均富会计事务所-TindallGaskBentley

One Line,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*, Grant Thornton Australia 2008, Grant Thornton Australia 2008,One Line,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*, Grant Thornton Australia 2008,Corporate Finance Australia,Listing Process and AccountingRequirements,上市程序及会计要求,Ken Yeo/Chris Parkinson,均富会计师事务所,Presentation,内容介绍,1About Grant Thornton,关于均富国际,2Our expertise,公司专长,3IPOs in Australia,澳洲上市,4 Why Grant Thornton Corporate Finance?,为何选择均富,5 Our services,我们的服务,6 Accountants Role in an IPO,会计师在,IPO,过程中的角色,7 Our credentials,公司资质及联系方式,2,About Grant Thornton International,关于均富会计师事务所,(1),Grant Thornton International is an umbrella organisation for independent firms that work closely together.,Grant Thornton International,(1),is the fifth largest organisation of accounting and consulting firms worldwide.,均富是全球第五大会计咨询公司,520 offices in 113 countries, with more than 22,000 staff, and a combined turnover of US $3.5 billion (2007).,在,113,个国家拥有超过,520,家事务所,过,22000,名员工, 2007,年,营业收入达,35,亿美元,At Grant Thornton,every client gets personalised service,.,均富为每一位客户提供个性化的服务,Globally, Grant Thornton is a market leader in advising middle market entrepreneurial businesses.,作为全球咨询业的领导者,均富竭诚为企业提供专业意见,Grant Thornton International is an umbrella organisation for independent firms that work closely together.,均富由世界各地的独立成员所组成，各均富成员所一直保持紧密联系,3,About Grant Thornton Australia,关于均富会计师事务所,Grant Thornton Australia,has offices located in Sydney, Melbourne, Brisbane, Perth and Adelaide.,均富,(,澳大利亚,),在悉尼,墨尔本,布里斯班,柏斯及阿德莱德都有分所,80 partners,and over 600 professional staff in Audit and Assurance, Business Owner Services, Tax, and Specialist Advisory Services incorporating Corporate Finance.,在澳洲,均富拥有,80,名合伙人及,600,多位专业人员,主要业务包括审计,业主服务,税务及公司财务咨询,Dedicated,partner led, distinct and,tailored service,to its clients.,由专注的合伙人所领导的均富，为每一位客户提供量身定做的服务,Grant Thornton Corporate Finance provides,Transaction Services, Mergers & Acquisition, Capital Markets and Valuation Services,.,均富公司财务咨询部提供交易咨询,并购,资本市场及价值评估等服务,4,Our Expertise,公司专长,5,Grant Thornton Corporate Finance Australia,均富财务咨询服务,(,澳洲,),Advising,entrepreneurial businesses,through their various stages of development.,为企业提供各阶段发展的建议及咨询,A,one stop shop,approach to all corporate finance engagements.,提供一站式公司财务服务,Providing solutions to,initial public offerings (IPO),mergers & acquisitions and other capital raising issues.,提供,IPO,并购及其它融资方案,Our professional staff have a range of,diverse backgrounds,including investment banking, audit, tax and restructuring.,我们拥有来自不同领域的专业人士,包括投资银行,审计,税务及企业重组,In 2007, we advised clients in transactions valued at over,AUD3.0 billion,.,2007,年,在澳洲我们为客户提供的咨询服务交易额达到,30,亿澳元,6,Full Service Offering,公司提供的服务,Services,服务,Detailed Services,服务内容,M&A,并购,Mergers and acquisitions,并购,Private equity deals,私募基金交易,MBIs/MBOs,外部融资收购,/,管理层收购,Disposals,资产处置,Debt refinancing,债务再融资,Financial Modelling,金融建模,ASX Listings,澳大利亚证券市场上市,Capital Raising,资本募集,Debt-Equity Instruments,债务,/,权益融资工具,Corporate Structuring,企业架构,Underwriting,证券承销,Dual Listings,双重上市,Equity Capital Markets,资本市场,7,Full Service Offering,公司提供的服务,Financial / Vendor due diligence,财务,/,卖方 尽职调查,Tax due diligence,税务尽职调查,Independent accountants report,独立会计报告,Forecast reviews,财务预测审核,Transaction Services,交易服务,Business