Baker Tilly in South East Europe

Transcription

1 Baker Tilly in South East Europe Cyprus, Greece, Romania, Bulgaria, Moldova FINANCIAL SERVICES November 2017

2 Content 1 Company's profile 3 2 Complete range of services 7 3 Financial Services 10 3a Financial services : Sample of assignments completed by Baker Tilly 15 4 Selected clientele 21 5 Awards & Accreditations 26 6 Management Team 30 7 Leading Team 37 [2]

3 1 Company s profile

4 Baker Tilly in South East Europe Leading firm of Auditors, Accountants, Tax Consultants & Business Advisors Baker Tilly in South East Europe is an independent member of Baker Tilly International, operating under a unified structure directed by a single, central management team. Offers services to more than business nationally and internationally Operating through 8 offices in 5 countries 20 directors and more than 300 professionals Cyprus: Ranks No. 5 Romania: Ranks No. 10 Bulgaria: Ranks No. 9 Moldova: Ranks No. 5 Greece: Ranks No. 7 [4]

5 Baker Tilly International Latest data: One of the world s leading networks of independently owned and managed accountancy and business advisory firms employees in 147 Countries. 126 Independent Member Firms across four geographical regions. 9 th largest business advisory and accounting network with combined revenues of $3,2bn. Commitments: Our Mission: To operate a network whose members deliver, with integrity and objectivity, superior independent audit, accounting, tax and financial services to clients through global resources and relationships Lead by example Provide high quality standard of services with emphasis on integrity Communicate with transparency and honesty Act ethically Promote cooperation and teamwork Create a collaborative work environment where each one evolves and gives the best of themselves [5]

6 Our vision One step ahead In order to maintain the quality of our services to the highest of standards and to cater to our clients needs, we are constantly looking for ways to enhance our expertise and presence in the financial and geographical areas in which our clients operate What sets Baker Tilly apart from the rest? Our strong geographical presence allows complete coverage of the Balkan region which gives us in-house expertise in the countries where our clients do business Our highly specialised staff in the areas of audit, accounting, internal audit and risk management, tax consulting and compliance services, VAT, corporate finance, technical training and other specialist offerings work together under the same umbrella, sharing their knowledge and expertise to offer outstanding service to clients Our one-stop shop approach. A complete range of services is offered through a single point of contact to ensure quick, proactive response in all areas of service Excellent links with our strong international network. We can help clients no matter where in the world they do business, offering seamless service all through a single point of contact [6]

7 2 Complete range of services

8 Complete Range of Services Audit and Assurance Services Business Accounting Services Tax Consulting Consulting and Business Advisory Services Statutory audit for companies registered in Cyprus in accordance with International Standards of Auditing Audit of financial statements prepared in accordance with International Financial Reporting Standards (IFRS) - in accordance with International Standards of Auditing Outsourcing of accounting function Management compliance reporting Payroll Preparation of statutory financial statements Accounting Supervision Outsourced CFO services Local tax planning for companies and individuals International tax planning for companies and individuals Corporate and personal tax compliance Tax due diligence reports Transfer Pricing Services Working Capital Management Business Valuations Project Management Professional Training Seminars and Workshops Debt Restructuring Insolvency Practices Management Services Internal Audit Services Financial Services IFRS Services Intermediary services for acquiring immovable property in Cyprus or Greece. Golden Visas Outsourcing of internal audit function Design and implementation of business processes Evaluation of the business processes Risk management Evaluation of internal audit functions Asset Quality Reviews Vendor and Acquirer Financial and Tax Due Diligences Regulatory Compliance Checks NPEs Advisory Services Special Financial Investigations Review and test systems of internal controls HR Consulting for Financial Services Sector Conversion of financial statements to IFRS IFRS training IFRS consulting services [8]

9 Consulting & Business Advisory Services Enhancing Performance and other Business Services Transaction Services Governance Risk and Compliance Professional Seminars and Workshops Strategic Planning and Implementation Critical review of the Company s position and prospects Assist clients in identifying make or break actions to meet their strategic targets Refining corporate strategy planning processes, implementation, monitoring and decision making Project Management Improving the execution of strategy, through repeatable, reliable performance and standardization Mergers and Acquisitions Acquisition strategy Business plans Post merger integration Due Diligence Independent Business Reviews Competitor due diligence Target industry due diligence Operational due diligence Financial due diligence Treasury and Restructuring Managing cash and working capital Feasibility studies Valuations Discounted cash flows and comparables approaches Goodwill impairment testing Market research analysis Other Services Financial/debt restructuring Cash flow forecast preparation and monitoring Corporate turnaround Enterprise Risk Management General risk management Financial efficiency Business Process reengineering Costs reduction Increase processes efficiency and effectiveness Better utilization of management information to support effective decision making Improve control structures Regulatory Compliance Review and summarize current business strategy and goals Review current BoD, Management, Operational and Sales Organisation Assist clients in developing policies and procedures and educational oversight to support proper Corporate Governance practices NPLs Management Corporate and Personal Failure Working Capital Management Debt Restructuring Operational Risk Management and Internal Audit Understanding and Analyzing Financial Statements Bespoke professional seminars and workshops 5 HR Consulting Services HR Restructuring Services Recruitment Services HR Systems Analysis, Design and Implementation Support Succession Planning Talent management Development/ Assessment Centres Performance Appraisal Systems Training Workshops [9]

10 3 Financial services

11 Financial Services We offer a range of different financial consulting services aiming to help our clients improve and grow their business. Our services address businesses operating efficiency through process review and (re)design, internal audit, financial diagnostics and special investigations. We provide support in strategic expansions through mergers and acquisitions, including due diligence, valuation and business plans. We assist you in handling additional reporting burden due to add hoc regulatory reviews such as AQRs and BSRs, adoption of new regulatory requirements and changes in financial reporting standards. Our team of highly qualified professionals has a significant experiences working for large international organizations across the region and in the rest of Europe. [11]

12 Financial Services (continued) It is very important for every business to have a clear picture of all their financial affairs in order to adapt to the current market needs. Our Financial Services experts have both the experience and the knowledge to help our Clients in making right decisions. Asset Quality Reviews Third party provider of an independent review of the quality of banks assets as part of the regulators comprehensive assessment of the banking system, in line with the provisions of the regulation on the single supervisory mechanism (SSM Regulation) and the methodology developed by the European Central Bank (ECB). Vendor and Acquirer Financial and Tax Due Diligences Review of historical and prospective financial information of companies in the context of acquisition/ disposal, (re)financing or reorganization and providing of relevant transaction insights Regulatory Compliance Checks Analysis of the economic and financial challenges of the business and regulations applicable to the industry of operation. [12]

13 Financial Services (continued) NPEs Advisory Services Analysis of the client s NPL portfolios and performance diagnostics of the collection process. Identification of opportunities for alternative collection strategies and developments of approaches and tools for their implementation. Conducting investigation, legal action and negotiations with regard to individual debtors. Special Financial Investigations Financial investigation for special purposes, such as forensic investigations, resolution of business disputes, cost-based pricing models, financial diagnostics; Custom design of investigation procedures to meet the client s needs in non-standard situations Review and test systems of internal controls Review and rigorous testing of compliance with the organization s internal policies and procedures in various areas; Review of design of internal procedures and recommendations for changes for better alignment with the organization s strategic goals and improved efficiency [13]

14 Financial Services (continued) IFRS 9 Advisory and Implementation Review of client s policies and procedures for origination and measurement of financial assets (loans and financial instruments) and identification of gaps vis-à-vis IFRS 9 which takes effect from Design and implementation of measures to close the gaps, including development of predictive models for estimation of expected credit losses. Personnel training and support for the integration of the newly developed tools with the client s existing systems. [14]

15 3a Financial services : Sample of assignments completed by Baker Tilly

16 Sample of assignments completed by Baker Tilly (1/5) Client Work Performed In 2014, we conducted advisory work for the bank regarding reviewing the set up and the operational model of its Arrears Management division following the relevant directive issued by the Central Bank of Cyprus. Our work included: in depth analysis and segmentation of the loan portfolio revision of the operations manual compliance checking with the directives issued by the Central Bank of Cyprus gap analysis with best practices development of innovative, efficient and effective restructuring strategies Analysis of the accounting and tax implications for every resolution strategy for both the Bank and the Borrowers In 2014, we conducted advisory work for the bank regarding the set up and the operational model of its Arrears Management division following the relevant directive issued by the Central Bank of Cyprus. Our work included: in depth analysis and segmentation of the loan portfolio writing the operations manual compliance checking with the directives issued by the Central Bank of Cyprus development of innovative, efficient and effective restructuring strategies Development of restructuring supporting tools such as the NPV Tool and Borrower s Affordability model for retail customers Design of standardised restructuring solutions campaigns for pre-identified portfolio segments [16]

17 Sample of assignments completed by Baker Tilly (2/5) Client Work Performed In 2015 we have been assigned by the bank to perform 6-monthly reviews of the restructurings implemented by the bank and prepare relevant reports to the Central Bank of Cyprus and the bank s management. In 2015 we have been assigned by the bank to perform 6-monthly reviews of the restructurings implemented by the bank and prepare relevant reports to the Central Bank of Cyprus and the bank s management. In 2016 we have been appointed by the management of the bank to perform an Asset Quality Review of the bank s loan portfolio under the instructions issued by the Bulgarian National Bank. In 2015 we have been appointed by the management of the Cypriot holding bank to perform a Financial Due Diligence and Business Valuation for its subsidiary banks in Romania and Serbia. [17]

18 Sample of assignments completed by Baker Tilly (3/5) Client Work Performed In 2016 we have been appointed by the management of the Greek holding bank to perform a Financial Due Diligence for its subsidiary banks in Romania, Serbia and Cyprus. In the last three years we have prepared an extensive number of diagnostic reviews and extended independent business reviews on businesses under the joint instructions of banks in Cyprus and Greece and their clients. The total exposure of the businesses we have been assigned to make a review for is in excess of 300mln. [18]

19 Sample of assignments completed by Baker Tilly (4/5) Client Work Performed In 2016 we have been appointed by the management of the Cypriot holding bank to perform a Loan Portfolio Valuation and together with a Fairness Opinion for its subsidiary bank in Serbia. In 2015 we have been appointed by the Prosecutor General of the Republic of Bulgaria to perform a very detailed special investigation on the collapse of a bank in Bulgaria in In 2016 we have been appointed by the Central Bank of Cyprus to perform Anti Money Laundering compliance checks in 7 Approved Credit Institutions. [19]

20 Sample of assignments completed by Baker Tilly (5/5) Client Work Performed In 2016 we have been assigned by the management of the bank to perform an assessment over the composition and the effectivenes of the bank s BoD and iits committees. The assessment is a requirement of the Directive on Management and Corporate Governance issued by the CBC. In 2017 we have been assigned by the management of an other Cypriot bank to perform an assessment and suggest possiible solutions and strategies on NPL portofolio of the bank. [20]

21 4 Selected clientele

22 Selected Clientele (1/4) [22]

23 Selected Clientele (2/4) [23]

24 Selected Clientele (3/4) [24]

25 Selected Clientele (4/4) [25]

26 5 Awards & Accreditations

27 Awards & Accreditations Member Firm of the Year 2017 The Member Firm of the Year. for the 2017 was awarded to Baker Tilly in South East Europe during Baker Tilly International s World Conference, in Amsterdam, on Monday 30th October. This award recognises the exceptional commitment to the network and developing practices locally and internationally through financial performance and evidence of sustained growth, identifying cross boarder opportunities, commitment to sharing knowledge, active participation in network wide initiatives and proactively identifying opportunities to build the Baker Tilly brand. Cyprus Special Exports Award for Services for the year 2015 The Cyprus Special Exports Award for services for the year 2015 was awarded to Baker Tilly Klitou during a special ceremony on the 24 th of February The Cyprus Exports Awards is the only annual governmental recognition to local businesses for their efforts towards exporting in various economic sectors. ICPAC Quality Checked Certificate Baker Tilly Klitou has been awarded the «ICPAC Quality Checked» certificate, which is a quality assurance scheme introduced by ICPAC to promote best practice and to help improve standards across the profession in Cyprus. [27]

28 Awards & Accreditations ICAEW-Approved Training Practice We are authorised by the Institute of Chartered Accountants in England and Wales (ICAEW) to employ and train Chartered Accountants in Cyprus. ACCA-Approved Employer Trainee development Platinum level We are authorised by the Chartered Association of Certified Accountants (ACCA) to train Certified Accountants. ACCA-Approved CPD Employer Our company has been awarded Approved CPD Employer status, from the Association of Chartered Certified Accountants (ACCA) in recognition of the continuing professional development scheme it provides to those employees who hold ACCA membership. [28]

29 Awards & Accreditations (Romania / Moldova / Bulgaria) Accredited by World Bank and European Bank of Restructure and Development (EBRD) (Romania) Eligible to audit projects financed by World Bank and EBRD (Romania, Bulgaria, Moldova) ISO certificate for financial audit and related services and IQNet international certification (Romania) [29]

