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279 Appendix A: The Austrian, German, and Swiss Consulting Market

Development of the Consulting Market in Austria, Germany and Switzerland*

Average 1999 2004 2003 2002 2001 2000 1999 - 2004 Austria Turnover in million € 640 600 560 558 481 466 550.8 Number of consultants (headcount) 4'000 10'000 6'200 6'214 3'500 4'195 5'684.8

Germany Turnover in million € 13'250 13'130 13'000 12'900 12'200 10'890 12'561.7 Number of consultants (headcount) 67'500 67'000 68'700 70'000 68'000 64'000 67'533.3

Switzerland Turnover in million € 1'120 1'200 690 800 610 560 830.0 Number of consultants (headcount) 5'400 5'400 3'000 3'200 3'200 3'000 3'866.7

TOTAL (Austria, Germany, Switzerland) Turnover in million € 15'010 14'930 14'250 14'258 13'291 11'916 13'943 Number of consultants (headcount) 76'900 82'400 77'900 79'414 74'700 71'195 77'085

* The relevant information is drawn of the official published figures between 1999 and 2004 provided by the European Federation of Management Consultancies Associations (FEACO)

281 Appendix B: The Austrian, German, and Swiss Consulting Market for Corporate Restructuring

Market Size of Corporate Restructuring in Austria, Germany and Switzerland*

Average 1999 2004 2003 2002 2001 2000 1999 - 2004 European Market relevant Service Lines Service Line: Turnaround / Cost Reduction 3.6% 3.5% 3.5% n.a. n.a. n.a. 3.5%

Austria Turnover in million € 640 600 560 558 481 466 550.8 Number of consultants (headcount) 4'000 10'000 6'200 6'214 3'500 4'195 5'684.8

Market Size CR Austria Turnover in million € 23 21 20 n.a. n.a. n.a. 19 Number of consultants (headcount) 144 350 217 n.a. n.a. n.a. 201

Germany Turnover in million € 13'250 13'130 13'000 12'900 12'200 10'890 12'561.7 Number of consultants (headcount) 67'500 67'000 68'700 70'000 68'000 64'000 67'533.3

Market Size CR Germany Turnover in million € 477 460 455 n.a. n.a. n.a. 444 Number of consultants (headcount) 2'430 2'345 2'405 n.a. n.a. n.a. 2'386

Switzerland Turnover in million € 1'120 1'200 690 800 610 560 830.0 Number of consultants (headcount) 5'400 5'400 3'000 3'200 3'200 3'000 3'866.7

Market Size CR Switzerland Turnover in million € 40 42 24 n.a. n.a. n.a. 29 Number of consultants (headcount) 194 189 105 n.a. n.a. n.a. 137

* The relevant information is drawn of the official published figures between 1999 and 2004 provided by the European Federation of Management Consultancies Associations (FEACO)

282 Appendix C: The Lünendonk Ranking on Top Management Consulting Firms 1999 – 2004

Ranking of Management Consulting Firms in Germany: 1999 - 2004 *

Turnover p.a. (Mio. €) Average Number of Employees p.a. (headcount) Average Turnover Average Employees Ranking Company 1999 - 2004 1999 - 2004 2004 2003 2002 2001 2000 1999 2004 2003 2002 2001 2000 1999 2004 (mio. €) (headcount) 1 McKinsey & Company Inc. Deutschland, Düsseldorf 525.6 1706.7 540.0 590.0 580.0 595.0 475.5 373.2 1750 1800 1812 1798 1660 1420 2 Roland Berger Strategy Consultants, München *) 1) 295.0 1574.3 318.0 318.0 316.0 307.0 260.8 250.5 1630 1630 1685 1650 1510 1341 3 The Boston Consulting Group GmbH, München *) 229.8 965.0 246.0 235.0 258.0 238.5 217.3 184.1 1050 1000 1100 1150 1000 490 4 Deloitte Consulting GmbH, Hannover 193.7 615.5 198.0 217.0 214.6 145.0 n.a. n.a. 646 677 683 456 n.a. n.a. 5 Booz Allen Hamilton 150.6 371.5 190.0 174.0 160.0 148.0 126.8 104.8 430 410 384 365 340 300 6 Mercer Consulting Group 116.6 363.3 167.0 141.0 125.0 106.0 93.1 67.5 520 470 450 300 240 200 7 A.T. Kearney GmbH, Düsseldorf 193.3 553.0 153.0 180.0 209.0 231.0 207.1 180.0 440 510 543 620 615 590 8 Steria Mummert Consulting AG, Hamburg 130.8 1141.5 143.0 118.5 n.a. n.a. n.a. n.a. 1097 1186 n.a. n.a. n.a. n.a. 9 Bain & Company Germany Inc., München 107.8 261.7 130.0 123.0 110.0 105.0 97.1 81.8 310 290 260 260 250 200 10 Droege & Comp. GmbH, Düsseldorf *) 5) 102.0 297.5 80.3 112.0 128.3 122.0 95.1 74.1 285 280 345 315 290 270 11 Arthur D. Little GmbH, Wiesbaden 82.7 306.2 72.1 75.3 85.0 59.5 97.1 107.4 280 280 280 290 335 372 12 MC Marketing Corporation AG, Bad Homburg *) 59.8 236.3 54.8 48.7 42.3 36.1 84.4 92.5 225 190 160 150 332 361 13 Simon, Kucher & Partners GmbH, Bonn *) 23.5 169.7 36.0 29.7 22.5 21.0 16.4 15.3 235 205 169 160 134 115 14 Horváth AG (Horváth & Partners-Gruppe), Stuttgart 24.0 184.8 33.7 32.5 31.0 21.0 13.8 12.3 229 236 209 185 147 103 15 Management Engineers GmbH & Co.KG, Düsseldorf 35.5 122.8 38.2 42.4 38.5 34.7 23.5 n.a. 142 132 125 105 110 n.a. 16 Dornier Consulting GmbH, Friedrichshafen 29.6 149.0 32.6 26.5 n.a. n.a. n.a. n.a. 156 142 n.a. n.a. n.a. n.a. 16 Kienbaum Management Consultants GmbH, Düsseldorf *) 41.6 207.7 36.0 36.0 34.0 33.0 29.0 81.8 165 158 195 189 165 374 18 Towers Perrin Inc. 29.5 137.0 36.0 32.0 29.0 28.3 22.0 n.a. 145 140 140 140 120 n.a. 19 Celerant Consulting 17.4 91.4 24.6 15.9 17.3 14.8 14.5 n.a. 112 98 92 85 70 n.a. 20 Kurt Salmon Associates GmbH, Düsseldorf 25.5 140.8 28.0 31.0 28.0 24.3 23.0 18.4 130 145 160 145 160 105

