amsterdam eurofinance 2009
TRANSCRIPT
Official lead sponsor
Book today: See registration page for details
Host association
Tuesday 17 – Wednesday 18 March 2009The Hilton, Amsterdam
THE NETHERLANDS
PLUS pre-conference training•AdvancedCashFlow
7th annual conference on
LiquidityandCashManagementforEuropeanCompaniesResponding to crisis, embracing risk
Official sponsors
Expert speakers include
Kimberly Ross CFO Royal Ahold, The Netherlands
Jan Schets Director of Treasury Sara Lee, The Netherlands
CharlesJenkins RegionalDirector,WesternEurope Economist Intelligence Unit, UK
Vijay Panday SeniorManager,HeadofKLMGroupTreasurydesk KLM Royal Dutch Airlines, The Netherlands
Official charityWe are delighted to announce that Médecins Sans Frontières (MSF) is EuroFinance’s preferred charity for 2009. 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
About the conference Tuesday 17 – Wednesday 18 March 2009
Conferences | Training | In-House Training | Research
AboutEuroFinanceEuroFinanceisoneoftheworld’sthoughtleadersincash,treasuryandriskmanagement.Forover15yearsnow,wehaveledthemarketinthedevelopmentandtrainingoffinanceprofessionalslookingforinnovativetreasurysolutionsandproducts.Wecreateadiscussionspaceforthe world’sleadingcorporationsandfinancialinstitutionstogrowandprogresstreasurymanagement.
Werunconferences,seminars,exhibitions,publicandin-housetrainingcoursesaswellastailor-madeeventsforourclients,attractingindustry leadersfromacrosstheglobe.Wealsoofferresearchservices.
ThecompanyisanEconomistGroupbusiness.
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Pickupyourcopyofourincisive,in-depthtreasurypublication.Featuringalltheinitiativesandtrends facedbytreasurersaroundtheworld.
Visit www.eurofinance.com/treasuryperspectives todownload
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2008/09 trends and initiatives in treasury
Featuring
stormtheBeyond Featuring
2008/09 trends and initiatives in treasury
the 2009 treasury agendaCash visibility comes into focusRethinking capital structureThe risk management portfolioTrade finance – the risk shifts againGuiding enterprise risk managementSEPA and what to expectBecoming better communicators
the 2009 treasury agendaCash visibility comes into focusRethinking capital structureThe risk management portfolioTrade finance – the risk shifts againGuiding enterprise risk managementSEPA and what to expectBecoming better communicators
Crisis, what crisis? Playing for strength in a downturn
Treasury’s ‘A’ list The profession’s top innovators
Top team Inside the world’s best treasury
Crisis, what crisis? Playing for strength in a downturn
Treasury’s ‘A’ list The profession’s top innovators
Top team Inside the world’s best treasury
There’snodoubtthattheglobalfinancialcrisishasofferedtreasurers
andtheirbankersawildride.Aspectsoffinancialriskoncethought
improbablearenowfactsofeverydaylife.Non-financialcompanies
inEuropeenteredthecrisisinrobustcondition,astatenowbeing
challengedasrecessionunfolds.Meanwhile,banksareundergoingan
historicrestructuring.Woesabound,butopportunitieswillemerge
asstabilityreturns,volatilityebbs,andpricesbottom.Meanwhile,
barrierscontinuetofallinthetreasuryworld,propelledbychangesin
accountingrulesandthecreationofaSingleEuropeanPaymentsArea.
EuroFinance’s7thannualconferenceonLiquidityandCash
ManagementforEuropeanCompanieswillhelpfinancialprofessionals
preparetomeetthechallengesconfrontingtheirbusinessesinatime
ofprofoundeconomicchange.