30 6 Management Team

31 Management Team s CVs Geoff Barnes Geoff Chairman Baker Tilly in South East Europe Profile Geoff Barnes is the Chairman of the Regional council of Baker Tilly in South East Europe and President of the Board of Directors of the Baker Tilly Klitou and Partners Ltd. He is non-executive Chairman of Baker Tilly DHC, the 5th largest professional services firm in India, and non-executive chairman of the Supervisory Board of Baker Tilly South East Europe Ltd. He is a strategic advisor on international matters to a major city law firm specialising in the insurance market. He is also the chairman of the International Advisory Panel of the Institute of Chartered Accountants in England and Wales, and was a former member of its Council. Experience Geoff was a chartered accountant in the 70s with Deloitte Haskins & Sells in London. He joined Casson Beckman, a leading mid-tier firm of chartered accountants in London, in 1979, becoming its executive chairman. He was responsible for a number of key mergers undertaken by that firm and ultimately initiated and coordinated its merger in 1997 with Baker Tilly in the UK He became CEO and president of Baker Tilly International in 2000 focusing on its growth and strategic and acquisitive development. Geoff was the CEO and president of Baker Tilly International the past 16 years. Under his leadership, the Baker Tilly network has grown its combined revenues from $900 million to $3.8 billionand its coverage from 59 countries to more than 140. Geoff received a Lifetime Achievement Award from the International Accounting Bulletin (IAB).. [31]

32 Management Team s CVs Marios A. Klitou Chief Executive Officer Baker Tilly in South East Europe Marios@bakertillyklitou.com Profile Marios A. Klitou is the Chief Executive Officer of Baker Tilly in South East Europe (Baker Tilly firms in Cyprus, Romania, Bulgaria, Moldova and Greece). Marios is a Fellow of both the Institute of Chartered Accountants in England and Wales and the Association of Chartered Certified Accountants of UK. Locally, he is a member of the Institute of Certified Public Accountants of Cyprus (ICPAC) since October Experience Marios has served as a member of the Council of Economic Advisers of the President of the Republic of Cyprus from 2003 to 2008, member of the Board of Cyprus Development Bank Ltd from 2005 to 2008, appointed member of the Board of the Central Bank of Cyprus from April 2008 to December 2012 as well as a member of the Council and the Treasurer of the Cyprus Investment Promotion Agency from 2008 to He has also served as the President of ICPAC s International Business, Shipping and Foreign Investments Committee during Marios Klitou was appointed on the Board of the Employers and Industrialists Federation (OEB) in February In January 2014 he was appointed as the Honorary Consul of The Republic of Romania in Cyprus. In 2011 Marios was elected a Member of the EMEA Regional Advisory Council of Baker Tilly International. Since 2012, Marios is the President of the Cyprus Spain Business Association, under the umbrella of the Cyprus Chamber of Commerce and Industry. He is a also a member of the Chamber of Financial Auditors of Romania (CAFR) and a Member of the Body of Expert Accountants and Chartered Accountants in Romania (CECCAR). [32]

33 Management Team s CVs Neofytos Neofytou Regional Tax Director of Baker Tilly in South East Europe n.neofytou@bakertillyklitou.com Profile Neofytos holds the position of Regional Tax Director in Baker Tilly in South East Europe. He is a Fellow Chartered Accountant (ACA) with over 30 years of experience as a Partner and Head of the International Tax Services Group in a Big 4 firm in Cyprus. He is also a member of the Institute of Certified Public Accountants of Cyprus (ICPAC) and the same time advisor to the Institute advising members on various tax issues. Experience He has extensive experience in international tax planning, on structuring operations and group structures for international clients in the oil and gas industry, the banking and financial industry (including FX business), the construction and hotel industry, the manufacturing and service industries etc. and his clients included major local and international groups. He has also extensive experience in due diligence projects. concentrating on direct and indirect tax issues in a variety of industries. Some across the board major clients served include Bank of Cyprus, USB Bank, Deutsche Bank, VTB Bank, Sperbank, Troika Dialog, Renaissance capital Universal life Insurance, Eurolife Insurance, ExxonMobil, Lukoil. He is currently tax advisor to international businesses and he is teaching on international taxation issues, with particular emphasis on substance, transparency and exchange of information. He teaches the Cyprus Paper for the ADIT qualification. In 2013 he founded Redimus, a specialised tax consulting firm, which has also established a comprehensive, onestop tax portal for all tax-related matters in Cyprus and internationally. He has acted as chairman on various conferences on energy and tax related issues. For the last six years he is also acting as a special advisor to the Minister of Finance on double tax treaties issues and negotiations as well as other tax issues and also recently he has been appointed as an advisor of the Minister of Transport, Communications and Works on merchant shipping issues. [33]

