IACVA
INTERNATIONAL ASSOCIATION
of Consultants, Valuators and Analysts
IACVA GmbH, Schweinfurter Weg 58a, 60599 Frankfurt am Main, Germany Phone: +49 (0)69 / 70 798 735, Fax: +49 (0)69 / 70 798 734, E-Mail: [email protected], www.iacva.de
Diamond Sponsors:
Keynote Speaker
Mel H. Abraham, CPA, CVA, ABV, ASA CSP
Prof. Dr. Dr. h.c. Wolfgang Ballwieser
Roger J. Grabowski, ASA
Content
◊ Keynote Presentations◊ 24 Workshops
◊ International and German Speakers◊ Networking Dinner & Special Event
VALUATION EXCELLENCEIACVA EUROPE‘S 5TH ANNUAL BUSINESS VALUATION CONFERENCENovember 10-11, 2011, Swissôtel Dusseldorf/Neuss, Germany
IACVA‘S WORLD COUNCIL MEETINGNovember 12, 2011, Swissôtel Dusseldorf/Neuss, Germany
THURSDAY, NOVEMBER 10, 2011
07:30 bis 09:00 Registration, Welcome Coffee & Exhibition
09:00 bis 09:15 Welcome Address: Andreas Creutzmann, WP, StB, CVA; Wolfgang Kniest, CVA
09:15 bis 10:30 General Session: Opening KeynoteRoger J. Grabowski, ASA: Cost of Equity:
Re-examining the basic building blocks in today’s troubled economy
10:30 bis 10:50 Morning Coffee Break & Exhibition
Sessions Track OneProgressive Valuation I
Track TwoProgressive Valuation II
Track ThreeValuation: Legal Aspects
Track FourInternational Valuation
Language German German German English
10:50 bis 12:15 Workshop 1
Dr. Matthias Meitner, CFA / Prof. Dr. Felix StreitferdtCountry Risk and the Valuation of Foreign Cash Flows
Workshop 2
Dr. Lars Meyer-PriesE-Balance Sheet and XBRL: Effects on Business and Peer Group Analysis
Workshop 3
RAin Kerstin SchnabelValuation for Shareholder Disputes - Update on German Court Decisions
Workshop 4
Warren Miller, CFA, ASAValue Maps: Valuation Tools That Unlock Business Wealth
12:15 bis 13:30 Networking Lunch & Exhibition
13:30 bis 14:45 Workshop 5
Dr. Christian Aders, CVA, CEFA /Prof. Dr. Bernhard Schwetzler, CVAPlurality of Valuation Methods as a Basis for Shareholders‘ Compensation
Workshop 6
Arnim Voissem, MRICSReal Estate Valuation: Rules, Terms, Methods, Differences
Workshop 7
Oliver Pade, VRLG BerlinSelection criteria of a Judge and Reporting Requirements
Workshop 8
Alfred M. King, CMA, CFMStandards of Value: Fair Market Value vs. Fair Value
14:50 bis 16:00 Workshop 9
Santiago Ruiz de Vargas, WP, CVAMarket Risk Premium: An Update Particularly on Geometric or Arithmetic Averages
Workshop 10
Dr. Marc HaynFairness Opinion: How Appropriate are National Rules in International Capital Markets
Workshop 11
Christoph Wollny, WP, StBThe new German BewG: Make it Complex by Simplification
Workshop 12
Prof. Dr. Erik Peek, CFASize Premium: A European View
16:00 bis 16:30 Afternoon Coffee Break & Exhibition
16:30 bis 17:30 General Session: KeynoteMel H. Abraham, CPA, CVA, ABV, ASA CSP:
Zero to 60™ in the Valuation Niche – The Steps and Tools to Building a Successful Valuation Practice
17:45 bis 18:45
Special Presentation
Tobias Spanka, General Manager Bureau van Dijk: Valuation Data from BvD· Royalty Rates · Fundamental Data · Economic Data · Valuation Software
Johannes Ritter, Partner Solution Matrix: No need to fear the Monte Carlo Simulation!
