IPO First North Master Class 2021 - Webinar 3 - Nasdaq First North Premier - Deloitte
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
IPO First North Master Class 2021
Webinar 3 – Nasdaq First North Premier
Tip: Aktiver side-til-side tilstand og få en
forbedret seeroplevelse:
Aktiver side-til-side tilstand
• Gå til 'vis muligheder' øverst på din skærm
• Vælg tilstanden "side til side"
• Du skulle nu se både indhold (venstre) og
videogalleri (højre)
• Der er en glidestang i midten - du kan styre
skærmstørrelsen under sessionen
IPO First North Master Class 2021
Velkomst af Bjørn Winkler Jakobsen
Bjørn Winkler Jakobsen +45 22 20 21 06
Revisionspartner bjakobsen@deloitte.dk
Webinar 3
Bjørn er partner i vores revisionspraksis i Danmark. Bjørn har været partner
siden 2008 og har mere end 20 års erfaring som leder af danske og
Nasdaq First North Premier internationale revisions- og rådgivningsopgaver. Bjørn har over de seneste
par år været revisor og rådgiver for en række selskaber, der er blevet noteret
Dagens emner på tredje webinar: på First North i Danmark og Sverige.
• Introduktion til Nasdaq First North Premier
• Aflæggelse af regnskaber efter IFRS Bjørn er medlem af den danske ledelse af Deloitte.
• Erfaring – Rejsen mod en børsnotering på (Premier)
IPO First North Master Class 2021
Nasdaq First North Premier
Agenda
Carsten Borring +45 40 70 71 94
• Introduktion til Premier carsten.borring@nasdaq.com
Noteringschef Nasdaq
• Hvad er forskellene til First North
Carsten er ansvarlig for alle børsnoterede selskaber og investeringsfonde i
• Optagelseskrav Danmark samt børsnoteringer og har mere end 15 års erfaring med
• Opgradering fra First North til Premier børsnoterede selskaber og indgående kendskab til kapitalmarkederne.
Market setup mechanisms (Europe)
Regulated markets Main market
Operated by a market operator
Directives from EU applicable
• Prospectus directive
• Transparency directive
• Market abuse directive
MTF* markets First North
Operated by a market operator or financial
institution
No EU requirements for traded companies
*Multilateral Trading Facility
3
First North Capital raised/secondary offerings
2018 – 2021 June
2020: Sec off = 2,1 billion Euro. Capital raised in IPO = 0,9 billion Euro
2.500
2.000
1.500
EUR Millions
1.000
500
0
June 2021 stands out in a record month in Capital Raised and second best month in Secondary offerings.
Source: Economic & Statistical Research, Nasdaq Nordic
First North Growth Market 25 Leading Development Since Start
680
580
480
380
280
180
80
FN25 Index First North Index AIM100 Index OMXS Index
Source: Economic & Statistical Research
5
Benefits of a Nasdaq First North Listing
ACTIVE MARKET NORDIC ECO SYSTEM
Strong investor demand for growth companies, both among retail and Financial advisors exclusively working with smaller growth companies.
institutional investors.
CERTIFIED ADVISERS GLOBAL BRAND
Collaborates with both issuers and Nasdaq and ensures a high market quality. The Nasdaq brand brings visibility and credibility, and can potentially help listed
companies as they expand internationally.
GROWTH PARTNER ADDITIONAL SERVICES
Over 100 FN companies have grown and migrated to the Main Market since 2006, Listed companies get access to our GRC solutions and Corporate Solutions suite,
most of which have taken the step via the Premier segment. including Director’s Desk and Globe Newswire.
6
7
Nasdaq Markets
Many requirements are the same on the different markets, such as competence in exchange rules,
application of MAR (Market Abuse Regulation), 12 months working capital, but there are some key differences.
