Financial Advisory Services

Kort beskrivelse

The contracting authority wants to enter into a framework agreement regarding provision of financial advice within the following lots: Lot 1: Ongoing monitoring and deliberations by the state etc. (primarily financial analysis). Lot 2: Ownership decisions regarding potential transactions in minor state-owned companies. Lot 3: Ownership decisions regarding potential transactions in larger and/or listed state-owned companies. The contracting authority will exclude companies established in a country which is not a party to the Governmental Procurement Agreement (GPA) under the auspices of the World Trade Organization (WTO). The framework agreement can be used by the Ministry of Finance and other members of the Danish State. The Danish State in this context includes ministries, agencies, directorates, councils, and boards.

Beskrivelse af udbuddet

When executing current (and potential) ownership regarding a state-owned company, including assessing potential investments or divestments regarding existing or new companies (including corporatizations of exiting government entities), the Danish State must be able to conduct financial due diligence and carry out qualified assessments of the companies’/government enity’s valuation, including a specific business case, valuation of assets and liabilities etc. as well as strategic and operational direction, objectives, and performance.

The lot covers analyses of, among others, the financial conditions, strategic and operational direction and objectives for a company’s/government enity’s development, including the return on capital, capital structure and cost-efficiency of the company.

In addition, the lot covers analyses of the companies’/government enity’s framework and regulatory conditions, industries and strategy, as part of the preparations prior to a potential decision to invest in or divest all or part of the ownership rights of a company.

Yderligere oplysninger

It should be noted that the sum DKK 5,000,000.00 is the expected value of Lot No. 1. It is also noted that the sum DKK 20,000,000.00 is the total maximum value on Lot No. 1. However, the estimate for Lot 1 is based on an estimated range of the expected price. The estimated range on Lot No. 1 is: DKK 5,000,000.00 – 20,000,000.00.

Beskrivelse af udbuddet

As part of its execution of ownership in minor state-owned companies, the Danish State needs to be able to consider potential transactions envisioned by state-owned companies, e.g. because there is a formal requirement for the state’s approval and/or because the state’s approval is required by the state’s ownership policy.
Firstly, this can apply to the extent that state-owned companies are considering transactions, including investments, acquisitions, divestments, etc.
Secondly, this can apply to specific proposals for changes to the capital structure of state-owned companies, including capital increases as well as capital reductions.
Thirdly, such transactions can also relate to mergers and demergers regarding state-owned companies.
The lot covers, inter alia, advice, assistance, review, negotiation, assessments, recommendations and analysis of the financial and strategic implications, including risks for the state as a shareholder and approving party of such transactions in state-owned companies.
Minor companies shall be understood as companies with a revenue of less than 7,000,000,000 DKK in the previous financial year.

Yderligere oplysninger

It should be noted that the sum DKK 10,000,000.00 is the expected value of Lot No. 2. It is also noted that the sum DKK 50,000,000.00 is the total maximum value on Lot No. 2. However, the estimate for Lot 2 is based on an estimated range of the expected price. The estimated range on Lot No. 2 is: DKK 10,000,000.00 – 50,000,000.00.

Beskrivelse af udbuddet

As part of its execution of ownership in larger and/or listed state-owned companies, the Danish State needs to be able to considers potential transactions envisioned by state-owned companies, e.g. because there is a formal requirement for the state’s approval, or because the state’s approval is required by the state’s ownership policy.
Firstly, this can apply to the extent that larger and/or listed state-owned companies are considering transactions, including investments, acquisitions, divestments, etc.
Secondly, this can apply to specific proposals for changes to the capital structure of the state-owned companies, including capital increases as well as capital reductions.
Thirdly, such transactions can also relate to mergers and demergers regarding these companies.
The lot covers, inter alia, advice, assistance, review, negotiation, assessments, recommendations and analysis of the financial and strategic implications including risks for the state as a shareholder and approving party of such transactions in larger and/or listed state-owned companies. It can be required to include an international perspective and capabilities in the solving of tasks under this lot.
Larger companies shall be understood as companies with a revenue of minimum 7,000,000,000 DKK in the previous financial year.

Yderligere oplysninger

It should be noted that the sum DKK 30,000,000.00 is the expected value of Lot No. 3. It is also noted that the sum DKK 75,000,000.00 is the total maximum value on Lot No. 3. However, the estimate for Lot 3 is based on an estimated range of the expected price. The estimated range on Lot No. 3 is: DKK 30,000,000.00 – 75,000,000.00.

Hovedsted eller sted for udførelsen

Advice covered by the framework agreement may be performed from the location of the contracting authority and/or the supplier. The location of the performance will be further specified under the reopening of the competition (mini-procedure) before entering into an advice agreement.

