Global
turnaround program
Context & objectives
In 2021 the Customer launched a strategic reorientation to refocus on Electrification and drastically improve performance through a very ambitious and well-structured SHIFT & E3 model reconciliating Economics, Engagement & Environmental values:
- Refocus the company on EBITDA and ROCE instead of Growth and short-term ROI
- Refocus sales on high value Customers and premium Products through a robust data-driven scoring (strategic, financial, risk)
- New Management practices, mainly driven by the cash& profitability (instead of revenue generation), by environmental constraints (CO2) and engagement KPI (absenteeism, …)
- Carve-out plan of Industrial activities (ISP) and refocus on Electrification (Distribution & Usage)
STEP Consulting supports CEO to define and deploy turnaround methodologies
- 40+ countries addressed in 4 waves
- 1 central team mixing internal staff and consultants
- 1 project of ~3 months per country with a dedicated team on site
Results
Tailor-made method rolled-out to all countries
- Co-construction of methodologies
- Fully integrated in the group’s standard practices
- Weekly steering at ExCom
- Detail Handbook to document all levers
Significant results communicated in 2024 Capital Market Day:
- x6 increase of Company’s stock market valuation
from €800m (2018) to €5Bn (2024) - x2 free cash-flow vs previous period (€1.4 Bn generated since 2021*)
- x1.7 EBITDA from €463m (2021) to €750-800m (LTM June 2024*)
- X2+ ROCE: increase from 9% (2018) to 20% (LTM June 2024*)
… while containing the “uncontrolled” growth and reducing the complexity :
- +x0% Std Sales increase between 2021 & LTM June 2024*
- -x0% Customer: reduced from 17k to 4k
- -x0% references reduced from 300k to 200k
- –x0% of CO2 emission reduction vs 2019*férences,
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