Vorstellung der Finadvice

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1 Vorstellung der Finadvice

2 Finadvice ist spezialisiert auf M&A-Beratung in der Versorgungswirtschaft Kernkompetenz: Businesspläne und Unternehmensbewertungen Fokus auf M&A-Beratung Finadvice kann auf über 15 Jahre Erfahrung im M&A-Geschäft zurückblicken Verständnis der technischen, rechtlichen, wirtschaftlichen, strategischen und politischen Einflussfaktoren und Werttreiber Businesspläne, Unternehmenssteuerung, Bewertungen, Wirtschaftlichkeitsrechnungen Kontakte und Geschäftsbeziehungen zu einer Vielzahl von strategischen und finanziellen Investoren Projektmanagement von M&A-Prozessen Due-Diligence für Käufer und Verkäufer Vertragsverhandlungen Fokus auf die Versorgungswirtschaft Überwiegende Mehrzahl unserer Projekte betrifft Unternehmen der Versorgungswirtschaft Verständnis der technischen, ökonomischen und politischen Zusammenhänge Expertise für regulierte und freie Märkte Kenntnisse der Marktteilnehmer,ihrer Bedürfnisse Spezialkenntnisse wie Kraftwerkseinsatzoptimierung Branchentypische Vertragsstrukturen Preisgleitklauseln und -prognosen Energiewirtschaftliches Risikomanagement Akzeptanzmanagement M&A-Beratung M&A-Beratung Finadvice Finadvice Versorgungswirtschaft Versorgungswirtschaft 2

3 Finadvice ist an 9 Standorten in Europa und Indien vertreten Indien Zürich Madurai Linz/Wien Office Turkey Praha Warszawa Office Israel Dusseldorf Partnerbüro Hitschfeld Finadvice wurde 1998 als unabhängiges Beratungsunternehmen mit Schwerpunkt M&A im Infrastrukturbereich von ehemaligen Mitarbeitern einer Schweizer Investmentbank gegründet Seit der Gründung hat Finadvice über 250 Projekte mit einem Transaktionsvolumen von über 45 Mrd. Euro bearbeitet, davon circa 80 Projekte mit einem Volumen von insgesamt mehr als 7 Mrd. Euro erfolgreich abgeschlossen Circa 40 Mitarbeiter aus 11 Nationen und 9 Muttersprachen 3

4 Transaktionsvolumen in Mrd. Anzahl Transaktionen Finadvice hat in den letzten 15 Jahren über 250 Projekte mit einem Volumen von über 45 Mrd. Euro bearbeitet Der Schwerpunkt unserer Arbeit liegt in der Bandbreite von 50 bis 500 Mio. Euro Größere Transaktionen sind vergleichsweise selten, kleinere fallen dagegen wertmäßig weniger ins Gewicht Transaktionsvol. >500 Mio. Transaktionsvol. > Mio. Transaktionsvol. <50 Mio. Unveröffentl. Transaktionsvol. 0 Transaktionsvolumen (Mrd. ) Anzahl abgeschlossene Projekte 4

5 Beispielhafte Kunden aus der Versorgungswirtschaft Kunden (Auswahl) Frankreich & Belgien Schweiz & Liechtenstein Deutschland Österreich Italien CEE 5

6 Die Geschäftsführer der Finadvice Zürich haben langjährige M&A-, Beratungs- und Versorgererfahrung Manfred Lerley Hans Poser Jan Strobel Felix ab Egg Aktionär/Geschäftsführer (M&A, Versorger, Projektentw.) Büro Zürich und Prag Aktionär/Geschäftsführer (M&A, Versorger) Büro Zürich Aktionär/Geschäftsführer (M&A, Versorger) Büro Zürich Aktionär/Geschäftsführer (M&A, Versorger) Büro Zürich UBS Prokurist (M&A für Versorger) UBS Chefprokurist (M&A für Versorger) Berliner Wasserbetriebe Finanzabteilung Finadvice Praktikant BCG Projektleiter (Deutsche Versorger) BCG Projektleiter (Europäische Versorger) Finadvice Praktikant Zanotelli Projektmanager 6

