25th Baltic Valuation Conference The themes: Tallinn, Estonia, September 2015

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1 25th Baltic Valuation Conference 2015 Tallinn, Estonia, September 2015 The themes: I. Properties in public ownership and applying different valuation approaches. II. The valuation of business assets and businesses, including tangible and intangible assets, goodwill and trademarks. III. Taking the taxation of investment properties (commercial and residential) related to sale and lease valuations into account.

2 BVC 2015 program on Thu Tallinn s Brotherhood of the Blackheads was guild for unmarried merchants and shipowners. There is no clear answer as to the founding of the brotherhood. The oldest original document mentioning the Blackheads is the brotherhood s contract with the Tallinn Dominican monastery from March 28, This contract affirms the Blackheads right to the religious paraphernalia they had deposited at the Dominican St. Catherine s Church. It is surmised, that the contract, an important occasion for the Brotherhood, must have been entered into shortly after the brotherhood was formed. Therefore the founding date of the brotherhood has been set a few months earlier, in the year :00 20:30 Welcome Reception at House of Blackheads (Pikk 26, Tallinn) Welcoming words Andres Teder, Chairman of The Estonian Association of Appraisers Greetings from the City of Tallinn Toomas Sepp, Tallinn City Secretary Jüri Kuuskemaa, Estonian art historian and adviser to the Mayor of Tallinn BVC 2015 program on Fri :00 10:00 Registration and morning coffee at Nordic Hotel Forum (Viru väljak 3, Tallinn) Conference moderators: Tambet Tiits, FRICS, Director General of Land Board of Republic of Estonia Monica Meldo, Chairman of the organizing committee BVC 2015, Member of the Board of Estonian Association of Appraisers

3 BVC 2015 program on Fri :00 10:10 Welcome to BVC 2015 Estonia! Ando Leppiman, Deputy Secretary General for Energy and Construction of Ministry of Economic Affairs and Communications of Republic of Estonia 10:10 10:40 TEGoVA The Influence of EU Regulation on Real Estate Valuation in Estonia and Europe Krzysztof Grzesik, FRICS REV, Chairman TEGoVA THEME 1: Properties in public ownership and applying different valuation approaches 10:40 11:00 GERMANY Properties in public ownership - Congress Center with Restaurant Ina Viebrok-Hörmann, vice chairman of the section real estate valuation in the BVS 11:00 11:20 FINLAND Should a valuer understand a concept of a regional brand? a proposition for a valuation approach Ari Laitala, Mikael Postila, Juhana Hiironen, Dan Häggman, Kauko Viitanen, Aalto University 11:20 11:40 SWEDEN Valuation of properties in public ownership Louise Magnusson, DTZ 11:40 11:50 Greeting from Norwegian delegation 11:50 13:00 Lunch Welcome to BVC 2016!

4 BVC 2015 program on Fri THEME 2: The valuation of business assets and businesses, including tangible and intangible assets, goodwill and trademarks 13:00 13:20 SWEDEN Comparison of valuation and lending policies in Germany and Sweden Sviatlana Engerstam, Building and Real Estate Economics Royal Institute of Technology (KTH), University of Stockholm 13:20 13:40 USA Property Value Adjustments based on Proximity to and View of for Waterfronts, Golf Courses, and Green ways neighboring Properties: A Review Jay Mittal, PhD; MBA and Sweta Byahut, PhD, Auburn University, Auburn AL 13:40 14:00 POLAND Fuel Station Valuation under the Polish and RICS Standards Mirosława Czaplińska, Malgorzata Rymarzak, Dariusz Trojanowski, Department of Investment and Real Estate, University of Gdańsk 14:00 14:20 BULGARIA Highest and best analysis Georgi Georgiev, Svetozar Atanasov, Chamber of Independent Appraisers 14:20 15:00 Coffee Break 15:00 15:20 FINLAND The (possible) difference between residential asking price data and open transaction data case: Helsinki, Finland Mikael Postila, MRICS, Head of Investment Analysis & Research Orava Funds plc, Helsinki 15:20 15:40 BULGARIA Adjusting Market Multiples in Business Valuation Violeta Kasarova, PhD and Nigokhos Kanaryan, PhD, New Bulgarian University 15:40 16:00 ROMANIA The correlation between corrosion and physical impairment in the evaluation process of special constructions assets pipeline transportation systems Ciprian Gheorghe, Real Estate Valuer, Full Member of The Romanian Association of Appraisers ANEVAR, Valahia University of Targoviste, Ph. D Student 16:00 16:20 LITHUANIA The dynamics of companies business value in Lithuania Jurgita Banytė, NEWSEC

5 BVC 2015 program on Fri :20 16:40 ESTONIA CAPM versus Expert Opinion: Evidence from the survey of Estonian commercial real estate market Kaia Kask, PhD, Priit Sander, PhD, Mark Kantšukov, MA, Faculty of Economics and Business Administration, University of Tartu 16:40 17:00 ESTONIA Specific Issues Regarding to the Valuation for Financial Reporting Purposes Barbara Asu, BDO Estonia and Maarja Pärs, LHV Pank THEME 3: Taking the taxation of investment properties (commercial and residential) related to sale and lease valuations into account 17:00 17:20 ESTONIA Transferring real estate held for investment purposes Urmas Võimre, BDO Estonia 17:20 Closing session 19:30 23:00 BVC 25 & EKHÜ 20 Conference dinner at Nordic Hotel Forum We will be marking two important anniversaries: 1) Baltic Valuation Conference 25 years 2) Estonian Association of Appraisers 20 years Performers, live music and awards

6 BVC 2015 program on Sat OPTIONAL 12:00 16:00 Professional site visit and networking lunch in Tallinn 12:00 Transport from Nordic Hotel Forum e-estonia Ülemiste City - Overview of X-road Geoinfo system Land Board Representative of the Republic of Estonia Tartu excursion (180 km from Tallinn) This will take place if desired by participants. This will become clear after registration (separate fee). Departure after the Tallinn excursion, returning on 20 September (times and programme to be confirmed). Expert appraisal (structure, digital signing) Aivar Tomson, DTZ Seaplane Harbour 15:00 Lunch

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