Our client, a sporting goods company headquartered in Germany, launched a €150m restructuring programme in light of declining profitability, with the programme including more than 250 individual measures. Having never faced a restructuring programme of this size, the client needed in-depth accounting knowledge and financial advice for the process.
Apart from dealing with vast amounts of information related to the restructuring programme, effectively facilitating communication between our client and its shareholder was important. Since its takeover, our client had faced increasing reporting requirements, and as an independent adviser, we were able to provide guidance on how to standardise the reporting process and make it more efficient. As a result of our work, our client was able to classify the entire amount of €150m as restructuring charges according to IFRS. Further, our performance reports helped the shareholder to improve its understanding of our client’s performance. Additionally, the shareholder was able to gain valuable insights into the internal reporting processes at the company level.