19:30 bis 23:00 Networking Dinner & Special Event
IACVA EUROPE‘S 5TH ANNUAL BUSINESS VALUATION CONFERENCE AGENDA
IACVA
INTERNATIONAL ASSOCIATION
of Consultants, Valuators and Analysts
Roger J. Grabowski, ASA Managing Director of Duff & Phelps, Chicagoand part of the firm‘s Valuation Advisory Services practice. He is co-author with Shannon Pratt of Cost of Capital: Applications and Examples 4th ed. (2010).
Mel H. Abraham, CPA, CVA, ABV, ASA CSPAuthor of „The Entrepreneur’s Solution: Getting the Mind-Set & Mechanics of a Millionaire“ and founder of the Business Breakthrough Academy.
Keynote Speaker 10.11.2011 More Information
For more details please visit www.iacva.de
◊ follow the English conference link
Note: All Key Note Speeches will be held in English or translated simultaneously. All workshops in the international (yellow) track will be held in English.
IACVA
INTERNATIONAL ASSOCIATION
of Consultants, Valuators and Analysts
FRIDAY, NOVEMBER 11, 2011
07:00 bis 08:00 Registration, Welcome Coffee & Exhibition
08:30 bis 10:00 General Session: Keynote Prof. Dr. Dr. h.c. Wolfgang Ballwieser: Value vs. Price;
Premiums and Discounts
10:00 bis 10:30 Morning Coffee Break & Exhibition
Sessions Track OneProgressive Valuation I
Track TwoProgressive Valuation II
Track ThreeIntangible Asset Valuation
Track FourInternational Valuation
Language German German German English
10:30 bis 12:00 Workshop 13
Prof. Dr. Jörn Schulte, WP, StBPeer Group Analysis: Do’s and Don’ts
Workshop 14
Dr. Werner GleißnerRisk Free Rate, Market Risk Premium and Valuation: an Economic Foundation
Workshop 15
Stefan Herrmann / Dr. Ekaterina LohwasserValue of Technology
Workshop 16
Prof. Dr. Anamaria Ciobanu Business Valuation in Emerging Markets
12:00 bis 13:15 Networking Lunch & Exhibition
13:15 bis 14:45 Workshop 17
Prof. Dr. Dr. Andreas LöfflerWhich DCF Valuation Formula to take when?A Checklist from a Professor‘s Point of View
Workshop 18
Prof. Dr. Bernhard Schwetzler, CVA / Dipl. Kfm. Dominik KlemmerSerial acquirers - Can Firms Learn to Acquire?
Workshop 19
Prof. Dr. Ulrich Moser, WP, StB, CVAPPA-Goodwill: Components, Plausibility Checks, Real Examples
Workshop 20
Prof. Dr. Leonhard Knoll Total Beta - the US and the German View
14:45 bis 15:15 Afternoon Coffee Break & Exhibition
15:15 bis 16:15 Workshop 21
Gernot Stahlberg, WP, StB, CVA How is the Beta Effected by the Weekday?
Workshop 22
Klaus Bertram, WP, StB, CVAValuation of CPA/Tax-Advisor Firms
Workshop 23
Ulrich Sommer, CPA, CVAValuation of Earn-Out Clauses within a PPA
Workshop 24
James P. Catty, MA, CPA/ABV, CFA, CA, CFE, CVAInfluence of Demographics Change on Business Valuation
16:15 Closing
Prof. Dr. Dr. h.c. Wolfgang Ballwieser Institute of Accounting, Auditing and Business Valuation, Munich School of Management, University of Munich (LMU), Munich/Germany
Keynote Speaker 11.11.2011 Conference Venue:
Swissôtel Dusseldorf/Neuss Rheinallee 1, 41460 Neuss
Please make your own room reservations
by September 23, 2011.
Booking code: „IACVA“.
