EuroFinance Budapest 2014

Official lead sponsor Official sponsors
Technology sponsors Global sponsor
EuroFinance’s 23rd conference on
International Cash
& Treasury Management
15-17October 2014 | Hungexpo, Budapest
Get on the right side of disruptive innovation
The trends that will influence
your business, and your life
James Woudhuysen, Professor of Forecasting
Innovation, De Montfort University
How to get to grips with
disruptive innovation – simply
Ken Segall, Former Advertising
Creative Director, Apple
Embrace change or face
the consequences
Dean van Leeuwen, Co-Founder,
TomorrowToday Global
BOOK BY 25 JULY
Benefit from early registration rates
What are the risks you need
to focus on in 2015?
Daniel Franklin, Executive Editor,
The Economist

What do they say?Where do our delegates come from?
Barcelona 2013
Group/Corporate/
Regional Treasurer;
Director; Head (MD,
President, CEO, CFO, COO)
Vice President; Assistant
Treasurer; Controller
Manager in title;
Supervisor
Assistant Manager;
Consultant; Advisor;
Analyst
11%
57%
29%
3%
Thefacts:
1900+delegatesover3days
100+speakersand67sessions-itwould
take8.2daystoattendthemallbacktoback!
650+companiesrepresented-72%
corporatestreasurystructures
11%
57%
29%
3% “Simply the best!”
Ellen Cornelissen, Director Treasury Europe,
Aleris Switzerland
“EuroFinance is a best in class event
to debrief my main bank contacts
and for benchmarking purposes. A
must for corporate treasury teams.”
José-Carlos Cuevas, Regional Treasurer Europe,
ALSTOM Corporate Funding Treasury
“The conference that any treasury
professional needs to attend.”
Rudmer Wedzinga, Treasurer, Aramco

Survive or thrive? How to get on
the right side of disruptive innovation
Programme highlights
What’s trending in treasury management
The key trends treasurers cannot ignore if you and your business are to
profit from change rather than be diminished by it.
Global growth strategies
International expansion means new risks, new financial solutions and new
bank relationships. Hear stories from the front line of risk management.
It’s never too late
What’s top of the agenda for the world’s leading global treasuries.
The science and art of best practice treasury
Best-in-class case studies on the core functions of treasury including
risk, funding and working capital.
Optimising the cash cycle
Significantly improve treasury performance by breaking down and
boosting performance in the core elements of your cash cycle.
Efficiency-driven centralisation
How significant improvements to treasury centralisation
can be made on limited budgets.
Pages 8 11
Pages 8 11
Pages 9 12
Pages 9 12
Pages 10 13
Pages 10 13
Changingtechnologypresentsoneofthegreatestthreatsandthemostsignificantopportunitiestocompanies.
Andregulatorylurchesarewrong-footingeventhebest-preparedfinancedepartments.Thecombinationof
globalisationandnewbusinessmodelsisdestroyingcompaniesasfastasitiscreatingnewproductsand
customers.Andjustastheirbusinessesfacerepeateddislocations,sodotreasurerswhosejobitistokeepcash
flowingandrisksincheck.Inshort,thebackdropisoneofdisruption.
Thisyear’sEuroFinanceconferencewillfocusonthisdisruptiveenvironmentthatyouastreasuryandfinance
professionalsmustassimilateiftreasuryistoremainausefulstrategicpartnerstothebusiness.
Whatadvancesintreasurymodelsandtechniqueshaveemergedinresponsetocontinuedturmoilinunderlying
businesses?Whatinsightshavethebestpracticetreasuriesmade?Andwhatconcretepolicies,technologies
andproductswillhelpyoumaintainexcellenceinyourcorecashmanagementcompetencies?
Sixstreamsofcasestudiesandinnovativeformatswilldrilldownintothekeytreasurytopicsyouneedtothrive,
notjustsurvive.
Katharine Morton
EditorialDirector,EuroFinance
EuroFinance’s International Conference | 3
www.eurofinance.com/budapest
Open spaces
In this new open format, corporate
speakers will join the audience in
a more informal setting with
expert-led presentations to
encourage easy and relaxed
exchange of ideas.
See pages 11 12
Key benefits
EuroFinance’s flagship conference is
the leading global treasury event – the
sophistication, level of expertise and
networking is unrivalled by any other
event of its kind.
Discover not just the current, but future
trends in international treasury
Benchmark your operations with
treasurers from a wide variety of
industries and treasury structures
Hear case studies from corporate
treasurers – not sales pitches
Meet with all your banking partners
and providers under one roof
View the cutting edge solutions that
are available in the marketplace today
Network with an unrivalled senior
audience of almost 2,000 delegates
Meet with treasurers from over 60
countries
Learn from treasury innovators who
are one step ahead of you
Be inspired to think outside the box
by our headline speakers
Share your thoughts
Join Treasury Verdict – a voting
session capturing the viewpoint
of corporate treasurers on
up-to-the-minute issues.
Sponsored by

Day 1 | Wednesday 15 October
Day 2 | Thursday 16 October
Day 3 | Friday 17 October
Embracing disruptive innovation
09:00 Welcome to the International
09:10 Opening address
09:20 Embrace disruptive innovation or fail
09:50 Disruptive innovation in practice
10:30 Refreshment break
11:10 The EuroFinance Award for Treasury Excellence 2014
11:40 Getting to grips with disruptive innovation, simply
12:30 Lunch sponsored by Industrial and Commercial Bank of China
14:00 Conference breaks into streams

What can disrupt the disruptor?
Predictions and alternatives
09:00 It’s the end of the world as we know it
09:40 It’s the end of business as usual
10:20 Predicting 2015: Disruptive trends in focus
11:40 Banking at the tipping point
12:10 Threats and opportunities: Banking on the edge?
12:50 Unmoney: The future for alternative currencies
13:20 Conference ends – Please join us for lunch
Succeeding in a disruptive environment
09:00 Push back your sell-by date
09:30 Make sure your treasury model is robust enough for disruption
10:50 Embrace your techcentricity: The new treasury paradigm
11:30 Understand that regulation can be a treasury disruptor
12:00 Share your thoughts: The new treasury verdict
12:40 Lunch

At a glance | Plenary sessions
For programme and speaker updates visit www.eurofinance.com/budapest
www.eurofinance.com/app
Download
our new and
improved app!
Personalise your schedule
Contact other delegates
and set up key meetings
Receive updates
Social media feeds
View interactive maps,
videos, speakers, key event
info and more...
Sponsored by:
Available for
download on:
Mobile web version
also available for:

Efficiency-driven
centralisation
14:00 Cost-effective centralisation
14:40 Let your banks take the strain
16:00 The fast route to centralisation
16:40 How centralisation can boost
working capital
17:20 Adjourn to Treasury Networking
Reception
Stream 1 Stream 3 Stream 5Stream 2 Stream 4 Stream 6
At a glance | stream sessionsDay 1
At a glance | stream sessionsDay 2
EuroFinance’s International Conference | 5Register and pay by Friday 25 July for major discounts
What’s trending in
treasury management
14:00 Working capital management
remains firmly on the agenda
14:40 The rules: Keeping your
banks happy
16:00 Getting to grips with Emir:
A primer
16:40 When treasury
became compliance
Reception
14:00 Embrace all that you need
to grow
14:40 Manage treasury to achieve
global growth
16:00 Relishing the role in new
markets
16:40 Africa – time for a regional
approach
Reception
14:00 Strategic treasury: Pipedream
or possibility
14:40 Forecasting: Problem solved
16:00 Manage liquidity with an IHB
16:40 Dusting off the eBam proposal
Reception
The science and art of
best practice treasury
14:00 From insight to action:
Best practice treasury
transformation
14:40 Big bang treasury
transformation
16:00 Embracing innovation to
achieve growth
16:40 Scrutinising efficiencies for
optimal Asian operations
Reception
14:00 Enhancing cash application:
Credit and collection strategies
14:40 Storms ahead for pooling or
business as usual
16:00 Underrated and underused:
Multilateral netting
16:40 No excuse for poorly managed
payments
Reception
Need more in-depth knowledge?
Then attend our pre-conference training. Highly
practical, intensive workshops on key topics such
as liquidity, regulation, systems connectivity
and treasury for CFOs
See pages 14-15
Stream 1 Stream 3 Stream 5Stream 2 Stream 4 Stream 6
What’s trending in
treasury management
14:00 The cash conundrum:
Where to put short term cash?
14:40 Get ready for tax attacks
16:00 OPEN SPACES:
Beyond SEPA
17:20 Conference adjourns to day 3
14:00 Funding and treasury
transformation for growth
14:40 Delivering the basics: Working
capital to fund your growth
16:00 OPEN SPACES:
Offshore RMB
14:00 Finding a new funding mix
framework
14:40 Figure out what you are paying
your banks: Counting the cost
of relationships
16:00 OPEN SPACES:
Supply chain finance
The science and art of
best practice treasury
14:00 A roadmap to world class
treasury
14:40 Treasury driving business
transformation
16:00 OPEN SPACES:
Working capital
14:00 Dumb cash, clever cash
14:40 Keeping the lid on foreign
exchange risk
16:00 The risk of rising rates
16:40 The drive to digitise and de-risk
trade finance
Efficiency-driven
centralisation
14:00 Running just to stand still
14:40 SSCs as a value contributor
16:00 Plugging in payments
16:40 POBO plus COBO: Is this
the ultimate goal?

