Activity Report - Accuracy

accuracy.com

Activity Report - Accuracy

Activity Report

2009

Transaction Support & Advisory

Forensics, Litigation & Arbitration

Valuation & Fairness Opinion

Corporate Recovery Services

Economics & Business Analysis


The partners

Frédéric Duponchel

Nicolas Barsalou

Nicolas Bourdon

David Cayet

Xavier Chevreux

Jean-Baptiste de Courcel

Giovanni Foti

Xavier Gallais

Thomas Goslich

Philippe Grasser

Damien Gros

Bruno Husson

Leontine Koens-Betz

Arnaud Lambert

Christophe Leclerc

Frédéric Loeper

Rodolphe Pacciarella

Stéphane Perrotto

Henri Philippe

Alessandro Reitelli

Jose E. Rovira

Élyse Salzmann

Eduard Saura

Christophe Schmit

Miguel Viejo


A word from the partners

In this economic turmoil, Accuracy’s scope of activities adressed the market needs: a large

part of Independent Business Review type work, as well as assistance to companies in distress

in the first semester, followed by a revival in transaction support work from the summer on.

The flexibility and adaptability of our business model has enabled us to continue our growth

and investments: six new partners, training of 24 new employees during the third Accuracy

School, opening of two new offices in Frankfurt and Brussels and the launch of the Economics

& Business Analysis service line.

At its fifth anniversary, despite the global economic situation, Accuracy stands as the sole

independent European player offering a unique range of financial advisory services, giving

meaning to figures with a superior quality.

On behalf of the partners, Frédéric Duponchel — Managing Partner

— 01 —


Client First


Values

and business

principles

Client service is our passion and the key to our success. Our absolute

priorities are the availability and commitment of our consultants; the quality

of our work and reports; and an absolute respect for confidentiality.

Independence: our “raison d’être”


We created Accuracy to offer the market an independent player in various

fields of expertise. None of our work is subject to regulation, we never work

for two clients in a single transaction and we are extremely vigilant to avoid any

risk of conflicts of interest. Maintaining this independence guarantees the quality

of our work and conclusions.

Think straight, Talk straight

3

For us, high standards in thought and expression are vital to ensure that

our work is sound and offers added value. These high standards are naturally

combined with the courage to defend our conclusions to the end and to

remain loyal to our clients in the most difficult situations.

— 02 —

Not the Biggest One, the Only One

4

Our strategy is not to become the biggest player in our sector. Our strategy

for our corporate financial advisory work is to build a firm which offers

excellence and services of unrivalled quality, provided by consultants with

exceptional technical and human skills.

One Firm, One Partnership


Our teams in various countries share their clients, assignments, expertise

and experience. Training and seminars are run jointly and the feeling of

belonging to a single firm is ever-present, ensuring that our clients are guaranteed

the Accuracy quality wherever they are. All of our partners are partners of

Accuracy Worldwide. They share the value created each year, without detailed

individual performance indicators or the ability to sell or trade their shares,

ensuring the long-term success of our firm and its values.

Experience, Expertise & Innovation


Our teams are organised into groups of expertise, created according to our

experience. We do not work in closed-off departments or silos, but rather

share our experience. We are capable of working in various types of situations

and as a result develop a broad view of issues. Everyone is constantly encouraged

to innovate, in order to add permanently more value to our clients.

A Great Firm for Great Careers


Our model requires the recruitment, retention and motivation of the best

professionals. We have built Accuracy to offer all our employees an optimal

work-environment: intense training, no bureaucracy, constant and positive

expectations, sense of teamwork and the promotion of human qualities.


The Strategic Orientation Board in France

Philippe AUBERGER, Banque de France

Laurent BATSCH, Université de Paris-Dauphine

Gonzague de BLIGNIERES, Barclays Private Equity France

Henri LACHMANN, Schneider Electric

Jean-François PALUS, PPR

René PROGLIO, Morgan Stanley

Accuracy’s values and business principles enable

its teams, who give meaning to figures, to respond

very positively to their clients’ needs.

