1. technology and computing

Building a World
Class Treasury
World Financial Symposium 2014
World Financial Symposium 2014
Chair Opening
Vijay Panday
Director, Group Treasury and Risk
KLM
World Financial Symposium 2014
World Financial Symposium 2014
Treasury Priorities
2015 and Beyond
David Aldred
Managing Director, Regional Head of Sales, Middle East, North
Africa, Turkey and Pakistan, Treasury and Trade Solutions
Citi
World Financial Symposium 2014
World Financial Symposium 2014
Treasury and Trade Solutions
September 2014
Treasury Priorities 2015 and Beyond
1st IATA World Financial Symposium, Abu Dhabi
We are Living in Challenging Times
Globalization
Route & Fleet
Expansion. Impact
on Supply Chains
Digitization
Mobile Internet &
Technology Impact
Urbanization
Regulation
Rates
Reputation
Growth of EM.
Africa MENA, Asia
Carbon, Airport,
Congestion,
Passenger Rights
EM Expansion, Fuel
and Fleet Expansion
Managing FX Risk
(acquiring/real time)
Competition,
Supplier
Relationships,
Brand and
Customer Service
The world is changing
The operating environment is changing
Our clients’ needs and expectations are changing
All are relevant for aviation
Source : IATA & Porter’s 5 Forces
5
The Major Forces Driving Change
The Major Forces
Driving Change
Past (1990)
26%
17%
Exports Share of GDP
Globalization
US
JPN
Present
33%
Exports Share of GDP
US
DEU
CHN
Future
Exports Share of GDP
CHN
JPN
US
IND
Largest World Economies
Largest World Economies
Largest World Economies
43% World Population in Cities
52% World Population in Cities
60% World Population in Cities
9% World Population >60 Years Old
11% World Population >60 Years Old
17% world Population >60 Years old (2030)
0
1.4bn
5bn
Mobile Broadband Subscriptions: NONE
Mobile Broadband Subscriptions: 1.4bn
Mobile Broadband Subscriptions: 5bn (2017)
Internet Users: Nominal
Web Browser Introduced in 1992
Internet Users: 2.4bn
34% Global Penetration
Internet Users: 3.5bn (2017)
50% Global Penetration
Urbanization
Digitization
Primary Sources: EIU, Roland Berger, United Nations Statistics, Forrester Research, Citi Analysis.
6
The Major Forces Driving Change - Aviation
The Major Forces
Driving Change
Past (1990)
Present
<15K
Aircraft
Fleet Expansion
Globalization
Relative High Cost of Travel and Low
Cargo Levels
Telephone Base Sales and
Customer Service
Primary Sources: IATA.
7
Fleet Expansion
Asia
35K
59%
New
Aircraft
Growth
Fleet Expansion
ME
Asia
ME
<1 Billion <20T Cargo
Digitization
20K
Aircraft
Asia
Emerging Market Expansion
Urbanization
Future
$4.8
Trillion
Investment
Emerging Market Expansion
2.5 Billion 40T Cargo
Growth of Cities and a More Mobile Population
Is Leading to Increasing Air Travel Between Cities
Internet for Ticketing and
Carrier Portals Becoming
Standard
Emerging Market Expansion
2050
16 Billion
500T
Cargo
Massive Investment In Infrastructure is Required to
Cope with the growth in Aviation
End to End Solution for
Passengers Leveraging a
Handset
Key Treasury Trends & Themes
The following trends and themes are from Citi Treasury Diagnostics (CTD), a benchmarking tool designed to
help companies assess treasury and working capital management practices, and identify opportunities for
treasury departments to deliver more value to their firms.
Results from CTD provide a clear indication as to what is most important to treasury practitioners across the
globe as well as insights into both emerging and existing themes within the treasury management space.
Continued Centralization:
Efficiency and Control
Embedding Treasury:
Growth in Importance and
Scope
Need for Speed:
Real-time Treasury
Management
8
Performance Management:
Increasing Accountability
Key Trends
Risk Management:
Still in the Spotlight
Benchmarking Results
On average, best practice results were more readily achieved in areas where treasury plays a bigger role in
setting policy…
Achievement of Best in Class Performance (Above 75th Percentile)
43%
Subsidiary Funding
38%
Funding. Upstreaming
Downstreaming process
18%
Systems and Technology
Dividend and New Legal
Entity Process
16%
ERP & TMS
13%
Risk Management
Liquidity Funding
Risk & Capital Planning
Counterparty Risk
16%
11%
Policy and Governance
11%
Organisational Structure
Treasury Strategy
8%
Liquidity and Investments
8%
Cash Visibility. Forecasting Outside of IATA Settlements
4%
Working Capital Management
5%
Receivable Processing
Payables Processing
Universe
Industrials
Aviation
…In areas requiring coordinated execution from subsidiaries and investment in technology, far fewer firms
were successful at achieving best practice results.
Source: Citi Treasury Diagnostics, April 2014
9
© 2014 Citibank, N.A.
Need for Speed: Real-time Treasury Management
Corporate treasury is keeping pace with the rapidly increasing drive to achieve access to immediate, complete,
and actionable data.
Visibility
Forecasting
 Increasing emphasis on
daily visibility of cash flows
and short-term investments
 Frequency of cash forecast
updates are increasing
across companies of all
sizes,
 80% of corporates reported
daily cash visibility over 75%
of total balances
 85% of corporates reported
over 75% daily visibility to
short-term investments
 This is consisently an area of
improvement for aviation and
is ranked 2nd and 3rd
Quartiles consitently
 Among large companies,
33% are updating forecasts
daily, an 19% increase
between 2009 and 2013—
the fastest growing group
and likely due to wider
adoption of more
sophisticated treasury
technology
 Wide spread of results.
50:50 Q1/Q2 and Q3/Q4
Concentration
 Increase in daily
concentration of cash into
a central pool
 78% of corporates reported
daily concentration
 Daily concentration of cash
is a practice more commonly
used by large companies
– 83% of large companes
versus 47% of small
companies
•
Wide spread of results.
50:50 Q1/Q2 and Q3/Q4
Automation
 Corporate treasury
departments are leveraging
technology to automate
processes and increase
efficiencies
 77% of companies reported
full or complete automation of
pooling processes
 Nearly 30% of companies
reported greater than 95%
automatic matching of
receivables to customer
invoices, up 9% between 2009
and 2013
 Consistent case for
improvement
Treasurers are increasingly leveraging “real-time” information to make faster, more informed liquidity
and risk management decisions for the business.
