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1、-1-Roland Berger&Partner GmbH International Management ConsultantsBarcelona Beijing Berlin Brussels Bucharest Budapest Buenos Aires Delhi Detroit Dsseldorf Frankfurt Hamburg Kiev Kuala Lumpur LisbonLondon Madrid Milan Moscow Munich New York Paris Prague Riga Rome So Paulo Shanghai Stuttgart Tokyo Vi
2、enna ZurichAudit of the Restructuring Concept Final presentation Boeder Deutschland GmbHFrankfurt/Main,1st of September 1999BER-0072-04798-01-04a-2-This document was created for the exclusive use of our clients.It is not complete unless supported by the underlying detailed analyses and oral presenta
3、tion.It must not be passed on to third parties except with the explicit prior consent of Roland Berger&Partners.Content PagePreliminary remarks3A.Management Summary 6B.Project task and approach 10C.Initial situation14D.Market and competitors analysis 211.Market 222.Competitors 29E.Contents of restru
4、cturing concept36F.Evaluation of restructuring concept391.Turnover growth 442.Cost cutting measures 483.Liquidity saving measures52BER-0072-04798-01-04a-3-Preliminary remarksBER-0072-04798-01-04a-4-Preliminary remarks on project (1)On August 9,1999,the management of boeder Holding GmbH commissioned
5、Roland Berger&Partners to audit its rough restructuring concept by August 27,1999.The main aim was to reach a consensus on whether the boeder group could be restructured in order to safeguard its futureThe main project tasks were toCheck the market feasibility of the strategic reorientation Evaluate
6、 the measures planned or in progress with regard to their effects on results and liquidity and the proposed timeframe Check the feasibility of the boeder groups business planning using existing cost structures and the expected effects of the measures as a basisThe feasibility of proposals for the fo
7、reign group companies was only roughly estimated,as time pressure made it impossible to carry out evaluations on sitePlanned presentation starts:August 17:Shareholder meetingAugust 27:Bank pool meetingBER-0072-04798-01-04a-5-Preliminary remarks on project(2)Information provided to Roland Berger&Part
8、ners by the boeder groupAnnual reports of boeder group,19961998Monthly report for boeder Germany,1998List of inventory,August 5,1999The historical structure the situation of the boeder group(August 9,1999)6 focuses for 6 months for the boeder group(August 5,1999)The evolution of the boeder group(Aug
9、ust 9,1999)Summary of software leasing contractsSummary of car leasing contractsCalculation of sales force costsIncentive schemes for internal financing and the managementList of improvements and structural changes to the financing structure of the boeder groupFactoring offers from Procedo and FMNLi
10、st of purchasing volume per supplier 1999(A suppliers)Social plan proposal for Clasquin warehouse in Bochum(August 10,1999)List of employees per company and department(June 1,1999),list of income per employee for boeder Germany(July 1,1999)BER-0072-04798-01-04a-6-A.Management SummaryBER-0072-04798-0
11、1-04a-7-Management Summary(1)The boeder-group supplies the market for general office products and Electronic and Multimedia Accessories for the consumers with four product groupsWhile the market for Electronic and Multimedia Accessories for the consumers grows by at least 7%until 1999/2000 the gener
12、al offices market stagnatesThe boeder-group is positioned between technology-and volume-oriented competitorsBoeders strategy is to grow in volume and to focus on technology nichesDue to the disappointing performance in the past a new management has assumed leadership in August 1999 and has developed