TOTAL TOP 20 2414.3 9595.7 2557.3 2578.5 2428.5 2270.2 1896.4 1643.8 9977.0 9979.0 8792.0 8363.0 7478.0 6241.0

* The relevant information is drawn from the official published figures between 1999 and 2004 provided by the Lünendonk research institute in Germany

283 Appendix D: Average Variance Extracted for Model Constructs

Squared Res. Var. Perf 1-2,4-7 timates Squared Est. Residual Variance

Performance Perf6Perf7 0.783 0.6131 1.021 1.0424 Perf6Perf7 1.016 1.0323 0.908 0.8245 Squared Res. Var. Residual Residual Variance uct: Construct: Construct: uct: External Growth Strategy Recovery Strategy Growth External Squared Res. Var. Res. Egrow 1-4 Regrow 1-4 Residual Residual Variance External Growth Strategy Emergency Strategy Growth External Squared Squared Res. Var. Res. 0 11.1556 Egrow4 2.004 4.0160 Regrow4 1.203 1.4472 Perf5 0.974 0.9487 2 0.7604 Egrow4 1.890 3.5721 Regrow4 1.537 2.3624 Perf5 0.746 0.5565 Rigrow 1-5 Rigrow Residual Residual Variance Internal Growth Strategy Recovery Growth Internal Strategy Squared Res. Var. Res. Igrow 1-5 Igrow Residual Residual Variance Internal Emergency Strategy Growth 0000 Igrow11574 Igrow2 1.0009774 1.0000 Igrow3 2.571 Rigrow1 6.6100 2.697 1.000 Rigrow2 7.2738 1.0000 2.123 Rigrow3 Egrow1 4.5071 2.727 1.000 Egrow2 7.4365 1.0000 2.185 Egrow3 Regrow1 4.7742 1.000 2.784 Regrow2 1.0000 7.7507 1.099 Perf1 Regrow3 1.2078 1.318 Perf2 1.000 1.7371 1.0000 Perf4 0.768 0.5898 0.899 0.8082 1188 Igrow10961 Igrow2 2.9945991 8.9640 Igrow3 1.822 Rigrow1 3.3197 1.712 2.682 Rigrow2 2.9309 7.1931 1.912 Rigrow3 Egrow1 3.6557 1.768 1.408 Egrow2 3.1258 1.9825 1.852 Egrow3 Regrow1 3.4299 0.909 0.772 Regrow2 0.8263 0.5960 1.015 Perf1 Regrow3 1.0302 1.042 Perf2 0.383 1.0858 0.1467 Perf4 1.590 2.5281 0.430 0.1849 Squared Res. Var. Res. Residual Residual Variance Focusing Strategy Recovery Squared Res. Var. Res. Focus 1-5 Rfocus 1 -5 stimates Squared Est. Estimates Squared Est. Estimates Squared Est. Estimates Squared Est. Estimates Squared Est. Estimates SquaredEst. Es Residual Residual Variance Focusing Strategy Emergency Strategy Focusing Average Variance Extracted for Model Constructs Model for Variance Extracted Average Squared Res. Var. Res. Rcost 1, 3-5, 7-9, 11 7-9, 3-5, Rcost 1, Residual Residual Variance Cost Cost Improvement Strategy Recovery Squared Res. Var. Res. cost1,3-5,7-9,11 Residual Residual Variance Emergency Cost Improvement Strategy Strategy ImprovementCost Cost8Cost9 0.907 0.8226Cost11 0.731 Rcost8 0.5344 0.770 Rcost9 1.005 0.5929 1.0100 Rcost11 0.843 0.7106 1.115 1.2432 Cost8Cost9 0.957 0.9158Cost11 0.696 Rcost8 0.4844 0.679 Rcost9 0.904 0.4610 0.8172 Rcost11 0.611 0.3733 0.221 0.0488 Squared Res. Var. Res. Mom 1-5 Residual Residual Variance Momentum Internal Source of Decline: Mom5 0.998 0.9960 Cost7 1.000 1.0000 Rcost7 0.752 0.5655 Focus5 1.109 1.2299 Rfocus5 1.603 2.5696 Igrow5 2.398 5.7504 Rigrow5 3.545 12.5670 Mom5 1.332 1.7742 Cost7 0.924 0.8538 Rcost7 0.838 0.7022 Focus5 1.341 1.7983 Rfocus5 1.503 2.2590 Igrow5 2.007 4.0280 Rigrow5 1.527 2.3317 Squared Res. Var. Res. Leth 1-4 Residual Residual Variance Internal Source of Decline: Lethargie Leth4 1.803 3.2508 Mom4 1.728 2.9860 Cost5 0.938 0.8798 Rcost5 1.100 1.2100 Focus4 1.732 2.9998 Rfocus4 2.399 5.7552 Igrow4 2.422 5.8661 Rigrow4 3.34 Leth4 1.622 2.6309 Mom4 0.565 0.3192 Cost5 0.861 0.7413 Rcost5 0.356 0.1267 Focus4 0.750 0.5625 Rfocus4 0.781 0.6100 Igrow4 2.061 4.2477 Rigrow4 0.87 Squared Res. Var. Perm 1-3 Residual Variance Temporary External Decline External Temporary Squared Res. Var. Temp 1-3 Residual Residual Variance Estimates Est. Squared Estimates Est. Squared Estimates Est. Squared Estimates Est. Squared Estimates Est. Squared Estimates Est. Squared E Permanent External Permanent External Decline Construct: Construct: Constr Construct: Construct: Construct: Construct: Construct: Construct: Construct: Construct: Construct: Construct: Perm2Perm3 0.728 0.5300 1.042 Temp2 1.0858 Temp3 0.527 0.2777 0.689 Leth2 0.4747 Leth3 0.948 0.8987 1.063 Mom2 1.1300 Mom3 1.462 2.1374 0.949 Cost3 0.9006 Cost4 0.953 0.9082 0.676 Rcost3 0.4570 Rcost4 1.010 1.0201 0.843 Focus2 0.7106 Focus3 0.363 0.1318 0.527 Rfocus2 0.2777 0.310 Rfocus3 0. 0.774 0. Perm1 0.992 0.9841 Temp1 1.066 1.1364 Leth1 1.532 2.3470 Mom1 1.296 1.6796 Cost1 0.256 0.0655 Rcost1 0.599 0.3588 Focus1 2.112 4.4605 Rfocus1 1.766 3. Perm1Perm2 1.000Perm3 1.0000 1.655 Temp1 2.7390 1.346 Temp2 1.000 1.8117 1.0000 Temp3 1.404 Leth1 1.9712 1.236 Leth2 1.000 1.5277 1.0000 Leth3 2.439 Mom1 5.9487 2.419 Mom2 1.000 5.8516 1.0000 Mom3 1.539 Cost1 2.3685 1.801 Cost3 1.000 3.2436 1.0000 Cost4 1.058 Rcost1 1.1194 0.840 Rcost3 1.000 0.7056 1.0000 Rcost4 0.899 Focus1 0.8082 0.812 Focus2 1.000 0.6593 1.0000 Focus3 1.759 Rfocus1 3.0941 1.720 1.000 Rfocus2 2.9584 1. 2.271 Rfocus3 5. 2.231 4. Sum Squared Estimates 5.5507 4.4989 16.0511 11.3723 6.5085 7.3437 11.8506 19.1490 24.7780 26.4310 17.5409 5.3921 5.2034 Sum ResidualVar. 2.5998Total Sum 8.1506 1.8888(SumAVE/ Total Est. Sum) 0.6810 6.3877 7.0066 0.7043 23.0577 6.0329 0.6961 17.4052 5.0333 0.6534 11.5418 4.0212 0.5639 11.3649 6.6624 0.6462 18.5130 6.9935 0.6401 26.1425 25.2128 0.7325 49.9908 27.3021 0.4957 53.7331 9.5805 0.4919 27.1213 5.3046 0.6468 10.6968 5.0717 0.5041 10.2752 0.5064

284