April 2012 Edition
Mergers & Acquisitions Quarterly Switzerland First Quarter 2012 Table of contents
Ernst & Young Mergers & Acquisitions Quarterly Switzerland –Q1 2012
Introduction 2 Swiss M&A market Q1 2012 and outlook 2012 3 Private equity statistics: GSA and Europe 6 Industry overview
Chemicals, Construction and Materials 7
Energy, Transportation and Utilities 9
Financial Services 11
Healthcare 13
Industrial Goods and Services 15
Media, Technology and Telecommunications 17
Retail and Consumer Products 19 Deal of the quarter 21 Event calendar 22 Ernst & Young selection of M&A opportunities 23 Ernst & Young M&A contacts Switzerland 24 Subscription / Registration form 25
1 Introduction
Dear Reader: We are pleased to provide you with our latest edition of Ernst & Young’s M&A Quarterly Switzerland. This booklet gives you a general overview of the Swiss M&A and European PE market activity in the first quarter of 2012, as well as an outlook for the remainder of the year. Swiss M&A market activity was off to a remarkable start in 2012, with a significant rise in deal volume and a similar number of transactions compared to the previous quarter. The increase in deal volume was mainly attributable to an increase in large transactions, notably the announced merger between Glencore International and Xstrata, valued at CHF 49b. As a result, the Swiss M&A market environment recorded a solid performance for the first quarter 2012. Based on recent surveys among top executives, the international M&A environment is, however, viewed with caution and M&A activity is expected to show moderate levels in 2012. As the Swiss economy demonstrates signs of stabilization as well as solid financials, positive impulses for growth in Swiss M&A activity for the remainder of 2012 are to be expected. The next edition of Mergers & Acquisitions Quarterly Switzerland will be available in July 2012. For more information or to download this publication, visit us online at: http://www.ey.com/CH/de/Services/Transactions/Lead-Advisory
Sincerely, Your Swiss Ernst & Young M&A Team
2 Swiss M&A market Q1 2012 and outlook 2012
M&A market Q1 2012 Number of announced deals and transaction volume The Swiss M&A market recorded an exceptional first quarter in 2012, as total disclosed deal with target, buyer or seller in Switzerland volume reached almost CHF 71b. This significant rise, compared to the previous quarters, is mainly attributable to the announced merger between Glencore International and Xstrata. If 80 300 completed, the transaction would rank among the largest Swiss transactions in recent years. 70 250 The deal is valued at approximately CHF 49b, equivalent to total disclosed Swiss M&A activity 60 over the last three quarters combined. Even when excluding the merger of Glencore b
F 200 International and Xstrata, total deal volume rose to approximately CHF 22b, still showing a H s
50 l C a
e
n significant increase when compared to the last two quarters. i d
40 150 f e o
With 158 deals announced, the total number of transactions remained fairly constant, m . u o l 30 o 100 N compared to Q4 2011. v
l
a 20
e The five largest transactions in2012*
D 50 10 Rank Announcement Target Acquirer Seller Deal Volume Date (in CHF b) 0 0 1 07-Feb-2012 Xstrata AG Glencore BlackRock Inc., Standard Life 48.5 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 International AG Investments Ltd., others 2 20-Mar-2012 Viterra Inc. Glencore Alberta Investment 6.9 International AG Management Corp. Volume No. of deals 3 27-Mar-2012 Tyco International Ltd., Pentair Inc. Tyco International Ltd. 4.4 Flow Control Business Relative stock performance of selected industries 4 30-Jan-2012 Thomas & Betts Corp. ABB Low Voltage Products Various 4.0 & Systems over the past 12 months 5 20-Mar-2012 Agri-Products Business of Agrium Inc., Richardson Glencore International AG 1.6 Viterra Inc. Inter. 0% *The announced acquisition of IlluminaInc. by Roche Diagnostics GmbH valued at CHF 6.7b was not included, as Illumina’sBoard of Directors SMI recommended to reject Roche’s offer which expired on 20 April 2012 -10% In the first quarter of 2012, the Swiss Market Index (SMI) continued to recover some of its
-20% losses incurred mostly during the third quarter of 2011, but still closed with a negative performance of 2% over the twelve month period ended 31 March 2012. The increase in stock -30% prices is viewed as a positive sign that may indicate a stabilization of the Swiss economy, also noted by the Swiss State Secretariat of Economic Affairs (SECO). -40% Retail & Healthcare Chemicals, Industrial Financial Media, Energy, Consumer Construction Goods & Services Technology & Transportation and Products & Materials Services Telecom Utilities Similar to the last quarter of 2011, none of the equally-weighted industry sectors achieved a positive stock performance in the preceding twelve month period. The best performing industry was the Retail & Consumer Products sector, improving performance by 5% in Q1 2012, but still showing a negative performance of 8% over the last twelve months. The ongoing negative stock performance of the Energy, Transportation and Utilities sector is mainly attributable to changes in the industry environment, legal issues and restructuring measures.
Data as of 31 March 2012 Source: Capital IQ, other external data providers and Ernst & Young Research 3 Swiss M&A market Q1 2012 and outlook 2012
During the last three-month period, Media, Technology and Telecommunications was Number of Swiss M&A transactions by the most active industry in Switzerland for the fourth consecutive quarter. In terms of industry in Q1 2012 (in %) number of M&A transactions, the sector contributed 26% to all announced deals. Together with Industrial Goods and Services as well as Energy, Transportation and
3% Utilities, reaching 15% and 11% respectively, these top three sectors accounted for 9% 26% more than half of all Swiss-based M&A transactions. 10% The two largest transactions in the Media, Technology and Telecommunications sector with disclosed volume were valued at CHF 229m and CHF 135m. Most transactions in 11% this industry, however, were characterized by small deal volumes below CHF 50m. 15% Compared to the previous quarter, the number of transactions in Media, Technology 11% 15% and Telecommunications grew the most by approximately 7%. The number of transactions in Energy, Transportation and Utilities as well as the Financial Services
Media, Technology and Telecommunication Other Industries sector also demonstrated growth signs, with an increase of 3% and 2%, respectively.
