TFL Vsebine / Revija SIR*IUS

Valuing companies within MRA restructuring programs

Slovenska načela finančnega prestrukturiranja dolgov gospodarstvu, ki so bila sprejeta v letu 2011, so postala pomemben vsebinski okvir prestrukturiranja slovenskega gospodarstva, ki so se v praksi uresničila z večjim številom podpisanih programov finančnega in poslovnega prestrukturiranja slovenskih podjetij MRA (odslej programi MRA oz. angl. Master Restructuring Agreement). Okvir, ki ga podjetjem postavljajo MRA-ji, predstavlja pomemben odklon od ustaljene prakse ocenjevanja in ga moramo ocenjevalci vrednosti upoštevati pri svojem delu. V prispevku pojasnjujemo, kako MRA-ji vplivajo na urejanje odnosov med deležniki podjetja, na uporabo modelov ocenjevanja vrednosti, na načine določanja diskontnih stopenj, uporabo odbitkov in pribitkov za obvladovanje podjetij ter način poročanja, argumentiranja in razkrivanja načinov ocenjevanja vrednosti. Zaradi nestandardnih situacij, ki se pojavljajo v tovrstnih ocenjevanjih, morajo ocenjevalci pri svojem delu delovati ustvarjalno in poudarjeno pregledno.

Slovenian financial debt restructuring principles, adopted in 2011, have become an important contextual framework of the Slovenian economy restructuring process, which, in practice, was implemented through a number of financial and operational master restructuring programs of Slovenian companies (hereinafter referred to as MRA programs respectively). As MRA program framework represents a significant deviation from the usual valuation practice it should be carefully integrated in valuations. This article explains the implications of MRA programs regarding the relationships among company stakeholders, the use of valuation models, discount rates estimation, control premiums and discounts implementation, as well as reporting and disclosure specifics. Given the non-standard situations that occur in such evaluations, the valuers are stimulated to act creatively and underlined transparent.