1
Source: Citi Treasury Diagnostics; participants data through year-end 2013
Large companies = > $25 billion; small companies = < $2 billion
Embedding Treasury: Growth in Importance and Scope
While the role of the treasurer has become more complex and challenging over the last few years, corporate
treasury continues to progress as a strategic advisor and valued partner to the wider business.
Scope
Policy Coverage
 Many functions, processes,
and activities are now more
firmly under the remit of
corporate treasury, including:
– Intercompany loan
administration
– Counterparty risk
management
– Supplier payments
– Financial guarantee
management
• Aviation – supplier payments
in bottom 2 quartiles on
average. Funding up-stream
and downstream is a
consitent area in need of
improvment
 Treasury policies are
correspondingly broadening
with the expansion of the
treasury function
 Consistently high treasury
policy coverage with regard
to financial risk management,
including:
– FX risk (89%)
– Liquidity risk (83%)
– Counterparty/credit risk
(78%)
– Interest rate risk (76%)
• Aviation – Procedures and
control is an area most
Treasurers identify as an
area needing improvement
Control
 Today’s treasurer has more
control than ever before
 Expansion of type of balances
under the purview of treasury
– 62% of companies reported
including at least 75% of
operating flows in pooling
structure
 Increasing ownership over
company-wide accounts (e.g.,
operating accounts)
– 63% of companies reported
complete control over nontreasury accounts
– 24% increase between 2009
and 2013
• Aviation – generally ranked Q2
and above but some (EM)
limited to investments only
W/C Mgmt
 Increasing treasury involvment
in coordination and oversight of
working capital management
– 65% of companies reported
direct and/or ad-hoc
involvement
– 19% increase between 2009
and 2013
 Treasury is increasingly
leveraging working capital
flows/products to drive
efficiencies
– E.g., 29% of treasurers
reported use of supplier
finance programs, up 8%
from 2009
• Aviation – Transactions mainly
Q1 but Q2 for strategic working
capital
The role of the treasurer has expanded to meet the new responsibilities of funding and raising liquidity,
understanding and managing risks, and supporting business units as successfully as possible.
1
Source: Citi Treasury Diagnostics; participants data through year-end 2013
Large companies = > $25 billion; small companies = < $2 billion
Continued Centralization: Efficiency and Control
Centralization remains at the forefront of priorities for corporate treasurers, who hope to continue realizing the
benefits of improved efficiency, transparency, and controls offered through centralized treasury activities.
Pooling & Mobilization
 Corporates are shifting from
regional to global account
structures
 Global mobilization of cash is a
trend consistent across
companies of all sizes
– Average of 10% increase
between 2009 and 2013
– Most favored by large
companies, 40% of which
reported global mobilization,
versus 19% of small
companies
•
Aviation – generally ranked Q2
and below
Centralization
Electronification
 Centralization structures such
as In-House Banks, Netting
Centers, and Shared Service
Centers (SSC) continue to be
utilized by companies of all
sizes
– 61% of total respondents,
and 81% of large companies,
have established global
and/or regional SSCs to
support business processes
 Majority of participants now use
electronic payments to complete
high volume vendor payments
and high value treasury payments
to drive increased efficiencies
– Large companies are much
more likely to have an InHouse Bank (61%), vs. 22%
of small companies
 Companies leveraging a treasury
workstation (vs. spreadsheets)
are significantly more likely to
achieve daily monitoring of
investment policy compliance
monitoring (61% vs. 22%)
 Aviation – Consistently cite
improvements in the payables
process
As companies continue to expand their markets and operations abroad, treasurers have been faced with
the challenge of developing a treasury infrastructure capable of supporting the needs of a business that
is constantly evolving.
1
Source: Citi Treasury Diagnostics; participants data through year-end 2013
Large companies = > $25 billion; small companies = < $2 billion
Performance Management: Increasing Accountability
There is an appetite for stronger standards and increased oversight within corporate treasury, with a particular
emphasis on both internal and external performance management .
Treasury Performance
Measurement
Documentation
 Substantial increase in
measurement of treasury
performance against quantifiable
KPIs as a proxy for accountability
– 66% increase between 2009
(10%) and 2013 (76%)
•
 Greater emphasis on formalizing
and documenting treasury
objectives and plans
– 74% increase bewteen 2009
(18%) and 2013 (92%)
•
Aviation – generally ranked Q2
and below
Aviation – Treasuries are typically
seeking to increase policy and
governance globally across their
finance and treasury functions.
Increasing dialogue with
Procuement. <75%.
Internal
Bank Performance
Measurement
 Within treasury departments, the
appetite for increased external
accountability has gained
popularity in recent years
 58% of companies reported
conducting formal performance
reviews of their banking partners at
least on an annual basis. <50%.
 Companies conducting quarterly
reviews increased 15% between
2009 (25%) and 2013 (40%). <25%
External
Across the wider economy, demand is growing for greater transparency and accountability. As a result,
corporate treasury has experienced substantive changes in practices and behaviors relating to both
internal and external accountability.
13
Source: Citi Treasury Diagnostics; participants data through year-end 2013
Large companies = > $25 billion; small companies = < $2 billion
Risk Management: Still in the Spotlight
Treasurers are increasingly adopting a more comprehensive approach to risk management.
Counterparty Risk
Management
 Emerging risk-centric
treasury organization
 Increasing number of corporates
employing methodologies to set,
monitor and calculate the usage
of counterparty risk
– 67% of 2013 respondents
– 11% increase between
2009 and 2013
•
Aviation – 60%+ ranked Q1
Assessment & Monitoring
Business Continuity
 Treasurers are more diligently
monitoring and assessing
various financial risks
 Increasing emphasis on
business continuity, likely due
to treasury’s renewed focus on
comprehensive risk
management
 Most corporates reported
assessing both interest rate risk
and liquidity/funding risk, 79%
and 80%, respectively
 Settlement risk is also receiving
increased attention from
corporate treasury
– Large companies were more
likely to monitor settlement
risk (50%), versus 16% of
small companies. Ave Q1
 72% of corporates reported
having a treasury business
continuity plan
 Large firms were the most likely
to establish a formal treasury
business continuity plan
– 40% increase between
2009 (43%) and 2013
(83%)
More and more corporate treasury departments are working to foster a risk-aware culture.
