Description
Corporate turnarounds and debt restructuring for cypriot corporations.
? ??????????? ??
presents the
Thematology
Corporate Turnarounds
and Debt Restructuring
for Cypriot Corporations
The Forum is addressed to CFOs, General Managers, Managing Directors, Board Members,
CEOs and other senior managers from Cypriot corporations from all sectors of the economy
Friday 26 June 2015 | Hilton Park Hotel | Nicosia
G
r
e
a
t
V
a
lu
e
!
S
p
e
c
ia
l
R
e
g
is
tra
tio
n
F
e
e
Main Sponsor
Organizer Communication Sponsors Supporter
Sponsors
The Chief Financial Officer as a catalyst for
positive results in the operations of enterprises
and organisations
Identifying the Problem within Corporations
– The Need for Turnaround
Restructuring & Turnaround in the Current Market
Corporate Turnaround Case Study: Mythos &
Olympic Brewery Merge: Changing the Beer Map
in Greece
Insurance as part of a risk management strategy
Working capital as a driver of value
The New Legal Framework for Foreclosures and
Insolvencies
The Need to Restructure Debt and Support Viable
Businesses: A Balancing Act
CFO Insights
Debt Restructuring in Cypriot Corporations
How to Raise new Capital: Private Equity Investors
Improving cashflow through Factoring Services
For Cypriot companies, the economic environment in recent years has brought growth and expansion to a halt. The crisis has turned
the spotlight on CFOs and raised their profile and their importance within organisations. After years of consolidation, cost-cutting
and rationalisation, they now need to reset their companies’ ambitions from survival to becoming sustainable. Cyprus’ recent leg-
islation governing insolvency and foreclosures aims to pave the way to debt restructuring and to increase the liquidity and sustain-
ability of Cypriot firms and banks. These new developments also mean that Cyprus is on track with the bailout agreement; however,
there are grey areas in the new legislation that creates ambiguity regarding what exactly general managers and CFOs must under-
stand in these new laws in order to help their business move forward. Nowadays, the CFO has the most important role to play in
turning around a troubled corporation. There is probably no other time when the role of the CFO is more critical, more demanding
and, at the same time, more professionally rewarding than in a turnaround situation.
The Forum is addressed to:
CFOs
Managing Directors
Board Members
CEOs and other senior managers from Cypriot corporations from all sectors of the economy.
Introduction
Forum Audience
Forum Details
Organizer
Friday 26 June, Hilton Park Hotel, Nicosia.
The presentations at the Forum will be in English and Greek.
???
IMH is the leading business knowledge and information transfer organisation in the Eastern Mediterranean region. Its
services include conferences and commercial exhibition organisation, business media publishing and human resources
consulting and training. Every year, IMH organises over 60 conferences on a variety of business issues in Cyprus, Greece,
the UK, the Czech Republic and Russia. IMH also organises six commercial exhibitions, dozens of educational seminars
and workshops and three business awards ceremonies. The IMH Business Media department publishes two monthly
magazines: IN Business, the leading business magazine in Cyprus, is read by thousands of executives, managers and
entrepreneurs. Gold is a monthly English-language business magazine addressed to the international professional
services, investment and finance community. IMH operates the INBusinessNews portal (www.inbusinessnews.com),
and the English-language GoldNews portal (www. goldnews.com.cy) and distributes daily the IN Business Daily
Newsletter and the GoldNews Daily Newsletter. ?MH has a dedicated department that responds to Calls for Tender
from the local public sector, the European Union and other international organisations. IMH services are addressed to
a specific audience: Entrepreneurs, managers and executives working in all sectors of economic and business activity.
This premium audience of white collar decision makers participates in our conferences, exhibitions and awards and
consumes our media. Through its activities IMH gives businesses the opportunity to grow, network and discover new
opportunities. www.imhbusiness.com
The 11th CFO Management Forum will address one of the most important issues (possibly THE issue) affecting the Cyprus busi-
ness world today: corporate restructuring. Extremely high leverage and debt levels, in conjunction with years of poor manage-
ment and inefficiency, have resulted in an urgent need for corporate restructuring. Furthermore, the Forum will examine what
exactly the new insolvency and foreclosure legislation entails and how it will affect banks’ non-performing loans.
The 11th CFO Management Forum
Programme 1st Announcement
08:30 – 09:00 Registration
09:00 – 09:10 Chairman’s Introduction
Stelios Demetriou, Executive Director, Transaction Advisory Services, EY Cyprus
09:10 – 09:25 The Chief Financial Officer as a catalyst for positive results in the operations of enterprises and organisations
Market conditions are forcing the CFO to play a catalytic role in the operations of companies and organisations. It is
therefore necessary for the responsibilities of the CFO to be widened substantially. The purpose of the presentation is
to shed light on these new, interesting areas of responsibility.
Athanasios Mavros, Partner, Advisory Services, Performance Improvement/SCO South Cluster Head, EY Greece
Charalambos T. Constantinou, Director, Leader of Advisory Services, EY Cyprus
09:25 – 09:35 Identifying the Problem within Corporations – The Need for Turnaround
What constitutes a turnaround situation
The causes and symptoms of a company in need of turnaround
Analyzing the financial statements of companies in distress
Melina Spyrou, Chief Financial Officer, TFI Markets, Cyprus
09:35 – 09:50 Restructuring & Turnaround in the Current Market
The presentation will look at the key steps to restructuring and turnaround: identify the critical issues, understand stake-
holder needs, develop a clear business strategy and plan, identify liquidity and capital needs, align the operating model
to deliver the plan and be ready to adapt to the change. Resilience protects value.
Maggie Mills, Partner, Corporate Finance, EY UK
09:50 – 10:05 Corporate Turnaround Case Study: Mythos & Olympic Brewery Merge: Changing the Beer Map in Greece
The presentation will look at the recent merger between Mythos Brewery & Olympic Brewery. Two Leading Greek brew-
ers, which have both been growing against a challenging Greek macroeconomic background, decided to join forces in
order to become even stronger. The presentation will deal with the background, the challenges, the Integration execu-
tion, the strategic rationale, the vision.
Sokratis Palaiokrassas, Finance & Exports Director, Olympic Brewery, Greece
10:05 – 10:15 Insurance as part of a risk management strategy
CFOs face many challenges as they manage corporate issues which often entail risks with unpredictable consequenc-
es. This is especially true in a country like Cyprus, with limited resources and amid the crisis. The role of Insurance,
contributing to risk mitigation and the reduction of consequent incalculable and unforeseeable damage, becomes vital.
As part of a risk management programme, a properly thought-out insurance plan is one of the major steps that the CFO
should consider. General Insurance of Cyprus, with its credibility, reliability, experience and expertise, is a consistently
reliable Insurance and business ally.
Evros Kyriakides, Underwriting Manager, General Insurance of Cyprus, Cyprus
10:15 – 10:30 Working capital as a driver of value
The presentation looks at four themes: The Importance of Cash, The Basics, Beyond the Basics and Making it Stick
Jon Morris, Partner, Corporate Finance, EY UK
10:30 – 10:50 Questions & Answers
10:50 – 11:30 Networking Coffee Break
11:30 – 11:45 The New Legal Framework for Foreclosures and Insolvencies
The presentation will focus on the main changes to the new legal framework in relation to Foreclosures and Insolvencies
and will touch upon some practical considerations arising in connection with the application of the new procedures.
George N. Mountis, Partner, Dr. K. Chrysostomides & Co LLC, Cyprus
11:45 – 12:00 The Need to Restructure Debt and Support Viable Businesses: A Balancing Act
The presentation will define restructuring, before dealing with what banking tools are available, the legal obligations that
restructuring entails, the benefits and challenges of restructuring and experience so far.
Panicos Nicolaou, Manager, Corporate Management, Bank of Cyprus, Cyprus
12:00 – 12:10 CFO Insights
Through visual examples, the CFO will understand how to gain business insights in what matters most in managing
and running a business. CFOs today are faced with a fundamental change of role: they “manage the business” – taking
the big, upper-level strategic decisions, such as planning, budgeting and forecasting – and they “run the business” of
day-to-day (or even minute-to-minute) operational decision-making, such as cashflow, Forex, business unit profitability
or sales and marketing.
Louis Eliades, Director, Business Solutions & Services, Logicom Solutions, Cyprus
12:10 – 12:25 Debt Restructuring in Cypriot Corporations
What is debt restructuring
Why does the need for debt restructuring arise
Bank expectations
Client expectations
Bridging the expectation gap
Available tools/options/solutions
Case studies
Phivos Stasopoulos, Freelance Financial Advisor
12:25 – 12:40 How to Raise new Capital: Private Equity Investors
Private equity investment can be an efficient tool to develop privately owned business. In many cases it could serve
as an alternative instrument to bank loans and other debt or equity financing arrangements. Private equity investors
become partners in the business for several years with an aim to scale its operations. The key benefit from cooperation
with private equity funds is the increase of shareholders value for all the partners involved, including founders, investor
and management teams.
12:40 - 12:50 Improving cashflow through Factoring Services
It is a general saying of wisdom that a company to remain healthy should not sell on credit but should sell on cash
against delivery of goods. Is this possible? Can a business really expand or survive if it does not provide credit? Bank of
Cyprus Factoring Services, part of the Bank of Cyprus Group, started operations in 1992 and have managed to excel in
the marketplace emphasising on helping businesses to convert credit sales into cash through the use of the Factoring
products and providing quality of Service. We are committed to the excellence of providing factoring solutions to our
client and our ultimate aim is to build healthy, strong and long lasting factoring relationships.
Yiannos Nicolaides, Manager Factoring Services, Bank of Cyprus, Cyprus
12:50 – 13:10 Questions & Answers
13:10 End of Forum – Networking Cocktail
Main Sponsor
EY
EY Cyprus, a firm with a history of over 75 years in the local market, is a leading professional services firm, providing
services to clients in a wide spectrum of industries. At EY, we are committed to building a better working world – our
comparative advantage begins with our global network; our vast knowledge pool provides a constant surplus of
leading practices and fresh thinking that we tailor to meet the ambitions of each individual client.
Sponsors
Bank of Cyprus
Bank of Cyprus is the leading banking and financial services group in Cyprus. The Group provides a wide range of
financial products and services which include retail and commercial banking, fund management and private banking.
The Group is becoming a stronger, more domestically focused institution capable of supporting the recovery of the
Cypriot economy. Bank of Cyprus is one of the better capitalised banks in Europe, following a €1 billion share capital
increase in August 2014. This ensured the Bank passed the European Central Bank’s recent Comprehensive Assess-
ment of the financial strength of European banks.
Cablenet
Cablenet is the only independent alternative telecommunications provider in Cyprus offering broadband, fixed
telephony and television services through cable connection to both retail and corporate markets. Within cities,
Cablenet operates a wholly-owned pioneering Hybrid Fiber Coaxial cable, as well as xDSL and Fiber networks.
Abroad, Cablenet has secured 22.5 Gpbs of international capacity on various cable systems that serve Cyprus and
has built a resilient network with PoPs in EU countries.
G.A.P. Vassilopoulos Group
G.A.P. Vassilopoulos Group has been established in the business community of Cyprus since 1964. The Group is
involved in providing an extensive range of services representing renowned International Organizations which are
leaders in their business field. The Group was listed on the Cyprus Stock Exchange in 2001 and today has a presence
in 6 countries (Cyprus, UK, Israel, Holland, Luxembourg and Belgium), employing more than 1,000 personnel and
operating through 2,000 own offices and or agents. Website www.gapgroup.com
Logicom Solutions
Logicom Solutions is a leading provider of integrated IT Solutions in Cyprus and one of the major IT Solutions providers
in Greece, Malta and the UAE. Thanks to its quality services and technology solutions and specialized personnel,
Logicom Solutions adds real value to organisations and helps them achieve their business goals. The company is
certified and has long-term strategic partnerships with leading international Technology and Consulting Services
vendors, such as Accenture, Cisco, Microsoft, CA, HP, IBM, Oracle, SAP, Symantec and NetApp.
TFIMarkets
TFI Markets’ services are mainly focused on corporate clients with the objective of reducing the cost of international
payments and transfers and the protection of profit margins from the volatility of foreign exchange markets. Imports,
exports, prepayments, repayments, payroll, and purchases or sales of assets/liabilities are samples of corporate
payments handled by TFI for its clients. TFI is licensed by the Central Bank of Cyprus and the CySEC.
Supporter
General Insurance of Cyprus
General Insurance of Cyprus was founded in 1951 and has since played a leading role in the development of the
insurance industry. Throughout the years, it has been recognized as one of the biggest and most reliable insurers in
Cyprus. The firm stands out for its credibility and reliability as well as for the professionalism of its experienced and
well-trained staff. The Company offers a comprehensive range of insurance products and consistently maintains high
service standards both at the point of sale and in claims handling. It is socially responsible, with initiatives to support
blood donation and road safety. Website: www.gic.com.cy, Call Centre: 8000.87.87
Speaker Biographies
Stelios Demetriou, Executive Director, Transaction Advisory Services, EY Cyprus
Stelios is an Executive Director and leads the Transaction Advisory Services in Cyprus. Stelios has been involved
in a range of financial advisory services to various companies and institutions. He has helped in raising equity and
finance for companies and individual projects, handled merger and acquisition transactions, performed business
valuations, prepared business plans and feasibility studies. He has also managed strategic opportunities and in-
volved in IPOs, led management buyouts (MBOs), provided strategic advice to clients and identified and secured
new deals.
Athanasios Mavros, Partner, Advisory Services, Performance Improvement/SCO
South Cluster Head, EY Greece
Athanasios Mavros is an economist with a master’s degree in Industrial engineering from the NYU Polytechnic
school of Engineering. He has 25 years of experience in Supply Chain & Operations and he has supervised and
implemented important projects in Greece, Cyprus, Romania, Bulgaria, FYROM, Albania, Turkey, Lithuania and
Ukraine. He was the Managing Director of Planning SA and a Senior Partner, and he has served as President of
SESMA/Hellenic Association of Management Consulting Firms and ELESMA. Today, he is a Partner at EY in Supply
Chain & Operations in Southeast Europe. He is also the Chairman of Efficiency Consumer Response (ECR) Cyprus.
Charalambos T. Constantinou, Director, Leader of Advisory Services Cyprus, EY Cyprus
Charalambos Constantinou leads EY’s Advisory Services practice in Cyprus, specializing in Financial Services Risk
Management, performance improvement and corporate valuations. He holds a PhD in Finance from the University
of Cambridge, an MSc in Economics and Finance from the University of Warwick and a BSc in Economics and
Econometrics from the University of Cyprus. He has led numerous restructuring, re-organisation, due diligences
and business valuation projects.
Melina Spyrou, Chief Financial Officer, TFI Markets, Cyprus
Melina Spyrou has been the Chief Financial Officer of TFI Markets Ltd since 2008. She is a member of the Institute
of Chartered Accountants in England and Wales (ICAEW) and the Institute of Certified Public Accountants of Cy-
prus (ICPAC). She is also a member and the Secretary of the Committee of Chief Financial Officers of ICPAC. Prior
to joining TFI Markets Ltd she had worked as an auditor of financial services clients with PwC Cyprus since 2002.
Maggie Mills, Partner, Corporate Finance, EY UK
Maggie Mills, Partner, Corporate Finance, EY UK, is a Restructuring Partner based in London, with extensive cross
border experience covering Europe, US and the Far East particularly in financial services. During the recent finan-
cial crisis, she acted as advisor to the Bank of England and the Tripartite on Northern Rock, Bradford & Bingley,
the Icelandic Banks and many other institutions. She has also advised many companies, their management and di-
rectors, lenders and other creditors groups on recovery and viability of businesses. In particular she has extensive
experience of restructuring and turnaround sales involving complex groups and financing structures.
Sokratis Palaiokrassas, Finance & Exports Director, Olympic Brewery, Greece
Sokratis Paliokrassas is based in Athens and is the Finance & Exports Director of Olympic Brewery. He was in-
volved in the recent merge between Olympic Brewery with Mythos Brewery (part of the Carlsberg Group) where he
has been Finance & Exports Director since 2012. Prior to joining Mythos Brewery, he was the Finance & Adminis-
tration Director of Bacardi Hellas, having started his career at Unilever, where he held various positions in Finance
in Greece & the Netherlands. He is a member of the General Council of the Federation of Greek Industries (SEV).
Evros Kyriakides, Underwriting Manager, General Insurance of Cyprus, Cyprus
Evros Kyriakides started his career in insurance in 1999. He is a member of the Insurance Institute of Cyprus and
sits on various committees of the Insurance Association of Cyprus. He holds a degree (BA Accounting, Economics
and Finance) from the University of Essex, a postgraduate degree (Msc Insurance and Risk Management) from the
Cass Business School and an MBA from the University of Leicester, UK.
Jon Morris, Partner, Corporate Finance, EY UK
Jon is a Partner based in London and leads EY’s Working Capital team in EMEIA. From a background in EY Restruc-
turing Practice advising stressed and distressed companies, Jon has successfully transferred these techniques to
enhance business performance in a wider field. Today his clients predominantly include both FTSE 100 and Private
Equity Houses where he focuses on balance sheet efficiency and cash release through sustainable working capital
management. Jon’s recent clients include KKR, Blackstone, Colgate-Palmolive, General Electric, WPP, Vodafone,
Diageo and SABMiller.
George N. Mountis, Partner, Dr. K. Chrysostomides & Co LLC, Cyprus
George N. Mountis has extensive experience in various fields of commercial and corporate litigation. He is also
highly experienced in Arbitration law and is a member of the Chartered Institute of Arbitrators MCiArb. He is also
a CEDR Accredited Mediator. He holds degrees from the University of Kent, the London School of Economics and
King’s College London.
Chairman
Speaker Biographies
Panicos Nicolaou, Manager, Corporate Management, Bank of Cyprus, Cyprus
Panicos Nicolaou joined Bank of Cyprus in 2001 and has served in various positions related to Corporate and Credit
Sanctioning including Corporate Manager and Head of Project Finance and Loan syndication. Since April 2014, he
has managed the Corporate delinquent portofolio under the Restructurings and Recoveries Division.
Louis Eliades, Director, Global Business Solutions & Services, Logicom Solutions, Cyprus
Louis Eliades is the Director of the Business Solutions & Services Business Unit, leading the strategic planning and
services delivery of Business Integrated Solutions to key industries such as banking & finance, government,
service providers, corporate services and other services sectors. He has been a consultant on numerous high-
visibility projects, such as the e-Government Gateway, e-University, Internet Banking, Service Provider Customer
Self-Care and others.
Phivos Stasopoulos, Freelance Financial Advisor, Cyprus
Phivos Stasopoulos is a freelance financial advisor with extensive experience in the accounting and banking in-
dustries. After graduating from the University of Manchester with a B.A. In Accounting, Finance and Econometrics,
he joined KPMG in the UK, where he qualified as a Chartered Accountant. He returned to Cyprus to join Bank of
Cyprus as Head of Debt Recovery. After serving in various posts, he became General Manager as Head of Corpo-
rate Banking. He left the Bank at the end of 2013 and has since been advising reputable clients operating in various
sectors of the economy. He is a Fellow member of the Institute of Chartered Accountants in England and Wales
(ICAEW).
Yiannos Nicolaides, Manager Factoring Services, Bank of Cyprus, Cyprus
Yiannos Nicolaides was employed by the Bank of Cyprus in 1991. One year later joined the team to set up the Fac-
toring Services of the Bank and in 1995 the team to set up ABC Factors in Greece. Gaining extensive experience
on Factoring over the years, in 2007 was appointed Manager of the Factoring Services of Bank of Cyprus, position
he holds until today.
presents the
Friday 26 June 2015 | Hilton Park Hotel | Nicosia
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Registration Deadline: Wednesday 24 June 2015
doc_201940791.pdf
Corporate turnarounds and debt restructuring for cypriot corporations.
? ??????????? ??
presents the
Thematology
Corporate Turnarounds
and Debt Restructuring
for Cypriot Corporations
The Forum is addressed to CFOs, General Managers, Managing Directors, Board Members,
CEOs and other senior managers from Cypriot corporations from all sectors of the economy
Friday 26 June 2015 | Hilton Park Hotel | Nicosia
G
r
e
a
t
V
a
lu
e
!
S
p
e
c
ia
l
R
e
g
is
tra
tio
n
F
e
e
Main Sponsor
Organizer Communication Sponsors Supporter
Sponsors
The Chief Financial Officer as a catalyst for
positive results in the operations of enterprises
and organisations
Identifying the Problem within Corporations
– The Need for Turnaround
Restructuring & Turnaround in the Current Market
Corporate Turnaround Case Study: Mythos &
Olympic Brewery Merge: Changing the Beer Map
in Greece
Insurance as part of a risk management strategy
Working capital as a driver of value
The New Legal Framework for Foreclosures and
Insolvencies
The Need to Restructure Debt and Support Viable
Businesses: A Balancing Act
CFO Insights
Debt Restructuring in Cypriot Corporations
How to Raise new Capital: Private Equity Investors
Improving cashflow through Factoring Services
For Cypriot companies, the economic environment in recent years has brought growth and expansion to a halt. The crisis has turned
the spotlight on CFOs and raised their profile and their importance within organisations. After years of consolidation, cost-cutting
and rationalisation, they now need to reset their companies’ ambitions from survival to becoming sustainable. Cyprus’ recent leg-
islation governing insolvency and foreclosures aims to pave the way to debt restructuring and to increase the liquidity and sustain-
ability of Cypriot firms and banks. These new developments also mean that Cyprus is on track with the bailout agreement; however,
there are grey areas in the new legislation that creates ambiguity regarding what exactly general managers and CFOs must under-
stand in these new laws in order to help their business move forward. Nowadays, the CFO has the most important role to play in
turning around a troubled corporation. There is probably no other time when the role of the CFO is more critical, more demanding
and, at the same time, more professionally rewarding than in a turnaround situation.
The Forum is addressed to:
CFOs
Managing Directors
Board Members
CEOs and other senior managers from Cypriot corporations from all sectors of the economy.
Introduction
Forum Audience
Forum Details
Organizer
Friday 26 June, Hilton Park Hotel, Nicosia.
The presentations at the Forum will be in English and Greek.
???
IMH is the leading business knowledge and information transfer organisation in the Eastern Mediterranean region. Its
services include conferences and commercial exhibition organisation, business media publishing and human resources
consulting and training. Every year, IMH organises over 60 conferences on a variety of business issues in Cyprus, Greece,
the UK, the Czech Republic and Russia. IMH also organises six commercial exhibitions, dozens of educational seminars
and workshops and three business awards ceremonies. The IMH Business Media department publishes two monthly
magazines: IN Business, the leading business magazine in Cyprus, is read by thousands of executives, managers and
entrepreneurs. Gold is a monthly English-language business magazine addressed to the international professional
services, investment and finance community. IMH operates the INBusinessNews portal (www.inbusinessnews.com),
and the English-language GoldNews portal (www. goldnews.com.cy) and distributes daily the IN Business Daily
Newsletter and the GoldNews Daily Newsletter. ?MH has a dedicated department that responds to Calls for Tender
from the local public sector, the European Union and other international organisations. IMH services are addressed to
a specific audience: Entrepreneurs, managers and executives working in all sectors of economic and business activity.
This premium audience of white collar decision makers participates in our conferences, exhibitions and awards and
consumes our media. Through its activities IMH gives businesses the opportunity to grow, network and discover new
opportunities. www.imhbusiness.com
The 11th CFO Management Forum will address one of the most important issues (possibly THE issue) affecting the Cyprus busi-
ness world today: corporate restructuring. Extremely high leverage and debt levels, in conjunction with years of poor manage-
ment and inefficiency, have resulted in an urgent need for corporate restructuring. Furthermore, the Forum will examine what
exactly the new insolvency and foreclosure legislation entails and how it will affect banks’ non-performing loans.
The 11th CFO Management Forum
Programme 1st Announcement
08:30 – 09:00 Registration
09:00 – 09:10 Chairman’s Introduction
Stelios Demetriou, Executive Director, Transaction Advisory Services, EY Cyprus
09:10 – 09:25 The Chief Financial Officer as a catalyst for positive results in the operations of enterprises and organisations
Market conditions are forcing the CFO to play a catalytic role in the operations of companies and organisations. It is
therefore necessary for the responsibilities of the CFO to be widened substantially. The purpose of the presentation is
to shed light on these new, interesting areas of responsibility.
