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1 Welcome to this ACT webinar Making working capital work for you in today s economic landscape 30 June BST Sponsored by Sponsored by

2 Introduction Stephen Baseby Associate Policy and Technical Director ACT

3 Interactive widgets Please take a minute to familiarise yourself with the widgets on your screen. They can be moved around the screen and maximised/minimised to suit you. Click on the help widget if you experience any technical difficulties during the webinar. Download speaker presentations during the webinar by clicking on the resource widget. Submit your questions to our speakers throughout the webinar by using the Q&A widget. Please take a few minutes at the end of the webinar to provide your feedback. Follow us on twitter and tweet live during the webinar using #ACTwebinar.

4 Agenda Introduction Stephen Baseby Associate Policy and Technical Director, ACT Presentation from EY Lloyd Gold, Assistant Director, EY Presentation from Amex Gregg Morris, Senior Manager Working Capital, Amex Panel discussion and Q&A

5 Presentation Lloyd Gold Assistant Director EY

6 Making working capital work for you in today s economic landscape ACT Webinar 30 th June 2015

7 Agenda Section 1 Building a cash culture 2 Section 2 The evolving financial product marketplace 6 Confidential All Rights Reserved EY 2015 ACT Webinar Working Capital

8 Section 1 Building a cash culture Confidential All Rights Reserved EY 2015 ACT Webinar Working Capital 8

9 Why is sustaining working capital improvement such a challenge? Background Many companies still apply some common ingrained practices to drive down working capital levels at half year and year end (see chart below) Change in quarterly cash-to-cash (C2C) performance, Q2,02 Q2,12, US SEC Filings Source: Ernst & Young analysis, based on publicly available financial statements top 500 US companies by sales For a company, such working capital behaviour at period end might help to achieve some short term benefit, but not long term sustainable change This also has implications for cash management and cash flow forecasting Long term, sustainable change requires embedding a cash culture within an organisation Confidential All Rights Reserved EY 2015 ACT Webinar Working Capital

10 Embedding a cash culture within an organisation is not a simple task it touches all aspects of an organisation Common tools are replicated across the organisation The organisation clearly understands the drivers of performance The organisation understands the importance of cash. The individual has received role specific training. Knowledge sharing is effective. Performance is consistently measured and reported across the organisation Learning & & Development Reporting Reporting Tools Incentives Incentivisation Sustainability Cash Culture Working Capital Cycles Targets Ownership, Roles Roles & Responsibilities & KPIs Policies & Controls There is a governance structure in place specific to working capital There is clear ownership of working capital and the underlying process steps Incentives reflect the importance of cash to the organisation Appropriate SMART targets are in place, supported by consistent KPIs Confidential All Rights Reserved EY 2015 ACT Webinar Working Capital

