Lowendalmasaï is an international management consulting company which helps enterprisesto improve their business through cost management efficiency that enhance their long term performance and finances their growth, while protecting human capital. We had a wide presence in Europe, with own offices in France, Italy, Spain, Portugal, UK, Germany and the Netherlands, and outside Europe in China and Japan. In Italy the Group offer is structured along the business lines: Innovation Financing, Labour Cost, Fiscal, Purchasing & Cost Performance and Working Capital. Furthermore we developed a widespread network which allows us to support our clients in most European countries plus USA, Tunisia, Israel, Turkey and India. For info: gmele@lowendalmasai.com M. +39 348 6657917

1. Improving performance to finance sustainable growth
Via A. da Recanate 1, 20124 Milan
Tel. +39 02 80583223
Fax. +39 02 80583227
www.lowendalmasai.com

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São Paulo
Mumbai
Sydney
Hanoi
Shanghai
Tokyo
Astana
Moscow
Tel Aviv
Tunisi
Izmir
Istanbul
Consulting Office
Sourcing Office
Strategic Partner
London
Madrid
Paris
Milan
Rome
Düsseldorf
Copenhagen
Barcelona
Lisbon
Bratislava
Prague
Oslo
Geneva
Amsterdam
Thessaloniki
400 EMPLOYEES IN THE WORLD
2,500 ACTIVE CLIENTS FROM ALL BUSINESS SECTORS
20 YEARS OF EXPERIENCE
We support our Clients at local and global level providing innovative solutions which lead to measurable and sustainable results
Corporate Profile
Enterprise Cost Management: we aim at reducing enterprise costs generating cash and lightening tax burden, without resorting to cuts or human capital reductions

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Our areas of expertise are characterized by an efficient combination of strategy and pragmatism
Enterprise Cost Management

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Lowendalmasaï remuneration model (fixed and variable fees) is orientated to success and based on tangible and measurable results
Results
%
Lowendalmasaï
Variable Fee
Lowendalmasai key assets
Lowendalmasaï key success factors
•Lowendalmasaï success fee is based on reached and validated results
•We always align our objectives with the client’s
•Lowendalmasaï aims at providing effective and durable results, as we base our success on the client’s satisfaction
Operational support
•Coaching during implementation
•Doers, not sayers
Know How
•Successful methodology
•Cost optimization specialization
•Business sector expertise
Results
•Tangible and measurable results
•Partnership
Collaboration with the Client
•Culture based on listening
•Relationship with operational contact people
Lowendalmasaï garantees:

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We are proud of our prestigious Client portfolio, which includes both
international groups and middle-sized dynamic companies
Transport Logistics & Services
Automotive & Aerospace
Energy and Oil & Gas
Chemical-Pharma & Healthcare
Food Beverage & HoReCa
Retail Distribution and Consumer
Goods
Banking Finance Insurance
Luxury & Fashion
IT Electronics & Appliances
Industry & Construction
Advertising, Publishing & Services
Our Clients

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Improving purchasing processes and performances, through the application of three main levers
Purchasing and Cost Performance
1. COST OPTIMIZATION
.Process and organization mapping
.Improvements identification in decisional flows and procedures
.Process Design and Redesign
.Gap Analysis on organization and skills
.Change Management
.Business Process Outsourcing
.Risk Management
2. ORGANIZATION & PROCESSES
3. REDESIGN TO COST / VALUE ANALYSIS
.Design based on Cost Target
.Value analysis on Products and Services
.Identification and evaluation of needs and functions
.Assessment of current solutions
.Identification of alternatives
.Reduction of operative and procurement costs
.Strategic analysis on supplier market and portfolio
.Cost structure analysis
.Sourcing , tender and e-auction implementation
.Negotiation
.Saving Track / Know-how transfer
How ?
How ?
Need
Service function
Service function
Tech. function
What for ?
Tech. function
Tech. function
Tech. function

