KPMG CEE AUDIT / TAX / ADVISORY / LINE OF BUSINESS CEE Real Estate Capital Markets “Dense Clouds, No Rain” George Leslie Director Advisory Head of Special.

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Presentation transcript:

KPMG CEE AUDIT / TAX / ADVISORY / LINE OF BUSINESS CEE Real Estate Capital Markets “Dense Clouds, No Rain” George Leslie Director Advisory Head of Special Situations Group, CEE April 8, 2009

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 2 Outline Current situation - fundamental issues Distressed situations - principal stakeholders Restructuring strategies - general activities Policy questions & market regeneration

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 3 Current Situation Fundamental issues

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 4 Hello!

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 5 Non-functioning market (chaos)

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 6 Confusion, misinformation

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 7 Restructuring (Grandfather of restructuring, Samuel Pepys)

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 8 Global deleverage

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 9 Unavoidable capital destruction

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 10 Distressed Situations Principal stakeholders

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 11 Banks situation

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 12 Investors/fund managers situation

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 13 New players (Somalia based opportunity funds)

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 14 Developers situation

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 15 Restructuring General activities

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 16 Bank restructuring

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 17 Risk management (Pre-default)

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 18 Financial restructuring Diagnostic assessment (IBR) Valuation and pricing analysis Liquidity and working capital management Financial plans to underpin the restructuring Lender/borrower communications and negotiations Accelerated M&A advice, transaction support Strategic financial advice Contingency planning Monitoring

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 19 Operational restructuring Business model rationalization Enterprise value rationalization & re-engineering Restore order, clarity & stability Operational plans to underpin restructuring Downsizing Management reorganization, interim management Processes – decision making, production, etc. Market, product/service realignment Governance

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 20 Investors/fund managers

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 21 Uncovered positions

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 22 LP Revolt Promote evaporation Pending sponsor insolvency Misalignment of stakeholder incentives/interests Monitoring Voluntary/forced surrender of investment manager Fund dissolution or transition to new sponsor

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 23 Policy Questions Market regeneration

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 24 Containment Quantitative easing Sovereign guarantees Bank nationalization Bank recapitalization

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 25 Market regeneration Bank transparency Isolate toxic assets Workout Capital redistribution Derivatives regulation

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 26 Muddling through – economic trends Inflation versus deflation

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 27 Time…

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 28 …is not kind…

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 29 …to inactive markets

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 30 Market activity, transactions

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 31 Redistribution of capital

© 2009 KPMG Central and Eastern Europe Ltd., a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 32 George Leslie Director Advisory Head of Special Situations Group KPMG CEE The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.