Industrial Goods and Services Energy, Transportation and Utilities The largest decline in terms of number of transactions was observed in Healthcare, down by 5%. Deal activity in Chemicals, Construction and Materials as well as Industrial Retail and Consumer Products Financial Services Goods and Services both declined by 4%, compared to the previous quarter, while Retail Chemicals, Construction and Materials Healthcare and Consumer Products recorded a decrease of 3%. In the first quarter 2012, large M&A transactions were on the rise and accounted for Number of Swiss M&A transactions by 29% of all announced transactions with disclosed deal value, nearly doubling from Q4 deal size (in %) 2011. As small transactions remained fairly constant at approximately 46%, the number of deals in the mid-market segment declined from 38% to 24%. Based on these 100% figures the increase in total deal volume for the most recent quarter is largely attributable to the shift towards larger transactions. 80%
60%
40%
20%
0% Q4 11 Q1 12
< CHF 50m CHF 50-250m > CHF 250m
Data as of 31 March 2012 Source: Capital IQ, other external data providers and Ernst & Young Research 4 Swiss M&A market Q1 2012 and outlook 2012
Outlook 2012 Change in industry multiples from Q4 2011 to Q1 2012 Switzerland was one of the few countries in Europe that achieved positive GDP growth in Q4 2011, according to SECO. Consequently, the Swiss State Secretariat for Economic Affairs is optimistic that the Swiss economy will Industry TEV/EBITDA (LTM) demonstrate robust macroeconomic conditions in 2012 and, hence, slightly increased its projections for GDP growth by 30 basis points to 0.8% in its most Chem. / Constr. / Mat. ▲ recent analysis published in March 2012. The main reasons for the increase include (i) strong domestic demand, especially due to strengthened activity in Eng. / Trans. / Utilities ▲ the construction sector fueled by low interest rates, and (ii) better than expected performance of companies in export-oriented industries, including Healthcare ▲ chemicals, pharmaceuticals and the watch industry. Based on Ernst & Young’s latest Capital Confidence Barometer, a survey of Industrial Goods ▲ senior executives on corporate confidence and boardroom priorities conducted globally, the outlook on M&A activity for the remainder of 2012 remains Media / Tech. / Tel. ▼ cautious. Only 31% of those surveyed expect to pursue an acquisition in the next twelve months, the lowest figure since the barometer launched in late 2009. Retail / Consumer ▲ Despite subtle signs of improving economic conditions, caution rather than confidence is driving transaction appetite. Recent figures indicate that listed P/E (LTM) European companies have the financial means to execute transactions, with cash on hand totaling EUR 770b, representing an increase of 16% compared to Financial Services ▲ the previous year. However, executives’ motivation to undertake transactions is tempered by concerns regarding the strength and sustainability of the economic EBITDA = Earnings Before Interest, Taxes, Depreciation and recovery, particularly with regards to the European debt crisis. Amortization TEV = Total Enterprise Value In terms of industries, financial services and life sciences are among those LTM = Latest Twelve Months P/E = Price-to-Earnings Ratio industries expected to be most active in executing M&A transactions globally. As these sectors are well represented within Switzerland’s industry structure, domestic M&A activity may benefit from continuous deal flow. Nonetheless, with caution prevailing among executives and existing economic uncertainty, the overall outlook for Swiss M&A activity in 2012 remains cautiously optimistic.
Data as of 31 March 2012 Source: Capital IQ, other external data providers and Ernst & Young Research 5 Private equity statistics: GSA and Europe
PrivateequityQ12012 Number and volume of buy-outs and buy-ins Inthefirstquarterof2012,privateequity(PE)activityinGermany,Switzerlandand announced with targets based in GSA Austria(GSA)increasedintermsofdealvolumeandinthenumberofdeals,compared 3,500 35 toQ42011.ThenumberofPEtransactionsincreasedbyover23%,whiledealvolume oftotalbuy-outsandbuy-insinGSArosebyalmost300%,mainlyduetothe
3,000 30 s n i acquisitionofSwiss-basedOrangeCommunicationsbyUK-basedApaxPartners - y
2,500 25 u b WorldwidefromFranceTelecom,valuedatEUR1.6b. m
d R n a U 2,000 20
E s
t n
i u Duringthefirstquarter2012,leveragedbuy-outswithasizeoflessthanEUR50m
o
e 1,500 15 - y
m accountedforapproximately69%oftotaldealvolumeandconstitutedthebulkofPE u u b l
f o
v 1,000 10 o activityinGSA,inlinewithpreviousquarters.Buy-outsinthemid-andlarge-cap
l . a o e
N marketrepresented25%and6%,respectively.Thus,theoveralldistributionbydeal
D 500 5 volumeforthethree-monthperiodendedon31March2012showedroughlythesame 0 0 splitasin2011. Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
Deal volume No. of deals Similartothepreviousquarter,thenumberofbuy-outsandbuy-insintheGSAPE marketconstitutedover10%ofthetotalnumberofPEdealsclosedinEuropeduring thefirstquarter2012,whereasGSAPEdealvolumeaccountedforover16%of Number of buy-outs and buy-ins EuropeanPEtransactions.IncomparisontotherestofEurope,theUKmarket by deal size within GSA (in %) remainedthelargest,with67dealsaccountingforatotaldealvolumeofEUR6.5b throughoutthefirstthreemonthsof2012.ThenumberofPEdealsanddealvolumein 100% theUKrepresentedroughly46%and49%ofEuropeanPEdealactivity,respectively.
