The kitchen is on fire. Welcome to the final part of the Vapiano story where the tables are turning. In the first two episodes we followed Mark Korzilius' journey from setbacks to founding Vapiano, a groundbreaking restaurant concept, highlighting its fresh ingredients, dynamic atmosphere, and data-driven operations that drove rapid success. While achieving initial profitability and garnering attention from industry giants like McDonald's, Vapiano's global expansion has led to stellar revenue growth. However, it has also resulted in the emergence of numerous side projects (or distractions), operational challenges, increased costs, significant investments, and a notable accumulation of debt. This underscores the prioritization of top-line growth over profitable growth. We will continue on this thread and see how the story ends, but I would encourage you to read part one and two for better context. Vapiano P1: Italian Food Made in Germany (substack.com). Let's dig in.
Before Going Public
We are now in 2015 and the year is a disaster for Vapiano's PR department. Employee time stamps are being manipulated, endless overtime for employees and high turnover in managerial roles are reported; mice in the kitchen and even rotten food allegedly found.
The company is confronted with allegations of exceeding working hours among trainees in an article published by Welt am Sonntag, while the same outlet accuses Vapiano of manipulating punch times. The auditing firm PwC is commissioned to investigate the allegations and finds that there is no systematic approach but rather misconduct by individual employees, a mistake that’s being corrected. Internal however, investigations into stamp times are carried out regularly now and beyond its obvious reputational impact, this sucks up valuable management time and attention.
In the summer of 2015 CEO, co-founder and investor Gregor Gerlach, who has been running the group since 2011 is stepping down and Jochen Halfmann is taking over. A new Vapiano People Program with an App is being developed with the aim to better interact with customers that will incorporate innovate features such as mobile pay. The German website sees a launch of new magazine to further promote the brand and there is now a full inhouse blogger and Instagram team being installed. In October the company buys seven restaurants from original co-founder, former co-investor and ex-president previously responsible for internation expansion Kent Hahne (2x Bonn, 3x Cologne, 1x Koblenz and one in Cologne that’s under construction). This package of Vapiano restaurants is very successful and generates net sales of more than 20 million euros in 2014. Hahne opened his first Vapiano restaurant in Cologne in August 2006 and in 2015 with his company apeiron AG, Hahne operates six L'Osteria franchise restaurants, a direct Vapiano competitor, and two self-owned restaurants GinYuu.
Then in November of 2015, the next public relations bomb goes off with allegations regarding the company's quality standards. The company immediately investigates the issue through internal and external specialists but finds no evidence of any quality issues. Nevertheless, knowing that the group is now being closely watched, the company’s already in place hygiene standards are being reinforced. Additional audits and inspections are performed nationally. Further, all Vapianos worldwide are being audited twice by the partners SGS Institut Fresenius and SAI Global. Auditing software is purchased to simplify the implementation of the audits and the resulting measures. Apart from the external examinations, there is a food sampling plan in place being performed continuously. Again, all of this sucks up costs, management time and attention. With all these tumultuous developments the company’s growth engine is undeterred. Revenue grows by a whopping 50 million euros to 202 million euros, an increase of 33%. Impressive. While average spent per customer increases in all countries, the number of customers per day in Germany decreases by 3.3% partially due to the negative press towards the end of the year. Five own, four JV and 19 new franchise restaurants are added that year to the group, the total number of own managed restaurants grows to 51, there are 31 JVs and 84 franchises which bringing the total to 166 Vapiano restaurants. Global restaurant sales are now above 400 million euros.
But while revenue grows by an astronomical 50 million euros, operating profits, alarmingly, shrink again. Gross margins are staying perfectly healthy above 75% but operating costs keep growing disproportionately fast. The Company’s outstanding debt jumps by almost 30 million, close to 85 million euros by the end of the year. With operating profits at 9.5 million euros, alarm bells should be going off right now.
In Q4 of 2015, new CEO Jochen Halfmann introduces Strategy 2020. The new strategy includes five essential points. One, profitable growth in the newly defined core markets of Germany and Austria as well as in the UK, Netherlands, France and USA. Two, operational excellence through strict “best practice” management. Three, further development and digitalization of the concept considering guest feedback. Four, greater focus on long-term employee retention and five, building a modern and sustainable IT landscape. Sound’s good on paper but let’s see how things pan out.
Vapiano's investments (capital expenditures) that year are primarily directed towards new restaurant openings, renovations of existing establishments, and share acquisitions in other Vapiano restaurants from franchisees or JV partners. A significant portion of funds is allocated to the digitalization of the guest experience, including the development of a new app scheduled for market release in 2016 and the implementation of a time recording system across all group restaurants. The world's first standalone Vapiano restaurant with a delivery service that year is built in Fürth, Germany. The company keeps expanding its presence in both inner-city locations and international markets, such as Shanghai, China.
To finance all of this, the group has its own operating cash flow which comes in at 18 million while capital expenditures are 26 million euros plus 14 million for acquisitions. The funding gab is filled with 26 million euros of new debt and a seven-million-euro equity raise. At that end of the year and after the equity raise Gregor Gerlach (through his AP Leipzig GmbH & Co. KG entity) holds 30.1%, Hans-Joachim and Gisa Sander through their Exchange Bio GmbH hold 25.5% and the Tchibo heirs, Herz through their Mayfair Beteiligungsfonds II GmbH & Co. KG hold 44,4%.
But for the first time the restaurant’s concept that was so successful to date is being questioned. Some customers are starting to mislike the operational flow of the concept itself. If you want pasta, you must queue for pasta. If you want pizza you stand in a different queue. A small side salad, yet another queue. "You spend more time carrying trays than an actress in Berlin-Mitte. The audience in the pasta limbo can only consist of people who have worked for an insurance company for a long time and, like Stockholm syndrome, they can no longer get away from the industrial canteen feeling," writes TV host Beisenherz provocatively. While overly harsh in his assessment he's not entirely wrong judging by customers venting their frustrations in forums and social media channels. It isn’t uncommon for those who ordered pizza to have already finished eating while there is little movement in the pasta queue. Long term that doesn't go down well, QSRs competitors like L’Osteria are handling this process differently, with much success.
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Tipping Point

