global finance transformation at vedior. peter rinkes finance director europe vedior
TRANSCRIPT
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Global Finance Transformation at Vedior
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• Peter Rinkes• Finance Director
Europe Vedior
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GLOBAL FINANCE TRANSFORMATIONAT VEDIOR
12 December 2007
Peter Rinkes
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AGENDA
1. INTRODUCTION VEDIOR
2. BUSINESS PERFORMANCE
IMPROVEMENT
3. FINANCE FUNCTION
TRANSFORMATION
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VEDIORIn search of Excellence
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In search of excellence in:
Business Performance
•Operating margin target 2008:
4.6%
Finance Function
•Being a business partner
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INTRODUCTION VEDIOR
Vedior NV, headquartered in Amsterdam, is an international staffing services company providing flexible labour. Vedior operates in 50 countries worldwide: almost the whole of Europe, North and South America, Australia and New Zealand, South Africa, Middle East and Asia
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VEDIOR: BUSINESS MODEL
Decentralized structure/nature
•50 countries
•More than 200 entities/operating companies
•Small corporate Headquarter (40 employees)
Relatively autonomous management structure
•Local responsibility
•Minority shareholders
Multi branding
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MULTI BRANDING
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VEDIOR: SECTOR SPLIT
A leading party in professional/executive recruitment
Other Sectors 8%
Healthcare 6%
IT 9%
Education1%
Traditional 64%
Engineering7%
Accounting5%
• Revenues 2006 : EUR 7.7 billion
• Net profit 2006 : EUR 186 million
• Number of offices : 2.534
• Number of countries: 50
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VEDIOR: BUSINESS PERFORMANCE IMPROVEMENT
CURRENT STRATEGY
Offer a full range of recruitment services to both local and international employers
Enlarge share of specialist recruitment services
•Organic growth
•Acquisitive growth
Profitability > market share
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VEDIOR: BUSINESS PERFORMANCE IMPROVEMENT (2)
Operating margin targeting 2008: 4.6%
Operational performance
3,0
3,23,4
3,6
3,84,0
4,2
4,44,6
4,8
2004 2005 2006 2007 2008
Marg
in % Q3-07 YTD: 4.2%
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VEDIOR: BUSINESS PERFORMANCE IMPROVEMENT (3)
Dynamic industry:
•War for talent!
•Ongoing liberalisation of labour laws
New lines of business
•ZZP vs. life time employment
Fast growing global industry
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Fast growing global industry
4,977
3,354
5,547
1.000
2.000
3.000
4.000
5.000
6.000
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Number of Agency workers(daily FTE x 1,000)
Forecast based on an annual average growth of 6.8% (same trends as between 1998 and 2006; impact of regulation changes excluded)
Forecast based on an annual average growth of 6.8% and impact of lifting restrictions (sectoral bans + reasons of use)
Source: SEO Economic Research – Amsterdam
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VEDIOR: BUSINESS PERFORMANCE IMPROVEMENT (4)
STRATEGIC REVIEW (announced 25 October 2007)
Wide range review of business portfolio, organisational alignment and corporate roles
Mobilization of Top 100 people from across the business (13 and 14 December 2007)
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Vedior and Randstad:Creating an industry leader
HR service market is relatively immature, growing and consolidating
Together Randstad and Vedior will become the 2nd largest HR
services company in the world
• Leadership positions in key markets in Europe and the Americas
• A global leader in professional segments
• A leader in inhouse services
• A truly diversified geographic mix
• Enhanced platform for growth in attractive markets such as Eastern Europe, India and Japan
• Diverse client base
Transaction beneficial for Randstad shareholders as it offers enhanced growth prospects, EPS accretion immediately after completion, attractive returns and a more balanced business profile
Transaction provides Vedior shareholders with a very attractive offer and at the same time the potential to participate in the future value creation arising from the combination
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BEST PRACTICE: AUSTRALIA
FINANCE FUNCTION TRANSFORMATION (1)
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Self assesment
Internal benchmarking
Identifying and sharing best practices
FINANCE FUNCTION TRANSFORMATION (2)
ELEMENTS
1. Payrolling and billing2. Accounts receivable3. Management of personnel cost4. Purchasing and accounts payable5. General ledger and closing6. Budgeting and forecasting7. Management reporting, analysis and management accounts8. Cash and bank management9. Tax planning and compliance10.Financial risk control and management (local)11.Staff capability and finance excellence12.IT infrastructure, controls and support
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EBIT Evolution 2001 - 2005 (%)
Source: Estudios de Mercado
SESA Company Benchmarking
-20,00%
-15,00%
-10,00%
-5,00%
0,00%
5,00%
10,00%
2001 2002 2003 2004 2005
Manpower Adecco SESA Select
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FEATURES HIGHEST RATED FINANCE FUNCTIONS
Business Partnering
High level (integrated) IT systems
Shared services for other group/sister companies
FINANCE FUNCTION TRANSFORMATION (3)
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BUSINESS PERFORMANCE OF HIGHEST RATED FINANCE FUNCTIONS
FINANCE FUNCTION TRANSFORMATION (4)
80
90
100
110
120
130
140
150
160EBIT Top 3 Companies
Gross Profit Top 3 Companies
EBIT Worst Companies
Gross Profit Worst 3 Companies
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ISSUES
CEO commitment
ICT
Staff capability
Process of change management
‘Control’ requirements (company structure/corporate governance)
FINANCE FUNCTION TRANSFORMATION (5)