7 Die Geschäftsführer in Österreich und Deutschland haben langjährige Versorger-, M&A-, Finanzierungs- und Beratungserfahrung Fritz Lehner Ralf Hülsmann Uwe Hitschfeld Gesellschafter/Geschäftsführer (M&A, Versorger) Büro Linz FCI Fischer Consultants International Assistant Manager Corporate Finance (KMU) Gesellschafter/Geschäftsführer (M&A, Versorger) Büro München EnBW M&A / Strategie Andersen Consulting Berater Gesellschafter/Geschäftsführer (Strategie, Kommunikation, Akzeptanzmanagement) Stadt Leipzig Chef des Stabes des OBM 7

8 Die Geschäftsführer der Finadvice haben langjährige M&A-, Finanzierungsund Beratungserfahrung A. Murali Babu Jaroslaw Korytowski Dr. Pier Paolo Raimondi Jeffrey Altman Finadvice Mediterranean Partner Leiter Büro Indien Geschäftsführer (M&A, Versorger, Projektentw.) Büro Warschau Geschäftsführer (M&A, Versorger) Mediterranean Region Senior Advisor (M&A, Versorger, Strategieplanung) Citibank Associate BPL Mobile Associate Adelsfamilie von Mora Berater und Unternehmer Bau- und Holzindustrie Polen / Ukraine Banca IMI Geschäftsführer (Energie & Versorger) Dresdner Kleinwort Vizepräsident (Europäische Versorger) First State Investments Direktor (Investment Management) Mirant Corporation Abteilungsleiter (Unternehmensentwicklung) auch bei Bewag, Gasag 8

9 Referenzen 9

10 Finadvice helped Swisspower develop and implement an international renewables investment strategy Case study Swisspower : Strategy development, search for targets, buy-side mandate Finadvice helped Swisspower create Swisspower Renewables AG, an investment company for renewable energies owned by 11 Swiss municipal utilities, and jointly with Swisspower developed the investment strategy and criteria Acciona Energia operates over MW of renewable energy assets globally. Acciona realized the value of its German wind farms to compensate for reduced revenue after Spain introduced a 7 percent tax on electricity production and cut government support for renewable energies In Dec 2013 / Jan 2014 Swisspower acquired Acciona s German wind farms : 18 onshore wind farms with 85 turbines representing a total installed capacity of MW Annual electricity production of ca. 280 GWh The turbines were constructed between 2002 and 2009 Transaction value (enterprise): 157 MEUR (1.04 MEUR/MW) New project financing of ca. 125 MEUR by DekaBank Deutsche Girozentrale Transaction included an asset management company that will continue the operation and optimization of the assets Finadvice acted as financial advisor (M&A, DD, Closing) to Swisspower and coordindated new project financing for the wind farm portfolio Advised Regarding the 157 MEUR acquisition of 150 MW German wind farms from 10 Sources: Press releases Swisspower 18 December 2013 and 24 January 2014 Bloomberg

11 Finadvice helped Axpo to acquire an leading international wind farm developer from Germany to expand its business activities Case study Axpo: Valuation, negotiation, buy-side mandate In 2015, Finadvice helped Axpo AG, it is one of the largest Swiss utility with approx. USD 6.6bn in revenues, to acquire Volkswind AG. With this acquisition, Axpo is strengthening its position in the area of renewable energies and entering into the market for construction and development of wind power plants in Germany and France. Volkswind was founded in 1993 by two engineers and wind energy pioneers, who have progressively expanded the business. The company ranks among the leading and most successful independent wind farm developers and operators in Germany and France. Volkswind currently employs a staff of 60 in these countries. The new Axpo subsidiary will continue to operate under the name Volkswind, and remain largely independent. With the purchase of the company, Axpo takes: over 29 operating wind farms with a total capacity of 154 MW and annual electricity production of approx. 250 GWh Acquires a major project pipeline in France and Germany, 460 MW of which has already been granted construction approval and another 2740 MW in various stages of development. Finadvice acted as financial advisor (M&A, DD, Closing) to Axpo AG, supported Axpo during the negotiations and structured the deal Advised Regarding the acquisition a German wind farm developer with wind farm projects in Germany and France from 11 Sources: Press releases Axpo

