Скачать презентацию Marc Verkuil DACT meeting Sr Director Treasury Скачать презентацию Marc Verkuil DACT meeting Sr Director Treasury

d46e23ef197e8e3129bbf0393522e143.ppt

  • Количество слайдов: 15

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

SEQUENCE OF EVENTS Jun 2008: spin-off (MBO) Nov 2008: merger Feb 2010: establishment of SEQUENCE OF EVENTS Jun 2008: spin-off (MBO) Nov 2008: merger Feb 2010: establishment of new stand-alone business Jan 2010: asset sale 50/50% JV

APPLIED BIOSYSTEMS – INVITROGEN MERGER > highly leveraged with funding from >30 banks > APPLIED BIOSYSTEMS – INVITROGEN MERGER > highly leveraged with funding from >30 banks > different business, fiscal, and legal models > different ERP systems > Invitrogen management and culture leading > RBS (EMEA), Citi (APJ), JPM (US) > Bof. A (EMEA), HSBC (APJ), Bof. A (US) > zero-balance cash pooling in EMEA and APJ > principally no pooling > global in-house bank model & system > no in-house banking > standard, international straight-through processing > limited straight-through processing > structured cash flow hedging program > B/S exposures principally consolidated with in-house bank > opportunistic cash flow hedging program > B/S exposures with multiple entities

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

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

DUTCH FINANCE COMPANY FUNCTIONS R o y a l B a n k o DUTCH FINANCE COMPANY FUNCTIONS R o y a l B a n k o f S c o t l a n d USD ZBA Manufacturing Operations US Manufacturing Operations SG USD ZBA GBP ZBA Product (& Service) Receivables SEK ZBA JPY ZBA (EMEA only) SGD ZBA NOK ZBA AUD ZBA DKK ZBA EUR ZBA CHF ZBA HUF ZBA CZK ZBA PLN ZAR NZD ZBA Cash Management Center FX Management Center KRW Dutch finance company CNY In-House Bank & Netting Center TWD THB USD GBP SEK NOK DKK CHF PLN CZK HUF JPY IHB IHB IHB AUD NZD KRW CNY TWD THB IHB Payables Center (SAP upload) (Europe, EMEA, Japan, APAC, x-border North-America) C i t i b a n k

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

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

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

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

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

SEQUENCE OF EVENTS Jun 2008: spin-off (MBO) Nov 2008: merger Feb 2010: establishment of SEQUENCE OF EVENTS Jun 2008: spin-off (MBO) Nov 2008: merger Feb 2010: establishment of new stand-alone business Jan 2010: asset sale 50/50% JV

DANAHER ASSET DEAL: AB SCIEX VENTURE > only assets & liabilities acquired, all dedicated DANAHER ASSET DEAL: AB SCIEX VENTURE > only assets & liabilities acquired, all dedicated manufacturing, R&D, sales, service & support associates transferred (plus a small group of others) > no legal entities, no registrations, no IT (no systems), no finance, no HR, no distribution, no offices, etc > two former JV partners: different ERP systems, different teams/cultures, different processes, etc > transitional services agreements with Life Technologies (and MDS) > RBS (EMEA), Citi (APJ), JPM (US) > wide range of banks > zero-balance cash pooling in EMEA and APJ > primarily notional cash pooling with multiple local banks > global in-house bank model & system > no in-house banking > uniform, international straight-through processing > limited straight-through processing > B/S exposures principally consolidated with in-house bank > no hedging at all

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

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