International Restructuring Study 2012 - Roland Berger Strategy ...
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RESTRUCTURING STUDY<br />
<strong>International</strong> <strong>2012</strong><br />
Sovereign debt crisis –<br />
Effects on financing and the real economy<br />
Düsseldorf, September <strong>2012</strong>
2<br />
Contents<br />
Page<br />
A. Goal and methodology 4<br />
B. Summary in brief 7<br />
C. Key results 11<br />
D. Contacts 34<br />
© <strong>Roland</strong> <strong>Berger</strong> <strong>Strategy</strong> Consultants<br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx<br />
3<br />
Our study – Preliminary notes<br />
> In June and July <strong>2012</strong>, <strong>Roland</strong> <strong>Berger</strong> <strong>Strategy</strong> Consultants conducted its study of restructuring<br />
trends for the eighth time since 2001<br />
> Across the world, board members and managing directors of some 5,000 companies from<br />
different industries were surveyed, with a 12% response rate<br />
> The aim of the study was to learn how, in view of the current sovereign debt crisis, managers are<br />
preparing their companies for such possible scenarios as a renewed economic downturn or the<br />
exit of individual countries from the euro<br />
> The key study results are grouped into four regions and presented here:<br />
– North Western Europe (NWE)<br />
– South Western Europe (SWE)<br />
– Central & Eastern Europe (CEE)<br />
– Special feature: Japan
A.<br />
Goal and<br />
methodology
5<br />
A. GOAL AND METHODOLOGY<br />
The study is widely applicable thanks to the large number and good<br />
balance of industries represented<br />
<strong>Study</strong> participants by industry [share in %]<br />
Participating companies came from<br />
more than 13 different industries<br />
Media<br />
Tourism<br />
Pharmaceuticals &<br />
2<br />
3<br />
healthcare<br />
3<br />
Chemicals<br />
4<br />
Logistics<br />
Construction<br />
6<br />
7<br />
Other<br />
6<br />
Financial services<br />
17<br />
14<br />
Engineered products<br />
SMEs<br />
40%<br />
The results are widely applicable<br />
due to the broad spread of industries<br />
The financial services, engineering<br />
and trading/retail industries are best<br />
represented, accounting for 10% or<br />
more<br />
40% of companies surveyed<br />
consider themselves to be SMEs<br />
and 34% are listed companies<br />
Automotive and<br />
suppliers<br />
Consumer goods, electronics,<br />
textiles<br />
7<br />
8<br />
9<br />
Energy, utilities<br />
14<br />
Trading/retail<br />
Listed<br />
companies<br />
34%<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
6<br />
A. GOAL AND METHODOLOGY<br />
The high validity of the survey results is due to the fact that companies<br />
of almost all size categories in many regions of the world were included<br />
in the study<br />
In all of the regions the survey<br />
encompassed companies of all sizes<br />
– small to medium-sized companies<br />
dominate in NWE and SWE (sales of<br />
EUR 0.1-0.5 bn)<br />
Size of surveyed companies based on sales [%]<br />
EUR bn NWE SWE<br />
CEE Japan<br />
Most of the companies surveyed in<br />
CEE are small or very large (sales of<br />
> EUR 5.0 bn)<br />
5.0<br />
13<br />
14<br />
29<br />
35<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
B.<br />
Summary in brief
9<br />
B. SUMMARY IN BRIEF<br />
The most important restructuring actions in <strong>2012</strong>, besides cutting costs<br />
and boosting efficiency, are growth and sales initiatives – Management<br />
commitment is the main success factor<br />
Management summary (2/3)<br />
5<br />
A collapse of the eurozone is feared especially by survey participants from SWE and Japan, with<br />
57% and 53%, respectively, citing this concern (European average: 29%). Whereas 54% think a<br />
possible Greek exit from the eurozone makes sense, 61% also consider this likely. Around one<br />
third of companies in Europe and Japan have already taken or planned steps to prepare<br />
6<br />
Across Europe, the most important restructuring actions in <strong>2012</strong> are cost-cutting or efficiencyboosting<br />
programs (74%). While the countries of SWE are focusing on costs in view of the crisis,<br />
NWE and CEE are also putting more effort into growth actions in parallel<br />
7<br />
Stronger risk management is seen as relevant by 55% of companies – though, compared with<br />
growth and cost issues, Europe continues to underestimate its importance, unlike Japan, and<br />
ought to attach greater significance to this aspect – commodity price risks and currency risks are<br />
viewed as equally important for the first time this year, being cited by 60% of respondents each<br />
8<br />
Management commitment (93%) remains the main success factor and is seen as even more<br />
important this year – rapid implementation (75%) of actions is now considered much more<br />
important than it was in previous years and even ranks top in Japan<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
10<br />
B. SUMMARY IN BRIEF<br />
More than 70% of European companies see the risk of a renewed credit<br />
crunch or liquidity crisis as high – Internal sources of financing and<br />
restructuring actions are what companies focus on<br />
10<br />
9<br />
11<br />
Management summary (3/3)<br />