80%
60%
40%
20%
0% 2008 2009 2010 2011 2012*
< EUR 50m EUR 50-250m > EUR 250m
* 2012 figures are for the first three months only
Data as of 31 March 2012 Source: Capital IQ, other external data providers and Ernst & Young Research 6 Chemicals, Construction and Materials
Relative performancecharts
12-month relative performance(in %) * Multiples (LTM) *
110 30x
100 25x
90 20x 18.1x 16.2x 80 15x 12.3x 10.7x 70 10x 8.9x 8.6x
60 5x 1.5x 2.2x 50 0x Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 TEV/Rev. TEV/EBITDA TEV/EBIT P/E
Margins (LTM) * Companies included in the Chemicals, Construction and Materials Index
AFG Arbonia-Forster-Holding AG Gurit Holding AG 80% Belimo Holding AG Holcim (Schweiz) AG Bossard Holding AG Looser Holding AG 70% Clariant AG Precious Woods Holding AG Dottikon Es Holding AG Schmolz + Bickenbach AG 60% EMS-Chemie Holding AG Sika AG 48.9% Forbo Holding AG Syngenta AG 50% Geberit AG Xstrata (Schweiz) AG 41.3% Givaudan AG 40% Glencore International AG
30% 22.5% Legend 20% 15.0% 11.6% 11.2% 10% 6.8% 6.7% Chemicals, Construction and Materials Index EBITDA = Earnings Before Interest, Taxes, Swiss SMI Index (value weighted) Depreciation and Amortization 0% EBIT = Earnings Before Interest and Taxes P/E = Price-to-Earnings Ratio Gross margin EBITDA margin Earnings from continued Net income margin LTM = Latest Twelve Months operations margin TEV = Total Enterprise Value Rev. = Revenue * = Industry is equally weighted
Data as of 31 March 2012 Source: Capital IQ, other external data providers and Ernst & Young Research 7 Chemicals, Construction and Materials
Selected mergers & acquisitions transactions
Announcement date Size (CHF m) Percent sought Target Seller Buyer / Investor
20-Mar-2012 1,630 100% Viterra Inc., Agri-Products Glencore InternationalAG Agrium Inc. Business 20-Mar-2012 735 23% Viterra Inc., Canadian Grain Glencore InternationalAG Richardson International Limited Handling, Agri-Centre & Processing Assets 20-Mar-2012 6,942 N/A Viterra Inc. Alberta Investment Management Glencore International AG Corporation, others 08-Mar-2012 1,451 100% Neo Material Technologies Inc. Pala Investments AG, others Molycorp Inc. 07-Feb-2012 48,545 66% Xstrata AG Batiss Investments Ltd., others Glencore International AG 02-Jan-2012 28 100% Fertecon Ltd. - Informa plc
Selected key developments
Date Company Event type Headline 29-Mar-2012 Clariant AG Client announcement Clariant hasreached a 10-year agreement with Talisman Energy (UK) Limited toprovide topside production chemicals and services 28-Mar-2012 XstrataAG Downsizing Xstrata announced that a lead-zinc mine near Bathurst in northern New Brunswick will be shut down in March 2013 05-Mar-2012 Glencore International AG Product-related announcement The company announced significant increases in the total mineral reserves at the Vasilkovskoye, Maleevsky and Ridder-Sokolny deposits 15-Feb-2012 Clariant AG Executive/boardchange Dr. Jürg Witmer will step down as Chairman and Member of Board of Directorsat Clariant, Dr. Rudolf Wehrli will be his successor 01-Feb-2012 Sika AG Strategic alliance Ash Improvement Technology LLC and Sika announced that they entered a strategic alliance in product development 20-Jan-2012 Ash Improvement Technology LLC Client announcement The company signed an agreement with Shengli Steel of Vietnam to convert ash and slag waste products into a cement substitute material 17-Jan-2012 Clariant AG Bond issue Clariant bondissuance of EUR 500m for optimizing Clariant’s debt maturity profile
Data as of 31 March 2012 Source: Capital IQ, other external data providers and Ernst & Young Research 8 Energy, Transportation and Utilities
Relative performance charts
12-month relative performance (in %) * Multiples (LTM) *
110 30x
100 25x
19.3x 90 20x 18.1x
80 15x 13.0x 9.9x 10.7x 70 10x 8.6x
60 5x 1.3x 2.2x 50 0x Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 TEV/Rev. TEV/EBITDA TEV/EBIT P/E
Margins (LTM) * Companies included in the Energy, Transportation and Utilities Index
Alpiq Holding AG PetroplusHoldings AG 80% BKW FMB Energie AG Repower Systems AG Flughafen Zürich AG Transocean Ltd. 70% Kuehne& Nagel International AG WeatherfordInternational Ltd. PanalpinaWelttransport(Holding) AG 60% 48.9% 50% 40% 28.4% 30% 22.5% Legend 20% 15.4% 11.6% 11.2% 10% Energy, Transportation and Utilities EBITDA = Earnings Before Interest, Taxes, 2.1% 2.2% Swiss SMI Index (value weighted) Depreciation and Amortization 0% EBIT = Earnings Before Interest and Taxes P/E = Price-to-Earnings Ratio Gross margin EBITDA margin Earnings from continued Net income margin LTM = Latest Twelve Months operations margin TEV = Total Enterprise Value Rev. = Revenue * = Industry is equally weighted
Data as of 31 March 2012 Source: Capital IQ, other external data providers and Ernst & Young Research 9 Energy, Transportation and Utilities
Selected mergers & acquisitions transactions
Announcement date Size (CHF m) Percent sought Target Seller Buyer / Investor
14-Mar-2012 N/A 100% R. H. Commercial Vehicles Ltd. Kuehne & Nagel International AG Baxter Family and General Manager of target 02-Mar-2012 N/A 100% Petroplus Holdings AG, Refinery in Petroplus Holdings AG Gunvor SA Antwerp 03-Feb-2012 N/A 100% Dirkshof Group, 12 Megawatt Dirkshof Group GmbH Industrielle Werke Basel Wind Farm in Massif Central 02-Feb-2012 N/A 100% Link Logistics International Pty Ltd- Kuehne & Nagel International AG 23-Jan-2012 217 66% Aerowatt SA Credit Agricole Private Equity, Kleinkraftwerk Birseck AG others
Selected key developments