Liste og kortfattet beskrivelse af udvælgelseskriterier

Minimum requirement - Economic and financial standing: The tenderer must submit the European Single Procurement Document ("ESPD") with the following information:

- The tenderer's total annual turnover in the three latest financial years available at the time of submission of tender.

If the tenderer relies on the economic and financial capacity of other entities in relation to the fulfilment of minimum requirements, see below, the tenderer and the entities in question will be required by the contracting entity to undertake joint and several liability for the performance of the framework agreement. The ESPD serves as provisional documentation that the tenderer fulfils the minimum suitability requirements in respect of economic and financial capacity. Before the award decision is made, the tenderers to whom the contracting entity intends to award the framework agreement must submit documentation that the information stated in the ESPD is accurate. Upon the contracting entity's request, the following documentation of economic and financial capacity must be submitted:

Reg. turnover: A statement regarding the tenderer's total turnover in the three most recent annual reports/financial statements available, depending on when the tenderer was set up or started trading, if the figures for this turnover are available. For groups of operators (e.g. a tenderer consortium), the information in the three most recent annual reports/financial statements available must be submitted for each participating operator in the group. Where a tenderer relies on the economic and financial capacity of other entities (e.g. a parent company, a sister company or a subcontractor), information for such other entities must be provided as well.

As a minimum requirement for Lot 1 a total annual turnover of at least DKK 10,000,000 is required in each of the three latest annual reports/financial statements available at the time of submission of tender on lot 1.

If the tenderer relies on the capacities of other entities, the turnover is to be calculated as the total turnover of the tenderer and such other entities in each of the three latest annual reports/financial statements available. For groups of operators (e.g. a tenderer consortium), the turnover is calculated as the total turnover of the operators in each of the three latest annual reports/financial statements available. The minimum requirements regarding turnover for each lot shall not be added together, when a tenderer submits tenders for more than one lot. The same revenue figures can thereby be counted towards fulfilling the turnover requirement for the relevant lots. I.e. if a tenderer submits tenders for more than one lot, the tenderer shall fulfil the highest minimum requirement for the lots in question. The information is to be stated in section IV.B of the ESPD.

Liste og kortfattet beskrivelse af udvælgelseskriterier

Minimum requirement - Technical and professional ability: The tenderer must submit the ESPD with the following information:
A list of the most significant comparable services per lot pursuant to the description of each lot, that the tenderer has carried out in the latest 3 years before the expiry of the deadline for submission of tender. Only references relating to services carried out at the time of submission of tender will be given importance in the evaluation of whether the minimum requirements regarding technical and professional capacity have been fulfilled, see below. Hence, in the case of an ongoing task, only the part of the services already performed at the time of submission of tender will be included in the evaluation of the reference. Each reference is requested to include a brief description of the deliveries made. The description of the delivery should include a clear description of the services pursuant to each lot to which the delivery related and the tenderer's role(s) in the performance of the delivery. The reference is furthermore requested to include the financial value of the delivery (amount), the date of delivery and the name of the customer (recipient). When indicating the date of the delivery, the tenderer is requested to indicate the date of commencement and finalization of the delivery. If this is not possible, for example if the tasks were performed on a continuous basis under a framework agreement, the tenderer is asked to indicate how the date is specified. No more than ten references may be stated per lot, irrespective of whether the tenderer is a single operator, whether the tenderer relies on the technical capacity of other entities or is a group of operators (e.g. a consortium). Where more than ten references are stated per lot, only the most recent ten references will be taken into account. Any additional references will be disregarded. If it is not possible to decide which references are the most recent ten references, the references will be selected by drawing lots. If the tenderer relies on the professional experience of other entities for the performance of specific parts of the services comprised by the framework agreement, see the description of each lot, such specific parts of the services under the framework agreement must be performed by the entity on which the tenderer relies. The ESPD serves as provisional documentation that the tenderer fulfils the minimum suitability requirements in respect of technical and professional ability. Before the award decision is made, the tenderer to whom the contracting entity intends to award the framework agreement must submit documentation that the information stated in the ESPD is accurate. No additional documentation of technical and professional capacity will be required from the tenderer. However, the contracting entity reserves the right to contact the tenderer, or the customer stated in the reference for verification of the information stated in the reference, including the dates of the reference indicated.

The following two minimum requirements for technical and professional ability regarding lot 1 shall be met:
1) Minimum one reference performed within the last three years covering an analysis of the financial conditions, strategic and/or operational direction and objectives for a company’s development. The company covered by the analysis must be either a listed company or a state-owned company (accounting category D) or a medium-sized or large company (accounting category C).
2) Minimum one reference performed within the last three years covering a market analysis (e.g., analysis of operators/competitors in a given market and/or the regulatory framework of a given market).