On behalf of the Strategic Orientation Board,

Henri Lachmann

Spain created its Strategic Orientation Board in 2009

Enrique ÁLVAREZ

Former Managing Partner of Arthur Andersen in Spain, is a member of the board of ING Insurance Spain, Abraxa Private Equity, and a member of the

advisory board of ING Direct, Natixis and Stratorg

Juan IRANZO

Economics lecturer at the Universidad Complutense de Madrid, dean of the Colegio de Economistas in Madrid, and director of the Instituto de

Estudios Económicos

Emilio ANTÓN

Former Chairman of BANIF (private banking leader in Spain), and subsequently responsible for the private banking activity of Banco Santander. He is now

a private fund manager

— 03 —


A constant

increase

in sales

25 M€

20 M€

15 M€

10 M€

5 M€

6

November 2009:

5 years of Accuracy

11,5

20

25

26,1

2005 2006 2007 2008 2009

At the end of 2009,

25 partners

140 professionals

• 2004 • Paris

• 2006 • Madrid

• 2007 • Amsterdam

• 2008 • Milan

• 2009 • Frankfurt

• and Brussels

NOV

04

7

DEC

05

30

5

Service lines

6 offices…

3

20

Transaction Support

& Advisory

1

14

15

12 Forensics, Litigation

5

6

8

11

8

26

30

& Arbitration

Valuation

7

23

& Fairness Opinion

7

16

68

80

95

Corporate

Recovery Services

44

55

Economics &

Business Analysis

DEC

06

— 04 —

DEC

07

DEC

08

DEC

09

DEC

10

(forecast)


More than

600 clients

PUBLIC GROUPS

51 %

(aggregate fees)

PRIVATE EQUITY

19 %

PRIVATE GROUPS

30 %

…and tailored

solutions for each of their situations,

for example:

• Top line analysis

• Buy-side financial due diligence

• Vendor assistance

• Vendor due diligence

• Financial Facts Book

• Expert witness

• Expert report for arbitration

• But-For scenarios & analysis

• Damage valuation

• Royalties audit

— 05 —

• Fairness opinion

• Transfer price substantiation

• Valuation for tax securization

• Accur’Option ®

• Purchase Price Allocation

• Independent Business Review

• Cash forecasts

• Assistance in distressed situations

• “One set of figures”

• • •


Accuracy

assisted

Qatari Diar

with its vendor due

diligence for the sale of

Cegelec

to

Vinci

Accuracy

assisted

PPR

with the sales of its

subsidiary

Surcouf

Assignments carried out

in 2009 included…

Accuracy

assisted

HG Capital

with the acquisition of

Solar PV Energy

Plants

in Spain

Accuracy

assisted the group

Schneider Electric

with its buy-side

due diligence for the

acquisition of

Areva T&D

Accuracy

assisted

Friesland Bank

Investments

with its investor due

diligence for the

acquisition of shares in

D.O.R.C

International

in the Netherlands

Accuracy

assisted the group

Repsol

with the review of its

Joint Ventures in Libya,

Peru and Colombia

— 06 —

Accuracy

assisted

Générale

de Santé

with its vendor due

diligence for the sale of

GDS Domicile

Accuracy

assisted

Morgan Stanley

with the acquisition of

real-estate businesses

in Italy

…among others

Accuracy

assisted

EDP Renovaveis SA

with its buy-side

due diligence for the

acquisition of

Italian Wind

Accuracy

assisted

Opera SGR

with its buy-side

due diligence for the

acquisition of

GFM Industria SpA

sold by the

Mariella Burani group

in Italy


Accuracy

assisted

Synergia Capital

Partners

with the acquisition of

Elysee Dental

Solutions

in the Netherlands

Accuracy

carried out

valuations on behalf of

Terreal

as part of a financial

restructuring program

Accuracy

assisted

Disperfum

with its financial

restructuring

Accuracy

assisted

SES IBERIA

with the acquisition of the

SKV group

(Spain, UK, Sweden)

