Vorstellung der Finadvice Finadvice ist spezialisiert auf M&A-Beratung in der Versorgungswirtschaft Kernkompetenz: BusinessplГ¤ne und Unternehmensbewertungen Fokus auf M&A-Beratung Finadvice kann auf Гјber 15 Jahre Erfahrung im M&A-GeschГ¤ft zurГјckblicken пЃ¬ VerstГ¤ndnis der technischen, rechtlichen, wirtschaftlichen, strategischen und politischen Einflussfaktoren und Werttreiber пЃ¬ BusinessplГ¤ne, Unternehmenssteuerung, Bewertungen, Wirtschaftlichkeitsrechnungen пЃ¬ Kontakte und GeschГ¤ftsbeziehungen zu einer Vielzahl von strategischen und finanziellen Investoren пЃ¬ Projektmanagement von M&A-Prozessen пЃ¬ Due-Diligence fГјr KГ¤ufer und VerkГ¤ufer пЃ¬ Vertragsverhandlungen M&A-Beratung M&A-Beratung 2 Fokus auf die Versorgungswirtschaft Гњberwiegende Mehrzahl unserer Projekte betrifft Unternehmen der Versorgungswirtschaft пЃ¬ VerstГ¤ndnis der technischen, Г¶konomischen und politischen ZusammenhГ¤nge пЃ¬ Expertise fГјr regulierte und freie MГ¤rkte пЃ¬ Kenntnisse der Marktteilnehmer,ihrer BedГјrfnisse пЃ¬ Spezialkenntnisse wie – Kraftwerkseinsatzoptimierung – Branchentypische Vertragsstrukturen – Preisgleitklauseln und -prognosen – Energiewirtschaftliches Risikomanagement пЃ¬ Akzeptanzmanagement Finadvice Finadvice Versorgungswirtschaft Versorgungswirtschaft Finadvice ist an 9 Standorten in Europa und Indien vertreten Indien ZГјrich Madurai Linz/Wien Praha Warszawa Bucuresti MГјnchen Leipzig PartnerbГјro пЃ¬ Finadvice wurde 1998 als unabhГ¤ngiges Beratungsunternehmen mit Schwerpunkt M&A im Infrastrukturbereich von ehemaligen Mitarbeitern einer Schweizer Investmentbank gegrГјndet Seit der GrГјndung hat Finadvice Гјber 250 Projekte mit einem Transaktionsvolumen von Гјber 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 Hitschfeld пЃ¬ пЃ¬ 3 Finadvice hat in den letzten 15 Jahren Гјber 250 Projekte mit einem Volumen von Гјber 45 Mrd. Euro bearbeitet 35 пЃ¬ 35 пЃ¬ Transaktionsvolumen in Mrd.€ 30 25 Der Schwerpunkt unserer Arbeit liegt in der Bandbreite von 50 bis 500 Mio. Euro 140 120 120 Größere Transaktionen sind vergleichsweise selten, kleinere fallen dagegen wertmäßig weniger ins Gewicht 100 78 80 20 59 60 15 5 40 10 10 20 14 2 0 0 Transaktionsvol. >500 Mio.€ Transaktionsvol. >50-500 Mio.€ Transaktionsvolumen (Mrd.€) 4 Transaktionsvol. <50 Mio.€ UnverГ¶ffentl. Transaktionsvol. Anzahl abgeschlossene Projekte Anzahl Transaktionen 40 Beispielhafte Kunden aus der Versorgungswirtschaft Kunden (Auswahl) Schweiz & Liechtenstein Deutschland Г–sterreich Frankreich & Belgien CEE 5 Die GeschГ¤ftsfГјhrer der Finadvice ZГјrich haben langjГ¤hrige M&A-, Beratungs- und Versorgererfahrung Manfred Lerley Hans Poser Jan Strobel Felix ab Egg AktionГ¤r/GeschГ¤ftsfГјhrer (M&A, Versorger, Projektentw.) BГјro ZГјrich und Prag AktionГ¤r/GeschГ¤ftsfГјhrer (M&A, Versorger) BГјro ZГјrich AktionГ¤r/GeschГ¤ftsfГјhrer (M&A, Versorger) BГјro ZГјrich AktionГ¤r/GeschГ¤ftsfГјhrer (M&A, Versorger) BГјro ZГјrich frГјher beschГ¤ftigt bei: frГјher beschГ¤ftigt bei: frГјher beschГ¤ftigt bei: frГјher beschГ¤ftigt bei: UBS Prokurist (M&A fГјr Versorger) UBS Chefprokurist (M&A fГјr Versorger) Berliner Wasserbetriebe Finanzabteilung Finadvice Praktikant BCG Projektleiter (Deutsche Versorger) BCG Projektleiter (EuropГ¤ische Versorger) Finadvice Praktikant Zanotelli Projektmanager 6 Die GeschГ¤ftsfГјhrer in Г–sterreich und Deutschland haben langjГ¤hrige Versorger-, M&A-, Finanzierungs- und Beratungserfahrung Fritz Lehner Ralf HГјlsmann Uwe Hitschfeld Gesellschafter/GeschГ¤ftsfГјhrer (M&A, Versorger) BГјro Linz Gesellschafter/GeschГ¤ftsfГјhrer (M&A, Versorger) BГјro MГјnchen Gesellschafter/GeschГ¤ftsfГјhrer (Strategie, Kommunikation, Akzeptanzmanagement) frГјher beschГ¤ftigt bei: frГјher beschГ¤ftigt bei: frГјher beschГ¤ftigt bei: FCI Fischer Consultants International Assistant Manager Corporate Finance (KMU) EnBW M&A / Strategie Stadt Leipzig Chef des Stabes des OBM Andersen Consulting Berater 7 Die GeschГ¤ftsfГјhrer der Finadvice haben langjГ¤hrige M&A-, Finanzierungsund Beratungserfahrung A. Murali Babu Jaroslaw Korytowski Pier Paolo Raimondi Jeffrey Altman Partner Leiter BГјro Indien GeschГ¤ftsfГјhrer (M&A, Versorger, Projektentw.) BГјro Warschau AktionГ¤r/GeschГ¤ftsfГјhrer (M&A, Versorger) BГјro ZГјrich Senior Advisor (M&A, Versorger, Strategieplanung) frГјher beschГ¤ftigt bei: frГјher beschГ¤ftigt bei: frГјher beschГ¤ftigt bei: frГјher beschГ¤ftigt bei: Citibank Associate Adelsfamilie von Mora Berater und Unternehmer Bau- und Holzindustrie Polen / Ukraine Banca IMI GeschГ¤ftsfГјhrer (Energie & Versorger) First State Investments Direktor (Investment Management) Dresdner Kleinwort VizeprГ¤sident (EuropГ¤ische Versorger) Mirant Corporation Abteilungsleiter (Unternehmensentwicklung) auch bei Bewag, Gasag BPL Mobile Associate 8 Referenzen 9 Erfolgreiche TransaktionsabschlГјsse 1999-2005 Switzerland 1999 Switzerland 1999 Germany 1999 Austria 1999 France Austria 1999 Energie AG OberГ¶sterreich Acquisition of a stake in Stadtwerke Salzburg and merger with SAFE to form Salzburg AG Enron Enron Not disclosed Kelag EDF Set up of an electricity trading cooperation with ElektrizitГ¤tswerk der Stadt ZГјrich (ewz) Set up of an electricity trading cooperation with Industrielle Werke Basel (iwb) Acquisition of a gas distributor in Germany Acquisition of 100% of the Shell subsidiary WГ¤rmebetriebe GmbH Buy side advisory Buy side advisory Buy side advisory Buy side advisory Buy side advisory Slovakia 2001 Austria Advisory Sell side advisory Financing Czech Republic 2003 Valuation of an Austrian water utility company Energie AG OberГ¶sterreich Setup of a trading joint venture Acquisition of 25.1% in Heilbronner Versorgungs GmbH Acquisition of 49.9% in Stadtwerke Wels 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 Buy side advisory Buy side advisory Buy side advisory Buy side advisory Sell side advisory Buy side advisory Buy side advisory Germany Czech Republic 2004 Switzerland Energie BadenWГјrttemberg AG Increase in stake from 24.9% to 40% in Stadtwerke Weinheim Energie BadenWГјrttemberg AG Acquisition of 15.05% in MVV Energie AG Energie AG OberГ¶sterreich Acquisition of waste management activities of RWE Umwelt AG in Hungary Energie AG OberГ¶sterreich Acquisition of waste management activities of RWE Umwelt AG in the Czech Republic ElektrizitГ¤tswerk der Stadt ZГјrich Valuation and renegotiation of electricity contracts and power plant participations Veolia Water Deutschland Acquisition of 74.9% in Braunschweiger Versorgungs-AG Buy side advisory Buy side advisory Buy side advisory Buy side advisory Valuation Buy side advisory France 2004 Austria 2005 Germany 2005 Germany 2004 2002 Czech Republic 2004 Buy & Sell side advisory Hungary Switzerland E.ON Energie AG Acquisition of REC assets from Energie AG in the Czech Republic 2004 2002 Financing of a German start-up internet shop Czech Republic 2003 Germany Austria Analysis and modelling of European electricity wholesale market Energie AG OberГ¶sterreich 2004 2002 2000 ElektrizitГ¤tswerk der Stadt ZГјrich Buy side advisory Germany Germany Not disclosed Energie AG OberГ¶sterreich Valuation of a Slovakian gas company 2002 2000 Energie BadenWГјrttemberg AG Not disclosed Switzerland Austria State of Upper Austria Partial