14
Source: Citi Treasury Diagnostics; participants data through year-end 2013
Large companies = > $25 billion; small companies = < $2 billion
What is Achievable?
Treasury resource is not unlimited and a Treasurer must prioritise projects to ensure maximum impact for the
investment made. What is achievable over the short, medium and longer term for Treasurers?
SHORT TERM
MEDIUM TERM
LONG TERM
Bank Rationalisation
Supplier Spend Analysis
Supplier Finance
Audit of bank account s and
benchmarking of existing cash
management structures
Procurement and Treasury to agree
transformation of all non-fuel related
payment activity
Managing supplier relationships to
protect the global supply chain and
enhance working Capital
Visibility & Control of Cash
Future Proofing Payment
Formats
Review and implement
enhancements to Cash Pooling,
Cash Flow Forecasting and InHouse banking
Leverage XML when dealing with
banks. Eliminate multiple formats
with multiple banks
Centralisation of all Treasury and
Commercial payments to One
Location
Design and implement a SSC
structure that delivers value &
efficiency across all business lines
FX Management
Governance & Control
ERP/TMS Strategy
Dynamic, instant FX management
for the management of online
passenger ticket sales
Review and implement policies and
procedures to ensure consistent
treasury policies globally
Integration and elimination of noncore systems to improve efficiency
and drive value. Transformation
Strategies are increasing.
All are possible now with payback. Timeline is an indication of the
resource requirement
15
Aviation Treasurer’s Scorecard – What Should it Look Like for 2015?
A Treasurer's Scorecard should be flexible and dynamic. From working with aviation clients globally, Citi
understands the following to be high priorities. As the planning process for 2015 begins the following are areas
worthy of consideration.
Key Result Area
Control & Visibility
Key Performance Indicator
1.
2.
Relevance to Corporate Strategy
and Potential Impact
Review bank Account Relationships and
Account Structures.
Is your Liquidity & Cash Management
Structure Maximising Potential?
A.
B.
C.
D.
E.
Governance
Working Capital
Control & Audit
Risk Mitigation
Regulations
Develop a Transformational Blue-Print.
Implement Solutions to Increase Working
Capital for a) Fuel for b) Non-Fuel Spend
A.
B.
C.
D.
E.
Supply Chain Management
Control & Audit
Risk Mitigation
Working Capital
Process Efficiency
Treasury Impact on CFO
Centralisation & Working
Capital Projects
1.
2.
Technology Strategy
1.
2.
3.
What is Your TMS & ERP Strategy?
Bank Connectivity Plan?
Future Proof Links to Banks and 3rd Parties
A.
B.
C.
D.
Control & Audit
Risk Mitigation
Working Capital
Technology Blue Print
1.
Understand the Projects that Procurement
are Working on.
Implement Solutions to Increase Efficiency
for Non-Fuel Spend
A.
B.
C.
D.
Working Capital
Supply Chain Management
Process Efficiency
Technology Blue Print
Partnership with Procurement
2.
Yield &
Self
Funding
Improve
DSO &
DPO
5-10 days
$ cost
Per Bank
$50.000
Removal
Of
Invoices
<EUR10
Item
Cost
Innovation
1.
2.
16
Establish a Blue-Print With Strategic
Partners
What is the Road-Map for the Next 3-5
Years?
A.
B.
C.
D.
E.
Competitiveness
Efficiency
Financial Impact
Process Efficiency
Technology Blue Print
?
What is the Business Case for Change?
Leveraging data analytics to run models to assess the financial and efficiency impact of new process solutions.
Relevant and personalised data analytics can significantly
enhance the internal sponsorship of a project
17
Recommendations for 2015
The Treasury function is at the hub of an airlines operations. However, demands on time and pressure on
resources requires prioritisation of projects.
1. Transparency - Agree a scorecard that is measurable, actionable and is in-line
with the key corporate strategic drivers
2. Strategic Partners – Ensure that your financial partners are seen as strategic and
are seen for the strengths they can bring to the table. Elevate 3rd party
relationships from provider to partner
3. Data Analytics – Demand and leverage analytics that are relevant and reinforces
the business case for a project
4. Prioritise Achievable Projects – Short, Medium and Longer term projects that
deliver measurable results will reinforce the significance of Treasury
5. Partner With Procurement – Significant economic and efficiency savings can be
unlocked. Synergies across the Aviation Supply Chain are achievable
6. Technology Integration – Align the Technology blue prints with Internal Business
Service providers (e.g. GBS) and Technology to maximise impact across the
group
18
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efficiency, renewable energy and mitigation
Treasury Technology Trends & Connectivity:
What Top Performing Airlines Must Have?
 Christoph Feddern, Consultant, Senior Consultant, Treasury &
Finance Solutions, Zanders
 Laurens Tijdhof, Director, Treasury & Finance Solutions,
Zanders
World Financial Symposium 2014
World Financial Symposium 2014
Technology
Catalyst for Treasury Transformation
IATA Benchmarking Study 2014
Abu Dhabi, 17th of September 2014
Laurens Tijdhof – Partner
Christoph Feddern – Senior Consultant
21
Agenda
1
Introduction
2
Key Results of IATA Benchmarking Study 2014
3
Conclusions
22
Company Overview
“...Zanders believes that treasury
and finance solutions should be
advised in an independent,
innovative and entrepreneurial
manner based on thought leadership
and conforming to the constantly
changing demands of the market...”
•
Zanders Treasury & Finance Solutions is
founded in 1994
•
Independent and specialised advisory firm
•
Focusing on Treasury Management, Risk
Management and Corporate Finance
•
Over 150 qualified treasury consultants
•
Advisory, interim, transaction and
outsourcing services
•
Offices located in The Netherlands, Belgium,
United Kingdom and Switzerland
•
Leading advisory firm in its area of expertise
with a global client base
•
Long-term relationships with corporations,
financial institutions, public sector and NGOs
based on highest levels of ethics and trust
23
Recap IATA Benchmarking Study 2012
Strategic Opportunities
Treasury Organization:
• Covers on average 31 countries (H: 150, L: 1)
• Covers on average 13 currencies (H: 60, L: 1)
• Large part of treasury activities are still decentralized (36%)
Treasury Centralization
Cash & Liquidity Management:
• Become more effective in cash flow forecasting (41%)
• Improve cash management (25%)
• Not measured against formal KPIs (74%)
Risk Management:
• Timeline and quality of information (58%)
• Availability of information (31%)
• Difficulty in quantifying risks (31%)
Improve Availability of Data &
Management Info
Improve Quality of Data &
Risk Quantification
Bank Relationship Management:
• Between 10 -30 banks (44%)
• More than 30 banks (38%)
• Average of 88 bank accounts (H: 1.500, L: 2)
Bank Rationalization
Treasury Technology:
•
•
•
•
61%
57%
82%
77%
does not use a treasury workstation!
