Closing accounts. Bart Bellen 11 oktober Minervastraat 5, 1930 Zaventem, T +32 (0) , F +32 (0) ,

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1 Closing accounts Bart Bellen 11 oktober 2018 Minervastraat 5, 1930 Zaventem, T +32 (0) , F +32 (0) ,

2 Programma Wat? Waarom? Wanneer? 4 aandachtspunten 2

3 ?? Wat?

4 C L O S I N G A C C O U N T S 31/12/ /12/ /12/ /12/2019 Closing accounts CLOSING ACCOUNTS NDA LOI SPA CLOSING VERREKENING VOORLOPIGE PRIJS BETALING 4

5 SPA: voorlopige prijs op basis van historische cijfers Closing Accounts worden na closing vastgesteld Herberekening en verrekening verschil t.o.v. voorlopige koopprijs Afrekening en betaling na Closing 5

6 L O C K E D B O X 31/12/ /12/ /12/ /12/2019 Locked box NDA LOI SPA CLOSING Effective Date 6

7 ?? Waarom?

8 Overbruggen tijdsverschil signing (waardering) - closing 8

9 9

10 Conditions precedent Total Cat. Cat. Cat. I II III The purchase agreement is subject to conditions precedent 54 % 37 % 67 % 90 % 10

11 Allocatie economisch risico =~ juridische eigendom 11

12 C L O S I N G A C C O U N T S 31/12/ /12/ /12/ /12/2019 CLOSING ACCOUNTS NDA LOI SPA CLOSING VERREKENING VOORLOPIGE PRIJS BETALING VERKOPER KOPER 12

13 L O C K E D B O X 31/12/ /12/ /12/ /12/2019 NDA LOI SPA CLOSING Effective Date VERKOPER KOPER 13

14 Effectieve bescherming tegen seller looting bv. Manipulaties werkkapitaal verklaring / garantie / indemnity MAC 14

15 ?? Wanneer?

16 M&A Survey 1e M&A Survey ( ): 35 % 2e M&A Survey ( ): 35 % 3e M&A Survey ( ): 45 % Category I Category II Category III 36 % 49 % 59 % 16

17 4e M&A Survey ( ) 17

18 Overwegingen 1. Timing issue / moment van waardering vs. closing 2. buyer-friendly 3. Flexibel / omnibus-oplossing 4. Complex, duurder, aanleiding voor conflicten 18

19 4 4 4 aandachtspunten

20 Aandachtspunten 4 4 Appelen met appelen Sluitende vaststellingsprocedure (bepaalbaarheid prijs) Toegang tot informatie / controle Interactie verklaringen en garanties / indemnities 20

21 Appelen / Appelen Peren / Peren Referentiebalans ( Accounts ) = Closing Accounts 21

22 Welke waarderingsmethode 22

23 Waardering Waardering op basis van netto-actiefwaarde (e.g. vastgoedvennootschappen) schattingsverslagen / fiscale latenties Rendementswaardering Herwaardering boekhoudkundig eigen vermogen Multiple methode (omzet, brutomarge, (r)ebit(da), netto-winst,...) DCF 23

24 Actief [31/12/20XX] Passief P&L [1/1/20XX 31/12/20XX] Equity value Vast actief Eigen vermogen Voorzieningen Enterprise value Ondernemingswaarde Vlottend actief Vreemd vermogen 24

25 Enterprise value [ EBITDA X M ] - NFD Equity value 25

26 Opgepast NFD Cash (excess cash vs. trapped cash) net working capital Belang van aansluitende definities Normalisering 26

27 Opgepast noodzakelijk volledige evolutie EV cut-off issues Voorraad / stock-in-transit 27

28 Fixeren van bepaalde uitgangspunten, e.g. Toepasselijke boekhoudregels GAAP vs. consistency? Definitief vastgestelde balansposten (bv. immaterieel vast actief, provisies, ) Overeengekomen normaliseringen Referentie werkkapitaal 28

29 Financiële limieten Cap Floor Materialiteitsdrempel / de minimis 29

31 Gedetailleerde contractuele procedure Initiatief Notice of Objection Duidelijke chronologie / vervaltermijnen Inhoudelijke vereisten Opgepast: meerdere verkopers/kopers? Seller s representative? 31