Athanasios Mavros, Partner, Advisory Services, Performance Improvement/SCO South Cluster Head, EY Greece
Charalambos T. Constantinou, Director, Leader of Advisory Services, EY Cyprus
09:25 – 09:35 Identifying the Problem within Corporations – The Need for Turnaround
What constitutes a turnaround situation
The causes and symptoms of a company in need of turnaround
Analyzing the financial statements of companies in distress
Melina Spyrou, Chief Financial Officer, TFI Markets, Cyprus
09:35 – 09:50 Restructuring & Turnaround in the Current Market
The presentation will look at the key steps to restructuring and turnaround: identify the critical issues, understand stake-
holder needs, develop a clear business strategy and plan, identify liquidity and capital needs, align the operating model
to deliver the plan and be ready to adapt to the change. Resilience protects value.
Maggie Mills, Partner, Corporate Finance, EY UK
09:50 – 10:05 Corporate Turnaround Case Study: Mythos & Olympic Brewery Merge: Changing the Beer Map in Greece
The presentation will look at the recent merger between Mythos Brewery & Olympic Brewery. Two Leading Greek brew-
ers, which have both been growing against a challenging Greek macroeconomic background, decided to join forces in
order to become even stronger. The presentation will deal with the background, the challenges, the Integration execu-
tion, the strategic rationale, the vision.
Sokratis Palaiokrassas, Finance & Exports Director, Olympic Brewery, Greece
10:05 – 10:15 Insurance as part of a risk management strategy
CFOs face many challenges as they manage corporate issues which often entail risks with unpredictable consequenc-
es. This is especially true in a country like Cyprus, with limited resources and amid the crisis. The role of Insurance,
contributing to risk mitigation and the reduction of consequent incalculable and unforeseeable damage, becomes vital.
As part of a risk management programme, a properly thought-out insurance plan is one of the major steps that the CFO
should consider. General Insurance of Cyprus, with its credibility, reliability, experience and expertise, is a consistently
reliable Insurance and business ally.
Evros Kyriakides, Underwriting Manager, General Insurance of Cyprus, Cyprus
10:15 – 10:30 Working capital as a driver of value
The presentation looks at four themes: The Importance of Cash, The Basics, Beyond the Basics and Making it Stick
Jon Morris, Partner, Corporate Finance, EY UK
10:30 – 10:50 Questions & Answers
10:50 – 11:30 Networking Coffee Break
11:30 – 11:45 The New Legal Framework for Foreclosures and Insolvencies
The presentation will focus on the main changes to the new legal framework in relation to Foreclosures and Insolvencies
and will touch upon some practical considerations arising in connection with the application of the new procedures.
George N. Mountis, Partner, Dr. K. Chrysostomides & Co LLC, Cyprus
11:45 – 12:00 The Need to Restructure Debt and Support Viable Businesses: A Balancing Act
The presentation will define restructuring, before dealing with what banking tools are available, the legal obligations that
restructuring entails, the benefits and challenges of restructuring and experience so far.
Panicos Nicolaou, Manager, Corporate Management, Bank of Cyprus, Cyprus
12:00 – 12:10 CFO Insights
Through visual examples, the CFO will understand how to gain business insights in what matters most in managing
and running a business. CFOs today are faced with a fundamental change of role: they “manage the business” – taking
the big, upper-level strategic decisions, such as planning, budgeting and forecasting – and they “run the business” of
day-to-day (or even minute-to-minute) operational decision-making, such as cashflow, Forex, business unit profitability
or sales and marketing.
Louis Eliades, Director, Business Solutions & Services, Logicom Solutions, Cyprus
12:10 – 12:25 Debt Restructuring in Cypriot Corporations
What is debt restructuring
Why does the need for debt restructuring arise
Bank expectations
Client expectations
Bridging the expectation gap
Available tools/options/solutions
Case studies
Phivos Stasopoulos, Freelance Financial Advisor
12:25 – 12:40 How to Raise new Capital: Private Equity Investors
Private equity investment can be an efficient tool to develop privately owned business. In many cases it could serve
as an alternative instrument to bank loans and other debt or equity financing arrangements. Private equity investors
become partners in the business for several years with an aim to scale its operations. The key benefit from cooperation
with private equity funds is the increase of shareholders value for all the partners involved, including founders, investor
and management teams.
12:40 - 12:50 Improving cashflow through Factoring Services
It is a general saying of wisdom that a company to remain healthy should not sell on credit but should sell on cash
against delivery of goods. Is this possible? Can a business really expand or survive if it does not provide credit? Bank of
Cyprus Factoring Services, part of the Bank of Cyprus Group, started operations in 1992 and have managed to excel in
the marketplace emphasising on helping businesses to convert credit sales into cash through the use of the Factoring
products and providing quality of Service. We are committed to the excellence of providing factoring solutions to our
client and our ultimate aim is to build healthy, strong and long lasting factoring relationships.
Yiannos Nicolaides, Manager Factoring Services, Bank of Cyprus, Cyprus
12:50 – 13:10 Questions & Answers
13:10 End of Forum – Networking Cocktail
Main Sponsor
EY
EY Cyprus, a firm with a history of over 75 years in the local market, is a leading professional services firm, providing
services to clients in a wide spectrum of industries. At EY, we are committed to building a better working world – our
comparative advantage begins with our global network; our vast knowledge pool provides a constant surplus of
leading practices and fresh thinking that we tailor to meet the ambitions of each individual client.
Sponsors
Bank of Cyprus
Bank of Cyprus is the leading banking and financial services group in Cyprus. The Group provides a wide range of
financial products and services which include retail and commercial banking, fund management and private banking.
The Group is becoming a stronger, more domestically focused institution capable of supporting the recovery of the
Cypriot economy. Bank of Cyprus is one of the better capitalised banks in Europe, following a €1 billion share capital
increase in August 2014. This ensured the Bank passed the European Central Bank’s recent Comprehensive Assess-
ment of the financial strength of European banks.
Cablenet
Cablenet is the only independent alternative telecommunications provider in Cyprus offering broadband, fixed
telephony and television services through cable connection to both retail and corporate markets. Within cities,
Cablenet operates a wholly-owned pioneering Hybrid Fiber Coaxial cable, as well as xDSL and Fiber networks.
Abroad, Cablenet has secured 22.5 Gpbs of international capacity on various cable systems that serve Cyprus and
has built a resilient network with PoPs in EU countries.
G.A.P. Vassilopoulos Group
G.A.P. Vassilopoulos Group has been established in the business community of Cyprus since 1964. The Group is
involved in providing an extensive range of services representing renowned International Organizations which are
leaders in their business field. The Group was listed on the Cyprus Stock Exchange in 2001 and today has a presence
in 6 countries (Cyprus, UK, Israel, Holland, Luxembourg and Belgium), employing more than 1,000 personnel and
operating through 2,000 own offices and or agents. Website www.gapgroup.com
Logicom Solutions
Logicom Solutions is a leading provider of integrated IT Solutions in Cyprus and one of the major IT Solutions providers
in Greece, Malta and the UAE. Thanks to its quality services and technology solutions and specialized personnel,
Logicom Solutions adds real value to organisations and helps them achieve their business goals. The company is
certified and has long-term strategic partnerships with leading international Technology and Consulting Services
vendors, such as Accenture, Cisco, Microsoft, CA, HP, IBM, Oracle, SAP, Symantec and NetApp.
TFIMarkets
TFI Markets’ services are mainly focused on corporate clients with the objective of reducing the cost of international
payments and transfers and the protection of profit margins from the volatility of foreign exchange markets. Imports,
exports, prepayments, repayments, payroll, and purchases or sales of assets/liabilities are samples of corporate
payments handled by TFI for its clients. TFI is licensed by the Central Bank of Cyprus and the CySEC.
Supporter
General Insurance of Cyprus
General Insurance of Cyprus was founded in 1951 and has since played a leading role in the development of the
insurance industry. Throughout the years, it has been recognized as one of the biggest and most reliable insurers in
Cyprus. The firm stands out for its credibility and reliability as well as for the professionalism of its experienced and
well-trained staff. The Company offers a comprehensive range of insurance products and consistently maintains high
service standards both at the point of sale and in claims handling. It is socially responsible, with initiatives to support
blood donation and road safety. Website: www.gic.com.cy, Call Centre: 8000.87.87
Speaker Biographies
Stelios Demetriou, Executive Director, Transaction Advisory Services, EY Cyprus
Stelios is an Executive Director and leads the Transaction Advisory Services in Cyprus. Stelios has been involved
in a range of financial advisory services to various companies and institutions. He has helped in raising equity and
finance for companies and individual projects, handled merger and acquisition transactions, performed business
valuations, prepared business plans and feasibility studies. He has also managed strategic opportunities and in-
volved in IPOs, led management buyouts (MBOs), provided strategic advice to clients and identified and secured
new deals.
Athanasios Mavros, Partner, Advisory Services, Performance Improvement/SCO
South Cluster Head, EY Greece
Athanasios Mavros is an economist with a master’s degree in Industrial engineering from the NYU Polytechnic
school of Engineering. He has 25 years of experience in Supply Chain & Operations and he has supervised and
implemented important projects in Greece, Cyprus, Romania, Bulgaria, FYROM, Albania, Turkey, Lithuania and
Ukraine. He was the Managing Director of Planning SA and a Senior Partner, and he has served as President of
SESMA/Hellenic Association of Management Consulting Firms and ELESMA. Today, he is a Partner at EY in Supply
Chain & Operations in Southeast Europe. He is also the Chairman of Efficiency Consumer Response (ECR) Cyprus.
Charalambos T. Constantinou, Director, Leader of Advisory Services Cyprus, EY Cyprus
Charalambos Constantinou leads EY’s Advisory Services practice in Cyprus, specializing in Financial Services Risk
Management, performance improvement and corporate valuations. He holds a PhD in Finance from the University
of Cambridge, an MSc in Economics and Finance from the University of Warwick and a BSc in Economics and
Econometrics from the University of Cyprus. He has led numerous restructuring, re-organisation, due diligences
and business valuation projects.
Melina Spyrou, Chief Financial Officer, TFI Markets, Cyprus
Melina Spyrou has been the Chief Financial Officer of TFI Markets Ltd since 2008. She is a member of the Institute
of Chartered Accountants in England and Wales (ICAEW) and the Institute of Certified Public Accountants of Cy-
prus (ICPAC). She is also a member and the Secretary of the Committee of Chief Financial Officers of ICPAC. Prior
to joining TFI Markets Ltd she had worked as an auditor of financial services clients with PwC Cyprus since 2002.
Maggie Mills, Partner, Corporate Finance, EY UK
Maggie Mills, Partner, Corporate Finance, EY UK, is a Restructuring Partner based in London, with extensive cross
border experience covering Europe, US and the Far East particularly in financial services. During the recent finan-
cial crisis, she acted as advisor to the Bank of England and the Tripartite on Northern Rock, Bradford & Bingley,
the Icelandic Banks and many other institutions. She has also advised many companies, their management and di-
rectors, lenders and other creditors groups on recovery and viability of businesses. In particular she has extensive
experience of restructuring and turnaround sales involving complex groups and financing structures.
Sokratis Palaiokrassas, Finance & Exports Director, Olympic Brewery, Greece
Sokratis Paliokrassas is based in Athens and is the Finance & Exports Director of Olympic Brewery. He was in-
volved in the recent merge between Olympic Brewery with Mythos Brewery (part of the Carlsberg Group) where he
has been Finance & Exports Director since 2012. Prior to joining Mythos Brewery, he was the Finance & Adminis-
tration Director of Bacardi Hellas, having started his career at Unilever, where he held various positions in Finance
in Greece & the Netherlands. He is a member of the General Council of the Federation of Greek Industries (SEV).
Evros Kyriakides, Underwriting Manager, General Insurance of Cyprus, Cyprus
Evros Kyriakides started his career in insurance in 1999. He is a member of the Insurance Institute of Cyprus and
sits on various committees of the Insurance Association of Cyprus. He holds a degree (BA Accounting, Economics
and Finance) from the University of Essex, a postgraduate degree (Msc Insurance and Risk Management) from the
Cass Business School and an MBA from the University of Leicester, UK.
Jon Morris, Partner, Corporate Finance, EY UK
Jon is a Partner based in London and leads EY’s Working Capital team in EMEIA. From a background in EY Restruc-
turing Practice advising stressed and distressed companies, Jon has successfully transferred these techniques to
enhance business performance in a wider field. Today his clients predominantly include both FTSE 100 and Private
Equity Houses where he focuses on balance sheet efficiency and cash release through sustainable working capital
management. Jon’s recent clients include KKR, Blackstone, Colgate-Palmolive, General Electric, WPP, Vodafone,
Diageo and SABMiller.
George N. Mountis, Partner, Dr. K. Chrysostomides & Co LLC, Cyprus
George N. Mountis has extensive experience in various fields of commercial and corporate litigation. He is also
highly experienced in Arbitration law and is a member of the Chartered Institute of Arbitrators MCiArb. He is also
a CEDR Accredited Mediator. He holds degrees from the University of Kent, the London School of Economics and
King’s College London.
Chairman
Speaker Biographies
Panicos Nicolaou, Manager, Corporate Management, Bank of Cyprus, Cyprus
Panicos Nicolaou joined Bank of Cyprus in 2001 and has served in various positions related to Corporate and Credit
Sanctioning including Corporate Manager and Head of Project Finance and Loan syndication. Since April 2014, he
has managed the Corporate delinquent portofolio under the Restructurings and Recoveries Division.
Louis Eliades, Director, Global Business Solutions & Services, Logicom Solutions, Cyprus
Louis Eliades is the Director of the Business Solutions & Services Business Unit, leading the strategic planning and
services delivery of Business Integrated Solutions to key industries such as banking & finance, government,
service providers, corporate services and other services sectors. He has been a consultant on numerous high-
visibility projects, such as the e-Government Gateway, e-University, Internet Banking, Service Provider Customer
Self-Care and others.
Phivos Stasopoulos, Freelance Financial Advisor, Cyprus
Phivos Stasopoulos is a freelance financial advisor with extensive experience in the accounting and banking in-
dustries. After graduating from the University of Manchester with a B.A. In Accounting, Finance and Econometrics,
he joined KPMG in the UK, where he qualified as a Chartered Accountant. He returned to Cyprus to join Bank of
Cyprus as Head of Debt Recovery. After serving in various posts, he became General Manager as Head of Corpo-
rate Banking. He left the Bank at the end of 2013 and has since been advising reputable clients operating in various
sectors of the economy. He is a Fellow member of the Institute of Chartered Accountants in England and Wales
(ICAEW).
Yiannos Nicolaides, Manager Factoring Services, Bank of Cyprus, Cyprus
Yiannos Nicolaides was employed by the Bank of Cyprus in 1991. One year later joined the team to set up the Fac-
toring Services of the Bank and in 1995 the team to set up ABC Factors in Greece. Gaining extensive experience
on Factoring over the years, in 2007 was appointed Manager of the Factoring Services of Bank of Cyprus, position
he holds until today.
presents the
Friday 26 June 2015 | Hilton Park Hotel | Nicosia
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For further information contact: IMH, 5 Aigaleo Str., 2057 Strovolos, P.O.Box 21185, 1503, Nicosia, Cyprus
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Registration Deadline: Wednesday 24 June 2015
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