IACVA Rate: 135.00 single room per night/
160.00 double room per night, breakfast
buffet is included. Price incl. 19% VAT and
service charges.
Please use the Hotel Room Reservation Form
attached on the last page.
Phone: +49 (0) 2131 / 77 -00; Fax: +49 (0) 2131 / 77 -1366;
E-Mail: [email protected]
IACVA EUROPE‘S 5TH ANNUAL BUSINESS VALUATION CONFERENCE AGENDA
VALUATION EXCELLENCEIACVA-EUROPE‘S 5TH ANNUAL BUSINESS VALUATION CONFERENCE
AND IACVA’S WORLD COUNCIL MEETINGNovember 10-11 and November 12, 2011 in Swissôtel Dusseldorf/Neuss, Germany
Swissôtel Dusseldorf / NeussRheinallee 1,
41460 Neuss / Germany
Tel: +49 (0) 21 31 77 - 00
www.swissotel-duesseldorf.de
Hotel Information
IACVA GmbH, Schweinfurter Weg 58a, 60599 Frankfurt am Main, GermanyPhone: +49 (0)69 / 70 798 735, Fax: +49 (0)69 / 70 798 734, e-mail: [email protected] / internet: www.iacva.de
IACVA GmbH, Schweinfurter Weg 58a, 60599 Frankfurt am Main, GermanyPhone: +49 (0)69 / 70 798 735, Fax: +49 (0)69 / 70 798 734, e-mail: [email protected] / internet: www.iacva.de
IACVA Rate: €135.00 per room (one person) per night €160.00 per room (two persons) per night (the breakfast buffet is included).
(Price included 19% VAT and service charges)
The room allocation with this special rate is reserved until September 23, 2011 for you. Please book with code name: „IACVA“
Pleace find the Hotel Room Reservation Form attached on the last page.
Booking by: Phone: +49 (0) 21 31 77 - 00Fax: +49 (0) 21 31 77 - 13 66e-mail: [email protected]
VALUATION EXCELLENCEIACVA-EUROPE‘S 5TH ANNUAL BUSINESS VALUATION CONFERENCE
AND IACVA’S WORLD COUNCIL MEETINGNovember 10-11 and November 12, 2011 in Swissôtel Dusseldorf/Neuss, Germany
Travel Information
DusseldorfInternational Airport
Frankfurt Airport
Swissôtel Dusseldorf / NeussRheinallee 1 41460 Neuss Germany
Dusseldorf Railway Station
ICE Railway Station at the airport
1,5 hoursby ICE
(fast train)
IACVA GmbH, Schweinfurter Weg 58a, 60599 Frankfurt am Main, GermanyPhone: +49 (0)69 / 70 798 735, Fax: +49 (0)69 / 70 798 734, e-mail: [email protected] / internet: www.iacva.de
Informations and Tips: Getting to Dusseldorf and to the Hotel BY PLANE� Düsseldorf International Airport & Airport Train Station
(Flight schedule quick search, Flight schedules, information, arrival, service)www.duesseldorf-international.de
� Airport switch board phone (+49) 211 421-0� Frankfurt Airport & Airport Train Station ( Flight schedules, information,
service): www.frankfurt-airport.de
BY TRAIN (Dusseldorf Railway Station)� Deutsche Bahn (Railway) travel service with timetable information for
passenger and car trains: reiseauskunft.bahn.de / www.bahn.de
BY TAXI� Taxi tariffs / booking:
Taxi - Düsseldorf e.G., phone (+49) 211 33333 or (+49) 211 99999Rhein - Taxi, phone: (+49) 211 212121, www.rheintaxi.de
VALUATION EXCELLENCEIACVA-EUROPE‘S 5TH ANNUAL BUSINESS VALUATION CONFERENCE
AND IACVA’S WORLD COUNCIL MEETINGNovember 10-11 and November 12, 2011 in Swissôtel Dusseldorf/Neuss, Germany
Sightseeing attractions: two major cities nearby
IACVA GmbH, Schweinfurter Weg 58a, 60599 Frankfurt am Main, GermanyPhone: +49 (0)69 / 70 798 735, Fax: +49 (0)69 / 70 798 734, e-mail: [email protected] / internet: www.iacva.de
Dusseldorf
Swissôtel Dusseldorf / NeussRheinallee 1 41460 Neuss Germany
Colonge
Old Town
Railway Station
30 min by train
Trains every 15 to 30 min
Cathedral
Price approx. €11 one way
Railway Station
