateEquityAssociationDVCA DanishVentureCapitalAssociationEMPEA EmergingMarketsPrivateEquityAssociation SevennewEndorsingAssociationssinceOctober2005 CVCA Canada sVentureCapitalandPrivateEquityAssociationCVCA ChinaVentureCapitalAssociationEMPEA EmergingMarketsPrivateEquityAssociationGVCA GulfVentureCapitalAssociationLAVCA LatinAmericanVentureCapitalAssociationR seauCapital Qu becVentureCapitalandPrivateEquityAssociationSVCA SwedishPrivateEquityandVentureCapitalAssociation Agenda 1 Endorsementacrosstheworld2 PresentationoftheIPEVValuationBoardActivities2005 20063 Stakeholders reactionstowardstheIPEVGuidelines4 Foreseenactivitiesin20075 ElectionofIPEVBoardMembersin20076 Q ASession ActivitiesoftheBoardduringitsfirstyearinexistence2005 2006 Board scompositionandorganization Composition Prof HermanDaems Chairman GIMV Prof Dr Dr Ann KristinAchleitner CEFS Mr JensBisgaard Frantzen ATPPrivateEquityPartners Mr AnthonyCecil KPMG Mr Herv Claquin ABNAMROCapital Mr GillesDurufl CVCA electedasBoardMemberinJune2006 Mr JonathanLowe Permira Mrs MoniqueSaulnier Sofinnova Dr DidierGuennoc SecretaryMeetingsheld 1stmeetingon5October20052ndmeetingon8March20063rdmeetingon20October2006 ActivitiesoftheBoardduringitsfirstyearinexistence2005 2006 Board smandate MonitormarketpracticeMonitoraccountingstandardsevolutionMakeperiodicamendmentstotheGuidelinesinresponsetoanychangesinmarketpracticeoraccountingstandardsAnswerquestionsontheGuidelinesfrompractitioners regulatorsandinvestorsonaglobalbasisInitiateaformalreviewoftheGuidelinesevery3years ActivitiesoftheBoardduringitsfirstyearinexistence2005 2006 Monitoringmarketpractice Auditors GrantThornton KPMGandPwC wereinvitedtotwomeetingstopresenttheirexperienceintermsofacceptanceoftheIPEVGuidelinesbybothauditorsandgeneralpartnersTworesearcherspresentedtotheBoardtheirresultsregardingthedegreeofacceptanceoftheIPEVGuidelinesfollowingtheirpublicationin TheJournalofAlternativeInvestments IssueFall2006Aspecificwebsitewaslaunched ThroughthiswebsiteuserscandirectlyaskquestionstotheBoardonvaluationissues MonthlyStatistics ofuserspermonth ActivitiesoftheBoardduringitsfirstyearinexistence2005 2006 Monitoringaccountingstandardsevolution TheBoardmonitoredtheissuanceoftheFASBStatementofFinancialAccountingStandardsN 157 FairValueMeasurements issuedinSeptember2006 ActivitiesoftheBoardduringitsfirstyearinexistence2005 2006 MakingperiodicamendmentstotheGuidelinesinresponsetoanychangesinmarketpracticeoraccountingstandards FollowingtheissuanceoftheFASBStatementofFinancialAccountingStandardsN 157 FairValueMeasurements issuedinSeptember2006 theIPEVValuationBoardreleasedtheEditionOctober2006oftheIPEVGuidelinesTheEditionOctober2006oftheIPEVGuidelinesisconsistentwiththePEIGGGuidelinesMaintechnicalamendmentmadetotheEditionJune2005 TheoptionlefttotheValuer sdiscretiontoapplyornotadiscounttothepriceofquotedsharesinanactivemarketforliquitityreasonshasbeendeleted Marketabilitydiscountsshouldgenerallynotbeappliedtopricesquotedonanactivemarket unlessthereissomecontractual governmentalorotherlegallyenforceablerestrictionpreventingrealisationatthereportingdate ActivitiesoftheBoardduringitsfirstyearinexistence2005 2006 AnsweringquestionsontheGuidelinesfrompractitioners regulatorsandinvestorsonaglobalbasis TheBoarddeveloppedaFAQsectionon 13recurringquestionsareansweredthroughtheFAQBoardmembersparticipatedindifferenttrainingsorganizedforpractitionersfocusingonvaluationofprivateequityandventurecapitalinvestments TheBoardlookedat35questionsreceivedthroughthewebsite ActivitiesoftheBoardduringitsfirstyearinexistence2005 2006 