12 Finadvice acted as lead strategic and financial advisor to Veolia Water regarding its largest investment and divestment worldwide Case study Veolia : Strategy development, business planning, sell-side mandate Veolia Wasser / Veolia Environnement is a French utility company that acquired 25% of the Berlin water and waste water company ( BWB ) in 1999 BWB is Germany's largest water company and: delivers ca. 200 million m 3 drinking water/a processes 240 million m 3 waste water/a serves 4 million inhabitants of Berlin has revenues of over 1.3 BnEUR Since 2006 Finadvice supported Veolia in both the business plan management as well as the strategy for the BWB participation Due to political changes and regulatory pressure, Veolia decided to renunciate its shareholding in BWB In 2013 the State of Berlin acquired the 25% shareholding of Veolia: Transaction value (equity) of MEUR, enterprise value >6 bn EUR As of 2013, BWB is wholly owned by the State of Berlin Advised Regarding the 650 MEUR sale of 25% in Finadvice acted as lead strategic and financial advisor to Veolia during >5 years of ownership and the final divestment 12 Sources:

13 Successful transactions Austria 1999 Acquisition of a stake in Stadtwerke Salzburg and merger with SAFE to form Salzburg AG Switzerland 1999 Enron Set up of an electricity trading cooperation with Elektrizitätswerk der Stadt Zürich (ewz) Switzerland 1999 Enron Set up of an electricity trading cooperation with Industrielle Werke Basel (iwb) Germany 1999 Not disclosed Acquisition of a gas distributor in Germany (Valuation only) Austria 1999 Kelag Acquisition of 100% of the Shell subsidiary Wärmebetriebe France 1999 EDF Analysis and modelling of European electricity wholesale market Austria 2000 State of Upper Austria Partial privatisation of 25.1% of Germany 2000 Not disclosed Financing of a German start-up internet shop Advisory Financing Slovakia 2001 Austria 2001 Switzerland 2002 Germany 2002 Austria 2002 Switzerland 2002 Czech Republic 2003 Czech Republic 2003 Électricité de France Valuation of a Slovakian gas company Not disclosed Valuation of an Austrian water utility company Elektra Birsek Münchenstein Setup of a trading joint venture Acquisition of 25.1% in Heilbronner Versorgungs Acquisition of 49.9% in Stadtwerke Wels Elektrizitätswerk der Stadt Zürich Selection of Statkraft as strategic trading partner Acquisition of 95.2% in the Czech water company VaK JC Acquisition of 58.3% in the Czech water company VaK Beroun Czech Republic 2004 Germany 2004 Germany 2004 Hungary 2004 Czech Republic 2004 Switzerland 2004 Germany 2004 Germany 2004 E.ON Acquisition of REC assets from Energie AG in the Czech Republic Increase in stake from 24.9% to 40% in Stadtwerke Weinheim Acquisition of 15.05% in MVV Acquisition of waste management activities of RWE Umwelt AG in Hungary Acquisition of waste management activities of RWE Umwelt AG in the Czech Republic Elektrizitätswerk der Stadt Zürich Valuation and renegotiation of electricity contracts and power plant participations Veolia Water Deutschland Acquisition of 74.9% in Braunschweiger Versorgungs-AG Veolia Water Systems Acquisition of the domestic business of WABAG Germany from VA Tech Buy & Valuation France 2004 Austria 2005 Germany 2005 Germany 2005 Czech Republic 2005 Hungary 2005 Switzerland 2005 Austria 2005 Veolia Water Systems Acquisition of the domestic business of WABAG France from VA Tech SMB Wageneder Sale of all shares in the company to financial investors Dalkia Sale of parts of the German facility management business to Gegenbauer Dalkia Acquisition of 10 biogas projects Acquisition of 3 water assets in the Czech Republic Acquisition of 44.8% in the Hungarian waste company Zöldfok Rt. Taurino Traktion Set-up and financing of start-up company for rail cargo transports J.C. Neckermann & Co. KG Financing of a biodiesel plant with a capacity of 100,000 tons p.a. Financing 13 Only successfully concluded transactions. Our role was not publicly disclosed in several further transactions. Red: grid and regulated infrastructure, Green: renewables, Blue: other business