privatisation of 25.1% of Energie AG OberГ¶sterreich Elektra Birsek MГјnchenstein Г‰lectricitГ© de France 2001 (Valuation only) 1999 2004 Acquisition of the domestic business of WABAG Germany from VA Tech Buy side advisory Hungary Acquisition of 10 biogas projects Taurino Traktion GmbH Set-up and financing of start-up company for rail cargo transports J.C. Neckermann GmbH & Co. KG Financing of a biodiesel plant with a capacity of 100,000 tons p.a. Buy side advisory Buy side advisory Buy side advisory Financing Sell side advisory Dalkia GmbH Acquisition of the domestic business of WABAG France from VA Tech Sale of all shares in the company to financial investors Sale of parts of the German facility management business to Gegenbauer Buy side advisory Sell side advisory Sell side advisory 10 Nur erfolgreich abgeschlossene Transaktionen. In einer Anzahl weiterer Transaktionen wurde unsere Rolle nicht Г¶ffentlich gemacht. 2005 Germany Veolia Water Systems Energie AG OberГ¶sterreich Acquisition of 44.8% in the Hungarian waste company ZГ¶ldfok Rt. Dalkia GmbH Switzerland 2004 Czech Republic 2005 SMB Wageneder 2005 Germany Energie AG OberГ¶sterreich Acquisition of 3 water assets in the Czech Republic Veolia Water Systems 2005 2004 Austria 2005 Erfolgreiche TransaktionsabschlГјsse 2005-2007 Austria 2005 AVE Germany 2005 Czech Republic 2005 Germany E.ON Czech Holding Energie BadenWГјrttemberg AG Acquisition of 10% in Stadtwerke Schwetzingen Acquisition of animal incineration plant TKV Regau BVT Advice to the private investors bvt and VASA in the restructuring process of Stadtwerke Cottbus Raiffeisen Impuls Leasing bought 100% in EFIS a.s. Buy side advisory Restructuring Sell side advisory Germany 2006 Germany 2006 Macedonia 2006 Acquisition of 100% in Austrian waste company Eigl Energie BadenWГјrttemberg AG Acquisition of 50% in Gasversorgung Sachsenheim Republic of Macedonia Sale of 90% in ESM AD Elektrostopanstvo na Makedonija to EVN AG Buy side advisory Buy side advisory Sell side in consortium Germany Energie BadenWГјrttemberg AG Audit of a management data base Stadtwerke DГјsseldorf Acquisition of Remondis Bergische Region through its participation ATG & Rosendahl Stadtwerke DГјsseldorf Acquisition of Remondis branch in Langenfeld through its participation AWISTA GmbH Energie BadenWГјrttemberg AG Acquisition of 30% in Stadtwerke Bad Herrenalb Regio Energie Solothurn Acquisition of a stake in Trianel European Energy Trading GmbH Energie BadenWГјrttemberg AG Merger of assets with Energieversorgung Rottenburg Advisory Buy side advisory Buy side advisory Buy side advisory Buy side advisory Merger advisory Germany 2006 Switzerland 2006 Germany 2006 Austria 2006 AVE Acquisition of 100% in the Austrian waste companies Bachleitner and Faltinger Buy side advisory Czech Republic 2006 AVE Czech Republic Acquisition of communal waste company TSM ГљstГ nad Labem Buy side advisory Czech Republic 2006 Germany Czech Republic 2006 Czech Republic 2006 Czech Republic 2006 Czech Republic 2006 Czech Republic 2007 Czech Republic 2007 Arriva Energie BadenWГјrttemberg AG Acquisition of 50% of Energieversorgung Gaildorf from ThГјga AVE Czech Republic AVE Czech Republic AVE Czech Republic AVE Czech Republic AVE Czech Republic AVE Czech Republic Acquisition of waste company Kattenbeck s.r.o. Acquisition of waste company REKKA s.r.o. Acquisition of waste company TESCO JindЕ™ichЕЇc Hradec Acquisition of waste company Frymes TechnickГ© sluЕѕby s.r.o. Acquisition of a a waste company TSM KolГn Acquisition of a a waste company ZSS a.s. Buy side advisory Buy side advisory Buy side advisory Buy