Valuations,企业评估,Independent Valuations,独立评估,Independent Expert Reports,独立专家报告,Majority/Minority Interests,大股东,/,少数股东 股东权益,Options,期权,Fair value assessment,公允价值评估,Purchase price allocation,购置价格分配,Services,服务,Detailed Services,服务内容,8,IPOs in Australia,澳洲上市,9,Key Considerations for IPOs in Australia,澳洲上市的主要考量事项,ASX listing rules on Profit or Assets Test,需符合的利润或资产条件,Audited accounts (some flexibility on number of years of audited accounts),经审计财务报告,(,年数可略有变化,),Minimum number of shareholders,最少股东人数,10,Key Considerations for IPOs in Australia,澳洲上市的主要考量事项,Corporate Governance,公司治理,Effective Corporate Governance including:,有效的公司治理包括,Board composition;,董事会组成,Appropriate management team;,适当的管理团队,Governance procedures including Audit and Remuneration Committees.,公司治理程序，包括审计委员会及薪酬委员会,Prospectus Disclosure,招股说明书披露,Use of funds;,资金的使用,ASIC requirements for forecast financial information;,ASIC,(,澳洲证券投资委员会,),关于财务预测的要求,Historical Financial and Pro forma information;,历史财务数据及形式财务数据,Verification of contents of prospectus.,对招股说明书进行审查,11,Benefits of an ASX listing,ASX,上市的优势,12,Benefits of an ASX listing,ASX,上市的优势,13,ASX listing costs estimate,上市费用,Total Raising ($ M),总募集资本,($,百万,),Total Cost Range ($ M),总费用,($,百万,),Cost Rate (%),费用比率,(%),Below $20,低于,$20,$1.6-$2.0,8%-10%,$30 to $50,$2.1-$3.0,5%-9%,Above $50,超过,$50,Variable,根据情况不同,4.5%-6%,14,Why Grant Thornton Corporate Finance?,为何选择均富,?,15,Our services for entrepreneurial businesses.,我们为企业提供的服务,.,Why Grant Thornton Corporate Finance?,为何选择均富,?,Pre IPO advice and grooming to maximise valuation,上市前建议,帮助实现公司最佳价值估算,Introduction to appropriate investors and professionals,向公司推荐合适的投资人,专业机构,Management of IPO process to listing,管理整个上市过程,Your Needs:,您的需要,:,16,Our services for entrepreneurial businesses.,我们为企业提供的服务,.,Why Grant Thornton Corporate Finance?,为何选择均富,?,Multi disciplined team with full spectrum of corporate advisory, accounting and taxation structuring experience.,跨领域并且富有经验的团队,.,Proven step-by-step grooming process to a successful IPO.,行之有效的上市方案,.,Deep relationships with brokers, lawyers, other professionals and private sources of capital.,与券商,律师,专业人士及其它投资者均有深入合作,.,Delivers:,我们提供,:,17,In depth,experience,in preparing and assisting,companies to,complete a,successful IPO,.,我们帮助过众多企业成功上市,Our,financial modelling,and review of,business plans,will ensure:,我们的金融建模服务及对商业计划书的审阅,可以,key issues are identified early;,及早发现问题,chances of success,are maximised; and,加大上市成功的机会,disruptions due to inaccuracies or inconsistencies in the financial model and business plan are avoided.,减少金融模型和商业计划书中的错误和矛盾,Dedicated Capital Markets team.,专注的资本市场团队,.,Why Grant Thornton Corporate Finance?,为何选择均富,?,18,Track record on IPOs in Australia in 2007,2007,年度澳大利亚,IPO,的记录,Reporting Accountants Role,报告会计师,Number of IPOs,IPO,数量,1,BDO,德豪,31,2,Grant Thornton,均富,23*,3,KPMG,毕马威,21,4,Ernst & Young,安永,19,5,Pricewaterhouse Coopers,普华永道,17,Source: Connect 4 2007 IPO Survey,* Excluding listings by our new Perth office,不包括柏斯分所的上市数据,19,Our Services,我们的服务,20,Grant Thorntons services,As Lead Adviser and Co - Project Manager our services will include .,Acting with TGB as Local Agents in Australia,Assisting with selection and engagement of advisers,Assistance with all required documentation,Introduction of brokers and institutional