1. Die erste Folie wird nicht exportiert und dient nur zur Steuerung. Sie bestimmt die Höhe der Grafik, und auf ihr befinden sich die Hotspots. Key levers Accounts receivable Inventory Real estate Liabilities Deliveries Services Others R&D IT (Projects) CAPEX Reducing assetsOptimization investments Range of services Working capital management Securing liquidity Bank management

2. Cash-Optimization Cash is King. Since the beginning of the finance crisis, businesses have had to cope with restrictive and frequently expensive loan-extending policies enforced by banks. On top of that, theres a higher need for liquidity to carry on business in times of crisis. And the implementation of restructuring measures currently increases the need for cash even further. This distinct trend highlights the significance of financing from own resources and absolutely renders imperative an examination of all relevant balance-sheet items for optimization of working capital as well as liquidity and bank management. Against this backdrop, the pressure is rising on businesses to accurately analyze financing and refinancing strategies jointly with their leading banks. Die erste Folie wird nicht exportiert und dient nur zur Steuerung. Sie bestimmt die Höhe der Grafik, und auf ihr befinden sich die Hotspots. Key levers Accounts receivable Inventory Real estate Liabilities Deliveries Services Others R&D IT (Projects) CAPEX Reducing assetsOptimization investments Range of services Working capital management Securing liquidity Bank management

3. Working capital management By reducing net working capital, businesses can disengage liquid funds for implementation of restructuring measures or for growth in form of acquisitions or investments. Leverage points here are the collection of accounts receivable, reduction of stocks, products in process, finished products as well as extension of payment deadlines towards suppliers. The objective is to minimize the cash conversion cycle – the period of time liquid funds are committed to the company`s current assets. Comprehensive and effective optimization programs apply pressure to all three key levers in form of proven systematics and concrete measures. Die erste Folie wird nicht exportiert und dient nur zur Steuerung. Sie bestimmt die Höhe der Grafik, und auf ihr befinden sich die Hotspots. Key levers Accounts receivable Inventory Real estate Liabilities Deliveries Services Others R&D IT (Projects) CAPEX Reducing assetsOptimization investments Range of services Working capital management Securing liquidity Bank management

4. Securing liquidity Potentials to assure liquidity will frequently lie untapped in planned investments. Review and revaluation of all projects (R&D, IT und CAPEX) on the basis of professional cost / benefit schemes and roadmaps will soon make these resources available. Other liquidity potentials lie in capital bound in the goods / services production process. The issue here is to systematically examine all tangible and intangible positions to determine if they actually are essential for business operations. The answers to the question Which properties, machinery, and participations have strategic significance and are essential for our core competencies? will indicate if assets ought to be sold. Analytical focus should also be on options for partners´ investments, sale-and- lease-back strategies or asset sales. Die erste Folie wird nicht exportiert und dient nur zur Steuerung. Sie bestimmt die Höhe der Grafik, und auf ihr befinden sich die Hotspots. Key levers Accounts receivable Inventory Real estate Liabilities Deliveries Services Others R&D IT (Projects) CAPEX Reducing assetsOptimization investments Range of services Working capital management Securing liquidity Bank management

5. Restrictive capital markets call for professional dealing with lenders, in particular with banks. Refinancing negotiations attain high-priority status and need intensive and in-depth preparation. Business plans must be accurate and the derived cash flow statement must indicate financing potentials corresponding to actual financial standing. In todays financing environment, extending credits is a highly sophisticated process. The objective must be to assure the availability of structured, consistent and conclusive corporate data in terms of quantity and quality in order to facilitate risk assessment by banks and to preserve their confidence in the companys earning capacity.. Die erste Folie wird nicht exportiert und dient nur zur Steuerung. Sie bestimmt die Höhe der Grafik, und auf ihr befinden sich die Hotspots. Key levers Accounts receivable Inventory Real estate Liabilities Deliveries Services Others R&D IT (Projects) CAPEX Reducing assetsOptimization investments Range of services Working capital management Securing liquidity Bank management