Learning from Carillion: Does lightning strike twice?
About this talk
While the set of circumstances surrounding the implosion of Carillion is unlikely to be replicated exactly elsewhere, it is important that we assess how closely Carillion’s modus operandi fits to other leading U.K. contractors.
Following the launch of the popular guide, Deconstructing Carillion, Euromoney Learning has invited the highly esteemed author – Adrian Grant – to expand on some of the key issues and compare Carillion with other similar cases.
In this webinar, we analyse the fit in terms of:
• use of early payment facilities and their impact on cash flow presentation
• levels of debt
• profit rates
• exposure to single project risk
• the importance of acquisitions
We then move on to the highly distressed case of Drake & Scull International ('DSI'). Although DSI operates in a different environment, some of the allegations regarding creative accounting and excessive rewards to insiders are eerily familiar...