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Navigator Consulting Investment Advisory Services

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  • 1. © Navigator Consulting Partners LLP. 2013 Investment Advisory Services Navigator Consulting Group
  • 2. © Navigator Consulting Partners LLP. 2013 Navigator Consulting Group Navigator is an international consultancy based in London and Athens, with associates in Limassol, Istanbul, Dublin, Poznan and Kaunas. Since our inception in 1995, we have advised on over 80 investment projects delivering EUR 6 bln in invested resources world-wide. Our implemented Investment projects range from EUR 2 to 500 million in value. Our clients include investment banks and private equity funds; multinational and regional manufacturers, venture capital funds, government agencies, and others. In addition to due diligence, risk analysis and business planning supporting investments, we offer post-investment support in the form of investment monitoring and consultancy support. Samples of project experience follow; please consult www.navigator-consulting.com for additional information
  • 3. © Navigator Consulting Partners LLP. 2013 Investment Advisory Services We support the complete investment cycle: Investment Analysis Due diligence Business planning Market analysis Price & risk analysis Financial forecasting Scenario planning Investment Support Joint venture support Mergers & acquisitions Corporate valuation Privatisation studies Financing search Investment promotion Post-Investment Support Post-merger integration Corporate restructuring Training and staff development Marketing and sales development Strategic information and BI Investment monitoring
  • 4. © Navigator Consulting Partners LLP. 2013 Clients
  • 5. © Navigator Consulting Partners LLP. 2013 Greece: Photovoltaic Power Due Diligence Navigator implemented a commercial due diligence and risk analysis study for a EUR 130 mln. 68 MW photovoltaic power investment in Greece. Responsibilities included: •  Detailed assessment of feed-in tariff and licensing procedures and risks; •  Comprehensive due diligence of existing multilateral bank loan agreements, term sheets and EPC contracts; •  Analysis of the financial model and development of risks and sensitivities corresponding to payment delays, retroactive taxes and other issues; •  Benchmarking of equivalent investments and economic returns from Greece and the SE European region.
  • 6. © Navigator Consulting Partners LLP. 2013 Iceland: Geothermal Greenhouse Investment Navigator consulted an Icelandic investment group developing the first large-scale geothermal energy-powered greenhouse in the world. The project comprised the investment of EUR 12.75 mln to construct a state-of-the-art frost-resistant, geothermally-powered, 50,000 m2 greenhouse with an annual production of 2,834 tones of tomatoes. Navigator’s work included: •  Initial review of the greenhouse investment concept; •  Analysis of geothermal energy production and costs; •  Due diligence on the greenhouse project investment structure; •  Financial modeling and assessment; •  Assessment of political, investment and financial risks; •  Initial presentations to potential investors; •  Support for financing negotiations and contracting.
  • 7. © Navigator Consulting Partners LLP. 2013 Ukraine & Russia: Ceramic Tile Investment Due Diligence Navigator implemented a commercial due diligence and business plan of EUR 101.5 million validation for a major ceramic tile investment in Ukraine. The due diligence included the following components: •  Detailed market analysis in Ukraine, Russia, Kazakhstan and Germany with the particular emphasis on factory closures and Chinese imports.   •  Comprehensive customer sales and profitability analysis, including gross and net profitability, credit costs, customer segments, turnover and retention analysis, Pareto and ABC analysis, and others.   •  Detailed internal process analysis at the client, including functions such as market research, forecasting and sales planning, CRM, order management, after-sales service, transport and logistics, contracting and quality management.   •  Raw materials access and contracting, including quality, pricing, security of supply and contracting.   •  Customer survey of 15-20 customers in Ukraine and 10-15 customers in Russia to determine supplier performance and competitive benchmarking.
  • 8. © Navigator Consulting Partners LLP. 2013 Greece: Wind Power Plant Due Diligence Navigator implemented a commercial due diligence of an existing 26 MW wind turbine power plant in the Peloponnese region of Greece. The project included: •  Review of financial results for 18 months operations (existing); •  Financial forecasts for 10 years, including sensitivity modelling relating to feed-in tariff changes and payment delays; •  Assessment of equipment and manufacturer warranties over the life of the investment; •  Support for investment decision-making, including negotiation support.
