Context

• €(20)m recurring losses over last 10 years.
• Change in Management and a strong will to prevent further losses.
• Very intricate internal organization. Understanding of the situation obscured by the complexity.

Our job description

• Financial and operational
• Support to strategic turnaround decisions, ie re-investment in the business called for as market conditions were favorable and company lagged behind competitors in terms of investment.
• Valuation of assets
• Detailed Capex Plan to industrialize process
• Support to short-term (Factor) financing improvement (process and cash impact)
• Distressed transaction of loss-making line of business
• Assistance in laying out Redundancy Plan in the internet business unit to resume profit-making in line with industry standards and to optimize efficacy in Sales and Marketing department.

Achieved

• All turnaround and operational actions implemented in fewer than 14 months
• New CAPEX plan launched and financed.
• No cash injection from shareholders required.

Keys to success

• Ability to provide financial and operational data in a fast-changing environment
• Free-flowing communication with all parties (employees, top management, board, state, banks, buyers…)
• Very hands-on and realistic approach