Programmehighlights–what’s new for 2009?• Thenewbankinglandscape
• Theprospectofare-emergingM&Amarket
• Maximisingliquidityinatimeofrestrainedcredit
• Fosteringgrowthinadownmarket
• Loomingregulatorychanges
• Understandingcounterpartyriskwithfinancialserviceproviders
• Usingtechnologytoextractthemostvalueoutoftreasury
Why should you attend?• Discussthemostpertinentissuesaffectingtreasurytoday
• Getbetteracquaintedwiththought-leaders
• Hearreal-life,triedandtestedtreasurysolutions
• Engageinlivelydebatewithyourpeers
• Gaininsightsandsolutionsthatwillgiveyouacompetitiveadvantage
• Hearfromleadinginternationalandregionalcorporations
• Learnthelatestadvancesincashmanagementtechnology
• Meetface-to-facewiththeleadingsuppliersandserviceproviders
Over 270 finance and treasury professionals from across Europe attended this conference in 2008
92% of delegates who attended the 2008 conference, would recommend it to a colleague
Day 1 Tuesday 17 March 2009
For programme and speaker updates visit www.eurofinance.com/europe
08:00 REGiSTRATiON,REFRESHMENTSANDExHibiTiONOPENS
09:00 Chair’s welcomeSander van Tol, Senior EuroFinance Tutor; and Director, Zanders, The Netherlands
09:10 Learning the critical lessons of a crisis periodThisyear’sconferencecomesatatimeofimmensechallengesandresponsibilityfortreasurypractitioners.Thethreatofrecessioninmanycountrieswilltesttreasuryteamstotheirlimitsasriskintensifiesfurther.italsopresentstreasurerswithanopportunitytomaximisetheircontributionwhenneededmost.Thecrisisreinforces the lessons of best practice in liquidity and cash management.buildingafoundationofcommittedfacilities,diversifiedfundingandmaturities,highcashvisibilityandbetterworkingcapitalmanagementhasneverbeenofgreatervalue.Freddy Van Den Spiegel, Chief Economist, Director Public Affairs, Fortis, Belgium
09:50 Macroeconomic overview and outlook – just how bad is it? Ayearago,allbutthemostdebt-ladenEuropeancompanieswereprettyconfidentaboutthe12monthsaheaddespitetheshockofAugust2007’screditcrunch.Oneyearon,confidenceisfarmorefragileafteraperiodofunprecedentedturbulenceandvolatilityhastransformedtheglobalandEuropeanbankinglandscapesandtheprospectofaprolongedrecessionlooms.Sojusthowbadisit?Aleadingexpertreviewsthemacroeconomicoutlook,andrelatesthistothecorporatesector’soverallhealth.Charles Jenkins, Regional Director, Western Europe, Economist Intelligence Unit, UK
10:30 REFRESHMENTbREAK
11:00 CFO reflections on treasury’s role in troubled timesAprominentchieffinancialofficerfromtheregiondrawsontheirprevioustreasuryexperiencetoreflectoncurrentchallenges–frombothC-suiteandtreasuryperspectives.HowcantreasurersandtheirteamsbestsupportCFOsinaperiodofrecessionandriskaversion?Equally,whatshouldtreasurersexpectfromtheirCFOsinthisverydifficultenvironment?Thissessionexploreshow,morethanever,transparencyandteamworkareessential.Kimberly Ross, CFO, Royal Ahold, The Netherlands
11:40 Seeking safe havens for corporate cashThetroubledsummerof2008sawcashmanagers’focusshiftfromreturnoncapitaltothereturnofcapital.Themoststrikingaspectofthesearchforsafehavenshasbeentheextenttowhichcompanieshavespurnedbankdeposits,theirtraditionalharbourforexcesscash.Manytreasurershaveoptedforalternativessuchasgovernmentbillsormoneymarketfunds,thoughthelatteralsosufferedafteraUSfund‘brokethebuck’asaresultofexposuretothebankruptLehmanbrothers.Thissessionexploresthelongertermconsequencesofthisexperience.WillgovernmentguaranteesenabledepositstoregaintheirdominanceofEuropeancashinvesting?Orwilldiversificationofinstrumentsremainapriority?Panellists include: Vijay Panday, Senior Manager, Head of KLM Group Treasury desk, KLM Royal Dutch Airlines, The NetherlandsGreg Zabikow, Manager of International Treasury, Aon Service Corporation, The NetherlandsEdwin Veenman, European Treasurer, Office Depot, The Netherlands
12:40 LUNCH
Special guest
speaker
Panel session
Keynote speaker
TreasuryNetworkingReceptionOpen to all delegatesJoin us at the end of the conference on Day 1 for the Treasury NetworkingReception.Relaxwithfellowtreasuryandfinanceprofessionalsplusspeakersandexhibitors.