  • 9. © Navigator Consulting Partners LLP. 2013 Greece: Hotel Investment Due Diligence Navigator advised 2 investors on hotel purchases, rehabilitation and operation in Greece in 2013. Responsibilities included: •  Detailed assessment of the investment code and licensing procedures for hotel operations in Greece, including land code, building footprint, quality levels, sales, pricing and other issues; •  Detailed analysis of the wider tax system, including the newly-passed property tax code and options for tax optimisation; •  Screening and identification of hotel properties in key areas (Attica, Peloponnese, Crete, Ionian and Cycladic Islands); •  Financial and operational planning, focusing on occupancy, sales channels, pricing and margins as well as modeling capital expenditure and operating costs; •  Detailed sales channel analysis and sales optimisation, including direct, internet and international sales, revenue targeting and mix, etc.
  • 10. © Navigator Consulting Partners LLP. 2013 Ukraine: Flexible Plastic Packaging Investment Navigator prepared a due diligence study and business plan for a EUR 95.5 mln investment and working capital loan in the largest flexible packaging manufacturer in the former Soviet Union. Our responsibilities included: •  Detailed market research into downstream consumption and future demand for packaging materials in Ukraine and Russia; •  Customer survey with 30 leading companies, including Nestle, Kraft, Mars, Obolon and others on packaging trends and forecasts; •  Detailed competitor analysis, including technology and production capacity; •  Internal analysis of departmental structure, staff deployment, business processes, information systems and contracting; •  Detailed profit-loss, cash flow, balance sheet and KFI modelling to 2017; •  Risk analysis and mitigation. The project has been prepared on behalf of the manufacturer and approved by an international investment bank for financing.
  • 11. © Navigator Consulting Partners LLP. 2013 Gulf Cooperation Council: Automotive Components Investment Navigator advised a multinational manufacturing enterprise on establishing 2 automotive components factories in the Gulf Cooperation Countries (GCC): Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Oman, and Bahrain. Although this region has extensive petroleum and natural gas reserves, it imports nearly 100% of automobiles and components. Navigator forecasts automotive parc growth to reach 16.3 mln units in 2015, with Saudi Arabia comprising the largest parc, followed by Kuwait and the United Arab Emirates. Project tasks included: •  Automotive parc analysis and forecast to 2015; •  Component aftermarket replacement forecast (2 products); •  Investment incentive analysis and site selection; •  Detailed profit/loss, balance sheet, cash flow and key financial indicator analysis to 2015; •  Technology and equipment supplier review.
  • 12. © Navigator Consulting Partners LLP. 2013 Greece: Automotive Battery Investment Navigator has developed a feasibility study for automotive battery manufacture in Greece, on behalf of a Swiss investment fund. Although Greece had a high rate of vehicle density and a growing automotive parc, it imported 100% of auto- motive and motorcycle batteries. The objective of the study was to determine whether a specialised battery manufacturer could manufacture in Greece, while exporting to regional Balkan and Middle Eastern countries. A preliminary investment study has been completed, including: •  Capacity planning •  Technical study and equipment selection •  Staffing and operating costs •  Sales regions, exports and prices •  Raw material supply •  Recycling plant development The study showed a high EBITDA, EBT and IRR, taking into account development at commercial rates (i.e. without EU subsidies for investment).