Accounting category C and D shall be understood as defined in the Danish consolidated act 2022-11-14 no. 1441 (in Danish: Årsregnskabsloven). The last three years shall be calculated as the last three years from the deadline of submission of tender.

Betingelser for opfyldelse af kontrakten

If the tenderer is a group of operators (e.g., a consortium), they must undertake to be jointly and severally liable, and the participants in the association must designate a common representative responsible for communication with the contracting authority. Similarly, a tenderer, who in relation to economic and financial capability, relies on the capability of other entities, is jointly and severally liable with the respective supporting entities for the execution of the framework agreement, should the framework agreement be awarded to the tenderer. The framework agreement has to the relevant extent incorporated the corporate social responsibility considerations as laid down in the conventions on the basis of which the principles of the UN Global Compact are worded and as laid down in the OECD Guidelines for Multinational Enterprises. The framework agreement furthermore contain requirements pursuant to ILO Convention no. 94 and Circular no. 9471 of 30 June 2014.

Yderligere oplysninger

Participation in the tendering procedure may only take place by electronic means via the electronic tendering system used by the contracting entity. For access to the procurement documents, the tenderer must be registered or register as a user. If the tender contains several versions of the same document, the latest uploaded version will apply.

Interested operators are requested to keep updated via the electronic tendering system. If the tenderer encounters problems with the system, please contact support by e-mail, dksupport@eu-supply.com, or telephone (+45) 70 20 80 14.

The tenderer must together with its tender submit an ESPD as preliminary documentation of the circumstances set out in section 148(1), paras 1-3 of the Danish Public Procurement Act (udbudsloven) (hereinafter "Procurement Act"). The tenderer will be excluded from participation in the tender procedure if the tenderer is subject to the compulsory grounds for exclusion set out in sections 134 a, 135 and 136 of the Procurement Act and the exclusion grounds stated in the Procurement Act, section 137(1), para 2, unless the tenderer has submitted sufficient documentation of its reliability in accordance with section 138 of the Procurement Act. The voluntary grounds for exclusion are applied while complying with the principle of proportionality. Hence, trivial matters cannot result in the exclusion of the tenderer. Several matters which, individually, are less serious in nature may, however, give rise to exclusion of the tenderer. Before the award decision is made, the tenderer to whom the contracting authority intends to award the framework agreement must provide documentation of the information submitted in the ESPD cf. sections 151-152, cf. section 153 of the Procurement Act. As an alternative to the documentation mentioned in sections 153-155, 157 and 158 of the Procurement Act, the tenderer may submit a certificate of registration in an official list of approved economic operators, see section 156 of the Procurement Act, issued by the competent authority. The contracting authority only accepts certificates of registration in an official list from tenderers established in the country holding the official list. If a tender relies on the economical and/or technical standing of another entity a letter of commitment must be submitted as documentation of the support.

It should be noted that 45,000,000.00 DKK is an estimate of the expected value of all lots. The expected value of each lot is specified in the section concerning the specific lot. Furthermore, it is noted that 145,000,000.00 DKK is the total maximum value of all lots. The total maximum value of each lot is specified in the section concerning the specific lot. It should however be noted that the stated values for the total and the individual lots are stated in 2023-prices. The estimate of the ranges of the individual lots is based on the historical consumption of financial advice services over the past years and the expectations of the volume of future purchases. The difference between the estimated value and the maximum value is due to the uncertainty of the actual total value of the individual framework agreements (lots). The estimated value thus reflects the contracting entity’s estimate of the expected purchase under the framework agreement, whereas the maximum value reflects the highest value of all contracts to be performed within the term of the framework agreement (in 2023-prices). This takes into account, partly, the contracting authority’s expectations based on the most likely purchase under the framework agreement, partly, the expected uncertainty of such estimate. The values of the framework agreement reflects among others the uncertainty in respect of future market conditions in general and the financial robustness of the state-owned companies. Furthermore, the general strategy for state-owned companies and political decisions, including the number of incidence where assistance is required, can have an effect on the value of the framework agreement.

It is specifically pointed out to the tenderer that the tenderer is bound by the prices offered, irrespective of the turnover specifically achieved under the framework agreement. This means that the tenderer is also bound by the prices offered if the specific turnover deviates from the estimated value, both upwards and downwards. In relation to the estimated value, particular attention is drawn to the fact that the tenderers are not guaranteed any minimum purchase under the framework agreement, and the estimate is therefore no undertaking on the part of the contracting authority to make a minimum purchase under the framework agreement.