11 INFLUENCE Value Creation MONITOR UNDERSTAND Net working capital trend Jul 10 Jun m 209 Jul Aug Sep 10 Oct 10 Nov 10 Dec 10 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun NWC Prepayments WIP Trade Debtors Trade debtors 92,154 96,949 q -4,794 72,969 p +19,185 Prepayments 38,980 35,698 p +3,282 24,785 p +14,195 Total Debtors 131, ,647 q -1,513 97,755 p +33,380 WIP 174, ,954 q -8, ,290 p +5,041 Trade creditors 39,768 15,614 p +24,155 16,309 p +23,459 Accruals 45,334 57,034 q -11,700 58,621 q -13,286 Total Creditors 85,102 72,648 p +12,455 74,930 p +10,172 Total WCAP 220, ,953 q -22, ,144 p +28, Early payments (1.7) days Trade Creditors & accruals 220 Standard Terms 30 days Month on month movement of Accounts receivable Jul 10 Jun 11 actual and Dec 11 forecast m Days Jul 10 DSO = 33.0 Aug Sep Oct Actual movement/ balance Nov 10 Rolling 3 month WA terms vs WA days to collect Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11 Feb 11 Mar DSO = = Monthly movement = Month end balance Dec 10 Jan 11 Feb 11 Mar 11 Apr 11 May Weighted average days to collect Weighted average terms Apr 11 May Jun Jun 11 1 DSO = Jul 11F Master file terms Cumulative cash inflow/(outflow) resulting from changes in working capital balances m -2 Jan 11 June DSO = 37.6 days Terms profile (3 month to June 11) WA System terms -40 Feb Mar 11 Cumulative change in Wcap -50 Apr May 11 Cumulative change in Prepayments (Increase)/Decrease Cumulative change in WIP (Increase)/Decrease % of turnover % % % % % % <0.1% <0.1% <0.1% Total % -28 Jun 11 Jul 11 Aug 11 & 2 1 & 2 Forecast movement/ balance Aug 11F Sep 11F Oct 11F DSO = Nov 11F Dec 11F m m Accounts receivable trend and DSO Jul 10 Jan Jan Aug 10 Sep 10 Feb Oct 10 Feb Overdue Nov 10 Mar Sep 11 Oct 11 Nov 11 Cumulative change in Debtors (Increase)/Decrease Dec 11 Cumulative change in creditors & accurals (Decrease)/Incr Collection performance, 1.1 day Effect of Extended Terms 6.1 days Dec 10 Mar Jan 11 Current Apr Feb 11 Apr Mar 11 May DSO Apr 11 May Disputes 2.1 days May 11 Jun Jun 11 Aged profile of overdue receivables and disputes (6 months to June 11) Overdue Disputes 91+ days overdue days days days Jun Days KPIs getting the balance right Dashboard structure Overall Performance 000s Jun 11 May 11 vs May 11 Dec 10 vs Dec 10 Comments/ explanation Description/audience MONITORING (EXECUTIVE DASHBOARD) High level working capital operational and financial metrics Progress tracking against key targets and history Highlighting of key areas that help identify potential actions and areas of opportunity Accounts Receivable June 11 Key Balances UNDERSTANDING (MANAGEMENT) A breakdown of the composite metrics (e.g. DSO) into the key component parts to provide a rapid understanding of performance on a lever basis (e.g. terms / extended terms). Sample of operational metrics INFLUENCING Value Creation (PROCESS OWNERS) Detailed operational metrics and analysis that help identify root causes of movements and potential pockets of opportunity Confidential All Rights Reserved EY 2015 ACT Webinar Working Capital

12 Section 2 The evolving financial product marketplace Confidential All Rights Reserved EY 2015 ACT Webinar Working Capital 12

13 Market growth is accruing to new entrants who are actively taking share from traditional lenders in the US US SME non-mortgage-backed lending by lender type, $bn 1* Marketplace lenders* Credit union Regional/Community** Mega/Large Banks** e CAGR % 133% 10% 0.3% 3.1% US Alternative/marketplace lending, $bn Note: * Marketplace Lenders include P2P lending (e.g., LendingClub, Propser) and online SME lending (e.g., Kabbage, OnDeck); ** Mega/Large Banks = Total Asset > $10bn, Regional/Community Banks = Total Asset <$10bn Sources: 1.EY analysis, Federal Research, National Credit Union Association, Call Reports, PWC MoneyTree Report, Foundation Capital; 2.Foundation Capital, EY analysis CAGR: 145% e Non-bank lenders are taking the opportunity to gain market share in SME lending New entrants have collectively increased their market share from c.0% in 2010 to c.3% in 2014 Their growing success is supported by their focus on personal approach and fast, easy-to-use and flexible solutions New entrants and challengers are driving growth in this sector While banks across the ranks have seen their total lending stagnant (c. 2% CAGR ), lending from alternative/marketplace lenders for instance, albeit small, has grown exponentially (~150% CAGR ) Continued positive outlook: Nonbank lenders are likely to continue to gain share and displace incumbents with their proactive approach to distribution, focus on service and technology and increasing market awareness of their products Confidential All Rights Reserved EY 2015 ACT Webinar Working Capital