34 Management Team s CVs George Christodoulides Profile Experience Human Resources Director of Baker Tilly in South East Europe g.christodoulides@bakertillyklitou.com George is the Human Resources Director of Baker Tilly in South East Europe with the responsibility of all HR related functions of the Group in Cyprus, Greece, Romania, Bulgaria and Moldova. He has set up the Human Cell Consulting team when he joined Baker Tilly. His clients portfolio includes a variety of companies of the retail industry as well as all the major banking institutions. He has a Bachelor in Business Administration (majoring in Computer Information Systems) from the American College of Greece-Deree College (Highest Distinction) and an MBA in Banking Management from University of Exeter (Distinction). Worked for 25 years in the Human Resources field. He worked for the Bank of Cyprus in Greece as HR Manager ( ), for the Bank of Cyprus Group as a Senior Manager ( ) and as a General Manager of HR ( ). Prior joining Baker Tilly, he was the Group HR Manager of the Lanitis Group of Companies ( ), where his main emphasis was on the Delayering of the Group s Structure, the development of the Group s Corporate Culture and the formulation of a Family Succession Planning Program. George has extensive experience in the whole range of the HR Functions and Practices, including the Performance & Talent Management, Culture Change, Executive Coaching and Employee Relations & Engagement. He was a Member of the BoD of Employers Association of the Cyprus Banks ( ) and in 2011 he was assigned the role of the Chairman of the BoD of Employers Association of the Cyprus Banks for 2 years. George was also a Member of the Executive Board of the Bank of Cyprus (in 2013) as well as a Member of the personnel and remuneration committees in Cyprus, Greece, Romania, Ukraine, Russia, Australia and the UK. During his career to date, teams led by George, managed to have the following major achievements: 2011 Investors in People Award BoC, Cyprus 2003 Best Place to Work Award BoC, Greece [34]

35 Management Team s CVs Camelia Horlaci Country Managing Partner at Baker Tilly in Romania and Moldova Camelia.Horlaci@bakertilly.ro Profile Camelia Horlaci the Country Managing Partner for Romania and Moldova will ensure that the audit is performed in compliance with all internal policies and procedures. She will bring her substantial experience into your Company and the audit team. Camelia has extensive expertise in Romanian and International Financial Reporting Standards, development and implementation of process and procedures for reporting, taxation and internal control departments. She has led and coordinated a wide range of projects with multidisciplinary teams for local, multinational companies and governments bodies. She is highly respected for her professionalism, expertise and knowledge and focus on asking how we and clients can do better. Camelia holds a Degree on Economics from the Academy of Economic Studies Bucharest and a Master of Management in EU Funds from The European Academy for Taxes, Economics & Law - Berlin She attended numerous accreditation training sessions and leadership programs at Babson College in Boston. Camelia is an accounting expert of the Romanian Body of Expert and Licensed Accountants (CECAR) and she is active member of different working groups for development of accounting standards, profession and legislation. Experience She has been into profession for more than 30 years having different management role as Service Line Leader, Senior Partner and Country Managing Partner for Romania and Moldova in a Big Four firm. With over 20 years in the advisory business in a Big Four firm, Camelia has extensive experience and solid technical skills in managing large scale projects in finance transformation programs, processes design and optimisation, business risk assessment, internal controls design and implementation. [35]

36 Management Team s CVs Krassimira Radeva Country Managing Director of Baker Tilly in Bulgaria K.Dadeva@bakertillyklitou.bg Profile Krassimira Radeva is Managing Partner of Baker Tilly in Bulgaria Krassimira is a Fellow of the Association of Chartered Certified Accountants of UK. She is a member of the Institute of the Certified Public Accountants in Bulgaria (IDES), and a Member of the Disciplinary Council of IDES. Experience Krassimira is a fellow member of the Association of Chartered Certified Accountants (ACCA), member of the Institute of Certified Public Accountants of Bulgaria (IDES) and member of the Disciplinary Council of IDES. She is a specialist in the implementation of International Standards on Auditing (ISA) and IFRS. She has 22 years overall professional experience, including more than 16 years audit experience with leading international accounting firms (6 years in PWC and 10 years in Deloitte). She is in charge of the activities of Baker Tilly in Bulgaria for Auditing, Accounting, Legal and Consulting services. She is holding various responsibilities for IFRS and Audit Training of staff, professional practice matters, quality control, financial reporting and business development for all business lines. She is Partner in charge of Companies listed on Bulgarian and Spanish Stock exchange. She is Partner in charge and has extensive experience in engagements including: external audit, financial and operational due diligences, IFRS conversions and other advisory engagements of international and local clients. She is Partner in charge of clients in various industries, including financial institutions, leasing companies, energy sector, trade, manufacturing, real estate and other. [36]