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Expert speaker
14:00 Credit crisis impels new impulse to poolCynicscallthecreditcrisisthegreatestmarketingpushforcashpoolingyet.Why?becauseoptimisingcashtrappedwithinthecompanyisthebestformoffinancing–andnevermoresothanwhencreditisconstrained.indeed,someexpertsputtheproportionofworkingcapitalthatcompaniesfailtoputtoworkashighas50%onaverage.Clearly,thisreinforcestheviewthattreasurersshouldalwaysfirstsqueezethemostfromtheirinternalresources.inthiscasestudy,onecompanyreflectsonitsrecently-implementedcashpoolstructure.insharingitsexperience,ithighlightsbothdirectsavingsandotherbenefits.Greg Zabikow, Manager of International Treasury, Aon Service Corporation, The Netherlands
14:40 Risk is back – coping with operational challengesRiskisbackonthetreasuryagenda–inabigway.besidesfinancialriskslikebankcounterpartyexposuresandassetclassvolatility,therecessionaryeraislikelytoincreaseahostofoperationalrisks.inhardertimes,suppliersandcustomerswillbemorestressed. Socreditriskwillrequiregreaterattention,includingtherecentsupplychainfinance-driveninsightsintothestrategicvalueofsupportingsupplierswherenecessary.Companieswillalsobelesswillingtotradeonopenaccount,whichmaybringtraditionaltradefinanceriskmitigationback.Furtherrisks,suchascountryandtransportationrisk,willneedmorefocustoointhechallengingenvironmentahead.Apanelofcorporatetreasurersassessesthechangingoperationalrisklandscapeanddiscussestheirstrategiesandpriorities,includingkeymitigationtechniques.Maciej Müldner, Treasurer, Skanska S.A., PolandNatalia Kang, European Treasury Center Manager, LG, The NetherlandsDidier Lang, International Group Treasury Manager, Moog, Luxembourg
15:20 REFRESHMENTbREAK
16:00 No longer banking on banksbeforethecreditcrunch,counterpartyriskwasprimarilyaproblemthatemergedindoingdealswithsmaller,weakercommercialpartners.Mitigatingthisriskwasamatterofinsuranceorotherproducts.butbankbail-outsacrosstheworld,thefailureoficeland’slendersandtheLehmanbankruptcyhaveshiftedthedebatetobankcounterpartyrisk.Shouldtreasurersemployratings‘buckets’,orjustaminimumratingforallbanks?Whathappensintheeventofadowngrade–immediateunwindorphasedwithdrawal?Whatifthedowngradedinstitutionisamemberofyourloansyndicate?Andwhatshouldbeincludedintheexposurecalculation?Jan Schets, Director Treasury, Sara Lee, The Netherlands
16:40 Craving credit intelligence Withfewexceptions,2008’sgovernmentinterventionshavenotremovedcreditriskfromthebankingsector.indeed,analystscalculatethatmanybankswillexhausttheirnewpubliccapitalrapidly.Sohowshouldtreasurersobtainreliablecreditintelligenceontheirbankcounterparties?Duringthecrisis,companieswererelyingonlittlemorethanafter-the-eventnewsreportstoinformtheirbankexposuremanagement.Arethecreditratingagenciestheonlysource,orarecrediblealternativesavailable?Andistheexpenseofcreditintelligencejustifiedinasectorthattheauthoritieshavedecidedistoobigtofail?inthispanel,aseniorrepresentativefromaleadingcreditratingagencyandleadingfinanceexpertswillexplorethepracticalconcernsthatemergefromcounterpartyriskandthedoubtsabouttheviabilityofcreditratings.Theywillalsodiscussavailablealternatemethodsfortreasurerstoassessriskrelatedtobankcounterparties.Moderated by: Colinda Hogervorst, Senior Consultant, Cash Management and Bank Relationship Management, ICC, The NetherlandsPanellists:Charles Jenkins, Regional Director, Western Europe, Economist Intelligence Unit, UKMichael Zlotnik, Managing Director & Head of Bank Ratings Europe, Middle East & Africa (EMEA), Standard and Poor’s, GermanyKees-Jan Kindt, European Treasury Manager GDA B.V., The Netherlands
