Marc Verkuil DACT meeting

Slides:

Advertisements

Similar presentations

Treasury Organisation

Advertisements

Marc VerkuilDACT meeting Sr Director, Treasury & Tax November 12, 2010.

AGENDA  Cash flow  Balance sheet items  Currency effects  Quarterly earnings GETINGE GROUP.

Treasury focused on growth Etienne Kleuters Michel Hanssen 14 November 2014.

CONFIDENTIAL Copyright © 2010 Constant Contact, Inc. 1.

1 Patricia Ho Non Air Marketing Net Trans Commission Vendor.

Global Cash Management Trends and Solutions December 2007 Itzik Coriat Global Transaction Services Head Citi Israel.

Definition The phrase mergers and acquisitions (abbreviated M&A) refers to the aspect of corporate strategy, corporate finance and management dealing.

2006 Cash Flow Statement Sources of cash: Beginning cash balance Cash receipts from product sales Other sources of cash Total sources of cash Uses of cash:

The Basics of the Foreign Exchange Market. Defining The Foreign Exchange Market The Foreign Exchange Market can be defined in terms of specific functions,

Accounting and the Business Environment Chapter 1.

International Financial Markets: The Foreign Exchange Market An introduction to the Foreign Exchange Market and Understanding Foreign Exchange Quotes.

Operating Exposure (or chapter 9).

Financial Management of Trust Funds Currency and Commitment Risks CFP Financial Management (CFPFM)

Foreign Exchange Market Overview Convention and Terminology Mechanics and Operations Instruments ปริทรรศน์ เหลืองอุทัย, CFA, FRM 9 August 2006.

 As a growing financial industry, Islamic finance needs hedging tools.  Islamic Profit Rate Swap (IPRS) is a contract designed as a hedging mechanism.

19-1 Copyright © 2009 Pearson Education, Inc. publishing as Prentice Hall Part Six Managing International Operations Chapter Nineteen The Multinational.

Agenda Introduction History of Oracle Treasury

Automatic Delivery Rewards

STP in Financial Supply Chain: Emerging Standards, Technologies & Practices IBA & FINSIGHT Payments Summit 2009 Ravishankar Group EVP & Country Head Cash.

Accounting and Financial Reporting Entrepreneurship & Small Business Management.

Because there’s a better way. © 2012 Earthport Plc. All Rights Reserved. Dodd-Frank 1073: key insights.

Azure kumppanijulkistus, , 8: :00 Microsoft, Keilaranta 7, Espoo Juhani Vuorio, Microsoft Oy

1 1 What Do I Do Now? - Going Public vs. Selling Out Applying Concepts from Finance to the Public Equity and M&A Markets November 14, 2002 Mark Satisky.

Chapter 19 Governmental Entities: Proprietary Funds, Fiduciary Funds,& Comprehensive Annual Financial Report.

Making Global Games Local: Creating Player Delight through Internationalization Brian E. Taptich Vice President of International Development May 22 nd.

MBSP 0354 International Finance Lecture 5 03 NOV 09.

C1--1 Learning Objectives 1.Nature of a Business 2.The Role of Accounting in Business 3.Profession of Accounting 4.Generally Accepted Accounting Principles.

MNEs need access to capital Finance is integral to firm’s operating strategies Concern with access to capital in local and global markets Finance and Treasury.

MNEs need access to capital Finance and Treasury Functions in the Internalization Process Chief Financial Officer (CFO)—vice president of finance Multinational.

Supplements.  Profit-making enterprises  Sole proprietorship:  Partnership:  Corporation:

Working with Foundation Programs and Campaigns Eric Schmelling, Director, Fund Development March 8, 2014.

Executive Board meeting 11 March GDP growth in the US, Japan, the euro area and among Norway's trading partners combined. Quarterly growth. Per.

Business Growth & Expansion

©2004 Prentice Hall Business Publishing Introduction to Financial Accounting, 3e by Werner/Jones3 - 1 Chapter 3 The Balance Sheet and External Financing.

Brain Teasers  You’ve got a 10 x 10 x 10 cube made up of 1 x 1 x 1 smaller cubes. The outside of the larger cube is completely painted red. On how many.

1 Inter-American Development Bank Latin American and Caribbean Public Debt Management Specialists Rio de Janeiro – Brazil March 18, 2005 Inter-American.

Forex Trading in INDIA With SVFX. SVFX offers easy, but the strongest adoptable Forex platform and offers in India. This is clearly.

August 2013 KEXIM Korea’s Official Export Credit Agency KEXIM.

Watch the video clip and provide your feedback on the following areas:

Introduction To Foreign Exchange

Treasury focused on growth

amaranth DMS UCITS PLATFORM ICAV P/E FX Strategy Fund

January – September 2000 November 9, 2000

Interest Rate Swaps January 2015.

brief introduction to relational database and big data analysis

Bayesian modeling and analysis of stochastic volatility in finance

Currency Markets BY: ALCANTARA, REA MAE C..