37 7 Leading team

38 Leading Team s CVs Andreas Demetriou Senior Advisor-Financial Services Da.valuenetwork@gmail.com Profile Andreas is a member of the Institute of Chartered Accountants in England and Wales (ICAEW). He is also a member of the Institute of Certified Public Accountants of Cyprus (ICPAC). Andreas has served as the.leader of the Financial Services Industry and leader of Assurance Services of a big 4 firm in the Southeast Europe region, covering Albania, Bulgaria, Cyprus, FYROM, Greece, Malta and Romania. Experience Andreas has experience of 35 years serving corporations in the financial services industry: banking, Insurance, asset management. Has led audits in Bulgaria, Cyprus, Greece, Romania and the UK. Andreas delivered services such as: IFRS Advisory, Asset Quality Review of banks, assurance services for capital markets listings, due diligence and other transaction support, risk advisory and NPL management services. His clients include multinationals and leading local financial services entities operating in Southeast Europe. Andreas recent clients are: ECB, Bank of Cyprus, Societe Generale, Generali, Nationale Nederlanden Insurance, Universal Life Insurance, VTB Funds. [38]

39 Leading Team s CVs Yiannis Evangelou Deputy Chairman Baker Tilly in South East Europe y.evangelou@bakertillygreece.com Profile Mr. Evangelou is a Senior Regional Consultant of Baker Tilly Greece and Baker Tilly South East Europe. Previously served as a Senior Transaction Advisory Partner and the Regional Q&R leader of a Big-4 firm. Led the Transaction Services Practice of a Big-4 firm in Greece, Bulgaria, Romania, Serbia, Turkey, Cyprus and Malta between July 1998 and June Member of various professional associations, including: Institute of Chartered Accountants in England & Wales (Fellow), the Institute of Certified Auditors Accountants of Greece and the Institute of Certified Public Accountants in Cyprus. Experience 22 years of audit experience in London and Athens with a focus on large industrial companies, Shipping, Energy and Special investigations including forensic work. Acted as the Chief Financial Officer or Chief Accounting office of two shipping companies listed on a US Stock Exchange. Independent consultant and member of two teams which undertook and succeeded in listing two large shipping companies on US Stock Exchanges as initial public offerings (IPOs). As the leader of Transaction Advisory Services in Southeast Europe he was responsible for numerous Due Diligence projects of Industrial companies, banks and other financial services companies either in Privatisations or completely private transactions. Privatisation of DSK Bank (Bulgaria) on behalf of OTP Privatisation of Jubanka a.d. on behalf of Alpha Bank Group Privatisation of Voivodanska Banka and Panonska Banka on behalf of National Bank of Greece. Unsuccessful attempt to privatise CEC Romania on behalf of Dexia He has acted as the Quality Reviewer of the Laiki Bank financial due diligence and valuation services of their Romanian and Serbian subsidiaries (recent engagement [39]

40 Leading Team s CVs Stela Ivancheva Director at Baker Tilly Bulgaria s.ivancheva@bakertillyklitou.bg Profile Stela Ivancheva is a Senior Manager at Baker Tilly Bulgaria. Previously served as a Senior Manager in the Transaction Advisory Practice of a Big-4 firm and as an Associate Director in the investment banking unit of a leading CEE banking group. Holds a Bachelor of Arts in Applied Economics and Business Administration from the American University in Bulgaria. Fellow member of the Chartered Association of Certified Accountants (ACCA), UK. Experience 19 years of progressive transaction advisory and financial audit experience with reputable international consulting organisations. During her career, Stela was involved in a management role in a variety of engagements, including primarily financial due diligence and audit, but also internal audit, special investigations and business valuation. She worked for many large Bulgarian and international clients such as the Privatisation Agency, ING Bank, Telekom Austria, Telenor and global private equity firms. Recently Stela was involved in the financial due diligence and valuation of a Romanian bank as part of a sell-side engagement. In recent years she was also involved in the buyside financial due diligence of three Bulgarian banks as well as in the performance of agreed upon procedures at a Bulgarian subsidiary of a large Greek bank in connection with the assistance provided to the bank by the Hellenic Financial Stability Fund. Large projects in which Stela was involved in the past 10 years include sell-side and buy-side due diligence of banks, consumer finance companies and insurance companies, the financial due diligence of Globul for Telenor, the financial due diligence of Telekom Serbia for Telekom Austria and the M&A sell-side advisory of Advent International in connection with the sale of KAI Group. [40]