NASDAQ FIRST NORTH NASDAQ FIRST NORTH PREMIER NASDAQ
GROWTH MARKET GROWTH MARKET MAIN MARKET
FREE FLOAT 10% 25% 25%
MARKET VALUE n/a > 10 MEuro > 1 MEuro
LISTING DOCUMENT Prospectus or Company Description1) Prospectus or Company Description1) Prospectus
FINANCIAL REPORTING Local accounting standard IFRS IFRS
DISCLOSURE AND INFORMATION MAR and First North rules MAR and Main Market rules2) MAR and Main Market rules
CORPORATE GOVERNANCE CODE n/a Yes Yes
CERTIFIED ADVISER Yes Yes n/a
1) A prospectus may, however, be required according to the EU Prospectus Regulation and a company may also voluntary chose to issue a prospectus.
8 2) Premier segment issuers follow the information disclosure rules of the Main Market, and a few sections of the Nasdaq First North Growth Market Nordic
Rulebook. For comparison, see the Main Market rulebook and the First North rulebook.First North & First North Premier fast facts 2021 Q2
First North total from which
First North Premier
Market capitalization EUR 61.2 billion EUR 12.9 billion
Turnover/business day EUR 214 million EUR 42 million
Trades/business day 133 822 28 034
Average trade size EUR 1 599 EUR 1 493
Listed companies 487 71
Trading started June 2006 February 2009
80%
70% Turnover in First North Premier and
FN 25 companies of total turnover on
60% First North (%)
50%
Turnover in FN 25 companies of total
40% turnover on First North (%)
30%
20% Turnover in First North Premier
companies of total turnover on First
10% North (%)
0%
maj-17
nov-15
jan-16
mar-16
maj-16
jul-16
sep-16
nov-16
jan-17
mar-17
jul-17
sep-17
nov-17
jan-18
mar-18
maj-18
jul-18
sep-18
nov-18
jan-19
mar-19
maj-19
jul-19
sep-19
jul-20
jul-21
jan-20
sep-20
jan-21
mar-21
nov-19
mar-20
maj-20
nov-20
maj-21
Source: Economic & Statistical Research, Nasdaq Nordic 9Why First North Premier 10
Nasdaq First North Premier
12
13
Nasdaq First North Premier 14
Listing Timeline*
1 2 3 4
Company Exchange Advisor FSA
Meet your Nasdaq relation 1 3 Start-up meeting at 1 Define transaction
1
and learn about listing Exchange structure and offer
2 2 1 1st Day of Trading:
opportunities details
- Welcome Bell Ceremony at
2 the Exchange
1 Internal preparations for 1 Submit timetable 3 - Share trading starts
becoming a listed company - Press release & marketing
4 Approval of
1 Choose advisors prospectus
(legal and financial)
Preparation phase Formal listing process (3-6 months)
1 Draft prospectus + 1 Preparations:
1 Book start-up Approval of
Description of - IR website
3 meeting at the 3 how issuer meets 2 application for - Distribution setup for
exchange admission to trading
each listing Company notices and press
1 Decision to list on requirement releases
Exchange 1 Filing of prospectus and - Pre-marketing of offering
1 preliminary listing
3 application - Analyst meetings
3 Pre-Audit 3 Due Diligence - Roadshow
to FSA and Exchange
15 15
*Scenario subject to variationWE ARE IN – ARE YOU?
JOIN US!
CARSTEN BORRING
CARSTEN.BORRING@NASDAQ.COMIPO First North Master Class 2021
Aflæggelse af regnskaber efter IFRS
Agenda
Bjarne Iver Jørgensen +45 22 20 23 56
• Hvad er en IFRS Implementering? bjoergensen@deloitte.dk
IFRS Partner og specialist
• Typiske forskelle mellem IFRS og ÅRL
• Processen for en IFRS Implementering Bjarne er partner og leder vores regnskabsrådgivning i Danmark. Bjarne har over
15 års erfaring med danske og internationale revisions- og rådgivningsopgaver.