DAY 1 | Plenary sessions Wednesday 15 October 2014 DAY 2 | Plenary sessions Thursday 16 October 2014
Embracing disruptive innovation
Chaired by: Robert J. Novaria, EuroFinance Tutor Consultant, US
Peter Green, Senior EuroFinance Tutor Director, TransactionBanking.com, UK
Succeeding in a disruptive environment
David Blair, Senior EuroFinance Tutor MD, Acarate, Singapore
09:00 Welcome to the International
Carolyn Meier, Managing Director, EuroFinance
Global Head of Events, The Economist Group
09:10 Opening address
Carole Berndt, Global Head Transaction Services, RBS
09:20 Embrace disruptive innovation or fail
Few of us enjoy unpredictability, disruption or
confusion, because stability favours the incumbent.
Most companies, especially the largest and most
successful, lose leadership positions because they
are unable or unwilling to abandon the traditional
practices and strategies that created their initial
success. Ironically, this success was often itself
based on innovation, while later growth relies upon
layers of less radical upgrading and expansion. As
the initial leap is forgotten, and success becomes
associated with process, rather than the messier
problems thrown up by creativity, companies ossify
and their cultures and business practices all align
against the new and uncomfortable. This laziness
can be fatal. Here’s how to avoid that fate.
Dean van Leeuwen, Co-Founder, TomorrowToday
Global, UK
09:50 Disruptive innovation in practice
Predicting big business shifts is almost impossible
for companies. And the change required to adopt a
new business model including management, culture
shifts and financial upheavals can in itself lead to
corporate failure. But some companies have learned
to adapt to innovation in a different way: to realign
business practices as well as to create a shift in how
finance functions to support that. Even tweaking and
small changes, as disruptive technologies interrupt,
can work too. Hear stories from companies reacting
to the disruptive environment.
Jesper Broskov, Director Treasury, Lego Systems AS,
Denmark
09:00 Push back your sell-by date
It’s not just your systems and business models that
can slip into obsolescence. You can too. Perhaps the
skills and mindset that have dominated treasury
for 20 years are not those required for the world
of Big Data, mobile, the Cloud, automation and
globalisation. To avoid career curtailment, you
need a strategic understanding of not just what is
happening in treasury, but in your industry and also
the wider business world. In this interactive session
treasurers talk frankly about how treasury careers
are changing and how they have coped with the
challenges of their very different environments.
David Dunkerley, Former Group Treasurer, Cable
Wireless Communications, UK
09:30 Make sure your treasury model is robust enough
for disruption
Few treasurers would argue for decentralisation
given the need for global, real time visibility and
control in today’s finance departments. However,
while centralisation may give treasury HQ what it
wants, it creates constraints on local business units
and finance staff. These constraints can mean lost
revenues and inefficiencies that can occur when
global rule setting discourages local entrepreneurism.
The best treasuries understand local models and
can incorporate them into global systems. And, just
as importantly, the best treasurers have sufficient
business data to be able to show disgruntled local
employees that sometimes the old, local ways are in
fact lower revenue or higher risk then the new. What is
the best future operating model for a treasury function
that can survive disruption?
Sebastian di Paola, Partner, PwC, Switzerland
Tyler Johnson, Corporate Treasurer, Dell Inc, US
Pedro Jimenez, VP Group Treasurer, Schneider
Electric, France
11:10 The EuroFinance Award for Treasury
Excellence 2014
This year our annual award goes to a company that
has embraced our theme of disruptive innovation.
Because of its desire to stay competitive, it has no fear
of shifts in business practices and models. Alongside
the business, its treasury also understands that the
future is not static. Finance is a bit like the deck of
a spaceship. It is capable of holding and analysing
financial and business information, regulatory
and compliance data and balancing the pros and
cons of business and financial decisions including
acquisitions. Sounds a bit sci-fi? Not really, it is simply
a company that recognises that the finance function
can drive change and add value.
Winner to be announced
11:40 Getting to grips with disruptive innovation, simply
All this talk of disruptive innovation seems
complex: new technologies, shifts in behaviour,
regulations changing the nature of business all
have the potential to introduce ever more layers of
complexity to the business. But complexity is not
your friend. Sometimes it is necessary to strip back
the complexity and understand how to introduce
simplicity to the business. This speaker worked
closely with Steve Jobs as advertising creative
director of Apple. Jobs and his team’s relentless
quest for simplicity – products, interfaces and
branding – yielded the ubiquitous ‘i’ in Macs, pods,
pads, and phones, among others. But this isn’t a
discussion about shiny products, rather about how
simplicity should be the core of how all businesses
operate. This speaker, with humour and amazing
insight into Jobs and Apple, has surprising things
to say about turning companies around. Even if you
don’t have a Steve Jobs equivalent in your company,
having a vision, the ability to work collaboratively
and streamline everything is key. You will walk away
from this session with a new approach to managing
your business.
Ken Segall, Former Advertising Creative Director,
Apple, US
12:30 Lunch
Sponsored by:

10:50 Embrace your techcentricity:
The new treasury paradigm
The reality is that companies must continually
invest in IT but is treasury too small a cog to have
a say on anything other than niche technology
applications? How does treasury make itself heard?
And as technology moves so quickly, are TMSs
becoming obsolete? Will ERP systems ever offer the
niche functions treasury want? Are Swift and slow-
developing applications like eBam being overtaken
by alternatives? The truth is that treasurers must
become experts in IT risk and IT risk management
to ensure that any investment made now is not
obsolete in five years’ time.
Chris Skinner, Author: Digital Bank, UK
Sheila Johnson, VP Treasurer, Hollister
Incorporated, US
Philip Pettinato, Chief Technology Officer, Reval, US
Christian Mnich, Director Solution Management,
Treasury Applications, SAP AG, Germany
Paul Bramwell, SVP Treasury Solutions, SunGard
AvantGard, US
11:30 Understand that regulation can be
a treasury disruptor
Many of you feel that treasury is already
overburdened with compliance. The past two years
have been dominated by SEPA, local regulatory,
tax and accounting changes, not to mention
Dodd-Frank and now Emir (European Market
Infrastructure Regulation). These regulations have
been disruptive. What else is to come? Are there
nuances within legislation that can actually offer a
path towards innovation? Here is a guide through
pending regulation, further clarification on existing
regulation and the issues it will raise for the end-
users: companies like you. Can regulation be an
opportunity rather than simply compliance?
12:00 Share your thoughts: The new treasury verdict

You will have been polled on a variety of hot
treasury topics before you came. We have collated
your responses and our panel of treasurers will
reveal your answers on some of the key issues
you have voted on. Join this up-to-the minute
discussion and help us delve deeper into your
thoughts and the issues faced by you and your
peers. Don’t forget to download the conference
app to be ahead of the debate!
Sponsored by
12:40 Lunch
6 | EuroFinance’s International Conference