13、 and implemented an action plan aiming to repair certain strategic deficits and to focus on growing with the boeder brandBER-0072-04798-01-04a-8-Management summary(2)The boeder group plans in the 1999/2000 business year the following results:boeder Germany DM:Turnover:DM 61.4 m;EBT:DM 0.1 m,PBT:DM 0
14、.1 mboeder Group w/o Germany:Turnover:DM 118.1 m;EBT:3.1m;PBT:DM 3.1 mThe action plan of management calls for cost improvements of DM 0.6 m in 1999/2000 and DM 4.0 m on a full year basisThe budget for 1999/2000 focuses on increase in sales of 14.7%abroad,while German turnover is expected to nearly s
15、tagnateThe budget implies an ROS of 1.57%(boeder Group)while management expects to achieve 5.0%ROS in midterm basis.This implies significant cost and gross margin improvementsBER-0072-04798-01-04a-9-Management summary(3)Roland Berger&Partners see the following risks/opportunities:-general risks in t
16、he cost reduction program:DM 0.3 m in 1999/2000;DM 1.6 in FY-potential loss of gross margin in Germany of DM 1.4 m-conservative foreign budgets-potential sales growth in Germany due to a detailed action plan?To achieve the result targets,Roland Berger&Partners recommend detailed sales targets immedi
17、ately according to customer groups,product groups and regions,and introducing the planned cost reduction measures in conjunction with stringent measures managementIn addition,further possibilities of cost reduction to meet the targeted returns should be investigatedAs a midterm goal Roland Berger&Pa
18、rtners recommend to achieve a critical sales volume mass as well above current volumeBER-0072-04798-01-04a-10-B.Project task and approachBER-0072-04798-01-04a-11-The boeder-Group is managed by a holding structureItaly100%100%100%UKRSGBeNeLux99,6%100%InternationalSpainPoland100%100%100%99,9%AsiaSwitz
19、erlandFrance3S99,6%100%GermanyStructure boeder Group(1998)Source:boeder,Roland Berger&Partners work proposalboeder HoldingProcurementMarketingEDP/SAPLogisticFinance/ControllingOutletSalesDial EDV Sales100%52%Project focusBER-0072-04798-01-04a-12-To describe and determine the position of boeder withi
20、n market and competitionTo analyse the cost cutting and liquidity saving effects of all planned and implemented measuresTo evaluate the businessplan under consideration of module I and II and to analyse future earningsThe project contains three modulesProject overviewSource:Roland Berger&Partners wo
21、rk proposalModule I:SWOT analysis boederModule II:Measure evaluationModule III:Businessplan evaluationAnalysis of turnover,customer groups,gross margin and sales channelsCompetitor analysisMarket volume,structures and developmentOpportunities and threatsMeasure descriptionCost cutting effectsLiquidi
22、ty saving effectsExtraordinary effectsEffects by timeAssumptionsTurnover analysisCost structuresMeasure effectsExpected earningsCash flowContentTargetBER-0072-04798-01-04a-13-The project takes roughly three weeksProject scheduleSource:Roland Berger&Partners work proposalPreparationModule I:SWOT anal
23、ysis boederModule II:Measure evaluationModule III:Businessplan evaluationPresentationModuleWeek31323334Kick-off(05.08.)Intermediate(17.08.)35Final(01.09.)BER-0072-04798-01-04a-14-C.Initial situationBER-0072-04798-01-04a-15-Turnover of the boeder-Group has increased strongly since 1996Development of
24、external turnover boeder-GroupDM mSource:boeder,Roland Berger&Partners-analysis1995199619971998195.3157.9148.4133.8+13,4%cagr.Foreign distribution companies and International/East18,7%cagr.boeder Germany-4,4%cagr.service companies(3S,RSG)302%1)cagr.Other 2,250%1)cagr.%-change 19961998%-cagr.ItalyUKF
25、ranceSpainBeneluxSwitzer-landInternational/EastAustriaNLSpain:31,3%France1):23,8%Italy:55,3%NL:-42,3%UK:1,4%Switzerland:21,2%Austria:-7,0%Int./East:119,0%1)19971998Turnover structure foreign subsidiaries1998BER-0072-04798-01-04a-16-Severe losses in UK and AustriaEBT and PAT of foreign subsidiaries 1
