"Following previous cooperation this was another joint project with Aspiro. The Aspiro team added value by sharing knowledge in receivables management from various industries and by facilitating agreement on critical changes to receivables management process across multiple organizations. The cooperation in a joint team was excellent, with achieving project goal, all the deliverables were prepared on time and in required quality. I would recommend Aspiro as reliable and trusted partner in consulting."

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Juraj Bayer, Head of Finance Dept.

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Západoslovenská energetika - Receivables management

(9.4.2010) Západoslovenská energetika (ZSE), one of the three major electricity generating companies in Slovakia, invited Aspiro to analyze areas with major improvement potential and to design, jointly with ZSE team, the end-to-end process for effective receivables management linked to team and individual performance evaluation criteria.

The economic downturn has even more sharpened the gap between first ranking companies, which are successfully managing their receivables, and those who retain just average performance. ZSE identified receivables as one of corporate priorities and decided to launch a company-wide initiative to actively manage the collection process and significantly reduce level of receivables.

The goal of the project was to decrease the level of receivables by designing changes to existing process from the credit risk to sell / write off steps of the receivable lifecycle. Aspiro with ZSE experts defined new concept of cross-divisional management of receivables, clear responsibilities and common approach to measuring receivables. The team designed improvement actions for each step of the lifecycle process and involved organization. To support deployment of changes the team prepared the model of KPIs including targets for 2010/2011 contributing teams and individuals throughout the ZSE Group. The outcome of the project included design of required reporting process and reports.

Note: Západoslovenská energetika, a.s. is a leading electricity generating company in Slovakia with 1 mil. customers. ZSE is a member of the German energy group E.ON. On 1st July 2007 ZSE created daughter companies for the operation of distribution systems and trade and sales of electricity. ZSE has ever since continued to provide core customer services including billing to all its customers – households, businesses and strategic Slovak companies. ZSE has been on the Slovak market since 1922.

This information has been published with the consent of Západoslovenská energetika.

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