DAY 3 | Plenary sessions Friday 17 October 2014
What can disrupt the disruptor? Predictions and alternatives
Andrew Hay, Assistant Treasurer, The Goodyear Tire Rubber Company, US
09:00 It’s the end of the world as we know it
No matter where you look, technology and
globalisation are transforming business, political
and social structures. And barely has a new model
stabilised before the next arrives. What will emerge
from the current maelstrom of innovation? From ‘the
internet of things’ (the idea that everything comes
with identifiable data and can be monitored or
controlled via the internet) through to the increases
in the power and influence of machine intelligence
and database manipulation, this session will
give you a big picture view of the trends that will
influence your business and your life.
James Woudhuysen, Professor of Forecasting
Innovation, De Montfort University, UK
09:40 It’s the end of business as usual
What is the alternative to current business practices?
Are we really witnessing a change in how companies
measure profit and long-term success? Can business
decisions be driven by a more sustainable approach
or is that merely paying lip service to shareholder
and activists’ concerns? The way that companies
calculate profits and performance ignores many
fundamental business drivers that can change
profitability. (For instance, as water prices rise and
scarcity increases in the coming decades, should
companies think about calculating the future price
of water when deciding where to site manufacturing
that requires large amounts of water?). Take a look at
how this company used more holistic measurements
that took into account global and future trends and
allowed management to make decisions on a much
more appropriate and broader set of criteria. Is this
the profits model of the future?
10:20 Predicting 2015: Disruptive trends in focus
It’s easy to dismiss economic predictions as being
out of date, but you can’t plan your business strategy
without them. Playing the predictions game is tough.
The big question is how to interpret macro economic
forecasts. That way you can act on what is right for
your company in order to make the best decisions
about where to employ people and capital. Hear about
what the main disruptive trends will be in 2015 and
the risks you should focus on. Will you be adjusting to
rising interest rates in the US and UK? What about the
Eurozone countries? Will a post-World Cup/elections
pre-Olympics Brazil get its act together? Will PM
Modi’s reforms work in India? What about China’s
soft/hard landing? Which global industrial sectors and
technologies will come into focus? This session will help
you be prepared for the best and worst and change the
way you think about 2015.
Daniel Franklin, Editor of The World in 2015 Executive
Editor, The Economist, UK
11:40 Banking at the tipping point
For the past five years, banks have been engulfed in
wave after wave of regulatory proposals. The European
Commission, the Basel Committee, the G20, the SEC,
among others, have come up with Emir, FATCA and
the rest, in an attempt to address the systemic risks
allegedly posed by excessive leverage, OTC derivatives
and the shadow banking system. But has anyone a
clear idea of the cumulative effect of these changes?
Since the regulations will force banks’ business
models to converge, which products and services lose
out? And how will new bank alliances – the creation
of correspondent banking 2.0 – change the way
banks deal with their customers? What about bank
alternatives: payment channels and providers. What
else threatens traditional banking models?
Vivek Ramachandran, CEO, VT Advisory, UK
12:10 Threats and opportunities: Banking on the edge?
Do banks now know how regulations will affect their
relationship with their customers? Do they know
which products and services they want to keep, and
which they would rather went away? Have they
communicated this to their customers? Who do
they see as valuable? Banks never really change.
Their core functions remain the same; they are
monopolies and you are forced to use them. Is this
finally changing in a blizzard of innovation that has
disrupted traditional bank services? With threats
potentially coming from outside the competitive
comfort zone (think Bitcoin to replace LCs, Google or
Microsoft to replace bank payment networks…), how
are banks responding? What are the banks doing to
innovate? How do banks see the future of banking?
Jennifer Boussuge, Head of Global Transaction
Services – EMEA, Bank of America Merrill Lynch, UK
Rajesh Mehta, EMEA Head of Treasury Trade
Solutions, Citi, UK
Rick Striano, Managing Director, Head of Platforms
Investments, Trade Finance Cash Management
Corporates, Deutsche Bank, Germany
12:50 Unmoney: The future for alternative currencies
Can ‘currencies’ like Bitcoin, developed outside
current monetary and banking systems, ever be
anything more than a sideshow? How and why
would ‘normal’ corporates and individuals use
and trust them rather than existing currencies?
Currencies are worthless paper and data entries
given value only by our collective agreement to use
them as a medium of exchange, but we implicitly
trust the institutions that control them. That said,
many currencies in developing markets lack this
trust. And as history has shown, trusted currencies
can collapse too. So what will it take for alternative
currencies to become mainstream, and are they
relevant to treasurers today?
Jon Matonis, Executive Director, Bitcoin
Foundation, US
Jonas Borchgrevink, Founder CEO, Coinaaa AS,
Norway
13:20 Conference ends – Please join us for lunch
Venue
HUNGEXPO Budapest Fair Center
Vásár és Reklám Zrt, Albertirsai út 10,
H-1101 Budapest, Hungary
Preferential hotel rates
We have negotiated preferential rates for
three, four and five star hotels in Budapest.
Simply book via Zibrant, our official
accommodation bureau at www.eurofinance.
com/hotelbookings.
For more information:
Please call Zibrant on +44 (0)1332 285 518
or email eurofinance@zibrant.com
Flights
October is a busy month in Budapest and flight
prices rise quickly, therefore we recommend you
book your flights as soon as possible to secure
the cheapest rates.
Airport
Budapest Ferenc Liszt International Airport is
the main airport and is just 16km from the city
centre.
Transport
The HUNGEXPO Budapest Fair Center is
accessible via metro, bus and taxi from the airport
and city centre. For full details on how to get to
and from the airport please visit:
www.eurofinance.com/budapestvenue
Register and pay by Friday 25 July for major discounts
Free download
Treasury Perspectives, the annual publication from EuroFinance, is available
for you to download. 58 pages packed with insights on treasury strategy,
funding, risk cash management, regulation, connectivity and global trends.
Download your free copy today at:
www.treasuryperspectives.com
2013-2014
China
RMB for real
Risk
To infinity and beyond
Ma
art of integration
ChaMpions
Ten of the best
sepa
end of the beginning
Take the long view
2013-2014
China
RMB for real
Risk
To infinity and beyond
Ma
art of integration
ChaM
pionsTen of the best
sepa
end of the beginn
ing
Take the long view
Your guide to the venue,
hotels and travel
Ground
transportation
sponsor:

DAY 1 | Stream 1 Wednesday 15 October 2014 DAY 1 | Stream 2 Wednesday 15 October 2014
New technology and business patterns are as much threat as opportunity. To benefit from change, companies must work
hard to make it work for them. More and better data is a headache without the willingness to accept what it says and to
act on it. Renewed economic growth is no use unless those with austerity mindsets can be persuaded that the glass is half
full. And regulatory turmoil demands significant investment, both management and financial in new working practices. In
this stream, our experts identify the key trends you cannot ignore, the developments you must co-opt now if you and your
businesses are to profit from change rather than be diminished by it.
Chaired by: Peter Green, Senior EuroFinance Tutor Director, TransactionBanking.com, UK
Globalisation continues to disrupt treasury. And nowhere is treasury’s role as key as a strategic business partner than
when a company decides to expand internationally. There are the basic infrastructure needs, the liquidity provision
and accounting, but treasury’s real value-add is financial intelligence that boosts the bottom line. Is Asia your target?
Then you must understand the latest renminbi regulations and the system required for operating with China. Do you
have Latin American retail objectives? Then innovative credit and mobile solutions are needed – perhaps a regional
treasury centre too? What about frontier markets like those in Africa? It’s treasury at the front line of risk management.
Wherever your company sees growth, treasury must be on top of the new risks you face, the new financial solutions
you need and the new bank relationships you will have to build.
Chaired by: David Blair, Senior EuroFinance Tutor MD, Acarate, Singapore
14:00 Working capital management remains firmly
on the agenda
As regulation bites into bank pockets and companies try
to engage their own resources, internal improvements
in processes and procedures can yield significant
results. This case study will take a general look at
working capital trends and the drivers for various
solutions. Then delve into the specifics of receivables
finance, supply chain finance, liquidity management
solutions all designed to enhance working capital.
What are the barriers to overcome and what are the
key success factors externally and internally? If you
need to reduce your reliance on bank funding within
a constricted regulatory framework, this session will
show one way forward.
Miguel Silva Gonzalez, Vice President of Treasury,
Delhaize Group, Belgium
14:40 The rules: Keeping your banks happy
Traditionally corporates have been banks’ toughest
customers – aggressive on price, demanding on service.
They cherry-pick loss leaders and play one provider
against another. And it’s worked in the past: banks
were so keen for corporate cash and FX business that
they caved in on credit and accepted the corporate
concept of ‘relationship’. No more. Regulation is driving
down bank profits so unprofitable customers will be
ditched. And transaction banking in particular, with
its continuing need for investment in new technology
and its connection to banks’ core credit and funding
operations, will have to change. Treasurers who
understand banks’ new needs, and who are prepared to
adapt their own demands to this new environment, will
maintain access to a full range of banks and services.
Those who don’t will find themselves out in the cold.
Here’s a case study on how to keep the banks happy.
Luis Montesinos, Treasury Tax Director,
Campofrio Food Group, Spain
14:00 Embrace all that you need to grow
Companies that are able to quickly adapt to
macroeconomic change, market dynamics, and
regulatory pressures are those that are well-positioned
to grow globally. They are leading the pick-up in MA
and setting a new level of treasury involvement in a
company’s global strategy. Having a well-coordinated
strategy beforehand is so important and how
companies approach the integration of those assets can
make a big difference in value gains. What is the role of
technology, the importance of understanding existing
supplier and bank relationships, the processes and
structures to keep, enhance or shed? This case study
shows the need to get involved early in the process and
how treasury can be integral to expansion or acquisition
in markets.
14:40 Manage treasury to achieve global growth
How does treasury play a role in global growth
strategies? It may be acquisition, rolling out new
products in new markets or emerging market entry.
However, for treasurers burdened with a variety of
processes, decentralised legacy issues and outdated
technology, it can lead to a disconnect with the business
and lack of visibility over any expansion. The end result
can be cash blind-spots, un-hedged exposures, and
ultimately business performance may suffer. How
can you future proof your organisation and leverage
technology to support global growth? This case study
will discuss the challenges faced by global treasurers in
liquidity, risk and cash. What should your approach be –
shared service, regional treasury or both? What are the
control issues? How do you solve the trapped cash and
liquidity issues from the start?
16:00 Getting to grips with EMIR: A primer
EMIR (European Market Infrastructure Regulation)
reporting obligations have been in force since February
2014. But because of the high thresholds for speculative
trades, clearing has frequently been a corporate non-
event. Despite some issues with definitions of certain
contract types across the EU, reporting should be under
way. Still, many corporates have not yet started and
others have started but have delegated reporting of
external trades to their banks (and are finding out that
this often does not really mean that they automatically
get useful feedback). Reconciliation at repository level
and between repositories still is a widely unsolved
issue, leaving corporate treasurers with many
unreconciled trades without any indication regarding
reasons for mismatches. Nevertheless, EMIR has been,
from an EU point of view, generally accepted, and is not
about to go away any time soon. Those who are still
lagging behind schedule will have to catch up quickly.
Martin Sadleder, Managing Partner, Treamo, Austria
16:40 When treasury became compliance
Treasury could be forgiven for thinking it has turned into
a compliance department. Many a treasury project has
been shelved or delayed because of the extreme nature
of incoming regulations around the world whether it
is SEPA and Emir in Europe or Dodd-Frank in the US
giving rise to a need for much greater transparency. This
company has substantial FX needs and was looking
to increase transparency and simplify its operations
with straight through processing to other systems
for a work-flow that boosted efficiency and mitigated
the risks involved in FX trading. It has used electronic
trading to ensure best practice not only in its trading
strategies, but even more so on the reporting and
analysis, allowing for full audit trails and transparency.
It also now has unique insight into how money is being
raised and which banks are helping to raise it along with
a view of its counterparty and credit risks.
17:20 Adjourn to Treasury Networking Reception
16:00 Relishing the role in new markets
Business models suited to the ordered, post
industrialised markets of the developed world are
ill-adapted to the rural vastness and ever-morphing
sprawls in which emerging market customers are
concentrated. They also take political stability and the
rule of law for granted. Treasury follows suit, assuming
the role of internal regulator, imposing centralisation
and compliance. Even in developed markets treasury
‘power’ comes from these roles, distracting from the
objectives and needs of the real business. But the
business models required to succeed in newer growth
markets are even more in conflict with treasury aims,
demanding flexibility, tolerance of exceptions to rules
and the acceptance of increased risk. How can you best
manage new markets?
16:40 Africa – time for a regional approach
For an increasing number of multinationals, Africa
is becoming a normal component of their emerging
markets strategy. But any multi-country Africa initiative
brings with it the complexity of managing multiple
local cash and trade regimes, significant financial
and operational risk management issues and rapidly
changing infrastructures and regulations. A treasurer
who has set up an African regional treasury centre takes
a realistic look at the challenges and opportunities Africa
can offer. Hear the case for why you should consider
setting up a regional treasury centre for the continent.
8 | EuroFinance’s International Conference For programme and speaker updates visit www.eurofinance.com/budapest