Bjarne har over de seneste år bistået en række danske vækstvirksomheder med
rådgivning om og konvertering til de internationale regnskabsregler (IFRS) i
forbindelse med notering på First North Premier i Danmark og Sverige.IPO First North Master Class 2021
Initial GAAP Analysis
20IPO First North Master Class 2021
Conversion from Danish GAAP to IFRS – Overview of the four phases of the GAAP convertion
GAAP Analysis IFRS 1
In many instances assets and IFRS 1 determines how an entity for the
liabilities are recognised and first time adopts IFRS.
measured according to the
same principles. The standard contains a main rule,
from which there are certain optional and
However, within some areas mandatory exceptions.
IFRS has detailed and specific
requirements to the accounting
treatment and in other areas
different recognition criteria.
Accounting model
Opening IFRS balances IFRS has less strict presentation requirements
Any monetary effects derived compared to the Danish Financial Statements Act
from the transition is which gives the opportunity to prepare a more
recognised in equity on theme based annual report.
transition date. This date
should be determined early in On the other hand, IFRS contains
the process. Comprehensive disclosure requirements that may
be time consuming to prepare.
21IPO First North Master Class 2021
IFRS adoption timeline – First-time adopters are required to comply with all IFRSs effective at the reporting date
2020 2021 2022
1 January 2020 31 December 2020 31 December 2021
Transition date Danish GAAP reporting First IFRS financial
period ends statements with comparatives for 2020
IFRSs effective at 31 December 2021
are applied retrospectively
22IPO First North Master Class 2021
Key differences
RECOGNITION AND MEASUREMENT
IFRS
• According to IFRS, revenue must be recognised under different criteria than DK GAAP – that is why an analysis of the following must be made:
• How are the contracts organised? Are there any long-term contracts with many different services? Are variable items included in the consideration etc.?
REVENUE RECOGNITION • IFRS requires the use of a five-step model where recognition of revenue is based on the transfer of control of the goods or services transferred to the customer.
• IFRS requires capitalization of sales provision etc. if it is directly attributable to the sales contract.
• According to IFRS 16 all leases must as a main rule be recognised in the balance sheet
• Right-of-use assets are required to be recognised in the balance sheet and amortised over the shortest of the economical life time or the contractual lifetime.
LEASING • Lease liabilities are required to be recognised in the balance sheet at the net present value of the liability.
• Short-term leases under 12 months and low-value leases (IPO First North Master Class 2021
Key differences – continued
RECOGNITION AND MEASUREMENT
IFRS
• Any identifiable asset or liability meeting the definition of an asset or a liability must be recognized as separate assets and liabilities in the pre-acquisition balance sheet.
• Separate recognition of identifiable acquired intangible assets and contingent liabilities
BUSINESS COMBINATIONS • Contingent consideration, such as earn-out agreements, is required recognised at the acquisition-date measured at fair value (contingent liabilities?)
• IFRS allows a first-time adopter to not apply IFRS to business combinations occurred before the date of transition I.e. Goodwill is recognized at carrying amount on transition
date adjusted for impairment.
• In accordance with IFRS, amortisation of goodwill is not allowed and, therefore, amortisation should be reversed at transition.
GOODWILL
• Impairment test is to be prepared at least annually.
• Under IFRS, financial liabilities are derecognised if the derecognition criteria are met (e.g. extinguishment).
• IFRS requires derecognition of a loan, if the NPV of the cash flows under the new liability is at least 10 % different from the NPV of the remaining cash flows of the existing liability.
FINANCING • Every adjustment to the loan conditions will have an impact on P&L.
• Some compound instruments have both a liability and an equity component. In that case, IFRS requires that the component parts be accounted for and presented separately
according to their substance based on the definitions of liability and equity.