The contracting authority wants to enter into a framework agreement with up to five tenderers within lot 1 and up to four tenderers within each of lot 2 and 3. If the contracting authority does not receive 5 compliant tenders on lot 1 respectively 4 compliant tenders on each of lot 2 and 3 the contracting authority can award the lots to tenderers with compliant tenders (i.e. the lots can be awarded to less than the desired number of tenderers), however the framework agreement cannot be awarded to only one tenderer. The tender procedure for each lot should be seen as separate procedures. I.e., the contracting authority reserves the right to cancel the procedure for one or more lot(s) and complete the tender procedure for the remaining lot(s). The lots also constitute as individual framework agreements.

When the contracting authority want to use the framework agreement and receive consultancy within lot 1, lot 2 or lot 3, the contracting authority shall award the specific advice agreement under the framework agreement through a “mini-procedure”, cf. Appendix 4 of the tender material. In order to assess under a mini-procedure which tender has the best price-quality ratio, the contracting authority uses a scoring model to compare the sub-criteria. The scoring model under the mini-procedures differ between the lots as further described in the tender material.

The tenderer may tender for one, two or all three lots. The tenderer can only submit one tender per lot.

Should a company both submit a tender alone and as part of a group of operators (e.g. a consortium), the company must not influence the content of the tender of the group of operators or vice versa. The contracting authority reserves the right to demand that the company gives proof that no such influence has been exercised. The tenderers shall always be aware of any applicable competition regulation when participating as a group of operators.

It is not necessary for the tenderer to sign the ESPD document. For groups of operators (e.g. a consortium), a separate ESPD must be submitted for each participating operator. Where the tenderer is a group of operators, the ESPD document of each participant in the group must however be signed by the participant in question. The tenderer heading the group and submitting the tender is not required to sign its ESPD document. If the tenderer relies on the capacities of other entities, an ESPD must be submitted for and signed by each of the entities on which it relies.

Attention is drawn to Article 5k in Regulation (EU) No 833/2014 as later amended which applies for the tender procedure. The provision contains a prohibition against award of contracts to Russian companies and Russian controlled companies etc. (reference is made to Article 5k, section 1, for the exact delimitation of the actors covered by the prohibition). The contracting entity may at any time during the tender process require that the economic operators prove that they are not covered by the prohibition, for example by requiring a declaration to this effect and/or documentation regarding the economic operators’ and any subcontractors’ place of establishment and ownership (a template is available in the electronic tendering system).

The contracting entity may use the procedure of section 159(5) of the Procurement Act in the event that tenders do not comply with the requirements of the procurement documents.

Præcise oplysninger om fristerne for gennemgangsprocedurer

Pursuant to the Danish Act on the Complaints Board for Public Procurement, etc. (lov om Klagenævnet for Udbud m.v.) (the Act is available (in Danish) at www.retsinformation.dk), the following deadlines apply to the lodging of complaints:
Complaints for not having been selected must be submitted to the Danish Complaints Board for Public Procurement before the expiry of 20 calendar days, see section 7(1) of the Act, from the day after submission of notification to the candidates concerned of the identity of the successful tenderer where the notification is accompanied by an explanation of the grounds for the decision in accordance with section 2(1), para (1) of the Act and section 171(2) of the Danish Public Procurement Act.
In other situations, complaints of award procedures, see section 7(2) of the Act, must be lodged with the Danish Complaints Board for Public Procurement before the expiry of:
1) 45 calendar days after the contracting entity has published a notice in the Official Journal of the European Union that the contracting entity has entered into a contract. The deadline is calculated from the day after the day when the notice was published.
2) 30 calendar days calculated from the day after the day when the contracting entity has notified the candidates concerned that a contract based on a framework agreement with reopening of competition or a dynamic purchasing system has been entered into where the notification has included an explanation of the relevant grounds for the decision.
3) 6 months after the contracting entity entered into a framework agreement calculated from the day after the day when the contracting entity notified the candidates and tenderers concerned, see section 2(2) of the Act and section 171(4) of the Danish Public Procurement Act.
4) 20 calendar days calculated from the day after the contracting entity has submitted notification of its decision, see section 185(2) of the Danish Public Procurement Act.
Not later than at the time of lodging a complaint with the Danish Complaints Board for Public Procurement, the complainant must notify the contracting entity in writing that a complaint has been lodged with the Danish Complaints Board for Public Procurement and whether the appeal was lodged during the standstill period, see section 6(4) of the Act. In cases where the complaint was not lodged within the standstill period, the complainant must furthermore indicate whether a suspensory effect of the complaint has been requested, see section 12(1) of the Act.
The e-mail address of the Complaints Board for Public Procurement is klfu@naevneneshus.dk.
The Complaints Board’s own complaints procedure is available at https://naevneneshus.dk/start-din-klage/klagenaevnet-for-udbud/vejledning/.