IBOS Association and Bank of Shanghai

What if you could…Multi Currency Concept

Risk Management: New Approaches

Managing Foreign Exchange Exposure with Operational Hedges

Global Event Challenge Nadine Swibenko

Managing Global Treasury Technology

Chapter 2 Mechanics of Futures Markets

Brain Teasers You’ve got a 10 x 10 x 10 cube made up of 1 x 1 x 1 smaller cubes. The outside of the larger cube is completely painted red. On how many.

FOREX MARKET (МЕЃУНАРОДЕН ДЕВИЗЕН ПАЗАР) ПРЕДАВАЧИ:

Financial Reporting.

Introduction to Financial Statements

Handelsbanken sells SPP to Storebrand.

What Do I Do Now? - Going Public vs. Selling Out

Inter-company Netting

Problem 2.1 Listed below in random order are the items to be included in the balance sheet of Mystery Lodge at December 31,2001. Equipment Land

Fiscal Year Ending September 30, 2015

Statement of Cash Flows

GENERAL GOVERNMENT Marga Hüttner.

Role of the Treasury in the Financial System of Uzbekistan

QuickBooks Accounting 101.

Presentation transcript:

Marc Verkuil DACT meeting Sr Director, Treasury & Tax November 12, 2010 1

Feb 2010: establishment of new stand-alone business SEQUENCE OF EVENTS Jun 2008: spin-off (MBO) Nov 2008: merger Jan 2010: asset sale Feb 2010: establishment of new stand-alone business 50/50% JV

APPLIED BIOSYSTEMS – INVITROGEN MERGER highly leveraged with funding from >30 banks different business, fiscal, and legal models different ERP systems Invitrogen management and culture leading RBS (EMEA), Citi (APJ), JPM (US) BofA (EMEA), HSBC (APJ), BofA (US) zero-balance cash pooling in EMEA and APJ principally no pooling global in-house bank model & system no in-house banking standard, international straight-through processing limited straight-through processing structured cash flow hedging program B/S exposures principally consolidated with in-house bank opportunistic cash flow hedging program B/S exposures with multiple entities

APPLIED BIOSYSTEMS – INVITROGEN MERGER EUR Cash External cash balances finance company CHF Cash USD Cash GBP Cash NOK Cash DKK Cash SEK Cash CZK Cash HUF Cash EUR ZBA NOK ZBA SEK ZBA Zero cash balances local entities DKK ZBA USD ZBA EUR ZBA GBP ZBA EUR ZBA RUB USD ZBA EUR ZBA EUR ZBA PLN CZK ZBA CHF ZBA ZAR USD ZBA EUR ZBA HUF ZBA EUR ZBA EUR ZBA EUR ZBA

APPLIED BIOSYSTEMS – INVITROGEN MERGER EUR Cash External cash balances finance company CHF Cash USD Cash GBP Cash NOK Cash DKK Cash SEK Cash CZK Cash HUF Cash EUR IHB NOK IHB SEK IHB In-house cash balances local entities DKK IHB USD IHB EUR IHB GBP IHB EUR IHB USD IHB EUR IHB EUR IHB CZK IHB CHF IHB USD IHB EUR IHB HUF IHB EUR IHB EUR IHB EUR IHB

Factoring Company DUTCH FINANCE COMPANY FUNCTIONS Royal Bank of Scot land Manufacturing Operations US Manufacturing Operations SG USD ZBA USD ZBA GBP ZBA Product (& Service) Receivables JPY ZBA SEK ZBA (EMEA only) SGD ZBA Ci t ibank NOK ZBA Factoring Company AUD ZBA DKK ZBA NZD ZBA EUR ZBA Cash Management Center FX Management Center KRW CHF ZBA Dutch finance company CNY HUF ZBA In-House Bank & Netting Center TWD CZK ZBA THB PLN USD IHB GBP IHB SEK IHB NOK IHB DKK IHB CHF IHB PLN IHB CZK IHB HUF IHB JPY IHB AUD IHB NZD IHB KRW CNY TWD THB PLN ZAR Payables Center (SAP upload) (Europe, EMEA, Japan, APAC, x-border North-America)

APPLIED BIOSYSTEMS – INVITROGEN MERGER EUR Cash External cash balances finance company CHF Cash USD Cash GBP Cash NOK Cash DKK Cash SEK Cash CZK Cash HUF Cash EUR ZBA NOK ZBA SEK ZBA Zero cash balances local entities DKK ZBA USD ZBA EUR ZBA GBP ZBA EUR ZBA RUB USD ZBA EUR ZBA EUR ZBA PLN CZK ZBA CHF ZBA ZAR USD ZBA EUR ZBA HUF ZBA EUR ZBA EUR ZBA EUR ZBA

APPLIED BIOSYSTEMS – INVITROGEN MERGER EUR Cash EUR Cash External cash balances finance company CHF Cash USD Cash GBP Cash NOK Cash DKK Cash SEK Cash CHF Cash USD Cash GBP Cash NOK Cash DKK Cash SEK Cash CZK Cash HUF Cash EUR ZBA NOK ZBA EUR Cash NOK Cash SEK ZBA SEK Cash Zero cash balances local entities DKK ZBA DKK Cash USD ZBA EUR ZBA GBP ZBA EUR ZBA EUR Cash RUB GBP Cash EUR Cash USD ZBA EUR ZBA EUR ZBA EUR Cash PLN EUR Cash CZK ZBA CHF ZBA ZAR CHF Cash USD ZBA EUR ZBA USD Cash HUF ZBA EUR Cash EUR ZBA EUR ZBA EUR Cash EUR Cash EUR ZBA

APPLIED BIOSYSTEMS – INVITROGEN MERGER EUR Cash EUR Cash External cash balances finance company CHF Cash USD Cash GBP Cash NOK Cash DKK Cash SEK Cash CHF Cash USD Cash GBP Cash NOK Cash DKK Cash SEK Cash CZK Cash HUF Cash EUR ZBA NOK ZBA EUR ZBA NOK ZBA SEK ZBA SEK ZBA Zero cash balances local entities DKK ZBA DKK ZBA USD ZBA EUR ZBA GBP ZBA EUR ZBA EUR ZBA RUB GBP ZBA EUR ZBA USD ZBA EUR ZBA EUR ZBA EUR ZBA PLN EUR ZBA CZK ZBA CHF ZBA ZAR CHF ZBA USD ZBA EUR ZBA USD ZBA HUF ZBA EUR ZBA EUR ZBA EUR ZBA EUR ZBA EUR ZBA EUR ZBA

APPLIED BIOSYSTEMS – INVITROGEN MERGER EUR Cash EUR Cash External cash balances finance company CHF Cash USD Cash GBP Cash NOK Cash DKK Cash SEK Cash CHF Cash USD Cash GBP Cash NOK Cash DKK Cash SEK Cash CZK Cash HUF Cash EUR IHB NOK IHB EUR IHB NOK IHB SEK IHB SEK IHB In-house cash balances local entities DKK IHB DKK IHB USD IHB EUR IHB GBP IHB EUR IHB EUR IHB GBP IHB EUR IHB USD IHB EUR ZBA EUR IHB EUR IHB EUR ZBA CZK IHB CHF ZBA CHF IHB USD IHB EUR IHB USD IHB HUF IHB EUR IHB EUR IHB EUR IHB EUR IHB EUR IHB EUR IHB

Factoring Company DUTCH FINANCE COMPANY FUNCTIONS HSBC DB RBS CI T I Manufacturing Operations US Manufacturing Operations SG USD ZBA USD ZBA USD ZBA USD ZBA GBP ZBA HSBC GBP ZBA Product (& Service) Receivables DB JPY ZBA JPY ZBA SEK ZBA (EMEA only) SEK ZBA SGD ZBA SGD ZBA NOK ZBA Factoring Company RBS NOK ZBA AUD ZBA CI T I AUD ZBA DKK ZBA DKK ZBA NZD ZBA NZD ZBA EUR ZBA EUR ZBA FX Management Center KRW Cash Management Center CHF ZBA CHF ZBA Dutch finance company CNY HUF ZBA In-House Bank & Netting Center TWD CZK ZBA PLN THB USD IHB GBP IHB SEK IHB NOK IHB DKK IHB CHF IHB PLN IHB CZK IHB HUF IHB JPY IHB AUD IHB NZD IHB KRW CNY TWD THB USD IHB GBP IHB SEK IHB NOK IHB DKK IHB CHF IHB JPY IHB AUD IHB NZD IHB ZAR Payables Center (SAP upload) (Europe, EMEA, Japan, APAC, x-border North-America)

Feb 2010: establishment of new stand-alone business SEQUENCE OF EVENTS Jun 2008: spin-off (MBO) Nov 2008: merger Jan 2010: asset sale Feb 2010: establishment of new stand-alone business 50/50% JV

DANAHER ASSET DEAL: AB SCIEX VENTURE only assets & liabilities acquired, all dedicated manufacturing, R&D, sales, service & support associates transferred (plus a small group of others) no legal entities, no registrations, no IT (no systems), no finance, no HR, no distribution, no offices, etc two former JV partners: different ERP systems, different teams/cultures, different processes, etc transitional services agreements with Life Technologies (and MDS) RBS (EMEA), Citi (APJ), JPM (US) wide range of banks zero-balance cash pooling in EMEA and APJ primarily notional cash pooling with multiple local banks global in-house bank model & system no in-house banking uniform, international straight-through processing limited straight-through processing B/S exposures principally consolidated with in-house bank no hedging at all

USD Cash GBP Cash EUR Cash DANAHER ASSET DEAL: AB SCIEX VENTURE USD Cash GBP Cash EUR Cash Notional pool balances finance company EUR Cash External cash balances finance company CHF Cash USD Cash GBP Cash NOK Cash DKK Cash SEK Cash CZK Cash HUF Cash EUR ZBA NOK ZBA SEK ZBA Zero cash balances local entities DKK ZBA USD ZBA EUR ZBA GBP ZBA EUR ZBA RUB USD ZBA EUR ZBA EUR ZBA PLN CZK ZBA CHF ZBA ZAR USD ZBA EUR ZBA HUF ZBA EUR ZBA EUR ZBA EUR ZBA

Marc Verkuil DACT meeting Sr Director, Treasury & Tax November 12, 2010 15