14 Successful transactions Austria 2005 Germany 2005 Czech Republic 2005 Germany 2006 Austria 2006 Germany 2006 Macedonia 2006 Austria 2006 AVE Acquisition of animal incineration plant TKV Regau BVT Advice to the private investors bvt and VASA in the restructuring process of Stadtwerke Cottbus E.ON Czech Holding Raiffeisen Impuls Leasing bought 100% in EFIS a.s. Acquisition of 10% in Stadtwerke Schwetzingen AVE Acquisition of 100% in Austrian waste company Eigl Acquisition of 50% in Gasversorgung Sachsenheim Republic of Macedonia Sale of 90% in ESM AD Elektrostopanstvo na Makedonija to EVN AG AVE Acquisition of 100% in the Austrian waste companies Bachleitner and Faltinger Restructuring Sell side in consortium Czech Republic 2006 Germany 2006 Germany 2006 Germany 2006 Germany 2006 Switzerland 2006 Germany 2006 Czech Republic 2006 E.ON Czech Holding Acquisition of shares in the Czech gas company JCP Audit of a management data base Stadtwerke Düsseldorf Acquisition of Remondis Bergische Region through its participation ATG & Rosendahl Stadtwerke Düsseldorf Acquisition of Remondis branch in Langenfeld through its participation AWISTA Acquisition of 30% in Stadtwerke Bad Herrenalb Regio Energie Solothurn Acquisition of a stake in Trianel European Energy Trading Merger of assets with Energieversorgung Rottenburg Acquisition of communal waste company TSM Ústí nad Labem Buy& Advisory Merger advisory Czech Republic 2006 Germany 2006 Czech Republic 2006 Czech Republic 2006 Czech Republic 2006 Czech Republic 2006 Czech Republic 2007 Czech Republic 2007 Arriva Acquisition of 100% in bus company Transcentrum bus, spol. s.r.o. Acquisition of 50% of Energieversorgung Gaildorf from Thüga Acquisition of waste company Kattenbeck s.r.o. Acquisition of waste company REKKA s.r.o. Acquisition of waste company TESCO Jindřichůc Hradec Acquisition of waste company Frymes Technické služby s.r.o. Acquisition of a a waste company TSM Kolín Acquisition of a a waste company ZSS a.s. Czech Republic 2007 Slovakia 2007 Czech Republic 2007 Czech Republic 2007 Germany 2007 Austria 2007 Austria 2007 France 2007 Acquisition of a waste company Fortygo s.r.o. Acquisition of a heat company Kremnické tepelné hospodárstvo Arriva Acquisition of 100% in bus company Bosak Bus, spol. s.r.o. Arriva Acquisition of 100% in bus company Osnado, spol. s.r.o. Dalkia Acquisition of 100% in Biomassekraftwerk Delitzsch GuD Timelkam Sale of 30% generation capacity of the 400 MW gas and steam plant Timelkam Power Tower Leasing Arrangement of Financing of the new headquarter ( Power Tower Leasing ) Croma Pharma Acquisition of 100% in the optical business of the French company Cornéal Financing 14 Only successfully concluded transactions. Our role was not publicly disclosed in several further transactions. Red: grid and regulated infrastructure, Green: renewables, Blue: other business