Regardless of the trends, and whether you are internationalising or not, you’ve got your core cash processes in place.
Now it’s time to tackle the ‘to do’ list of everything that may have been missed because you have had to respond to
regulatory pressures or someone else’s agenda in this disruptive environment. In this stream treasurers will showcase
their latest thinking on their ‘to do’ list. This stream showcases the topics to tick off your list.
Most of the time it’s good enough that nothing has gone wrong. And at a time of squeezed resources, many treasurers
may feel that simply coping in a world of such rapid change is in itself a success. It’s a dangerous strategy. Only by
aiming for excellence through continuous improvement can treasury maintain adequate service levels and the capacity
to anticipate the needs of the business. Hear from treasury champions on core treasury best practice.
Chaired by: Andrew Hay, Assistant Treasurer, The Goodyear Tire Rubber Company, US
14:00 Strategic treasury: Pipedream or possibility
If treasury is such an important partner to the business,
why are so many CFOs reducing investment in it? Are
treasurer’s correctly identifying the areas within the
business where there is greatest opportunity to make
improvements to shareholder value using their expertise,
be it working capital, transaction processing or capital
structuring. When is the right time to leave those interact
with both business and high-volume data (heads of
SSCs for example) to take on the strategic role? After all,
data without the addition of frontline experience risks
‘anchoring’ – backward-looking forecasts that ignore
paradigm shifts in operating environments. Learn how
to analyse the strategic opportunity, to influence key
decision makers, present strategic findings to those at
different levels in the organisation and drive shareholder
value through treasury.
James Kelly, Head of Treasury, Rentokil Initial, UK
14:40 Forecasting: Problem solved
Before writing the cheques for in-memory databases,
intelligent algorithms and Big Data aggregation and
analysis, you should ask some more basic questions
about forecasting. What can they realistically forecast?
What level of accuracy over what time periods is
it worth investing in? And since in any broader or
longer-term forecast, historical data must somehow
be supplemented with less quantitative business
intelligence, how can this be done? This company goes
back to basics and looks at the cost/benefit equation
of treasury forecasting: how much accuracy is it worth
buying? And how significant is forecasting – and of
what variables – in delivering core treasury KPI’s? What
should treasurers focus on?
Oliver Thissen, Head of Finance, Trilux GmBh Co,
Germany
14:00 From insight to action: Best practice treasury
transformation
Visibility is all very well, but what are you going to do
with it? This is the question now faced by treasurers
who have spent the last decade struggling to aggregate
information across their businesses. There has been
digitisation and standardisation across AP/AR, the
centralisation of transactions in SSCs and payment
factories and advances in Swift and bank technologies.
This combines with better ERP systems and treasury
dashboards. The visibility issue is getting solved. But
this leaves treasurers with a new task. The data quest
is ending – now you need to do something with what
they have found. See here how the visibility end-game is
leading to a fundamental shift in the job.
Rajgopal Nayak, Chief Manager Systems Development,
Asian Paints, India
Vikas Chandra, Solution Manager, SAP Financial Services
Network, SAP AG, Germany
14:40 Big bang treasury transformation
Treasury these days needs a proactive risk management
strategy in order to cope with market volatility. In
order to successfully execute a proactive approach,
treasury needs to be integrated with the underlying
business and work on a common integrated platform.
With the rapid advances in technology, STP is a reality
bringing integration of treasury with ERP systems,
banking platforms and Swift. But this comes with its
own cost: project management, scope, approach and
most important – change management. This company
recognised a need for innovation in its treasury business
model and technology used to achieve real-time
commodity trading with straight through processing.
Hear about the transformation vision, benefits
achieved, stakeholder management and the common
pitfalls in a big bang transformation.
Nicolas Carrera, Group Treasurer, Metalor Technologies,
Switzerland
Katrina Baptista, Group Treasury Controller, Metalor
Technologies, Switzerland
Aniket Kulkarni, Director – Treasury Trading, PwC,
Switzerland
16:00 Manage liquidity with an IHB
The enemy of good liquidity management is
fragmentation. You must work hard to eliminate
unnecessary transaction locations, bank accounts, cash
pools and finance companies. The ultimate objective
is to reduce the number of entities making payments
and collections to a minimum. This company faced
all these issues, with the obvious effects on interest
margins and process efficiency. Working with their key
cash management provider they created a global cash
pool for major currencies: used automated zero-balance
sweeps to eliminate local cash pools; created a multi-
currency national pool, and consolidated multiple finance
companies and pool-header accounts into a single
offshore IHB. Hear about the process and the benefits.
Paul Whitty, General Manager, Teva Swiss Finance
Companies, Switzerland
16:40 Dusting off the eBam proposal
Ten years ago no one paid attention to Swift for
corporates or supply chain finance, five years ago
everyone ignored SEPA. But all of those initiatives hit
the deck running when the financial crisis happened and
when it struck home that SEPA wasn’t just a European
pipedream. eBam looks like it may be having a similar
journey. It may have picked itself up again after falling
off the radar following the flare of initial interest. So
what’s changed? Are the banks finally coming together
on formats? Or has eBam now become an effective
regulatory and compliance tool and a way to address
documentation issues? This company has adopted
eBam, despite its shortcomings, and will talk about the
process, the benefits and the stumbling blocks.
16:00 Embracing innovation to achieve growth
Technology no doubt has helped treasury crunch better
data and deliver more meaningful analysis to support
growth objectives. But technology choices are difficult
and based on so many internal and external factors
from business spread to industry to how IT operates
within a company. Hear how to make the right decisions
when determining what technology you need to power
treasury. From technology delivery methods such as
SaaS and cloud to advanced capabilities that systems
can deliver now in forecasting, cash and liquidity
management, and working capital optimisation, here is
how to make the right choices.
Marcus Worsley, Treasury Project Manager, Carphone
Warehouse, UK
Marcus Hughes, Director Business Development,
Bottomline Technologies, UK
16:40 Scrutinising efficiencies for optimal Asian operations
This company is growing throughout Asia and Africa
and needed to integrate newly acquired businesses into
its treasury processes. It also needed to optimise its
working capital in these tricky markets. By simplifying
its banking structure and standardising its payments
and regional liquidity solutions it was able to improve
its cash management and optimise its returns on
trapped cash in local markets. The solutions encompass
industry standards, Swift, umbrella agreements and
trade facilities as well as shared services with a forward
thinking strategy that enhances cash visibility and
control, reduces costs, and improves STP. Treasury
is now focusing on cash repatriation with regards to
RMB internationalisation as well as supply/vendor
efficiencies.