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Sydney
Start up fixing project
Geneva
Second Global Finance Conference
Evaluation self assesment
Self assesment FFMG
July2007
FINANCE FUNCTION TRANSFORMATION (6)
June2006
Sept2006
2008Sept2005
Jan2007
Dec2007
Start up local Excellence projects
Paris
First Global Finance Conference
Kick off
Strategic Review
Vedior
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VEDIORIn search of Excellence
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In search of excellence in:
Business Performance
•Operating margin target 2008:
4.6%
Finance Function
•Being a business partner
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Thank you for your attention
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• Rob Leicher• Group Controller &
VP Finance OPG Group
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OPG Finance
Finance Transformation ConferenceDecember 12, 2007
Rob LeicherGroup Controller
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Active in 8 countries
Direct and Institutional
Pharmacy
Pharmacy, Direct and Institutional
Holland
Norway
Poland
Switzerland
GermanyBelgium
Hungary
Denmark
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Key Figures 2006
X € million
• Net Sales 2,281
• Operating result 130
• Net result 100
• Capital employed 701
• Number of employees at year end 6,686
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Summary of OPG Strategy
• Build retail pharmacy chains• Mediq – NL, PLN, BEL
• Expand home care activities• Dia Real , Kirudan, JP Medical, Other
• Improve efficiency• Organisational Integration
• (Pre-)Wholesale PLN• Pharmacies NL
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CONTROLLED GROWTH
• More countries
• Increasing complexity
• More standardisation required
• Best practice sharing
• Back-office integration; focus on efficiency
• Integration of new companies incl. synergy creation
• More standardised and integrated IT
• Development of new competencies required
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“Builder”
HORIZON
ROLES OF FINANCE FUNCTION AT OPG
ORIENTATION
CONTROL BUSINESS
Short term
Long term
Current role
Aspiration
“Performance manager”
“Planner”
“Controller”
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ROLES OF FINANCE FUNCTION AT OPG
‘Builder’ • M&A• Business integration• Financial market
communication• Financial management
development
ORIENTATION
CONTROL BUSINESS
SHORT TERM
HORIZON
LONG TERM
‘Controller’
• Enhanced transparency and compliance
• Audit Risk Matrix• Embedded Control
Self Assessment
‘Planner’
• Strategic milestone tracking
• Improved forecasting• Tax planning
‘Performance manager’
• Activity Based Costing and cost control
• Outsourcing• Working capital
reduction
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• Peter Mannaert• CFO Sanoma
Magazines International
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INTERNATIONAL
Parallelsessie global finance transformatie
Peter Mannaert,
CFO Sanoma Magazines International
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INTERNATIONAL
■ Uitgeverij van tijdschriften■ Zusterbedrijf van Sanoma Uitgevers
(libelle, margriet, donald duck, ilse, nu.nl, startpagina etc.)
■ Actief in 10 landen in Centraal, Oost en Zuid-Oost Europa, local player■ > 20% groei per jaar■ Fully owned dochters, maar ook veel JV’s
Sanoma Magazines International
Kengetallen Sanoma Magazines 2006:■ € 1,218.9 miljard netto omzet■ € 132.2 miljoen EBIT ■ 4.716 medewerkers■ SMI ; 2.200 fte’s wv 8 op HQ
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INTERNATIONAL
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INTERNATIONAL
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INTERNATIONAL
Business Transformation: Uitdagingen voor CFO SMI
• Business partner ; meedenken over strategie en organisatie
• Groei van de onderneming eist een
meer volwassen aanpak
• Acquisitieplannen ; focus vs verbreding
• Kostenbeheersing blijft belangrijk– Loonontwikkeling CEE
• Efficiency slagen – Benchmarking, proces assesments– Kennis uitwisselen/ best practice sharing
• Verbetering (Corporate) Performance Management
– Een versie van de werkelijkheid– Minder excel– Betere managementinfo– Effectiever budgetteren
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INTERNATIONAL
Werkveld CFO SMISituatieschets• Financial Accounting
– Concernrapportages strak georganiseerd (Hyperion)
• Management Accounting– Eigen invulling BU’s– Geen centrale CIO– Board van Divisiedirecteuren– Locale P&L verantwoordelijkheid
• Doelstellingen– Groei – Professionalisering
• AO/IC• Managementrapportages• IFRS• Opleidingsniveau CFO’s
Dilemma’s• Groei vs KT winst
• Centraal/ Decentraal ;
SSC voor Admin , IT ?
– Wie neemt risico’s/ investeringen– Geen gezamenlijk IT platform
• BI platform of lokaal Excel– Uniformiteit in Management Acc.
• Multimedia ; nwe diensten of focus
• Procesoptimalisatie vs local for local
• Geen gezamenlijk IT platform SM Divisies ; zelf ontwikkelen ?
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• Een excellente finance functie is een katalysator van excellente business performance
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• Contracten met nieuwe klanten zijn altijd resultanten van een afgewogen en evenwichtig besluitvormingsproces
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• Een decentraal opgezette functie heeft zijn langste tijd gehad
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• Finance is voorloper van transformaties/change
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• Customer value en profitabilty is moeilijk integraal te benaderen
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• De CFO moet zich meer focussen op finance en minder op andere domeinen
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• De CFO heeft een sturende rol om andere staffuncties naar een hoger niveau te tillen
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• Alle staffuncties zouden in een shared service omgeving beter bijdragen aan de business
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