Date Company Event type Headline 28-Mar-2012 Petroplus Holdings AG Delisting Petroplus to delist its shares from theSIX Swiss Exchange-last day of trading is expected to be on 11 May2012 28-Mar-2012 Panalpina Welttransport Lawsuit/legal issue The company confirmed that the European Commission fined Panalpina (Holding) AG for antitrust violations related to isolated air freight surcharges 13-Mar-2012 Alpiq Holding AG Bond issue Alpiqplaced a CHF 275m bond for general business purposes as well as to refinance loans and private placements 07-Mar-2012 Flughafen Zürich AG Business expansion The company announced that Hyatt Hotels Corporation will operate two hotels in the new service hub The Circle at Zurich International Airport 05-Mar-2012 EGLAG Delisting The shares of EGL were delisted from the SIX Swiss exchange on 9 March 2012 01-Mar-2012 Kuehne & Nagel International AG Executive/board change Kuehne and Nagel International has appointed Stefan Paul as Director and new Member ofthe Management Board 14-Feb-2012 WeatherfordInternational Ltd. Lawsuit/legal issue Judge dismissed all federal court claims againstWeatherford U.S., sued over the explosion and massive oil spill in the Gulf of Mexico 08-Feb-2012 BKW FMBEnergie AG Cost reduction BKW finalizeddecisionsto cut 255 jobs inseveral phases, as part of the cost reduction program announced in December 2011 27-Jan-2012 Transocean Ltd. Lawsuit/legal issue US judge ruled that BP must indemnify Transocean Ltd. for some compensatory damage claims over the 2010 Gulf of Mexico oil spill 24-Jan-2012 Alpiq Holding AG Cost reduction Alpiq Holding to cut170 jobsin Switzerland as part of the restructuring program announcedin November 2011 05-Jan-2012 Petroplus Holdings AG Downsizing The company has begun to shut down itsrefineries at Petit Couronne, France,at Antwerp, Belgiumand at Cressier, Switzerland
Data as of 31 March 2012 Source: Capital IQ, other external data providers and Ernst & Young Research 10 Financial Services
Relative performance charts
12-month relative performance (in %) * Multiples (LTM) *
110 25x
100 20x
90 15.1x 15x 80 11.6x 10x 70
5x 60 1.7x 1.7x 2.0x 2.1x 50 0x Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 P/BV P/Tang BV P/E
Margins (LTM) *+ Companies included in the Financial Services Index
Bâloise Holding AG Partners Group Holding AG Bank Coop AG St. Galler Kantonalbank AG 16% Bank Sarasin & Cie AG Swiss Life Holding AG 14.0% Banque Cantonale Vaudoise SA Swiss Reinsurance AG 14% 13.4% Credit Suisse Group AG Swissquote Group Holding SA 11.6% EFG International AG UBS AG 12% 11.2% GAM Holding AG Valiant Holding AG 10.5% Helvetia Schweizerische Versicherungsgesellschaft AG Vontobel Holding AG 10% Julius Bär Gruppe AG VZ Holding AG Liechtensteinische Landesbank AG Zurich Financial Services AG 8% 7.3%
6% Legend 4% Financial Services Index P/BV = Price-to-Book-Value Ratio 2% Financial Services Index (previous quarter) P/Tang BV= Price-to-Tangible-Book-Value Ratio Swiss SMI Index (value weighted) P/E = Price-to-Earnings Ratio 0% LTM = Latest Twelve Months TEV = Total Enterprise Value Earnings from continued Net income margin Return on equity Rev. = Revenue operations margin * = Industry is equally weighted + = Banks only (insurance companies excluded)
Data as of 31 March 2012 Source: Capital IQ, other external data providers and Ernst & Young Research 11 Financial Services
Selected mergers & acquisitions transactions
Announcement date Size (CHF m) Percent sought Target Seller Buyer / Investor
15-Mar-2012 N/A 100% Revi-Leasing und Finanz AG Valiant Holding AG Cashgate AG 13-Mar-2012 N/A 100% Clariden Leu AG, insurance-linked - LGT Capital Management AG investments business 29-Feb-2012 N/A 100% CMB Banque Privee (Suisse) SA Compagnie Monegasque de BanquePKB Privatbank AG 28-Feb-2012 N/A 100% Arkos Capital S.A. - GAM Holding AG 30-Jan-2012 N/A 100% SIF Swiss Investment Funds SA EFG International AG Caceis (Switzerland) S.A. 27-Jan-2012 N/A 100% Notenstein Privatbank AG Wegelin & Co. Raiffeisen Schweiz Genossenschaft 02-Jan-2012 N/A 100% EFG Bank Denmark EFG International AG IPAS SEB Wealth management
Selected key developments
Date Company Event type Headline 29-Mar-2012 Zurich Financial ServicesAG Executive/board change Zurich Financial Services named outgoing Deutsche Bank CEO Josef Ackermann as its next Chairman of the Board of Directors 28-Mar-2012 UBS AG Lawsuit/legal issue New York State Supreme Court dismissed a USD 500m claim of HSH Nordbank against UBS 22-Mar-2012 UBS AG Executive/board change UBS announced that Andrea Orcel will join UBS and jointly with Carsten Kengeter lead the Investment Bank as co-CEO 16-Mar-2012 Bâloise Holding AG Executive/board change The board of directors of Bâloise appointed Romain Braas as the new CEO of Bâloisein Luxembourg 19-Mar-2012 Julius Bär Gruppe AG Executive/board change Chairman Raymond J. Bär will not stand for re-election to the board, but will stay with the Julius Bär Group as Honorary Chairman 29-Feb-2012 Julius BärGruppeAG Buy back Julius Bär Group has concluded its share buyback program representing a total repurchase amount of about CHF 352m 23-Feb-2012 EFG International AG Downsizing EFG International has decided to close its offices in Sion and Lugano 17-Jan-2012 Swiss Reinsurance AG Executive /boardchange Swiss Re's board of directors appointed Michel M. Liès, currently Chairman global partnerships at Swiss Re, as new Group CEO 11-Jan-2012 Bâloise Holding AG Executive/boardchange Peter Zutter became the interim CEO of Bâloise Life (Liechtenstein), replacing Annemie D’Hulster 09-Jan-2012 Deutsche Bank AG Product-related announcement Deutsche Bank and Financial Risk Managementannounced to launch the industry’s first hedge fund seeding managed account platform
Data as of 31 March 2012 Source: Capital IQ, other external data providers and Ernst & Young Research 12 Healthcare
Relative performance charts
12-month relative performance(in %) * Multiples (LTM) *
110 30x
100 25x 20.3x 90 20x 18.1x 15.1x 80 15x 12.1x 10.7x 70 10x 8.6x
60 5x 2.5x 2.2x
50 0x Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 TEV/Rev. TEV/EBITDA TEV/EBIT P/E
