off icial sponsors international cash and treasury managementi/@sc/@all/@kp/documents/... ·...

Case studies and panel presentations from

international cash and treasury managementThe most innovative treasury event in the world

off icial sponsors

official Lead sponsor

adobealstomcarrefourcofi nimmo coriocotygoogleinbevinditexLenovoLg electronics

global sponsor

Plus 6 pre-conference training courses

EuroFinance’s International conference1–3 October 2008Convention Centre International Barcelona, Spain

previewprogrammeBook NOW to secure your place

technology sponsors

LukoiLmotorolanokiaorascom construction industriesprocter & gambleRockwellRtL grouptetra LavalunileverVeolia...and many more!

For programme and speaker updates visit www.eurofinance.com/barcelona www.eurofinance.com

2

Ab

out T

he In

tern

atio

nal 2

008

EuroFinance’sOff icial AirlineNetworkthe star alliance™ member airlines are pleased to be appointed as the offi cial airline network for this event.

get up to 20% discount with the star alliance network

simply call the reservation offi ce of any participating star alliance member airline and quote the event code SK04A04. Registered participants plus one accompanying person travelling to the event are automatically granted a discount of up to 20%, depending on the class of travel.

Participating airlines for this event are: Air Canada, Asiana Airlines, Austrian Airlines, bmi, LOT Polish Airlines, Lufthansa, SWISS International Air Lines, Scandinavian Airlines, Singapore Airlines, TAP Portugal, THAI, United, Adria Airways, Croatia Airlines, Blue1

booking off ice information can be found at: www.staralliance.com/conventionsplus

pre-conference training courses Tuesday 30 September 2008

understanding Wacchow to calculate, interpret and manage your company-wide and local Wacc, in established and emerging markets, to create shareholder value and make investment decisions.

advanced cash fl owincrease the accuracy of your forecasts, maintain their usefulness under diff erent scenarios and pressures, and maximise the benefi ts of improved cash generation.

ifRs for treasurersan update on hedging including the latest changes and most complex issues. plus a focus on other key standards and how these aff ect treasury.

tax for treasurersthe tax ramifi cations for cash management and key issues including withholding tax, thin capitalisation and transfer pricing. you will compare treasury locations, address capital selecta including i/R directive implementation, the eu-ch bilateral ii treaty and examine traditional treasury structures.

mergers and acquisitions – opening, structuring and closing the dealstarting with an overview of the m&a market in europe, this course will look at the fi nancial consequences of m&a, fi nancial planning for m&a including cash fl ow analysis and cost of capital, valuation techniques, due diligence, fi nancing structures and fi nally, negotiating strategies and post-merger integration issues.

processes and metrics for advanced workingcapital managementoptimising working capital is a typical demand of treasury, but if you’re in charge of payables, receivables and/or inventory how do you measure the eff ectiveness of your strategies? you will look at the ways in which you can quantify and evaluate your use of working capital through benchmarking and metrics, and explore key components to address when tackling advanced working capital management.

For more information on EuroFinance’s training courses please visit www.eurofinance.com/training

you are the treasurer of a global company with the task of freeing up cash for an upcoming acquisition. can you unlock enough money in time to beat your competitors?

fully updated for 2008 with over 1000 additional liquidity, risk and general knowledge questions, cash flow at Risk is one of a kind and now exclusively available at The International 2008.

Get your hands on a copy!www.eurofi nance.com/cashfl owatrisk

2ND EDITION

Have you playedCash Flow at Risk, the world’s fi rst treasury board game?

Play the live

version in

Barcelona!Play the live

version in

Barcelona!

pick up your copy of our incisive, in-depth treasury publication for the year ahead. featuring all the initiatives and trends faced by treasurers around the globe.

to download previous publications go to www.eurofinance.com/treasuryperspectives

2

September 2006

www.eurofinance.com

CASH MANAGEMENT

The shift to genuine information

management

LIQUIDITYKnowing where your cash is

at all times

RISKWhy doesn’t the treasurer take

a bigger role in managing risk

FUNDINGAccessing credit in good and

bad times

International

Cash and Treasury

Management

A Special 15th Anniversary Supplement

1

The 2008 Treasury Agenda

Creating a value treasury

Supply chain front and centre

Having your say on M&A

Private equity conundrum

Sick of SEPA

Swiftly connecting

Fees: put that in the bank

ERP versus treasury management systems

The pension bug trap

Featuring

The Innovation 50

Treasurers making a di�erence

Treasury Wizardry

The EuroFinance Treasury Award

Treasury Trends

Results of the annual EuroFinance survey

About The International 2008 Wednesday 1 – Friday 3 October 2008

hotel reservationsfor preferential rates at various hotels in barcelona please book through Zibrant, our offi cial accommodation bureau. Go to www.zibrant.co.uk/efc or call +44 (0)1332 285 518eurofinance strongly advise that you reserve your hotel accommodation as soon as possible as rooms will be subjectto availability at the time of booking.

conference venueccib – convention centre international barcelona, spainRambla prim, 1-17, 08019 barcelonatel: 932 301 000Web: www.ccib.es

Earn up to: 7 CPE creditsDelivery method: Group-liveProgramme Level: AdvancedNo prerequisites or advanced preparation required

eurofinance is registered with the national association of state boards of accountancy (nasba) as a sponsor of continuing professional education on the national Registry of cpe sponsors. state boards of accountancy have fi nal authority on the acceptance of individual courses for cpe credit.complaints regarding registered sponsors may be addressed to the national Registry of cpe sponsors, 150 fourth avenue north, suite 700, nashville, tn, 37219-2417; Website: http://www.nasba.orgfor more information regarding refund, complaint and cancellation policies, contact eurofinance on +44 (0)20 7330 1000.

2008/09

Register and pay by Friday 1 August 2008 for major discounts www.eurofinance.com

3

Nick Leeson“Rogue Trader”, Irelandonce nick Leeson was appointed manager at barings of a new operation in futures markets on the singapore monetary exchange (simex), he was soon making millions. What the company did not realise is that it was responsible for error account 88888 where Leeson hid his losses. When barings executives discovered what had happened, nick had wiped out the 233 year old baring investment bank. the $1.3 billion dollars of liabilities he had run up was more than the entire capital and reserves of the bank. nick now spends much of his time presenting talks to companies on Risk management. in early 2005 nick was appointed general manager of galway united fc.

All new streams building centres of excellence

fx extreme

squeezing more out of your shared service centres

the 2009 treasury agenda: key topics for the coming year

supply chain interactive: games, speed dating and more

asset management clinic: fi nding and protecting yield

and back by popular demand: streams on risk, country and regional workshops, global liquidity, and funding

eurofinance’s conference on

International Cash and Treasury ManagementLast year as 2,000 treasury professionals gathered in Vienna for the 16th eurofinance international, the credit crunch was just beginning to unfold. no one predicted just how badly it would impact the fi nancial system and companies remained confi dent about business.

of course, that was in september 2007 when reported losses by the banks were scant rather than the estimated billions now. With headlines on the crisis still in the media, how much more is coming your way? Will this pessimism be a distant memory by october? even if it is, one thing is completely clear – you can never be too careful with your liquidity and the risks associated with it. this year’s programme will equip the treasurer to manage liquidity, risk and capital through the rough and the smooth, and in changing environments.

hear detailed company case studies and over 80 individual sessions, with a strong liquidity and risk theme running throughout. in addition, benefi t from three days and three nights of networking with 2,000+ treasury and fi nance professionals.

Headline speakers

Ab

out T

he In

tern

atio

nal 2

008

Conference highlights a year in the life of liquidity. hear from Adobe, Alstom, Google, InBev, Inditex, Lenovo,

LUKOIL, Nokia, Orascom, Procter & Gamble, Shell, Tetra Laval and many more on how treasury is managing funding and investments in this volatile environment.

investment guru Mark Mobius – where should you put your money in 2009?

World famous “Rogue Trader” Nick Leeson on why betting the bank will happen again and again.

bye bye banks. With credit woes, new third party competitors and continued mergers, we ask will your bank be around next year?

are we fi nally seeing treasury mimic new business models?

the good, the bad and the ugly of fi nancial supply chain management: are your banks conning you?

Mark MobiusManaging Director, Templeton Asset Management, Singapore mark mobius, investor at large – few investors are better placed to make decisions on emerging markets. for more than 30 years, the franklin templeton fund manager has been a pioneer investor in the fi eld. mobius is a true road warrior, travelling the world for undervalued companies in emerging markets. named as one of the top 100 most powerful and infl uential people by asiamoney.

Brent CallinicosVice President and Treasurer, Google, USAbrent is responsible for treasury and risk management activities at google. he joined early in 2007 after 14 years at microsoft. his most recent role there was as corporate Vice president and divisional cfo for microsoft’s platforms and services division. he was also microsoft’s treasurer from 2000-2004. previously, brent worked at Walt disney, with fi nancial responsibility for Walt disney Records, and in various treasury and fi nancial capacities at procter & gamble.

Nick Leeson“Rogue Trader”, Irelandonce nick Leeson was appointed manager at barings of a new operation in futures markets on the singapore monetary exchange (simex), he was soon making millions. What the company did not realise is that it was responsible for error account 88888 where Leeson hid his losses. When barings executives discovered what had happened, nick had wiped out the 233 year old baring investment bank. the $1.3 billion dollars of liabilities he had run up was more than the entire capital and reserves of the bank. nick now spends much of his time presenting talks to companies on Risk management. in early 2005 nick was appointed general manager of galway united fc.

Mark MobiusManaging Director, Templeton Asset Management, Singapore mark mobius, investor at large – few investors are better placed to make decisions on emerging markets. for more than 30 years, the franklin templeton fund manager has been a pioneer investor in the fi eld. mobius is a true road warrior, travelling the world for undervalued companies in emerging markets. named as one of the top 100 most powerful and infl uential people by asiamoney.

Brent CallinicosVice President and Treasurer, Google, USAbrent is responsible for treasury and risk management activities at google. he joined early in 2007 after 14 years at microsoft. his most recent role there was as corporate Vice president and divisional cfo for microsoft’s platforms and services division. he was also microsoft’s treasurer from 2000-2004. previously, brent worked at Walt disney, with fi nancial responsibility for Walt disney Records, and in various treasury and fi nancial capacities at procter & gamble.

About The International 2008 Wednesday 1 – Friday 3 October 2008

Barcelona 08The International


4

07:30 RegistRation, RefReshments and exhibition opens

09:00 Chair’s welcome to The International

09:10 A year in the life of liquidity and risk

10:10 Let’s hear you out: the audience opinion

10:50 RefReshment bReak

11:30 What the experts say: money and markets in 2009

12:10 The Award

12:45 Lunch

14:15 Conference breaks into streams

Liquidity lifeblood 3

08:30 RefReshments and exhibition opens

09:20 Chair’s welcome

09:30 Betting the bank: a rogue’s story

10:00 Betting the bank: the banks’ story


11:00 Bye bye banks?

12:15 Game on!

13:00 Lunch and launch of the 18th International event in Copenhagen 2009

14:00 Conference adjourns

18:00 Adjourn to The International Treasury Networking Reception – sponsored by MasterCard Worldwide

The

Inte

rnat

iona

l con

fere

nce

at a

gla

nce

Day 1 Wednesday 1 October 2008 Day 2 Thursday 2 October 2008 Day 3 Friday 3 October 2008

The ins and outs of money4

Optimal treasury models1

FX-extreme bootcamp2

Connecting the pieces: investigations for 20096Lands of opportunity: regional risk and liquidity strategies7

Supply chain finance: a unique interactive experience5

The International conference at a glance Wednesday 1 – Friday 3 October 2008


08:50 Chair’s welcome: changing business models and treasury

09:00 Distributed treasury: centralised vs. decentralised is the wrong debate!

10:00 Next generation treasury: the future-proof build


11:20 The new European business model: finally, a single Europe offers treasury a singular solution

12:00 How treasury can underpin the business

13:00 Lunch – sponsoRed by LLoyds tsb coRpoRate maRkets



17:50 Adjourn to day 3 – see plenaries on page 6




Connecting the pieces: investigations for 20096Lands of opportunity: regional risk and liquidity strategies7


Delving into risk scenarios8

there will be interactive voting across all 3 days of plenary sessionsyou can make the difference by getting your opinions heard.

need help choosing which sessions are relevant to you?go to www.eurofinance.com/barcelona for further details on our speakers, their company profiles and a synopsis of the presentations.