does not use an ERP system
does not use SWIFT for bank connectivity
is looking at technology improvement
Treasury Automation
24
Technology Driving the Next Stage of Treasury Centralization
Split between Operations (Centralization) and Value Adding Activities (Business Integration)
Level of
Centralization
1st Stage of
Centralization
2nd Stage of
Centralization
3rd Stage of
Centralization
Virtual Treasury
(Centralized &
Paperless
Operations,
together with
Business
Integration)
Internal Funding
and/or Centralized
FX Mgnt
Decentralized
Cash Mgnt
by Subsidiaries
Regional and/or
Global Liquidity
Centralization
(Netting & IHB)
Simplifying and/or
Automating Treasury
Operations & Processes
(Banking, eBAM, FSCM)
SSC,
Payment &
Collection
Factory
Local Liquidity
Centralization
Time
Status Quo
(Average Airline)
25
Agenda
1
Introduction
2
Key Results of IATA Benchmarking Study 2014
3
Conclusions
26
IATA Benchmarking Survey Composition
•
Survey focusing on IATA member and non-member airlines (56 responses)
Annual Turnover (USD)
Geographical
13%
20%
Europe
16%
44%
Large (>5bn)
APAC
Americas
46%
Medium (1bn-5bn)
Africa
13%
MENA
Small (<1bn)
34%
15%
•
Mainly European airlines responded; other regions are evenly represented
•
46% of respondents with turnover of less than USD 1bn p.a.
•
Majority are ‘traditional’ airlines, however survey also includes low-cost carriers
27
Treasury Organization at Airlines
•
What’s the current size of your treasury team?
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
1-4 staff
Strong correlation between turnover
and size of treasury
-
9% of large airlines have a relatively
small treasury team
-
27% of small airlines have a relatively
large treasury team
5-9 staff
>10 staff
Small (<1bn)
•
-
Medium (1bn-5bn)
Large (>5bn)
Which best describes your treasury structure?
100%
90%
-
55% of all airlines implemented a
centralized model
-
Large airlines tend to centralize into
global treasury operations
-
Majority of small airlines have
decentralized treasury activities
80%
70%
60%
Local Treasury
50%
Regional treasury teams
40%
Regional treasury centers
30%
Global Treasury
20%
10%
0%
Small (<1bn)
Medium (1bn-5bn)
Large (>5bn)
28
Cash & Liquidity Management (1)
•
Does your company perform cash pooling?
45%
40%
-
59% of airlines make use of cash
concentration structures
-
ZBA pooling predominant; notional
and hybrid structures rarely used
-
Relatively low level of cash pooling
compared to other industries
-
Cash pools are mostly bank
administered (53%)
-
Technology, either through ERP or
TMS, is only used by 39%
35%
30%
25%
Large(>5bn)
20%
Medium(1bn-5bn)
15%
Small (<1bn)
10%
5%
0%
No
•
ZBA
Notional
hybrid
What technology enables cash pooling?
7%
Bank administered
9%
Inhouse bank in TMS
53%
30%
Inhouse bank in ERP
Treasury module
Other
29
Cash & Liquidity Management (2)
Does your company conduct cash flow forecasting (CFF)?
•
11%
31%
No
Yes, rolling
Yes, static
58%
•
-
89% of all airlines conduct cash
flow forecasting
-
58% rolling and 31% static forecast
-
Size and/or complexity of airlines
are not related to the type of
forecasting
Which technology enables cash flow forecasting in your organization?
100%
90%
-
74% of all airlines use Excel as
their main CFF tool
-
Larger airlines tend to integrate CFF
into their TMS
-
Overall level of integration into TMS
or ERP Treasury Module is very low
compared to other industries
80%
70%
60%
ERP Treasury Module
50%
TMS
40%
Stand-alone tool
30%
MS Excel
20%
10%
0%
Small (<1bn)
Medium (1bn-5bn)
Large (>5bn)
30
Risk Management
Which risk classes do you actively manage?
•
80%
70%
60%
50%
40%
30%
20%
10%
0%
•
-
Financial risks are actively managed;
liquidity risk is the top priority
-
Importance of FX risk has declined
from 85% to 61% (vs. 2012 survey)
-
Commodity risk is managed by 43%
of the airlines (50% in 2012 survey)
Which systems support you with your commodity risk management (CRM)?
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
-
54% of airlines (that manage
commodity risk) use Excel and don’t
have any CRM system
-
25% of airlines use best-of-breed
CRM systems
-
TMS or ERP Treasury usage for CRM
is very low with only 14%
ERP Treasury
MIS
TMS
others
none
Excel
Small (<1bn)
Medium (1bn-5bn)
Large (>5bn)
31
Corporate Finance
•
Which balance sheet financing options are used in your organization?
100%
90%
-
Bank loans are the most preferred
financing option (56% of airlines)
-
Larger airlines tend to diversify their
debt portfolio
-
This development can be observed in
other industries as well
80%
70%
60%
Private placements
50%
Mezzanine
40%
Bonds
30%
Bank loans
20%
10%
0%
Small (<1bn)
•
Medium (1bn-5bn)
Large (>5bn)
With regards to corporate finance, treasury technology is used to:
Record all transactions
Accounting
-
Mainly used to record transactions and
enter accounting entries
-
45% of airlines perform reporting and
controlling tasks (i.e. headroom or
covenant analysis)
-
Corporate finance execution is typically
done manually
Report and control
Execute transactions
0%
20%
40%
60%
80%
100%
32
Bank Relationship Management
Which technology enables the external payment process?
•
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
-
35% of airlines process payments
centrally with a Shared Service Center
(SSC) and/or Payment Factory (PF)
-
44% of airlines have a decentralized
payment process
-
Stand-alone payment tools are used
by 42% of all airlines, ERP Treasury by
29% and TMS by 19%
other
TMS
ERP Treasury
Stand-alone tool
Processed locally,
paid locally
Processed locally,
paid centrally (PF)
Processed centrally,
paid centrally
(SSC/PF)
How do you connect to your banking partners?