Accuracy

issued

an independent opinion

for

Atari

for an issue of shares and

mandatory convertible

bonds

Accuracy

assisted

Merck & Schering

Plough Spain

with the restructuring

of its operations

Accuracy

assisted

an international

group

with a post-acquisition

dispute in Italy

Accuracy

carried out

valuation of the film library

in the context of the

Claude Berri

estate

Accuracy

assisted

Lloyds and Halifax

with their restructuring

process

in Spain

— 07 —

Accuracy

assisted

an international

group

with construction litigation

in Italy

Accuracy

carried out

independent valuation of

the issue price of Callable

Share Subscription and/

or Acquisition Warrants

issued by

Capgemini

Accuracy

assisted

SIA

with its financial

restructuring

Accuracy

assisted

an international

group

with arbitration

(CCI Genève) following

to the severance of a

distribution contract

Accuracy

assisted

Eurazeo

with the process of

valuing its portfolio of

investments

Accuracy

assisted

the Gantois group

with the renegotiation of

its continuation plan on an

ad hoc basis


2009, a new service line:

Economics & Business Analysis

We decided to expand our range of service lines by offering analysis of figures external to the company: evolution of markets, competition

and prices. Thus, Accuracy now offers a unique combination of the three disciplines involving figures: economics, finance and accounting.

This new line considerably enhances our capacity to respond to our customers’ situations.

For example:

Situations Capacity of our EBA offer

Acquisition / Sale Analysis of the turnover line of the business plan

Disputes / Arbitration

Approval of mergers by Competition Authorities

But-For Scenarios

Reconstruction of market situations

Preparation and presentation of market data

Trustee contracts

Diagnosis for decision-making “One set of figures” (see Manitou case study)

— 08 —

E B A


Case study

Manitou

Situation:

In the context of a difficult market in 2009, the new management of the Manitou

Group wanted to clarify its positioning on numerous markets in terms of:

— segments

— market share

— historical data of volume / price per segment

— impact of selected advanced economic indicators

Accuracy’s role:

We applyied our “one set of figures” methodology of combining financial and

business skills to present a clear, consistent and traceable picture of market

segments and Manitou’s positioning. Then, based on quantitative analyses, we

identified segments’ medium-term trends.

Result:

Our work was used directly by senior management, as well as the Strategy,

Marketing, Sales and Finance departments. Thus, the common core set of

information has been shared, and allowed the organisation to map the various

potential adequate strategic responses to the economic situation.

The added value

for our customer:

“ Compiling 10 years of financial, sales and marketing data, spread between

different types of databases across 20 countries was a challenge in itself,

with the risk of becoming bogged down in detail. But Accuracy was able to

develop a clear, impartial and thorough overview which made the group look

within itself, in terms of performance, products, positioning, market share and

competitors. It is an immense step forward and we have been able to see, on

a daily basis, its value as well as its potential.”

Jean-Christophe Giroux, Manitou CEO

— 09 —


David Cayet

Managing Partner

ESCP Europe, Diplom-Kaufmann

10 years with Arthur Andersen and

with one of the Big Four in Germany

2 years as CFO with a subsidiary

of Landesbanken

5 years with an investment

bank (IXIS)

With Accuracy since 2008

Thomas Goslich

Partner

Diplom-Kaufmann, University of

Göttingen

12 years with one of the Big Four

With Accuracy since 2009

Focus on Accuracy

Frankfurt

How far has Accuracy developed in Germany?

We have recruited an outstanding team of experts, with experienced

consultants all specialised in financial analysis, accounting and valuation.

We have carried out a wide range of assignments: due diligence,

company valuations, support in disputes, as well as the review of a

property portfolio and the modeling of a PPP project.

At the end of 2009, Accuracy had 25 consultants ready to intervene in

Germany.

What is your growth strategy?

Our office allows Accuracy to offer its international clients the strength of

a local representation in Frankfurt for assignments throughout Germany.

We are also developing our relationships with large and medium-sized

German corporations which need our expertise in several situations:

acquisitions, sales, restructuring, litigation, etc.

We also help them with their growth projects abroad, through our

international teams.

Finally, we are developing tailor-made assignments to respond to our

client needs: financial modeling, drafting of business plans and financing

plans, review of contracts, etc.

Above all, our growth strategy relies on our teams: we will continue

to recruit the best consultants by offering a stimulating and rewarding

work-environment in a unique firm.

How does Accuracy stand out in the German market?

Our differences: independence, systematic exclusivity granted to clients,

commitment, confidentiality, courage and loyalty.

We work differently: our teams are more experienced, built around partners

who take pride in getting involved and make a sincere commitment

to their assignments.