VALUATION EXCELLENCEIACVA-EUROPE‘S 5TH ANNUAL BUSINESS VALUATION CONFERENCE
AND IACVA’S WORLD COUNCIL MEETINGNovember 10-11 and November 12, 2011 in Swissôtel Dusseldorf/Neuss, Germany
Go Skiing only 15 min from the Conference Venue
Swissôtel Dusseldorf / NeussRheinallee 1 41460 Neuss Germany
The allrounder mountain resort – an Alpine experience
The JEVER SKIHALLE in Neuss is one of the most popular tourist destinations in Germany. Apart from the “Glacier in Neuss”, allrounderprovides Alpine-style restaurants, bars and mountain beer garden, as well as a modern business area. Guests can have unlimited fun at the two outdoor locations, Salzburgerland climbing park and the Salzburgerland climbing wall in Neuss. On top of this, allrounderprovides for one of the biggest ski schools and snowboard workshops, ski hire, two ski and snowboard specialized sport shops and a ski vacation travel bureau.
Welcome to the ski region right on your doorstepA perfect powder ski slope directly on your doorstep and open 365 days of year. This is what can be found at the JEVER SKI HALL in Neuss, the very first ski hall in Germany. Experience thrilling downhill’s, elegant slalom turns, sporty carving turns, Bavarian curling and tobogganing. Pure fun in the snow on a perfectly prepared ski slope. Just like on holiday in the mountains.
Allrounder Ski Resort
Open 9 am to 11 pm(final entry 10 pm
Evening Card 6pm tp 11 pm €23 weekday, € 26 weekend
Kombi-Package: (Ski & Pole/Snowboard, Ski boots, Jacket undSalopettes, without cap and glove) € 15.5
VALUATION EXCELLENCEIACVA-EUROPE‘S 5TH ANNUAL BUSINESS VALUATION CONFERENCE
AND IACVA’S WORLD COUNCIL MEETINGNovember 10-11 and November 12, 2011 in Swissôtel Dusseldorf/Neuss, Germany
Nightlife at Old Town DusseldorfDuesseldorf's Old Town provides guests of Duesseldorf / Neuss with fantastic opportunities to explore the heart of the city. Guests will be able to experience the narrow lanes, old churches, ancient pubs adjoining quaint breweries alongside hip bars and clubs as well as the longest bar in the world! The Old Town offers something for every taste and pocket
Rhine Promenade, Rhine Tower and Media HarbourThe recently constructed Rhine embankment promenade provides a vista of the Rhine and the Art Nouveau Oberkassel. The view includes the Rhine Tower and the North Rhine-Westphaliangovernment buildings. Visitors to the Rhine tower can enjoy breathtaking views over the city, surrounding countryside, the Rhine River and even the towers of Cologne cathedral on a clear day. Visitors can enjoy the spectacular architecture at Duesseldorf's Media Harbor. This includes buildings by architects such as Frank Gehry,Steven Holl and David Chipperfield and well as vibrant bars and cafes.
Boat Trips Boat trips on the river Rhine. This boat trip with commentary and background information takes visitors from Burgplatz along Duesseldorf's Old Town into the new Media Harbor with its dynamic architecture.Information + Booking: www.duesseldorf-tourismus.de/en/boat-tours-on-the-rhine/boat-tours/
Sightseeing attractions in Dusseldorf
VALUATION EXCELLENCEIACVA-EUROPE‘S 5TH ANNUAL BUSINESS VALUATION CONFERENCE
AND IACVA’S WORLD COUNCIL MEETINGNovember 10-11 and November 12, 2011 in Swissôtel Dusseldorf/Neuss, Germany
Sightseeing attractions in DusseldorfTheatres and Operas:� Deutsche Oper am Rhein: Opera house with more than
40 different operas, musicals and operettas for gueststo choose from.
