Goodwill, valutaproblem, fastighetsvärderingar och fluktuerande värden på skog - problemen att tolka ett företags utveckling blir allt fler. Hur hanteras redovisningsproblemen i samband med en företagsanalys och -värdering? I detta föredrag går Peter Malmqvist, ordförande i finansanalytikernas förening, igenom sin syn på hur IFRS påverkar analytikerns arbete. läs mer på www.groupaccounting.se

1. Peter Malmqvist Financial analyst Chairman, Swedish Financial Analyst Association Member of the EFRAG User Panel Visiting teacher at the Stockholm School of Economics Visiting teacher at the Stockholm University Investigator at Nasdaq OMX (Stockholm Exchange) Market values – which, where and why?

2. Market values – which and where? Which? 1. Investment properties 2. Biological assets 3. Hedge accounting 4. Financial instruments 5. Pension adjustments 6. Step acquisitions 7. Revaluation of debt 8. Translation adjustments 9. Write down of goodwill Where? Operating earnings Operating earnings OCI, recycled when realized Operating earnings, OCI Three parallel tracks OCI Financial net OCI, recycled when sold Operating earnings

3. Market values – which and where? Which? 1. Investment properties 2. Biological assets 3. Hedge accounting 4. Financial instruments 5. Pension adjustments 6. Step acquisitions 7. Revaluation of debt 8. Translation adjustments 9. Write down of goodwill Where? Real estate companies Forest companies Exporters Many companies OCI – few companies OCI – few companies Banks Most companies Many companies

4. Investment properties

5. Biological assets – forest land

6. Hedge accounting - Ericsson

7. Financial instruments - Nokia

9. “ Net debt ” in valuation Operating value (EBIT / WACC) Net debt (to market values) = Equity value

10. Pensions in OCI – Astra Zeneca

11. Step acquisitions – Stora Enso

12. Gain on loan buy-back – SEB

13. Gain on loan write-down – Rottneros

14. Gain on loan write-down – Rottneros

15. Translation adjustment - Ericsson

16. Goodwill write-down - Eniro