In 2011, the Company was entrusted by the CAH to appraise the CAH Colombia and its subsidiary North-central Columbia Airport Operations Limited, by providing such appraisal services for CAH to enable CAH to make decisions on whether or not to increase capital to the ACH Colombia and to acquire the north-central Colombia Company. The project is the first case of overseas airline assets appraisal for the CAH, and also for the entire civil aviation industry in China.

In addition to participating in the full course of communication, coordination, professional meetings, data collection and analysis of information in English and Spanish, CEA meanwhile has paid great attentions to Colombia’s airport BOT projects, local civil aviation management system, local accounting policies and tax levels conducted by enterprises, etc., and chose reasonable valuation models and appraisal approaches to dutifully complete the appraisal assignment and issue a report.

We also provide the client with our professional value-added services during the process. The project team formed the professional opinions that were derived from due diligences and analysis, and at a number of meetings, reported to the entrusting party. The team analyzed the impact of Colombia current tax system on corporate cash flow, proposed a number of copping plans in regards to the target companies’ capital increase, shareholder loans and equity transfer, and pointed out that the original plan of capital increase would result in high tax expenditure spent to Chinese side. These views have been attached great importance by the client, and provided a valuable reference for its decision making, through further research and analysis, Capital Airports Holding Company had made the final decision to transfer its holdings and quit Colombian aviation market.