41 Leading Team s CVs Constantin Schendra Managing Director of Baker Tilly in Moldova c.schendra@bakertilly.md Profile Constantin Schendra is the Managing Director of Baker Tilly Moldova. Constantin holds the ACCA Qualification and is a member of the Association of Chartered Certified Accountants based in the United Kingdom. He is also a member of the Association of Professional Accountants and Auditors of the Republic of Moldova (ACAP). He also holds the Certificate of Audit Qualification issued by the Ministry of Finance of the Republic of Moldova, Certificate of audit qualification for the banking sector issued by the National Bank of Moldova and a Bachelor degree in Economics at the Academy of Economic Studies in Moldova. He has a wide international experience with clientele from Moldova, Romania, Cyprus, Russia and Central Asia in industries like banking and financial services, real estate, manufacturing industry, oil and gas, life science and non-profit organizations. Experience Constantin has more than 10 years of audit, accounting and consulting experience, including 5 years at a Big 4 firm in Moldova and Cyprus. Constantin was involved in engagements in various industry sectors: banking and financial services, real estate, manufacturing industry, life science and non-profit organisations. Team leader and team member for multiple audit and assurance engagements including financial due diligence for many banks from Moldova, Romania and Cyprus. e.g.: Bank of Cyprus, VTB Leasing, Eximbank Romania, Mobiasbanca Societe Generale, BCR ERSTE and BCR Chisinau, Fincombank, Eurocreditbank and Victoriabank. [41]

42 Leading Team s CVs Angelo Achilleos Audit and Assurance Services, Assistant Manager Baker Tilly in Cyprus a.achilleos@bakertillyklitou.com Profile Angelo holds the position of Assistant Manager in Audit and Assurance Services Angelo is a Member of the Institute of Chartered Accountants in England and Wales (ICAEW). She is also a member of the Institute of Certified Public Accountants of Cyprus (ICPAC). She holds BSc in Accounting and Finance from the University of Hull. Angelo has experience in planning, execution and finalization of stand alone and consolidated financial statement audits of private and listed companies/groups which operates in various sectors (investment holding, trading, funds, investment properties etc). Excellent knowledge of implementation of IFRSs, ISAs and IASs and test of controls. Experience Angelo joined Baker Tilly in 2010 as an auditor. Prior to joining Baker Tilly, Angelo was employed by PWC, where she worked as Junior for 1 year obtaining experience in preparation of financial statements, preparation and execution of the audit and visit clients to perform the audit. She has experience in banking industry for non performing loans and credit files reviews. [42]

43 Leading Team s CVs Ioannis Avraamides Audit and Assurance Services, Supervisor Baker Tilly Greece y.avraamides@bakertillygreece.com Profile Ioannis holds the position of Supervisor in Audit and Assurance Services in Baker Tilly in South East Europe. Ioannis is a member of the Institute of Chartered Accountants in England and Wales (ICAEW). He holds a BA in International Business, Finance and Economics from the University of Manchester. Experience Ioannis joined Baker Tilly 2013 and worked for 9 months in Accounting department and 25 months in Audit Department in Baker Tilly Cyprus. He currently working in Audit and Assurance services department in Baker Tilly Greece. Prior joining Baker Tilly, Ioannis was employed by KPMG, where he worked as intern in summer placement program in Audit Department. Ioannis has experience in the audit engagements of investment holdings and trading companies, preparation and reviewing of financial statements. Experience in standalone and consolidated financial statements, preparation of transfer pricing reports and engagements of Greek companies, IFRS, statutory and tax audit engagements of Greek trading, shipping and public companies. [43]

44 Leading Team s CVs Elias Skoullos Profile Elias holds the position of Supervisor in Audit and Assurance Services in Baker Tilly in South East Europe. Elias is a member of the Institute of Chartered Accountants in England and Wales (ICAEW). He holds a BSc in Computer Science from the University of Leicester, UK. Experience Elias joined Baker Tilly Cyprus in 2013 as an auditor for investment holding, trading and has lead audits of investment property oriented companies including listed companies. Served as a project member for the due diligence (sell side) of a bank in Cyprus. Assisted in the execution of business plans and feasibility studies for retail clients. Audit and Assurance Services, Supervisor Baker Tilly in Cyprus e.skoullos@bakertillyklitou.com [44]