The International Treasury Networking Reception – sponsored by mastercard Worldwide

day 2 lunch – sponsored by Lloyds tsb corporate markets


5

14:15 Are your FX capabilities up to scratch?

15:00 Where next for IAS 39?


16:30 Fun with functional currencies

17:15 Dollar doldrums? Dollar despair: the plight of the dollar

18:00 Adjourn to The International Treasury Networking Reception

14:15 Cash flow management: pay for performance forecasting?

15:00 End-to-end cash management: keeping on track


16:30 Netting renews itself

17:15 The best way to replace your bank


14:15 Building a robust Investment policy and performance measurement


16:30 Investment appetite and opportunities


Streams at a glance – day 1 Wednesday 1 October 2008

Stre

ams

at a

gla

nce

– D

ays

1 an

d 214:15 The Greenfield treasury

15:00 Building a standardised and simplified treasury


16:30 Payment factories: the heart of disciplined cash flow management

17:15 Extraordinary in-house banking


Liquidity lifeblood 3 The ins and outs of money4Optimal treasury models1 FX-extreme bootcamp2

14:15 SEPA: Is it really a change agent for treasury?

15:00 Treasury partnerships: offering better cash visibility for companies


16:30 Effectiveness testing and risk technology

17:15 Digital treasury: authenticating your money, your people, your business


14:15 Chindia: China or India?

15:00 CEE: how treasury supports active expansion in the region


16:30 Improving visibility across the Middle East and beyond

17:15 Re-engineering the treasury of the future in Asia


14:15 The good, the bad and the ugly of financial supply chain management

15:00 Tough credit environment: making sure your financial supply chain supports working capital


16:30 The EuroFinance Supply Chain Challenge Trophy


Lands of opportunity: regional risk and liquidity strategies7Supply chain finance: a unique

interactive experience5 Connecting the pieces: investigations for 20096

14:30 A holistic approach to foreign exchange


16:30 Adventures in electronic trading systems

17:10 Settling with the big league

17:50 Adjourn to day 3 – see plenaries page 6

14:30 Optimising liquidity in a challenging environment

15:10 Turning a trick on transaction processing


16:30 Building transparent and automated pooling facilities

17:10 The new face of pooling technology


14:30 The rainy day balance sheet

15:10 Mastering debt funding in turbulent credit markets


16:30 Securitisations: everything can go

17:10 Tax implications of the credit crunch to funding


14:30 Building and benchmarking a treasury-led shared service centre: treasurers talk to treasurers

15:10 Shared service centres for integrating growth


16:30 Shared services driving cash flow

17:10 The next evolution of shared services: overcoming growing pains

17:50 Adjourn to day 3 – see plenaries page 6

Liquidity lifeblood 3 The ins and outs of money4Optimal treasury models1 FX-extreme bootcamp2

14:30 Reengineering treasury management for SWIFT


16:30 Reengineering treasury management for SWIFT (continued)

17:10 Systems implementation: the right deal in a world of choices


14:30 Latin America’s place in the global economy


16:30 Latin America’s place in the global economy (continued)


14:30 Speed dating: a few minutes to fix the supply chain


16:30 Business partnering in the financial supply chain order to cash

17:10 E-invoicing starting to show momentum


Lands of opportunity: regional risk and liquidity strategies7Supply chain finance: a unique

interactive experience5 Connecting the pieces: investigations for 20096

14:30 Counterparty risk

15:10 Profiting from weather


16:30 Everything treasury needs to know about commodities and shouldn’t be afraid to ask



Streams at a glance – day 2 Thursday 2 October 2008


6

07:30 RegistRation, RefReshments and exhibition opens

09:00 Chair’s welcome to The International

09:10 A year in the life of liquidity and riskafter a sustained period of excess liquidity in the market and cheap money, the sub-prime mortgage turmoil in the financial markets resulted in external sources of liquidity drying up or becoming prohibitively expensive for many companies. investment policies and yield also came under fire as money moved to safer havens and the board asked searching questions on the safety of underlying assets. a range of other factors apart from the current credit crisis has also impacted companies: interest rate changes influenced by the fed; the growing strength of the euro against the dollar, sterling and yen, and the surge in oil prices to name but a few. hear from this exclusive panel who kept records during the year on their decision making in light of interest rate and currency shifts; inflation figures and recession fears; and as oil prices climbed relentlessly over 100 dollars a barrel. as credit tightened and markets moved in and out of turmoil, how did treasury respond? What were the trends coming out during the year and did this environment change corporate and treasury behaviour? as most experts agree that access to capital will be continue to be a key concern of treasurers in the coming months, how are companies coping? What plans are they putting into place with regards to working capital, funding and investment? this panel from various regions (europe, the Usa and asia) and varying industries will speak about these issues and more. meanwhile we asked corporate treasurers from around the world to keep track of factors affecting working capital and how increasing market turbulence influenced their policies on payables, receivables, inventory, working capital requirements and use of surplus funds. these results will also be reported during the session alongside audience voting to allow you to benchmark and voice your liquidity and risk concerns.Moderated by:Brian Stevenson, Head of GTS, RBS, UK Panellists include:Brent Callinicos, Treasurer, Google, USAAndrés Garcia Peralbo, Director Treasury, Inditex, SpainDamian Glendinning, VP & Treasurer, Lenovo, SingaporeAndrey Rostovsky, Deputy Head Group Treasury, OAO LUKOIL, Russia

10:10 Let’s hear you out: the audience opinionLast year corporate treasurers in Vienna cast their votes on everything from business outlook to their use of various treasury structures and solutions, giving you an unrivalled view of trends shaping the treasury world. from trust in your rating agencies and banks to business confidence and outlook, what do you really think? Which country do you find most challenging for treasury operations? through fx issues to regulation, this short survey will let you benchmark where your treasury sits against your peers. the survey will cover all the main themes of the event and therefore help guide you through the programme to find the most appropriate sessions over your three days in barcelona.


11:30 What the experts say: money and markets in 2009for companies with significant dollar exposure, the Us currency’s long decline has created a set of increasing dilemmas. firstly, and most obviously, is the end in sight? While some treasurers are talking of the loss of the dollar’s standing as the global reserve currency, others are buying options on the currency in case it is has reached its bottom. at the same time, emerging market currencies that have performed strongly against the Us unit (sometimes allowing companies to avoid having to find rare market or natural hedges) look less of a one-way bet – at a time when companies have never been more exposed to them and emerging market political risks are rising too. so what is the outlook for each of these crucial currency areas? Where should investments go? What market dynamics are expected to shape the financial world in the coming 12 to 18 months? hear from some of the world’s leading experts on the dollar, emerging markets currencies and broader investment trends for 2009.Mark Mobius, Managing Director, Templeton Asset Management, Singapore

12:10 The Awardeach year we ask for nominations of companies which are able to demonstrate how treasury can shed the ivory tower image and make a real and measurable difference to the value of the business. Whether through spearheading programmes like managing risk across the wider enterprise, or by driving a working capital agenda to unlock more value, entrants should be able to show how proactive treasury can be as a business partner, thus proving themselves deserving of our award. this year’s winner will present their case study.

12:45 LUnch



Day 1 Wednesday 1 October 2008Pl

enar

y se

ssio

ns

– D

ays

1, 2

an

d 3

Day 2 Thursday 2 October 2008 Day 3 Friday 3 October 2008


08:50 Chair’s welcome: changing business models and treasurybuilding a responsive treasury that can adapt to its underlying business model; shield from external turmoil and add value to the company as a whole: this morning we look at companies that are developing new approaches to treasury.

09:00 Distributed treasury: centralised vs. decentralised is the wrong debate!this morning’s opening plenary will challenge traditional treasury models including the view of centralisation as the holy grail of treasury. the mantra of centralisation has moved on and now the conversation needs to be about which areas to centralise. as the nature of business changes and global risks increase, sometimes local market knowledge and responsibility can give companies a distinct edge. this may be in the area of funding, bank relationships, liquidity or local credit risk to name but a few. however, proponents of full centralisation say that any decentralised approach cedes control and visibility and can lead to inaccuracy, high bank charges and increased risk. this panel will look at some companies which have opted for less centralised functionality to gain better efficiencies in core areas of treasury. companies will speak about specific solutions and experiences.Moderated by:Sebastian di Paola, Partner, PricewaterhouseCoopers, SwitzerlandPanellists include:Kristian Pullola, Group Treasurer, Nokia, FinlandAidan Clare, Head of Corporate Finance and Treasury, Tetra-Laval, Switzerland

10:00 Next generation treasury: the future-proof buildWhat is a future-proof treasury? the answer could be one which the treasurer architects, builds and then hands over the transactional piece of treasury. this can include cash management (the pools) aR/ap and the in-house bank (internal accounts) to the shared service centre. this new model means that treasury goes totally strategic and can be a true partner to the business. costs get lowered and efficiency increases as shared services becomes an internal supplier to the treasury. one step further and could the whole thing be outsourced?


11:20 The new European business model: finally, a single Europe offers treasury a singular solutionthe societas europaea (european public company model) is a quiet revolution that strikes at the heart of business models for the future. it offers a level of centralisation simply not possible within the normal confines of treasury centralisation. this business model allows you to forget transfer pricing and tax issues as well as sales agreement differentials and these are just the tip of the iceberg. is the complexity and time involved worth the end result?

12:00 How treasury can underpin the businessLast year a eurofinance treasury and business unit survey showed there was a strong willingness from treasury professionals to work more closely with their colleagues in operations, but very few were able to achieve a partnership status that benefited the entire business. at the international in Vienna 2007 we asked a group of fortune 500 and other large private companies to take part in a survey and panel to measure satisfaction of the business with treasury and vice versa. this year’s session is expanded with a more comprehensive approach and some surprising results that show the treasury may well be breaking out of its ivory tower.Moderated by: Tom Leander, Editorial Director, EuroFinance, UKPanellists include:Hans Van den Bosch, Head of Treasury Operations, Unilever, The NetherlandsPaul Jonckheere, Treasury Project Coordinator, Carrefour Coordination Centre, BelgiumFrançois Masquelier, SVP Head of Treasury and Corporate Finance, RTL Group and Board Member of EACT, LuxembourgAnnette Owen, Global Cash & Banking Manager, British American Tobacco, UK

13:00 LUnch – sponsoRed by LLoyds tsb coRpoRate maRkets


17:50 Adjourn to day 3


09:20 Chair’s Welcome

09:30 Betting the bank: a rogue’s storyRecent events in france brought home the point that protecting a company or bank against rogue traders, fraud and other risks should always be at the forefront of a risk agenda. nick Leeson, the original rogue trader, responsible for bringing down britain’s barings bank is convinced these types of fraud will happen again and again. can our guard, whether in the banking or corporate world, ever be good enough? Leeson is one of the world’s most sought after speakers. antipathy, curiosity, intrigue and sympathy have been the various reactions to this man’s incredible life story. the collapse of barings and nick Leeson’s role in it is one of the most spectacular debacles in modern financial history. the loopholes are still wide open, he claims, and risk management is still too complacent.Nick Leeson, “Rogue Trader”, Ireland

10:00 Betting the bank: the banks’ storythe 2007 credit crunch, which began in america and rippled across the atlantic, damaged confidence in banks which poured money into investments backed by sub prime mortgages and in those dependent on short-term loans. What lessons has your bank, the credit agencies and the regulators learned about unearthing and reducing systemic risk, and how are they acting on this? do regulatory initiatives such as basel ii make banks more responsible, or merely more expensive? the blame for this crisis rests squarely on the banks; ironically it is the customers that will end up paying.