In spite of the sovereign debt crisis, ≤ 8% of those surveyed in NWE and Japan rate their liquidity<br />
situation as critical or very critical – however, the liquidity situation is very difficult in SWE as a<br />
result of the crisis (25-41% said it was critical or very critical). The risk of a renewed credit<br />
crunch or even a liquidity crisis is seen as high by 71% of European companies<br />
Particularly as a consequence of the deterioration in the business environment (esp. due to the<br />
European sovereign debt crisis and the new capital adequacy guidelines in the wake of Basel III)<br />
and the lack of ability to fulfill covenants, around 49% and 29% of companies, respectively,<br />
anticipate a negative impact on their financing in <strong>2012</strong> – They mostly fear the non-approval of<br />
new or existing credit lines (28% each)<br />
As last year, internal financing power is therefore the key source of financing for almost all<br />
European companies (87%). However, this potential is underrated in SWE, where companies are<br />
focusing more on bank loans (72%) in the sovereign debt crisis – this makes the implementation<br />
of restructuring actions (especially with respect to working capital) of crucial importance<br />
12<br />
Traditional bank financing continues to be the most important source of debt financing – Only<br />
7% view SME bonds as relevant (9% in NWE), whereas 16% would consider a traditional bond<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
C.<br />
Key results
12<br />
C. KEY RESULTS<br />
Major fall in GDP growth in Europe in late 2011/early <strong>2012</strong> – However,<br />
the ifo Business Climate Index is again moving in a positive direction in<br />
H1 <strong>2012</strong> following a decline in 2011<br />
Current economic climate<br />
GDP growth in Europe [%] 1)<br />
1.9<br />
2.5<br />
0.7<br />
-0.1<br />
Q4 /10 Q1/11 Q4/11 Q1/12<br />
Late 2010 and early 2011 still saw sound growth of<br />
1.9% and 2.5% quarter on quarter<br />
At the end of 2011 there was already a major<br />
reduction in growth, down to 0.7% quarter on quarter –<br />
and GDP even fell by -0.1% in the 1st quarter of <strong>2012</strong><br />
For <strong>2012</strong> as a whole, the European participants in this<br />
year's study also anticipate GDP growth of just 0.1%<br />
ifo Business Climate Index<br />
100<br />
[2005 = 100]<br />
107.7<br />
78.7<br />
-12%<br />
2007 2008 2009 2010 2011 <strong>2012</strong><br />
The mood throughout the global economy is now<br />
lifting following the sharp fall in H2 2011 – recovery<br />
began in Q1 <strong>2012</strong> in spite of the sovereign debt crisis<br />
95.0<br />
+20%<br />
The ifo Business Climate Index measures the current<br />
business situation and the expectations for the next 6<br />
months<br />
It serves as an early indicator of the business trend<br />
and shows industry's expectations for the future<br />
Source: EIU; ifo; <strong>Roland</strong> <strong>Berger</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
<strong>2012</strong><br />
2013<br />
13<br />
C. KEY RESULTS<br />
Europe expects the economy to stagnate overall in <strong>2012</strong> and grow 0.6%<br />
in 2013, with sentiment for <strong>2012</strong> being more positive in NWE (0.7%) than<br />
in SWE (-1.8%) and CEE (-0.2%) – Japan's growth to be 1.3% in <strong>2012</strong><br />
On average, the European regions<br />
in the survey anticipate economic<br />
growth (GDP) of just 0.1% in <strong>2012</strong><br />
and 0.6% in 2013<br />
NWE is moderately optimistic,<br />
expecting 0.8% growth<br />
CEE expects economic development<br />
of -0.2% – a slight decrease<br />
The outlook for the future is much<br />
more pessimistic in SWE, on the<br />
other hand – Southern European<br />
countries expect GDP to be down<br />
-1.8% in <strong>2012</strong> and still down -0.6%<br />
in 2013<br />
By comparison, Japanese<br />
expectations are much more<br />
optimistic, at 1.3% economic<br />
growth in <strong>2012</strong> – the 0.9% growth<br />
expected in 2013 is on a par with<br />
NWE<br />
Growth expectations in the various regions in <strong>2012</strong> and 2013 [%, GDP] 1)<br />
0.1% European average<br />
1.3<br />
0.7<br />
-0.2<br />
-1.8<br />
NWE SWE CEE Japan<br />
0.6% European average<br />
0.9<br />
0.4<br />
0.9<br />
-0.6<br />
NWE SWE CEE Japan<br />
1) Weighted average growth per region<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
14<br />
C. KEY RESULTS<br />
62% of the companies surveyed in Europe can see the threat of a<br />
recession in their country – They think it will happen in Q3 <strong>2012</strong> (SWE<br />
considers itself to be in recession since Q1)<br />
62% of the companies in Europe<br />
perceive the threat of recession in<br />
their country – all of the companies<br />
surveyed in Japan see a recession<br />
as unavoidable<br />
In NWE just half of companies<br />
believe there is a risk of recession,<br />
77% think this in CEE and 92% in<br />
SWE<br />
Threat and time of a recession [%]<br />
Do you think your country is facing the threat of recession?<br />
NWE SWE<br />
CEE Europe<br />
Japan<br />
49% 92% 77%<br />
62% 100%<br />
Those companies in SWE that<br />
consider a recession to be likely<br />
believe they are already in<br />
recession and have been since Q1<br />
<strong>2012</strong> – for those in CEE it is<br />
beginning right now and in NWE it<br />
is not expected until the end of <strong>2012</strong><br />
Most respondents across Europe<br />
anticipate a recession for Q3 <strong>2012</strong><br />
– Japan expects it to happen in late<br />
<strong>2012</strong><br />
Response "Yes"<br />
If so, when might this start to happen?<br />
<strong>2012</strong><br />
Avg. across<br />
Europe 1) :<br />
26<br />
Q3 <strong>2012</strong><br />
15<br />
Q1<br />
Q2<br />
21 18 20<br />
Q3<br />
Q4<br />
2013<br />
Avg. by region 1) :<br />
SWE<br />
CEE<br />
NWE<br />
Japan<br />
1) Weighted average for Europe or the region<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
15<br />
C. KEY RESULTS<br />
European and Japanese companies see the main risk in declining<br />
demand among private households – Europe expects a profitability<br />
collapse due to stagnating or declining prices<br />
The current situation is expected to<br />
worsen in an economic downturn<br />
particularly in terms of declining<br />
demand among private<br />
households (64% on average<br />
across Europe) and in terms of a<br />
profitability collapse due to<br />
stagnating or declining prices (60%<br />
on average across Europe)<br />
Areas where the current situation will worsen due to an economic downturn [avg. of responses] 1)<br />
Declining demand among<br />
private households<br />
Profitability collapse due to<br />
stagnating or declining prices<br />
NWE SWE CEE Euro. avg. Japan<br />
57<br />
59<br />
79<br />
70<br />
71<br />
59<br />
64<br />
60<br />
82<br />
35<br />
Declining intra-European exports<br />
(71%) is seen as the main risk in<br />
NWE – companies in SWE fear<br />
rising unemployment (87%) and<br />
more restrictive lending (87%) the<br />
most<br />
Japanese companies have noticed<br />
a major deterioration of the situation<br />
in terms of declining demand<br />
among private households (82%)<br />
and in the fact that surplus<br />
capacity arises in the market<br />
(production) (71%)<br />
Rising unemployment<br />
Declining intra-European<br />
exports<br />
More restrictive lending<br />
(credit crunch)<br />
Surplus capacity arises in the<br />
market (production)<br />
Growing capital tie-up due to<br />
lower inventory turnover<br />
Declining extra-European<br />
exports<br />
47<br />
71<br />
53<br />
43<br />
36<br />
42<br />
87<br />
27<br />
87<br />
56<br />
48<br />
12<br />
69<br />
50<br />
56<br />
28<br />
37<br />
28<br />
59<br />
59<br />
58<br />
39<br />
37<br />
34<br />
59<br />
65<br />
47<br />
71<br />
18<br />
1) Multiple responses possible; % of "very strong" and "strong"<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
BACKUP<br />
16<br />
C. KEY RESULTS<br />
The focus of corporate growth for European companies in <strong>2012</strong> is on<br />
Western Europe (43%), followed by Central/Eastern Europe (43%) and<br />
Asia (37%) – Japan plans growth in Asia and Central/Eastern Europe<br />
The European companies in the<br />
survey plan to grow mainly in<br />
Western Europe (43%) – as many<br />
as 58% of companies in NWE plan<br />
growth in Western Europe, as<br />
against just 20% of those located in<br />
South Western Europe<br />
Companies from SWE plan to grow<br />
more in Asia (48%) and Central/<br />
South America (46%) in <strong>2012</strong><br />
Half of the companies from CEE<br />
plan growth in their own region in<br />
<strong>2012</strong> – the focus for Japan lies on<br />
Asia (69%) and Central/Eastern<br />
Europe (47%)<br />
Planned growth by region in <strong>2012</strong> [% of responses] 1)<br />
North America (24%)<br />
NWE 29%<br />
SWE<br />
CEE 7%<br />
Japan<br />
18%<br />
35%<br />
NWE 29%<br />
SWE<br />
CEE 8%<br />
Japan<br />
Western<br />
Europe (43%)<br />
NWE 58%<br />
SWE<br />
Japan<br />
20%<br />
CEE 19%<br />
46%<br />
41%<br />
12%<br />
Central/South America (26%)<br />
Central/Eastern Europe (42%)<br />
NWE 40%<br />
SWE<br />
Japan<br />
33%<br />
CEE 50%<br />
Middle East (19%)<br />
NWE 21%<br />
SWE<br />
CEE 10%<br />
Japan<br />
32%<br />
47%<br />
41%<br />
NWE 46%<br />
SWE<br />
CEE 14%<br />
Japan<br />
Asia (37%)<br />
48%<br />
69%<br />
1) Multiple responses possible Country (x%) = weighted average European response<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
BACKUP<br />
17<br />
C. KEY RESULTS<br />
Lack of qualified staff is the greatest obstacle to future growth for 54%<br />
of the European companies surveyed, followed by lack of willingness<br />
to take risks (43%)<br />
54% of companies see a continued<br />
high to very high risk that a lack of<br />
qualified staff could hamper<br />
growth<br />
Compared with last year, lack of<br />
qualified staff and lack of<br />
management/shareholder<br />
willingness to take risks are rated<br />
as less relevant – all other<br />
threats are seen as more<br />
important<br />
In particular, the insufficient<br />
financing options constitute a<br />
greater hindrance to growth<br />
compared with 2011 (+5<br />
percentage points)<br />
Possible threats or obstacles to future growth [% of responses] 1)<br />
European<br />
average 2) 76<br />
71 71<br />
71<br />
65<br />
59<br />
52<br />
52<br />
47<br />
41<br />
38<br />
41 39 41<br />
34<br />
19<br />
6<br />
54% 43% 42% 37% 12%<br />
Lack<br />
of qualified staff<br />
Lack of<br />
management/<br />
shareholder<br />