17:30 Conference adjourns to the Treasury Networking Reception
Panel session
Expert speaker
Case study
Panel session
12:20 Diversification – offsetting risk by finding new sources of finance banksmaybeunwillingtolend,butcapitalmarketinvestors’stillhaveanappetiteforcorporateexposure.Howcancorporatetreasurersseeknewsourcesoffinanceoutsidetraditionalbankborrowing?Evenwiththeeconomiccycleturning,productsstillavailabletotherightnames(notonlybluechips)include:USprivateplacements,domesticbonds,commercialpaper,andevensomeformsofsecuritisation.Diversifyingsourcesoffinanceisakeytoolinliquiditymanagement;sotooisanticipatingneedsandtakingearlyaction.Thissessionexaminesseveralcompanies’approachestoprudentlyspreadingtheirfinancingrisk.Pim de Groot – Senior Manager, Finance and Accounting, DENSO Europe B.V., The NetherlandsJan Ambergen, Regional Controller EAME, IFF, The NetherlandsPaul Hermans, Treasurer, Barco Coordination Center, Belgium
13:10 LUNCH
14:30 The connectivity conundrumbankconnectivityremainsadifficulttopicformanycompanies.AlthoughSWiFThasbeguntoattractincreasingusethroughitsseveralcorporate-targetedinitiatives,itscostscanbeoff-puttingandcheapdomesticsystemsstillprevail.Yetlocal(multi-bank)systemsdonotalwaysofferthelevelofsecurityandflexibilitythatsomewouldlike.Howshouldtreasurersassessthesecompetingchannels,takingintoaccountEurope’sevolutiontowardsmorestandardisation?Andwhatistheimpactoftheliquiditycrisisoncustomers’andbanks’viewstowardstheirinterconnectivity?Thissessionexploresthelatestthinkinginthisvitalareaofcashandliquiditymanagementinfrastructure.Johannes Borgman, Managing Director, ADCO Umweltdienste Holding GmbH, GermanyBart Van Buggenhout, Senior Product Manager, w1se corporate e-banking, KBC, Belgium
15:10 Playing a new card – turning to card solutions CardsolutionsareincreasinglyonEuropeancorporatetreasurers’workingcapitalimprovementradar.Asspeedingupthecashandinventorycyclesismoreimportantthanever,cardsofvarioustypesofferattractivebenefits.Purchasingcards,forexample,areawayofloweringthecorporatecostcycle.Andforconsumer-facingcompanies,loyaltycardschemesprovideanopportunitytoleveragetheirbrandstrengthwhilepotentiallysupportingpricingandacceleratingturnover.Thissessionconsidersthebenefits,costsandrisksinthisarea.Drs J.J. Hans Cremer, Portfolio Manager Dialogues Incubator, Associates BV, The NetherlandsRoelof Hilgersom, Head of Commercial Cards, ABN AMRO, The Netherlands
15:50 REFRESHMENTbREAK
16:20 Dealing with the SEPA direct debitTheloomingSingleEuropeanPaymentArea’sdirectdebit(SDD)arrangements–deadline:November2009,thoughthisappearstobeatriskoffurtherdelay–hasgeneratedahighdegreeofcontroversyforsuchanutsandboltsmeasure.DetractorscontinuetocomplainthattheSDDexposesthemtoasignificantincreaseinriskcomparedtowhat,inmanycases,areexistingrapidandreliabledomesticpaymentinfrastructures.Howshouldtreasurerswhorelyondirectdebitsforsignificantproportionsoftheircollectionsrespond?Andwhataretheimplicationsfore-invoicing,includinge-SEPA?Anexpertspeakertakesstock.Massimo Battistella, Manager Accounts Receivables, Administration, Finance & Control, Telecom Italia, Italy
17:00 Close of conference
08:30 REFRESHMENTSANDExHibiTiONOPENS
09:00 Chair’s welcomeSander van Tol, Senior EuroFinance Tutor; and Director, Zanders, The Netherlands