With all the talk of disruptive innovation and global change, it’s easy to forget that some of the most significant
improvements in treasury performance come from better tuning each component process. Treasury’s core aim is
to maximise cash and reduce liabilities at period close. So implement customer risk scoring to prioritise collections,
automate your discounting and invoicing processes, improve cash sweeps, negotiate smarter bilateral netting with
large business partners, the list goes on. In this stream our experts break the cash cycle down into its core elements
and look at how to boost performance in each.
Chaired by: Adrian Rodgers, Senior EuroFinance Tutor Director, ARC Solutions, UK
For many companies, treasury budgets do not allow for the all-singing all-dancing systems described by the world’s
mega-companies nor can they continually upgrade as innovation brings new ideas and products. However, many of
the most significant improvements to treasury centralisation can be made with limited investment and positive ROIs.
This stream identifies some of the most important tasks to be undertaken by treasurers and shows how they can be
achieved on limited budgets and can generate savings or other benefits far in excess of their costs.
Chaired by: Chris Robinson, Senior EuroFinance Tutor Director, TransactionBanking.com, UK
14:00 Enhancing cash application: Credit and collection
strategies
Treasurers must break down the receivables process
to make sure that customers have as many easy ways
to pay as possible. That means direct debits, mobile
and web, e-invoicing are crucial as is incentivising early
payment through automated discounting. This must be
combined with discount analysis, customer risk scoring
and early intervention. The end game for companies
is the centralisation of receivables management in
collections factories or shared service centres. There
are lessons here for every treasurer. This case study
illustrates how a company created a global credit and
collection centre solution which has transformed its
cash conversion cycle, strengthened its supply and
value chain insight and enhanced enterprise wide risk
management.
Madalina Filipoiu, Director, Credit Collections –
EMEA, Oracle, Romania
Vanessa Manning, EMEA Head of Payments Cash
Management, RBS, The Netherlands
14:40 Storms ahead for pooling or business as usual
Notional pooling is sold as a solution to the problems
created by physical cash sweeping. The latter creates
a tangle of intercompany loans, cross-currency swaps
and related tax and legal issues. However, pooling itself
throws up complex tax and legal issues that treasurers
must understand. In addition, recent regulatory
changes are changing the game. Tighter bank capital
rules affect the economics of net balance reporting, and
stricter rules on cross-guarantees have negative tax
and cost implications. Corporates with existing pools
in place need to understand whether their structures
still make sense. And newcomers face a new set of
variables. Hear from a treasurer who is up to date with
change and has put effective pooling into place.
Renato Pestana, Deputy Group Treasurer,
Essilor International, France
14:00 Cost-effective centralisation
Absolute centralisation is expensive and complicated.
It requires payment factories, collections factories,
company-wide ERP systems, buy-in from subsidiaries
and scattered business units. And all this means
money, staff and time. But many companies, faced
with fragmented system, unruly local subs and limited
budgets, cannot afford the platinum solution. Yet they
still need to achieve at least some of the cost-savings
and efficiencies that centralisation brings. So where
should their treasurers start? What are the priorities in a
minimalist programme?
14:40 Let your banks take the strain
As an IT-heavy function, treasury can quickly run
up huge investment and maintenance bills for its
infrastructure. To reduce the cost of IT implementation
and to reduce the risks inherent in big tech projects,
treasurers can opt instead to revert to reliance on
the proprietary solutions of their banks. The leading
institutions can now provide an impressive array of
portals, dashboards, SCF platforms, POBO/COBO
solutions and electronic marketplaces for everything
from trade finance to FX derivatives. They are also
stores of knowledge and experience of treasury best
practice. It may seem like a return to the past, but
relying on one or two banks’ systems can be a way to
create a coherent and sophisticated treasury framework
at very limited cost. It also has the benefit of focusing
your business on a small number of banks who, because
of regulation, are demanding more wallet to provide
key services. Hear how this company has adopted this
strategy and the pros and cons.
16:00 Underrated and underused: Multilateral netting
Netting increases visibility, creates greater
predictability in cash flows, reduces transaction flows
and costs and lowers risk. In addition, with netting,
the intercompany FX requirement for the group is
centralised, netted, reduced and bought at trading
rates, creating large savings for the group. So what
are the key considerations for treasurers evaluating it?
They need to choose between various solutions and
which transactions and locations to include in the drive
towards standardisation. Post-implementation, the
work continues: reduce the netting cycle; include AP/AR
and third-party transactions; and integrate your netting
centre with your IHB.
Monica Holmström, Senior Netting Specialist,
Sandvik Treasury, Sweden
16:40 No excuse for poorly managed payments
Unlike receivables, payments are the most predictable
and controllable cash flows managed by corporates,
when done properly. After all, the company can decide
when to make payments, it controls the information
embedded with any payment made, and its systems
generate and record them. And yet, so many corporates
still create payment problems by allowing scattered
business and finance entities to use different formats,
systems and protocols. If treasurers want an entry-level
centralisation project, then setting up a fit-for-purpose
payments process is perfect. Over recent years,
this company has streamlined and automated its
payments process starting from the purchase order
creation through electronic approval into payment and
statement reconciliation. The purchase to pay cycle has
been automated via a mix of proprietary-built and third-
party software. This allows the company to have a clear
view on spending and to look at the next steps for AP
using e-invoicing and treasury centralisation through
setting up a payment factory.
Gino Hoornaert, Director Treasury Procurement
Continental Europe, Goodman
16:00 The fast route to centralisation
If the core objectives of your centralisation programme
are global cash visibility, bank account rationalisation
and automation, then they can be achieved without
the kind of root-and-branch re-organisation required
by, for example, a payment factory. The overlay
provided by Swift Alliance Lite and the other ‘Swift
for corporates’ services allow treasurers to buy-in a
significant degree of centralisation cheaply. This then
spurs further improvements in core processes and
creates opportunities to identify other inefficiencies
and bottlenecks. This company bought in a basic Swift
implementation. Here are the results.
16:40 How centralisation can boost working capital
Good treasurers are not just beancounters, they add
value. Improving their company’s working capital
position is one of the most important ways to do this,
but can it be done without big outlays upfront? The
first step is better cash collection and concentration.
The first shouldn’t cost you anything – it’s about
enforcing payment terms and efficient credit control.
The second is also inexpensive: your banks provide ZBA,
sweeping and notional pooling so use them. Better
inventory management and procurement is a function
of management not investment. So again, significant
working capital improvements are available for
treasurers willing to think strategically and engage with
the business. This company decided to tackle working
capital issues head-on. It was a struggle but here are
the ROIs achievable through internal reform rather than
cash outlay.
Join our LinkedIn group
eurofinance.com/linkedin

DAY 2 | Stream 1 Thursday 16 October 2014
New technology and business patterns are as much threat as opportunity. To benefit from change, companies must work
hard to make it work for them. More and better data is a headache without the willingness to accept what it says and to
act on it. Renewed economic growth is no use unless those with austerity mindsets can be persuaded that the glass is half
full. And regulatory turmoil demands significant investment, both management and financial in new working practices. In
this stream, our experts identify the key trends you cannot ignore, the developments you must co-opt now if you and your
businesses are to profit from change rather than be diminished by it.
Chaired by: Peter Green, Senior EuroFinance Tutor Director, TransactionBanking.com, UK
14:00 The cash conundrum: Where to put short term cash?
You may be holding more cash than you want to,
but it’s difficult to know where to put it. Regulatory
change has meant that banks’ appetite for certain
types of cash balances has begun to change. And the
implementation of these changes may vary from bank
to bank, with different thresholds and timeframes. Your
bank may be urging you to look at different places to put
your short term liquidity, such as money market funds
(MMFs). But regulators have also proposed potential
changes to MMF’s. Do you know your CNAVs from your
VNAVs (constant or variable net asset value funds?).
Is the collateral debate overshadowed by the very fact
that banks don’t want your overnight money on their
balance sheets? What are the essential differences
between bank deposit and MMFs now and potentially
in the future and between Europe and the US? In this
session industry representatives and end users talk you
through the latest developments and the benefits and
challenges for investors in navigating the short term
investment landscape.
Jérôme Miara, Director, Cash Financial Risk
Management, Delhaize Group, Belgium
Susan Hindle Barone, Secretary General, IMMFA, UK
James Fuell, Board Director, IMMFA, UK
14:40 Get ready for tax attacks
The politicians haven’t forgotten about tax avoiding
treasurers. In Europe, pressure to introduce anti-abuse
legislation is being applied at the highest levels.
Schemes designed solely to minimise tax are under
threat in Ireland, Luxembourg and elsewhere. Even
Switzerland is overhauling its tax system. And the
focus has widened from straightforward multi-country
revenue arbitrage to hybrid debt instruments and
differing treatments of debt and equity. In the US cash
piles – many the result of tax issues – are still raising
hackles too. But will the rhetoric become legislation?
Here’s an update.
Batanayi Katongera, Head of Transfer Pricing,
Olswang LLP, UK
OPEN SPACES: Beyond SEPA
16:00 If you have been only taking a cursory look at SEPA
in order to comply with the basics, you may be
missing out. The pain of implementation for you
and for your suppliers and providers has obscured
the benefits you should be looking to reap. SEPA
is a huge opportunity for treasurers to achieve
goals that they have said are essential: SEPA is
the catalyst for improved efficiency in AP/AR,
for the introduction of new POBO-COBO-ROBO
structures, for bank account rationalisation and
much more.
In this interactive session forward-thinking
treasurers will present case studies on how SEPA
has acted as a springboard for new dimensions
on SSCs, inhouse banks, payment factories and
changing processes worldwide.
Supported by corporate discussion from the
audience, this expert-led session will allow you
to interact and hear detail not normally covered
in large conference sessions. Stop thinking
‘compliance’ and start thinking ‘opportunity’.
Moderated by: Jonathan Williams, Director of
Payments Strategy, Experian, UK
Uwe Boesl, General Manager, Novartis Investment,
Luxembourg
Alfredo Aleix Arguelles, Cash Liquidity
Management Director, Telefonica, Spain
Sonia De Paolis, Treasury Director, Tom Tom,
The Netherlands
Globalisation continues to disrupt treasury. And nowhere is treasury’s role as key as a strategic business partner than
when a company decides to expand internationally. There are the basic infrastructure needs, the liquidity provision
and accounting, but treasury’s real value-add is financial intelligence that boosts the bottom line. Is Asia your target?
Then you must understand the latest renminbi regulations and the system required for operating with China. Do you
have Latin American retail objectives? Then innovative credit and mobile solutions are needed - perhaps a regional
treasury centre too? What about frontier markets like those in Africa? It’s treasury at the front line of risk management.
Wherever your company sees growth, treasury must be on top of the new risks you face, the new financial solutions
you need and the new bank relationships you will have to build.
Chaired by: David Blair, Senior EuroFinance Tutor MD, Acarate, Singapore
14:00 Funding and treasury transformation for growth
The one sure result of new bank regulation is that the
supply of bank funding will be less reliable and more
volatile in price. It will also depend much more on
formalised relationship give and take. That means share
of wallet and a willingness to adapt treasury practices to
new bank needs will beat handshakes and hospitality.
But if treasurers can no longer take their banks for
granted, they need to restructure their liabilities
across a much wider range of instruments. This means
understanding and satisfying new markets and lenders.
This company recently switched from reliance on bank
debt to a tailored portfolio of bond funding. Here the
treasurer will explain the path it took with new structures
along with its bold refinancing plans which culminated
in its IPO and gave the company, post IPO, the ability to
cheaply raise funds via the bond market for expansion.
Mark Kirkland, Group Treasurer, Constellium, Switzerland
14:40 Delivering the basics: Working capital to fund
your growth
As you look towards new markets to support your
corporate growth, the business requires working
capital. The business needs to be paid on time, it may
well need to lend its customers the money to buy its
products. Getting the basic infrastructure in place is
still the most important task for the treasurer of any
internationalising firm.
Ian Fleming, Head of Treasury, John Lewis Partnership, UK
Stuart Rousell, Global Head of Working Capital Advisory,
Global Banking Markets, HSBC, UK
OPEN SPACES: Offshore RMB
16:00 Changing regulations have transformed the
Chinese currency – making it a must-have
capability for banks and corporates alike. Keeping
on top of what you can and can’t do with offshore
and onshore RMB as well as the pace of change in
China that impacts treasury structures must be a
priority for corporate treasury agendas.
Do you have a strategy in place? Companies
now must have the systems in place to move
RMB quickly and efficiently across their supply
chains and to repatriate funds to a regional
treasury centre. And they must understand the
full range of RMB services, from trade settlement
to FX risk management, to funding and liquidity
management. With capital account liberalisation
firmly on the agenda for the next 12 – 24 months,
the RMB will only become more important.
Here we cover the newest regulatory developments
and predictions for capital account liberalisation,
the RMB supply chain end-to-end, the latest
techniques for repatriation and liquidity
management and the fundamentals of RMB trade
finance. RMB banking basics: choosing a partner,
opening accounts, first step processes will also
be discussed. The session will feature corporate
case studies with additional audience insight from
corporates with expertise in RMB.
Moderated by: David Blair, Senior EuroFinance Tutor
MD, Acarate, Singapore
Jacques Molgo, Director Group Treasury
Financing, Air Liquide, France
Ellen Cornelissen, Director Treasury Europe, Aleris,
Switzerland
Christophe Pouteau, Treasurer, Gemalto, France
Bert Heirbaut, Treasury Manager, Intercontinental
Hotels Group, UK
Matthew Clarke, Group Treasurer, Intertek Group, UK
Open spaces
In this new open format, corporate speakers will join the audience in a more informal setting with
expert-led presentations to encourage easy and relaxed exchange of ideas.

Regardless of the trends, and whether you are internationalising or not, you’ve got your core cash processes in place.
Now it’s time to tackle the ‘to do’ list of everything that may have been missed because you have had to respond to
regulatory pressures or someone else’s agenda in this disruptive environment. In this stream a series of treasurers will
showcase their latest thinking on their ‘to do’ list. This stream showcases the topics to tick off your list.
14:00 Finding a new funding mix framework
The one sure result of bank regulation is that the supply
of bank funding is less reliable and more volatile in
price. It will also depend much more in the future on
formalised relationship give and take: share of wallet
and willingness to adapt treasury practices to new bank
needs will trump handshakes and hospitality. But if
treasurers can no longer take their banks for granted,
they need to restructure their liabilities across a much
wider range of instruments. This means understanding
and satisfying new markets and lenders. This company
recently switched from reliance on bank debt to a tailored
portfolio of funding: two years ago two-thirds of its debt
was conventional bank credit and one year later only
a tenth of it was. Here the treasurer explains why the
company chose this route, the credit rating implications
and how it found its way between private placement
markets. What are the advantages and disadvantages?
The session will also look at the role of banks in this
disintermediation process.
Christophe Liaudon, Group Treasurer, Neopost, France
14:40 Figure out what you are paying your banks:
Counting the cost of relationships
As the banks focus ever more intently on customer
profitability and selection, treasurers must look at what
they pay their respective cash management banks
–both to analyse spends and shares of wallet and to
decide how to allocate it. In the US this process is well
established and standardised, with software packages
available to provide complete transparency. Elsewhere
the information can be hard to extract from the banks
and harder still to relate to actual levels of service
and product provision. So why is this? And how can
treasurers build an accurate picture of cost and
value in their dealings with their banks?
OPEN SPACES: Supply chain finance
16:00 Supply chain finance is hard work. It involves the
optimisation of AP/AR systems and processes, it
entails balance sheet analysis and securitisation; it
means understanding the latest electronic advances
like BPOs and non-bank platforms. And, hardest of
all, treasurers must gain a proper understanding of
their key suppliers’ finances and sensitivities in as
much detail as their own. It’s no use enhancing your
own DPOs and working capital levels if your efforts
bankrupt your key business partners.
Here are case studies from corporates that will
explain the key steps in planning and implementing
an SCF programme. What were the choices? What
were the drivers? Where is the 80:20? What are the
key pitfalls? What are realistic objectives and how
can you measure them?
We will also have corporate experts with
insights on SCF to enhance the discussion
with their experiences.
Moderated by: Enrico Camerinelli, Senior Analyst
EMEA, Aite Group, Italy
Ingo Frutiger, Assistant Vice President,
ABB Global Trade Management, Switzerland
Ariane Van der Eecken, Treasury Middle Office
Deputy Corporate Finance, Carmeuse, Belgium
Tom Jack, Assistant Treasurer,
Mondelez International, Switzerland
Peter Davidsson, Treasury Director EMEA,
Whirlpool Europe, Switzerland

Most of the time it’s good enough that nothing has gone wrong. And at a time of squeezed resources, many treasurers
may feel that simply coping in a world of such rapid change is in itself a success. It’s a dangerous strategy. Only by
aiming for excellence through continuous improvement can treasury maintain adequate service levels and the capacity
to anticipate the needs of the business. Hear from treasury champions on core treasury best practice.
Chaired by: Andrew Hay, Assistant Treasurer, The Goodyear Tire Rubber Company, US
14:00 A roadmap to world class treasury
This company’s history dates back nearly a century.
Much has changed along the way, not least the treasury
function which strives for best practice in all its aspects.
Learn about the challenges intrinsic in setting up
best practice, how to establish, set-up in practice and
implement policies, and operations to support business
models. How can treasury define and set up priorities to
ensure a company continues to transform and deliver
value? Learn how treasury can continue to transform.
Patrik Tolf, Deputy CFO Group Treasurer,
Volvo Car Corporation, Sweden
Jesper Ramsö, Head of Cash Management Sales,
Wholesale banking, Nordea, Sweden
14:40 Treasury driving business transformation
When faced with inflexible operations and systems
that impair performance, what can a company do to
turn that around to become more dynamic and what
is treasury’s role? This company recently completed
a two-year restructuring to build a new business that
allows for a scalable, flexible and more agile and lean
business model. At the heart of that restructuring,
treasury has been driving a number of key initiatives
to improve free cash flow, strengthen capital structure
and refinance the company. Net working capital
has subsequently reduced by 30% in one year, loans
have been renegotiated and new equity issued.
Henrik Welch, SVP, Head of Group Treasury,
Vestas Wind Systems, Denmark
OPEN SPACES: Working capital
16:00 Working capital optimisation, whether a treasury
led initiative or driven by sales and procurement
remains front and centre stage. If you are in
survival mode, working capital management
means wringing every last drop of cash out of the
entire cash cycle, with the needs of individual
businesses and suppliers a distant second. If you
are thriving, it remains a cornerstone of funding
expansion. And as the economy returns to growth,
treasurers need to change tactics.
Now it’s time to support businesses, customers
and suppliers with the funds and flexibility
needed to grow the P L. This may mean relaxing
processes, identifying bottlenecks and creating
different rules for different businesses depending
on their growth prospects. So what concrete steps
can treasurers take to redirect their working capital
processes to go growth?
Here are case studies that will look at a treasury led
working capital programme as well as case studies
where treasury is part of the process. How do
companies view working capital in a holistic way?
What are the most important component pieces
that treasury can tackle easily? What are the longer
range projects that require more in depth analysis?
With an opening to look at working capital
statistics followed by the case studies and an active
discussion, this session will help you to develop a
total approach to optimising working capital.
Marco Bigatti, Group Finance Treasury Director,
Luxottica Group, Italy
Mr. K. Chandrasekar, Executive Vice President,
Mahindra Mahindra Ltd, India
Open spaces
New format Informal setting Expert-led presentations