� Capitol Theater: Duesseldorfs largest theatre, situatedin a converted tram depot.
� Duesseldorfer Schauspielhaus: Plays from Greco-roman times to the present are presented.
� Roncalli s Apollo Varieté: This variety theatreshowcases magic, acrobatics and comedy.
City Tours� Public Guided Tours� Individual Guided Tours� Boat Tours on the Rhine
More Informations and booking at:http://www.duesseldorf-tourismus.de/en/city-tours/
Tourist Information offices in Düsseldorfhttp://www.duesseldorf-tourismus.de/en/tourist-information-offices/
The Duesseldorf Welcome Card is the cheapest and simplest way of getting to know the city. It grants you not only unlimited use of trams and buses within the city area, but also free or reduced-price entry to museums, various attractions and leisure facilities. The Düsseldorf WelcomeCard is available at the Tourist Information offices, many museums, hotels and the ticket offices of the Rheinbahn (public transports).
Rates Individual Group (3 adults)24 hrs Card 9.00€ / 18.00 €48 hrs Card 14.00 € 28.00 €72 hrs Card 19.00 € 38.00 €
Pleace find incentives offers of the WelcomeCard at: www.duesseldorf-tourismus.de/en/duesseldorf-welcomecard
VALUATION EXCELLENCEIACVA-EUROPE‘S 5TH ANNUAL BUSINESS VALUATION CONFERENCE
AND IACVA’S WORLD COUNCIL MEETINGNovember 10-11 and November 12, 2011 in Swissôtel Dusseldorf/Neuss, Germany
Sightseeing attractions in Cologne
Welcome to Colognewhere the cathedral spires tower over Germany's oldest city andits innumerable cultural and historical treasures, world-famousmuseums and active art scene. The world feels at home inCologne, where people meet for a Kölsch, a chat or simply alaugh. Life in Cologne is uncomplicated and vivacious.
Cologne Cathedral:The city's landmark
Cologne cathedral with its two spiresmounting up to 157 meters each, has beenthe city's most famous landmark for centuriesand the most well-known architecturalmonument in Germany. It took 632 yearsuntil the construction of the largest Germancathedral was completed. Having laid thefoundation in 1248 and making rapidprogress initially, construction work graduallycame to a standstill. It was only due to 19thcentury Romantic enthusiasm for the MiddleAges and the commitment of the PrussianCourt that construction work resumed in1842. In 1880, the completion of thecathedral was celebrated as a national event.The relics of the Holy Epiphany found theirlast resting place in the cathedral. TheSarcophagus of Epiphany (dating from the13th century) surpasses all comparablegolden sarcophagi in Western Christendomconcerning scale and magnificence. Otheroutstanding works of art are to be found inthe cathedral treasure chamber. (Picture:Julia Schmitz)
NightlifeCologne is more than 2000 years old yet themetropolis on the Rhine has remained young.The nightlife in Cologne is pulsating and withmore than 70 clubs and party hot spots it offerssomething for everybody, from jazz, reggae andR&B to techno. The countless bars, restaurantsand brewhouses also invite visitors to party. Noother German city has as many pubs per capitaas Cologne.The main areas for nightlife are the Old Town,the Kwartier Latäng (Cologne's student quarter)around the Zülpicher and Luxemburger Straße,the Friesen Quarter around Friesenplatz, theSüdstadt around Chlodwigplatz and AlteburgerStraße, the fashionable Belgian Quarter, theoriginal kölsche "Vringsveedel" (SeverinQuarter), which is mentioned in the songs of BAPand Bläck Fööss, the Ringe and the newmulticultural trendy quarter of Ehrenfeld.For information on addresses and events,contact the Cologne Tourist Board or visitwww.koelntourismus.de.
