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Marc Verkuil DACT meeting

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Presentation on theme: "Marc Verkuil DACT meeting"— Presentation transcript:

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

2 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

3 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

4 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

5 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

6 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)

7 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

8 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

9 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

10 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

11 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)

12 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

13 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

14 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

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

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