side advisory Buy side advisory Buy side advisory Buy side advisory Acquisition of 100% in bus company Transcentrum bus, spol. s.r.o. Buy side advisory 2006 2006 2006 Czech Republic 2006 Buy&Sell side advisory Germany Buy side advisory Austria AVE E.ON Czech Holding Acquisition of shares in the Czech gas company JCP 2006 2006 Czech Republic 2007 Slovakia Czech Republic 2007 Czech Republic 2007 Germany AVE Czech Republic Arriva Arriva Dalkia GuD Timelkam GmbH Acquisition of a waste company Fortygo s.r.o. Energie AG OberГ¶sterreich Acquisition of a heat company KremnickГ© tepelnГ© hospodГЎrstvo 2007 2007 Acquisition of 100% in bus company Bosak Bus, spol. s.r.o. Acquisition of 100% in bus company Osnado, spol. s.r.o. Acquisition of 100% in Biomassekraftwerk Delitzsch Buy side advisory Buy side advisory Buy side advisory Buy side advisory Buy side advisory 11 Nur erfolgreich abgeschlossene Transaktionen. In einer Anzahl weiterer Transaktionen wurde unsere Rolle nicht Г¶ffentlich gemacht. Austria 2007 Austria 2007 France 2007 Sale of 30% generation capacity of the 400 MW gas and steam plant Timelkam Power Tower Leasing Arrangement of Financing of the new Energie AG headquarter (“Power Tower Leasing”) Croma Pharma Acquisition of 100% in the optical business of the French company CornГ©al Sell side advisory Financing Buy side advisory Erfolgreiche TransaktionsabschlГјsse 2007-2009 Slovakia 2007 Hungary 2007 AVE Slovakia Meinl Internat. Power Acquisition of a majority in a waste company VODS 24% participation in Vasarosnameny CCGT power plant project (subcontractor) Buy side advisory Buy side advisory Slovakia/ Hungary 2008 Germany Energie BadenWГјrttemberg AG Merger of distribution assets in Calw into Energie Calw GmbH Germany 2007 Arriva Dalkia 2008 ewz Germany 2008 Sustec Industries Germany 2008 AVE Czech Republic Acquisition of 100% in bus company Eurobus Invest Holding Acquisition of ABB division Distributed Energy Acquisition of three wind turbines in Crussow from financial investor Sale of the CCGT CHP plant in Schwarze Pumpe to Atel Acquisition of a waste company from Remondis CZ Buy side advisory Buy side advisory Buy side advisory Buy side advisory Sell side advisory Buy side advisory Czech Republic 2008 Czech Republic 2008 Czech Republic 2008 Czech Republic 2008 Czech Republic 2008 Czech Republic 2008 Germany AVE Czech Republic AVE Czech Republic Energie AG OberГ¶sterreich Acquisition of the heat company Sateza Energie AG OberГ¶sterreich Acquisition of the water company 1.JVS AVE Czech Republic Acquisition of the waste company Plast Servis Energie AG OberГ¶sterreich Acquisition of a heat company in Vimperk BS Energy Acquisition of the waste company Odpady 98 s.r.o. Energie AG OberГ¶sterreich Acquisition of the heat company TepelnГ© zГЎsobovГЎnГ RakovnГk s.r.o. Investment decision regarding the construction of a CCGT plant Acquisition of the waste company KomunГЎlnГ sluЕѕby HoЕ™ovice s.r.o. Buy side advisory Buy side advisory Buy side advisory Buy side advisory Buy side advisory Buy side advisory Business plan Buy side advisory Austria 2008 Austria 2008 Austria 2008 Eduard Kettner GmbH Sale of 82,7% of Eduard Kettner GmbH to Schmid Industrieholding GmbH SBM Mineral Processing Sale of 60% of SBM GmbH Mineral Processing GmbH to the Management Acquisition of 40% in IFEA – „Institut fГјr Energieausweise GmbH“ Sell side advisory Sell side advisory Buy side advisory Austria 2009 Austria 2009 Karriere.at Informationsdienstleistung GmbH Sale of 49 % of karriere.at GmbH to jobs.ch AG Nutzfahrzeuge Rohr GmbH Sale of 100% of shares to VMS GmbH and Oberbank Opportunity