Margins (LTM) * Companies included in the Healthcare Index
Acino Holding AG Nobel Biocare Holding AG Actelion Ltd. Novartis AG 80% Bachem Holding AG Roche Holding AG Basilea Pharmaceutica AG Siegfried Holding AG 70% COLTENE Holding AG Sonova Holding AG Cytos Biotechnology AG Straumann Holding AG 60% Galenica AG SynthesInc. 50.4% 48.9% LifeWatch AG Tecan Group AG 50% Lonza Group AG Ypsomed Holding AG 40% 30% 22.5% Legend 18.5% 20% 11.6% 11.2% Healthcare Index EBITDA = Earnings Before Interest, Taxes, 10% 7.4% 7.3% Swiss SMI Index (value weighted) Depreciation and Amortization EBIT = Earnings Before Interest and Taxes 0% P/E = Price-to-Earnings Ratio LTM = Latest Twelve Months Gross margin EBITDA margin Earnings from continued Net income margin TEV = Total Enterprise Value operations margin Rev. = Revenue * = Industry is equally weighted
Data as of 31 March 2012 Source: Capital IQ, other external data providers and Ernst & Young Research 13 Healthcare
Selected mergers & acquisitions transactions*
Announcement date Size (CHF m) Percent sought Target Seller Buyer / Investor
21-Feb-2012 N/A 100% Clinique Spontini Paris - Genolier Swiss Medical Network SA 02-Feb-2012 N/A 100% HumanOptics AG - Medipart AG 16-Jan-2012 N/A 100% Creapharm Parenterals Creapharm Europe SAS Carbogen Amcis AG 11-Jan-2012 N/A 100% MajorityStake in Klinik Engeried Sonnenhof AG Bern Stiftung Lindenhof Bern andKlinik Sonnenhof 09-Jan-2012 N/A 100% Gabinete Medico Velazquez S.L. - Unilabs SA *The announced acquisition of IlluminaInc. by Roche Diagnostics GmbH valued at CHF 6.7b was not included, as Illumina’sBoard of Directors recommended to reject Roche’s offer which expired on 20 April 2012
Selected key developments
Date Company Event type Headline 29-Mar-2012 Roche HoldingAG Investor activism Roche Holding increased its offer price for alloutstanding publicly-held shares of Illuminafrom USD 44.5 to USD51.0 per share in cash 21-Mar-2012 Cytos Biotechnology AG Follow-on equity offering The company signed agreements with an international syndicate of strategic investors to raise a total of up to CHF 37m in equity and debt 01-Mar-2012 Mondo Biotech Holding AG Abandonedtransaction Pierrel S.p.A. and Mondo Biotech agreed to stop discussions on the idea of a business combination of the Contract Research Organization of Pierrel with Mondo Biotech, as expressed on 1 March 2012 29-Feb-2012 Lonza Group AG Client announcement Lonza Group and Eclipse announced an agreement for the production of Eclipse’s novel cancer therapeutic antibody 23-Feb-2012 Actelion Ltd. Strategic alliance Auxilium Pharmaceuticals and Actelion have entered into along-term partnership 13-Feb-2012 Tecan Group Ltd. Executive/board change Tecan Group announced that the board of directors has appointed Dr. David Martyr as CEO of the company 17-Jan-2012 Ventana Medical SystemsInc. Strategic alliance Ventana Medical Systems, a Rochesubsidiary, has entered into a strategic collaboration agreement with Bayer Pharma 17-Jan-2012 Novartis AG Cost reduction Novartis will not close its production site in Nyon/Prangins, Switzerland, and it will take steps to moderate job cuts in Basel 16-Jan-2012 Coltene Holding AG Executive/board change The board of directors of Coltene Holding has appointed Martin Schaufelberger as new CEO 02-Jan-2012 Evolva Holding S.A. Collaboration agreement Evolvasigned an agreement with Roquette Frères SA for joint research and development if biosynthetic production routes.
Data as of 31 March 2012 Source: Capital IQ, other external data providers and Ernst & Young Research 14 Industrial Goods and Services
Relative performance charts
12-month relative performance (in %) * Multiples (LTM) *
110 30x
100 25x
90 20x 18.1x
14.4x 80 15x 10.2x 10.7x 70 10x 8.2x 8.6x
60 5x 2.2x 0.9x 50 0x Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 TEV/Rev. TEV/EBITDA TEV/EBIT P/E
Margins (LTM) * Companies included in the Industrial Goods and Services Index
ABBB Lttd.d. Hububeer & Suhhneerr AG Riieeterr Holdoldiinngg AG Advvall TTechh Hoolldiinng AGAG IINFIICON Holdoldiinngg AG Scchafafffneerr Hoolldiinng AG 80% Bobbst GrGrouupp SASA IInnterrrrollll Hollddiingg AG Scchiinddllerr Holdoldiinngg AG Buccherr IIndduusttrriiess AG Kabaa Holdoldiinngg AG Scchweeiiteerr Teechnnolloggiiess AG 70% Burrckhhaarddtt CCoompprresssiion AG Karddex AG SGSSGS SASA Carrllo Gaavaazzzzii Hollddiingg AG Komaax Hooldldiing AG Suullzerr LAGtd. 60% Cicoor TTeechhnnolloogigieses Ltd. LLEM Hollddiingg AG Swiisssslloog Hollddiingg AG 48.9% Comett Hollddiingg AG MeMeyeer Buurggeer TTechhnolloogyy AG Toornoos Hoolldiinng SASA 50% Daäetwtwyyleler rAG Holding Inc. Miikrroon Hooldldiing AG Voon RRoollll Hollddiingg AG 42.0% Feiinntotoooll IInntterrnnattiioonaall Hoolldiinng AG OC Oerlilikkoonn CCoorrpoporratiioon AG Waallteerr MMeeiierr AG 40% Geoorg FFiiscchherr AG PPhohoeeniixx MMeeccannoo AG 30% 22.5% Legend 20% 12.0% 11.6% 11.2% Industrial Goods and Services Index EBITDA = Earnings Before Interest, Taxes, 10% 6.1% 7.1% Swiss SMI Index (value weighted) Depreciation and Amortization EBIT = Earnings Before Interest and Taxes 0% P/E = Price-to-Earnings Ratio LTM = Latest Twelve Months Gross margin EBITDA margin Earnings from continued Net income margin TEV = Total Enterprise Value operations margin Rev. = Revenue * = Industry is equally weighted
Data as of 31 March 2012 Source: Capital IQ, other external data providers and Ernst & Young Research 15 Industrial Goods and Services
Selected mergers & acquisitions transactions
Announcement date Size (CHF m) Percent sought Target Seller Buyer / Investor
