Interim CFO

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At sector leader for insurance solutions and fleet management

The industry leader for insurance solutions and fleet management faced considerable challenges: low cash flow, low EBITDA ratio (< 40%) and a non-transparent receivables and liability portfolio. As measures of the interim CFO, a collection of old receivables and unbilled services was carried out and a subsidiary that was not part of the core business was spun off. Successes include a 16% increase in revenues, an increase in cash flow of € 5 million and an improvement in EBITDA.

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Company

Leading company in vehicle claims services, information technology solutions and software solutions for the insurance and fleet industry
500 employees with annual revenue of €200m

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Challenge

Low cash flow and low EBITDA ratio (< 40%)
Non-transparent receivables and payables portfolio
Preparation and audit of the consolidated financial statements of the two previous years according to the German Commercial Code (HGB)

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Goals

Securing day-to-day business with a strong focus on improving the liquidity situation
Analysis and recovery of old receivables
Establishment of a stable finance and controlling team

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Measures

Immediate takeover of day-to-day business with a focus on cash
Fault identification and rectification within the claims settlement process
Spin-off and winding-up of a non-core subsidiary
Collection of old receivables and unbilled services

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Results

Revenue increase of 16%, increase in cash flow by €5m and improvement in EBITDA
Implementation of a capital increase led to the elimination of balance sheet over-indebtedness
Preparation and audit of consolidated financial statements of the previous year in accordance with IFRS and HGB

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