Fonds Sell side advisory Sell side advisory Fair Energy GmbH Austria 2009 Austria 2008 Switzerland 2009 Switzerland 2009 Germany 2008 Czech Republic 2008 2009 Czech Republic 2008 Austria 2009 Energie AG OberГ¶sterr. OГ– Asset swap Ferngas AGin OГ– Ferngas AG with OMV AG Swisspower Energie Thun AG BS Energy FACC AG Renewable energy opportunities review Electricity procurement strategy and contract valuation Valuation of electricity procurement contract Sale of 91 % of FACC AG to the Chinese investors XAC and ATL Asset swap advisory Advisory Advisory and valuation Valuation Sell side advisory Czech Republic 2009 Czech Republic 2009 Czech Republic 2009 Czech Republic 2009 Energie AG Teplo Energie AG Water AVE Czech Republic AVE Czech Republic Acquisition of 100 % of VVT VermГ¶gensverwaltung GmbH Saatbau Linz OГ– Landes Saatbaugenossenschaft Acquisition of 80 % of the Polish Centrala Nasienna Sp. z o.o. Acquisition of the heat company Tehor s.r.o. Acquisition of the water company VHOS a.s. Acquisition of the incinerator company Synthos Kralupy Acquisition of the waste company Ropo s.r.o. Buy side advisory Buy side advisory Buy side advisory Buy side advisory Buy side advisory Buy side advisory Soravia Group Austria 2009 12 Nur erfolgreich abgeschlossene Transaktionen. In einer Anzahl weiterer Transaktionen wurde unsere Rolle nicht Г¶ffentlich gemacht. Erfolgreiche TransaktionsabschlГјsse 2010-2013 Germany 2010 Switzerland 2010 Wasserwerke Zug AG & Energie Thun AG Acquisition of a stake in BVT Windpark Sustrum /Renkenberge GmbH & Co. KG with 48 MW Acquisition of a majority stake in geothermal company Thermatech AG Buy side advisory Buy side advisory Switzerland 2011 IBA, WWZ, LKW Acquisition of 24% in Repartner AG Buy side advisory Erdgas ZГјrich AG Switzerland 2011 LKW Liechtensteinische Kraftwerke Germany 2010 Austria 2010 2011 Switzerland 2011 Swisspower Acquisition of the Logwin Road&Rail business Sale of 95% of OГ– Biodiesel GmbH to Bulmarket DM Ltd. First external capital increase with strategic and private investors Set-up of holding company Swisspower Renewables Sell side advisory Buy side advisory Buy side advisory Sell side advisory Sell side advisory Sell side advisory Austria 2011 Austria 2011 Austria 2011 Austria 2011 Austria 2011 Germany 2011 SWH Strom und Biomasse aus Holz GmbH Sale of BiowГ¤rme Friesach GmbH to Kelag WГ¤rme GmbH SWH Strom und Biomasse aus Holz GmbH Sale of 3 MW biomass heating plant Mondsee to Kelag WГ¤rme GmbH SWH Strom und Biomasse aus Holz GmbH Sale of 2 MW biomass heating plant Aflenz to Leopold MS.Transporte SWH Strom und Biomasse aus Holz Sale of 1 MW biomass GmbH heating plant Pfunds to GEM mbH Navex GmbH Closing of long-term power contract SWH Strom und Biomasse aus Holz GmbH Sale of Alternative Energie Salzburg GmbH to Kelag WГ¤rme GmbH Buy side advisory Sell side advisory Sell side advisory Sell side advisory Sell side advisory Sell side advisory Start-up and financing Czech Republic 2011 Slovakia AVE Czech Republic 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. Buy side advisory Buy side advisory Buy side advisory Buy side advisory Germany SolarFuel GmbH Czech Republic 2011 Acquisition of 100% of shares of BiowГ¤rme B3 GmbH 2010 OГ– Biodiesel GmbH AVE Czech Republic 2012 Austria Augustin Network Czech Republic 2011 Austria 2010 Ebner Industrieofenbau Acquisition of 100% of the company Gautschi Engineering AVE Czech Republic OГ–.Gas-WГ¤rme GmbH Austria Q-Cells Clean Sourcing GmbH Sale of Q-Cells Clean Sourcing GmbH to Terajoule Energy Austria 2012 SWH Strom und Biomasse aus Holz GmbH Switzerland 2012 Swisspower Renewables