iacva-germany 5th annual business valuation conference

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


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


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



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



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


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


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


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 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]



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)


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



Sightseeing attractions: two major cities nearby


Dusseldorf


Colonge

Old Town

Railway Station

30 min by train

Trains every 15 to 30 min

Cathedral

Price approx. €11 one way

Railway Station



Go Skiing only 15 min from the Conference Venue


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



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



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



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.



Sightseeing attractions in DusseldorfRegistration Form (Page 1)



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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



Sightseeing attractions in DusseldorfRegistration Form (Page 2)

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iacva-germany 5th annual business valuation conference

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