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A methodology that sets measurable objectives
•Reduction of DSO and DIO, DPO extension
•Reduction of Credit Risk
•Reduction of inventory levels and SLOBs
Contract To Cash – CTC
Procurement strategy,
budget
and forecast process
Evaluating (goods and
documentation)
Invoice
Processing
Payment
Terms
Product range
management
Demand
forecasting
Sales order processing
and customer service
Materials planning,
purchasing and
replenishment
Manufacturing
Scheduling and
Execution
Finished goods
warehousing,
Inventory management
Sales and Quote
Management
Credit and Risk
Management
Order Processing
Invoicing
Terms
Collection
Management
Dispute Management
Cash
Application
Procurement strategy,
budget and process
forecast
Sourcing, selecting
and contracting
Originating
requirements and
ordering
Tracking, receiving
and evaluating (goods
and documentation)
Invoice processing
Terms
Payment
Product range
management
Demand
forecasting
Sales order processing
and customer service
Material planning,
purchasing and
replenishment
Manufacturing
scheduling and
execution
Inventory
management
Finished goods
warehousing
distribution and
logistics
Procure To Pay – PTP
Forecast to Fulfill – FTF
•Development of tools for credit management, tailored on client needs
•Algorithm design according to the sector and to the kind of business
•Multi Language
•Outsourcing management of different phases of Contract to Cash and procure to Pay
•In-house collection to improve cash and preserving relationship with the Clients
•Trade-off of short, medium and long period objectives
•Multi-dipartimental trainings according to Client needs
•Training based on business cases and workshops
•Dashboard to monitor performances
Sistemi
Operative support
Organization and processes
People
Change management
Individual Training
Collective Training
Coaching
Process re-engineering Revenue assurance Policy and procedures Reporting
Business Process Outsourcing Cash Marathon Cash Securitization Temporary Management
Cash Flow Forecasting Collection Management Protests Management Credit Risk Management
Cash flow optimization to increase liquidity
Working Capital Optimization

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Management of the VAT refund process with international staff, benefiting from the well- established relation with Fiscal Administrations:
•Document audit and formal and substantial review
•Refund request preparation and submission
•Queries follow up and management
•Refund achievement
Optimization of flows and VAT compliance:
•Direct VAT registration
•Fiscal representation
•Vat Management
•E-commerce
Flow optimization (Customs Planning) and risk area identification:
•Document analysis
•Flow mapping
•Revision of logistics related contract
•AEO certification
«On demand» consulting service:
•Due diligence projects
•Training on custom related themes
•Regulatory consulting
•Modular training
•E-shopping projects
Drafting of documents and continuous law updating
•Diagnosis and strategy
•Benchmarking
•Master and Country File
•Monitoring and follow-up with administrations
Audit and database creation of physical inventory and reconciliation with the ledger
IT tool which maps and monitors cash income and expenses in order to identify all potential errors
Optimization of foreign and local VAT
Compliance
Customs
Training and consultancy
Transfer
pricing
Fixed Asset Management
VAT Track
Local Taxes
Optimization of taxes related on the cadastral value (IMU, Tares):
•Feasibility study
•Drafting and submission of the dossier necessary for correction
•Submission and follow-up of claims
Turning taxation into opportunity
Fiscal Cost Optimization

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Social charges
Processes and tools
Mandatory insurances
•Process re-engineering
•Development of risk scenarios and saving opportunities
•Change management
•“As is” picture
•Developing strategies to solve critical issues
•Processing policies and procedures
•Checking operational accuracy
•Saving opportunity identification
•Operational support to achieve the identified opportunities
•Analysis of the adopted funding mix
•Identification of not exploited opportunities
•Support in fund management
•Job position checking and renewal
•Development of risk scenarios and saving opportunities
•Operational support to solve critical issues and achieve saving objectives
•Injury analysis
•Identification of recoverable amount
•Operational support in the recovering process
Process Analysis
Compliance
Payroll analysis
Training funding scheme
Employee safety insurance
Appeal against third parties
Two methodological approaches:
Bottom Up
Focused on specific issues
Top Down
Drawing a clear and complete picture of the HR area
360° analysis of personnel management processes and tools focusing on three macro-areas:
Company efficiency in HR process
Labour Cost Optimization

