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Guiding Companies Through Change

NAVIGATORConsulting Group

N

Investment Advisory Services

2© NAVIGATOR Consulting Group Ltd. 2010

NIntroduction

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, LondonNavigator Consulting Group Ltd., AthensNavigator Consulting Ltd., Nicosia


NConsultancy Services

Our consultancy services include:

Investment Advisory ServicesDue diligence, business planning, market entry studies, risk analysis, joint ventures, mergers & acquisitions, corporate valuation

Strategic Business DevelopmentStrategic planning, business process re-engineering, corporate restructuring and turn around

Marketing Strategy & AnalysisMarket research, customer analysis, CRM, business intelligence, strategic marketing and sales development

Human Resources ManagementHR development, training, management development, performance assessment


NInvestment Advisory Services

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 InvestmentGulf 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 InvestmentUkraine, 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 InvestmentGreece, 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 DiligenceBelarus, 2008

Navigator implemented a due diligence study for a $ 360 mlncommercial 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 SupportUkraine, 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 StudiesGreece, 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 MarketsRussia, 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 ManagementSlovak 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 eletrotechnicalmetering 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 DiligenceEthiopia, 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.


NContact Us

Navigator Consulting Partners LLPGarrick House26-27 Southampton StreetLondon WC2E 7RSTel +44- 0207-717-8452Fax +44-207 717-8401

Navigator Consulting Group Ltd.March 25th Street No. 30-32Athens 15344 GreeceTel +30-210-640-3098Fax +30-210-645-4042

Philip AmmermanManaging [email protected]

www.navigator-consulting.com

ncg ias presentation

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