An independent firm associated
with AGN International
David Muntané ([email protected])
Elisabet Ruiz ([email protected])
www.muntaudit.es – Phone: 0034 931 240 318
Barcelona – Valencia (Spain)
An independent firm associated
with AGN International
DOING BUSINESS IN SPAIN
BUSINESS
PLAN
Comparative of housing prices in the main
Spanish cities:
December
2007
June
2013
Variation
(%)
BARCELONA
5.378
3.166
-41%
MADRID
4.263
2.752
-35%
VALENCIA
2.828
1.646
-42%
Variation of purchase
prices of houses (€/m2)
Source: Fotocasa & IESE Business School
BUSINESS
PLAN
Acquisition of companies. New business lines
Since 2008, Spain is suffering the global financial and economic crisis, which
has affected on the main macro-economic indicators and increased
significantly the number of creditors’ meetings among Spanish companies.
Creditors’ meetings in Spain
2008
2.875
2009
5.860
2010
5.407
2011
6.056
2012
7.988
2013*
4.966
*Until june 2013
Source: press
BUSINESS
PLAN
Acquisition of companies. New business lines
Creditors’ meetings by sectors
Automotion
0.06%
Industry
4.24%
Agriculture
Food & Beverage
16.04%
2.64%
11.97%
2.23%
1.65%
1.65%
Building
Financial
14.86%
26.09%
Housing
Health
Services
16.96%
Textile
Commerce
Logistics
1.01%
0.61%
Others
Source: press
BUSINESS
PLAN
Acquisition of stocks
Increase in the number of stocks available to be sold due to:
 Difficulties of access to financing
 Lack of liquidity
 Increase of creditors’ meetings
BUSINESS
PLAN
Improvement of the Competitiveness in Spain
December
2007
June
2013
Variation
(%)
14,70
12
-18%
MADRID
23
13
-43%
VALENCIA
12
7
-42%
December
2007
June
2013
Variation
(%)
BARCELONA
14,69
10,83
-26%
MADRID
13,34
10,42
-22%
8,81
6,00
-32%
Variation of rental prices of
offices (€/m2)
BARCELONA
Variation of rental prices of
houses (€/m2)
VALENCIA
Source: Fotocasa & IESE Business School
BUSINESS
PLAN
Improvement of the Competitiveness in Spain
Revision of
Labour Regulation
High level of
Human Capital
Subsidies
BUSINESS
PLAN
Improvement of the Competitiveness in Spain
Spanish productivity grew by over 11% since 2008, the highest increase
among eurozone countries.
Source: OECD
BUSINESS
PLAN
The economic situation in Spain
 Prospects for Risk Premium stability
 Beginning of the improvement in Labour Market
 GDP growth prospects in upcoming years
 Export growth
 Legal certainty
BUSINESS
PLAN
SPANISH GROWTH
PROSPECTS IN 2014
BUSINESS
PLAN
Growth forecast from the 3rd quarter of 2013
It is expected that in the 3rd quarter of 2013 GDP growth
to be between 0% and 0,2% quarterly.
Source: press
BUSINESS
PLAN
The primary objective is to achieve positive
growth in Spain in 2014.
How to get?
 Fiscal policy designed to achieve the excessive deficit
procedure.
 Better performance of the external sector.
 The EC and the European Council have until 2016 to
meet the nominal deficit of 3% GDP.
BUSINESS
PLAN
Estimates for the Spanish economy in 2014:
Estimates for the Spanish economy are positive
growth for Spain in 2014.
Causes:
 New revenue tax measures.
 Net export growth.
 Lower structural primary deficit.
BUSINESS
PLAN
Special & specific services for
AGN independent firms associated
BUSINESS
PLAN
Financial Instruments Valuation
• Valuation under IFRS standards, U.S. GAAP or local
GAAP.
• Main financial Instruments: swaps; multi currency
loans / mortgages; structured products; opcions putcall.
Business Valuation
• Financial Assets Valuation.
• Valuation under IFRS standards, U.S. GAAP or local
GAAP
BUSINESS
PLAN
METHODOLOGY
Software and sources
• Bloomberg / Internal Software / Savi
• Data basic: e-informa
• Public Organism
Valuation based on
•
•
•
•
•
•
•
Balance Sheet and P&L / Cash-flows
PER / Franchise factor
Weighted Average Cost of Capital
Break-up value
Capital Asset Pricing Model (for discount factor)
Black and Scholes
European Union Experts
PARTNERS
DAVID MUNTANÉ
Audit Partner & BAS
Auditor –Senior manager of
KPMG.
Independent expert of the
Court (Catalonia).
Member of the Economist
college.
Teacher of Col·legi Censors
de Comptes (Auditors Public
Institut).
Auditor Sworn Controller of
Accounts.
David Muntané
([email protected])
ELISABET RUIZ
Partner of the Forensic Area & BAS
Professor of finance in Open
University of Catalonia.
 Director of the Master in Instruments
and Financial Markets and Market
research techniques in Open
University of Catalonia.
Author of various financial items.
Elisabet Ruiz
([email protected])
An independent firm associated
with AGN International
www.muntaudit.es – Phone: 0034 931 240 318
ADRESS:
Avda Diagonal, 403, 4-1
08008 Barcelona- Spain