11:00 Bye bye banks? the recent takeover of abn amRo, a key cash management provider to some of the largest european companies, has brought the issue of bank strategy sharply back into focus. indeed, the risks that treasurers face in dealing with a still-consolidating bank sector are only likely to worsen going forward, given sepa’s potential to drive an increasing number of banks out of the payments area altogether. at the same time, development in other areas of payments like mobile and third party providers is squeezing bank business. both trade finance and supply chain solutions are another traditional bank business facing pressure from alternative suppliers. there is the lingering threat of bank collapse from the subprime crisis which has left consumers and corporate questioning bank counter party risk as well as the banks themselves who are reluctant to lend to each other. smart companies are taking a careful look at their partners and also at the full range of transactions a bank provides and seeing just where they can reduce their exposure. What do the banks say?Moderated by: Chris Skinner, Chief Executive, Balatro and Chairman F.S. Club, UKPanellists include:Anne Boden, Head of EMEA, GTS, ABN AMRO (future RBS), UKRajesh Mehta, Head of Treasury and Trade Solutions, EMEA Global Transaction Services, Citi, UKMarilyn Spearing, Global Head of Trade Finance and Cash Management Corporates, Deutsche Bank, UK

12:15 Game on!it’s back and even more interactive with twists, turns and the audience living and dying by their treasury knowledge as well as their ability to aRticULate it and iLLUstRate it. Join us for a session that’s fun and tests your global knowledge of liquidity and risk. every five minutes the timer resets as the audience and teams of consultants, bankers and corporate treasurers pit themselves against each other in a hilarious combination game series. Tim Westcott, Director of Treasury, EMEA, Motorola, UKLeslie Holstrom, Senior Editor, EuroFinance, Switzerland

13:00 Lunch and launch of The International: Copenhagen 2009

14:00 Conference adjourns

keynote panel

keynote speakers

case study

321 654 7 8

panel debate

case study

survey results

case study

keynote speaker

expert speaker

insight

intercactive audience session

321 654 7

plenaries day 1, 2, 3: chaired by Martin Giles, Senior Business Correspondent, The Economist Group, USA


7

Building centres of excellence – Companies consistently review their treasury functions, structures and performance and indeed, attend conferences like this to hear where their peers are heading in their efforts to achieve more efficient, cost effective and well-run treasuries. This stream run over two days will look at how companies are employing treasury models to achieve better performance. Day 1 will look at building centres of excellence: how can companies remodel or step-by-step turn strategic treasury structures into business drivers?

Chaired by Peter Green, Senior EuroFinance Tutor; and Director, transactionbanking.com, UK

14:15 The Greenfield treasurythey get to meetings on scooters, have free smoothies and candy on offer in the offices, and live in an environment that positively encourages creative risk-taking from product development through to sales. but someone has to be the grown up in the company and here is where treasury steps in. although someone has to enforce the rules and mind the money, treasury has also been given a blank slate. Like elsewhere in the company’s development, without legacy policies and systems it can skip the more traditional steps and leapfrog straight to a world class structure. this has meant a jump from 7 to what will soon be 40-50 in treasury staff, and the introduction of best practice systems and procedures. here is the google story. What fun for an incoming treasurer! but even if you don’t have the same freedom, flexibility and budget, there are some interesting insights to be gained.• Startingfromscratch:aroadmap• Developingcriticalperformanceindicators

for treasury• Never,neveroutsourceintellectBrent Callinicos, Treasurer, Google, USA

15:00 Building a standardised and simplified treasuryshell has a global operation spanning 130 countries that includes some of the world’s least accessible locations. With a centralised approach and a defined cash management strategy, shell’s treasury continues to deliver efficiency gains to the organisation and remains at the forefront of treasury innovation. one of the key foundations of shell’s vision is process standardisation and simplification. • Frameworkforaworldclasstreasury• Buildingblocksforstandardisationand

simplification• Aprimarybankmodel• Lessonslearnedandpracticalstepstomeet

strategy•IntegratingtrulyglobalcollectionsDarsh Johal, Head of Global Cash Management, Shell, UKPeter Langshaw, Managing Director, Industry Head, PECM (Power, Energy, Chemicals and Mining), EMEA Global Transaction Services, Citi, UK


16:30 Payment factories: the heart of disciplined cash flow managementWhen inbev, the belgian brewer with a turnover of billions of euros and operating in 32 countries, embarked on a payment factory solution, they were looking to centralise payables for Western europe and several countries in the cee region. not only were they hoping to reduce external costs related to cash management and treasury as well as the complexity of their ap structure, but were ultimately also looking for a solution which would optimise their working capital. inbev maintains a growth strategy so the payment factory needed to be flexible to allow for further expansion as the company grows.• Objectivesforthepaymentfactory• Mainlessons:stumblingblocksencounteredand

how they were solved • Implementationofthepaymentfactory:

a disciplined approach to achieve targets • Thesharedservicecentre• Thenextstep:creationofanoverlaystructure• TangiblebenefitsLaurent Hendrickx, Manager Treasury Operations, InBev, BelgiumFrédéric Vanderstuyft, Senior Cash Management Advisor, ING, Belgium

17:15 Extraordinary in-house banking in-house banks are popular with companies who want to use internal monies to fund and invest on behalf of their subsidiaries. although in-house banks may seem part of the furniture these days, there are new tools and innovations driving companies to make better use of in-house bank capabilities. this session will look at benefits of the in-house bank and show how it can be taken to the next level to sit within a broader cash management, liquidity and risk strategy.• Howthein-housebankaddsvaluetotreasury• Thein-housebankandliquidity• Newinnovationsandtools• Assessingandbenchmarkingbenefits



case study

Day 1 – streams 1 and 2 Wednesday 1 October 2008

Day

1 –

str

eam

s 1

and

2

Foreign exchange management continues to be extremely important for treasury. There’s calculating your actual and potential risks and exposures to different currencies. Deciding when, how and whether to hedge and explaining your choice to the board. Then there’s the choice of who to deal with, not even to mention taking a leap into which reference currency you should be based in. And all that against the background of huge uncertainty in international markets. It’s no surprise that many shy away from the whys and wherefores of forex. But as the hub of risk management in your company, it pays to stay on top of foreign exchange risk. This stream will help you kick your FX into shape.

Chaired by Sebastian di Paola, Partner, PricewaterhouseCoopers, Switzerland

14:15 Are your FX capabilities up to scratch?What works for you in foreign exchange and how does it differ from your peers? Look around you. how do you model your foreign exchange exposures? how has ifRs changed the way you structure your hedging policies? evidence shows that foreign exchange derivatives remain dominated by forex swaps and forwards. these simple instruments account for 90% of average daily turnover in the market according to the latest bis survey. exoticism just hasn’t caught on. With boards running scared of derivatives, how do you approach them?• Treasury’srole:profitmakingorriskprotection?• Yourexposures–howbesttomodelthem• Activevs.passiveforeignexchangetreasury• Benchmarkingagainstyourpeerseurofinance surveyed european treasurers to find out how you benchmark your foreign exchange activity. do you treat foreign exchange as an asset class? do you construct basket-based indices? has the current currency market affected how you will look at your currency mix in the future? our panel will also discuss this outcome and ask the audience to vote and share views.

15:00 Where next for IAS 39?ias 39 has been deeply unpopular with companies and many feel its requirement to mark derivatives to market assumes that treasurers are traders and ignores that the use of derivatives is part of a broad corporate risk management strategy. the standard setters recognise that ias 39 is imperfect and have been working with treasury professionals in an attempt to find a solution for a new and improved version. this snapshot session will give a brief update on the regulators’ response to the need for change.Bob Garnett, Board Member, International Accounting Standards Board, UKSebastian di Paola, Partner, PricewaterhouseCoopers, Switzerland


16:30 Fun with functional currenciesis changing functional currency an effective response to shifts in currency markets and does it provide a good enough natural hedge to make matters worthwhile? a company that has undertaken a change in reference currency discusses the reasons, benefits and pitfalls. What are the triggers to shift your functional or presentational currency: sepa, dollar moves, customer demand or providing a natural hedge? When is the right time? are there good reasons to avoid it?• Feasibilitystudies• IFRSimplicationsoffunctionalcurrencychanges• Triggersandtiming• Determiningthecurrencythatmostinfluences

sales prices and operating costs• Whatdifferencedoesitmake?Neil Peacock, Country Treasurer, Alstom, Switzerland

17:15 Dollar doldrums? Dollar despair: the plight of the dollarheadlines scream of high oil prices – denominated in dollars – and at the same time the dollar wallows in the doldrums. it’s a strange paradox. how does, and should, the value of the dollar affect companies around the world? With most commodities priced in dollars, what does the fate of the greenback do to you? behind the headlines lie worries about the tectonic shifts in the world economy. in april 2007, the dollar was involved in 86% of all spot foreign exchange transactions, down from over 90% in 2001, according to the bis. on the face of it, it’s not fundamentally changed much in decades. the currency of international bond issuance, meanwhile, is fairly evenly split between dollars and euro. does it really matter to corporate treasury?• Dollar–howlowcanitgo?• Theunderlyingposition–stabilityandchange• Reservecurrencytrends–storminateacupor

sterling revisited?• Whathappenedtovolatilities?• Determiningthecorrectresponse



special panel

case study

case study

case study

official interview

currency experts

case study

The International Treasury Networking Reception – sponsored by mastercard Worldwide


8

You need a handle on liquidity to put it to use where required. Information flow, bank relationships, cash management and pooling techniques are all fundamental building blocks in creating the right liquidity management strategy. This series of case studies will demonstrate the latest techniques and processes to free up much needed liquidity in a credit starved environment.

Chaired by Adrian Rodgers, Senior EuroFinance Tutor; and Director, ARC Solutions, UK

14:15 Cash flow management: pay for performance forecasting?in the current environment investors, regulators, rating agencies and your board itself need a yardstick for measuring the financial health of your company. how much cash flow are you generating, and can you accurately report this? forecasting the cash flow has become an imperative for almost every company out there, even those who in the past have been hugely sceptical about the validity of forecasts. identifying short and long-term liquidity needs are a prime component of a healthy working capital management focus.• Leadingpracticemethodsandinnovativenew

approaches• Buildingtheincentivespackageandbenchmarks• Datacollectionwithinthecompany• Exponentialsmoothing/regressionanalysis• Managingvariance:practicalapplications• Linkingcashflowtotheworkingcapitalcycle

15:00 End-to-end cash management: keeping on trackonly a few companies have made the journey from start to finish on an end-to-end cash management solution. most get bogged down in complications and minutiae and hence stop in the middle with no clear objective or end in sight. a total global approach to cash optimisation can help you release funds for a wider growth footprint. first you need one window for cash: your technology, systems and procedures have to support that. stp comes into play as does bank rationalisation and choosing the right cash structures. this best practice case study will map the route.• Whatisasingleviewofcash?• Whatisthefinalgoal?• Technology,bankandliquiditysupport

structures• Reengineeringthecashmanagementoutcomes


16:30 Netting renews itselfWhile netting lost some of its traditional value-added with the introduction of the euro, the product is again on an upswing in many european regions. faced with expensive processing costs for internal invoices, corporates are discovering the power of netting to handle these more efficiently – and slash costs as a result. an expert user shares insights into getting the most out of netting. • Typesofnettingandmethods• Financialflowsandinter-companyFX• Structuralandpolicydrivers• Achecklistapproach

17:15 The best way to replace your banksepa and other developments in cash management may well mean now is the time to streamline your bank relationships or use these developments as an excuse to Rfp for a new partner. Replacing cash management banks isn’t always as simple or smooth as expected – and is certainly far from any form of ‘hot swapping’. treasurers quite often find it time consuming and challenging to move their subsidiaries to new banks. a host of reasons can lie behind this, including customers’ reluctance to change, the sensitivity of a recent takeover, lending relationships and/or unfamiliar systems and interfaces. this session explores strategies and tactics to resolve these situations. • Drawingupthedivorcesettlement:whatto

expect along the way• Nutsandboltsofamove• Timingissues• Learningtoletgoofrelationships:notburning

bridges• Controlandsecurityissues



case study

Day 1 – streams 3 and 4 Wednesday 1 October 2008D

ay 1

– s

trea

ms

3 an

d 4

case study

case study

case study

Asset management: in search of safe yield If you are sitting on a cash pile, where are you putting your money? Corporate investment policies took flight to known quality following the beginnings of the credit crunch, but where are they now? What is the strategic thinking behind short-term investment? When security has overtaken yield, what’s a company to do? Has the range of instruments in the tool kit changed? This stream will look both at investment policy and current opportunities. It will help you to formulate policy based on what is the underlying asset of an investment instrument as well as to clearly explain this to stakeholders in your business from the board to shareholders.