•
100%
90%
80%
-
E-banking tools are very popular, with
usage by 65% of all airlines
-
Host-to-host connectivity is used by
25%, while SWIFT only by 10%
-
Corporate access to SWIFT is low
compared to other industries
70%
60%
Other
50%
SWIFT
40%
Host-to-Host
30%
E-banking
20%
10%
0%
Small (<1bn)
Medium (1bn-5bn)
Large (>5bn)
33
Agenda
1
Introduction
2
Key Results of IATA Benchmarking Study 2014
3
Conclusions
34
Treasury Technology Landscape at Airlines
Kyriba
GTreasury
WSS IT2
100%
90%
WSS City Financials
80%
Sage XRT Universe
70%
Reval
60%
Other
50%
Oracle PeopleSoft Treasury
40%
Oracle EB Treasury
30%
Bellin tm5
20%
SAP Treasury
10%
Sungard AvantGard Quantum
0%
Sungard AvantGard Integrity
Small (<1bn)
Medium (1bn-5bn)
Large (>5bn)
MS Excel
• Type of technology solution:
- No treasury workstation (i.e. MS Excel) reduced to 41% of airlines (in 2012 this was 61%)
- Treasury Management System (TMS) is used by 37% of airlines
- ERP Treasury module is used by 22% of airlines
• The choice of technology solution is driven by airline size and complexity:
- TMS usage is divided by Sungard (25%), WSS (6%) and multiple other vendors (69%)
- ERP Treasury modules are mainly implemented by medium-sized and large airlines, where
the choice for SAP is dominant (68%, compared to 32% Oracle)
35
Is Your Airline Ready for the Next Step?
•
On average and compared to other industries, the airlines are lagging
somewhat behind the curve in terms of centralization and applied treasury
technology
•
Therefore we recommend to define a strategic treasury roadmap to become a
best-in-class treasury value center
•
Start your treasury transformation ambitions with a processes redesign:
– Focus on further centralization and simplification of the airline treasury
organization (i.e. on average 27% of treasury activities are still
decentralized)
– Combine this effort with standardization of treasury processes
•
Then continue with evaluating and implementing the ‘right’ treasury technology
solution:
– Ensure that the solution fits with your specific requirements (which are
driven by airline size and treasury complexity)
– Focus on treasury automation (i.e. reduce manual and paper-based
processes) and seamless integration with other systems
36
Contact Details
Zanders Netherlands
Brinklaan 134
1404 GV Bussum
The Netherlands
T: +31 35 692 8989
Zanders Belgium
Place de l’Albertine 2
1000 Brussels
Belgium
T: +32 2 213 84 00
Zanders UK
26 Grosvenor Gardens
SW1W 0GT London
United Kingdom
T: +44 207 763 2510
Laurens J.A. Tijdhof
Partner
E: [email protected]
M: +32 476 05 45 58
Christoph Feddern
Senior Consultant
E: [email protected]
M: +41 76 388 59 04
Zanders Switzerland
Gessnerallee 36
8001 Zürich
Switzerland
T: +41 44 577 70 10
37
Disclaimer
This presentation was prepared exclusively for the benefit and internal use of the recipient. It does not
carry any right of publication or disclosure, in whole or in part, to any other party. This presentation is
for discussion purposes only and is incomplete without reference to, and should be viewed solely in
conjunction with, the oral briefing provided by Zanders. Neither this presentation nor any of its
contents may be disclosed or used for any other purpose without the prior written consent of Zanders.
38
© 2014 Zanders Treasury and Finance Solutions
39
www.zanders.eu
The Low Interest Environment and
the Future of Electronic Trading
Arjan Hes
Director, Client Acquisition
MyTreasury Ltd
World Financial Symposium 2014
World Financial Symposium 2014
My Kind
of trading
platform
The low interest environment and the future of
electronic trading
42
Treasury as a cost centre
• The cost per transaction has gone up when measured against interest
income
• Resource transaction costs rarely taken into account
• Platforms introduce operational efficiencies and risk controls
• Broadly same return and more / better control
• More time to focus on higher value part of Treasury
43
Trends with regards to electronic Term Deposit trading at banks
• FX e-trading has been around for well over 15 years
• Mature, well established, well understood models
• TD trading follows broadly similar model
• Banks have increasingly focussed on client profitability
• Some instances where banks removed lines for some TD clients
• Taking of deposits is a resource intensive low margin business
• A number of banks are implementing initiatives to roll out electronic deposit taking
• Most TD trades handled in the same way as FX trading through an RFQ model.
• More banks will follow as price pressures remains and clients demand it.
44
What is changing for Corporate Treasury
45
• Single bank multi product proprietary platforms are going to become less prevalent
• Single product multi provider platforms become less relevant
• Introduction of Joint ventures between single product platforms - marriage of convenience
rather than linking best in class technologies.
• Current trend is to launch multi-currency, multi-product platforms / add new markets on
proven technologies.
• Output files to not only integrate all data into a TMS but:
• Ability to convert data held in the TMS / ERP into trade files for execution simplifying the
route to market
• Ability to settle out of the trading app, rather than wait for trades to flow into the TMS.
How does this impact Treasury
• Multiple ways:
• Banks might prefer you to trade plain vanilla trades electronically
• Price differentials between telephone and e-trading will be reduced
or even inverted
• Are you looking for best in class technology per product (FX, TD,
MMF etc) or;
• Best multi product platform
• Conversation to get “lay of the land” will be a value add for the
banks rather than the pre-amble before any trade – not mutually
exclusive with technology
• Corporates and banks will always have objections to trading
electronically - what is your preference
46
What are Treasurers doing
•
Looking closely at money market instruments
•
Exploring and implementing best in class technology
•
Cooperating in the design of relevant multi product
technology
47
Are Airline Treasures farther advanced
• We believe so due to the long term use of e-FX and MMF
trading
• Cultural risk aversion due to the nature of the business
• Tech savvy
• Size and negotiating power with banks to keep e-rates
competitive
48
What is happening around you
• Acceptance and proliferation of e-trading platforms has driven
further development and refinement
• Platforms becoming single provider multi-currency, multi-product
platform
• Development to use existing (TMS / ERP) data to create orders
• Removal of more fingers from keyboards
• Banks could unwittingly accelerate the spread of multi-product
platforms
49
Virgin Atlantic Experience
Key Investment Challenges
•
•
•
•
•
Daily operations efficiency- Money Market Funding was heavy and manual process
Confirmation of Investment, performance assessment and reporting was time consuming
Limited visibility on funding options
Cost reduction environment where maintaining a low fee structure is essential
Managing credit control and risk exposure
Investment portal selection based on
•
•
•
•
•
•
Daily and Trading Capabilities
Risk Analytics
Trade Confirmation (SWIFT confirmation was a priority)
Magnitude of documentation and legal review
Reconciliation
Contingency Plan
“In order to make our operations efficient and allow more focus on strategy and
management decision, finding a technology solution was a necessity”
Khurram, Treasury Controller – Virgin Atlantic
50
51
In Conclusion
Demand from Treasurers and Banks to be more efficient is ultimately going
to accelerate the development and wider acceptance of e-trading platforms
for corporate cash. The low interest rate environment is just the catalyst.