15 Successful transactions Slovakia 2007 Hungary 2007 Germany 2007 Slovakia/ Hungary 2008 Germany 2008 Germany 2008 Germany 2008 Czech Republic 2008 AVE Slovakia Acquisition of a majority in a waste company VODS Meinl Internat. Power 24% participation in Vasarosnameny CCGT power plant project (subcontractor) Merger of distribution assets in Calw into Energie Calw Arriva Acquisition of 100% in bus company Eurobus Invest Holding Dalkia Acquisition of ABB division Distributed Energy ewz Acquisition of three wind turbines in Crussow from financial investor Sustec Industries Sale of the CCGT CHP plant in Schwarze Pumpe to Atel Acquisition of a waste company from Remondis CZ Czech Republic 2008 Czech Republic 2008 Czech Republic 2008 Czech Republic 2008 Czech Republic 2008 Czech Republic 2008 Germany 2008 Czech Republic 2008 Acquisition of the waste company Odpady 98 s.r.o. Acquisition of the heat company Tepelné zásobování Rakovník s.r.o. Acquisition of the waste company Plast Servis Acquisition of a heat company in Vimperk Acquisition of the heat company Sateza Acquisition of the water company 1.JVS BS Energy Investment decision regarding the construction of a CCGT plant Acquisition of the waste company Komunální služby Hořovice s.r.o. Business plan Austria 2008 Austria 2008 Austria 2008 Austria 2008 Switzerland 2009 Switzerland 2009 Germany 2009 Austria 2009 Eduard Kettner Sale of 82,7% of Eduard Kettner to Schmid Industrieholding SBM Mineral Processing Sale of 60% of SBM Mineral Processing to the Management Fair Energy Acquisition of 40% in IFEA Institut für Energieausweise Oberösterr. OÖ Asset Ferngas swap AG in OÖ Ferngas AG with OMV AG Swisspower Renewable energy opportunities review Energie Thun AG Electricity procurement strategy and contract valuation BS Energy Valuation of electricity procurement contract FACC AG Sale of 91 % of FACC AG to the Chinese investors XAC and ATL Asset swap advisory Advisory Advisory and valuation Valuation Austria 2009 Austria 2009 Austria 2009 Austria 2009 Czech Republic 2009 Czech Republic 2009 Czech Republic 2009 Czech Republic 2009 Karriere.at Informationsdienstleistung Sale of 49 % of karriere.at to jobs.ch AG Nutzfahrzeuge Rohr Sale of 100% of shares to VMS and Oberbank Opportunity Fonds Soravia Group Acquisition of 100 % of VVT Vermögensverwaltung Saatbau Linz OÖ Landes Saatbaugenossenschaft Acquisition of 80 % of the Polish Centrala Nasienna Sp. z o.o. Teplo Acquisition of the heat company Tehor s.r.o. Water Acquisition of the water company VHOS a.s. Acquisition of the incinerator company Synthos Kralupy Acquisition of the waste company Ropo s.r.o. 15 Only successfully concluded transactions. Our role was not publicly disclosed in several further transactions. Red: grid and regulated infrastructure, Green: renewables, Blue: other business

16 Successful transactions Germany 2010 Switzerland 2010 Germany 2010 Austria 2010 Austria 2010 Austria 2010 Germany 2011 Switzerland 2011 Wasserwerke Zug AG & Energie Thun AG Acquisition of a stake in BVT Windpark Sustrum /Renkenberge & Co. KG with 48 MW Erdgas Zürich AG Acquisition of a majority stake in geothermal company Thermatech AG Q-Cells Clean Sourcing Sale of Q-Cells Clean Sourcing to Terajoule Energy Ebner Industrieofenbau Acquisition of 100% of the company Gautschi Engineering Augustin Network Acquisition of the Logwin Road&Rail business OÖ Biodiesel Sale of 95% of OÖ Biodiesel to Bulmarket DM Ltd. SolarFuel First external capital increase with strategic and private investors Swisspower Set-up of holding company Swisspower Renewables Switzerland 2011 Switzerland 2011 Austria 2011 Austria 2011 Austria 2011 Austria 2011 Austria 2011 Germany 2011 IBA, WWZ, LKW Acquisition of 24% in Repartner AG LKW Liechtensteinische Kraftwerke Closing of long-term power contract SWH Strom und Biomasse aus Holz Sale of Alternative Energie Salzburg to Kelag Wärme SWH Strom und Biomasse aus Holz Sale of Biowärme Friesach to Kelag Wärme SWH Strom und Biomasse aus Holz Sale of 3 MW biomass heating plant Mondsee to Kelag Wärme SWH Strom und Biomasse aus Holz Sale of 2 MW biomass heating plant Aflenz to Leopold MS.Transporte SWH Strom und Biomasse aus Holz Sale of 1 MW biomass heating plant Pfunds to GEM mbh Navex Creation and financing of online power broker Start-up and financing Czech Republic 2011 Czech Republic 2011 Czech Republic 2011 Slovakia 2012 Germany 2012 Switzerland 2012 Switzerland 2012 Germany 2012 Acquisition of the landfill company Zitas s.r.o. Acquisition of the waste company EKO BIO s.r.o. Acquisition of the waste company ADOS a.s. NOVOFRUCT SK, s.r.o. Sale of 70% of a leading process food producer Novofrucht s.r.o. pepcom Acquisition of 100% of HLkomm from Stadtwerke Leipzig SW Schaffhausen und Neuhausen a. Rhf. Preparation of public referendum on renewable investments Erdgas Zürich AG Acquisition of majority of etwag Veolia Wasser Defence of BWB against Federal Cartel Office Advisory Advisory and valuation Austria 2012 Austria 2012 Switzerland 2012 Switzerland 2012 Germany 2013 Switzerland 2013 Germany 2013 Germany 2013 OÖ.Gas-Wärme Acquisition of 100% of shares of Biowärme B3 SWH Strom und Biomasse aus Holz Sale of Biomasseheizkraftwerk SBH-Ennsdorf Swisspower Renewables Asset Management and project financing of wind farm Hof Erdgas Zürich AG Acquisition of the gas utility GASWERK HERISAU AG Dalkia Sale of German CHP portfolio to Enercity Contracting Kleinkraftwerk Birseck AG Acquisition of a PV- Project with 2 MWp on a building of Feldschlösschen Veolia Wasser Sale of 50% RVB (24.95% in Berliner Wasserbetriebe) stake to Land Berlin ETOGAS delivers the first and the world s largest Powerto-Gas-plant with 6 MW to Audi AG Asset Management Business Plan 16 Only successfully concluded transactions. Our role was not publicly disclosed in several further transactions. Red: grid and regulated infrastructure, Green: renewables, Blue: other business

