WM Equity Partners Ltd. Belgrade Company profile
About WM Equity Partners
Restructuring WM Equity Partners was established in 2009 as a Consulting Company focused on providing services for the market heavily hit by financial crisis.
Financial advisory
Fund raising
2
Restructuring In the process of company restructuring, we offer a complete set of services from the management valuation to the multiple financial crisis exit scenarios.
Main characteristics of restructuring procedures •Restructuring is simple, but difficult and painful process in which all stakeholders must accept part of the "restructuring costs" •Speed of the process is a critical success factor, delay only increases the costs of restructuring •The company will emerge from the crisis if the new revenue level (which is often less than the previous) ensures operating profitably and servicing of obligations •If the opportunity to restructure a company through regular business activities is missed, the last chance is to offer the plan of reorganization
3
Restructuring procedure
“The revival” of Management Board and formalization of decision making process
Plan development
Major creditors negotiation
Evaluation and strengthening of the management team
Creating multiple scenarios during the crisis
Plan presentation on the court hearing
Implementation follow up
Comparative cost analysis, the focus on Cash-flow and "corporate fitness" by the Liquidity Committee and sale of non-core assets
Fair and open relationship with customers, suppliers and creditors in environment of general illiquidity
4
Financial advisory
Analysis of specific industries, competition and cost structures
Business analysis and planning, for internal purposes (management) and other stakeholders (creditors, shareholders…)
Advisory in the process of issuing equity and debt securities
Evaluation of the company at the request of the owner and / or banks in the process of selling ownership stakes or establishing collateral.
5
Financial advisory (M&A) Creating strategic plans for company expansion
Evaluation of synergy effects
Preparation and management of acquisition process
Distressed assets trading in and out of bankruptcy
Due diligence
6
Financial advisory (Corporate governance) Corporate governance is of big importance for the minority (portfolio) shareholder, but is more important for the major shareholder.
At the end of 2013 the company WM Equity Partners entered a partnership agreement with the International Finance Corporation (IFC) on a consulting project for improving corporate governance for the Serbian companies.
Our Company provides the following services: • Assistance in defining directions of development of the Company through development of strategic plans, • Intermediation between the owners and management, through the development of annual business plan with the emphasis on monthly Cash flow targets, • Procedures for reporting to the investment public - quarterly, semiannual and annual reports and presentations, • Development of internal audit functions and internal controls.
7
Fund raising Professional team of our company has extensive experience in financial markets and thus our company is an ideal partner in the advisory process of issuing securities. Interest in issuing securities as a source of project financing is not only private company matter but municipal structures also. Through issuance of municipal bonds local governments can open wider range of project financing abilities.
Marketing aspect Debt market price following possibility
Cheaper borrowing
Municipal bonds issuance benefits Wider investment base
Efficiency and flexibility in debt structuring
Debt tranche dividing possibilities
8
Our team Vladimir Pavlovic, CFA, has 12 years of experience in Serbian financial markets, working through the creation of legal and institutional framework (National Bank of Serbia, Serbian Central Securities Depository), as well as through active participation in financial markets (CEO of FIMA Internationalbrokerage, Portfolio Manager of the FIMA Proactive fund). He is a director of the WM Equity Partners since its incorporation and he participated in several restructuring procedures, either through a process of a reorganization plan, or through other forms of restructuring. He got his bachelor and master's degree from the Belgrade Faculty of Economics and since 2006 he is a CFA charterholder. Milan Marinkovic, has a rich eleven-year experience in a multiple projects in the Serbian financial markets. More than two years he worked as a Head of the Department for Corporate Services in SENZAL Brokerage and was a direct participant in some of the most significant M&A and privatization projects in the period 2003-2006 (Sintelon, Knjaz Milos, C Market, Soko Stark , DIN, etc.). For two years he worked on the restructuring of LUKOIL from Belgrade. Since 2007 he is working as a Director of "FIMA Invest". He has a degree in Law at Belgrade University and was the author of many professional articles for domestic and foreign publications.
Vladimir Draskovic, CFA, has 8 years of experience in the financial markets. He worked at the National Bank of Serbia in the management of foreign reserves division as a portfolio manager with emphasis on the money markets, currencies and bonds. In early 2008 he joined FIMA Invest as the portfolio manager of the close end fund FIMA SEE Activist (equity fund) and two open funds - FIMA money (cash fund) and FIMA ProActive (equity fund). Since the incorporation of WM Equity Partners he took part in several restructuring, business planning and valuation of assets and capital projects. He graduated from the Faculty of Economics in Belgrade in 2004 and since 2009 he is a CFA charterholder. In 2011 he earned his court expert title within the economic and financial area.