09:10 Relying on relationships (1) Withthebankinglandscapetransformedbygovernmentinterventionsandcreditnolongeracheap,commoditisedproduct,treasury’sabilitytomanagebankrelationshipsisevermoreimportant.Doesagovernmentbail-outofyourleadbankmeanthatyoushouldrevisityourbankingrelationships?Howcanproposedmarginandfeehikesbestbehandledinthenewenvironment?Dobanksofdifferentnationalitiesrequire differentapproaches?Onecorporatetreasurerrevealshiscompany’sstrategy.Maciej Müldner, Treasurer, Skanska S.A., Poland
09:50 Relying on relationships (2) Apanelofprominentbankersspeakaboutwhattheyvaluemost
intheircorporaterelationships.Theirdisclosuresmaywell surpriseyou.Moderated by: Sander Van Tol, Senior EuroFinance Tutor; and Director, Zanders, The NetherlandsPanellists include: Maarten Mol, Head of Transaction Banking, ABN AMRO, The NetherlandsPeter Pollaert, Head of Cash Management Sales, Fortis, BelgiumBart Ivens, Global head of Sales PCM, ING BankJasper Savelkoel, General Manager ICM, KBC, Belgium
10:30 Let’s hear you out: the audience opinionit’sbeenatraditionatourinternationalconferencestoencourageaudiencestocasttheirvotesonthebusinessoutlookandotherissues,givingaviewfromthetreasuryworld.Startingwiththissession,weinstitutevotingacrossallourmajorconferences.Theformatwillinvolveaudiencevotingonissuesofdirectconcerntotreasurerstryingtomakesenseoftheglobalfinancialcrisis.Whatdoyouandyourpeersthink?Haveyoulostconfidenceinyourbanks?Ratingagencies?Arecentralbanksandpoliticianshandlingthecrisiscapably?Whenwillconfidencereturn?isthereopportunityforcompaniestogrow,eveninanenvironmentlikethis?WhenwillM&Astartupagain?FromFxissuesthroughtoregulation,thisshortsurveywilldeterminecurrentsentiment.
11:10 REFRESHMENTbREAK
11:40 Facing up to refinancing riskintheaggregate,corporateliquidityremainsample.Nevertheless,manycompaniesfacerefinancingtheirdebtinthenewcreditenvironment.bankingislikelytocomewithahigherpricetagandberestrictedtofavouredcustomers.Relationshipsarerapidlychanginginthisenvironment,asevenrelativelyminoradjustmentslikewaiversareattractingincreasedfees.Sometreasurersfearthatsomebankswillinvokematerialadversechangeclausestogetoutoflendingpricedatbullmarketlevels.Thissessionweighsthefearsagainsttherealitiesandhighlightsthestrategiesandtacticstreasurersshouldemploy.Bas Kolenburg, Executive Consultant, ICC, The Netherlands
Day 2 Wednesday 18 March 2009
For programme and speaker updates visit www.eurofinance.com/europe
ConferencevenueTheHiltonAmsterdamisacontemporaryhotellocatedjust15minutesbytaxifromSchipholAirportanda15minutewalkfromthecitycentre.LocatedinAmsterdam’scommercialandfinancialdistrict,it’sjust2minutesfromsomeofthemostexclusiveshoppingstreets.HiltonAmsterdam,Apollolaan138,Amsterdam,Netherlands1077bG,Tel:+31207106000
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Expert speaker
Casestudy
Expert speaker
Panel session
Panel session
Expert speaker Case
study
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Special voting
About the sponsors
Book today: See registration page for details
FortisbankandFortisinsuranceprovideatotalpackageofbankingandinsuranceservicestopersonal,businessandinstitutionalcustomersthroughtheirownhigh-performancechannelsandviaintermediariesandotherpartners.WehavedevelopedaEuropeanfootprintintheretailbankingmarket,operatingthroughavarietyofdistributionchannels.Weofferfinancialservicestocompanies,institutionalclientsandhighnetworthindividualsandprovideintegratedsolutionstotheenterpriseandtheentrepreneur.Finally,wesuccessfullycombineourbankingandinsuranceskillsthroughbancassuranceinbelgium.Fortishasapresencein50countriesandadedicated,professionalworkforceofmorethan50,000.