Arjan Hes
MyTreasury Limited
2 Broadgate
London EC2M 7UR
United Kingdom
Tel: +44 (0) 20 7000 5162
Email: [email protected]
Networking Break
World Financial Symposium 2014
World Financial Symposium 2014
Managing Risk in a
New Environment
Vijay Panday, Director, Group Treasury and Risk, KLM
Eu-Jin Ang, Corporate Adivisory Group, RBS
World Financial Symposium 2014
World Financial Symposium 2014
IATA WFS 2014 Treasury Track
Managing risk in a new environment:
QE, its tapering/unwinding,
& financing/risk management considerations
17 September 2014
cib.rbs.com
I.
What is QE?
How big has it been?
Could it be unwound?
The “new normal”: QE & other stimuli … any ends in sight?
Before 2008, central banks typically targeted medium-term inflation (“stable prices”) via …
•
Conventiona
l monetary
policy
•
Banks’ reserve requirements
Targeting short-term IRs through:
• IRs on reserves
• Buying (short term) government securities
• Collateralised lending (to banks)
Ineffective when IRs near zero but deflationary pressures, requiring …
Unconventional
monetary
policy
Direct monetary expansion =
Quantitative Easing (QE)
•
Fed QE1-3
•
BoE QE1-3
•
BoJ 2001-2006, since
2013
•
ECB ABSPP announced
4 Sep (a CE response to
QE problem?)
Sovereign QE in 2015?
57
Approaches not focussed on money supply
• Refinancing/Liquidity Operations
(sovereigns & banks)
• Credit Easing (CE), including:
• Securities Market Programme (SMP)
Long Term Refinancing Operations
(LTRO) Outright Monetary Transactions
(OMT)
• Funding for Lending Scheme (FLS)
• Operation Twist, etc.
What is QE?
Quantitative Easing (QE) is:
•
•
•
Central bank’s monetary stability operations that inject
(typically pre-determined amount of) money into
economy
To increase money supply & hence inflation
By buying bonds (usually sovereign debt, but possibly
other financial assets too)
•
•
•
From bank & non-bank private sector entities (e.g.
pension funds or insurers)
On an un-sterilised basis (i.e. creating net new
money via excess reserves)
Also lowers yields (nominal & real) on risk-free
assets, encouraging investment into riskier
assets
How QE is supposed to work (simplified UK example)
BoE
BoE
BoE
Secondary
Bonds Market Equities,
Bonds,..
Bank of
England
(BoE) creates
£ by crediting
its own bank
account
BoE buys
government
bonds (Gilts) in
the secondary
market from
Financial
Institutions (FIs)
Goods
Secondary
Bonds Market
FIs invest in corporate Companies and Later, when economy
bonds/equity or
individuals
has recovered and
increase lending.
spend more
deflation risks warded
Why? Gilts increase in
money in the
off, BoE can sell Gilts
price (reduce in yield) economy due to back into the secondary
and become relatively cheaper & more
market
less attractive
available capital
58
US Fed QE
US Fed balance sheet
4.5
QE1
QE2
4.0
Tapering
Still buying,
but $5bn less
mortg.+ $5bn
less Treas.
each month
USD trillions
3.5
3.0
2.5
2.0
1.5
QE3
$1.24trn in
mortgage
securities
Target $0.6trn
in Treasuries
$40bn mortg.+
$45bn Treas.
monthly
1.0
0.5
0.0
Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul
07 07 08 08 09 09 10 10 11 11 12 12 13 13 14 14
Total Fed Assets
US Treasury Securities
Agency Debt + MBS
Source: US Federal Reserve Board
59
China, Japan & now Eurozone on stimulus …
US & UK stopping/stopped, rates to rise (& QE to unwind?)
Central Banks’ balance sheet expansion
CBs big govt. bond holder, depressing yields
Total central bank assets, USD trillions
CB holdings of gov.securities, % of total (Q3 2013)
QE can cause distortions in
asset prices, investor behaviour & wealth distribution
60
What’s next for policy decisions? Fed, BoE & BoJ
When should short term interest rates be increased? When/how should QE be
unwound?
•
•
•
•
US tapering (i.e. a reduction in additional purchases, not unwind) likely finished Oct ’14
UK stopped additional QE Nov ’12 … gilt holdings constant GBP375bn
Next for US/UK = increase in policy rates driven by data about: inflation, employment/GDP growth, real
wages, spare capacity, etc.
• Timing/scale uncertain (UK spring 2015? US summer/late spring 2015?) More likely given ECB’s
ABSPP (announced 4 Sep), or if Eurozone sovereign bonds purchased too?
• Likely gradual increases & IRs end up below historical averages (e.g. UK c. 3% vs historic 5%)
If the economy is recovering well (and state financing not disrupted), QE assets could be gradually sold
off
• If slow recovery, QE assets might be held till maturity (NB: UK QE long tenors so slow run-off) or reinvested
One of Abenomics’ “3 arrows” … fired repeatedly, but still missing its mark?
• BoJ first central bank to implement QE (2001-2006), but positive growth and inflation elusive. Re-
activated Oct 2010 as Asset Purchase Programmes
• PM Abe’s “3 arrows” launched 2013 = fiscal stimulus, structural reforms & monetary easing (QE)
• BoJ targeting 2% inflation via monetary base doubling by end 2014 & open-ended asset buying (USD
1.4trn in first 2 years)
• However, tax hikes in 2014 & 2015, and negative GDP growth in Q2 2014, despite dramatic JPY
devaluation & equity market rally
61
What’s next for policy decisions? ECB
Eurozone recovery not on track → negative IRs + ABS QE; sovereign bond QE to come?