27-Mar-2012 4,443 100% Tyco International Ltd., Flow Tyco International Ltd. Pentair Inc. Control Business 23-Mar-2012 35 100% OC Oerlikon Corporation AG, OC Oerlikon Corporation AG HRS Hauser Rutishauser Suter AG Saurer Werk II 19-Mar-2012 57 100% Leoni Studer Hard AG LEONI AG Synergy Health plc 14-Mar-2012 N/A 100% Herzing Schroth GmbH - Feintool International Holding AG 02-Mar-2012 252 100% Oerlikon Solar AG OC Oerlikon Corporation AG Tokyo Electron Ltd. 13-Feb-2012 261 100% MAAG Pump Systems Textron A.G.CGS Management Giesinger Gloor Pump Solutions Group Lanz & co., Clyde Blowers Capital 01-Feb-2012 N/A 100% IMA Automation Berlin GmbH Feintool International Holding AG Mikron SA Boudry 30-Jan-2012 3,970 100% Thomas & Betts Corp. Various ABB Low Voltage Products & Systems 06-Jan-2012 36 100% CIMM Tecnologias y Servicios S.A.Centro de Investigación Minera y SGS SA Metalúrgica SA Selected key developments
Date Company Event type Headline 22-Mar-2012 Meyer Burger Technology AG Downsizing As a reaction to changesin the photovoltaic industry, thecompany plans to reduce its workforce by 15% worldwide 19-Mar-2012 DKSH Holding AG IPO DKSH Holding has completed an IPO in the amount of CHF 821m at SIX Swiss Exchange 08-Mar-2012 Schweiter Technologies AG Executive/boardchange Rolf-D. Schoemezler will step down fromtheboard of directors on grounds of age upon expiry of the present term of office in May 2012 02-Mar-2012 SGS SA Business expansion SGSannounced the opening of new Mobile Sample Preparation Unit (MSPU) in Ouagadougou, Burkina Faso 21-Feb-2012 SulzerAG Executive/boardchange Sulzerappointed Klaus Stahlmann as Chief Executive Officer with immediate effect from 21 February 2012 03-Feb-2012 Bucher Industries AG Share repurchase The company repurchased 3% of its issued capital througha share repurchase program,authorized by the board of directors 02-Feb-2012 Swisslog Holding AG Strategicalliance Swisslog and John Bean Technologieshave agreed to develop and manufacture automated guidance vehicles for hospitals 04-Jan-2012 ABB Ltd. Bond issue ABB announced issuance of a CHF 350m bond for general corporate purposes
Data as of 31 March 2012 Source: Capital IQ, other external data providers and Ernst & Young Research 16 Media, Technology and Telecommunications
Relative performance charts
12-month relative performance (in %) * Multiples (LTM) *
110 30x
100 25x 20.7x 90 20x 18.1x
80 15x 11.6x 10.7x 70 10x 8.6x 6.1x 60 5x 2.2x 1.1x 50 0x Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 TEV/Rev. TEV/EBITDA TEV/EBIT P/E
Margins (LTM) * Companies included in the Media, Technology and Telecommunication Index
Advanced Digital Broadcast Holdings SA Myriad Group AG Also Holding AG OrellFüssliHolding AG 80% Ascom Holding AG PubliGroupeSA Crealogix Holding AG SwisscomAG 70% Goldbach Media AG TamediaAG Kudelski SA TemenosGroup AG 60% Logitech International SA u-bloxHolding AG 48.9% MicronasSemiconductor Holding AG 50% 38.4% 40%
30% 22.5% 20% Legend 12.0% 11.6% 11.2% 10% 4.1% 3.6% Media, Technology & Telecomm. Index EBITDA = Earnings Before Interest, Taxes, Swiss SMI Index (value weighted) Depreciation and Amortization 0% EBIT = Earnings Before Interest and Taxes Gross margin EBITDA margin Earnings from Net income margin P/E = Price-to-Earnings Ratio LTM = Latest Twelve Months continued operations TEV = Total Enterprise Value margin Rev. = Revenue * = Industry is equally weighted
Data as of 31 March 2012 Source: Capital IQ, other external data providers and Ernst & Young Research 17 Media, Technology and Telecommunications
Selected mergers & acquisitions transactions
Announcement date Size (CHF m) Percent sought Target Seller Buyer / Investor
16-Mar-2012 229 100% NEXX Systems Inc. Endeavour Vision SA, Genevest Tokyo Electron Ltd. Consulting Group S.A., others 08-Mar-2012 N/A N/A Datasport AG - Swisscom AG 01-Mar-2012 25 100% Ascom Holding AG,Defense Unit Ascom Holding AG RUAG Holding AG 29-Feb-2012 135 100% BDGB Enterprise Software (LUX), Vista Equity Partners Lexmark International Technology S.C.A. S.A., others 30-Jan-2012 3 59% Payment Solution AG Mountain Partners AG Bluehill ID AG 12-Jan-2012 N/A 75% PrintOnline AG Neue ZürcherZeitung AG, Ringier Publicitas SA AG, Tamedia AG 03-Jan-2012 46 100% Synchronica PLC FIL Investments International, Myriad Group AG others 03-Jan-2012 13 100% Veelong Corporation - Ascom Network Testing AG
Selected key developments
Date Company Event type Headline 14-Mar-2012 Logitech International SA Executive/board change Logitech announced that Whirlpool EMEA leader Bracken P. Darrell will join Logitech, effective 9 April2012. Further, Darrell will succeed Guerrino De Luca as Chief Executive Officer on 1 January 2013 29-Feb-2012 Ascom Holding AG Client announcement Ascom Holding announced a licensing agreement with Hisilicon which will address its customers' needs for network testing solutions 08-Feb-2012 Logitech International SA Product-related announcement The company unveiled the Logitech Touch Mouse M600, a mouse featuring a touch surface letting users navigate intuitively with fingers 03-Feb-2012 Swisscom AG Client announcement Swisscom and LM Ericsson Telephone Co. have launched a partnership to develop the machine-to-machine (M2M) market 18-Jan-2012 Swisscom AG Strategicalliance Swisscom Ventures and ElektrizitätswerkStadt Zürich have agreed on further jointly expanding the city's fibre-optic network 09-Jan-2012 Myriad Group AG Product-related announcement Myriad Group announced todeliver itsJavatechnology for use in Comcast's tru2way set-top software platform to power the Xfinity TV 09-Jan-2012 Logitech International SA Client announcement Jenne, a US-based distributor, announced that it has partnered with Logitech to market bundled unified communications accessories 04-Jan-2012 Myriad Group AG Strategic alliance Myriad Group and Broadcom announced a joint effort to drive the Android ecosystem to televisions
Data as of 31 March 2012 Source: Capital IQ, other external data providers and Ernst & Young Research 18 Retail and Consumer Products