  • 13. © Navigator Consulting Partners LLP. 2013 Belarus: Property Investment Due Diligence Navigator implemented a due diligence study for a $ 360 mln commercial property development in downtown Minsk. Minsk suffers from an acute lack of Western Grade-A commercial property. The proposed project would develop a 19-story commercial tower in the centre of Minsk, transforming the central business area. The project included: •  A detailed inventory and completion model of existing and planned commercial development •  Pricing and price sensitivity analysis •  An analysis of real estate and general investment taxation •  A detailed financial model with difference scenarios for exit strategies, for PL, cash flow, balance sheet and KFIs •  A comprehensive political risk analysis and macro forecast
  • 14. © Navigator Consulting Partners LLP. 2013 Ukraine: Post Investment Support The European Bank for Reconstruction and Development (EBRD) became an equity partner and senior lender to SBK, the largest Ukrainian brick manufacturer. In order to improve SBK s marketing and sales competencies and respond to the 2009-2010 economic crisis, Navigator was engaged to implement a 12-month consultancy support programme. Main activities included: •  Strategic and organisational analysis; •  Strategic restructuring of the marketing and sales function at the headquarters and regional offices •  Definition and implementation of a customised competency framework and assessment system •  Extensive staff training in strategic, technical and industrial sales •  Development of a new sales reporting system •  Development and implementation of a customised CRM system •  Customer sales staff training on brick properties and sales methods
  • 15. © Navigator Consulting Partners LLP. 2013 Uzbekistan: Communications Cable Investment Navigator implemented a due diligence study for a producer of telecommunications, power and electrical cables and wires. Based in eastern Uzbekistan, the client exports 75% of output to Russia, Turkey and Kazakhstan. It is part of the largest Russian manufacturer of telecommunications cables. Our responsibilities included: •  Detailed corporate analysis for marketing and sales operations; •  Comprehensive sales and profitability analysis of product sales; •  Market review in Uzbekistan, Russia and wider CIS for power and communications cables and equipment; •  Technical and operational evaluation of the $ 9 mln investment plan; •  Financial analysis; •  Risk analysis and mitigation. The project has been approved: an international investment bank provided loan funding
  • 16. © Navigator Consulting Partners LLP. 2013 Greece: Aquaculture Investment Studies Between 1996 and 2002, Navigator implemented a series of investment studies and business plans for new projects and site expansion in sea bass and sea bream marine aquaculture in Greece. To date, we have implemented over 50 investment studies, with delivered resources of nearly EUR 300 million, in fisheries and aquaculture. Today, Greece is the largest aquaculture producer in the European Union, and a major exporter. Although the licensing of new aquaculture units has been restricted since 2002, significant opportunities still exist in the sector. We offer a comprehensive set of technical, financial and marketing research and development services in the marine and freshwater aquaculture sector.
  • 17. © Navigator Consulting Partners LLP. 2013 Russia: Moscow Wholesale Food Markets In 1997-1999, Navigator implemented strategic investment identification and support for Moscow Wholesale Food Markets, the subsidiary of Moscow Municipality responsible for food purchasing, processing and distribution. Working with the Mayor and senior staff, we implemented a series of investment promotion activities and joint venture activities in fruit juice, processed food and packaging. Responsibilities included: •  Identification of market needs and niches in Moscow •  Review of distribution channels, prices and public sector procurement •  Definition of investment projects •  Investment promotion in Greece, Israel and other countries •  Support for joint venture negotiations •  Risk analysis and identification of multilateral investment support via the EBRD, IFC and MIGA
  • 18. © Navigator Consulting Partners LLP. 2013 Slovak Republic: High Debt Turnaround Management The privatisation process in the Slovak Republic in the mid-1990s was characterised by political favouritism in which a series of high-value enterprises were sold, often below real value and using credit from state banks, to political allies of the government. In 1999, Navigator was commissioned by Tractebel SA to support the turn-around of a heavily indebted company. The client was a producer of eletrotechnical metering systems with sales in over 50 countries world-wide. Our tasks included: •  Detailed analysis of corporate financial situation, and definition of key cash flows and value-adding steps in the enterprise; •  Analysis of sales processes and contracts; •  Development of a crash sales programme designed to accelerate contracts under negotiation and develop a faster sales resolution process; •  Definition of a turn-around management plan with clear objectives, sales indicators and financial targets; •  Training of sales staff in strategic selling and marketing processes.
  • 19. © Navigator Consulting Partners LLP. 2013 Ethiopia: High Debt Turnaround Management In 1997, Navigator was engaged to implement a due diligence study for a Greek-Ethiopian joint venture in cotton ginning in the Middle Awash Valley of Ethiopia. The Awash Valley is a key area for cotton and other crop cultivation, due to a continual water supply, stable temperatures and fertile land. Navigator implemented a comprehensive due diligence, including: •  Site review of the intended farm, including land ownership rights; •  Assessment of growing conditions and crop yields; •  Technical assessment of the pro-posed ginning plant and works; •  Market assessment and analysis of 17 spinning & weaving mills operating in Ethiopia; •  Assessment of transport, HR and operating conditions near the site; •  Price research and analysis for ginned cotton, cotton seeds and oil; •  Risk analysis & mitigation strategy.
  • 20. © Navigator Consulting Partners LLP. 2013 Contact Us Navigator Consulting Partners LLP The Broadgate Tower 12th Floor 20 Primrose Street London EC2A 2EW, England www.navigator-consulting.com   Philip Ammerman Managing Partner email: pga@navigator-consulting.com