45 Leading Team s CVs Andreas Panayiotou Consulting & Business Advisory Services, Supervisor Baker Tilly in Cyprus a.panayiotou@bakertillyklitou.com Profile Andreas holds the position of Supervisor in Consulting, Business Advisory & Insolvency Services in Baker Tilly in South East Europe Andreas is a Fellow of the Association of Chartered Certified Accountants (ACCA). He is also a member of the Institute of Certified Public Accountants of Cyprus (ICPAC). He holds a BSc in Finance, Accounting and Management from the University of Nottingham. Andreas has experience in receiverships,examinerships and liquidations, debt restructuring, mergers and acquisitions valuations, credit file reviews, business plans and due diligence project and financial statements audits, performance enhancing engineering, project management, strategic planning and implementation. Experience Andreas joined Baker Tilly Cyprus in 2011, the last 4 years is working in the Consulting, Business Advisory & Insolvency Services section. He also worked for 2 years in the Audit and Assurance section. Working closely with the joint liquidators for the largest in value liquidation in Cyprus, with over 120mln unsecured creditors. Working closely with the Receiver/Manager on a number of companies during the last two years from a variety of industries, i.e. wholesale companies, rental properties companies, retail shops, developing companies. Seconded for two months in Ireland working with Baker Tilly Hughes Blake on 5 successful examinership cases. The industries that the companies are still trading are the hotel industry, cash in transit and sale of cars. [45]

46 Leading Team s CVs Ioannis Misiakoulis Consulting & Business Advisory, Consultant Baker Tilly Greece I.Misiakoulis@bakertillygreece.com Profile Giannis is a Consultant in the Consulting & Business Advisory firm, Ascend- Baker Tilly Greece, in Athens. He holds a Masters degree in Finance (MSc) from the University of Leicester and a Bachelor in Accounting. His Masters thesis researched the role of Loan Loss Provisions (LLP) in the Greek Banking system, studying six Greek banks from 2004 to Continuous interest on the subject. He has a Professional Certification in Risk Management and Internal Audit from SOEEL and Athens University. Has completed a Management CPD Course, by the University of Leicester, on Protecting an Organization from Fraud and Corruption. [46] Experience Giannis worked for 8 years in Retail Banking for Citibank, HSBC and NBG. Participated in an extensive Asset Quality Review (AQR) of Piraeus Bank, as part of the 2013 ECB Greek Stress Tests performed by BlackRock. Assessment of data quality, asset valuations, classifications of NPE s, collateral valuation and provisions for all seven banks later to be consolidated into Piraeus Bank. Involved in NPL review of Risk Mitigation process and effectiveness including collections and restructuring for a pillar bank. Engaged in the 2016 AQR and Stress Test exercise of the Bulgarian Central Bank performed in compliance with ECB methodology, for a medium-sized local bank. Senior team member in a Corporate Credit File Review (CCFR) exercise for a bank in Cyprus, involving extensive data mining and restructuring solutions analysis.

47 Our Offices Nicosia Office Corner Hatzopoulou & 30 Griva Digheni Avenue 1066 Nicosia, Cyprus T: F: Limassol Office 163 Leontiou Street Clerimos Building 3022 Limassol, Cyprus T: F: Larnaca Office Yiannis-Maria Building, Office Spyrou Kyprianou Avenue 6058 Larnaca, Cyprus T: F: ROMANIA Bucharest Office 4B Gara Herastrau Str. 10 th Floor, 2 nd Sector Bucharest, Romania T: F: info@bakertilly.ro BULGARIA Sofia Office 5 Stara Planina Str., 5 th & 6 th Floor, 1000 Sofia, Bulgaria T: F: info@bakertillyklitou.bg MOLDOVA Chisinau Office 65 Stefan cel Mare şi Sfânt Blvd. 5 th Floor, Office Chisinau, Moldova T: F: info@bakertilly.md GREECE Athens Office 57 Alexandras Avenue & Calliga Corner Athens, Greece Τ: F: info@bakertillygreece.com GREECE Thessaloniki Office 24 Andrianoupoleos Street 6 th Floor, Kalamaria Thessaloniki, Greece Τ: F: info@bakertillygreece.com [47]

48 Contact us Marios A. Klitou Chief Executive Officer Baker Tilly Klitou and Partners Ltd Tel , Fax This presentation has been prepared for general guidance on matters of interest only, and does not constitute professional advice. Do not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication. Τo the extent permitted by law, Baker Tilly Klitou and Partners Ltd (Baker Tilly in Cyprus), its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of anyone acting, or refraining to act, in reliance on the information contained in this presentation or for any decision based on it Baker Tilly in Cyprus. All rights reserved. Baker Tilly in Cyprus is an independent member of Baker Tilly International. Baker Tilly International Limited is an English company. Baker Tilly International provides no professional services to clients. Each member firm is a separate and independent legal entity and each describes itself as such. Baker Tilly in Cyprus is not Baker Tilly International s agent and does not have the authority to bind Baker Tilly International or act on Baker Tilly International s behalf. None of Baker Tilly International, Baker Tilly in Cyprus, nor any of the other member firms of Baker Tilly International has any liability for each other s acts or omissions. The name Baker Tilly and its associated logo is used under licence from Baker Tilly International Limited. [48]