Relative performance charts
12-month relative performance (in %) * Multiples (LTM) *
110 30x
100 25x
90 20x 17.6x 18.1x
80 15x 13.0x 10.7x 70 10x 9.3x 8.6x
60 5x 2.2x 1.3x 50 0x Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 TEV/Rev. TEV/EBITDA TEV/EBIT P/E
Margins (LTM) * Companies included in the Retail and Consumer Products Index
ARYZTA AG Kuoni Reisen Holding AG Barry Callebaut AG Metall Zug AG 80% Calida Holding AG Mobilezone Holding AG Charles Voegele Holding AG Nestlé SA 70% Compagnie Financière Richemont SA Orior AG Dufry AG Swatch Group AG 60% Emmi AG Valora Holding AG Huegli Holding AG 48.9% 50% 43.2% 40%
30% 22.5% Legend 20% 12.4% 11.6% 11.2% Retail and Consumer Products Index EBITDA = Earnings Before Interest, Taxes, 10% 6.2% 5.9% Swiss SMI Index (value weighted) Depreciation and Amortization EBIT = Earnings Before Interest and Taxes P/E = Price-to-Earnings Ratio 0% LTM = Latest Twelve Months Gross margin EBITDA margin Earnings from continued Net income margin TEV = Total Enterprise Value operations margin Rev. = Revenue * = Industry is equally weighted
Data as of 31 March 2012 Source: Capital IQ, other external data providers and Ernst & Young Research 19 Retail and Consumer Products
Selected mergers & acquisitions transactions
Announcement date Size (CHF m) Percent sought Target Seller Buyer / Investor
08-Mar-2012 9 100% Selecta Italia S.p.A. SelectaGroup AG IVS Group Holding SpA
05-Mar-2012 64 100% Prothor Holding S.A. - Citizen Watch Co. Ltd. 23-Feb-2012 N/A 100% MÖFAG, Mösli Fleischwaren AG - ORIOR AG
10-Feb-2012 N/A 100% Mona Lisa Food Products, Inc. FamilyThom Barry Callebaut AG
13-Jan-2012 N/A 51% Regstaer Group N/A Dufry AG
12-Jan-2012 N/A 29% Les Chocolats de L'Iris Nestlé S.A. Pierre Marcolini, others
11-Jan-2012 N/A 100% La Morella Nuts, S.A. Joaquim M. Barriach Barry Callebaut AG
Selected key developments
Date Company Event type Headline 23-Mar-2012 Compagnie FinancièreRichemont SA Sharerepurchase Compagnie Financière Richemont's share repurchase program expired on 23 March 2012 12-Mar-2012 SwatchGroup AG Lawsuit/legal issue Swatch Groupannounced that the U.S. jeweler Tiffany & Co. has sued thecompany for nearly USD600m 02-Mar-2012 Valora Holding AG Bond issue Valora Holding has completed a fixed-income offering in the amount of CHF 201m 29-Feb-2012 KuoniReisen Holding AG Business expansion Kuoni Travel opened a new store in the Whitefriars Shopping Centre in Canterbury 29-Feb-2012 SwatchGroup AG Client announcement Emaar Retail LLC signed a partnership agreement with Swatch Group to drive joint consumer initiatives and promotions 07-Feb-2012 NestléSA Product-related announcement Nestlé launched a new coffee machine designed to appeal to small businesses in Europe 23-Jan-2012 Barry Callebaut AG Strategic alliance Barry Callebaut and Unilever signed a long-term global partnership agreement 11-Jan-2012 ARYZTA AG Follow-on equity offering ARYZTA has completed a follow-on equity offering in the amount of CHF 174m 07-Jan-2012 Nestlé SA Client announcement The Coca-Cola Company and Nestlé agreed to focus the geographic scope of their joint ventureon Europe and Canada
Data as of 31 March 2012 Source: Capital IQ, other external data providers and Ernst & Young Research 20 Deal of the quarter
Deal summary
This year’s first deal of the quarter features the announced merger of equals between two Swiss-based companies. Commodities trading company Glencore International AG and mining company Xstrata AG announced to form a new natural resource group with a fully- integrated value chain. Glencore already owned a 34 percent stake in the mining group prior to the announced transaction and now signed an agreement to acquire all remaining shares of Xstrata in exchange for 2.8 Glencore shares. Thus, Xstrata ‘s share capital was valued at USD 61b (CHF 55b), representing a 15% premium over the latest closing price or a 29% premium over the 3-month average prize for Xstrata shares. The combined entity would form “a new powerhouse in the global commodities business” with an equity value of around USD 90b. Given the transaction terms, former Xstrata shareholders excluding Glencore, are able to hold up to 45% in the newly combined entity. The deal is subject to a number of regulatory approvals that have been initiated at various institutions and jurisdictions, including the European Commission, South African, U. S., Chinese and Australian merger control authorities. Deal rationale • The newly combined entity is expected to provide improved security of product supply to satisfy customer demand and to be able to offer customers a wider range of products and services • Together, the two companies are planned to operate along a fully-integrated value chain reaching from mining, storage, freight and logistics to marketing and sales • The combination of two complementary businesses is believed to create major strategic and financial flexibility Deal timeline Consideration details
Relativestock performance(in %) Valuationanalysis (LTM)
170 12x
160 2 4 3 10x 150 8.8x 8.6x 1 140 8x
130 6x 6.2x 120 2 3 4 110 4x 1 100 1.6x 2.2x 2x 2.1x 90
80 0x 1 1 1 2 2 2 1 1 1 1
1 1 TEV/Rev. TEV/EBITDA ------t r v c n b c a o e a e O J N D F M Chemicals, Construction and Materials Swiss SMI Index ImpliedEnterprise Value multiples FTSE 100 Index Xstrata plc Glencore International plc # Date Event Implied enterprise value (CHF m) 65,647 LTM = Latest Twelve Months 1 1-Feb-2012 Rumorsemerged aboutGlencore being in merger talks with Xstrata Implied equity value (CHF m) 55,460 TEV = Total Enterprise Value 2 2-Feb-2012 Discussions about an all share merger between Glencore and Xstrata % sought 66% Rev. = Revenue were confirmed 3 7-Feb-2011 The two companiesofficially announced their intention to merge to a Total cash (CHF m) n.a. EBITDA = Earnings Before Interest, major natural resources group Taxes, Depreciation and Totalstock (CHF m) 36,559 Amortization 4 24-Feb-2011 Glencoreofficially notified the European Commission and applied to n.a. = not available receive approval for the intended merger under EU merger regulation