9
Our team Nemanja Nikolic, has 6 years of experience in the domestic market as a consultant for corporate and bankruptcy law, privatization and corporate governance. He participated in the implementation of a large number of important projects of reorganization, restructuring and privatization. Writes and publishes scientific papers in the field of company law and corporate governance. Member of the Association of Lawyers. He completed his undergraduate and graduate studies at the University of Belgrade and earned a qualification of a specialist in the legal aspects of corporate governance.
Milos Savic, After completing his undergraduate studies in the field of management he enters the program for obtaining the world prestigious CFA license, where his current status is the third level candidate. He acquired his working experience in companies WM Equity Partners and Fima Invest, primarily on analysis of publicly traded companies and reorganization of financially disrupted companies. Besides these primary activities he actively participates in number of M&A and fund raising projects. Since the end of 2011 he is also active as a Chairman of the Board of the Future Leaders Association organization.
10
Court approved reorganization plans Project leader: Nemanja Nikolić Client: Jeep Commerce doo Beograd
Debt: 50 mil EUR Time frame: August 2011 – Februar 2012 Project leader: Vladimir Pavlović
Client: PS Telefonija ad Beograd
Debt: 18 mil EUR Time frame: Jun 2012 – Decembar 2012
Project leader: Vladimir Pavlović Client: Beotel NET ISP doo Beograd
Debt 17 mil. EUR Time frame: Jun 2012 – Decembar 2012 Project leader: Nemanja Nikolić
Client: Banat ad Banatski Karlovac
Debt: 17 mil EUR Time frame: August 2011 – Februar 2012
Project leader: Nemanja Nikolić Client: Pantomarket Stočar doo Čačak
Debt: 9 mil EUR Time frame: Jul 2011 – Februar 2012 Project leader: Milan Marinković
Client: CoopTrans doo Beograd
Debt: 2,5 mil EUR Time frame: Decembar 2010 – Decembar 2011 Project leader: Milan Marinković
Client: Mepol ad Vrbas
Debt: 1,3 mil EUR Time frame: Maj 2010 – Januar 2011
11
Court approved reorganization plans, cont. Project leader: Milan Marinković
Client: Grad Novi Sad (Zvezda Film)
Debt: 0,7 mil EUR Time frame: Maj 2011 – Jul 2011 Project leader: Milan Marinković
Client: Aroma ad Futog
Debt: 1 mil EUR Time frame: April 2012 – Septembar 2012 Project leader: Nemanja Nikolić
Client: ZZ Poljopromet Mrčajevci
Debt: 1 mil EUR Time frame: Septembar 2012 - Februar 2013
Project leader: Vladimir Pavlović Client: WMW doo Zrenjanin (Hypo Alpe Adria Bank)
Debt: 6 mil EUR Time frame: Januar 2011 - Januar 2013 Project leader: Milan Marinković
Client: Magma Export-Import doo Novi Sad
Debt: 3 miliona EUR Time frame: 2012-2013 Project leader: Vladimir Drašković
Client: Modriani doo Šimanovci
Debt: 8 mil EUR Time frame: Novembar 2012 - Jun 2013 Project leader: Vladimir Pavlović
Client: CARIČIN GRAD - N&MM BETON DOO
Debt: 3 mil EUR Time frame: Oktobar 2012 – Jun 2013
12
Court approved reorganization plans, cont. Client: Zastava promet ad Sombor (Koncern Srboexport Obrenovac)
Client: Dunavka ad Veliko Gradište
Project leader: Nemanja Nikolić
Debt: 5 mil EUR Time frame: April 2012 – April 2013 Project leader: Vladimir Pavlović Debt: 15 mil EUR Time frame: April 2012 – Mart 2013
Client: Livnica AD Ljig
Client: Podunavlje
Project leader: Milan Marinković Debt: 1,2 mil EUR Time frame: 2012 – jun 2013 Project leader: Milan Marinković Debt: 3 miliona EUR Time frame: 2012-2013
Client: Faust doo
Project leader: Milan Marinković Debt: 0,8 mil EUR Time frame: februar 2013 – avgust 2013
Client: Gombit doo
Project leader: Vladimir Pavlović Debt: 6 miliona EUR Time frame: Januar - Avgust 2013 Project leader: Nemanja Nikolić
Client: GEMAX doo
Debt: 35 mil EUR Time frame: 2013 Project leader: Nemanja Nikolić
Client: Bay-Company&Invest doo Obrenovac
Debt: 4 miliona EUR
Time frame: 2013
13
Reorganization plans in procedure Project leader: Nemanja Nikolić
Client: Interkomerc ad Beograd