Contact: PeterPollaert,GlobalHeadofCashManagementSales E-mail:[email protected] www.fortis.com
Witharichhistorydatingbackto1824,AbNAMROisuniquelypositionedintheNetherlandswithastrongpresenceinthelocalcommercialandconsumerbankingmarkets.AbNAMROhasofficesinalmostallmajortownsandcitiesthroughoutthecountry.
Thebank’sfullspectrumproductrangeensuresoptimalsupportfortheclient’scompany’sdailycashandliquiditymanagementneeds.
AbNAMROandFortisbankNLwillbemergedinthenearfuture.Thisnew,healthyandstrongfinancialinstitutionwillofferclientsabroadrangeofproductsandservicesincommercial,retailandprivatebankingandwillhavepresencein20countriesthroughouttheworld.
Contact: ErikZoetmulder HeadofCashmanagement,AbNAMRO E-mail:[email protected]
iCCisoneofEurope’sleadingconsultingcompaniessupportingCFO’s,financedirectorsandcorporatetreasurerswiththeirinterestrateandcurrencyriskmanagement,financingissues,cashmanagementandbankingrelationshipmanagement.AsaprivateenterpriseiCCisnotlinkedtobanks,brokers,assetmanagers,accountants,auditorsorotherthirdparties.Wedonotholdanypositionsinthefinancialmarketsnordoweconductanytransactions.Thisallowsustofindthebestpossiblesolutionstoourclients’currencyandinterestrateexposuresaswellasthebestpossiblefinancingsolution,oftenwithbetterbankingtermsandconditionsandwithoutanyconflictsofinterest.With30yearsofexperienceiCCisthepreferredsparringpartnerfortoday’sfinanceprofessionalfromaroundtheworld!
Contact:MichèlvanDusschoten ConsultancyDirector,iCC E-mail:[email protected]
iNGWholesalebankingisthecorporateandinvestmentbankingdivisionofiNGGroup,aglobalfinancialinstitutionwithover60millionclients.iNGWholesalebankingcombinesitsanchorproductsoflending,payments&cashmanagementandtreasurywithafullrangeofvalueaddedservices.buildingonourhomemarketsinbenelux,wehavecreatedastrongbaseinEuropeandapresenceinover40countriesworldwide–underpinningourcommitmenttoserveclientswherevertheirbusinessneedstakethem.
FromourextensiveEuropeanbranchnetworkwecanofferyoupayments&cashmanagementsolutions.Youwillhaveonepointofaccesstoservicesrangingfromautomatedliquiditymanagement,reportingfacilitiesanddocumentarytradeservicestocommittedimplementationandsupportteams.Whetheryouaredoingbusinessinbenelux,Central&EasternEurope,South-WestEuropeortheNordics,iNGoffersyourelevantandconstructivesolutions.
Contact:bartivens,PCMGlobalHeadofSales [email protected]
Official sponsors
KbCbank,thelargestbelgianfinancialinstitution,isamemberoftheKbCbankandAssurancegroup.
Geographically,theKbCGroupgivesprioritytodevelopingitsactivitiesinEurope,especiallyinthehomemarketsofbelgium,CentralandEasternEurope.
Outsideitshomemarkets,KbC’sactivitiesinWesternEurope,USAandAsiaarealmostentirelyfocusedoncorporatecustomers,realestate,tradefinanceandfinancialmarketactivities.
TheGroupoffersafullrangeofdomesticandcross-bordercashpoolingservicesandhasanimpressivetrackrecordinprovidingtailor-madecashmanagementsolutions,includinga.o.agenuinecross-bordernotionalpool.KbCisoneofthefirstbankstoofferfullSCOREcompliantMA-CUG–SWiFTforCorporatessolutions.
w1se,thegroup-wideinternetbasedelectronicbankingtool,illustratesKbC’scontinuedcommitmenttocorporatecashmanagement.W1secovers11Europeancountries,supportingthelocallanguagesandthefullrangeofdomesticpaymentandcollectioninstruments.
KbCbank,Havenlaan2,b–1080brussels Tel:+3224298673 Fax:+3224292723
Contact:JasperSavelkoel,belgium,GeneralManager, internationalCashManagement Email:[email protected]
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Wouldyouliketosponsororexhibitatthisevent?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 7576 8516 or email [email protected] for more information.