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INNOVATION
TECHNICAL
DIFFICULTIES
SCIENTIFIC
METHODOLOGY
ELIGIBLE
EXPENSES
Anticipate issues instead of trying to solve them
Detect funding and facilitations with a strategic point of view
Exploit apparently hidden opportunities if observed at Country level
ONE INTERNATIONAL TEAM TO:
TAX INCENTIVES
Tax credit
Superdeduction
FUNDINGS
Direct Funding
Credit Facility
IN ORDER TO OBTAIN
Deduction: 100%
Duration: 2014
Topics: R&D related personnel cost (Base research, applied research and industrial development)
Contribution: 70-100%
Duration: 2014-2020
Budget: 70 B€
Topics: Excellent science, Industrial leadership
Societal challenge
Contribution: 50%
Duration: 2014-2016
Budget: 600 M€
Topics: R&D expense increase
R&D TAX CREDIT
HORIZON 2020
IRAP DEDUCTION
SOME OPPORTUNITIES
Managing innovation providing external funds
Financing Innovation

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BUSINESS FACTORS
Clients
Volumes engaged
Demand planning
ENDOGENOUS FACTORS
Enterprise inputs
Purchasing contracts
Selling contracts
Risk Management Policy
EXOGENOUS FACTORS
Commodity and currency market
Market related risk
MaK
Metodologia Acquisto Kommodity
MAK – Commodity Risk
The MAK model dynamically measures and quantified the risk linked to commodity purchasing
Client & Vendor Rating
Tool used to support credit and supplier risk management, generating an authomatic rating (monthly)
Objectives
•Reduce credit risk and monitor supplier risk (solvency, financial difficulties…)
•Define a client and supplier rating model
•Evaluate the overdraft
•Speed-up inbound and outbound order processing
•Improving reporting and control systems
LM – Risk
•Interface with company systems and external data sources
•Monthly evaluation of clients and suppliers rating using n data sources
•Monthly translation of the rating into a dynamic reliability level
•Management of n moments of risk evaluation (at the order, shipment,…)
Risk
•DAU recovery and related customs documetns
Customs
•Redaction of Master File, Country File and Benchmark
Transfer Pricing
•Analysis of INAIL and INPS contribution
Labour Costs
Sanction risk reduction and processes securitization
Strategic consulting and processes’ optimization
Fiscal Compliance
We use propriety tools to dynamically measure risks linked to purchasing, credits and tax
Risk Management

12. Lowendalmasaï Italy
Via Antonio da Recanate 1 – 20124 Milan
Tel: +39 02 80 58 32 23 – Fax: +39 02 80 58 32 27
www.lowendalmasai.com
Paris - HQ EUROATRIUM 7, rue Emmy Noether 93400 St Ouen France T : 33 (0) 1 83 72 72 00
London 5th Floor Bridewell Gate 9 Bridewell Place EC4V 6AW – London, United Kingdom Tel. +44 (0) 203 697 81 00
Lisbon Rua da Misericórdia 76, 1200-273,Lisbon Portugal T: (+351) 213 210 219
Düsseldorf
Louise-Dumont-Str. 5 D-40211, Germany
T: +49 (0) 211 71 06 75 0
Madrid Avenida de Bruselas, 7, 28108,Alcobendas, Spain T : +34 91 319 28 75
Barcelona
Torre Inbisa
Plaça Europa, 9 – Planta 14-A
L’Hospitalet de Llobregat
08908 Barcelona - Spain
Tel: (+34) 93 201 07 00
Amsterdam Mauritsstraat 11 2011 VN, Harlem, Netherland T: +31 23 511 2980
Shanghai
Hong-Kong Plaza, 283 Middle
Huaihai Road, Room 1503,
Shanghai 200021, China T: +86 (21)63411255
Tokyo Kitasando DT Bldg. 5F, 4-16-7Sendagaya Shibuya-ku, TOKYO 151-0051 - Japan T : +81 (0)3 6661 4501
Rome Via Salaria, 58 00198, Rome, Italy