32 Aanduiding expert (bepaalbaarheid) Zekerheid aanstelling verzekeren Bevestiging mandaat expert / volmacht Procedure expert / timing Deliverables Erelonen 32

33 Betaling Betaling op Closing Betaling Closing Adjustment Allocatie tussen partijen Zekerheid 33

35 Na closing koper heeft controle Contractueel toegangsrecht verkoper / Seller s representative (onder welke voorwaarden? kopies? toegang experten?) Opschorting termijnen als normale informatiedeling wordt verhinderd 35

37 Interactie verklaringen en garanties / indemnities Problematiek Bv. balansgaranties / provisies in referentiebalans Geen double dip Maar: schade kan groter zijn dan Closing Adjustment 37

38 Verduidelijking in SPA Closing Adjustment procedure doet geen afbreuk aan bescherming koper op basis van andere bepalingen (i.h.b. reps & warranties / indemnities) Wel: provisies in Closing Accounts (of andere aanpassingen referentiebalans) relevant voor berekening Loss 38

39 S A M E N V A T T E N D Omnibusoplossing / flexibel / moduleerbaar Economische eigendom =~ juridisch eigendom en controle Beperkte invloed op dynamiek onderhandeling Koper: meer zekerheid / bescherming tegen seller looting / controle Closing Accounts Complex Duurder Aanleiding voor geschillen Misbruik als compensatie voor gebrekkige garanties / nieuwe prijsonderhandeling Verkoper: minder zekerheid / geen controle - toegang 39

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41 Purchase price adjustment based on closing accounts (adjustment based on changes in net asset value) The Purchase Price shall be increased by the excess of (i) the Company s net asset value ( netto-actief / actif net ) on the Closing Date, determined in accordance with this Clause (the Closing Date Net Asset Value ), as compared to (ii) the net asset value shown in the [Accounts], i.e. EUR [*] (the Accounts Net Asset Value ). Conversely, the Purchase Price shall be decreased by the shortfall of (i) the Closing Date Net Asset Value, as compared to (ii) the Accounts Net Asset Value. The amount by which the Purchase Price shall be increased or, as the case may be, decreased shall constitute the Price Adjustment Amount. Notwithstanding the first paragraph of this Clause, the Purchase Price shall not be adjusted if the excess or, as the case may be, shortfall of the Closing Date Net Asset Value compared to the Accounts Net Asset Value is less than EUR [*]. The Price Adjustment Amount shall in any case not exceed EUR [*]. Interest shall be due on the Price Adjustment Amount payable to the Seller or, as the case may be, to the Purchaser, at a rate of [*]% per annum, to be calculated from day to day, on the basis of the actual number of days elapsed since the Closing Date and assuming a year of 365 days 41

42 Purchase price adjustment based on closing accounts (adjustment based on changes in net asset value) The Parties hereby jointly appoint [*] with offices at [*] as independent expert for purposes of the Agreement (the Independent Expert ). Should the Independent Expert be or become unavailable for any reason, the Parties hereby appoint [*] with offices at [*] to replace the Independent Expert. Should the second Independent Expert also be or become unavailable for any reason, and failing agreement between the Parties on the appointment of a third Independent Expert within [*] days of either Party s request, an independent audit firm of international standing which is a member of the Belgian Institute of Certified Auditors ( Instituut der Bedrijfsrevisoren / Institut des Réviseurs d Entreprises ), shall be appointed as the Independent Expert by the President of the court of commerce of Brussels, at the request of the Party first seeking such an appointment. The Independent Expert shall be unrelated to the Parties. The Closing Date Net Asset Value and, accordingly, the Price Adjustment Amount, shall be determined by the Company and the Parties or, as the case may be, by the Independent Expert in accordance with the procedure set out in this Clause. 42

43 Purchase price adjustment based on closing accounts (adjustment based on changes in net asset value) For the purpose of determining the Closing Date Net Asset Value, the Company, the Parties and the Independent Expert shall apply: Belgian accounting laws and regulations; Belgian generally accepted accounting principles applied on a basis that is consistent with the Accounts (to the extent that the Accounts are drawn up in accordance with Belgian accounting laws and regulations); and the valuation rules (including the rules on the level of provisions) as approved by the Company s board of directors and as in effect on the Accounts Date, as attached hereto as Schedule [*]. In addition, in determining the Closing Date Net Asset Value, neither the Company, nor the Parties or the Independent Expert shall change the value of the following items as shown in the Accounts: [add agreed values, e.g. provisions, goodwill]; [*]. 43