Questionscoveredthefollowingtopics DifferencesbetweenoldvaluationguidelinesandIPEVGuidelinesPriceofrecentinvestmentCompliancewithIFRSImpactoncurrentfundsUseofentrymultipleUseofDCFTaxedEBITAdding upmarketabilityandimpairmentdiscountsMarketabilitydiscountonquotedsharesForecastvshistoricalearningsDiscussionswithauditorsIndicativeoffersDateofimplementation ActivitiesoftheBoardduringitsfirstyearinexistence2005 2006 InitiateaformalreviewoftheGuidelineseverythreeyears Thistaskwillbeundertakenin2008 Agenda 1 Endorsementacrosstheworld2 PresentationoftheIPEVValuationBoardActivities2005 20063 Stakeholders reactionstowardstheIPEVGuidelines4 Foreseenactivitiesin20075 ElectionofIPEVBoardMembersin20076 Q ASession StakeholdersreactionstowardstheGuidelines GeneralpartnersInvestorsAuditorsRegulatorsandStandardSetters GeneralPartners Degreeofimplementation DatapresentedareexcerptsfromapaperwrittenbyPierre YvesMathonet EIF andGauthierMonjanel EIF TheEuropeanInvestmentFundisamultibillionLPinvestinginEuropeanfunds withaportfoliocomprisingmorethan210funds Fundsintheportfoliowereclassifiedinthreecategories CategoryI intendtoadopttheIPEVGuidelines CategoryII donotintendtoadopttheIPEVGuidelines butwhereminimumvaluationrequirementswillberespectedinlinewithIAS39rules CategoryIII donotintendtoadopttheIPEVGuidelines notinlinewithIAS39rules AsurveywasconductedtoallocateGPsacrossthethreecategories Thesurveyresultswere ofanswers Source Pierre YvesMathonet EIF GauthierMonjanel EIF Resultswerecomparedtoanassessmentperformedonthevaluationprocessoffundmanagers ofanswersormanagers Note IVGstandsforIPEVGuidelinesSource Pierre YvesMathonet EIF GauthierMonjanel EIF GeneralPartners Degreeofimplementation BeyondthesedatacomingfromaLP sportfolio theIPEVValuationBoardaskedendorsingassociationstostatethedegreeofimplementationoftheirGPmembers Outof10answerswereceivedonthisquestion allconfirmedahighdegreeofimplementationwiththeexceptionof3associationshavingansweredalevelcomprisedbetween26 and50 Tosumup ahighdegreeofimplementationappearsbutinsomeregionsitseemsthatFairValuingiseithernotfullyacceptedorproblematicduetoregulation includingtaxation orotherfactors AuditorsandInvestors TheIPEVValuationBoardinvitedauditorstotwoofitsmeetings FeedbacksontheIPEVGuidelineswerepositive Similarly nonegativereactionfromtheinvestorscommunitywasrecordedbytheBoardTheBoardalsosurveyedendorsingassociationsregardingauditors andinvestors reactionstotheIPEVGuidelinesintheirrespectivecountry region Outof17receivedanswers nonereportedanegativereactionbutsomeeducationisstillneededtowardsauditors RegulatorsandStandardSetters IASBhasalreadyshowninterestintheIPEVGuidelinesSeveralregulatorsreferencedtheIPEVGuidelinesintheircommunicationorindifferentregulatorytexts e g AMF France FSA UK TheBoardalsoaskedendorsingassociationsregardingtheregulators reactionstotheIPEVGuidelines Outof17receivedanswers nonereportedanegativereactioncomingfromregulators Agenda 1 Endorsementacrosstheworld2 PresentationoftheIPEVValuationBoardActivities2005 20063 Stakeholders reactionstowardstheIPEVGuidelines4 Foreseenactivitiesin20075 ElectionofIPEVBoardMembersin20076 Q ASession Foreseenactivitiesin2007 MeetingwiththeIASBtostrengthentheIPEVGuidelinesandtheBoardMonitoringmarketpracticebydevelopingandadvertisingfurtherthewebsiteandultimatelycreateastrongcommunityaroundthewebsiteDevelopingfurthertheWebsiteasaneducationaltooltowardsauditorsAnsweringquestionspostedonthewebsite Foreseenactivitiesin2007 TheIPEVValuationBoardaskedendorsingassociationswhatareasitshouldlookat Answersindicatedthefollowingfields Moreguid