willingness to take<br />
risks<br />
Inadequate<br />
financing options<br />
Increased<br />
protectionism/<br />
trade restrictions<br />
(e.g. import<br />
duties)<br />
39<br />
30<br />
41<br />
Excessive<br />
management/share<br />
holder willingness to<br />
take risks<br />
NWE<br />
SWE<br />
CEE<br />
Japan<br />
1) Multiple responses possible; % of "very high risk" and "high risk" responses 2) Weighted average European response<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
18<br />
C. KEY RESULTS<br />
57% of European companies consider themselves (much) better<br />
equipped than their competitors for an economic slowdown or a new<br />
crisis in <strong>2012</strong><br />
In 2011, 58% of companies<br />
surveyed stated that the economic<br />
crisis of 2008/09 had even been a<br />
great help to them in increasing<br />
their competitiveness long term on<br />
the back of restructuring<br />
In the event of an economic<br />
slowdown or an emerging liquidity/<br />
currency crisis, 57% of the<br />
companies think they are currently<br />
well or very well positioned – last<br />
year around 64% of those surveyed<br />
stated that their companies were<br />
currently very competitive<br />
On the other hand, 10% of the<br />
companies in Europe think they are<br />
poorly or very poorly prepared for<br />
an economic slowdown – and in<br />
Japan, 24% of the companies<br />
surveyed believe they are not<br />
prepared for a new crisis<br />
Company competitiveness [% of responses] 1)<br />
How well is your company equipped for a<br />
possible economic slowdown or renewed<br />
liquidity/currency crisis compared with<br />
competitors?<br />
Very well<br />
62 NWE<br />
57<br />
47<br />
50<br />
12<br />
SWE<br />
CEE<br />
European avg. 2)<br />
Japan<br />
Very poorly<br />
5<br />
15<br />
16<br />
10<br />
24<br />
1) % of "very well" and "well" or "poorly" and "very poorly" responses 2) Weighted average European response<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
19<br />
C. KEY RESULTS<br />
The sovereign debt crisis is expected to impact companies much less<br />
than the economy as a whole – 84% believe that it has yet to reach its<br />
peak (late <strong>2012</strong>/early 2013)<br />
Impact and peak of the sovereign debt crisis [% of responses]<br />
How much did the<br />
discussion about the<br />
European sovereign debt<br />
97<br />
crisis impact the<br />
economy in your country<br />
or your company? 1)<br />
When do you<br />
think the peak of<br />
the European<br />
sovereign debt<br />
crisis was<br />
reached or when<br />
do you think it will<br />
be reached?<br />
NWE SWE<br />
CEE Europe<br />
Japan<br />
55<br />
28<br />
Your country<br />
<strong>2012</strong><br />
Avg. across 4 5<br />
Europe 1) :<br />
8<br />
Q4 <strong>2012</strong>/Q1 2013<br />
Avg. by region 2) :<br />
Q4<br />
2011<br />
54<br />
Your company<br />
Q1<br />
Q2<br />
SWE<br />
61<br />
40<br />
CEE<br />
NWE<br />
61<br />
34<br />
Japan<br />
65 53<br />
26<br />
17<br />
11<br />
4 2 15<br />
9<br />
Q3<br />
Q4<br />
Q1<br />
84%<br />
Q2<br />
2013<br />
Q3<br />
Q4<br />
> 2013<br />
IMPACT of the crisis<br />
61% of those surveyed in Europe<br />
see a strong negative impact of<br />
the sovereign debt crisis on the<br />
economy in their own country – the<br />
impact on their own company is<br />
lower (34%)<br />
SWE companies, in particular, rate<br />
the negative impact on the<br />
economy in their own country as<br />
very high or high – more than 50%<br />
also see the negative impact on<br />
their own company as very strong<br />
or strong<br />
PEAK of the crisis<br />
Most companies across Europe<br />
think the sovereign debt crisis will<br />
peak in late <strong>2012</strong> or early 2013 –<br />
Japan does not expect it to peak<br />
until mid-2013<br />
1) % of "very strong" and "strong" responses 2) Weighted average for Europe or the region<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
20<br />
C. KEY RESULTS<br />
29% of European companies think the euro will collapse (SWE: 57%;<br />
Japan: 53%) – 54% think a possible Greek exit makes sense and 61%<br />
deem it likely<br />
Assessment of the survival of the euro [% of responses]<br />
Do you fear a collapse of the euro?<br />
NWE<br />
SWE<br />
CEE<br />
Europe<br />
Japan<br />
29<br />
7<br />
36 57<br />
25<br />
25<br />
29<br />
18<br />
44<br />
52<br />
46<br />
28<br />
23<br />
29<br />
53<br />
Yes<br />
No<br />
Not sure<br />
How do you feel about a possible Greek exit from the euro?<br />
Makes sense<br />
Likely<br />
As a<br />
consequence:<br />
collapse of the<br />
eurozone<br />
46<br />
53<br />
39<br />
NWE<br />
49<br />
76<br />
24<br />
SWE<br />
69<br />
68<br />
19<br />
CEE<br />
54<br />
61<br />
31<br />
Europe<br />
While 46% of those surveyed in<br />
Europe are certain that there will be<br />
no collapse of the euro, 25% are<br />
not sure – however, the majority in<br />
SWE believe it will indeed collapse<br />
(Japan is also pessimistic, with<br />
53% of companies holding this view)<br />
On average across Europe, 54%<br />
consider a (voluntary) Greek exit<br />
from the eurozone to make sense<br />
(especially CEE, where 69% hold<br />
this view) – 61% also think it likely,<br />
at least in the medium to long term<br />
(especially SWE, where the figure is<br />
76%)<br />