The quality of our consultants makes the difference.

— 10 —

We were delighted with Accuracy's

ability to get acquainted with a new

project type in a timely fashion. With

Accuracy's outstanding commitment

to the project and a close communication

at any time we met all temporal

and quality requirements.

Andreas Marschall,

Financial Director, BAM PPP

Deutschland GmbH


Our directors and managers

Stefan Herrmann

Diplom-Kaufmann, Dual University Baden Württemberg in Ravensburg

10 years with one of the Big Four in Valuation and Dispute Analysis in

Munich and Toronto

Heiko Ziehms

MBA University of California at Berkeley,

Diplom-Kaufmann Otto-Friedrich-Universität Bamberg (Haas School),

qualified as a CPA, (USA) (inactive)

10 years in Transaction Services with one of the Big Four in Chicago,

London and Frankfurt

2 years in investment banking consultancy in Germany

Dr. Ekaterina Lohwasser

Doctorate University of St. Gallen

Diplom-Kauffrau, University of Tübingen

University of Moscow and University of Madison, Wisconsin

2 years with a M&A consultancy firm in Frankfurt

5 years with one of the Big Four in Munich and Moscow

Christian Axmann

Degree in International Business Management (ESB Reutlingen, ICADE

Madrid), Master of Laws (LL.M.), Certified Valuation Analyst (CVA)

5 years with one of the Big Four in Frankfurt

1 year with Bridgepoint Capital (secondment)

3 years with an investment bank

Michael Borszik

Diplom-Kaufmann, Graduate School of Management

HHL Leipzig and EADA, Barcelona

Certified Valuation Analyst (CVA)

4 years with one of the Big Four and a corporate finance

consulting firm in Munich

Demian Köster

Diplom-Kaufmann, Westfälische Wilhelms-Universität, Münster

The University of Manchester

4 years with one of the Big Four in Essen and Düsseldorf in

Transaction Services

Assisted by our team of consultants

— 11 —

Our assignments in

Germany include...

Accuracy

assisted

BAM PPP

Deutschland GmbH

with the financial modeling

of a PPP project

Accuracy

assisted

THALES

DEUTSCHLAND

with a plan to acquire a

German company

Accuracy

assisted

a publicly-listed

international group

with a potential purchase

of assets from the

QUELLE group

Accuracy

assisted

Pirelli Real Estate

and

RREEF Real Estate

with the financial

management of their

portfolio of real-estate

assets

Accuracy

assisted

A large cap

private equity

as part of litigation with

the vendor of a

GERMAN SERVICES

GROUP (valuation of

damages)


Our new

partners

Xavier Chevreux

HEC

Bain & Company, 9 years with Carlyle, 2 years with Legris

Industries

With Accuracy since 2009

What I contribute to Accuracy: the perspective

of a former customer and my ability acquired

with Carlyle to integrate economic and financial data

in order to analyze a business.

Jean-Baptiste de Courcel

Université Paris IX Dauphine, DESCF

5 years with Arthur Andersen

With Accuracy since 2004

Accuracy distinguishes itself on long and

complex arbitration assignments, through its

thoroughness, creativity and ability to explain, providing

effective clarification of the economics of a dispute.

Philippe Grasser

ESCP, DESCF, MBA INSEAD

10 years with Arthur Andersen, 10 years with Morgan Stanley

With Accuracy since 2009

The Accuracy model matches our clients’ needs:

expertise, senior involvement, transparency, “hands-on”

approach, ethics, and adaptability.

— 12 —

Leontine Koens-Betz

RijksUniversiteit Groningen MSc Business Administration

4 years with Arthur Andersen, 5 years in one of the Big

Four in the Transaction Services department

With Accuracy since 2007

The challenge to exceed client expectations,

is the day-to-day inspiration for the Dutch

team.

Frédéric Loeper

ESCP

5 years with Arthur Andersen

With Accuracy since 2004

Key is the way Accuracy’s approach improves

client satisfaction and makes consultants feel

fulfilled.

Henri Philippe

ESC Bordeaux, MBA Wake Forest University (USA), PhD

in Finance, Lector in finance with the HEC group and at

the Université Paris-Dauphine

6 years in one of the Big Four, 2 years with Close

Brothers Fairness

With Accuracy since 2006

Our knowledge and valuation expertise are a

valuable part of all our service lines.