24IPO First North Master Class 2021
Key differences – continued
PRESENTATION AND DISCLOSURE REQUIREMENTS
IN GENERAL, IFRS IS MUCH MORE DETAILED THAN DK GAAP (SEE THE INCOMPLETE LIST BELOW)
IFRS
• Requirement of disclosure of right-of-use assets separately.
LEASING • Requirement of disclosure of lease liabilities.
• Comprehensive requirements of note disclosures of first-time application of IFRS 16. e.g. weighted average incremental borrowing rate used, applied exemptions etc.
• Comprehensive note disclosure requirements regarding all related party transactions.
RELATED PARTY
• IFRS requires, as a minimum, disclosure of the amount, the amount outstanding including commitments, provisions for doubtful debts and expense recognised.
TRANSACTIONS
• Disclosure requirements regarding compensation of key management personnel.
FINANCIAL • Comprehensive note disclosure requirements regarding credit risk, fair value, market risks, sensitivity analysis etc.
INSTRUMENTS • Disclosure requirements regarding risk management policies and potential hedging activities.
CASHFLOW • IFRS requires disclosure of changes in liabilities arising from financing activities, which include IFRS 16 effects
STATEMENT • Non-cash items may not affect the cash-flow statement
• Comprehensive disclosure requirements of at least:
• three statements of financial position
• two statements of profit or loss and other comprehensive income
FIRST TIME
• two statements of cash flows
ADOPTION • two statements of changes in equity and related notes
• comparative information for all statements
• Reconciliation of IFRS and applied GAAP
Share based • Detailed description of the programme, cost recognised during the year, recognised liabilities, methods applied for fair valuation 25
paymentIPO First North Master Class 2021
Indicative Plan
26IPO First North Master Class 2021
IFRS Conversion – Conversion and implementation phases
STEPS SUBPHASES
1 Planning
Initial
scoping
Initial identification
of GAAP differences
Materiality
Scoping of
entities
Insignificant GAAP
2 Detailed analysis Significant GAAP differences
differences
Data collection and preliminary
3 Revenue analyses
Data validation Compliance
Data collection and Estimation of effect on
4 Leases preliminary analyses the financial statements
Data collection and
5 Share based payment preliminary analyses
Accounting impact
Conversion of opening balance Conversion of balance
6 Conversion
1 Jan 2020 31 Dec 2020
2021 IFRS figures
Preparation of financial Model financial Preparation of annual
7 statements Statement and checklists report 2021
Annual report &
8 audit
documentation
Audit documentation Signing
Project stream initiation
27IPO First North Master Class 2021
Interim Reporting
28IPO First North Master Class 2021
Requirements to financial reporting when listed on First North Premier Growth
IAS 34 | Interim Financial Reporting
• According to ‘Delårsrapportbekendtgørelsen’, listed entities are required to prepare an interim financial report for the first 6 months of each financial year according to IFRS. It is optional for
Accounting regulation
the executive management to prepare quarterly reports.
Complete or condensed • It is optional for the executive management whether they want to prepare a complete or condensed set of financial statements.
• IAS 34 describes the minimum content of an interim financial report and the recognition and measurement principles for an interim financial report:
a) Balance sheet as of the end of the current interim period and a comparative balance sheet as of the end of the immediately preceding financial year.
Content of the Interim Financial b) Statement of comprehensive income or a condensed statement of comprehensive income and a condensed income statement for the immediately preceding financial year.
Report c) Statement of changes in equity year to date with comparison figures for the same period last year.
d) Statement of cash flows cumulatively for the current financial year to date, with a comparative statement for the comparable year-to-date period of the immediately preceding financial year.
e) Selected explanatory notes, not excepting required is segment information, revenue from specified categories as required in IFRS 15 and disclosure of mergers and discontinued operations.
Significant events and • The explanatory notes required are designed to provide an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance
transactions of the entity since the last annual reporting date.
• The management report must comment on all of the interim report, regardless of the company publishing an optional statement for the first quarter.