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Pre-conference training Introductory to advanced Level Monday 16 March 2009
Conferences | Training | In-House Training | Research
AdvancedCashFlowOurresearchregularlyshowsthatthemajorityofcompaniesthatusecashflowforecastingaredissatisfiedwiththeirsystemsandresults.Thisintensiveone-daycoursewillexaminethevarietyofapproachesthatcanbetakendependingonpurposeandprofileofcompany.Therelationshipbetweenforecasting,liquidityandworkingcapitalisexaminedindetailsothatforecastingisnotconsideredinisolation,butatthecentreofthedrivetomaximiseshareholdervalue.Theobjectiveisforyoutobeconfidentinoptimisingtheaccuracyofyourforecasts,maintainingtheirusefulnessunderdifferingscenariosofchangeandpressures,andtomaximisethebenefitsseenfromimprovedcashgeneration.
CoursetutorsDamien McMahon Director Finance & Treasury Solutions Group, PricewaterhouseCoopers, Belgium
Martin Böhme Manager, PricewaterhouseCoopers, Belgium
08:30 REGiSTRATiONANDREFRESHMENTS
09:00 Objectives and uses of cash flow forecasts• Liquiditymanagement• Establishingcashmanagementpolicies• identifyingandavoidingcashshortages• Determiningfundingrequirements• Calculatingpotentialdividends• Planningcapitalinvestmentprogrammes• bankingrelationshipsandloancovenants
09:30 Accurate data collection• Capturingaccurateinternaldepartmentaldata• Capturingaccurateandtimelybankdata• Establishingandenforcingdisciplinedreporting• Linkwithbudgetingandaccountingsystems• Differentiatingcashandaccountingitemsandmeasures• interpretingandadaptinginputdata• Highlightingcertaindatavs.estimateddata• Separatingmetricsyoucancontrolandvaryfromthosethatarefixedbyothers
10:30 REFRESHMENTbREAK
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?• Adaptingtochangingtrendsandbusinesscircumstances
15:00 Linking cash flow forecasting to working capital management• Thecashconversioncycle• informationflows• Linkingsystems• benchmarksandalerttriggers• Measuresofworkingcapitalperformance
16:00 REFRESHMENTbREAK
16:20 The end game: increasing shareholder value via cash flow management• Definingshareholdervalue• Measuringshareholdervalue• Loweringthecostofcapital• Discountingcashflows• Makingcashcount–practicalandpresentationaloutcomes
17:30 ENDOFCOURSEANDPRESENTATiONOFCERTiFiCATES
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Salutation:Dr/Mr/Mrs/Ms/Miss:_______Firstname(s):________________________
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Wereyouinvitedbyasponsor/exhibitor,ifsowhichone?
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What is the annual turnover of your company?
under€25m €26m–€100m €101m–€500m
€501m–US$999m €1b–US$9.9b over€10b
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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 responsibilityof 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 the Hilton Amsterdam hotel please go to: http://www.hilton.com/en/hi/groups/personalized/AMSHITW_GEURB/index.jhtml. EuroFinance strongly advises that you reserve your hotel accommodation for this event assoon as possible as rooms will be subject to availability at the time of booking. The deadline for preferential rates is the 14 February 2009. Please note the preferential rate is based on 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/course and cancellation terms apply. Full refunds are available on allcancellations received in writing (letter, email or fax) 28 days before the conference/course start date. NO REFUNDS OR CREDiTS AFTER THiS DATE AND ANY OUTSTANDiNG PAYMENT WiLL bE REQUiRED iN FULL. The optionto transfer another conference or course is subject to availability. 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 eventorthreatofwar,terrorismorcircumstancesoutsideoftheorganisers’control. Promotional discounts: EuroFinanceregretsthatadditionaldiscountsreceivedaftertheregistrationformhasbeensubmittedcannotberetrospectivelyappliedtoreducetheoriginalpricecharged.Dress: business.Venue: The Hilton, Amsterdam, The Netherlands incorrectmailing:ifanyofthedetailsonthemailinglabelareincorrect,[email protected].
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Youruniquebookingreferencecode:LiquidityandCashManagementforEuropeanCompanies17–18 March 2009, The Hilton Amsterdam, The Netherlands
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