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

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Presentation transcript:

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

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 > 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 > standard, international straight-through processing> limited straight-through processing

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

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

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

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

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

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

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

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

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 > 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 > B/S exposures principally consolidated with in-house bank > no hedging at all > two former JV partners: different ERP systems, different teams/cultures, different processes, etc > uniform, international straight-through processing> limited straight-through processing

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

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