Where are now in the year 2016 and things start to deteriorate visibility. Perhaps not for the leman’s eye but any business minded observer can see that there are problems under the hood. Yes, revenue grows yet another whopping 50 million to almost 250 million euros but half of that growth, comes from acquisitions of restaurants that the group didn’t already own 100%, which is now being fully consolidated within the group’s accounts. Here is a concrete example. In the past, Vapiano SE, the group’s top holding company held an indirect 50% stake in a French subgroup via the subsidiary VAP Restaurants SA, based in Luxembourg, and included this as an associated company in the Vapiano SE consolidated financial statements using the equity method. Due to the acquisition of additional shares in September of 2016, Vapiano SE's indirect share in the French subgroup increased to 75%. This means that Vapiano SE takes control of the French subgroup, which is therefore included in the group’s financial statements as part of the full consolidation. The revenue from the acquired subsidiary now recorded in the consolidated income statement amounts to 12.8 million euros. While that’s great for the top line, the loss of the fully consolidated entity equates to 0.2 million euros. Yes, you are buying revenue, but there are losses attached to them, not profits. A similar case is the Swedish entity that runs eight restaurants with revenue of 11.5 million euros but has losses of 235 thousand euros. So much for Strategy 2020 and “profitable” growth.
That year the group’s operating profits are absolutely tanking, halving to 3.5 million euros. Operating profits are now a mere 1,4% of revenue. Remember original founder Mark Korzilius who talked about operating margins of 25% to 28% at the restaurant level? Yes, there are overhead costs for the organization that sits above the chain of restaurants, but operating margins that low indicates a course correction is needed. What’s telling is that in the annual report, in the management discussion section, the company starts talking about EBITDA as a proxy measure of profitability, rather than operating profit or net income. This wasn’t the case in the years before. Is this window dressing for an upcoming IPO? EBITDA is short for earnings before interest, tax, depreciation, and amortization. How can you measure profitability of a restaurant chain that absolutely and unequivocally needs capital investment to maintain its restaurant operations, the very source of cash generation, by simply excluding this maintenance charge (depreciation in the income statement)? Vapiano’s own annual report talks about the fact that existing restaurants must be rejuvenated from time to time and that new interior designs have to be implemented every few years. These things wear and tear, they go out of style, kitchen equipment breaks and needs replacement. This business absolutely needs maintenance capital expenditure, why anyone talks of profits before these maintenance costs is beyond me. Fun fact: in the previous annual report EBITDA is mentioned seven times, mostly around restaurant acquisitions and financing, not however as a profit indication for the group. In the new annual report, EBITDA is mentioned 28 times. Maybe it’s just me but belated Charlie Munger liked to call EBITDA: bullsh*t earnings. When in doubt I stick with Charlie. Interestingly, EBITDA for Vapiano keeps growing while operating and net profits keep falling.
Operating cashflow for the group that year is about 21 million euros, but capital expenditure is 30 million and acquisitions for subsidiaries another 20 million. To finance these expenditures another 28 million euros of debt and 16 million of equity is raised. Net debt rises above 130 million euro. The operating cashflow of the group before any capital expenditures is 21 million euros. I am not sure free cash flow would be significantly positive after maintenance capex is paid out; it’s not broken out so we can’t be sure. Granted, I am not on the ground during this time, and I am not in the board room, I am simply reading what’s in front of me, but to me this is starting to look like a distressed situation. Regardless, the following year the company goes public.

IPO

Where are now in the year 2017 and its Vapiano’s first year as public company. The company’s annual report reads the following “Sales revenue, like-for-like growth (LfL) and the earnings figures EBITDA and adjusted EBITDA are used as the most important financial performance indicators for controlling operational business activities.” The very same report however also says: “The majority of the group's investments regularly go towards opening new restaurant locations and modernizing existing restaurants. The latter are differentiated into regular replacement investments that occur during ongoing operations (Maintenance CAPEX) and fundamental investments in the renovation of a restaurant (Remodeling CAPEX). On average, a restaurant remodeling takes place nine years after opening.” It says it right there in their own report; every nine years a remodeling is taking place. Remodeling and updating is not cost free, so why exclude depreciation charges which reflect capital expenditures? I understand that perhaps you would want to strip out one-off opening costs, that’s fine and fair, but don’t go overboard.
The number of restaurants increases by 26 (previous year: 13) to a total of 205. The increase consists of 27 new openings and one closure. Group revenue grows to an astonishing 325 million euros but here comes the shocker, operating profits turn negative to 25 million. Fine, strip out foreign exchange losses of 3 million, IPO costs of 5.8 million and new opening costs of 6.1 million and you still have 10 million euros of operational losses. All the while the debt load of almost 130 million hasn’t materially changed, so those operating losses are before a six-million-euro interest payment. 184 million euros are raised through the IPO of which 85 million go to the company. This money is earmarked for further expansion as the group has ambitions to almost double the footprint to 330 restaurants by the end of 2020. The company is currently not profitable on an operating basis, and still wants to expand aggressively? I don’t get it. The remaining 100 million euros of the IPO money raised is distributed to co-founder Gregor Gerlach and Wella heirs Hans-Joachim and Gisa Sander. The family office of the former Tchibo owners Günter and Daniela Herz with a 44% stake, don’t sell a single share. After the IPO, 32% of all the company’s shares are now in free float.
One year later, in 2018, things get even worse. Revenue grows to 371 million, but operating losses mount to 85 million euros, that’s before interest expenses of 9 million. Even the beloved EBITDA figure turns negative, meaning the operating business before any expansionary or even maintenance capital expenditures is loss making. All regions are experiencing significant deterioration in their earnings profiles. Like for like sales are down 1% across the board. That’s revenue, not profitability. The question naturally arises: is the Group approaching its natural saturation point here or this operational by nature? The operating cash flow is now 9 million while financing cost are close to 7 million. That leaves 2 million for maintenance capital for 74 own restaurants and 76 joint ventures ones. Describing this as financially tight, would be an understatement.
Things are not looking good at this point. Yet the company still grows restaurants by 26 new sites. 64 million euros are spent on acquisitions, new openings, and maintenance costs, financed through a 20 million-euro equity raise and 72 million of new debt. The Company now has net debt outstanding of over 160 million euros. After the equity raise and by the end of the year 2018, Mayfair owns 47.4%, VAP Leipzig, Gregor Gerlach’s entity owns 18.9% and the Sander couple own 15.5% of the company. Yes, the Sanders and Gerlach may have taken 100 million euros off the table, but they still have substantial skin in the game. Plus, Mayfair hasn’t sold a single share and instead injects more money into the company through the equity round. The stock has now fallen from its IPO price of 23 euros per share to under 6 euros by the end of 2018. Something must be done here. And indeed, there is pivot in strategy and a hard push for change. At last, the management team abandons its aggressive growth plan and curtails new openings significantly. Additionally, the team wants to run a thorough analysis of weak locations to then either discontinue or sell sites. In Europe, the operating focus will be put on corporate restaurants and joint ventures in major cities to ensure the ideal size and location to match the respective demographic target group. Outside of Europe, the franchising business is being expanded and at the same time a consolidation of the existing corporate and joint venture markets is being sought. All future investments will be reviewed to achieve higher rates of returns on new openings. Investments are also being made in the renovation of older restaurants. The goal in the future is to also open smaller formats, like Mini-Vapianos (less than 400 square meters) or Freestander at prominent transportation hubs outside city centers (currently in Fürth and Toulouse) to cater to individual location requirements, and to enter new partnerships. I am not sure why management hasn’t stopped all expansion altogether, bringing the ship in order first, getting profitable, clean up, all hands-on deck before considering any further expansions whatsoever. But again, it’s easy to comment from the sidelines; maybe they saw white spaces that would be covered by competing concepts if they weren’t moving fast and aggressively enough. Although pushing internationally means competing with local players such as Jamie's Italian, Prezzo, Pizza Express, Wagamama, Nando's and many more which brings in its own dynamic.
Management also aims to enhance guest satisfaction. This involves refining operational processes, reorganizing the support center, and refocusing on the core offering: providing fresh and high-quality Italian food at affordable prices for a broad audience. The group also aims to reduce waiting times, especially during lunch, while also improving the evening atmosphere. There is even what I would call an evolution, away from Vapiano’s original concept, reorientating the customer journey. The ordering flow is being changed, offering guests synchronized preparations of all dishes while eliminating wait times at the cooking stations. The open show kitchen remains, staying true to original mantra of freshness and transparency but now guests can choose their preferred method of ordering through a mobile app, using a digital order point (kiosk), or by personally placing an order with a waiter. Guests can still freely choose their table and are then informed about the complete preparation of their order through a pager or their smartphone. This is a substantial deviation from the original concept, but a needed one. The group is also exploring and implementing the expansion of take-away and home delivery services but only at suitable locations, not universally across new openings. I am not sure why home delivery is even a priority here; it adds operational complexity. It’s better to clean up shop first and get back to the basics before adding new complexities. To be fair management does try to simplify. There are 49 different permanent dishes on the menu and additional 10 seasonal ones. Customers can choose from eleven different types of pasta. There is simply too much choice, and it makes orders complicated. The company announced to slim the menu down to its most popular and typical Vapiano dishes. There’s no need for an Asian salad at an Italian restaurant. "We have to go back to the roots, i.e. classic, honest Italian cuisine" says COO Everke. Regardless, in November of 2018, the supervisory board pulls the plug on CEO Jochen Halfmann and replaces him with Cornelius Everke. Everke himself has just become COO five months ago. Since 2017 he was responsible for international expansion. From 2011 to 2017 that role was filled by Mario Bauer – put a pin in that name, he’ll play a key role in the groups fate later. Then nine months later, in the middle of 2019, Cornelius Everke quits. He essentially concludes that his skillset and experience in the areas of internation expansion is no longer needed in the foreseeable future. To put it differently: Vapiano has moved from a growth story and has become a restructuring case, and other skills are required for that job. In June of 2019 Everke says the following “(we’ve) made a bit of a mistake when it came to foreign expansion”. No sh#t. Vapiano postpones the presentation of the 2018 annual financial statements three times in the spring of 2019, citing negotiations over an urgently needed loan of 30 million euros. It’s not until the end of May that a binding loan commitment comes through from the financing banks and major shareholders.
We are now in August of 2019 and the corona pandemic is just around the corner. Supervisory board chief Vanessa Hall takes over as interim-CEO and things are unravelling. Visitor numbers are declining; originally, it was planned to sell the US business but halfway through the year the buyer cannot come up with the money. But not all restaurants are performing poorly. The group's poor figures contrast starkly as an example with the experiences of the Swiss-German franchisee, who runs six restaurants. The Sodano family in Switzerland pays Vapiano a royalty of 6% of sales for the use of the brand. Enrico Sodano explains in an interview that they operate largely autonomously from the licensor. If an “accident” were to occur, he could immediately replace the Vapiano sign with Sodano, he says. The family concluded the rents and contracts with employees and suppliers independently. The Sodano family have six locations in Bern, Basel and Zurich, around one million guests every year and 350 employees. Things are going well on the ground. The delivery service they’ve built is offering them a second income stream. Expansion into Winterthur, St. Gallen and Lucerne are being planned; small locations with 150 to 250 square meters and an attached delivery service. Originally, Vapiano restaurants used to be huge but for such a large restaurant to be profitable, 800 to 1,000 guests per day are needed. That’s possible in medium-sized cities, but not in smaller towns which is why the Vapiano group now also supports smaller formats. Back to our corporate drama. The 2019 annual report would be the last report the group files. By the end 2019 the outstanding debt of the company is at an astronomical 450 million euros. Revenue has grown by another 7%, produced by four net new openings through two JVs and two franchise restaurants but operating losses come in at 317 million euros. That sound like an absolute shocker at first but depreciation and amortization charges are 345 million, so that operating cash flow is actually positive but unfortunately capital expenditures and interest payments are so large that they are eating up all of the company’s operating cash flow. Then in the beginning of 2020 Corona hits with full force and the world shuts down. As a result of the measures to prevent further spreading of the virus, the group is forced to cease all global business operations (except in Sweden). While all these shutdowns are happening, the group is the middle of negotiating with its lending banks and main shareholders. There are additional financing needs for restructuring measures, even without a pandemic happening in the background. The situation is so dire that the company starts pleading to the German government to roll out the package of financial help more quickly. Unfortunately, it’s to no end. The rapid closure of restaurants and the resulting lack of operating cash inflows in conjunction with the additional financing requirements, lead to the company’s final knockout punch. In April of 2020, the Vapiano group officially files for insolvency proceedings. The end of an era.

New Beginnings

Because of the pandemic, the majority of the group's subsidiaries in Austria, the Netherlands, Denmark, the United States, Sweden, and China also file for insolvency or seek liquidation. The US business never gets sold in the end and is wound down. In the summer of 2020, significant group divestments occur, including the sale of 75% shares in the group's French subsidiaries, shares in franchisor companies, Australian subsidiaries, German subsidiaries, associated companies, self-managed restaurants in Germany, and insolvency-related sales in the Netherlands, Great Britain, and Sweden. The buyer of the Vapiano brand and one of these bundles of Vapiano restaurants is company named Love & Food Restaurant Holding, a consortium led by Mario C. Bauer – a name I told you to remember. Bauer was a former Vapiano board member and led the national and international expansion, opening 200 sites in 33 countries from 2011 to 2017 until he was succeeded by Cornelius Everke. Bauer didn’t feel comfortable with the IPO at the time but clearly has a lot of managerial and entrepreneurial talent.
The buyer consortium is an absolute A-Team comprised of European QSR top league hitters, including the founder of the Pret A Manger chain Sinclair Beecham; Henry McGovern, the founder and Ex-CEO of the giant international restaurant and foodservice operator AmRest; the Van der Valk Family that runs hotels and Vapiano restaurants in the Netherlands, and co-founder and ex-CEO Gregor Gerlach. The acquisition value is 15 million euros and entails 30 Vapiano restaurants in Germany, albeit that’s just the purchase price which comes on top of any capital investment needed to refresh and return the sites to its former glory. Nevertheless, just as a thought experiment, if you can get each site to 2 million euros of revenue and 400,000 euros in operating profit on average, which wouldn’t be an overly aggressively assumption given the company’s history, you’ve got yourself a package that can deliver restaurant-level operating profits of 12 million euros or more. It’s not disclosed how much capex was needed to refresh the operations, just that fact that the overall investment plus purchase price was a middle double-digit million-euro figure. Stil, it probably was a decent purchase. The same consortium buys Vapiano’s French business for 25 million euros just two weeks prior. After the transaction concludes, the master franchise is given to Delf Neumann and his Gastro & Soul GmbH. Neumann is an experienced operator, and he is ambitious to revitalise the brand with new services and products. For example, instead of pizza, the restaurants will be serving pinsa - a flatbread made from sourdough, wheat and rice flour, topped similarly to a pizza. It targets a more health-oriented customer base looking for a less calory heavy option. The menu overall is expanded by including a variety of vegan and vegetarian dishes.
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Today Neumann’s Gastro & Soul GmbH operates 18 Vapianos on its own account and has 29 franchise sites, amongst other brands. By the year 2021, Vapiano operates 191 restaurants in 34 countries. This is around 50 fewer sites than before the bankruptcy. The number of branches is particularly thinned out in Germany – from 80 to 55. Nevertheless, Vapiano's home country remains by far the largest market, followed by France with 35 restaurants and Austria with 15 locations. “We have shrunk ourselves to health,” says Bauer in the aftermath and there is no further shrinking planned. Quite the opposite, the smell of expansion is in the air again – pun intended. Not as aggressively as before and with a new menu and ordering process.
Overall, the team around Bauer is filled with industry experts with knowledge and networks gained over decades who have a great track record, a long-term view, and the staying power to let Vapiano breath and finds its way back to success. The pressure of being a public company with all the associated quarterly, half-year and yearly disincentives have been removed. The menu is changed and extended with new types of pasta and sauces with significantly more vegetarian and vegan dishes available. Guests can order with restaurant staff, at terminals or on their phones and there are barcodes attached to the tables identify the respective seat. The food is brought to your table, all at the same time if you are in a group, no more annoyances with waiting in line. There is a plan for smaller, 350 square meter locations, with half the number of guests and significantly fewer staff and less set-up costs required to make the economics work. Locations that capitalize on remote work and increased demand for local lunch options, higher population density with shorter delivery routes and therefore cost-effective in house delivery services are targeted. And Bauer is testing the concept of ghost kitchens, which operate without a dining room or service staff, focusing solely on preparing food for delivery services, which for obvious reasons have a very different operational set up and footprint. Original founder Mark Korzilius however is not entirely convinced. He is not a fan of the pinsa for instance and he considers Vapiano's pizza as its cash cow, flagship product and believes that the core Vapiano proposition of Pizza, Pasta, Bar that has given the company its original success is being diluted. He instead admires the competitor L'Osteria, saying they’ve done a better job by focusing on Italian classics, especially the impressively large pizzas that sticks out beyond the plate is leaving every customer in awe. The guys who run L’Osteria are the same guys who have built Vapiano with him in the first place. Bauer on the other hand, like a true business leader, remains undeterred, stating that he is frequently asked whether Vapiano's restart was bold or foolish. He believes in entrepreneurship, franchising, in his experienced fellow partners and importantly the Vapiano concept. By the year 2024 you can find over 140 Vapiano branded restaurant in 27 countries across the globe, including locations far away from its birthplace like Australia, USA, Columbia, Chile, Bahrain, and Saudi Arabia. And why not? Italian food is, and will remain to be, incredibly popular. Vapiano offers fresh and tasty food at affordable prices in a good atmosphere. This combination of attributes should attract a lot of customers. It certainly has in the past.
For more stories: WIP Thomas Weitzendoerfer Substack

The CH9102 stands out as a robust USB to serial UART converter, engineered by WCH (Nanjing QinHeng Corp), widely adopted in USB-to-serial adapter cables and development boards. This article delves into its design aspects and offers troubleshooting insights for smoother integration into projects.
CHH9120
Troubleshooting Tips:

• Verify Connections: Double-check all connections to ensure they are properly made between the CH9102 and other components of the circuit.
• Check Signal Voltage Compatibility: Ensure that the voltage levels of the signals (TX, RX, etc.) are compatible with the devices you are connecting to.
• Test Serial Settings: Align serial settings, such as baud rate, between your computer and the device you are communicating with to ensure compatibility.
• Conduct Loopback Test: Perform a loopback test by connecting the TX and RX pins of the CH9102. Send data from your computer, and if it is received correctly, it indicates that the CH9102 is functioning properly.
• Address Computer Recognition Issues: Install correct drivers for the CH9102 chip on your computer. Check for hardware connection problems in the Device Manager, ensuring the chip is recognized without any error messages.

Design Considerations:

• Strategic USB Port Placement: Place the USB port near the CH9102 IC on the PCB layout to minimize signal interference and optimize data transfer.
• Direct Routing of Data Lines: Route data lines directly to reduce signal degradation and improve overall signal integrity.
• Minimal Via Count: Minimize the number of vias in data lines to avoid signal loss and maintain signal integrity.
• Inclusion of Filter Capacitors: Incorporate filter capacitors to stabilize voltage and reduce noise, enhancing the performance of the CH9102 and surrounding components.
• Comprehensive Component Arrangement: Arrange components strategically to optimize space utilization and ensure efficient heat dissipation, contributing to the stability and reliability of the overall system.

Applications:
The CH9102 finds versatile applications in microcontroller programming, industrial control systems, DIY electronics projects, and legacy device support. Its adaptability extends to USB to RS485, RS232, and TTL serial port conversions, making it indispensable across various domains.
Alternatives to CH9102 include CP2102, CP2104, CH340, MA112AS16, FT230x, PL2303HX, CH341, CH343, MCP2200, CP2110, and FT232.
As a cornerstone in USB connectivity solutions, the CH9102 offers reliability and efficiency. Understanding its design intricacies and troubleshooting methods ensures optimal performance in diverse project scenarios, making it a preferred choice for engineers and enthusiasts alike. For detailed technical specifications and mechanical drawings, refer to the CH9102 datasheet available here.

Recovering Lost Data From Bitlocker Encrypted Drive
Are you worried about data security and looking for a reliable technique to retrieve data from a BitLocker encrypted drive? BitLocker, a sophisticated encryption feature on Windows operating systems, helps users secure their contents. This option offers additional security to prevent unwanted access to important data, making it a reliable alternative for data recovery. This article explains how to recover data from a BitLocker protected device, allowing you to confidently retrieve essential files.

1. Recovering Lost Data from Bitlocker

Data loss can be devastating. With proper procedures in place, you can secure and retrieve lost data. BitLocker, a Microsoft Windows service, protects users' data from accidental deletion or theft. Here's a step-by-step instruction for recovering deleted data with BitLocker.

• Launch the BitLocker program on your device.
• Enter your PIN/password.
• Navigate to the Recovery and Unlock tabs.
• Choose the data type you want to recover.
• Press the 'Recover' button.

After recovery, store the data in a secure location, preferably off-site. To enhance security, consider encrypting data and using multi-factor authentication. Finally, create regular backups of your data in case of any unanticipated circumstances. By taking proactive precautions, you can prevent data loss or theft while maintaining access to critical information.

2. Learn about Bitlocker and its encryption system

BitLocker⁣ is a data encryption solution that protects your data on Windows systems. BitLocker encrypts your hard disk and only allows access to those with the encryption key. It encrypts all data stored on your computer, preventing hackers and unauthorized others from accessing your confidential info.
BitLocker offers superior security and a variety of functions. These features include:
Full Volume Encryption encrypts entire hard disk data, including folders, files, and applications.
Secure Boot prevents malware infection on your PC.
Multi-factor authentication: To access BitLocker-encrypted data, additional authentication methods such as PINs or biometrics are required.
BitLocker provides powerful and user-friendly security. The advanced encryption technology ensures data safety and security. BitLocker is the ideal solution for protecting important files and enhancing computer security.

3. Simple Steps for Recovering Data from a Bitlocker Encrypted Drive

Data loss is a terrible scenario for individuals and organizations. To recover data from a BitLocker encrypted device, you must follow precise steps. Here are simple techniques to safely and rapidly recover data from a BitLocker-encrypted drive.
Download and install the BLR BitLocker data recovery program. To begin, download and install a secure BitLocker data recovery software. Read reviews and check compatibility with your system. There are several options available, so select one that meets your needs.
Run the data recovery application. Once the data recovery tool is installed, launch it. The application will discover encrypted drives and scan for recoverable files. Depending on the amount of data on the drive, the scan may take several hours.
After scanning and analyzing the drive, the data recovery program will show you all recoverable files. Use the program's "Recover" mode to safely and securely retrieve your data.
Recovering data from a BitLocker encrypted drive can be a simple procedure with the right software and steps. Maintain backups of key files and documents to avoid catastrophic data loss.⁢ Hopefully, with the above steps, you will be able to recover without any issues.

4. Additional Tips to Prevent Future Data Loss

Set up regular backups, even if you don't expect to restore data. This ensures that the most recent version of your data is safely kept in case of an emergency. Save your backups on an external hard drive or cloud service.
Use Password Protection: Protecting your data with a password is crucial for avoiding future loss. Make sure your passwords are complex and not readily guessed. Consider changing your password often, using a combination of letters and numbers, and using two-factor authentication. Choose passwords that are at least 12 characters long.

• Make regular backups of your information.
• Make sure your data is password secured.
• Change passwords on a frequent basis.
• Create difficult passwords.
• Implement two-factor authentication.
• Use lengthier passwords.

Q&A

Q1: What is Bitlocker?

Bitlocker encrypts disks and protects data on your PC. It helps to protect your data from illegal access.

Q2: How can data be recovered from a Bitlocker encrypted drive?

You can use one of several methods to recover data from a Bitlocker protected device. Options for data recovery include employing recovery keys, BitLocker Repair solution, or a third-party solution.

Q3: How can I use a recovery key to retrieve data from a Bitlocker drive?

To utilize a ‍recovery key, you must have saved it from the moment you ‍set up‌ Bitlocker. To unlock a drive and access its contents, locate the recovery key and utilize it.

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After high school, deciding to pursue higher education undoubtedly affects your academic and career path. Of all the possibilities open to aspirational young minds, obtaining a Bachelor of Business Administration (BBA) has great potential. Let us analyze the importance of selecting a BBA program after high school, the top private universities for BBA in Delhi, and the abundance of opportunities that await graduates in the exciting field of business.
Top Private Universities for BBA in Delhi
Why Should Anyone Consider BBA After High School?
After high school, choosing the best colleges for BBA in Delhi opens you to a world of choices. For students hoping to launch their careers in business and management, it acts as an introduction to the field. A comprehensive understanding of the many areas of business administration, such as finance, marketing, human resources, operations, and entrepreneurship, is made possible by this program's multidisciplinary design. Additionally, enrolling in a respectable college and earning a degree gives students access to critical thinking, problem-solving, communication, and leadership skills—all of which are vital in the demanding world of today.
IILM University's Attractive BBA Program
Tucked away in the bustling National Capital Region (NCR), IILM University is a shining example of academic innovation and quality. The goal of the BBA program is to develop the next generation of business leaders by giving them the values, know-how, and abilities necessary to succeed in a fast-paced global economy. The curriculum is carefully designed to combine practical applications with academic underpinnings, encouraging experience learning and all-round development. This degree equips students to confidently and competently traverse the intricacies of the business landscape with an emphasis on innovation, entrepreneurship, and sustainability.
What Is Unique About IILM University?

1. Greatest Faculty: The university's renowned faculty, which includes seasoned academicians and business leaders, allows learning to go beyond the walls of traditional classrooms. The faculty members create an atmosphere that encourages intellectual curiosity and creativity by bringing an abundance of information, experience, and perspectives to the table.
2. Modern Facilities: IILM University takes pride in its state-of-the-art infrastructure, which is furnished with cutting-edge classrooms, libraries, labs, and leisure areas. Students' overall learning experience is improved when they are in a conducive learning environment that encourages creativity, collaboration, and exploration.
3. Proximity to Delhi NCR: The location in the centre of the thriving Delhi NCR region provides students with unmatched access to business centres, industry centres, and historical sites. The advantageous location enhances the educational experience and expands perspectives by facilitating industry contacts, internships, and networking possibilities.
4. Diverse Culture on Campus: Students from IILM University come from several backgrounds, cultures, and locations to build a vibrant community, and the university celebrates diversity. Students are better prepared for success in an increasingly interconnected world that promotes tolerance, cross-cultural understanding, and global viewpoints.

In Conclusion
Numerous job options in fields including banking, consulting, finance, marketing, human resources, and entrepreneurship are made possible by top private universities for BBA in Delhi. Graduates from the best colleges for BBA in Delhi have a wide range of career options, including financial analysts, startup entrepreneurs, and HR associates. The alumni network, strong industry interaction, and solid placement support all work together to further improve the employability of graduates and open doors to a fruitful and satisfying professional path. IILM University is the ideal place for students who want to pursue a dynamic and fulfilling career in business administration.

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The rise of RMC proves its uprising as not just an industry trend, representing a fundamental shift in India’s construction industry. Steering the industry’s philosophy towards more sustainable, efficient and higher-quality building practices with minimal time taken. Ready Mix Concrete plays a key role in supporting environmental priorities, resulting in less wastage compared to on-site concrete mixing.
In this feature, we take a deep dive to look at the innovations and Aparna Enterprises Limited contribution to the nation, the challenges faced and the strategies being deployed to cement RMC’s place as the bedrock of new India

RMC will be a key contributor in India’s ambitious target of $5 trillion economy by 2025. What is your take on this?

The growing economy of India has generated significant demand for ambitious infrastructure projects, thereby creating a need for robust and sophisticated construction solutions. As the construction industry relies heavily on Ready Mix Concrete (RMC), it emerges as a crucial part for driving economic growth by enabling the delivery of high-quality products and services.
The significance of RMC in India’s economic trajectory stems from its unparalleled efficiency and effectiveness in construction projects. With its emphasis on quality control, consistency, and time efficiency, RMC revolutionizes project execution. Further by enabling heightened productivity and meeting stringent timelines, RMC accelerates infrastructure development. It has emerged as a game-changer in the industry, offering improved consistency, reduced wastage, and enhanced durability.
In contemporary times, the widespread adoption of RMC aligns with the government’s emphasis on promoting sustainable development practices. Modern RMC production plants leverage advanced technologies to minimize environmental impact through efficient water usage, dust-control measures, and the incorporation of recycled materials. This commitment to sustainability not only supports India’s environmental goals but also fosters economic progress.

India is taking a giant leap in infrastructure development. What is the role RMC is contributing in this development?

India’s infrastructure development is undergoing a monumental transformation, with RMC emerging as an integral part in this progress. RMC offers unparalleled flexibility to meet diverse end-user requirements, making it indispensable across commercial, infrastructure, and industrial sectors. From bridges and dams to roads and multi-story buildings, RMC plays a vital role in shaping India’s sturdy modern landscape. The new RMC plants nationwide present lucrative opportunities amidst this infrastructure boom. The construction industry’s shift towards complex architectural structures, including commercial buildings, high-rise driveways, and coastal highways, underscores the soaring demand for high-performance concrete. In order to fulfil these ambitious projects and housing demand, RMC plants have gained significant growth.
Moreover, the expansion of the RMC industry to Tier II and III cities signifies its widespread adoption beyond metro projects. This expansion into smaller urban centers and rural areas highlights the growing demand for RMC products nationwide. RMC’s adaptability, efficiency, and eco-friendliness contribute significantly to India’s infrastructure development, aligning with the country’s ambitious construction goals and broader economic growth objectives.

How has your organization performed in the last three years?

Over the past three years, Aparna Enterprises (AEL) has made remarkable strides in the infrastructure sector, emerging as a leading provider of comprehensive building material solutions. Our commitment to innovation and customer satisfaction has been the reason driving consistent growth across all segments of our operations. In the recent past, AEL has witnessed exponential growth, propelled by strategic expansions and penetrating new markets. Last year, we expanded into the North Indian market, specifically the Delhi NCR region, with our uPVC business brand Okotech, which has swiftly established itself as a prominent player in the industry. We further ventured into South Asian markets such as Vietnam, Bangladesh, Sri Lanka, and Nepal, leveraging the robust demand for Okotech products. Additionally, our RMC business has experienced substantial growth, with new units being established in key regions, particularly in Maharashtra.
Our performance over the past three years reflects our unwavering dedication to excellence and innovation. In FY23, AEL achieved a remarkable revenue of Rs 1,650 crore, underscoring our strong growth trajectory. Looking ahead, we are poised to sustain this momentum and explore new avenues for expansion. Innovation, strategic investments and a relentless pursuit of superiority are the driving forces behind AEL’s success. As we continue to push boundaries and set new benchmarks in the building materials industry, we remain committed to delivering unparalleled value to our customers and stakeholders, both domestically and internationally.

RMC is largely considered as an unorganized market where these players corner a major chunk of revenue. In light of this, what would be your strategy to increase your market share?