26、998 K DMSource:boederEBTPATBeneluxSpainFranceItalyNLUKSwitzer-landAustriaAsiaInternational/East4.78.21.11.0-10-12.16.4-4.6n.a.2.9ROS%2.77.18.90.3 2)-12.14.8-4.3n.a.2.91)Extraordinary effect by inner-company transactions 2)due to closing business 1)BER-0072-04798-01-04a-17-While internal turnover of
27、boeder Germany grows strongly,external turnover shrinks in average by 11.4%Development turnover boeder GermanyDM mSource:boeder,Roland Berger&Partners-analysis199619971998100.4+8.6%External%-change 19961998%-CAGR97.8118.6Internal+66.2%-11.4%CAGRBER-0072-04798-01-04a-18-Through the increase of storag
28、e Media turnover the effective gross margin of the product groups was reduced significantlyGross margin by product group boeder Germany%Source:boeder,Roland Berger&Partners-analysis199801-06/99Multi MediaOfficeHard CopyStorage Media+6.9%+0.3%-21.6%-0.8%01-06/99 with coverage of additional losses in
29、Storage MediaNecessary gross margin 20%BER-0072-04798-01-04a-19-reduced gross margin ratioOnly product groups with decreasing turnover achieved increasing marginsPortfolio GM vs.Revenue 1998/99 boeder Germany%Source:boeder,Roland Berger&Partners-analysis Revenue 1998/99%gross margin 01-06/99Multi-Me
30、diaStorage MediaOffice gross margin ratio 1998/99%Hard CopyBER-0072-04798-01-04a-20-Retail and Food discounter with the highest growth of gross margin ratio behind small B.to B.and AdditionalPortfolio-Analysis sales channels boeder Germany 1998 to 16/1999%Source:boeder,Roland Berger&Partners-analysi
31、s Revenue by Sales Channels%Gross margin%RetailFood DiscounterC&CStationaryTele-SalesB.to B.AdditonalCatalogincreasingdecreasingBER-0072-04798-01-04a-21-D.Market and competitors analysisBER-0072-04798-01-04a-22-D.1 MarketBER-0072-04798-01-04a-23-Definition of relevant marketsSource:boeder,Roland Ber
32、ger&Partners-analysisHardcopyMultimediaOfficeStorage mediaPaperSlidesPrinter cartridge and ribbonsAccessoriesStaplerCleaning and protection equipmentAudioInputGamblingDevicesPC cardsHardwareCDDiskProduct groupsProducts10.9%38.8%27.6%22.7%Share of turnover1998SoHoSoHoLeisureSoHoSoHoClientsGeneral Mar
33、ket for paper/office/writing etc.General Market for paper/office/writing etc.Market for PC,printer and scannerCommercial mainly stablePrivate:growingRelevant market driversSecond supplierSpecificsboeder supplies with four product groups two different marketsGeneral office marketAccessories for consu
34、mer electronic andmulti-media marketMarketBER-0072-04798-01-04a-24-Development of relevant market Germanybn DM19981999/2000Generaloffice marketAccessories for consumer electronic andmulti-media marketSource:Roland Berger&Partners-analysis,BBW,GFKThe relevant market in Germany will grow by 3%until 19
35、99/200035.536.73.4%6.6%0%BER-0072-04798-01-04a-25-Market segments boeder GermanySource:boeder,Roland Berger&Partners-analysis,VDMA,ZVEIAccessories for consumer electronic andmulti-media marketGeneral officemarketTotal market in Germany17-18 bn DM18 bn DMMarket growth gross18%2%Price In-/Decreasing r
36、atio-11.4%(1996/00)-2.0%Total market development(net)+6.6%0%Turnover by boeder31.7 DM m31.4 DM mMarket-share by boeder1.7%1.7%Back-upBER-0072-04798-01-04a-26-General officemarketMarket supply is dominated by Retail and Stationary sales channelMarket supply by segments GermanySource:Roland Berger&Par
37、tners-analysisAccessories for consumer electronic andmulti-media marketManufacturersEnd-userC&C,Food/DiscounterRetailerStationary40%40%20%20%80%Market entryby add-on dealerIntermediate25%50%25%ManufacturersEnd-userC&C,Food-DiscounterStationary/Retailer19%70%19%70%Whole-Saler100%Catalog11%BER-0072-04