Management report
• The management report must comment on the development of the Group’s activities, results, equity and stress specific circumstances.
Adjustment of fair value • The management must evaluate if the fair value of assets and liabilities is unchanged compared to the latest financial report. If there are changes, this are to be included in the interim report.
Performance of impairment test • The management must evaluate if there are indications as to whether an impairment need exists.IPO First North Master Class 2021
Erfaring – Rejsen mod en børsnotering på Premier
Agenda
Michael Gram Hansen +45 53 74 09 00
• Valg af børsnotering på Nasdaq Premier mg@mapspeople.com
CEO & Founder MapsPeople
• Processen/erfaringer MapsPeople har gjort sig på noteringsrejsen
• Perspektiver på livet som en børsnoteret virksomhed på First North Premier Michael Gram er CEO og medejer af virksomheden MapsPeople.
Han har været hos MapsPeople siden 1997 og har været i spidsen for hvor
• Læringspunkter for børsnoteringsrejsen (dos and donts) børsnoteret MapsPeople er i dag. MapsPeople er Google partner, og en SaaS-
virksomhed som vækster flot og ambitionen er at blive markedsleder indenfor
´Indoor mapping´.IPO
Nasdaq First North Premier Growth Market
1MapsPeople’s revenue streams – MapsIndoors is the future
M apsIndoors Platform Google M aps Other subscriptions
67% 22% 11%
IPO ARR split IPO ARR split IPO ARR splitStatus Pre IPO
Business
Tech // BtB // SaaS
Performance
ARR 30m DKK ($5m)
120% average Y-on-Y growth (2018-2020)
370 customers in 40 countries
6% churn
Ambition
Indoor mapping market leader
+85% Y-on-Y growth (2021-2023)
Challenge
Funding of growth journey 300m DKK
Valuation
85m DKK
OfferFirst North Premier Growth Market
Venture Capital vs Stock Market
● Structured funding
● Control
● Visibility
● BrandingFirst North Premier Growth Market
Venture Capital vs Stock Market
● Structured funding
● Control
● Visibility
● Branding
Denmark vs alternatives
● Company registration address
● Level of knowledge
● Advisor experience
● Networking and communicationFirst North Premier Growth Market
Venture Capital vs Stock Market
● Structured funding
● Control
● Visibility
● Branding
Denmark vs alternatives
● Company registration address
● Level of knowledge
● Advisor experience
● Networking and communication
Nasdaq First North - Premier or not
● Display maturity
● Transparency
● Ambition for main marketFirst North Premier Growth Market
First North Premier Growth Market
IPO process
Marketplace (Nasdaq)
Auditor (Deloitte) Supervisory authority (Finanstilsynet)
PR Agency (MindShare)
Lawyer (Elmann)
Certified Advisor (Grant Thornton)
Trading platform (Nordnet) Media distribution (Cision)
Issuing bank (Danske Bank) IR Tools & Services (Q4)
Financial infrastructure (VP Securities) Cornerstone Investors (BankInvest)IPO process
Financials IFRS
Corp. finance Preparations - data collection, business plan
Prospectus
4 round of approval - Nasdaq // Finanstilsynet
Investor Presentation
Pre subscription // cornerstone investors
Subscription period // Investor Presentations
Legal Due diligence
Warrants
Corporate Governance Code
Issuing Bank Booking ressources
Communication Investor Relation
Internal knowledgeGoing forward
Investments Market expansion Partners, customer success, Asia
Marketing Direct, partners
Platform development Automation, AI, Live data
Guidance ARR
IR Investor communication
Staff 2020 65
2021 100
2022 135Learnings
● Solid traction
● High quality data is crucial
● Reserve a minimum of 6-7 months for the process
● Consider the necessity of Premier (IFRS)
● Clarify warrants well in advance
● The choice of Certified Advisor is crucial
● Run processes in parallel
● Prepare aftermarket activities well in advanceThanks
13You can also read