investors,Liaising with TGB, other advisors, the ASX and ASIC,Assisting TGB to project manage the listing process,21,均富的服务,作为一个优秀的上市顾问,-,我们为您提供以下服务,与,TGB,合作为您提供在澳洲的,服务,协助您挑选,上市顾问,协助处理所有,必要的文件,推荐券商与,机构投资者,与,TGB,，其他顾问以及澳洲证券交易所和澳洲证监会保持密切联络,协助,TGB,管理,上市流程,22,The listing process,Preliminary,Documentation,Item,Detail,Comment,Advisers & information,Engagement; timetable, planning, information gathering and appointment of advisers.,Coordinating plans and other advisers,Grooming,Review of operations, historical financial statements and forecasts; and appraisal of key staff.,Formulating benchmarks as per plans,Valuation, placement, and lodging prospectus,Desktop valuation analysis; structuring, preliminary pricing; preparation and lodgement of prospectus with ASIC.,Understanding value drivers, cash and minimum share spread requirements.,Grooming,0 1 month,1 3 months,3 6 months,23,上市流程,筹备阶段,文档阶段,项目,细节,评价,顾问及,信息收集,计划上市时间表,；,收集公司信息,；,聘用顾问,协调上市计划,推荐,评估历史财务状况并且预测未来财务状况；评估主要的管理层,理解管理层的计划以及陈述基准,评估，定位，构架，准备并且提交招股说明书,桌面评估分析；初步定价；准备并提交招股说明书,理解价值驱动因素,现金的需求和最少的股票分配要求,推荐阶段,0 1,个月,1 3,个月,3 6,个月,24,The listing process,Preliminary,Documentation,Marketing,Completion,Item,Detail,Comment,Marketing,Potential placees, marketing materials, investor/institutional roadshows, and potential commitments.,Grant Thornton will :,Assist with preparation of prospectus and presentation materials;,liaise with brokers,placees,and other key stakeholders,Placement and completion of process,Finalise share placement and listing process, allot and issue shares.,IPO Timing Considerations:,Market and economic conditions.,Appropriate marketing “window” e.g. should not coincide with peak reporting and holiday periods.,Consider IPOs pipeline for 2008.,6 12 months,25,上市流程,Preliminary,Documentation,宣传阶段,完成阶段,项目,细节,评价,宣传推广,准备宣传资料，路演，告知投资者潜在的承诺。,均富将会,:,协助筹备招股说明书与宣传资料,管理协调与证券行，承销商以及其他重要参与方的关系,完成上市,分配并且发行股票，完成整个在澳洲证券交易所上市的全过程。,IPO,时间段需要考虑的几点,:,市场与经济条件。,适当选择宣传期，例如尽量不要与报告高峰期或者公众假期相冲突。,适当考虑,2008,年度的,IPO,安排。,6 12,个月,26,Accountants Role in an IPO,报告会计师在,IPO,中的角色,27,Accountants role in an IPO,报告会计师在,IPO,中的角色,Investigating accountants,调查,会计师,The Accountants role during the IPO process includes:,报告会计师在,IPO,中的角色包括,:,Acting as investigating accountant,调查,会计师,Producing the accountants report,出具,会计报告,Identifying potential issues at an early stage,在上市最初阶段发现潜在问题,Tailoring solutions in order to meet the agreed IPO timetable,为,IPO,时间表的顺利实施制定解决方案,Carrying out financial due diligence in relation to acquisitions prior or after the IPO.,在,IPO,的前后的并购中进行财务尽职调查,28,Accountants services,报告会计师,服务,Investigating accountant services,调查,会计师服务,Assurance services,prior and post IPO,IPO,前期与后期的鉴证服务,Reporting under,AIFRS,以澳洲财务报告准则为依据进行报告,Preparation of an,accountants report,准备会计报告,Review of,prospective financial information,评估预期的财务信息,Assistance with the,prospectus,协助编写招股说明书,Due diligence,recommendations,提供尽职调查建议,Technical,accounting advice,提供会计技术问题咨询,Attending,due diligence committee,meetings,出席尽职调查会议,Provision of,taxation services,提供税务咨询,29,Accountants scope,报告会计师的,工作范围,Procedures,程序,Conduct due diligence on the historical financial information to ensure,consistency,对历史财务信息进行尽职调查以确保数据一致性,Consider,adjustments,to audited financial information,对经审计的财务数据考虑做适当的调整,Review the,pro forma balance sheet,for inclusion in the