NCG IAS Presentation

Guiding Companies Through Change
NAVIGATOR
Consulting Group
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Investment Advisory Services

2© NAVIGATOR Consulting Group Ltd. 2010
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Introduction
Our mission is to support the process of strategic change. We act as
a trusted advisor, providing objective and results-oriented analysis,
solutions and implementation.
Our clients include multinational corporations and regional market
leaders in manufacturing, natural resources, construction and
property, building materials; food processing and packaging.
Our consultants comprise industry specialists and experts with an
international background. We share a commitment to honesty,
objectivity, intellectual rigour and an ethical approach to business.
Snapshot
Founded:
Headquarters:
Group Members:
September 1995
London, England
Navigator is an international consultancy specialising
in investment management and strategic change.
Navigator Consulting Partners LLP, London
Navigator Consulting Group Ltd., Athens
Navigator Consulting Ltd., Nicosia

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Consultancy Services
Our consultancy services include:
Due diligence, business planning, market entry
studies, risk analysis, joint ventures, mergers &
acquisitions, corporate valuation
Strategic Business Development
Strategic planning, business process re-
engineering, corporate restructuring and turn
around
Marketing Strategy & Analysis
Market research, customer analysis, CRM,
business intelligence, strategic marketing and
sales development
Human Resources Management
HR development, training, management
development, performance assessment

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Our core competence is investment advisory services. Since our
inception in 1995, we have advised on over EUR 4.0 bln in investment
projects world-wide.
Investment projects range from EUR 10–500 mln in value.
Clients include investment banks such as the European Bank for
Reconstruction and Development (EBRD); multinational and regional
manufacturers, venture capital funds, government agencies, and others.
Cold chain distribution investment, Cyprus
Our consultants have participated in the restructuring from planned to
market economies of the former Soviet Union since 1992.
We are currently advising on construction of world-class manu-
facturing plants in Ukraine, Abu Dhabi and Saudi Arabia.
We have extensive experience in distressed asset management and
corporate turn around, as well as post-investment support.
Gulf Cooperation Council Automotive Investment

NAutomotive Components Investment
Gulf Cooperation Council, 2008-2010
Navigator is advising a multinational manufacturing firm on investment in
the automotive components industry in the 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 include:
• 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

NFlexible Plastic Packaging Investment
Ukraine, 2010
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 include:
• 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 tech-
nology 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.

NAutomotive Battery Investment
Greece, 2010
Navigator is preparing a feasibility study for automotive
battery manufacture in Greece, on behalf of a Swiss
investment fund.
Although Greece has a high rate of vehicle density and a
growing automotive parc, it imports 100% of auto-motive
and motorcycle batteries.
The objective of the study is 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:
The study shows a high EBITDA, EBT and IRR, taking into
account development at commercial rates (i.e. without EU
subsidies for investment).
The project is now at the decision-making stage.
a. Capacity planning
b. Technical study and equipment selection
c. Staffing and operating costs
d. Sales regions, exports and prices
e. Raw material supply
f. Recycling plant development

NProperty Investment Due Diligence
Belarus, 2008
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

NPost-Investment Support
Ukraine, 2008-2009
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, Navigator was en-
gaged to implement a 12-month consult-
ancy support programme, including:
• 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

NCommunications Cable Investment
Uzbekistan, 2008
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 telecommuni-
cations 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 commu-
nications 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.

NAquaculture Investment Studies
Greece, 1996-2002
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. 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 services in the marine and
freshwater aquaculture sector. To date, we have implemented over 50 investment studies, with
delivered resources of nearly EUR 300 million, in fisheries and aquaculture.

NMoscow Wholesale Food Markets
Russia, 1998-1999
Navigator implemented strategic invest-
ment identification and support for
Moscow Wholesale Food Markets, the
subsidiary of Moscow Municipality res-
ponsible for food purchasing, process-
ing and distribution.
Working with the Mayor and senior
staff, we implemented a series of inv-
estment promotion activities and joint
venture activities in fruit juice, proces-
sed food and packaging.
Responsibilities included:
• Identification of market needs and
niches in Moscow
• Review of distribution channels, pri-
ces and public sector procurement
• Definition of investment projects
• Investment promotion in Greece, Is-
rael and other countries
• Support for joint venture nego-
tiations
• Risk analysis and identification of
multilateral investment support via
the EBRD, IFC and MIGA

NHigh Debt Turn-Around Management
Slovak Republic, 1999-2000
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.
Once privatisation was completed, a process known as “tunnelling” began, in
which the owners withdrew cash and assets from the companies for their
personal use. This left the companies unable to service debt, pay salaries or raw
materials, or continue to function as a going enterprise.
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, driven by higher international sales
• Training of sales staff in strategic selling and marketing processes.

NCotton Ginning Due Diligence
Ethiopia, 2007
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 tempera-
tures 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 oper-
ating 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.

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Contact Us
Navigator Consulting Partners LLP
Garrick House
26-27 Southampton Street
London WC2E 7RS
Tel +44- 0207-717-8452
Fax +44-207 717-8401
Navigator Consulting Group Ltd.
March 25th
Street No. 30-32
Athens 15344 Greece
Tel +30-210-640-3098
Fax +30-210-645-4042
Philip Ammerman
Managing Partner
pga@navigator-consulting.com
www.navigator-consulting.com

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