Validating the equity story

Our initial view in the equity story

Market and competitive stage

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Growth profile

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Asset quality

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Operational delivery

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Value Creation Opportunities

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Cash conversion

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Opportunities and challenges in the sector and implications for the planned disposal

Macro factors

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Channel shift

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Sector growth profile

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Regulatory factors

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Support for the value creation initiatives to underpin the equity story

Goodwill determination according to IFRS

  • The remaining difference between the purchase price “surplus” (difference between the purchase price and the acquired net assets) and the fair value adjustments (net of deferred taxes) results in the Goodwill.
  • The Goodwill reflects the value of all assets which cannot be recognised as separate assets according to IFRS such as the value of the Assembled Workforce for example, which cannot be recognised as a separate asset.
  • Intangible assets with a definite useful life are amortised over their assumed economic lifetime. Intangible assets with an indefinite useful life as well as Goodwill are not annually amortised but tested for impairment (at least annually or after a “triggering event”).

Determination of remaining Goodwill

Validate the key elements of the equity story

Key issues for potential investor

Approach

Organic revenue growth and understanding

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Stability of gross margins

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Fixed cost and operating leverage

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Foundations for future growth

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Cash conversion

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