Chaired by Chris Robinson, Senior EuroFinance Tutor; and Director, transactionbanking.com, UK

14:15 Building a robust Investment policy and performance measurementinvestment can often be an afterthought. “if it earns something, fine” can be an often-employed investment strategy for short-term cash. that’s not doing your shareholders or stakeholders a lot of good. this double session will look at basic considerations from outsourcing the investment management to using in-house capabilities. it will also look at setting realistic policies, bearing in mind the credit market fallout and the current market conditions, and the range of extended duration products becoming available. also asset allocation strategy will be looked at more closely. a number of companies will talk about their approach, because investing can never be a one-size-fits-all solution.• Creditmarketfallout:impactontreasury• Theevolvingmarketenvironment• Stepnumberone:doyouhaveahandleoncash?• Outsourcingvs.in-house:cost,complications

and returns, and what you can manage in-house (credit risk, interest risk etc)

• Planningyourinvestmentstrategy:riskappetite• Settingandexplainingthestrategy• Strategicassetallocation• Howsafeisyourmoney?• Knowtheunderlyingrisk• Counterpartyriskmanagement• Yieldanddurationissues• Puttingtogetherthesolution:policydesignand

performance measurementModerated by: Steve Everett, Director Balance Sheet & Ops. Assets, Northern Trust, USA Panellists include:Barbara Hill, Vice President and Treasurer, Adobe Systems, USA


16:30 Investment appetite and opportunitiesthis session will look specifically at investment products, drawbacks, opportunities, risks and rewards. treasurers must be aware of a whole host of new products and how to evaluate and capitalise on intra corporate group, local, regional and international opportunities to extended duration products, and matching those investments to the their particular needs. treasurers will be taken through the maze of immediate cash management strategies. • Aportfolioreview• Awalkthroughinvestmentopportunities• Balancingyieldandrisk• Mappingandmonitoringrisk• Technologytoassistinvestment:multibank

portals and single bank solutions for mmfsDavid Atchley, Senior Manager, Treasury, Cisco Systems, USAJoe Sarbinowski, Managing Director, Global Head, Institutional Liquidity Management Distribution, DB Advisors, USANeil Ellerbeck, Chief Information Officer, Global Liquidity Business, HSBC Global Asset Management, UK



panel session

panel session


9

If you are not a fan of interactive experiences then this may not be the stream for you! Supply chain finance has steadily risen on the CFO and treasurer’s agenda, mainly as banks re-package their cash management solutions into the financial supply chain space. What has grown correspondingly is confusion over exactly what supply chain finance is, who the players are in this area and what solutions are on the table. This highly interactive, audience-led experience will bring together corporates and the main players in the field to debate the whole picture and drive the global solution agenda further.

Chaired by Sarah Jones, Chief Executive Officer, SCF Capital, UK

14:15 The good, the bad and the ugly of financial supply chain managementis financial supply chain a big con? some in the industry say that transaction banks have had two purposes in life: lending and processing payments between parties. then came sepa and other developments, meaning that only some “commercial” banks will have funding left. in the efforts to get more business, many banks are rebranding their traditional cash management services as financial supply chain solutions and renaming factoring as commercial credit. but are you getting anything different? there are also a number of players in the fsc space outside of the banking community. how do you sort the good from the bad? the audience will be able to participate with interactive voting, giving delegates a chance to really sort the wheat from the chaff in supply chain finance.• Technologysolutionsandservicesthatlink

everyone in the chain. • Howdoyoureallyreducethecostofriskinthe

supply chain?• Definitionsandredrawingthemaps• FSCMandsupplychainfinance• Whoownstheagenda?• Interdepartmentaltensions–differentgoals• Theroleofbanksandthirdparties–determining

what you need.

15:00 Tough credit environment: making sure your financial supply chain supports working capitalto support cutting edge working capital management, forward-looking companies are revising supply chain finance and inventory management in the light of new opportunities made possible by state-of-the-art technology and third party companies getting involved in this area. What are the best-in-class tools for enabling companies to negotiate preferential purchase terms and strengthen relationships with vendors, strategic partners and key suppliers? find out how to put the best of them into practice so that they improve your corporate financial performance.•Thenextgenerationofworkingcapital

management• Evermoreenablingtechnology• Connectingdisparatelinksinthesupplychain• Performanceenhancingbestpractices


16:30 The EuroFinance Supply Chain Challenge Trophyare you up to the challenge? teams of four to eight people will compete as a global wine production and distribution company. this session will help you to understand your underlying supply chain, the financing opportunities and solutions along the way, and risk trigger points. through a series of interactive exercises, teams will compete to prove who has the best knowledge in the supply chain arena. Wine and cheese will be served along the way in a relaxed, fun and informative session.YOU CAN JUST OBSERVE RATHER THAN PARTICIPATE IF YOU CHOOSE.this session will also ask the audience what supply chain management means to them and how they would like to view it. it will specifically look at reducing the cost of finance across the whole supply chain; dealing with risk in the supply chain; and trade platform technology and tools for increasing efficiency.



special panel

Day 1 – streams 5 and 6 Wednesday 1 October 2008

Day

1 –

str

eam

s 5

and

6

Key issues on the corporate treasury agenda for the coming year include SEPA (much is still unknown, but we ask several companies to highlight what benefits they may have so far); SWIFT and other connectivity issues. We also take a look at various technology stories which show that companies, software providers and banks are really starting to team up in an effort to crack the STP puzzle.

Chaired by Chris Skinner, Chief Executive, Balatro and Chairman F.S. Club, UK

14:15 SEPA: Is it really a change agent for treasury?this is our second apology in as many years for putting sepa squarely on the agenda, because so often when we research with companies – they say “enough on sepa – it is a bank issue.” but here is a new one for you: developments in the single european payments area are exciting for you. yes, really. the banks have been trying to tell treasurers that for years, but for all you on the corporate side, not a lot has been happening. after all the investment and noise, how much practical difference has it made to you, the payments user? With sct (sepa credit transfer) the new file format for mass euro payment transactions freshly minted in January, has it made a difference? What is the position in the migration from national systems in favour of sepa? Where are we on sepa direct debits (sdds)? as banks fight to differentiate themselves, what will the cross-selling opportunities they chase mean for the treasurer? and if systemic risks emerge, could the brakes go on for the whole project?• FillingtheSEPAinformationgap• Managingtransitions:whenandhowtodowhat?• Directdebits:hugeopportunitiesandrisks• Whatmeasuresshouldcorporatestake?• Workingwithbanks• Thelimitstorationalisation• In2009thePaymentsServicesDirectivelooms• WherenextforSEPA?

15:00 Treasury partnerships: offering better cash visibility for companiesWhile companies focus heavily on building and improving their shared services, banks are in effect mimicking those actions by centralising the information that clients need to run an efficient treasury. how? key cash management banks are building and improving their own cm portals as a key distinguishing service against their competitors. these portals can now offer not just a single window of visibility to cash but can provide all the other services available within the bank from fx dealing and other asset classes to research and analysis and real time information. another avenue of information amalgamation comes from the marriage of third party technology with banking services, a strategy which never really took off previously but seems to be making a comeback. banks seek to leverage third party offerings rather than investing in proprietary technology, and tech companies can cash in on a bank’s customer base. here is a classic case of everyone working towards the same aims. • Resolutionofcashforecasting–canpartnershelp?• Usingaportaltobolstercashvisibility• Helpfulfeaturesanduses


16:30 Effectiveness testing and risk technologythis case study addresses the complications of hedge accounting on cross-currency swaps and specifically for cash flow hedges, using the fixed benchmark method of interest hedge accounting and fair value hedging. if you have requirements concerning interest hedge accounting, particularly cross-currency swaps and the conversion of loan and interest amounts, this session will look at cash flow hedges and fair value hedges under ifRs:• Assigningtheswapstospecificloans• Calculatingthefairvalueofbothoneach

reporting date using initial exchange rate• Conductingthefixedbenchmarkmethodby

introducing a hypothetical loan• Testingofprospectiveandretrospective

effectiveness• SavingtheoutcomesofhistoricaltestsMaarten Michalides, Group Treasurer, Corio, The NetherlandsMartin Bellin, Managing Director, BELLIN Finanzdienste, Germany

17:15 Digital treasury: authenticating your money, your people, your businesscorporations are increasingly concerned about the growing risk and liability associated with their global operations. many are using internal “payment factories” where employees signing for treasury functions are not the authorised signatories, and passwords are the predominant form of authentication. Lack of transparency (both internal and external) is driving corporations to seek increased visibility and accountability down to the individual associated with each step in the end-to-end process. as employee fraud continues to grow and more corporations are held responsible for data breaches by customers and partners, how can you protect the company with the use of a globally accepted, interoperable standard for authenticating the documents and data? this session will look at minimising risk.


Connecting the pieces: investigations for 20096

special panel

case study

game session

case study

case study

case study


10

As America and Europe slow, companies are turning further and further afield for business opportunities. With opportunity comes cost and stumbling blocks whether from a transfer pricing strategy or the need to unlock cash from a closed, hostile banking or financial system. How should you cope? Rather than viewing most countries in isolation, companies are employing regional treasury solutions that try to make the best of what is available. We illustrate some best practice examples in this stream.

14:15 Chindia: China or India?india or china? Where do you put your resources and what do you get back? china and india are two of the fastest growing economies in the world. both present a challenging environment for financial and treasury operations. comparing and contrasting the two countries provides an insight into business operations as well as pointing to future concerns and opportunities.• Growthrates• Copingwithcountryrisk• Whenitallgoesbellyup• Bankingissues• Regulatoryandtaxconcerns

15:00 CEE: how treasury supports active expansion in the regionfor a company rapidly expanding in the central and eastern european region, how do you establish cost-effective banking, cash and treasury arrangements in a centralised fashion? What are the local payments and collections issues? What are the available bank solutions? if you are looking to find out more about setting up coordinated cash management across the countries in order to support your business expansion, this session will help you to understand solutions in the region.• Controllingcashflows• Collectionissues• Paymentissues• Poolingpractices• CentralisingtheservicesRudmer Wedzinga, Assistant Treasurer, Coty, The Netherlands


16:30 Improving visibility across the Middle East and beyonddubai is paving the way forward with reform in the region, but while markets are opening and relaxing norms towards liquidity and tax issues, companies still have to face a number of restrictions in the region. so how can you build tax efficient, transparent liquidity processes and move your cash more freely around? What are the concentration, pooling and sweeping structures you can put into place and what are the best tools available to manage the information? this case study will show one company’s experience of creating the best possible liquidity solution regionally.Dalia Khorshid, Group Corporate Treasurer, Orascom Construction Industries, UAE

17:15 Re-engineering the treasury of the future in Asiamany companies are stuck with legacy systems, processes and policies. this case study will look at how one company embraced those challenges and set into place a blueprint for the future. this session will look at the archetypal company undergoing the strain of change: acquisitions, differing levels of performance; reliance on local treasury structures and banks and seeking to centralise to increase efficiencies. hear about the challenging details of a complete reengineering: project objectives and the work done so far and what really happened versus expectations.• Assessingthecurrent• Planningthefuture• Puttingitallintopractice• Stumblingblocksandchallenges• Measuringresults


Lands of opportunity: regional risk and liquidity strategies7

case study

Day 1 – stream 7 Wednesday 1 October 2008D

ay 1

– s

trea

m 7

case study

case study

case study

We are delighted to announce that Médecins Sans Frontières (MSF) is EuroFinance’s preferred charity for 2008. MSF provides medical assistance to populations in distress, victims of natural or man-made disasters and victims of armed conflict. MSF relies on donations from the public for two key reasons: to ensure the freedom to provide humanitarian assistance whenever and wherever it is needed, and to remain independent from political, religious and economic interests.www.uk.msf.orgIf you wish to make a donation, please go to www.justgiving.com/eurofinance


11

Day 2 – streams 1 and 2 Thursday 2 October 2008

Day

2 –

str

eam

s 1

and

2

Establishing a shared service centre gives treasury the opportunity to re-engineer much of the cash management and transactional processes of a company. Although sometimes the SSC does not report directly into treasury, it still remains a perfect vehicle to centralise most treasury procedures and reduce risks throughout the business and finance function. It is a form of mini-outsourcing for treasury, and for some companies, it has been taken a step further with the SSC truly hived off to an outsourced partner.