With all the talk of disruptive innovation and global change, it’s easy to forget that some of the most significant
improvements in treasury performance come from better tuning each component process. Treasury’s core aim is
to maximise cash and reduce liabilities at period close. So implement customer risk scoring to prioritise collections,
automate your discounting and invoicing processes, improve cash sweeps, negotiate smarter bilateral netting with
large business partners, the list goes on. In this stream our experts break the cash cycle down into its core elements
and look at how to boost performance in each.
Chaired by: Adrian Rodgers, Senior EuroFinance Tutor Director, ARC Solutions, UK
14:00 Dumb cash, clever cash
What should you do with excess cash? The standard
answers lead to discussions of the pros and cons of
money market funds and counterparty risk. In today’s
uncertain regulatory environment, there is also the
question of tailoring your deposits to your banks’
liability management needs – giving operational
accounts to key relationship partners. But before
treasurers think about third-party providers of returns,
shouldn’t they look at the better returns available
internally? Cash can be used to offer discounts to
incentivise early payment by debtors to generate far
better returns than are available for 30-day money.
It can be used to make early payments in exchange
for discounts and improved supply chain efficiency.
And creative treasurers have found other ways to
use surplus cash to generate returns far in excess of
deposit rates while also improving treasury processes
throughout the company.
Michal Kawski, Head of Treasury, Gazprom Marketing
Trading, UK
14:40 Keeping the lid on foreign exchange risk
It would be hard for the foreign exchange markets to
get any more complicated. Leaving aside Emir and other
regulatory initiatives, the uncertainty in the Eurozone
and US over future stability and monetary policy
make long-term view-taking impossible. Emerging
market currencies are whipsawing on every rumour
of QE tapering or economic slowdown in developed
economies. The market is embroiled in its own price-
fixing probe. And to cap it all, the entire FX trading
environment is changing, with a fragmented and
complex E-FX marketplace disrupting liquidity and best
execution practices. Here we look at the biggest issues
corporates face in navigating this new environment:
how to mitigate the most significant currency risks
efficiently and cost-effectively while maintaining the
flexibility to deal with the unforeseen.
16:00 The risk of rising rates
Growth has replaced decline, unemployment has
peaked and inflation is returning, at least for the
moment. For treasurers, the key significance of these
changes is that they are harbingers of an era of rising
interest rates. The level of risk this presents will depend
on business models, funding mix and the efficiency of
cash management processes. Dependency on ultra-low
rates for profitability, high levels of debt, poor cash
collection and concentration, and inefficient working
capital management – all these will be penalised as
rates rise. With significant rate hikes still some way
off, now is the time for you to audit your interest rate
sensitivity and take steps to mitigate it.
16:40 The drive to digitise and de-risk trade finance
There is a pressing need to digitise trade finance
flows in order to remove the inefficiencies inherent to
paper based practices. As many MNCs have started to
implement digital trade solutions, Swift launched a new
series of messaging standards for LCs and guarantees
(MT 798). But as trade finance dematerialises,
companies are also looking for non-documentary
ways to remove risk from trade transactions. The Bank
Payment Obligation (BPO) is one solution developed
jointly by the ICC and Swift to enable banks both to
mitigate risk, provide an exporter with assurance of
payment and provide a form of collateral for financing.
Are those new standards responding to corporate
needs? Is the BPO truly a core risk mitigation technique
for the trade financing of the future, or is it a clever idea
that doesn’t work well in the real world?
André Casterman, Global Head Corporate Supply
Chain Markets, SWIFT Member of Banking Executive
Committee, ICC
For many companies, treasury budgets do not allow for the all-singing all-dancing systems described by the world’s
mega-companies nor can they continually upgrade as innovation brings new ideas and products. However, many of
the most significant improvements to treasury centralisation can be made with limited investment and positive ROIs.
This stream identifies some of the most important tasks to be undertaken by treasurers and shows how they can be
achieved on limited budgets and can generate savings or other benefits far in excess of their costs.
Chaired by: Chris Robinson, Senior EuroFinance Tutor Director, TransactionBanking.com, UK
14:00 Running just to stand still
Setting up a shared service centre and running it
as efficiently as possible are just the beginning of a
treasurer’s quest for cost savings. Mature shared
services locations rapidly lose the wage arbitrage
benefits that largely drove their choice in the first place.
In addition, as workforces become more sophisticated,
they become more mobile and less concerned about job
security. Regulations change too, altering the relative
merits of different countries and cities. Treasurers must
be ready to change their SSC models to take advantage
of this evolution. They must constantly evaluate the
best jurisdictions and decide whether to move or to
change business model, for example using a hub-
and-spoke model of multiple SSCs. In this case study,
a company shows how they maintain the long-term
sustainability of their SSC operating model and outlines
the current thinking on optimum location and practices.
14:40 SSCs as a value contributor
Shared service centres continue to be an essential
efficiency tool for multinational corporates and locations
can often be in the CEE region. SSCs are, however, often
misunderstood as a cost centre only, when in fact they
can be an important value contributor. They are a hybrid,
delivering the economies of scale and skill offered by a
centralised organisation model with the focused service
delivery benefits of a decentralised organisation model.
This company takes us through their story – from the
rationale behind the decision to create an SSC, through
key decisions such as: what functions to centralise, which
location to choose, labour aspects – all leading to a
successful “go-live” and operating an efficient SSC. The
case will show how significant cost savings, transparency
and added value can be achieved through a shared
service strategy which can include everything from SEPA
compliance to a harmonised regional account structure,
cash pooling, netting and centralised connectivity. The
case study will also detail the hurdles from cultural issues
and buy-in to setting the correct KPIs and acting on
regulatory change.
Andreas Gehrmann, Head of Transition Management,
RWE Group Business Services, Germany
Zsuzsanna Rozsa, TS Sales Regional Head CEE, ING,
The Netherlands
16:00 Plugging in payments
Decentralised processing of payments and
reconciliation by subsidiaries creates duplication,
lost opportunities to leverage transaction volumes
and a lack of overview of the company’s payments at
the central level. Implementing an SSC to manage
payments for the entire corporate group will achieve
economies of scale in the administration of the
payments. But it will not solve the fundamental issue
of multiple systems and so will not generate the
benefits that accrue from centralising all account and
payment information in the same system. These include
lower banking costs, improved working capital, better
management of intra-day balances and lower admin
and IT costs. So how can companies get the benefits
of both an SSC and a payments factory? Do they need
both? And if so, which comes first?
16:40 POBO plus COBO: Is this the ultimate goal?
Shouldn’t treasury centralisation demand uniform
processes and customer interfaces through an SSC,
centralised payments through a payment factory and
a collections factory implemented via the ERP system?
Such a solution requires sophisticated payments on
behalf of (POBO) and collections on behalf of (COBO)
structures backed up by bank product solutions that
address the technical and operational challenges
corporates face. Treasurers also need commercial
advice to identify the optimal set-up for their POBO and
COBO structures. Both create complex intercompany
positions and the latter in particular is complex, though
it promises bank account reduction, the centralisation
of credit management, standardised and centralised
receivables reconciliation and centralised cash
collection. Here is how.

Pre-conference training
Treasury management for CFOs
In the radically changing economic environment, treasury is both central
and critical to many of the key tasks facing a CFO – managing FX risks,
ensuring availability of credit, driving working capital efficiency and
restructuring banking relations to work in a shared services environment.
This workshop provides practical examples of the best practice used
by multinationals to meet these challenges. It is ideal for a CFO new to
treasury management or as a refresher to update your current knowledge
and set the agenda for the coming year.
Course tutor:
Chris Robinson, Senior EuroFinance Tutor
Director, TransactionBanking.com, UK
Why train with us?
If you are looking to add value to your role and further
your treasury and cash management career, then train
with EuroFinance.
Real world treasury training
Each course uses both theoretical and practical training
techniques. But what makes us stand out from other training
companies is our use of corporate case studies. Our guest tutors
come from some of the world’s most forward thinking treasuries
to show you how they put the theory into practice. Leave with
skills and techniques that you can immediately apply when you
get back to the office.
Unrivalled knowledge of current best practice
We talk to treasurers on a daily basis. Through our annual
conferences, research and the EuroFinance Corporate Treasury
Network we have a direct line to what matters most to the
profession and update our courses accordingly. Our editorial
team travels to over 40 countries and interviews 2,000 senior
professionals a year giving us an unrivalled view of latest
developments and best practice.
Truly global
The fact that we run treasury events all around the world
separates us from other training providers. We can offer you an
unrivalled view on not just domestic, but regional and global
issues. If your business is global then we are your perfect training
partner – train your staff from Hong Kong to Brazil to the same
standard of excellence. We also offer our training courses in a
number of different languages.
Expert tutors
We have secured the services of the leading tutors in the profession
with both banking knowledge and corporate expertise to give you
the best all-round training available. They use a mix of teaching
methods including lectures, real-life case studies and group
exercises. Our treasury specialists have worked with the treasury
and cash management profession for over 22 years. We have a
reputation for delivering cutting-edge, sophisticated and high-level
events around the world.
To see our global portfolio go to
www.eurofinance.com/training
Best practice in international
treasury and current trends
• Treasury as a strategic tool and
performance driver for the CFO
• Maximising liquidity and availability
of credit facilities
• Role of ERP systems to create supply
chain efficiency
• New products and responses
of the banking players
• Impact of the credit crunch
on bank relationships
• Coping with FX: interest rate;
commodity; counterparty risk
Treasury organisation and treasury
techniques
• Organisation of treasury and
the role of the CFO
• Setting treasury policy and
governance
• Levels of treasury responsibility:
centralised; distributed;
decentralised
• Inter-company lending:
re-invoicing; factoring
• Centralising exposure management:
inter-company FX
• Tax neutral or tax advantaged
treasury vehicles
Liquidity management and
investment
• Types of notional pooling, zero
balancing and concentration
• The tax, legal, documentation
and regulatory issues
• Mobilising core balances and
money market investment
• Impact of IAS 39 and Basel II/III
on the corporate balance sheet
Supply chain management
and working capital
• Principles of supplier and
receivables financing
• Financing: POs; invoices;
acceptances; Leveraging credit
differentials
• Distributor and inventory financing
Shared service centres
and payment factories
• Critical role of treasury to deliver
banking interfaces to SSCs
• Integration of ERP accounting with
payments systems
• Achieving economies of scale:
benchmarking the processes
• Challenges to eliminate domestic
instruments and paper
Global payment infrastructure
and technology
• Multi banking and corporate access
to: Swift; FileAct; MA-CUGs; SCORE
• What is happening in SEPA?
• Automated bank reconciliation and
receivables matching
• The great formats debate:
ISO20022; EDIFACT; ANSI;
BANSTA; BAI; MT940
• Creating a treasury dashboard
What to expect in the future
• Treasury policy agenda issues
for CFOs
An integrated treasury:
Systems and connectivity
A focused snapshot of the systems and integration solutions that
enable corporate treasurers to uncover the most relevant information
from the wealth of disparate data they access, and then to automate the
appropriate transactions. It investigates current trends and emerging
solutions being used by major corporates in different regions, and
provides insights to the technologies that will shape the role of treasury
in the coming years. Attending this course will be particularly relevant
for those seeking to maximise the value of the conference exhibition
since many of the examples and case studies will feature solutions
being showcased by exhibitors.
Course tutor:
Peter Green, Senior EuroFinance Tutor
Director, TransactionBanking.com, UK
Overview of channels and systems
• Requirements of a treasurer:
information, analytics and
transactions
• Treasury systems versus ERP
systems
• Sources of data
• Standards for integration and
connectivity
• Security: technical and operational
Treasury systems
• Treasury management systems:
core functionality
• Key providers of TMS
• Trading platforms
• Treasury analytics and risk
management
• Treasury accounting
ERP systems
• Enterprise resource planning
systems: core functionality
• AP, AR and inter-company flows
• Linkage to card-based solutions
• Integration: requirements and tools
Case study: Part 1
• Typical multinational systems and
connectivity requirements
Banking channels
• Typical banking services for
connectivity
• Proprietary online banking channels
• File-based channels
• Emerging mobile solutions
• Information solutions
• Integrating with internal systems
Corporate access to Swift
• Overview of Swift
• Rationale for Swift and
current usage
• Swift solutions (FIN vs FileACT)
• Integration options (Alliance Lite,
Swift Bureau, Direct)
Case study: Part 2
• Design and integration strategy
for a ‘typical’ multinational
Emerging solutions
• eBAM: electronic bank account
management
• ISO20022 standards
• Implications of SEPA for
February 2014
• SaaS: software as a service
• Cloud solutions
Course wrap-up
• Summary of key topics
• Course evaluation
• Presentation of certificates

