Executive
Interim
Partners
Residenzstraße 27
Preysing Palais
80333 Munich
Phone: +49 89 552 7979 20
Fax: +49 89 552 7979 01
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Challenges
- Negative operating result, high level of debt and break of covenants leads to liquidity and confidence crisis
- Consolidation of the national companies inefficient and incomplete, which led to wrong investment decisions
- No uniform management reporting of the various subsidiaries and lack of uniform group-wide KPIs
- A major subsidiary with inadequate internal controls but enormous cash needs for further growth
- Inefficient processes in production lead to long delivery times and a lack of delivery reliability
- Significant quality costs and customer complaints
- Unfocused product portfolio and investment decisions without uniform evaluation criteria for investment decisions
- Capital increase necessary to secure going concern
Approach
- Establishment of an interim Chief Finance Officer, who immediately started to develop a restructuring concept and immediately implemented measures to secure liquidity
- Recruitment of a strategic purchasing manager, who also consolidated the purchasing departments of the foreign subsidiaries
- Establishment of a new controlling team and rapid development of uniform management reporting across all subsidiaries. And introduction of a Group Accounting Manual.
- Negotiation with owners to refinance the company and implementation of two capital increases
Selected Results
- Successful refinancing of the company (volume: approx. EUR 10 million)
- Restructuring of the finance team (exchange of 80% of the finance staff)
- Realization of significant savings in purchasing and reduction of working capital
- Improvement of management reporting and this already on the 9 working day of the following month for all group companies
Further Challenges
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