Chaired by Peter Green, Senior EuroFinance Tutor; and Director, transactionbanking.com, UK

14:30 Building and benchmarking a treasury-led shared service centre: treasurers talk to treasurersthis session will begin with the results from a eurofinance summer 2008 survey on shared services centres including the relationship with treasury; the scope of the shared services; expansion and the difficulties in using shared services for some pieces of the transaction. What is the role of technology? treasurers in this session will also be asking the audience for their views and metrics in order to allow delegates to benchmark the current state of their own shared services or to simply find out more about what companies do within this environment.• Onesizeandmodeldoesn’tfitall• Howmanycentres,whereandreportinglines• Piecesofthesharedservicepuzzleandwhere

they fit in• Whatistransactionalexcellence?• Outsourcing• Addingnewservicesandexpandingthescopeof

your shared services• BenchmarkingandmetricsNatalia Kang, Manager, LG Electronics European Shared Service Centre, The Netherlands

15:10 Shared service centres for integrating growth procter & gamble were early adopters of a centralised shared service centre approach and now have three regional centres managing ap/aR, payroll, hR and t&e. by developing a close working relationship with their treasury, p&g’s ssc has also been able to develop a world-class framework for the integration of acquisitions. • Developingacentralisationculture• TherelationshipbetweenaSSCandthetreasury• Achievingautomationandtransactional

excellence• Whatmodelforgrowth?• Frameworkandbestpracticeforacquisition

integrationBen Fletcher, EMEA Treasury Banking Manager, Procter & Gamble, UK


16:30 Shared services driving cash flowin most businesses, one of the hardest tasks facing the treasurer is producing an accurate cash flow projection, even short-term. With cash flow and working capital management of increasing concern to companies, shared service centres should be able to work closely with treasurers to accurately forecast a company’s cash requirements with a strong grip on payables and even collections. this means transactional business sits within the ssc freeing up management to drive business performance. Kurt Vanwingh, Credit Control Manager EMEA, Rockwell, BelgiumDieter Stynen, Treasury Solutions Team Leader, Global Transaction Banking, Deutsche Bank, Belgium

17:10 The next evolution of shared services: overcoming growing painssetting up shared services doesn’t end when the operation goes live. if you want to maximise shared services multi-functionality, the organisation needs to develop and expand and maintain a strategic position within the corporate environment. how does treasury drive that forward? this case study will look at rapid expansion opportunities for financial shared services and at how much is too much?• Positioningsharedservicesforexpansion• Howtomakethebusinesscase• Identifyingopportunitiesandobstacles

to growth: what services sit well in shared environments

• Howbigcanitgrowandwhentostop?



special session

Foreign exchange management continues to be extremely important for treasury. There’s calculating your actual and potential risks and exposures to different currencies. Deciding when, how and whether to hedge and explaining your choice to the board. Then there’s the choice of who to deal with, not even to mention taking a leap into which reference currency you should be based in. And all that against the background of huge uncertainty in international markets. It’s no surprise that many shy away from the whys and wherefores of forex. But as the hub of risk management in your company, it pays to stay on top of foreign exchange risk. This stream will help you kick your FX into shape.

14:30 A holistic approach to foreign exchangetranslation, transaction and economic risk. these are terms used frequently when discussing currencies and how they affect companies. definitions still vary, but dealing with these types of foreign exchange risk is as much an art as a science. translation risk, where accounting risks emerge on the balance sheet as currencies change and transaction risk – between entering a contract and settling it – can be mitigated by hedging. economic risks – both in terms of profit and loss and country risks too, can be eased. how do you identify what these terms mean for your company? how do you get a long-term strategy in place? are you hedging things that you shouldn’t be hedging? Watch out that you aren’t hedging against the net value of your company. if companies spend more time on their underlying business model, they may decide that subsidiaries take their share of underlying risk. here are practical strategies for foreign exchange risk management.• Transactionrisk:identifyinganIFRS-appropriate

hedging strategy• Translationrisk:theperennialbattlewith

financial controllers• Economicrisk:countryriskandP&Lrisk.Putyour

money where your mouth is• Beyondforwardsandoptions,whatarethe

different ways to manage foreign exchange?• Alternativeriskmanagementstrategies:backto

basics in billing15:50 RefReshment bReak

16:30 Adventures in electronic trading systemsfaced with the choice between single bank proprietary or multibank dealing systems such as fxall, currenex, fxconnect, globalink, espeed or the simple conversational telephone links, what should a treasurer do? portals may sound like a window into another universe, but how much do they actually bring the trading floor into your treasury? how risky is it to put all your eggs in one basket. is it worth putting all your foreign exchange volume on a single platform? treasurers thrash out the issues with out with a selection of the major proprietary and bank providers of trading platforms.• Stateoftheart–tradingin-house/out-of-house• Avolumegame.Howmuchistoomuch?• Tradingviaaprimebroker–theinsandouts• Beingavisibleplayer• Regulation,strategyandchallenges• Costissuesandstackingupthebenefits

17:10 Settling with the big leaguecontinuous linked settlement used to be the preserve of banks. now, though, certain corporates are venturing into the arena. eliminating settlement risk in cross-border financial payments is something the active treasury may wish to consider if it wants to ensure that delays arising from differences in time zones, legal jurisdictions and operating procedures are things of the past. this case study will also look at different models for treasury integration with the aim to define best practice within treasury in terms of straight-through processing, operational risk and bringing down operating costs. • Howtoensureseamlesstreasuryintegration• Whatsystems/technologiestobenefitfrom?• Continuouslinkedsettlementandwhereitfitsin

with stp • Thebenefitsofcontinuouslinkedsettlement• Sizelimitations/challengesofoperating



case studies

case study

case study

case study

panel session

case study


12

You need a handle on liquidity to put it to use where required. Information flow, bank relationships, cash management and pooling techniques are all fundamental building blocks in creating the right liquidity management strategy. This series of case studies will demonstrate the latest techniques and processes to free up much needed liquidity in a credit starved environment.

Chaired by Adrian Rodgers, Senior EuroFinance Tutor; and Director, ARC Solutions, UK

14:30 Optimising liquidity in a challenging environmentoptimising liquidity has always been critical but challenging for companies with a wide geographic span. this requirement has been heightened by the continuing credit crunch, which has led to companies placing extra focus on utilising internal liquidity rather than reliance on external credit. sabmiller took the initiative to create a global liquidity structure currently spanning 10 countries. their solution serves to meet the objectives of their group treasury, as well as the operational needs of their businesses, which themselves have specific requirements due to sab’s rapid growth through acquisitions. this session will explore the thinking behind their strategy and how they approached the implementation.Giles Newell, Deputy Treasurer, Head of Treasury Operations, SABMiller, UK

15:10 Turning a trick on transaction processingcorporate treasury departments of all sizes are discovering the cost savings and improved transaction benefits of implementing commercial card programmes. by capturing transactions from various division and countries around the world, companies can reduce overall transaction processing costs and capture data often lost through other payment channels. Learn about one company’s experience with the challenges and benefits of implementing an international payments solution.• Reducedtransactionprocessingcosts• Improvedcashflowforecasting• IntegrationwithERPsystem• Multi-countryroll-upreporting


16:30 Building transparent and automated pooling facilitiesare you looking for an innovative, highly automated pooling solution which is truly multi-currency and cross-border? can difficult countries with regulatory obstacles be included in such a process? can you maximise available funds avoiding complex documentation, instructions and inter-company issues? this case study will look at putting into place a well-structured international liquidity solution that is transparent and appropriate for the business needs.• Automatedsweeps:benefitsandlimitations• Investments:mobilisingcorebalances• Achecklistforapplicabilitytocompanies• Hybridstructures:whenyoucan’talwaysget

what you want

17:10 The new face of pooling technologydo you want as comprehensive a view as your bank may have of your financial picture? if you need an overview of the cash flow across borders and the company’s financial health along with the ability to move money around from entity to entity to maximise cash positions and interest earnings, this case study will show how one company’s solution gives better financial control across the company. • Accounthierarchiesacrossbordersinmultiple

currencies with pooling• Netting,zerobalancing,interestcalculation

across hierarchies, “balance checks”• Atoolformergersandacquisitions.• Balanceonalllevelsofthehierarchy• Whatyoucanachieve



case study

Day 2 – streams 3 and 4 Thursday 2 October 2008D

ay 2

– s

trea

ms

3 an

d 4

case study

case study

case study

Balance sheet management and funding opportunities Oh not to be a treasurer in 2008/9 with a need to refinance! So far, companies are holding up well with cash on the balance sheet and a lot of financing already secured before the credit crunch worsened. Whether you’ve got the cash or not, it pays to mind the balance sheet and proactively manage it through good and bad times.

Chaired by Chris Robinson, Senior EuroFinance Tutor; and Director, transactionbanking.com, UK

14:30 The rainy day balance sheetUmbrellas are up. now is the rainy day you’ve been preparing for. you locked in funding while the times were good. you won’t have to refinance immediately. your current cash flow is positive, but your funding profile stretches out much longer. is this your story? if so, deciding the balance between current assets and liabilities against future assets and liabilities is key. how much is too much cash? how should you be using your immediate cash flow? the storm could last, or it could cease tomorrow. We look at the dilemmas from the perspectives of different types of company – one which generates and pays out huge amounts of cash daily and one which has a mismatch between lumpy costs and payments. • Tohaveandnottohave:thatiscertainly

the question• Sustainingahealthybalancesheet:whohasit

and who doesn’t? (audience vote)• Short-termvs.mediumandlong-termobjectives• Choicesforcorporatestructure• Where’sthesmartmoneycomingfrom?• Atreasurerwithan08/09maturity

15:10 Mastering debt funding in turbulent credit marketshow do you manage debt knowing that unexpected or unplanned events could occur?this company will present its tips and tricks to mitigate the contagion effect of external, sudden and non-controllable market risks such as the subprime crisis or last year company’s credit rating downgrading. in both cases its cp outstanding dropped significantly and the company experienced higher credit spreads, but finally its conservative financial policy positioned it to weather the storm. how prepared are you?• Identifyingandmitigatingmarketrisks• Transparentapproaches• Buildinganappropriatefinancialpolicy• Whatcostisacceptable?Benoît Messiaen, Treasurer, Cofinimmo, Belgium


16:30 Securitisations: everything can gosecuritisations must remain a popular source of funding because of their intrinsic efficiency and the way they allow a company not to have to treat certain assets as being on the balance sheet. as a company, you can securitise pretty much anything you are owed, but investors may fight shy of securitised deals in light of the subprime mortgage debacle. this session looks at a solid deal and how you can ensure investors understand the underlying assets. securitisation, when your investors really understand your credit, is a good source of long-term funds.

17:10 Tax implications of the credit crunch to fundingbanks and investors’ appetite to back highly leveraged transactions or fund less than highly rated credits has clearly weakened, but what other consequences has the continued credit situation brought to the corporate? one effect from the weak credit markets is the growing importance of treasury centres and their role in inter-company funding. this in turn has caused more complicated tax implications in various domains with increased tax planning necessary to recoup higher intra-group interest rates. companies must also deal with the negative impact of new interest rate deduction limitations in a number of countries and higher transfer pricing scrutiny.• Practicalimpactofnewruleslimitinginterest

deduction to percent of ebitda • Thestatusoftransferpricingauditsrelatingto

treasury activities • Howdothetaxauthoritieschallenge

treasury centres? • Latestonwithholdingtaxes• Whatarethemostimportanttaxissuesyou

should consider when going for alternative financing like factoring/reverse factoring?

Philippe Vyncke, Partner, PricewaterhouseCoopers Tax Consultants, Belgium



panel session

case study

case study

case study


13

If you are not a fan of interactive experiences then this may not be the stream for you! Supply chain finance has steadily risen on the CFO and treasurer’s agenda, mainly as banks re-package their cash management solutions into the financial supply chain space. What has grown correspondingly is confusion over exactly what supply chain finance is, who the players are in this area and what solutions are on the table. This highly interactive, audience-led experience will bring together corporates and the main players in the field to debate the whole picture and drive the global solution agenda further.

Chaired by Sarah Jones, Chief Executive Officer, SCF Capital, UK

14:30 Speed dating: a few minutes to fix the supply chainthere are a range of instruments to provide working funds throughout the entire financial supply chain, provided both by banks and third parties, from structured finance to factoring, reverse factoring and trade finance tools. What are they? perhaps a concept better known for the singles world, this speed dating session will bring the key solutions providers together with the corporates where they have three minutes to make the perfect pitch. We are going to present you with common financial supply chain problems and ask you to cast your vote on solutions. this session is going to look at cutting edge third party providers in the supply chain financial space: who are they; what do they offer; what makes them unique to their competitors? you then vote.