•
•
•
•
The Eurozone after periphery sovereign-banking crises: low inflation/deflation (ECB “reaction
functions” also include “unanchored inflation expectations”); high unemployment; low growth; (arguably)
strong EUR; worrisome Debt/GDP ratios (e.g. Italy); uneven structural/fiscal/banking reforms;
constitutional & practical objections to (sovereign-bond) QE
Increasingly zero/negative policy IRs (refi & depo rates)
ABSPP (Asset-Backed Securities Purchase Programme) announced 4 Sep, details & first buying Oct:
• Provides both QE (for declining inflation) & CE (for credit market fragmentation & policy transmission to
the real economy, esp. SMEs)
• What could be bought? ABS backed by loans to non-financial private sector, incl. real estate (e.g.
ABS of auto & consumer loans/leases & credit cards, SME securitisations, RMBS & CMBS = residential
& commercial mortgage-backed securitisations)
• How much to be bought? Wait for Oct; potential universe ca. EUR850-875bn with ECB aim to reexpand balance sheet to early 2012 levels (i.e. EUR2.7trn incl. tLTRO, when EUR2trn today)
Sovereign QE?
• Door left open. If inflation forecasts fall further, could still buy liquid, nominal fixed-rate, central
government debt (of say 2y to 10y tenors)
• Likely only after ABSPP launch (Oct’14) + tLTRO (targeted Long-Term Refinancing Operation,
Sep/Dec’14) + bank AQR (Asset Quality Review)/stress tests (Nov’14)
62
II. QE’s impact on economies & markets
… and where might they revert to?
GDP growth: QE curtails recession; less effective as stimulant?
GDP growth (annualised %)
16%
US QE1
14%
12%
US QE3
US
QE2
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
Jan 05
Jan 06
Jan 07
US
Jan 08
UK
Jan 09
Eurozone
Jan 10
Japan
Jan 11
China
Jan 12
India
Jan 13
Jan 14
Brazil
Source: Bloomberg
•
•
•
Global QE has probably shortened post-crisis recessions
But stimulus effects on GDP growth have lags, and as markets/economies become conditioned,
arguably decreasing effectiveness of further doses
What’s in store for global growth when there’re no further injections, or rates rise, or QE is unwound?
64
Inflation: despite QE’s aims, deflation/low infl. fears persist
Year-on-year inflation (%)
7%
6%
5%
4%
3%
2%
1%
0%
-1%
-2%
-3%
US QE1
US
QE2
US QE3
Forecast
2%
target
Jan
05
Jul
05
Jan
06
Jul
06
US CPI YoY (%)
Jan
07
Jul
07
Jan
08
Jul
08
Jan
09
Jul
09
Jan
10
UK CPI EU Harmonized YoY (%)
Jul
10
Jan
11
Jul
11
Jan
12
Jul
12
Jan
13
Euro stat EU HICP (%)
Jul
13
Jan
14
Jul
14
Jan
15
Jul
15
Japan CPI YoY (%)
Source: Bloomberg
•
•
•
UK inflation now below target, after years of overshooting
But in most developed economies, low levels of inflation (and potential threats of deflation) are the
focus of monetary policy (conventional and unconventional)
ECB just launched an ABS-focused QE programme … holding fire on a sovereign bond version
65
Interest rates: near historic lows … but for how much longer?
Term IRs – 10Y swap & real IRs
Central bank policy rates
6%
QE1
QE2
6%
QE3
QE1
QE2
QE3
5%
5%
IRs decline
despite tapering
4%
4%
3%
3%
2%
Sovereign
Crisis
2%
Tapering mooted
May’13
1%
0%
1%
-1%
-2%
0%
Jan Jul
07 07
Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan
07 07 08 08 09 09 10 10 11 11 12 12 13 13 14 14 15
US Fed Funds Target Rate
ECB Main Refi Rate
UK BoE Official Base Rate
Jan
08
Jan Jul
11 11
Jan Jul
12 12
Jan Jul
13 13
Jan Jul
14 14
Jan
15
EUR 10Y swap rate
USD 10Y real rate
GBP 10Y real rate
EUR 10Y real rate
Inflation (+ growth/employment) targets pre-crisis
→ effective zero IR policies
→“forward guidance” (inflation + employment)
→ back to “data-driven” US & UK policy?
•
66
Jul
10
GBP 10Y swap rate
Source: Bloomberg
•
Jul Jan
09 10
USD 10Y swap rate
Source: Bloomberg
•
Jul Jan
08 09
Central bank buying pushes bond prices up & yields
down
EUR & GBP rates tend to follow the USD
Fixed rates at/near historical lows mean very low
cost funding for corporates, but can make floating
rates less attractive
Credit: benign borrowing conditions …for how much longer?
Bond yield spreads to benchmarks - iBoxx Non-Financial
•
Corporates & Travel/Leisure (basis points)
800
QE1
QE3
QE2
700
•
600
Sovereign
Crisis
500
400
300
200
•
100
0
Jan
07
Jul
07
Jan
08
Jul
08
Jan
09
Jul
09
iBoxx.EUR.Corporates
iBoxx.GBP.Corporates
iBoxx.USD.$Corporates
Jan
10
Jul
10
Jan
11
Jul
11
Jan
12
Jul
12
Jan
13
Jul
13
Jan
14
iBoxx.EUR.Travel&Leisure
iBoxx.GBP.Travel&Leisure
iBoxx.USD.$Travel&Leisure
Source: iBoxx, RBS
67
Jul
14
•
Central banks buy bonds from
banks & the markets so that
created cash & reserve
balances can be lent on to the
real economy (e.g. capex)
But much has instead built up
on bank balance sheets,
leading to spread compression
in loan markets & deposit
pricing. Corporate & consumer
deleveraging compounds this
Excess liquidity will be
siphoned off as QE naturally
unwinds (e.g. bonds mature),
but this could take many years
However, taper tantrums,
recent High Yield investor
exits, and secondary market
illiquidity (driven by regulation)
suggest good times could end
suddenly & disruptively
Equities: resurgent …as a beneficiary of QE
Equity markets (index levels)
QE2
QE1
10,000
QE3
35000
30000
Sovereign
Crisis
8,000
25000
6,000
20000
15000
4,000
10000
2,000
5000
0
0
Jan
07
Jul
07
Jan
08
Jul
08
Jan
09
Jul
09
S&P 500 (L-axis)
NIFTY (L-axis)
Jan
10
Jul
10
Jan
11
Jul
11
Jan
12
Jul
12
Jan
13
FTSE 100 (L-axis)
NIKKEI 225 (R-axis)
Jul
13
Jan
14
Jul
14
Jan
15
DAX (L-axis)
Hang Seng (R-axis)
Source: Bloomberg, Financial Times
•
•
As yield on fixed income drops, investors have pursued other returns, driving equity market returns
There appears a relationship between equity market gains & Fed purchases
68
FX: EM currencies hit by tapering;
could global FX volatility spike on QE unwind?