Less than one third of the<br />
companies deem a collapse of the<br />
eurozone to be a likely<br />
consequence of a Greek exit<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
Yes<br />
21<br />
C. KEY RESULTS<br />
35% of the companies in Europe have already taken or planned steps for<br />
the collapse of the eurozone – Their focus was primarily on establishing<br />
contractual safeguards with respect to customers/suppliers (26%)<br />
Arrangements for a possible collapse of the euro [% of responses]<br />
Have you taken/planned steps to prepare for<br />
the possible collapse of the eurozone?<br />
39<br />
39<br />
26<br />
35<br />
29<br />
On average across Europe, 35% of<br />
companies surveyed have already<br />
taken or planned steps to prepare –<br />
the level of preparedness in CEE is<br />
thus below average, at 26% of<br />
companies<br />
Areas in which steps were taken or planned 1)<br />
NWE<br />
SWE<br />
CEE<br />
Europa<br />
Japan<br />
NWE SWE<br />
CEE Europe Japan<br />
Where steps have been taken, these<br />
have predominantly involved<br />
establishing contractual<br />
safeguards with respect to<br />
customers/suppliers (26%) and<br />
generally reducing own business<br />
activity in affected countries (24%)<br />
Establishing contractual safeguards with respect to<br />
customers/suppliers<br />
Generally reducing own business activity or<br />
presence in potentially affected countries<br />
28<br />
25<br />
27<br />
33<br />
19 26 25<br />
21<br />
24<br />
25<br />
Unlike the majority of European<br />
countries, Japan is placing greater<br />
focus on examining favorable<br />
acquisition opportunities (38%)<br />
Examining/scaling back cooperation with companies that<br />
operate in potentially affected countries<br />
25<br />
27<br />
20<br />
23<br />
25<br />
Examining favorable acquisition opportunities<br />
1) Multiple responses possible<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
19<br />
29 11<br />
38<br />
18<br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
BACKUP<br />
22<br />
C. KEY RESULTS<br />
Financial services (83% on average) were hardest hit by the sovereign<br />
debt crisis, followed by the construction trade (68%) and the<br />
automotive and supplier industry (52%)<br />
Industries affected by the sovereign debt crisis to date [avg. of responses] 1)<br />
How strongly do you think the sovereign debt crisis has affected the various industries in Germany?<br />
Clear vote: 83% of those surveyed<br />
think the negative impact of the<br />
sovereign debt crisis is "strong" to<br />
"very strong" on the financial<br />
services sector<br />
83%<br />
89<br />
40<br />
68%<br />
95 95<br />
68 69<br />
54<br />
85<br />
25<br />
Financial services<br />
Construction<br />
45% 44% 40%<br />
63 72<br />
49<br />
34<br />
19<br />
Consumer goods, electronics, textiles<br />
Trading/retail<br />
54<br />
25<br />
52%<br />
82<br />
76<br />
44<br />
56<br />
Automotive and suppliers<br />
63<br />
42 50<br />
34<br />
Engineered products<br />
The construction trade (68%) and<br />
the automotive and supplier<br />
industry (52%) were also strongly<br />
affected<br />
Companies in SWE view the<br />
financial services sector (95%),<br />
construction (95%) and automotive<br />
(suppliers) (82%) as particularly<br />
badly affected by the sovereign debt<br />
crisis – respondents in NWE think it<br />
mainly affected the financial services<br />
sector (89%)<br />
As far as Japan is concerned, the<br />
automotive and supplier industry<br />
(76%) has been hardest hit by the<br />
sovereign debt crisis to date<br />
NWE SWE CEE Japan<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
1) "strong" and "very strong" responses<br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
23<br />
C. KEY RESULTS<br />
The focus in South Western Europe lies on costs – North Western<br />
Europe and Central/Eastern Europe have a dual focus on growth and<br />
sales<br />
Focus of actions in <strong>2012</strong> [% of responses] 1)<br />
In which areas do you intend to take action in <strong>2012</strong>?<br />
A<br />
Cost-cutting or efficiencyboosting<br />
program<br />
NWE SWE CEE<br />
71<br />
90<br />
76<br />
Euro. avg.<br />
74<br />
Japan<br />
76<br />
North Western Europe's focus:<br />
Promoting growth (73%) while also<br />
cutting costs and boosting<br />
efficiency(71%)<br />
South Western Europe's focus:<br />
Mainly costs (cost cutting 90% and<br />
cost flexibility 85%) – growth<br />
actions rank behind stronger<br />
liquidity and risk management<br />
B<br />
C<br />
D<br />
Growth/sales initiatives<br />
Cost flexibility program (cutting<br />
fixed costs)<br />
Stronger liquidity management<br />
73<br />
57<br />
56<br />
56<br />
85<br />
64<br />
70<br />
64<br />
65<br />
70<br />
63<br />
60<br />
65<br />
53<br />
29<br />
Japan's focus: <strong>Strategy</strong>/business<br />
model are more important; esp.<br />
cost-cutting actions (76%)<br />
Except in Japan (65%), only<br />
around half of the companies are<br />
planning to enter into any general<br />
discussions concerning their<br />
strategy/business model<br />
F<br />
G<br />
Stronger risk management<br />
<strong>Strategy</strong>/adjusting the business<br />
model<br />
49<br />
54<br />
60<br />
56<br />
65<br />
54<br />
55<br />
54<br />
29<br />
65<br />
