Following on
from yet another successful AGN International conference
in Montreal, I felt heartened that the AGN group was in
great shape. I
believe we should be all proud to be able to say we are
part of a growing and professional organization. It was
probably one of the more international conferences being
well represented by some new countries and also many people
traveling far.
The
opportunities we are catering for in this sector of
the globe where more than half of the world’s
population reside (I am a tax partner) is escalating
with no signs of slowing down. The resources demand
being fueled by the demands made by China and India
has seen opportunities for mining, exploration and
of course infrastructure. This continues to be fertile
ground for capital raisings, IPO’s and some of
the largest private equity deals we have seen. The
amount of money in the system looking for a home continues
to drive opportunities but also the prices being paid
for good assets (and some not so). Hall Chadwick
Sydney were ecstatic to have seen our client Deutsche Bank
Capital win the “deal of the year under $200
million” for a roll up of nursing agencies around
Australia. Pacific Nursing Solutions sold for approximately
$100 million with only a 26 million capital investment.
Not bad in just over a year! We were particularly pleased
as we were one of the key advisers on the DB Capital
team on the Pacific Nursing Solutions transaction.
The
manufacturing cost arbitrage is as good as ever, with
China increasingly opening its doors. Of course, some
activities remain black listed, but we have the skills
in this group to keep you and your client up to speed
and ahead of the game on all of this, try us! The opportunities
and the risks of doing business in China, as well as
each country are being well thought out. Of course,
as accountants we might normally stop at setting up
a structure for your (and our clients), but of course
this is just the start for us in this region. Real
commercial know how and connections can be invaluable
to successfully cracking this region. We have this
covered. Increasingly the world is becoming smaller
and companies are trying to lower their overall global
taxes, minimise leakages of withholding taxes, shopping
for lower royalty withholding taxes, contemplate the
most appropriate jurisdiction for holding IP, and navigate
the international issues from money laundering to anti
terrorism measures and of course complying with local
and foreign country laws, this takes it to a whole
new level. Again, we are up to it!
It
is with much anticipation and enthusiasm for Hall Chadwick
that I can report the continual amalgamation of accounting
practices “Down under” in what seems to
be a “grab for fees” by Deloitte have acquired
the accounting practices of Horwath in Sydney (being
Horwath’s largest practice in Australia) and
also BDO in Melbourne. I am sure this sort of practice
is not the last of it in the region and even elsewhere.
I am sure this gives us all greater opportunities and
increased resolve to grow our brand.
With
yet another competitor or two biting the dust, the
opportunity this fallout brings is quite exciting for
this region. Of course the clients who are also contemplating
aborting the ship, averting the perceived cost escalation
in a Big 4 encounter. We are working vigilantly on
this opportunity and expect even more international
opportunities as we go forward.
Plans
will commence shortly for our next Asia Pacific conference
which will be proudly hosted by Ramon Garcia in
Manila, The Philippines. I warmly invite anyone who is interested
in doing business in this region to attend. It promises
to be a showcase of know how for this sector, which
of course is our continued commitment for all of our
friends in AGN.
David Kenney
Hall Chadwick
Sydney, Australia
dkenney@hallchadwick.com.au
|
.
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . .