Corner of Nikis Avenue & 2 Kastoros Street, P.O.Box 28530
July 8, 2021
July 8, 2021
July 2, 2021
Conductix-Wampfler is a world leader in the design and manufacture of efficient energy and data transmission systems for all types of mobile equipment and machinery. They work with some of the world’s largest material handling, automation and mass transit customers.
They have a presence in more than 50 countries and needed a timesaving and streamlined tax compliance system to help its global business to fulfil the local accounting and tax requirements. The management team knew they needed professional support and advice to achieve this and called their contacts at Kreston Bansbach.
We analysed the scope of their international network to identify the precise range of services that would best suit their business – we looked at everything from tax advice to bookkeeping. We then put together an expert team to deliver everything they needed. A key member of this team was the senior manager in charge – he needed the international experience and gravitas to ensure the new financial system delivered globally.
Thomas Schlisske, Kreston Bansbach senior manager and team lead for Conductix-Wampfler, explained their role:
“We delivered a new system that was aimed at consolidating and rationalising their existing procedures including the involvement of professional advisors.”
The Bansbach team also aimed to deliver operational benefits to the business as a whole. Being able to put together a global team of experts that matched the international spread of Conductix-Wampfler was one of the main reasons for the project’s success and delivered practical results.
Kreston Bansbach understands that communication is essential to the success of any global project which is why the Kreston network is extremely well-placed to be able to deliver successful client projects. We know how to set up efficient reporting systems including tax so all the relevant information is shared with our clients. This means all local accounting and tax needs for Conductix-Wampfler’s offices were identified and addressed. And they continue to operate effectively thanks to continuous monitoring.
“The Kreston worldwide team really worked well together to help us create a tailored reporting and tax filing process for our finance team worldwide.”
Sven Wolfsperger
CFO of Conductix-Wampfler
Our client, Favorite Gifts, is a successful international company. They trade with several companies (like Van Helden Relatiegeschenken, EuroGifts and Giving Europe) within Europe. They are known as a “no-nonsense” company for promotional products.
Founded as a family business in 1965, it has expanded to become one of Europe’s largest companies in the sector. Its core business is advising on and supplying a vast range of promotional gifts, from colour-changing umbrellas to eco-friendly travel cups.
They import supplies from all over the world which arrive for processing at its centres in the Netherlands and Poland, before being distributed to clients across Europe. This means that dealing successfully with varying tax rules and legislative requirements is very important to the growth of the business.
Dutch accounting firm Kreston Van Herwijnen (KVH) has connected Van Helden to Kreston firms in Spain, Germany, Italy and Poland to advise on all their local legal requirements. The firms involved are Kreston Bansbach, Kreston Iberaudit, Kreston GV and BPG Poland, and they deal with issues ranging from complying with transfer pricing obligations and national VAT legislation, to setting up local branches.
Our ongoing relationship with Van Helden is helping them evolve, expand and adapt their international trading.
Cor van Gessel, Kreston Van Herwijnen, commented: “It has been a privilege getting ‘under the skin’ of the business and getting to know their people well during our long-term partnership. We continue to learn from them so we can help their business grow and be always ready for new challenges and opportunities.”
Michiel Warners, Chief Financial Officer at Van Helden, said:
“For us, the most important aspect is that we can work with people we trust as we need to share sensitive information. I can reach out to the Kreston Van Herwijnen team anytime and know I will get an answer that counts.”
TP-Link is a global provider of reliable networking and wi-fi devices and accessories, distributing to more than 170 countries and serving billions of people worldwide. Its products include ‘smart’ bulbs, plugs and cameras for people’s homes and cloud solutions, routers and high-speed wired and wireless networking for businesses.
TP-Link UK’s group auditor is Kreston Reeves, led by Peter Manser. During 2020, the company carried out a restructure. This meant that TP-Link NL needed a group audit to reflect the new corporate structure and Kreston Reeves referred the company to Van Herwijnen Kreston (VHK). After a short proposal process, TP-Link NL appointed VHK as its group auditor. They are also advising on income tax assessment, general tax matters and our Dutch firm Bentacera is assisting in transfer pricing support and documentation.
This successful outcome demonstrates the strength and reach of the Kreston Global network. It also shows how the network can help smooth the changes many companies have to make following the UK’s departure from the EU.
Olivier Walravens, from Van Herwijnen Kreston, said:
“We were pleased to be able to help TP-Link change its group audit process so effectively and efficiently. Sharing and transferring the necessary data and documents was straightforward as Kreston firms are part of the same, secure system.”
Chris Sun, International Accountant at TP-Link NL, said:
“We’re very grateful to Kreston for making this major change so ‘smart’. It was achieved in good time and they took care of everything for us. Using firms within the Kreston network has undoubtedly saved the company time and money.”
SENER is a private engineering and technology group founded in 1956. It seeks to offer its clients the most advanced technological solutions and enjoys international recognition for its commitment to innovation, its quality and for its independence.
SENER has nearly 2,500 professionals across its centers in Algeria, Argentina, Brazil, South Korea, Canada, Colombia, Chile, China, the United Arab Emirates, Spain, the United States, Morocco, Mexico, Poland, Portugal, the United Kingdom and South Africa. It accomplishes Aerospace and Engineering and Construction activities and has industrial holdings in companies working in the field of Energy and Environment.
In 2013, SENER Group created SENER (Shanghai) Systems Company Limited to provide high quality services to Chinese clients. SENER (Shanghai) needed finance & tax consultation, accounting and personnel services to support its development. It engaged Brighture to provide these services in 2016.
Brighture provides SENER with their management accounts, tax compliance and reporting, as well as tax advisory and planning services to help mitigate tax liabilities.
“We are very focused on ensuring that we understand our client’s needs so we can be responsive and proactive with advice and solutions. Our job is to help improve our clients’ efficiency and ensure we help grow their business.“
“With respect of opinion of Brighture service, we are more than satisfactory with the service provided by Brighture. We have very easy communication with Brighture. All the reports prepared by Brighture are well organized, sent in time. The data are all correct, etc. In one word, we are very happy working with Brighture.”
Mr.Guangwu Liu
GM at SENER (Shanghai) Systems Company Limited
The company has more than 60 years of experience in the development and production of automotive components. It has affiliated companies in Italy, USA, Mexico, Brazil, China and India, and sells products to more than 70 countries. Its markets include industrial vehicles, buses, trains, agriculture and construction machinery, boats, motorcycles and cars.
The group was expanding its operations in Brazil, China, India, Mexico and was seeking local firms to ensure compliance with local laws and to audit the subsidiary financial statements for consolidation purposes.
DOGA Group’s management team was unhappy with the performance of the local accounting firms they were using at the time. They discussed their needs with Kreston Spanish member firm Kreston Iberaudit which the company already used for other services. Kreston Iberaudit explained the advantages of using the Kreston Global network, and DOGA subsequently began working with Kreston Partnership in Brazil. They were so pleased with its work that they appointed Kreston Global member firms in India and Mexico (Kreston Rangamani & Kreston BSG) to carry out similar work.
Montse Martin, the company’s Finance Director, said: “DOGA Group has engaged the services of Kreston’s Partners in Spain, Brazil and China for Audit, Tax and Transfer Pricing matters for several years. As a result of this mutually beneficial relationship, we are now turning to Kreston firms in India and Mexico to assist our international subsidiaries.
“To date, we have been extremely impressed with the dedication of the Kreston Partners and their ability to provide a personalised service throughout, tailored to the requirements of each of our affiliates.”
“The cohesion between members across the network is one of Kreston’s greatest strengths and we look forward to their continued support”.
Elena Ramírez Marín, lead client partner for DOGA Group at Kreston Iberaudit, commented:
“It has been very gratifying to help our friends at DOGA expand their international operations. The work has also highlighted the tremendous benefits the Kreston Global network gives to both clients and member firms.”
Balluff is an international, family-run business specialising in sensors and automation for sectors including assembly and logistics plants. It was founded 100 years ago near Stuttgart, Germany, and has since expanded into 68 countries.
Kreston Global has worked closely with Balluff for many years, helping it develop as a global player built on solid financial foundations.
We are involved in the decision-making process at all stages, advising on everything from company formations to large acquisitions. We audit the consolidated financial statements and all German subsidiaries and look after tax matters globally.
From our side, the relationship has been led by Michael Kalmbach for the last 20 years. He said: “We are really proud to have been involved in the development of Balluff – their development is a real success story. Our dedicated team contributes to their business and tax know-how to make sure we always deliver solutions that overcome obstacles, often before they arrive.”
In addition to our ongoing audit and tax consulting advice, our focus is to help Balluff grow. Our consolidated, scaleable processes have helped them implement transfer pricing solutions to make the business work efficiently across its global footprint.
Balluff is part of a growing industry where its customers are constantly seeking to increase efficiencies and reduce costs. “Kreston Bansbach are looking forward to helping Balluff do the same”, said Michael, “we are looking forward to working alongside them in their future development. Happy 100th Anniversary!”.
“Working with Kreston Bansbach for the length of time we have, means that we have a very strong working relationship, and the Bansbach team really understand our business and what we are trying to do. They are seen by us as part of our team and we trust them to help us continue to grow as a business.”
Katrin Stegmaier-Hermie CFO at Balluff
AUMA has been developing and building electric actuators and valve gearboxes for over 50 years. It supplies a wide range of industries including water, power, oil & gas and general industry.
As a global organization with 2,600 employees and over 40 entities worldwide, AUMA is facing a growing complexity regarding financial and tax compliance, changes to existing business models as well as mergers & acquisitions. In order to keep pace with these challenges AUMA was searching for a reliable partner who is able to support its development and to deliver high quality and efficient services on a global stage.
For this reason, AUMA relies on the global network from Kreston Bansbach.
“We wanted to deliver more efficient co-ordination of the group audit and the consolidated financial statements as soon as possible,” said Eike Neumann, the Kreston Bansbach lead partner. “In addition, we enhanced managing AUMA’s international consulting project and teams.”
As a result we also work together on other consultancy intensive projects such as international transactions, international and complex transfer pricing, expansion projects as well as assisting the establishment of new AUMA companies and cross-company reorganisation projects.
Our expert team carries out complex and detailed work, such as financial, tax and legal due diligence in the context of transaction projects. We delivered on time, on budget and within all required legal deadlines.
“It was the right decision to engage Kreston as our trusted consulting company for numerous complex national and international projects. Especially the global coverage and presence of the Kreston network has proved to be a real value and key enabler for the success of our projects.”
Christoph Neubauer
Group Director Finance & Controlling