Data as of 31 March 2012 Source: Capital IQ, other external data providers and Ernst & Young Research 21 Event calendar
Events from May 2012 to July 2012
Date Day Time Event topic Host Location 15/16-May-2012 Tuesday / All day BAI Alternative Investor Conference (AIC) Bundesverband Alternative Frankfurt am Wednesday Investments e.V. (BAI) Main 16-May-2012 Wednesday 16.30 –18.00 SECA Annual General Meeting SECA Zurich
23-May-2012 Wednesday All day Swiss Venture Forum Europe Unlimited, Vaud.ch, Lausanne SECA 24-May-2012 Thursday All day Mergers & Acquisitions 2012 Academy for Best Execution Zurich (Kloten) GmbH 31-May/01-Jun- Thursday /Friday All day New Energy Partnering Congress 2012 Energie Zukunft Schweiz Zurich 2012 12/13-Jun-2012 Tuesday / All day 5th Annual International M&A andCorporate Finance DKN Networks Montreux Wednesday Summit 2012 27/28-Jun-2012 Wednesday / All day 12. Handelsblatt Jahrestagung "Private Equity 2012" Handelsblatt Frankfurt am Thursday Main 04-Jul-2012 Wednesday 12.00 –18.30 11. Private Equity & Corporate Finance Conference SECA Zurich
10-Jul-2012 Tuesday 12.00 –13.30 18th Investor Lunch CTI Invest Zurich
Upcoming Ernst & Young corporate finance seminars*
Date Day Time Event topic Host Location 15-Jun-2012 Friday 09.00 –17.00 Financial Modeling (E) Ernst & Young Geneva
13/14-Sep-2012 Thursday/Friday 09.00 –17.00 Mergers & Acquisitions (D) Ernst & Young Berne
12-Oct-2012 Friday 09.00 –17.00 Financial Modeling and Simulation (D) Ernst & Young Basel
26-Oct-2012 Friday 09.00 –17.00 BasicValuation (D) Ernst& Young Zurich
09-Nov-2012 Friday 09.00 –17.00 Purchase Price Allocation,Intangible Asset Valuation and Ernst & Young Zurich Impairment Testing (D)
D = German; E = English *Registration details can be found on page 25. 22 Ernst & Young selection of M&A opportunities
Industry Country Transaction (sale of) / private placement Project Approx. deal size (in USD m) <50 50-150 >150 Russian supplier of logistics services in the automotive Automotive Russia Baron √ industry
Automotive Switzerland Electrical sports car developer Lemongrass √
Automotive Turkey Automotive spare parts producer Brake √
Engineering, procurement and construction Construction Abu Dhabi Spring √ contractor
Construction Turkey Constructionmaterials manufacturer in Turkey Window √
Energy Turkey Investment opportunity in energy project South * * *
Energy UK / Italy Market leading onshore wind developer SSE/Entropia * * *
Financial services Russia Debt collector and purchaser Moscow √
Food Russia Agricultural holdingin the Volga Federal District Kama √
Industrial productsSwitzerland Machine manufacturer Essence √
Medtech Switzerland Diagnostics testing kits Blue * * *
Oil and gas Bahrain Fuel and oil cleaner Clean √
Power and utilities India Coal fired power plant Petal √
Technology Russia Developer and producer of railway brakes systems Tormo √
* Deal size is available upon request Note: A high number of additional local and global opportunities are available. Please contact us for more information on these opportunities. 23 Ernst & Young M&A contacts Switzerland
If you have any questions related to mergers and acquisitions, please do not hesitate to contact us:
Dr. Jürg Stucker, CFA Partner
Tel: +41 58 286 30 34 Mobile: +41 58 289 30 34 Email: [email protected]
Marc Reinhardt, CFA Senior Manager
Tel: +41 58 286 42 89 Mobile: +41 58 289 42 89 Email: [email protected]
24 Subscription / Registration form
Subscription to Mergers & Acquisitions Quarterly Switzerland If you would like to receive this publication on a regular basis, please fill out the form below and return it to Corinne Liliana Güntert or contact her directly. The subscription is free of charge and can be canceled at any time.
□ Yes, I would like to receive Ernst & Young’s Name: Corinne Liliana Güntert Mergers & Acquisitions Quarterly on a Ernst & Young AG Company Name: regular basis Maagplatz 1 Address: 8010 Zürich Tel: +41 58 286 32 52 Postal code, city: Fax: +41 58 286 30 04 E-mail: [email protected]
Registration for Ernst & Young seminars If you would like to register for or receive more information regarding our Mergers & Acquisitions, Valuation, Financial Modeling or Purchase Price Allocation Seminars, please fill out the form below and return it to Corinne Liliana Güntert or contact her directly.
□ Yes, I would like to receive more information on the following seminar Name: Corinne Liliana Güntert □ Yes, I would like to register for the following Ernst & Young AG Company Name: seminar Maagplatz 1 □ Financial Modeling (15-Jun-2012, GE, E, **) Address: 8010 Zürich □M&A (13/14-Sep-2012, BE, D, *) Tel: +41 58 286 32 52 □ Postal code, city: Financial Modeling (12-Oct-2012, BA, D, **) Fax: +41 58 286 30 04 □Basic Valuation (26-Oct-2012, ZH, D, **) □ Purchase Price Allocation, Intangible Asset Valuation E-mail: [email protected] and Impairment Testing (9-Nov-2012, ZH, D, **)
Legend: ZH = Zurich, GE = Geneva, BE = Berne, BA = Basel; D = German, E = English; * = Seminar fee CHF 2‘000, ** = Seminar fee CHF 1‘200
25 Theinformationinthisbookletisbasedondataprovidedby Ernst & Young Capital IQ, other external data providers as well as Ernst&YoungResearch.Whilstwehavecarefullyselectedand reviewedthedata,M&Astatisticsarestronglydependenton Assurance | Tax | Transactions | Advisory thesourceproviders.Wedonotassumeanyliabilityforthe accuracyoftheinformationprovided.Statisticspresentedin thisbookletshouldonlyberegardedasestimates.
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