Debt: 200 mil EUR Time frame: in progress Project leader: Nemanja Nikolić
Client: Interkomerc Agrar doo Vrbas
Debt: 30 mil EUR Time frame: in progress Project leader: Nemanja Nikolić
Client: Megalit Šumnik ad Raška
Debt: 40 mil EUR Time frame: In progress Project leader: Nemanja Nikolić
Client: Koteks doo Beograd
Debt: 70 miliona EUR Time frame: In progress Project leader: Vladimir Pavlović
Client: Eraković doo Novi Sad
Debt: 20 mil EUR Time frame: In progress Project leader: Vladimir Pavlović
Client: Metalopromet doo Novi Sad
Debt: 20 miliona EUR Time frame: In progress
14
Reorganization plans in procedure, cont. Project leader: Milan Marinković
Client: Neobus ad Novi Sad
Debt: 13 mil EUR Time frame: In progress Project leader: Milan Marinković
Client: FAD ad Gornji Milanovac
Debt: 20 mil EUR Time frame: In progress Project leader: Milan Marinković
Client: Ivex i 6. Maj doo Novi Sad
Debt: 2 mil EUR Time frame: In progress Project leader: Milan Marinković
Client: Šipad ad Srbobran
Debt: n/a Time frame: In progress Project leader: Milan Marinković
Client: Bonkomerc doo Novi Sad
Debt: 5 mil EUR Time frame: In progress Project leader: Milan Marinković
Client: Mlinostep doo Novi Sad
Debt: 17 mil EUR Time frame: In progress
15
M&A References Client: Telefonija ad Beograd Mandat: Business building selling procedure Client: Telefonija ad Beograd Mandat: Business unit selling procedure (GasTel) Client:Telefonija ad Beograd Mandat: Business unit selling procedure (BeotelNet) Client: Hypo-Alpe-Adria Banka ad Beograd Mandat: SPV selling procedure(Ferrum Profili)
Client: Vino Župa ad Aleksandrovac Mandat: Bankruptcy buyout Client: GEMAX doo Beograd Mandat: Property selling procedure through reorganization plan Client: WMW doo Zrenjanin Mandat: Property selling procedure through reorganization plan Client: Dunavka ad Veliko Gradište Mandat: Property seling procedure through reorganization plan Client: Gorenje Mandat: Bankruptcy buyout Client: Group of investors, Big bull foods Mandat: Property buyout
Project leader: Vladimir Pavlović Value: 5 mil EUR Time frame: 2012 Project leader: Vladimir Pavlović Value: n/a Time frame: In progress Project leader: Vladimir Pavlović Value: n/a Time frame: n/a Project leader: Milan Marinković Value: n/a Time frame: In progress Project leader: Vladimir Drašković Value: 1,3 mil EUR Time frame: Septembar 2010 – Decembar 2010 Project leader: Nemanja Nikolić Value: n/a Time frame: In progress Project leader: Nemanja Nikolić Value: n/a Time frame: In progress Team leader: Vladimir Pavlović Value: n/a Time frame: In progress Project leader: Milan Marinković Value: n/a Time frame: Avgust 2012 – Novembar 2012 Project leader: Milan Marinković Value: 3,8 mil eUR Time frame: Decembar 2011 – Jun 2012
16
Other References Client: Grad Novi Sad Mandat: municipal bonds Client: Vino Župa ad Aleksandrovac Mandat: Debt refinancing Client: Volksbanka ad Beograd, UniCredit ad Beograd, Hypo bank Mandat: Valuation Client: Energomontaža ad Beograd Mandat: Cost rationalization plan Client: City of Pancevo Mandat: Municipal bonds Client: Triglav Kopaonik ado Beograd Mandat: Capitalization Client: Telefonija ad Beograd Mandat: Corporate bonds
Project leader: Vladimir Drašković Value: 35 mil EUR Time frame: Januar 2011 – Jul 2012 Project leader: Vladimir Pavlović Value: 23 mil EUR Time frame: Januar 2012 – Jun 2012 Project leader: Vladimir Drašković Value: 6,5 mil EUR Time frame: Oktobar 2011 – Maj 2012 Team leader: Vladimir Pavlović Value: 2 mil EUR Time frame: April 2010 – Maj 2011 Project leader: Milan Marinković Value: 1 mil EUR Time frame: Oktobar 2011 – Februar 2012 Project leader: Milan Marinković Value: 1 mil EUR Time frame: August 2010 – Septembar 2010 Project leader: Milan Marinković Value: 50 mil. RSD Time frame: Septembar 2009 – Jun 2010
17
Contact WM Equity Partners Bul. Mihajla Pupina 10 a, 11000 Belgrade, SERBIA Vladimir Pavlović, MSc, CFA Director Tel: +381 11 4141 607 Fax: +381 11 4141 601 Mob: +381 60 249 1111 E-mail:
[email protected] http: www.wmep.rs
18