38、798-01-04a-27-Retail as the major sales channel for boeder will grow mostlyMarket development by sales channels Germanybn DM19981999/2000RetailOtherSource:Roland Berger&Partners-analysis35.536.6C&CFood-DiscounterStationary+3.4%Change%0%-1%-1%+4%+7.5%BER-0072-04798-01-04a-28-Back-upDevelopment of Sal
39、es channels GermanySource:Roland Berger&Partners-analysisRetailFood-DiscounterC&CStationaryMarekt-volume13.3 bn DM5.2 bn DM5.2 bn DM9.8 bn DMSpecification/TrendsReduction of original computer retail outlets by 25%at leastIncrease of market share by new entries(eg.Media Markt)Concentration through fr
40、iendly/unfriendly take overs(eg.Wal-Markt)European-wide listing is necessaryConcentration through friendly/unfriendly take oversEuropean-wide listing is necessaryReduction of companies in sales channel StationaryDistribution and Logistics by whole saler-strategyPrice-Decreasing ratioat least-8-12%at
41、 least-2%at least-2%at least-2%Growth-rate in sales channel15-20%5-7%0-2%0-2%Total growth rate7.5%4%-1%-1%BER-0072-04798-01-04a-29-D.2 CompetitorsBER-0072-04798-01-04a-30-Strong competitive environment for boeder GermanyMarket-overview of competitive environment boeder Germany todaySource:Roland Ber
42、ger&Partners-market researchDirect CompetitorsFellowes,Office Data,AddisonSubstitutesVolatility in trendsMe-too productsNew Competitors(Esselte,Xerox Zweckform)CustomersConcentration into Food-Discounter marketConcentration into C&C-marketReducing of outlets into Retail-market(eg.Vobis,Comtech)Suppl
43、iersNo strategic partnership with far east suppliers possible(boeder)HP,Epson,Canon:Establishing themselves in market with own sales force(in all sales channels)No name taiwanese suppliers try to enter into european market1.3.4.2.BER-0072-04798-01-04a-31-Competition is divided into technical based n
44、iche players and volume oriented retailersStrategic position boeder-GroupSource:Roland Berger&PartnersCost-leadershipDifferentiationROSMainlyproducer/developperMainlydealer/retailerboeder-GroupThrough technicalcompetences and advantages“Through sales and procurementvolume and customized OEMproducts(
45、for premium level)Compe-titorsGeniusLogitechZweckformAddisonOffice DataGuillemotPelikanBER-0072-04798-01-04a-32-While niche players achieve turnovers comparable to boeder,volume players with own outlets and additional own assortments are at min.3 times largerTurnover comparison of boeder GermanyMio.
46、DMSource:Roland Berger&Partners-market-analysisGeniusPrimaxZweck-formPelikanAddisonSoenn-ecken/Bro ActuellOffice Depot/VikingIkonOfficeVolume playersSpecialist/Niche playersStaples/QuillHerlitzDigitEsselteboeder1)1)without RSG,3SBER-0072-04798-01-04a-33-Only a growth-strategy is possible for boeder
47、GermanyFulfillment of requirements of boeder GermanySource:Roland Berger&Partners-market-researchDifferenciationEstablishing own R&D department takes up to 3 years of pre-phasing Finding Strategic partner with high competences in R&DHigh expenses necessary to enable company to achieve competitive va
48、lue chainKnow-how and experience in R&DExperience with product development process0+Cost-leadershipOptimized weighted sales channel mixExisting sales-channelsExisting brandFull assortmentExisting Procurement-channelsNegotiations with suppliers for better procurement conditionsAchieving critical proc
49、urement volumeAchieving critical sales volume0+Differenciation is not possible,cost-leadership single option for boeder GroupRequirementRequirement=under average;0=average;+=above averageBER-0072-04798-01-04a-34-But the success factors are still not fulfilledCompetitors analysis success-factors grow
50、th strategy of boeder GermanySource:Roland Berger&Partners-market-researchboederZweckformSuccess-factors growth strategyInternational wide market recognitionStrong marketing activitiesBrand recognitionListed in German top 10 Food Discounters and C&C marketsBeing present in all consumer electronic an