VALUATION EXCELLENCEIACVA-EUROPE‘S 5TH ANNUAL BUSINESS VALUATION CONFERENCE
AND IACVA’S WORLD COUNCIL MEETINGNovember 10-11 and November 12, 2011 in Swissôtel Dusseldorf/Neuss, Germany
Sightseeing attractions in DusseldorfRegistration Form (Page 1)
IACVA GmbH, Schweinfurter Weg 58a, 60599 Frankfurt am Main, GermanyPhone: +49 (0)69 / 70 798 735, Fax: +49 (0)69 / 70 798 734, e-mail: [email protected] / internet: www.iacva.de
IACVA GmbH, Schweinfurter Weg 58a, 60599 Frankfurt am Main, GermanyPhone: +49 (0)69 / 70 798 735, Fax: +49 (0)69 / 70 798 734, e-mail: [email protected] / internet: www.iacva.de
Please fill out the form per participant
Participant‘s details:
Name .......................................... First (given) name..............................
Company .........................................................................................................
Address ...........................................................................................................
Country .................................... e-mail: .........................................................
Phone ...................................... Fax............................................................
Conference Registration Fees
� for international IACVA Members:1) 3 Days (2 conference days incl. „Networking Dinner & Special Event“
on November 10, 2011 at 7:30 p.m. in Swissôtel Düsseldorf/Neuss
plus IACVA World Council Meeting) € 400 per person (incl. VAT)
• I would like to register one escort for the “Networking Dinner & Special
Event“ on November 10, 2011 (add € 85,00 per person, incl. VAT)• Special needs: __Vegetarian __Diabetic __Kosher __Food Allergy
2) IACVA World Council Meeting on November 12, 2011 only€ 200 per person (incl. VAT)
� for international Non-IACVA Members:2 conference days incl. „Networking Dinner & Special Event“ on November 10, 2011 at 7:30 p.m. in Swissôtel Düsseldorf/Neuss
€ 500 per person (incl. VAT)
• I would like to register one escort for the “Networking Dinner & Special Event“
on November 10, 2011 at 7:30 p.m. (add € 85,00 per person, incl. VAT)• Special needs: __Vegetarian __Diabetic __Kosher __Food Allergy
Please mark yourchoice with an X X
World Council Meeting for IACVA Charter Member only
VALUATION EXCELLENCEIACVA-EUROPE‘S 5TH ANNUAL BUSINESS VALUATION CONFERENCE
AND IACVA’S WORLD COUNCIL MEETINGNovember 10-11 and November 12, 2011 in Swissôtel Dusseldorf/Neuss, Germany
Sightseeing attractions in DusseldorfRegistration Form (Page 2)
Payment method:
We will send an invoice and a confirmation by e-mail. For that reason it is absolutely necessary to provide us with your e-mail address. Please wire transfer the payment of the due amount in € to the bank account stated in our invoice. Bank charges shall be borne by the payer. We regret that it is not possible to pay by credit card or check.
Please complete the following only if the billing address is different from the participant's address given above.
Different billing address:
Name First (given) nameCompanyAddressCountry E-MailPhone Fax
Please sign your registration.
Date Signature
Easy ways to register:
By E-Mail : [email protected]
By Fax: +49 69 7079 8734
By Mail IACVA-Germany GmbHSchweinfurter Weg 58 a60599 Frankfurt am MainGermany
IACVA GmbH
Please send Page 1 and 2 of theregistration form
VALUATION EXCELLENCEIACVA-EUROPE‘S 5TH ANNUAL BUSINESS VALUATION CONFERENCE
AND IACVA’S WORLD COUNCIL MEETINGNovember 10-11 and November 12, 2011 in Swissôtel Dusseldorf/Neuss, Germany