Sale of Biomasseheizkraftwerk SBH-Ennsdorf Asset Management and project financing of wind farm Hof Sell side advisory Asset Management 2012 Sale of 70% of a leading process food producer Novofrucht s.r.o. Sell side advisory Switzerland 2012 Germany 2012 pepcom GmbH Switzerland 2012 Acquisition of 100% of HLkomm from Stadtwerke Leipzig SW Schaffhausen und Neuhausen a. Rhf. Preparation of public referendum on renewable investments Buy side advisory Advisory Germany Erdgas ZГјrich AG Dalkia GmbH Acquisition of the gas utility GASWERK HERISAU AG Buy side advisory 2013 Switzerland 2013 Switzerland 2012 Creation and financing of online power broker Germany 2012 Erdgas ZГјrich AG Veolia Wasser Acquisition of majority of etwag Defence of BWB against Federal Cartel Office Buy side advisory Advisory and valuation Germany 2013 Germany 2013 Veolia Wasser ETOGAS GmbH Sale of German CHP portfolio to Enercity Contracting Kleinkraftwerk Birseck AG Acquisition of a PVProject with 2 MWp on a building of FeldschlГ¶sschen Sale of 50% RVB (24.95% in Berliner Wasserbetriebe) stake to Land Berlin delivers the first and the world’s largest Powerto-Gas-plant with 6 MW to Audi AG Sell side advisory Buy side advisory Sell side advisory Business Plan 13 Nur erfolgreich abgeschlossene Transaktionen. In einer Anzahl weiterer Transaktionen wurde unsere Rolle nicht Г¶ffentlich gemacht. Erfolgreiche TransaktionsabschlГјsse 2013-2014 Switzerland 2013 ewz Restructuring of power trading and sales division Advisory Austria Germany 2013 Switzerland 2014 Switzerland 2014 Hamburger Wasserwerke GmbH Renewable investment options Swisspower Renewables AG Fundraising for a wind farm portfolio with a total installed capacity of 150.3 MW in Germany Swisspower Renewables AG Acquisition of a wind farm portfolio with a total installed capacity of 150.3 MW in Germany Valuation Financing Buy side advisory Germany 2014 Clens USA Simulation of power storage options Edison Electric Institute Study on German energy transition Valuation Advisory 2013 Superlas International GmbH Sale of international hose sales company to Trelleborg AB Sell side advisory 14 Nur erfolgreich abgeschlossene Transaktionen. In einer Anzahl weiterer Transaktionen wurde unsere Rolle nicht Г¶ffentlich gemacht. 2014 Switzerland 2014 ewz Netherlands 2014 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 Advisory Kontaktinformationen Finadvice ZГјrich FAA Financial Advisory AG Soodstrasse 55 CH-8134 Adliswil T +41 43 377 1000 F +41 43 377 1005 [email protected] Linz Financial Advisory GmbH Am Winterhafen 11/4 A-4020 Linz T +43 732 652 955 F +43 732 652 955 99 [email protected] Praha Financial Advisory s.r.o. Hradcanska Office Center Milady Horakove 116/109 CZ-160 00 Praha 6 T +420 224 946 087 F +420 224 946 054 [email protected] 15 Kontaktinformationen Finadvice Warszawa Finadvice Polska Sp. z o.o Bucuresti Finadvice Consulting SRL Madurai Finadvice India ul. Ељniadeckich 17 PL-00-654 Warszawa Dr. Maximilian Popper 33 RO-Sector 3 Bucuresti 23, Vengalakadai Street Madurai, India-625 001 T +48 22 622 50 17 F +48 22 628 03 19 [email protected] T +40 314 2576 21 F +40 314 2576 21 [email protected] T +91 944 261 5253 F +91 452 264 3717 [email protected] Wien Financial Advisory GmbH MГјnchen Finadvice GmbH Hitschfeld BГјro fГјr strategische Beratung GmbH Mahlerstrasse 3 A-1010 Wien Adams-Lehmann-Str. 44 D-80797 MГјnchen Kickerlingsberg 15 D-04155 Leipzig T +43 1512 812 290 [email protected] T +49 171 210 7014 [email protected] T +49 341 305 585 11 F +49 341 305 585 17 [email protected] 16
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