16:30 Business partnering in the financial supply chain order to cashmedtronic has in combination with its cash and liquidity centralisation strategy, focused on the order to cash financial supply chain with treasury as partner to the business units. hear from one of the world’s largest medical technology suppliers how treasury initiates, leads and facilitates an integrated approach towards enhancing working capital, managing risks and improving processes in the order to cash financial supply chain.

17:10 E-invoicing starting to show momentumstill more talk than action, is 2008 the year of e-invoicing? companies see scope to bring further efficiency and control to their payments infrastructure through this method (rather than scanning them, for example) – often as part of a broader rationalisation and enhancement of their supplier relationships. • how to purchase a workflow system for

supplier invoices • building the requirement list and involving the

total organisation • impacts and benefits to a company

operating globally • solving the difficulties with suppliers • one solution for all invoices Inger Sund, Group Cash Manager, Stena Line Scandinavia, Sweden



voting session

Day 2 – streams 5 and 6 Thursday 2 October 2008

Day

2 –

str

eam

s 5

and

6

Key issues on the corporate treasury agenda for the coming year include SEPA (much is still unknown, but we ask several companies to highlight what benefits they may have so far); SWIFT and other connectivity issues. We also take a look at various technology stories which show that companies, software providers and banks are really starting to team up in an effort to crack the STP puzzle.

Chaired by Chris Skinner, Chief Executive, Balatro and Chairman F.S. Club, UK

14:30 Reengineering treasury management for SWIFTsWift can bring enormous advantages to corporate treasury, but it has failed to meet its targets on corporate membership. Why are companies holding out? is it because there still remains a lack of understanding about the benefits of sWift access? is it because many companies regard their payment flows as insufficient to justify the cost? but the 300 companies that are connected up come in all shapes and sizes, from those with simple cash management structures dealing with a few banks locally, to large corporates deploying sophisticated payments and collections factories. this extended afternoon workshop will give the real low-down on the pros and cons, obstacles and initiatives to simplify cost and efficiency in the connecting up process. the opening discussion will be followed by case studies which will offer practical insights as to how and why these companies are implementing sWift to achieve similar goals of better stp and visibility to global cash.• SWIFTconnections:MACUG,Score• WhatisthevaluepropositionofSWIFT• TherolesofbanksandpartnersincludingERPs,

service bureaux, tms providers, middleware providers, and consultants

• Theevaluationcycle• Buildingthebusinesscase• 3rdpartyissues• Thevendorview• Templateissues:web-basedmasteragreements,

time consuming• NewfeaturestoSWIFTin2008/9• NewSWIFTofferingtosmallercorporatesin2008• Costs


16:30 Reengineering treasury management for SWIFT (continued)this case study will look at a growing company with multiple ap/ treasury centres worldwide, heterogeneous and manual processes, and complex financial flows. the project consisted of implementing a single platform to handle all types of payments (suppliers/payroll/interco/fx/treasury/cross-border). the platform is connected on one side to the company’s eRp’s, payroll systems, tms, on the other to all banks via sWiftnet (fileact and fin)/service bureau. the objectives of the implementation were to increase security and system integration, rationalise the number of electronic banking systems used, harmonise and standardise business processes and internal controls to facilitate compliance, and obtain more independence and control towards banks.

17:10 Systems implementation: the right deal in a world of choicesthere is a world of choice out there. the eRp vs. dedicated treasury management systems has been an ongoing debate that eurofinance has put at the forefront of our agendas worldwide each year. there is the choice of whether to use on demand or buy and whether to let it drive the decision-making process or to have treasury take control. this session is going to look at how a company makes choices, building the investment case for it, the cfo and board, and then actual implementation timetables, costs and challenges.• Choosingtherightchoiceforyourneeds• Buildingthebusinesscase• Settinggoals,timetables• Dealingwithhurdles• Evaluatingcost/benefitsPhilippe Surjous, Corporate Entities Financial Director, Veolia, FranceAliette Leleux, Senior Executive, Accenture, France


Connecting the pieces – investigations for 20096

case studycase

study

extended workshop

case study

case study


14

Risk is a theme running through every part of this treasury conference agenda – in fact FX risk is dealt with by its own stream running over two days. But with growing interest in some specific areas, we highlight the current approach to counterparty and credit risk, as well as the increasing appetite we are seeing from treasurers to manage commodity risk, an area more traditionally left to the business units.

14:30 Counterparty riskone of the biggest concerns right now for a treasurer is monitoring and controlling counterparty risk. We don’t want our banks to have the same issues as bear stearns or northern Rock. and with banks themselves distrusting each other and refusing to lend onwards, treasurers may just need to revisit policies. how do you protect against adverse market conditions and related risks, particularly from your counterparty banks. • Howdoyoudevelopanadequateassessmentof

your banks? • Whatistheroleoftheratingagencies?• Howfardoyoutrusttheirjudgement?• Buildingyourownview

15:10 Profiting from weathermany treasurers think that by managing fx and interest rates, they capture most of the risks that treasury should manage. What about weather? often ignored as too esoteric a risk to manage, research has shown that the weather can have a much more significant impact on company results than fx, interest rates or commodities combined, and not just for energy companies. food, retail, beverage, tourism, textile, diy, etc: all these sectors are significantly exposed to weather risks. trillions of dollars are at risk. When the weather impacts sales and profitability, it eventually shows in working capital, cash flows and share price. this session is not about weather derivatives. it’s about knowing and optimising the risk. most investors and analysts are not yet aware that weather risks can be managed, and as a result, companies have not yet been penalised for risks they believe to be out of management’s control. Weather was just considered an “act of god”. now things have changed. this session will show you how to be prepared. many companies are now moving ahead, and fast. find out how you can evaluate your exposure to weather before your cfo or your investors raise the embarrassing question.how weather risk impacts sales and profitability Understanding and pinpointing risk evaluating and pricing exposure Jean-Louis Bertrand, Chairman, Banking and Finance, Ecole Supérieure des Sciences Commerciales d’Angers (ESSCA), France


16:30 Everything treasury needs to know about commodities and shouldn’t be afraid to askdo you know for every percent rise or fall in the price of a given commodity what the impact will be on your business? do you know how to measure your commodity exposure in an effective way? as a treasurer your experience of risk is extensive, particularly in the fx and iR areas. can you take that risk knowledge and apply that to commodities? some treasuries argue that the commodities field is too complex with too many products, but even in those instances treasury can assume the guiding policy role. this extended workshop will begin with a respected economist giving a brief outlook on various commodities from basic metals to agriculture to energy. Why should treasury have a global view and an appreciation of speculation vs. real price evolution? the session will then look more closely at the role of hedge funds and other investors and how they are driving commodity prices. during the afternoon several companies will present case studies on how treasury involves itself in the commodities arena, the role with procurement, the hedging products used and the hedge accounting issues they deal with.• Outlookonbasicmetals,agribusinessandenergy

and potential business impacts• Shouldtreasurybetotallyinchargeof

commodities or should purchasing be in charge?• Isitbettertohaveahybridstructurebetween

purchasing and treasury?• Thenutsandboltsofcommodityexposure• Riskanalysisandquantification• Riskappetiteandmitigation• Hedging:structuredproductsandwhat’snewModerated by:Jiro Okochi, CEO, Reval, USA



extended panel

As America and Europe slow, companies are turning further and further afield for business opportunities. With opportunity comes cost and stumbling blocks whether from a transfer pricing strategy or the need to unlock cash from a closed, hostile banking or financial system. How should you cope? Rather than viewing most countries in isolation, companies are employing regional treasury solutions that try to make the best of what is available. We illustrate some best practice examples in this stream.

14:30 Latin America’s place in the global economythis summit table will be particularly important for companies whose investments in the region are complex and substantial. from looking at economic outlook and tax, regulatory and banking change, the discussion will centre on more effective ways of doing business in a region fraught with obstacles. first a leading Latin american expert will lead the discussion on interest in the region: is Latin america getting its fair share of investment as the world keeps its eyes on india and china? What is the current outlook, negative and positive? Which are the countries leading growth in this diverse area? What are the political and economic risks and what are the medium and longer term forecasts for key economies in the region? What role does Latin america play on the world stage? next the discussion will turn to structural markets, tax and change.

although the Latin american region could be compared to asia in terms of its disparate markets, in eurofinance research, most companies we talk to believe that Latam is far more complex (with the exception of china). and treasurers could be forgiven for asking: “will this ever change?” We will look at key changes in Latam countries that affect fx, payments and collections, and bank accounts. the roundtable will discuss any recent tax or central bank requirement changes in the main markets. also you might be wondering what on earth your banks are up to in the region? Who is buying who? Who is withdrawing and who is expanding; are your banks actually making any money in the region?

finally, we will look at how companies favour a centralised approach as possible to treasury in order to keep control of all aspects of the cash cycle, no matter how many markets in which a company may operate. What does this mean in practice? share your experiences with other companies operating in this region.


16:30 Latin America’s place in the global economy (continued)


Lands of opportunity: regional risk and liquidity strategies7

hands-on

summit

Day 2 – streams 7 and 8 Thursday 2 October 2008D

ay 2

– s

trea

ms

7 an

d 8

For more information on EuroFinance training please visit www.eurofinance.com/training www.eurofinance.com

15

Advanced pre-conference training Tuesday 30 September 2008

1. Understanding WACC How to calculate, interpret and manage your company-wide and local WACC, in established and emerging markets, to create shareholder value and make investment decisions.

2. Advanced cash flow Increase the accuracy of your forecasts, maintain their usefulness under different scenarios and pressures, and maximise the benefits of improved cash generation.

3. IFRS for treasurersAn update on hedging including the latest changes and most complex issues. Plus a focus on other key standards and how these affect treasury.

08:30 REGISTRATION AND REFRESHMENTS

09:00 Welcome and opening remarks

09:10 Estimating the WACC• Modernportfoliotheory• Systematicvs.non-systematicrisk• Calculatingbeta• Unleveredandleveredbeta• Determineeffectivetaxrates• Assessingthemarketriskpremium• Targetcapitalstructure• Benchmarkingwithcomparablecompanies

10:00 Case study on WACC• Estimatingacompany-wideWACC• Costofinterest-bearingdebt• Costofcommonequity• Costofhybriddebt

10:30 REFRESHMENT BREAk

11:00 WACC and capital budgeting• Assessingtherighthurdlerate• Company-wideWACCvs.localWACC• Differencesingeographicfootprintandindustry• Investmentappraisalprocess• Calculatingtheall-inreturnonaninvestment

12:00 Case study• CalculatingalocalWACC• CompanyWACCplusmark-ups• Estimatingmarketvalues

12.30 LUNCH

13.30 Emerging markets• WACCinhyperinflationcountries• Localvs.groupinflation• Integratedvs.non-integratedmarkets• Differenttaxregimes• Countrycreditratings• Thecountryriskpremium

15.00 REFRESHMENT BREAk

15.30 WACC and shareholder value• MinimisingtheWACC• Optimalcreditrating• Howprivateequityincreasesshareholdervalueby

lowering the WACC• Linkbetweenriskmanagement,WACCand

shareholder value• Intrinsicvaluevs.marketvalues

17:00 END OF COURSE AND PRESENTATION OF CERTIFICATES


09:00 Objectives and uses of cash flow forecasts• Liquiditymanagement• Establishingcashmanagementpolicies• Identifyingandavoidingcashshortages• Determiningfundingrequirements• Calculatingpotentialdividends• Planningcapitalinvestmentprogrammes• Bankingrelationships and loan covenants

09:30 Accurate data collection• Capturingaccurateinternaldepartmentaldata• Capturingaccurateandtimelybankdata• Establishingandenforcingdisciplinedreporting• Linkwithbudgetingandaccountingsystems• Differentiatingcashandaccountingitemsandmeasures• Interpretingandadaptinginputdata• Highlightingcertaindatavs.estimateddata• Separatingmetricsyoucancontrolandvaryfromthosethatarefixedbyothers


11:00 Constructing an effective forecast model• Receiptsanddisbursementmethod• Ownmodelvs.boughtsoftware• Timehorizons• Allowingforrealtimeadjustmentforactualoutcomes• Mechanismsforidentifyingvarianceandestablishingreportingtriggers• Varyingthebreadthanddepthofinformation• Varyingdegreeofaccuracy

