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Service Profile

We have broken down our service profile into four segments. We inform you of the main aspects of our service profile and things worth knowing about each segment in tabular form.

Things worth knowing about valuations

Company valuations provide a major basis for decision-making in corporate acquisitions, in the conclusion of corporate contracts, shareholder disputes, squeeze outs or transactions under the German reorganisation law (Umwandlungsgesetz), namely mergers, spin-offs and transfers of assets.
Valuations have also always played a major role in financial reporting. This applies particularly to the valuation of an asset after first-time recognition as an asset, e.g. in subsequent financial statements.

Income value or discounted cash flow oriented valuation methods have been used to valuate companies for many years in cases in which methodically clean valuation methods are to be applied. In a direct comparison, it can be said that the discounted cash flow oriented methods have prevailed due to theoretical investment or financial assumptions, although primarily due to international acceptance. In this valuation environment in Germany, not only theoretical experience but also mainly the IDW Standard: Principles for performing company valuations (IDW S1) issued by the Institute of Auditors (IDW) has generated acceptance and widespread use of these valuation methods.

In financial reporting, the comparably time-consuming income value or discounted cash flow oriented valuation methods were for a long time not a matter of course. The issue of the IDW appraisal of financial reporting: Application of the principles of the IDW S1 when valuating participations and other corporate stake holdings for the purpose of  annual financial statements (IDW RS HFA 10) gave financial reporting in Germany clear rules for the principles of valuating companies. The IFRS have formed the basis for discounted cash flow oriented valuation methods for virtually all the main valuation situations in which no other target value is able to be applied, such as by the (derived) market value. See, for example, the prominent impairment of goodwill and other long-term asset values as per IAS 36, the allocation of the purchase price during business combinations as per IFRS 3 or the valuation of financial instruments as per IAS 39.

We are happy to advise you on compiling the sets of figures required for the valuation and assist you in creating objective foundations for decision-making for your accounting or transactions.

Things worth knowing about due diligence reviews

Due diligence reviews serve to acquire information and to illuminate, dependent on the stipulated scope, the financial, operational, fiscal, legal and other relationships of a target company in preparation for transactions – often grouped together as Mergers & Acquisitions. These reduce the imbalance of information between the buyer and the vendor. Buyers obtain relevant information on the potential target to help them in their decision-making. A due diligence review can be commissioned both by the buyer (Buyer Due Diligence) and by the vendor (Vendor Due Diligence). Due diligence reviews are regularly performed from a reporting and financial (Financial Due Diligence), fiscal (Tax Due Diligence) and legal view (Legal Due Diligence). Nevertheless, other reviews - such as from a human ressource, strategic market or environmental view - are, naturally, not uncommon.

The primary objective is to uncover the risks in a planned transaction, as well as depicting the target's relevant success factors by means of a detailed examination of its operational, legal and fiscal situation. Due diligence thereby not only serves to document investment decisions, but also acts as the basis for pursing or defending against liability claims.

In the case of financial due diligence, the prime interest is on establishing the (long-term) strength of gaining income of the target company. The focus here is on the analysis of the historical financial position of the target, its current earnings and financial situation and the financial planning prepared by its management. A financial due diligence review results in a comprehensive and meaningful analysis of the financial position of a company as the basis for a decision (to invest).

Legal due diligence investigates the risks associated with the target or transaction which could arise from legal or contractual conditions. Risks that have no influence, or not at the particular time, on the financial situation depicted in the financial reporting system at the time the investigation is made have particular relevance in this context. Legal due diligence is usually performed by legal experts; when such a case arises, we work together with a partner chosen by the client or with our Cooperation Partners.

Due diligence can decisively raise the efficiency of the selling process. A neutral, independent depiction of the object of sale at a very early stage in the transaction process creates a reliable basis and improves the quality of the available data for all those involved.