EM FX (per USD, Jan 2007 = 100)
Post Lehman
170
160
150
140
130
120
110
100
90
80
70
QE1
Implied FX volatility (% p.a., vs USD)
Sovereign
Crisis
QE2
Tapering fears
Post Lehman
40%
QE3
QE3
25%
20%
15%
10%
5%
0%
USDTRY
Jan
07
USDBRL
USDZAR
USDINR
A very benign period existed for EM
currencies from early 2012 through the first
hint of tapering in May 2013
The ensuing EM FX sell off meant many
companies with significant EM exposures
have seen a material decrease in financial
results
Jul
07
Jan
08
Jul
08
GBPUSD
USDIDR
Jan
09
Jul
09
EURUSD
Jan
10
Jul
10
Jan
11
USDJPY
Jul
11
Jan
12
Jul
12
Jan
13
USDINR
Jul
13
Jan
14
Jul
14
USDBRL
Source: Bloomberg
Source: Bloomberg
•
QE2
Tapering fears
30%
Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul
07 07 08 08 09 09 10 10 11 11 12 12 13 13 14 14
•
QE1
35%
Sovereign
Crisis
•
•
69
At QE's inception fears were voiced about "currency
wars" and competitive devaluations
• However, significant weakening in developed
market currencies has not occurred (except
JPY)
• QE's boost to asset markets may have attracted
foreign investor & safe haven flows
Meanwhile, FX option volatilities are near pre-crisis
lows (incl. EUR, as break-up fears have receded)
III. Implications/considerations for
funding, risk & transaction management
Financing considerations (I)
Be prepared – prudent principles for uncertain times
• Debt maturities well distributed
•
•
Make the most of current conditions
•
•
Reduce risks of large maturities/re-financings coinciding with policy actions & market disruption
Especially loan pricing & debt market demand
Adequate cash/liquidity
•
For industry cycles, and tiding over market disruptions + operational surprises
Opportunities to diversify may still exist
•
Floating rate notes (FRNs)
•
•
QE taper/unwind impacts duration-sensitive bonds → rise in investor demand for FRNs (at tighter
margins)
Convertible bonds
•
QE supportive of equity (and vol) makes convertibles cost-attractive means to diversify funding.
Opportunity may diminish when QE stops/unwound
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Financing considerations (II)
Prepare for return of FX volatility
•
•
Currencies as volatile as historically (especially Emerging Markets)?
•
FX translation (accounting) could impact net assets, foreign earnings, and thus credit ratings,
covenants and key performance metrics
•
Is the currency mix of debt optimal?
Currency of debt issuance
•
FX demand/supply affects spreads of cross-currency basis swaps
•
Financing strategy should take into account changes in relative attractiveness & credit usage of
debt issuance in a currency vs another currency + swaps
More than just financial debt …
•
Pension liabilities
•
Pension deficits are often included in rating agencies’ net debt metrics
•
As bond yields (hence discount rates for pension liabilities) rise, pension deficits reduce
•
However, opportunities to fund deficits at low IRs also diminished
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Risk management considerations
Think ahead
•
•
Ready, steady, swap
•
Consider swaps to floating – in USD & GBP, could benefit from receiving a fixed rate above that of
recently issued debt; in EUR & JPY, floating IRs low for even longer
•
Credit lines, documentation and other logistics in place to take advantage of IR moves
In USD & GBP, consider pre-hedging IRs of future debt
•
Forward-starting swap rates have risen, but still low
•
Corporates could still benefit from hedging IRs beyond typical horizons
•
Can be hedge accounting friendly
FX hedging relatively cost-attractive
• Re-visit FX hedging
•
IR differentials still low; attractive FX forward carry may not last (especially in EURUSD)
•
Review FX risks from transactional sources (e.g. jet fuel & aircraft purchases) & translational ones
(foreign earnings & assets)
• Re-consider options
•
Relatively cheap with many implied FX vols near historic lows
•
Less consuming of bank credit lines (than FX forwards)
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Transaction management considerations
Efficiency & Effectiveness … even when things change or are in crisis
•
Globally-standardised electronic banking solutions
•
Security, visibility & control of cash flows across network
e.g. multi-currency transaction platform that benefits airlines & customers (such as RBS Micropay)
•
Centralising treasury functions
•
Efficiency, accuracy (reporting & reconciliation), reduced operational costs
e.g. payment factories
•
Rationalising banking structures
•
Reduce network systems/platforms/services & redundancies, avoid complex fee structures, improve
transparency, optimise working capital
e.g. cash pooling & netting, supply chain & receivables financing
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Considerations for Treasuries
Attend to the fundamentals
•
Treasury partnering Operations
•
•
Good mutual understanding/communications – business cyclicality/surprises & financial risks
Core banking relationships, especially domestic ones
•
When liquidity scarce, likely to be lent locally
•
Manage ancillary income distribution
•
Manage credit lines
Best practice Treasury policies/practices/systems
•
Fit for purpose
•
•
Centralised management information/controls
•
•
Strategic alignment, “crisis” resilience & flexibility
To properly understand, decide & act
Efficient
•
Every dollar of cost/revenue counts, whether from transactional CFs, cash management, working
capital, etc.
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Best Practices in Cash Management
& Effective Cash Forecasting
Friedrich Floto, Senior Vice President, Finance
Administration, Air Berlin PLC & Co. Luftverkehrs KG
Amin Moncef, Managing Director, Sapphire Innovation
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How Can Treasury Add Value?
Roadmap to a World Class Treasury
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Okan Bas, Treasury Manager, Turkish Airlines
Nirmal Govindadas, SVP, Corporate Treasury, Emirates
Peter Matza, Engagement Director, The Association of Corporate Treasurers
Edmar Lopes Neto, CFO, Gol Linhas Aereas intligents S.A
Ricky Thirion, Group Treasurer, Etihad Airways
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Track Closure
Vijay Panday
Director, Group Treasury and Risk
KLM
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