12:00 Alternative techniques• Judgmental• Exponentialsmoothing• Extrapolative• Regressionanalysis• Causal• Distribution/scheduling

13:00 LUNCH

14:00 Analysing the forecast• Istheforecastrealistic?Conductingarealitycheck• Understandingandconductingsensitivitytests• Scenarioanalysisandstresstesting• Modellinguncertaintyandrisk• Whathedgesareinplace,whatadditionalprotectionisneeded?• Adaptingto changing trends and business circumstances

15:00 Linking cash flow forecasting to working capital management• Thecashconversioncycle• Informationflows• Linkingsystems• Benchmarksandalerttriggers• Measuresofworkingcapitalperformance


16:20 The end game: increasing shareholder value via cash flow management• Definingshareholdervalue• Measuringshareholdervalue• Loweringthecostofcapital• Discountingcashflows• Makingcashcount–practicalandpresentationaloutcomes



09:00 Welcome and opening remarks

09:15 Update on key concepts of IAS 39• Scopeanddefinitions• Embeddedderivativesupdate• Hedgeaccounting,documentationandeffectivenesstesting• Hedgediscontinuanceeventsandtheirimplications• Hedgingwithinterestrateswapsand

cross-currency swaps


11:15 Update on key concepts of IAS 39 (continued)• Overviewofrecentamendmentstothestandards(including:fair

value option, intercompany forecasted transactions and latest IFRIC interpretations)

11:45 Accounting for FX risk – focusing on IAS 21 basic concepts• Thefunctionalcurrencyconcept• Accountingforforeigncurrencytransactionsandtranslationtothe

presentation currency• Dealingwithintercompanyloans/borrowings• Loansformingpartofthe“netinvestment”• RecentchangestoIAS21(includingsistercompanyloansandloansina

third currency)• InteractionbetweenIAS21andIAS39• FXhedgingissuesunderIAS39(includingeffectivenesstesting,managing

the hedging reserve, hedging with options and structure products)

12:30 WORkING LUNCH

13:30 IAS 32 focus – presentation of financial instruments• Debtvs.equityclassification• Issuesrelatedtocashpoolingandbalancesheetnetting

14.00 IFRS and pensions• IAS19onemployeebenefits–scopeanddefinitions• Definedbenefitvs.definedcontribution• Calculatingthedefinedbenefitobligationandthefairvalueofplanassets• Actuarialgainsandlosses• ImplicationsofIAS19forpensionfundriskmanagement• IAS26–accountingbypensionfunds


15:30 Introduction to IFRS 7 on financial instruments disclosure• Scopeofdisclosuresanddifferencesinscopevs.IAS39• Thenewconceptof“classes”offinancialinstruments• Thechallengeofreconcilingfairvaluedisclosureswiththebalancesheet

and reconciling movements in reserves• Qualitativedisclosuresonriskmanagement• Newdisclosuresofdetailedsensitivityanalysisonmarketrisks• Extensiveadditionaldisclosures(includingcollateral,defaultsand

breaches)• DiscussiononpracticalapproachtopresentingIFRS7disclosures• Suggestedimplementationapproachandkeychallenges

17.00 Conclusion• Wherenextonaccountingforfinancialinstruments(includingconvergence

with US GAAP, the IASB’s financial instruments working group, likely evolution of standards)

• Finalquestionsandclosingremarks


Ad

van

ced

pre

-con

fere

nce

trai

nin

g

For more information on EuroFinance training please visit www.eurofinance.com/training www.eurofinance.com

16


09:00 Key tax considerations when implementing cross-border treasury operations: the big picture• Relevanttaxconsiderations• Relevantnon-taxconsiderations


11:00 Best practice of tax efficient locations for cross-border treasury operations, including recent trends• Flavourofpreferredtreasurylocations–reasonswhy• Recenttrends• Howtocompareandmakedecisions

12:30 LUNCH

14:00 Capita selecta• StatusofI/RDirectiveimplementation,includingEU-CH

Bilateral II treaty• Impactoflocalthincapandotheranti-abuselegislationon

treasury operations• UpdaterelevantECJCaseLaw• Relevanttransferpricingtaxrulingexperience


15:30 Capita selecta (continued)

16:30 Conclusions



09:00 Introduction to working capital management (WCM)• RationaleforWCM• Thebasiccashcycles• SpecialaspectsforWCMininternationalgroups

09:30 Benchmarking as a tool to identify opportunities• Definitionandbenefitsofbenchmarking• Methodologiesofbenchmarkingincludingselectionofpeercompanies

10:00 Receivables management • Thedriversofaccountsreceivable• Theeasybutcostlywayout–factoringandcashdiscounts• Theeffectivebutchallengingway–renegotiatingpaymentterms,

adapting billing cycles and more


11:15 Characteristics of payables management• Tradeoffbetweencashdiscountsandlatepayments• Paymenttermsanditslinktotheoverallsourcingstrategy• Standardisationandre-negotiation

11:45 Core challenges of inventory management• Optimumofcapitalemployed,productioncapacityanddeliveryservice• Potentialtostreamlinetherangeofproducts• Quantumjumpthroughsupplychainmanagement

12:30 LUNCH

13:30 Interfaces of WCM and shared services• RelevanceofsharedservicesforWCM• Decisiononfuturesettingofindividualprocesses

14:00 Challenges of implementing a WCM programme• Startingposition• Focus/activities• Resultsandlessonslearned


15:30 Case study: how to devise and drive home an international WCM programme• Identificationofimprovementopportunity• Analysisofrootsofissuesandrelevantsolutionset• Planningofimplementationstrategyandcriticalsuccessfactors

17:15 Conclusion17:30 END OF COURSE AND PRESENTATION OF CERTIFICATES


09:00 Overview of the M&A market and market essentialsA brief review of how the deal market is changing for the treasurer

09:15 Drivers for the transaction and evaluation of the target• Thefinancialcaseforthetransaction–impactoncompany,shareholders

and stakeholders• Evaluationofthetargetandtheeffectonthecombinedbusiness


11:00 Financial analysis of target• Analysisoffinancialstatements• Obligationsandcontingencies• Existingbankingrelationships• Existingfacilities,trappedcashandcostofredeemingdebt• Pensionshortfalls

11:45 Valuation of the target• Marketmethodologies• Asset-basedvaluation• Discountedcashflow• Sustainabilityofearningsandotherfactorstobeconsidered• Acquisition/controlpremiums• Post-mergerbenefitsandone-offcosts

12:30 LUNCH

13:30 Financing, sources of finance and finance structures• Debtvs.equity• Equityalternatives• Debtalternatives• Impactonexistingfacilities• Groupstructuring• Taxissuesrelatingtofinancing• Covenants,warrantiesandindemnities

14:00 Treasury due diligence• Targetandcombinedgroup• FXrisk• Commodityrisk• Workingcapitalmanagement• Cashmanagementstructures• Guarantees,indemnities,bondsetc• Trappedcash• Costandissuesfromredeemingfinancialinstruments• Treasuryaccountingandtaxissues


15:30 Hedging the treasury risks • FX/commodity/interestratehedgingstrategies• Accountingtreatmentofhedging/useoffinancialinstruments• Taximplicationsonhedgingstrategies• Effectsoncovenants

17:00 Post deal integration and development of treasury• Treasurythroughthedeal–extractingcashandensuringdayoneoperations• Treasuryinthefirst90days• Developingthepostdealtreasuryframework–thenewprioritiesfortreasury• Gettingtherightteam,processesandsystemsenvironment


About EuroFinance EuroFinance is the global leader in cash and treasury management conferences, training and seminars for senior finance professionals. Each year we run over 50 international, regional and country-specific events around the world.

The dedicated programming team travels to more than 40 countries each year, researching with over 2,000 treasury professionals in order to deliver the most comprehensive and targeted programmes in the treasury industry.

The company is an Economist Group business.For more information, contact Georgina Wellman on + 44 (0)20 7330 1070 or email [email protected]

Do you or your team require training but can’t get out of the office?In addition to our hugely successful public courses, we also offer an in-house training service, providing customised training for those clients who require a specific and more personalised approach.• Tailor-made courses •Date and location to suit you • Substantial cost savings •High quality tuition• Pre and post course assessment •Event managementFor more information, contact Susan Christopherson on + 44 (0)20 7330 1000 or email [email protected]

4. Tax for treasurersThe tax ramifications for cash management and key issues including withholding tax, thin capitalisation and transfer pricing. You will compare treasury locations, address capital selecta including I/R directive implementation, the EU-CH Bilateral II treaty and examine traditional treasury structures.

5. Mergers and acquisitions – opening, structuring and closing the deal

Starting with an overview of the M&A market in Europe, this course will look at the financial consequences of M&A, financial planning for M&A including cash flow analysis and cost of capital, valuation techniques, due diligence, financing structures and finally, negotiating strategies and post-merger integration issues.

6. Processes and metrics for advanced working capital management

Optimising working capital is a typical demand of treasury, but if you’re in charge of payables, receivables and/or inventory how do you measure the effectiveness of your strategies? You will look at the ways in which you can quantify and evaluate your use of working capital through benchmarking and metrics, and explore key components to address when tackling advanced working capital management.

Advanced pre-conference training Tuesday 30 September 2008Pr

e-co

nfe

ren

ce tr

ain

ing


17Would you like to sponsor or exhibit at this event? There are a limited number of sponsorship and exhibition opportunities available. If you have products to offer corporate treasurers and finance directors, then this is the ideal opportunity to demonstrate them. Please call Ed Virtue on +44 (0)20 7330 1048 or email [email protected] for more information.

Bank or supplier exhibiting? They can offer you significant discounts on the registration feeSponsors and exhibitors

Spon

sors

an

d e

xhib

itor

s


18

Netherlands-based ABN AMRO is a leading international bank with total assets of EUR 1,025.2 bln (as at 31 December 2007). ABN AMRO was acquired by the Consortium of RBS, Fortis and Santander in October 2007 and its various businesses are being divided among the three banks in line with their strategic priorities. Further details regarding the acquisition and ABN AMRO’s transition can be found on the website www.abnamro.com/future, or the websites of the Consortium banks: www.rbs.com, www.fortis.com, www.santander.com.

HSBC has global coverage and local capabilities to provide you with innovative banking, cash management and cash investment solutions tailored to your needs.

HSBC Global Transactional Banking – provides transaction banking services to corporations, financial institutions and non-bank financial institutions globally.

HSBC Global Asset Management – the core investment platform of the HSBC Group, our products and services include Global Liquidity Funds, a range of cash management investment vehicles for corporate and institutional clients.

HSBC Global Markets – specialises in foreign exchange, credits and rates, structured derivatives, equities and debt, equity and equity-linked capital markets.

In addition to continued investment in products and services, we develop long-term relationships with our clients and deliver the highest level of service at regional and local levels.

The HSBC Group is one of the largest banking and financial services organisations in the world and has around 10,000 offices in 83 countries and territories.

http://www.hsbcnet.com/hsbc/solutions

Official lead sponsor

ING Wholesale Banking is the corporate and investment banking division of ING Group, a global financial institution with over 60 million clients. ING Wholesale Banking combines its anchor products of lending, cash management and treasury with a full range of value added services, like financial markets, mergers and acquisitions advisory, structured finance and syndicated loans.

Local ING professionals in our extensive and truly pan-European branch network offer you clear and easy-to-implement payments and cash management solutions. You will have one point of access to services ranging from automated liquidity management, reporting facilities and documentary trade services to our committed implementation and support teams. Whether you are doing business in Eastern or South-West Europe or in the Nordic region, ING offers you relevant and constructive solutions.

Contact:ING Payments & Cash ManagementBart IvensGlobal Head of Sales Tel.: +31 20 652 3300Email: [email protected]

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries,

providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer

banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank,

CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com

Official sponsors

Nordea is present wherever you are. We offer a strong global reach through our international units and our network of partner banks, and we consider the entire Nordic and Baltic Sea region our home market.

Our vision is to be the leading Nordic bank, acknowledged for its people, creating superior value for customers and shareholders. Nordea has around 10 million customers with whom we value close relationships.

Talk to us about how we can help you stay ahead of your business. Meet us at stand L22 or visit our website at www.nordea.com.

We look ahead. You stay ahead.