17 Successful transactions Switzerland 2013 Germany 2013 Switzerland 2014 Switzerland 2014 Germany 2014 USA 2014 Switzerland 2014 Netherlands 2014 ewz Restructuring of power trading and sales division Hamburger Wasserwerke Renewable investment options Swisspower Renewables AG Fundraising for a wind farm portfolio with a total installed capacity of MW in Germany Swisspower Renewables AG Acquisition of a wind farm portfolio with a total installed capacity of MW in Germany Clens Simulation of power storage options Edison Electric Institute Study on German energy transition ewz Risk management of power trading and sales River Basin Energy Inc. Cooperation with BSIEnergy for testing the co-firing of bio coal in conventional power plants Advisory Valuation Financing Valuation Advisory Advisory Advisory Austria 2014 Switzerland 2014 Austria 2014 Germany 2015 Germany/France 2015 Germany/Italy 2016 Superlas International Sale of international hose sales company to Trelleborg AB Migros- Pensionskasse Second Opinion on Evaluation of an Infrastructure Fund OÖ & PÜSPÖK Group Acquisition of two wind farms with a total installed capacity of 25,7 MW in Austria Innowatio SpA Participation of 12.5% in Clean Energy Sourcing AG. Axpo Power AG Acquisition of 100% of wind farm developer & operator Volkswind Innowatio SpA Participation Terajoule Energy in Innowatio through contribution in kind of Clean Energy Sourcing AG. Merger advisory 17 Only successfully concluded transactions. Our role was not publicly disclosed in several further transactions. Red: grid and regulated infrastructure, Green: renewables, Blue: other business

18 Kontaktinformationen der Finadvice-Büros Soodstrasse 55 CH-8134 Adliswil T F Warszawa Finadvice Polska Sp. z o.o ul. Śniadeckich 17 PL Warszawa T F Zürich Finadvice AG office@finadvice.ch office@finadvice.pl Linz Financial Advisory Am Winterhafen 11/4 A-4020 Linz T F office@finadvice.at Hitschfeld Büro für strategische Beratung Kickerlingsberg 15 D Leipzig T F u.hitschfeld@hitschfeld.de Praha Financial Advisory s.r.o. Hradcanska Office Center Milady Horakove 116/109 CZ Praha 6 T F office@finadvice.cz Madurai Finadvice India 23, Vengalakadai Street Madurai, India T F a.muralibabu@finadvice.in 18 Wien Financial Advisory Mahlerstrasse 3 A-1010 Wien T office@finadvice.at München Finadvice Adams-Lehmann-Str. 44 D München T r.huelsmann@finadvice.de Finadvice Mediterranean Region Amselweg 5 CH-8835 Feusisberg T F p.raimondi@finadvice.ch