In the largely fragmented and unorganized market of RMC, establishing a prominent presence requires a strategic approach focused on quality control, innovation, and collaborative partnerships. We implement a multifaceted strategy which is aimed at delivering superior products and expanding our reach across diverse regions.
The most important focus for us has been prioritizing our product quality and exceptional customer service. We continuously innovate and enhance our product offerings. By introducing new products and improving existing ones, we aim to differentiate ourselves from competitors and attract customers seeking reliable solutions for infrastructure projects. Additionally, collaborating with trusted suppliers enables us to streamline product access and expand our distribution channels, thereby reaching a broader consumer base across various regions.
Furthermore, by acquiring established leaders in the industry or pursuing mergers with compatible entities, we can consolidate resources, broaden our target audience, and enhance overall competitiveness in the market. Amidst the increasing demand for high-quality products in the Indian market, particularly from multinational companies, we remain steadfast in our focus on quality and innovation which enables us to capture larger market share and driving sustained growth.

For the benefit of our readers, please share the challenges RMC manufacturers face while executing realty projects in metros

Execution of real estate projects in metro cities is a formidable challenge for RMC manufacturers. The real estate sector downturn weakened by liquidity constraints impacts demand and revenue streams. In addition, the traffic regulations and congestion on the roads do not allow the delivery of cement, which is very important for maintaining the quality of the product and the timely completion of the project. Another challenge is ensuring a constant supply of raw materials such as aggregates, with logistical limitations and supplier dependencies posing the risk of the disruption of the supply chain.
Additionally, the presence of smaller unorganised scale players in the RMC industry complicates the competitive scenario. Traffic regulations and city-space restrictions pose challenges for establishing commercial plants. These challenges call for the RMC manufacturers to come up with innovative ways such as diversifying the marketing efforts to semi-urban areas and improving the logistic operations. Collaboration with the stakeholders and advocacy for simple regulatory procedures are equally crucial for the smooth operationalisation of realty projects in metro cities.

What are the other challenges faced by RMC manufacturers while commissioning infrastructure projects in India?

Besides the mentioned issues, manufacturers of RMC also face multiple other impediments while deploying infrastructure projects in India. Throughout the whole process, from preparation to transportation and use of RMC, a large number of risks are present and some of them will lead to a lack of consumer confidence and diminished profits unless managed properly. Besides the internal factors, including the incorrect choice of admixture, machine breakdowns, and transportation accidents rank high among the external factors that call for sound management strategies for a streamlined flow of operations and effective completion of the projects.
In addition, factors such as the wrong mix formula, unjustified specifications for quality standards, and the transportation lag time contributed by the road traffic introduce unforeseen inconveniences to infrastructure projects. Furthermore, environmental issues may add up to more complex problems. Adhering to the regulations for the environment and minimising the environmental impact of the production and utilisation of RMC should be prioritised.
Resolving these problems should be done through a solution that consists of risk management techniques, quality control practices, logistical effectiveness, and environmental consciousness so as to achieve the successful outcomes of RMC projects in India.

There is a paucity of skilled manpower in the RMC industry? What are the steps you are taking to increase skill manpower in the RMC sector?

The lack of skilled manpower in the RMC industry is a major problem in its growth and efficiency. Recognising this issue, we have implemented several steps to increase skilled manpower in the RMC sector. We have internal programs where extensive training are provided aimed at giving people the skills and the expertise needed for different positions in the RMC sector.
We equip them with knowledge on concrete technology, quality control, operation of equipment, safety protocols, customer service, etc. Our skill development helps in skill improvement and career development of the workforce .We invest in the training of professionals with the aim of improving the productivity, efficiency, and sustainability of the RMC sector, and in so doing, fuelling its growth and success in the long run.

Your take on the government policies and regulations and the tweaks required to propel the RMC sector

Policies and regulations of the government are integral in determining the evolution and growth of the RMC sector in India. Efforts by the government such as advocating the use of RMC in infrastructure projects and pushing its benefits in smart city missions has greatly helped the industry to grow.
Regarding the RMC sector, more amendments should be made. These include simplifying the regulatory framework in order to promote a friendly business environment for RMC manufacturers, financial and tax incentives to promote the use of RMCs, and improving infrastructure to stimulate construction activities that are the major drivers of demand for RMC.
Furthermore, sustainability, research and technology investment towards increased longevity of RMC, and a continuous supply of high-quality aggregates are critical for the sustainable growth of the product in India. All in all, a coordinated approach among government, industry stakeholders, and regulatory bodies is needed to overcome challenges, implement applicable changes, and take the RMC sector to the next level towards sustainability.

What are your expansion strategies for the fiscal year 2024-25? Are there plans to launch new products or is a Greenfield or Brownfield facility in the offing?

In the fiscal year 2024-25, our expansion strategies are twofold, to strengthen market presence in the North region of India and expand our reach beyond regional confines and actively engage in large and government infrastructure projects. Diversifying our market penetration in North India is a multiple strategic action process.
In line with this, we intend to create a more viable sales and delivery network by placing new sales offices and distribution centers at strategic points across the region. Our reputation will enable us to develop alliances and distribution networks in these regions, ensuring that our products and services cater to the specific needs and preferences of different markets. Along with market expansion attempts, we also aim to be part of government ambitious infrastructure projects.
We will keep on investing in modern production facilities and also upping the efficiency of our current units to remain steadfast and cater the burgeoning demand of the infra sector.