The issue of risk management<br />
continues to be underestimated<br />
compared with growth and cost<br />
issues<br />
1) Multiple responses possible<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
24<br />
C. KEY RESULTS<br />
Minimizing commodity price risks is less important to companies in<br />
South Western Europe than to those in Europe's North West – Japan is<br />
very conscious of commodity risks<br />
Relevance of/minimizing commodity risks [% of responses] 1)<br />
COMMODITY PRICE RISKS: Relevance<br />
European<br />
average<br />
19<br />
21 60<br />
Actions: IMPORTANCE<br />
Passing the commodity price<br />
risks on to the customer<br />
Hedging<br />
R&D or substitutes<br />
(commodities)<br />
Actions: FEASIBILITY<br />
55<br />
45<br />
45<br />
57<br />
49<br />
48<br />
71<br />
68<br />
61<br />
68%<br />
51%<br />
53%<br />
The relevance of commodity<br />
price risks is much higher in<br />
Japan (82%) than in Europe (60%)<br />
Passing the risks on to the<br />
customer is the most important<br />
measure (68% in Europe) –<br />
however, only 36% consider this to<br />
be feasible<br />
The feasibility of actions to<br />
minimize risks is seen as much<br />
lower in South Western Europe<br />
(e.g. 22% hedging) than in North<br />
Western Europe (e.g. 44%)<br />
Japan<br />
High<br />
Medium<br />
Low<br />
12<br />
6<br />
82<br />
Passing the commodity price<br />
risks on to the customer<br />
Hedging<br />
R&D or substitutes<br />
(commodities)<br />
18<br />
35<br />
40<br />
22<br />
44<br />
33<br />
42<br />
28<br />
33<br />
36%<br />
38%<br />
38%<br />
1) Multiple responses possible x% Weighted average European response<br />
NWE SWE CEE<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
25<br />
C. KEY RESULTS<br />
Companies in NWE and CEE focus the most on actions to minimize<br />
currency risks – Hedging is fairly easy to do in North Western Europe<br />
(67%) due to the availability of suitable instruments<br />
Relevance of/minimizing currency risks [% of responses] 1)<br />
CURRENCY RISKS: Relevance<br />
European<br />
average<br />
16<br />
24 60<br />
Actions: IMPORTANCE<br />
Passing the currency risks on<br />
to the customer<br />
Hedging<br />
"Natural hedging": More<br />
purchasing in own currency<br />
50<br />
50<br />
61<br />
57<br />
54<br />
50<br />
59<br />
47<br />
55<br />
53%<br />
55%<br />
56%<br />
There is a noticeably higher<br />
awareness of currency risks in<br />
Japan (76%) than in Europe (60%)<br />
In Europe, hedging against<br />
currency risk is seen as much<br />
more feasible (59%) than using<br />
hedging to minimize commodity<br />
price risks (38%)<br />
Actions: FEASIBILITY<br />
Japan<br />
High<br />
Medium<br />
Low<br />
12<br />
12<br />
76<br />
Passing the currency risks on<br />
to the customer<br />
Hedging<br />
"Natural hedging": More<br />
purchasing in own currency<br />
23<br />
18<br />
35<br />
47<br />
48<br />
54<br />
39<br />
43<br />
67<br />
26%<br />
59%<br />
49%<br />
1) Multiple responses possible x% Weighted average European response<br />
NWE SWE CEE<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
BACKUP<br />
26<br />
C. KEY RESULTS<br />
Management commitment remains the main success factor – Rapid<br />
implementation is becoming much more important than in past years<br />
and even tops the list of factors in Japan<br />
Management commitment (93%<br />
Europe; 94% Japan) remains the<br />
most significant factor in<br />
restructuring – change will only be<br />
successful if change is truly lived<br />
by the management themselves<br />
Rapid implementation (74%<br />
Europe; 100% Japan) is gaining<br />
rapidly in importance in a volatile<br />
market environment<br />
Communication of goals/<br />
progress (75% Europe; 88%<br />
Japan) is of greater importance in<br />
Eastern and Asian cultures<br />
Intensive project monitoring<br />
(Europe 72%; Japan 65%) is<br />
relevant in CEE in particular<br />
A comprehensive concept (62%<br />
Europe; 65% Japan) is less<br />
important than in past years<br />
Main success factors for implementation [% of responses] 1)<br />
What do you think were/are the key success factors within the measures?<br />
European<br />
average 2) 93% 75% 75% 72% 62% 22%<br />
93 95 96<br />
100<br />
94<br />
88<br />
82<br />
84<br />
75 79<br />
72 75<br />
76<br />
67<br />
68 65 66<br />
59<br />
65<br />
54<br />
33<br />
18<br />
NWE<br />
Management<br />
commitment<br />
SWE<br />
CEE<br />
Rapid<br />
implementation<br />
Japan<br />
Communication<br />
of goals/progress<br />
Intensive project<br />
monitoring<br />
Comprehensive<br />
concept<br />
33<br />
25<br />
Use of a CRO<br />
1) Multiple responses possible 2) Weighted average European "very important" and "important" responses<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
27<br />
C. KEY RESULTS<br />
Differing views of the liquidity situation – While over the last three<br />
years just ≤ 8% in NWE/Japan see their liquidity situation as critical or<br />
very critical, the figure in South Western Europe is 25-40%<br />
Differing views of companies'<br />
own liquidity situation:<br />
Estimate of the liquidity situation [% of responses]<br />
Further improvement in North<br />
Western Europe in spite of the<br />
sovereign debt crisis – this<br />
year's 5% represents an<br />
improvement over last year's 7-<br />