44 Purchase price adjustment based on closing accounts (adjustment based on changes in net asset value) The Purchaser shall cause a first draft of the Company s balance sheet as at the Closing Date (the Company s Closing Accounts ) to be prepared independently by the Company and to be delivered to the Parties at the latest on [date]. The date on which the Company s Closing Accounts are delivered by the Company to both Parties shall constitute the Closing Accounts Delivery Date. During a period of [*] Business Days after the Closing Accounts Delivery Date (the Consultation and Verification Period ), both the Purchaser and the Seller shall: cause such verifications as they shall consider useful to be performed with respect to the Company s Closing Accounts, each at their sole expense; consult with each other and use their best efforts to agree on the amount of the Company s net asset value on the Closing Date, in which case that amount shall constitute the Closing Date Net Asset Value for the purpose of this Clause. If the Parties are not able to reach agreement within the Consultation and Verification Period, each Party may, within [*] Business Days following the Consultation and Verification Period, propose to the other Party in writing such adjustments, if any, as shall in such Party s judgment be required to determine the Closing Date Net Asset Value in accordance with this Clause (a Notice of Objection ). A Notice of Objection shall contain a motivated statement of the basis of the relevant Party s objections, including (as the case may be) a supporting memorandum of the accounting firm used by such Party to perform its verifications, as well as a new proposal for the Closing Accounts and the corresponding Closing Date Net Asset Value and Price Adjustment Amount. 44

45 Purchase price adjustment based on closing accounts (adjustment based on changes in net asset value) If a Party has not notified a Notice of Objection within [*] Business Days following the Consultation and Verification Period, then such Party shall be deemed to agree with the amount of the Company s net asset value as shown in the Company s Closing Accounts. If neither Party has notified a Notice of Objection within [*] Business Days following the Consultation and Verification Period, then the amount of the Company s net asset value as shown in the Company s Closing Accounts shall constitute the Closing Date Net Asset Value for purposes of this Clause. In case a Notice of Objection is issued, either Party may at any time instruct the Independent Expert to determine the Closing Date Net Asset Value by written notice, copied to the other Party, including a copy of the Company s Closing Accounts and a copy of all Notices of Objection issued by the Parties (the Independent Expert Instruction Notice ). If an Independent Expert Instruction Notice is issued, the Independent Expert shall determine the Closing Date Net Asset Value and the corresponding Price Adjustment Amount in accordance with this Clause and shall notify the Parties of its decision (including a statement of the basis of the Independent Expert s decision), within [*] Business Days after the Independent Expert Instruction Notice. The Independent Expert shall limit any changes to the Company s Closing Accounts to the items in respect of which the Parties have proposed adjustments, as set out in the Parties respective Notice of Objection, and shall not make any other changes to the Company s Closing Accounts (except for such additional changes which necessarily result from adjustments relating to disputed items). The decision of the Independent Expert shall be final and binding upon the Parties (in accordance with article 1592 of the Belgian Civil Code). 45

46 Purchase price adjustment based on closing accounts (adjustment based on changes in net asset value) The Purchaser and the Seller shall each advance 50% of the Independent Expert s fees and expenses. The fees and expenses of the Independent Expert shall be borne by the Purchaser and the Seller pro rata the relation between (i) the amounts they each proposed (or are deemed to have accepted) as the Price Adjustment Amount and (ii) the Price Adjustment Amount as finally determined by the Independent Expert. The Independent Expert s decision shall confirm the final allocation of the Independent Expert s fees and expenses in accordance with this Clause. The Price Adjustment Amount shall be paid by the Purchaser to the Seller, or vice versa as the case may be, upon the expiration of [*] Business Days following the Consultation and Verification Period, unless a Notice of Objection is given in which case the Price Adjustment Amount shall be paid by the relevant Party within [*] Business Days from the Parties agreement or the decision of the Independent Expert with respect to the Price Adjustment Amount, whichever occurs first. [The Company hereby intervenes to acknowledge and accept its obligations pursuant to this Clause and agrees to give access to any information reasonably requested by the Seller or the Purchaser, or their respective advisers, during the Consultation and Verification Period, as well as to the Independent Expert following an Independent Expert Instruction Notice.] 46

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