Contact:Mikael KeppCash Management Sales, NordeaTel: +45 33 33 37 56Email: [email protected]

Deutsche Bank – Trade Finance/Cash Management

Deutsche Bank’s Trade Finance and Cash Management teams provide a combination of commercial banking products and services for corporates and financial institutions dealing with the management and processing of domestic and cross-border payments, professional risk mitigation for international trade and asset and liability management. Our customers are supported in their domestic, regional and global trade finance and cash management programs through Deutsche Bank’s extensive global network of offices.

For more information please visit: www.db.com/gtb

Deutsche Asset Management

DB Advisors is one of the world’s leading investment management organizations, not just in size, but in quality and breadth of investment products, performance and client services. We provide a broad range of investment strategies – spanning the risk/return spectrum – to our institutional clients worldwide and offer flexibility in return targets and benchmarks, melding traditional investments with new, innovative tools.

For more information please visit: www.dbadvisors.com

Sponsorship and exhibition opportunitiesThere are a limited number of sponsorship and exhibition opportunities available. If you have products to offer corporate treasurers and finance directors, then this is the ideal opportunity to demonstrate them. Please call Ed Virtue on +44 (0)20 7330 1048 or email [email protected] for more information.

Bank of America – Global Product Solutions

Global Product Solutions, a unit within Global Corporate & Investment Banking at Bank of America, designs and delivers integrated treasury and credit products solutions to more than 140,000 clients around the world, including small businesses, middle-market and large corporations, multi-nationals, financial institutions and governments. These solutions include treasury and liquidity management, global debt, commercial card services, trade finance, foreign exchange and equipment finance solutions.

Global Product Solutions is the #1 treasury services provider in the U.S. and a leading provider globally, serving 95% of U.S. Fortune 500 companies and 73% of the Global Fortune 500. It originates and receives nearly 3 billion electronic payment transactions and deposits an average of 4 billion checks per year.

2006 & 2007

For more information, please visit:www.bankofamerica.com.

Global sponsor

About the sponsors – The InternationalA

bou

t th

e sp

onso

rs –

The

Inte

rnat

iona

l


19

Ab

out t

he

spon

sors

– T

he In

tern

atio

nal

SunGard’s AvantGard is a leading liquidity management software suite that helps corporations, financial institutions, and the government/public sector automate processes, drive workflow, and gain real-time visibility across the financial enterprise and between trading partners. Offering solutions for treasury management, cash management, and risk management, receivables and payment processing.

Treasury, Cash and Risk Management AvantGard offers various levels of support and functionality for corporate treasury operations, providing clients with a tailored set of tools to support their individual business based on regional and global complexity, asset class and functional requirements.

Receivables/Order-to-Cash Management AvantGard offers a comprehensive suite of receivables solutions to support the entire order-to-cash cycle. By automating processes and driving workflow, companies gain control over past due receivables, disputed invoices and remittance processing.

Payments/Remittance Processing AvantGard Payments offers corporations streamlined processing of payments, improved connectivity and integration helping to reduce transactional costs and improve the management of cash out-flows.

www.sungard.com/avantgard

Technology sponsors

Visa Commercial payment and information solutions — including Visa Business, Visa Corporate, Visa Purchasing and Visa Information Management — combine payment with information to create intelligent payment solutions that are designed to enable business and government organizations of any size and type to reduce costs, streamline operational and payment processes, and make more informed business decisions. Through Visa’s multinational capabilities, global firms may benefit from the ability to integrate and streamline their worldwide payment processes.

Visa Inc. operates the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world and Visa/PLUS is one of the world’s largest global ATM networks, offering cash access in local currency in more than 170 countries.

For more information, visit www.visa.com/visacommercial

TietoEnator is among the leading architects in building a more efficient information society and one of the largest IT services companies in Europe. TietoEnator specialises in consulting, developing and hosting its customers’ business operations. The Group’s services are based on a combination of deep industry-specific expertise and latest information technology. TietoEnator has about 16,000 experts in close to 30 countries.

For the banking market, our state-of-of-the-art solutions include systems for cash management, treasury, core banking, e-banking, payments and cards. Our customers include major banks, insurance companies and financial organisations that have chosen us because we take total responsibility for any assignment.

www.tietoenator.com/bi

The BELLIN Group specialises in consulting and software development for industrial enterprises which are active internationally. Companies such as Freudenberg, Voith, Flextronics and Red Bull are among our clients. We have made it our mission to adopt a practical approach to solving the problems of treasury departments of all kinds.

BELLIN’s treasury management solution is a 100% web-based modular treasury system. Our LOADBALANCEDTREASURY® concept allows not only the central treasury but sub-centers and local companies to fully benefit from the capabilities. Modules include everything related to Liquidity Management, Interest and Currency Management, Intercompany Reconciliation and Netting as well as Credit Management.

Contact: Martin Bellin, Managing Director Tel: +49 (0)7822 4460 0 Fax: +49 (0)7822 4460 29 [email protected]

PricewaterhouseCoopers is one of the world’s leading professional services firms. In Europe, PricewaterhouseCoopers operates a multidisciplinary Corporate Treasury practice, comprising more than 200 experienced consulting, accounting and taxation professionals. The Group includes ex-practitioners from many leading corporations, international banks and system vendors. We have successfully implemented treasury change for many leading corporations and established an enviable track record of successful solutions-based project work, in areas including policy, processes, systems selection and implementation, cash management, treasury risk and accounting as well as internal controls and regulatory compliance.

Contact: Sebastian di Paola Switzerland: +41 58 792 9603 email: [email protected] internet: www.pwc.com

Endorsed by

Supported by

Official publication

Media partnersHost association

About the sponsors – The International

Accenture is a global management consulting, technology services and outsourcing company. Committed to delivering innovation, Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills and technologies to help clients improve their performance. With approximately 170,000 people in 49 countries, the company generated net revenues of US$19.70 billion for the fiscal year ended Aug. 31, 2007.

Accenture’s Corporate Treasury Operational Excellence offering delivers innovative solutions to transform treasury functions. Our best practices in treasury management will enable organizations to achieve a high-performance business. Accenture’s experienced treasury professionals are able to assist across the full suite of treasury functions including: Organization Design, Banking Operations, Cash and Working Capital optimization, Cash Pooling, Bank Communication, Treasury Management System selection and implementation and Risk Management optimization.

Contact: Olivier Blat France: +33 1 53 23 67 09 [email protected] www.accenture.com


20

Special discounts

25% discount off the full registration fee for treasury association members(please note that this discount may not be used in conjunction with any other offer, including the early registration discount)

name of association: ___________________________________________________

membership no: ______________________________________________________

Method of payment please debit €: _______________ from my credit card account: eurocard mastercard/access Visa delta amex

card number:

expiry date: (mm/yy)

cardholder’s signature: ________________________________________________

date: _______________________________________________________________

cardholder’s name: ___________________________________________________

billing address if different from above: ____________________________________

____________________________________________________________________

____________________________________________________________________

bank transfer to: barclays bank pLc account name: the economist group

account no: 63420022 sort code: 20-30-19 swift: baRcgb2105t

iban: gb22 baRc 2030 1963 4200 22

please insert delegate name and conference code 864 in the transmission details.

864

Please complete in capitals and black ink

person making the booking: __________________________________________

position: ___________________________________________________________

tel: _______________________________________________________________

email: _____________________________________________________________

Who is the person responsible for treasury training within your company?:

dr/mr/mrs/ms/miss: _______ first name(s): _______________________________

family name: _______________________________________________________

tel: ____________________________ mob: _______________________________

email: _____________________________________________________________

Delegate name

salutation: dr/mr/mrs/ms/miss: ______ first name(s): _______________________

family name: _______________________________________________________

position: ___________________________________________________________

department: _______________________________________________________

company: __________________________________________________________

address: ___________________________________________________________

city: _____________________________ Zip/postcode: _____________________

country: _____________________________ tel: __________________________

mob: _____________________________ fax: _____________________________

email: _____________________________________________________________

signature: __________________________________ date: _________________

How did you hear about us? invitation from eurofinance invitation from sponsor/exhibitor eurofinance website Recommendation/word of mouth advertisement/publication treasury association

other? please specify: _______________________________________________

Were you invited by a sponsor/exhibitor, if so which one?

____________________________________________________________________

What industry sector is your company in?

___________________________________________________________________

do you have any special requirements? (e.g. diet, hearing loop, etc.)

____________________________________________________________________

What is the annual turnover of your company? under €25 million €26 – €100 million €101 – €500 million

€501 – €999 million €1 – €9.9 billion over €10 billion

What is the market capitalisation of your company/group?

€ million: ____________________________________________________________

your unique booking reference code:

fees include: Refreshments, lunch, full documentation and conference materials where available (they do not include hotel accommodation). all fees are inclusive of published discounts. bank transfer charges are the responsibility of the payer. eurofinance conferences Limited reserves the right to alter the programme content, speakers or course at any time due to circumstances beyond their control. hotel accommodation: for preferential rates at various hotels in barcelona please book through Zibrant, our official accommodation bureau, via either www.zibrant.co.uk/efc or call +44 (0)1332 285 518. eurofinance strongly advise that you reserve your hotel accommodation as soon as possible as rooms will be subject to availability at the time of booking. cancellation terms: Receipt of this signed booking form (inclusive or exclusive of payment) constitutes formal agreement to attend this conference and cancellation terms apply. full refunds, less 15%, are available on all cancellations received in writing(letter,emailorfax)28daysbeforetheconferencestartdate.NOREFUNDSORCREDITSAFTERTHISDATEANDANYOUTSTANDINGPAYMENTWILLBEREQUIREDINFULL.Substitutionsareavailable. all confirmation details will be sent upon receipt of the booking form. attendance fees will not be refunded (irrespective of the date of booking) in the event or threat of war, terrorism or circumstances outside of the organisers’ control. promotional discounts: eurofinance regrets that additional discounts received after the registration form has been submitted cannot be retrospectively applied to reduce the original price charged. dress: business. Venue: ccib – convention centre international barcelona, spain. incorrect mailing: if any of the details on the mailing label are incorrect, please email [email protected].

Data protection: Please tick the boxes provided if you do not wish to receive information from EuroFinance other Economist Group companies external companies carefully selected by us. If you wish to receive this information by email, please tick here .

International Cash and Treasury Management Wednesday 1 – friday 3 october 2008, convention centre international barcelona, spain

3 easy ways to register:Online: www.eurofinance.com Fax: complete, detach and fax the form to +44 (0)20 7330 1007 Post: eurofinance, 17 st helen’s place, bishopsgate, London ec3a 6dg, ukany problems? contact our registrations team on +44 (0)20 7330 1010 or email [email protected]

Register and pay by Friday 1 August 2008 to qualify for the early registration discount. If payment is not received by this date, you will be charged the full registration fee.Members of the corporate treasury or finance team in corporations

Early Full registration registration

3 day conference €3,195 €3,495 3 day conference plus 1 day pre-conference training course* €4,455 €4,825 1 day pre-conference training course* €1,475 €1,745

Members of the financial institutions, system suppliers, consultants, lawyers and accountants

Early Full registration registration

3 day conference €3,695 €3,995 3 day conference plus 1 day pre-conference training course* €4,925 €5,295 1 day pre-conference training course* €1,475 €1,745

Please add 16% IVA to the above prices. IVA must be paid irrespective of the delegate’s country of residence.

Please register me for the following streams on day 1 stream 1 stream 2 stream 3 stream 4

stream 5 stream 6 stream 7

Please register me for the following streams on day 2 stream 1 stream 2 stream 3 stream 4

stream 5 stream 6 stream 7 stream 8

Please register me for The International Treasury Networking Reception18:00 Wednesday 1 october

pre-conference training courses *please indicate which pre-conference course you wish to attend

understanding Wacc

advanced cash flow

ifRs for treasurers++

tax for treasurers++

mergers and acquisitions – opening, structuring and closing the deal++

processes and metrics for advanced working capital management++eurofinance regrets that accounting and financial consultants are not permitted to attend this course and will refuse admission on this basis.

Are you interested in in-house training? yes no

© 2008 eurofinance conferences Limited

Registration form Register and pay online at www.eurofinance.com/barcelonaRe

gist

rati

on fo

rm

off icial sponsors international cash and treasury managementi/@sc/@all/@kp/documents/... ·...

Documents