Tuesday 14 October 2014
Driving value through efficient
financial planning, analysis
and reporting
Where do we earn money - where do we lose money? What are the drivers
behind our business performance? What are your options and how do
decisions impact the original plan?
Putting information at the heart of decision making helps organisations
achieving their goals. It is based on our belief that information is what
drives a business. This course will help you identify what information is
essential and give you the tools to use it across the entire group.
Course tutor:
Thea Caminada, Director, PwC Switzerland
Liquidity: Managing your
company’s lifeblood
With credit tight and risk weighted pricing a fact of life, managing cash
resources “just in time” yields more than ever before. Making better use
of available liquidity requires the exploration of uncharted waters and
cross-functional collaboration.
Identifying opportunities is often not difficult. Building the business
case and operationalizing change is more resilient. This pre-conference
course provides financial and non-financial executives a thorough
understanding of cash generation and cash management options.
At the end participants will have a good understanding of:
• The interdependencies between the physical
and financial supply chains
• How companies can benefit and improve their strategic position by
linking the management of the physical and financial supply chains
• How to identify the opportunity cost of inefficiencies as well as
calculating the benefit case
Course tutor:
Bas Rebel, Director, PwC Netherlands
Regulation and controls:
Pain or necessity?
Regulation is not a new area for treasurers, yet the regulatory
environment is becoming more complex all the time. Knowing
which regulations impact treasury and how to respond is a growing
challenge for entities. In addition a more connected and cyber-
friendly world created new risks for treasury especially in the area
of payment security and data.
This course will show you what a good treasury control environment looks
like in today’s world.
By the end of the course, you will have an understanding of:
• Managing global regulatory risk and opportunities in an ever changing
environment
• A high level overview of the regulations that impact treasury the most
• The impact of a more digital/cyber environment on treasury and the
security challenges it brings
• Best practices internal control frameworks for corporate treasurers
• How to create a case for change and implement it.
Course tutor:
Tom Cools, Director, PwC France
Focus and alignment
• Creating insight – a key value add
from the finance function
• Planning your strategy
• How to derive drivers based on your
strategic objectives
• Key success factors for
implementation - focus and
alignment across the enterprise
Case study
• Derive business drivers and
design strategy map for
a multinational group
Best practice planning
• Realising the value of budgeting
and forecasting – what do
companies say?
• Overview of types of
planning concepts
• A perspective on best
practice planning
• Key success factors for designing
the process and its implementation
Best practice analysis and reporting
• Measure to forecast – a permanent
performance management process
• Key challenges
• Best practice reporting and analysis
• Key success factors for designing the
process and its implementation
Case study
• Redesign planning and reporting
processes for a multinational group
Enabled by technology
• Key pre-requisites and
functionalities
• Market overview
• How to approach software selection
Course wrap-up
• Summaries of key topics / learnings
• Course evaluation
Finding liquidity locked in your
business operation
• Understanding the balance sheet
and profit loss statement:
liquidity is more than “cash and
cash equivalents”
• Understanding the cash
conversion cycle
• Interdependencies between
P2P, fulfilment, O2C and
Treasury processes
Understanding the opportunity
cost of liquidity
• Liquidity in the equation of the
company value
• The consequences and
risk of carrying too little or
too much liquidity
• Liquidity and trade (credit)
risk management
• Impact on core business strategy
Business case
• Participants will work on a
anonymised project case
• discovering the opportunities
• quantifying the benefit
• identifying the project risk
Strategies to optimize corporate
liquidity and cashflow
• Operationalise the business
case for change
• Organize sponsorship
across disciplines
• Picking the right KPIs
• Managing change and the new
processes effectively
Regulation, regulation, regulation
• High level overview of regulatory
requirements – e.g. EMIR, MiFID II,
Dodd-Frank, MAD, REMIT, IFRS
and Basel III
• Impact on treasury
• Response framework
• Opportunities for treasury
The basics of good treasury control
• Impact of globalisation, connectivity
and ‘cyber space’ on treasury
• Building blocks of a sound treasury
control environment
• Responsibility framework
• Changing the culture in your
organisation
Building a business case for change
• Assessing the risk (includes a case
study)
• Organising sponsorship across the
organisation
• Making change stick
EuroFinanceisregisteredwiththeNationalAssociationofStateBoardsof
Accountancy (NASBA) as a sponsor of continuing professional education
on the National Registry of CPE Sponsors. State boards of accountancy
have final authority on the acceptance of individual courses for CPE
credit. Complaints regarding registered sponsors may be addressed
to the National Registry of CPE Sponsors, 150 Fourth Avenue North,
Suite 700, Nashville, TN, 37219-2417. For more information regarding
refund, complaint and cancellation policies, contact EuroFinance on
+44 (0)20 7576 8555. | www.nasba.org
Earn up to 7 CPE credits for each of these courses
Delivery method: Group-live
Program level: Intermediate
No prerequisites or advanced preparation required

The most comprehensive
training course we offer...
A 10-day residential course that covers the key components of effective
international treasury management and how treasury is changing as a result
of the economic upheaval.
You will also have the opportunity to meet fellow professionals from around
the world and build relationships that will support you in your ongoing
treasury career. The course is broken into three modules – choose to attend as
many as you need.
www.eurofinance.com/summerschool
Summer School 2014
International Cash Treasury Management
Monday 4 – Friday 15 August 2014 | London, UK
There’s no need to be alone
Whatever project you are working on, other ECTN members
are working on it too.
Join today to tap into the collective knowledge and experience of
a global treasury peer group. Simply tell us what your interests
are and we will invite you to moderated calls, benchmarking and
expert briefings with like-minded treasurers.
Our current members are finding it invaluable.
“The ECTN is a great resource for me. I have access to leading treasury
professionals around the world and can exchange knowledge and
solutions on the things that might otherwise keep me awake at night.”
Katherine Emmens
Group Treasurer, Kodak Alaris
“A unique benchmarking opportunity to measure your processes
and procedures in a real time open and candid arena.”
Andrew Hay
Assistant Treasurer, The Goodyear Tire Rubber Company
Practical and time saving
Confidential, corporate-only
global network
Timely, hot topics
Moderated peer group calls
Expert briefings
Benchmarking
Reports to share internally
Join today – Go to www.eurofinance.com/joinectn
Membership is for corporate treasury professionals
only and free of charge.
Any questions? Call Emma Brady on +44 (0)207 576 8526
or email emmabrady@eurofinance.com

Sponsorship and exhibition opportunities
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 edvirtue@eurofinance.com for more information.
Official sponsors, exhibitors and partners
ab

EuroFinance Budapest 2014

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Viewers also liked

Viewers also liked (10)

Similar to EuroFinance Budapest 2014

Similar to EuroFinance Budapest 2014 (20)

More from Jon Matonis

More from Jon Matonis (19)

Recently uploaded

Recently uploaded (20)

EuroFinance Budapest 2014