如何在充满挑战的时代成功重组

© Oliver WymanSTRUCTURE OF STUDY PARTICIPANTSIn percent of total participantsBanks and credit insurersCorporates (non-banks)PE funds and family officesOther2512411012Source: Oliver Wyman Restructuring Survey 202495%of survey participants say that business challenges arecurrently more complex than in the past © Oliver WymanINTRODUCTIONDear Reader,The challenges for companies in Europe are not abating and are even becoming morecomplex. Cost inflation, geopolitical risks, increasing financing requirements, and disruptivechanges in markets and technologies are weighing on many companies and are evenincreasingly occurring in combination in some sectors.What does this mean for the necessary focal points in a restructuring concept? Are therequirements for the stakeholders involved changing? And how can businesses securefinancing in uncertaintimes?These are the questions we address in this year’sRestructuring Report. It is based on a surveyof experts across Europe, complemented by Oliver Wymananalysis. We hope you find it aninteresting read.Sincerely yours,Lutz JaedeHead of Turnaround & Restructuring, Europe CONTENTSManagement summaryChallenges are getting more complexHigh financing cost: Root cause or symptom of a crisis?It is all about the businessConclusionsRestructuring withOliver Wyman 712162122 © Oliver WymanAMID COMPLEX CHALLENGES,RESTRUCTURING DEMANDS ABETTER BUSINESS UNDERSTANDINGMORE DIFFICULT AND COMPLEX BUSINESS ENVIRONMENT IN EUROPEThe macroeconomic environment in Europe is weakening, with gross domestic product(GDP) growth stalling and major economies such as Germany, France, and Italy performingpoorly. At the same time, companies across Europe are dealing with a host of challenges,and 95% of the people who participated in our survey believe the challenges they face noware more complex than in the past.Survey respondents see the biggest challenges in geopolitical risks, the rising cost oftransport and important commodities, and disruptive changes that require companiesto adopt new technologies, reduce CO2 emissions, and leverage AI. However, the nextgeneration of buyers and new demand creation platforms are not seen as keychallenges.FINANCING COST INCREASED SIGNIFICANTLYAs a result of these challenges, the debt load of non-financial corporations has increasedsignificantly over the last years. Meanwhile, interest rates have risen at a pace neverseen before, which is especially difficult for companies that need to refinance upcomingdebt maturities.Nonetheless, companies in Europe have performed well on average over the past years.They have been able to grow revenues, improve their EBITDA margin, and increase cash andequivalents. However, the situation varies across different sectors: some, such as energyand automotive OEMs, have performed well, while others, like manufacturing, automotivesuppliers, and chemicals, have struggled. © Oliver WymanBUSINESS SENSE AND COLLABORATION REQUIREDTo successfully restructure, companies and their advisers need a profound understandingof the business environment, the right business model, and a focus on operationalperformance and resilience. Restructuring concepts should analyze the marketenvironment, adapt the business design to challenging and volatile conditions.In a restructuring process, all key players, including CROs, financiers, consultants, andlawyers, need to improve their understanding of business challenges and collaborateeffectively. They should develop and implement the right strategy, operational model,and bespoke financing solutions tailored to the distressed company and its specificmarketenvironment.Overall, the increasing complexity of challenges makes the restructuring process moredifficult but also allows for breakthroughs if the restructured company successfullycompletes its transformation. CHALLENGESARE GETTINGMORE COMPLEX © Oliver WymanThe macroeconomic environment in Europe is getting weaker. The GDPgrowth across the 27 EU member states stalled in 2023 and large economieslike Germany, France, and Italy performed particularly poorly. At the sametime, challenges for companies have become increasingly complex.A DIFFICULT MIX OF CHALLENGESA staggering 95% of the survey respondents stated that the challenges they are facing noware more complex than in the past. Besides rising financing cost (which we will discuss inthe next chapter), the three top areas of challenge survey participants mentioned weregeopolitical risk, cost inflation, and disruption (see Exhibit1). The complexity stems from thefact that in some industry sectors, these challenges may occur in combination and influenceeach other. They cannot be dealt with in isolation but require a holisticresponse.Exhibit 1:“Top 3“ challenges for 2024Answers in % ofparticipantsOthersClimate changeDigitisationReduced tradeSuppy chain problemsDisruptionCost inflationGeopolitical risksFinancing cost20161615118753Source: Oliver Wyman Restructuring Survey 2024 © Oliver WymanGEOPOLITICAL RISKS HAVE A