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BusinessValuationNoneoftheRecipientsisentitledtorelyonsuchMaterialforanypurpose,includingwithoutlimitation,providinganyprofessionaladvicetoanypersonormakinganydecisionrelatingtoorinconnectionwiththetransactiontowhichtheMaterialrelatesandnoresponsibility,obligationorliability(whetherdirectorindirect,incontract,tortorotherwise)isorwillbeacceptedbyTHEFUNDoranyofitsaffiliatesoranyoftheirrespectiveemployeesoragents(the“FUNDParties”)inrelationthereto.THEFUNDandeachoftheFUNDPartiesexpresslydisclaimanyandallliabilitywhichmayarisefromtheMaterialhavingbeenprovidedtoanyoftheRecipientsorforanyconsequencewhatsoevershouldanysuchRecipientrelyuponanyMaterial.EachRecipientisdeemedtohavewaivedanyclaimforliabilityagainstTHEFUNDoranyoftheFUNDPartiesthatmayotherwiseariseoutoforinconnectionwiththeprovisionoftheMaterial.TheMaterialremainsthefullpropertyofTHEFUNDandmaynotbereleasedtoanythirdpartywithoutthepriorwrittenpermissionofTHEFUND.Theaccompanyingmaterial(the“Material”)isbeingprovidedtocertainpersons(the“Recipients”)onthebasisthatsuchMaterialhasbeenpreparedbyTHEFUND(THEFUND)andisbeingprovidedtoeachoftheRecipientsforinformationalpurposesonlyandTHEFUNDacceptsnodutyofcaretosuchpersonswithregardtotheMaterial.11/04/2011FundAAAAño2008EAño2009EAño2010ESuscriptionfee(ontotalcommittedcapital.)0,00%Leverageratioobjective33,00%Formationexpenses25.00025.00025.000ManagementFee(onrealassetsvalue)1,80%Leverageratioaverage(2008-2012)25,83%Intangiblefixedassets000Firsyearconsidered2008Revaluationoffixedassetsrate1,00xMax%coveredwithdebt(ineverysingleinvestment)40,00%Tangiblefixedassets12.265.00024.515.00024.515.000#yearsconsidered6yearsSuccessFee(CarriedInterest)15,00%Expirydate5yearsDepreciation-6.800-13.600-20.400RPI3,00%CurrentAssets78.31575.4119.641PersonnelSocialSecuritycontribution(Companycost)28,00%SuscriptionOtherAvailabilitycash307.1551.673.9847.581.767AnnualIncreasingcostsassumption3,00%HurdleRate15,00%fees&expenses0,50%0,00%0,00%TOTALASSESTS12.668.67026.275.79532.111.009collectionsperiod30daysLowestmultipleonInvested(objective)1,52xcurrentpaymentsperiod30daysinterestrateconsidered5,20%Equity12.668.00325.050.10828.656.112Euros/year4,00%CurrentLiabilities667687707FundManager(Salary)60.0001,20%LongtermCreditors01.225.0003.454.190FundManager(bonus)30%TOTALLIABILITIES12.668.67026.275.79532.111.009Travelexpenses12.000AverageDebitBalance2.665.588Definitiveclosing12montsfromthefoundingprospectiveinvestmentsandrealizations(%onamountinvested)3,00%RatioAnalysisTermofthefund6yearsRealizationsdeinvestments(%onamountdeinvested)1,50%Leverageratio0,00%4,66%10,76%Extension(ifdecided)2yearsLegalexpenses10.000Year1st.DisposalyearWACC13,05%12,65%12,12%Investmentperiod4yearsAnnualAuditors5.000interestrateconsidered2,90%Investmentperiodextension(ifdecided)1yearsBoardremuneration0Euribor2,50%#membersoftheboard9Spread0,40%TotalCommitedCapital50.000.000officeexpensesSuscriiptionfee0,20%200920102011InitialDrawndown27,00%Costofficespace84.000Totalamountdisposed0Building/landratio1/41/22/3InitialDrawndown13.500.000Comucicatios3.600PartialDrawndowns(CapitalCall1)year200927,00%supllies5.400PartialDrawndowns(CapitalCall2)year201025,00%OtherOperat.expenses7.200PartialDrawndowns(CapitalCall3)year201121,00%Insurance1.500Fund`snetIRR38,95%PartialDrawndowns(CapitalCall4)year20120,00%Officefurniture1.000LverageRatio(average)(%)25,83%Shareholder´sNPV13,05%21.465.517Representatión24.000WACC(%)11,18%Totalfundsinvestedinnewassets49.000.000Other3.000ROE(%)221,64%Cashtakenback149.382.625Supplementaryfinancialneeds0ROCE(%)59,93%GrossGainsoftheFund100.382.625ROA(%)74,20%NetDebt/Equity(times)-0,22NetDebt/EBITDA(times)-0,04Amountperinvestmentaverage1.532.000Formationexpensesyear2008year2009year2010CostedelEquity(Ke)#investments/year.(Objective)8,0Legalexpenses25.000Primerate(GermanBond10years)4,25%Maximum#investmentsinportfolio(objective)33PatentsRiskpremiun(sector)8,00%IRRaverageperinvestment45,00%OtrosBetaofSector1,10averageperiodtodeinvest(2-5years)3yearsIntangiblefixedassetsEBITDA/Revenues81,49%EquityCost(Ke)13,05%multipleoninvestedcapital(perinvestment)3,05xdeferredexpensesEBIT/Revenues81,45%Dividends(assetsinportfolio)0,00%IntercalariosGrossMargin(EBI/Revenues)81,31%DebtCostPre-Tax4,37%interestrateforcashallocation2,50%TangiblefixedassetsNetMargin(EAI/Revenues)52,85%Euribor4,00%lands&buildings,realstate3.000Spread1,20%201020112012HW&SWspecific12.000Tax16,00%GainsfromDeinvestments25.095.65625.095.65625.095.656furniture&fittings12.250.00012.250.00012.250.000Leragerateavarage(2008-2012)25,83%Dividends(assetsinportfolio)---InputV.A.T.rate19,00%Otherincome---TOTAL12.290.00012.250.00012.250.000OutputV.A.T.rate19,00%10,81%TotalIncome25.095.65625.095.65625.095.656Cumulative12.290.00024.540.00036.790.000CorporationTaxrate16,00%11,18%WACCaverageWACCINVESTMENTSOPERATIONALRATIOSSpreadTAXINPUTSNetWealthevolutionWACCBuilding/landratioFund`sRESULTSFINANCIALRATIOSOtherexpensesBASICASSUMPTIONSProjectTitleFundAAALineofcreditShorttermFINANCIALSTRUCTURE0Euros/member/yearBALANCESHEETFIGURESEu
本文标题:Private Equity-Venture Capital Fund VALUATION MODE
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