8% (Western Europe)<br />
2010<br />
7<br />
1 6<br />
25<br />
17<br />
8<br />
7<br />
14<br />
7<br />
0<br />
0 0<br />
11%<br />
The sovereign debt crisis is<br />
having an extremely negative<br />
effect on the liquidity situation<br />
of companies in South Western<br />
Europe: Over the last three years<br />
25-40% of those surveyed rated it<br />
as critical or very critical<br />
2011<br />
1<br />
8<br />
7<br />
35<br />
25<br />
10<br />
7<br />
18<br />
12<br />
0<br />
0 0<br />
14%<br />
40<br />
<strong>2012</strong><br />
5<br />
0 5<br />
25<br />
15<br />
8<br />
19<br />
11<br />
6<br />
0 6<br />
14%<br />
NWE<br />
SWE<br />
CEE<br />
Japan<br />
Very critical Critical x% Weighted average "very critical" and "critical" responses<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
28<br />
C. KEY RESULTS<br />
The fear of a credit crunch is particularly high in South Western Europe<br />
– The sovereign debt crisis is seen as a bigger cause than the outcome<br />
of the bank stress tests/new capital adequacy guidelines<br />
In South Western Europe the<br />
vast majority of the companies<br />
agree that either the continued<br />
sovereign debt crisis (89%) or the<br />
outcome of the bank stress<br />
tests/new capital adequacy<br />
guidelines (70%) will lead to a<br />
renewed credit crunch or<br />
liquidity squeeze<br />
Outside of Europe, about half of<br />
the Japanese companies still<br />
expect a credit crunch or<br />
liquidity crisis to happen<br />
Risk of a renewed credit crunch or liquidity crisis [% of responses]<br />
Due to European<br />
sovereign debt crisis<br />
NWE<br />
SWE<br />
CEE<br />
9<br />
22<br />
4<br />
7<br />
4<br />
25<br />
69<br />
89<br />
70<br />
Due to bank stress tests/<br />
new capital adequacy guidelines<br />
NWE<br />
SWE<br />
CEE<br />
13<br />
32 55<br />
9<br />
21<br />
45<br />
10<br />
70<br />
46<br />
Europe<br />
7<br />
21<br />
71<br />
Europe<br />
12<br />
35 54<br />
High<br />
Medium<br />
Low<br />
Japan<br />
24<br />
24<br />
53<br />
Japan<br />
35<br />
12<br />
53<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
29<br />
C. KEY RESULTS<br />
Around 30% of European companies expect to have new credit line<br />
applications turned down and existing lines reduced in <strong>2012</strong> (especially<br />
in SWE, where the figure is 62%, and Japan, at 24%)<br />
Around 30% of the companies in<br />
Europe fear a deterioration in<br />
financing conditions in <strong>2012</strong> in<br />
the form of new or existing credit<br />
lines not being approved<br />
Especially companies in SWE see<br />
a danger of new credit lines not<br />
being approved (67%)<br />
NWE (23%) and CEE (32%)<br />
anticipate a deterioration in<br />
financing conditions caused by a<br />
lack of shareholder funds<br />
Financing <strong>2012</strong>: Negative developments [% of responses] 1)<br />
NWE SWE CEE<br />
Euro. avg.<br />
Japan<br />
22<br />
A Non-approval of new credit lines<br />
48<br />
28% 12%<br />
31<br />
Reduction of existing credit<br />
B 20<br />
lines<br />
62<br />
28% 24%<br />
29<br />
C Lack of shareholder funds<br />
12%<br />
23<br />
25<br />
32<br />
Limit reductions in trade credit<br />
insurance<br />
19<br />
42<br />
30<br />
25%<br />
Lack of interest on the part of<br />
F external investors (e.g. hedge<br />
funds)<br />
16<br />
28<br />
20<br />
19%<br />
6%<br />
D 12%<br />
Lack of demand for issuing a<br />
G<br />
bond<br />
13<br />
16<br />
15% 18%<br />
26<br />
H Illiquidity of the mezzanine<br />
21<br />
7<br />
15<br />
market<br />
11%<br />
7%<br />
26%<br />
1) Multiple responses possible; % of "very important" and "important" responses<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
30<br />
C. KEY RESULTS<br />
Half of the European companies believe the negative development of<br />
financing conditions to have been caused by a deterioration in the<br />
business environment (Japan: 29%)<br />
Around half of the companies<br />
surveyed in Europe put the<br />
deterioration in their financing<br />
conditions down to a general<br />
deterioration of the business<br />
environment – in NWE 48% of<br />
companies, in SWE 57% and in<br />
CEE 47%<br />
29% of respondents in Europe<br />
consider a lack of ability to fulfill<br />
financial covenants as the<br />
reason behind the negative<br />
development (especially in NEW,<br />
where 33% of companies believe<br />
this to be relevant)<br />
Financing <strong>2012</strong>: Causes of negative development [% of responses] 1)<br />
Deteriorated business<br />
A 48<br />
57<br />
environment<br />
47<br />
49% 29%<br />
Breach or lack of ability to<br />
fulfill financial covenants<br />
NWE SWE CEE<br />
NWE<br />
B 20<br />
29% 18%<br />
33<br />
Difficulties in satisfying stricter<br />
C<br />
reporting/information obligations<br />
15<br />
15<br />
19% 18%<br />
22<br />
D Lack of ability to provide required<br />
15<br />
22<br />
22<br />
collateral<br />
18% 12%<br />
CEE<br />
23<br />
Euro. avg.<br />
Japan<br />
Lack of ability to satisfy<br />
F<br />
repayments<br />
17<br />
11%<br />
5<br />
12%<br />
25<br />
No possibility of additional<br />
availability fees<br />
G 10% 12%<br />
1) Multiple responses possible; % of "very important" and "important" responses<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
7<br />