— 13 —


Accuracy,

is also…

Numerous intellectual

contributions:

Our events, studies and round tables, including:

— “The Independent Business Review – distressed LBO” (Frankfurt, Milan)

— Economic weather forecast for 2010 (Amsterdam)

— Virtuous turnaround tools: case studies and feedback (Paris)

— The Accuracy IAS 36 Barometer / Paris-Dauphine (Paris)

— Outlook for M&A in 2010 - in partnership with CFnews (Paris, Milan)

— Particular characteristics of M&A operators in the Oil & Gas sector (Madrid)

— Economic studies and transfer price in the new legal framework (Madrid)


Our partners who are professors and lectors at the HEC, Dauphine,

ESCP-Europe, Ponts et Chaussées, Bocconi and Madrid Chamber of

Commerce.

Our numerous articles, books and publications, including:

— Valuation of Management packages – Option Finance

— The secret dream of company valuers – La Tribune

— Preparing for a sale: what’s new? – Capital Finance

— “Financial incentives for directors. Options and other instruments” in the Economica

Finance Collection (co-authors: Christophe Leclerc and Henri Philippe)

— Tour of European capitals for BFM: interview with our partners in Milan and Frankfurt

— Nachverhandlungen von Buyout-Deals - Venture Capital Magazin

— Private Equity als Finanzierungsinstrument - Unternehmer Edition


— 14 —


A socially-responsible company

— 15 —

Accuracy,

is also…

— Since 2007, Accuracy has been working with the “Rêve

d’Enfance” charity, a humanitarian association whose goal is

to make sick children smile again.

Accuracy is a member of the “Paris Entreprendre” charity,

for which partners and consultants study business plans based

on which the charity plans to offer loans, and assistance.

Accuracy supports the “Sport dans la Ville” association,

whose mission is to encourage the professional and social

integration of young people, particularly through sport. Our

soccer team, the Burgundies, organizes its annual “But en Or”

tournament, held at the Parc des Princes stadium.

— Our Accuracy Green Action program continues. Its aim is to

encourage more environmentally-friendly behavior in our work.

Accuracy has participated in a campaign to provide school

equipment in Cotonou (Benin) by sending all of our obsolete

office material.


Accuracy,

is also…

Great Place to Work ® awards: Accuracy

named second best company to work for

in France

Accuracy took part in the competition for the first time in 2009 and immediately came second out of the 109 companies

which entered. Based on an independent survey, the Great Place to Work ® competition promotes “companies where

employees have faith in their management, are proud of their work and love working with their colleagues”…

The Accuracy School!

2007: 15 participants

2008: 20 participants

2009: 24 participants

Intensive training in our service lines aimed at new

recruitments that includes a vast curriculum of knowledge

and analysis methods, as well as the ability to work

as part of a team, acquired through practice.

Accuracians

in great shape!

The Burgundies soccer team

Participating in the Paris, Berlin and Vienna marathons

The climbing team which, among many other feats,

sent one of its members to the foothills of Everest!

— 16 —


ACCURACY FRANCE

41, rue de Villiers

92523 Neuilly-sur-Seine cedex

Tel.: + 33 (0)1 58 75 75 10

Fax: + 33 (0)1 58 75 75 11

www.accuracy.fr

ACCURACY SPAIN

Rosario Pino, 14 - 16

28020 Madrid

Tel.: + 34 91 340 58 40

Fax: + 34 91 340 58 90

www.accuracy.es

ACCURACY THE NETHERLANDS

Paalbergweg 2 - 4

1105 AG Amsterdam-Zuidoost

Tel.: + 31 (0)20 - 430 5030

Fax: + 31 (0)20 - 430 5040

www.accuracy.eu

ACCURACY ITALY

Piazza Cavour, 2

20121 Milan

Tel.: + 39 02 366 962 00

Fax: + 39 02 365 503 01

www.accuracy.eu

ACCURACY GERMANY

Taunustor 2

60311 Frankfurt am Main

Tel.: + 49 (0)69 715 8991 6350

Fax: + 49 (0)69 715 8991 6360

www.accuracy.eu


www.accuracy.eu

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