prospectus,对招股说明书上的形式资产负债表进行审核,Review the,forecast financial information including the,reasonableness of the forecast assumptions,评估预测财务信息，包括评估预测假设的合理性,Consider,proposed operating changes,and related adjustments to the financial information in the prospectus,根据经营变化对招股说明书的财务信息上考虑做相关的调整,30,Accountants scope,报告会计师的,工作范围,Procedures,程序,Ensure financial information presented in the prospectus,complies with AIFRS,确保招股说明书上的财务信息符合澳洲财务报告准则要求,Provide relevant analysis and findings to management,向管理层提供相关的分析及调查结果,Advise on,taxation issues,and implications as a result of the IPO,提供税务建议及分析,IPO,对税务的影响,Prepare the,investigating accountants report,准备调查会计报告,31,Forecast requirements,预测要求,Prospective financial information,预期的财务信息,Directors are required to have a “reasonable” basis for the inclusion of any prospective financial information in the prospectus.,对于招股说明书包含的任何预期财务信息，董事们都需要有一个“合理的”根据,Prospective financial information can be,“forecasts” or “projections”.,预期的财务信息可以是,“预测”或者“推算”,Forecasts are prepared based on future events and actions which management,expects to take place.,预测是以管理层对于将来,期望会发生,的事件和行动为根据的,Projections are prepared on future events and actions which management,do not necessarily expect to take place.,推算是以管理层对于将来,非必须发生,的事件和行动为根据的,32,Accountants review,会计师,对预测财务信息,的评价,Review of prospective financial information,预期的财务信息评价,Our review will be in accordance with:,我们的评估将会以下面的规定为依据,:,Australian Securities and Investment Commission (“ASIC”),Policy Statement 170,“Prospective Financial Information” and;,澳大利亚证券和投资委员会,(“ASIC”),政策第,170,条,“预期财务信息,”,与,Auditing and Assurance Guidance Statement,(“AGS”) 1062 Reporting in connection with Proposed Fundraising.,审计与保证指导声明,(“AGS”),第,1062,条关于计划的募集资金报告,“Report on Directors Forecasts” will be provided for inclusion in the Prospectus.,“,关于董事预测的报告,”,将会包含在招股说明书中,33,Our credentials,公司资质及联系方式,34,Recent IPO clients,最近IPO客户,Mobile phone networking services,Funds raised $21 million,Market cap on listing $60 million,Loop Mobile Limited,Grant Thornton provided an investigating accountants report,Energy, resource and infrastructure services,Funds raised: $8 million,Market cap on listing: $24 million,Grant Thornton provided advisory services,Pearlstreet,Resources services,Funds raised: $200 million,Market cap on listing: $500 million,Grant Thornton provided advisory services,NRW,Nylon Manufacturing - China,Funds raised: $20 million,Market cap on listing: $64 million,Grant Thornton provided an investigating accountants report,Mesbon China Nylon Limited,35,Recent IPO clients,最近IPO客户,Biodiesel,Capital Raising,Funds raised: $10 million,Grant Thornton provided an investigating accountants report,Jatoil Ltd,Food technology,Funds raised $10.5 million,Market cap on completion of fundraising $28 million,Food and Beverage Company,Grant Thornton provided an investigating accountants report,Manufacturing China,Funds raised: $8 million,Market cap on listing: $24 million,Grant Thornton provided an investigating accountants report,Lee Dee Cellophane,Minerals Exploration,Funds raised: $8 million,Capital Raising,Sinovus Mining Limited,Grant Thornton provided an investigating accountants report,36, 2008. All rights reserved.,Thank You,谢谢,Ken YeoChris Parkinson,Tel: 612 8297 2534618 9480 2000,Fax: 612 9299 4445618 9322 7787,37,