H Lack of ability to service<br />
20<br />
17<br />
interest charges<br />
3<br />
9%<br />
12%<br />
20<br />
11<br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
31<br />
C. KEY RESULTS<br />
87% of the companies in Europe (82% in Japan) consider internal<br />
financing power the most important form of financing – The great<br />
importance of bank loans in SWE is surprising given the debt crisis<br />
Compared with external financing<br />
sources, almost all companies<br />
(87%) attributed the greatest<br />
importance to internal financing<br />
power this year, too (last year: 81%)<br />
Importance of different forms of financing [% of responses] 1)<br />
NWE SWE CEE Euro. avg. Japan<br />
Traditional bank loans (51%) are<br />
still the dominant form of debt<br />
financing, as last year (56%) –<br />
capital increases through existing<br />
(41%) or new investors (29%) are<br />
less relevant, though they have<br />
grown in importance since last<br />
year (when the figures were 31%<br />
and 19%, respectively)<br />
By comparison, issuing bonds on<br />
the capital market (24%) and<br />
especially mezzanine financing<br />
(11%) remain barely relevant at all<br />
Internal financing power<br />
Bank loans<br />
Capital increase through<br />
existing investors<br />
Capital increase through<br />
new investors<br />
Bonds<br />
93<br />
50<br />
48<br />
34<br />
30<br />
71<br />
72<br />
11<br />
24<br />
21<br />
83<br />
46<br />
38<br />
23<br />
13<br />
87<br />
51<br />
41<br />
29<br />
24<br />
82<br />
65<br />
18<br />
Mezzanine<br />
15<br />
9<br />
4<br />
11<br />
12<br />
1) Multiple responses possible; % of "very important" and "important" responses<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
32<br />
C. KEY RESULTS<br />
Working capital actions like improved debt collection (64%, 53%) and<br />
inventory optimization (62%, 82%) are the most important internal financing<br />
forms in Europe, Japan – Liquidity potential from working capital<br />
underrated in SWE<br />
Among the internal forms of<br />
financing, working capital actions<br />
continue to come out top –<br />
companies will mostly implement<br />
these through improved debt<br />
collection (64%), sustainable<br />
reduction of inventory assets<br />
(62%) and optimization of payment<br />
terms (accounts payable/receivable)<br />
Japan focuses on inventory<br />
optimization (82%)<br />
The sale of non-operating assets<br />
is fourth, with 31% of responses<br />
Asset-based financing forms such<br />
as fixed asset leasing and sale &<br />
lease back programs are seen as<br />
less important, with 21% and 20%,<br />
respectively<br />
Importance of internal financing forms [% of responses] 1)<br />
Improved debt collection<br />
Inventory optimization<br />
Payment terms optimization<br />
(accts. payable/receivable)<br />
Sale of non-operating<br />
assets<br />
Use of factoring<br />
or ABS<br />
Fixed asset leasing<br />
NWE SWE CEE Euro. avg. Japan<br />
61<br />
66<br />
56<br />
23<br />
29<br />
23<br />
60<br />
60<br />
57<br />
45<br />
44<br />
16<br />
41<br />
75<br />
57<br />
73<br />
26<br />
20<br />
64<br />
62<br />
61<br />
31<br />
30<br />
21<br />
53<br />
82<br />
65<br />
35<br />
18<br />
6<br />
Sale & lease back<br />
22<br />
25<br />
15<br />
20<br />
6<br />
1) Multiple responses possible; % of "very important" and "important" responses<br />
Working capital actions<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx
33<br />
C. KEY RESULTS<br />
Traditional bank financing is still the most important form of debt<br />
financing – 41% in SWE plan on expanding their existing credit lines<br />
Planned changes in debt financing<br />
will be realized in <strong>2012</strong> primarily by<br />
extending existing credit lines<br />
(49%) or by applying for new<br />
credit lines (37%) – followed by<br />
expanding existing lines (33%)<br />
Planned changes in debt financing in <strong>2012</strong> [% of responses] 1)<br />
NWE SWE CEE<br />
A Extending existing credit lines 51<br />
54<br />
45<br />
Euro. avg.<br />
49<br />
Japan<br />
24<br />
Before resorting to capital market<br />
instruments or taking on external<br />
investors, companies foresee<br />
refinancing through shareholder<br />
loans (27%)<br />
B<br />
C<br />
Applying for new credit lines<br />
Expanding existing credit lines<br />
42<br />
36<br />
27<br />
41<br />
33 31<br />
37<br />
33<br />
24<br />
18<br />
Only 16% of the European<br />
companies would consider<br />
issuing a traditional bond on the<br />
capital market, and just 7% would<br />
consider issuing an SME bond<br />
(e.g. in the "bond M" segment)<br />
D<br />
F<br />
Taking on a shareholder loan<br />
Taking on an external investor<br />
37<br />
36<br />
11<br />
15<br />
12<br />
14<br />
27<br />
27<br />
G<br />
Issuing a traditional bond on<br />
the capital market<br />
20<br />
13<br />
8<br />
16<br />
6<br />
H<br />
Issuing an SME bond<br />
9<br />
4<br />
3<br />
7<br />
12<br />
1) Multiple responses possible; % of "very important" and "important" responses<br />
Traditional bank financing<br />
Source: <strong>Roland</strong> <strong>Berger</strong> <strong>Restructuring</strong> Survey <strong>2012</strong><br />
<strong>Roland</strong> <strong>Berger</strong>_<strong>International</strong>e Restrukturierungsstudie_<strong>2012</strong>_Final_E_JQ.pptx