14 In the UK, alternative finance providers are also gaining market share and driving growth Alternative finance providers Challenger banks UK SME lending by competitor group (2014, bn) CAGR 2.2% 149.1% 42.7% Change in market share +1.3% +6.3% UK alternative finance provider lending, bn +159% Expected market share: 3-4% 4.4 Challenger banks and alternative finance providers are gaining market share With their focus on fast, easy-to-use and flexible solutions, new entrants have collectively increased their market share from c.4% in 2011 to c.12% in 2014 and driving overall growth in the sector High street banks % -7.7% CAGR: 154% +154% 1.7 New entrants are not only gaining share, but also driving growth: while traditional banks have seen total lending decrease, lending from alternative finance providers, while small, is growing exponentially (+150%) % F Continued positive outlook: Challenger banks and alternative finance providers are likely to continue to gain share with their proactive approach to distribution and their differentiating service and technology Sources: 1.EY analysis, BoE, BBA, FLA, ABFA, Annual reports, University of Cambridge Alternative Finance Market Set to Double in 2015; 2. Reflects CAGR; 3. Breedon Report (2012); EY Analysis Confidential All Rights Reserved EY 2015 ACT Webinar Working Capital

15 Direct lending Receivables-based Payables-based These new players have been entering the US market post-crisis to fill the gap created by traditional players re-trenching their SME lending activity Market landscape in 2007 New entrants targeting SMEs Non-exhaustive Supply Chain Finance Purchasing Cards Mega Banks (>$100bn) Small business loans using data aggregation and electronic payment technology Traditional and non-traditional working capital financing including A/R financing Dynamic Discounting Early Payment Monetisation Corporate Cards 3 rd party payment system Trade Finance Factoring Invoice Discounting Merchant Cash Advance Liquidity Exchanges Invoice Trading Distributor Finance Deferred Payment Plan Overdraft Credit Lines / Revolving Facilities Regional / Community Banks ($<100bn) Non-Bank Financial Institutions Technology Providers Dynamic discounting; one of the two prominent liquidity exchange platforms Small business loans and cash advances A/R financing, Asset-based loans, and purchase order financing Cloud-based invoice, payment and dynamic discounting Pioneered use of instantly available non-traditional data for credit assessment Specializes in the factoring of invoice receivables Invoice factoring marketplace P2P online lending platform Invoice-based financing Invoice-based financing Small business loans online market place Working Capital financing Term loan Commercial Paper Merchant Cash Advance program Peer-to-peer Lending Source: Desk Research, Online News Articles, Company Websites Confidential All Rights Reserved EY 2015

16 Direct lending Receivables-based Payables-based The UK market has experienced the same trend, with notable success among its new challenger banks Non-exhaustive Market landscape in 2007 New entrants targeting SMEs Supply Chain Finance Purchasing Cards Dynamic Discounting Banks Challenger bank, floated in March 2015; valuation c.$1bn Establishing as FinTech player (recently demoed at Finovate Europe) Early Payment Monetisation Corporate Cards 3 rd party payment system Trade Finance Factoring Invoice Discounting Merchant Cash Advance Liquidity Exchanges Invoice Trading Distributor Finance Deferred Payment Plan Overdraft Credit Lines / Revolving Facilities Term loan Commercial Paper Specialists Technology providers Pioneered use of instantly available non-traditional data for credit assessment Challenger bank, floated in April 2015; valuation c.$1bn Acquired SME Invoice Finance in 2013 P2P platform for auction-based invoice finance Aiming to float before UK general election P2P platform for auction-based invoice finance Increased loan limit to 500k to match demand Launched new broker platform in 2015 Acquired in 2015 by Ezbob Online lending platform for SMEs Revenue advancement Peer-to-peer Lending Confidential All Rights Reserved EY 2015 ACT Webinar Working Capital

17 EY Assurance Tax Transactions Advisory Ernst & Young LLP Ernst & Young LLP. Published in the UK. All Rights Reserved. The UK firm Ernst & Young LLP is a limited liability partnership registered in England and Wales with registered number OC and is a member firm of Ernst & Young Global Limited. Ernst & Young LLP, 1 More London Place, London, SE1 2AF. ey.com Lloyd Gold Assistant Director Tel +44 (0) Mobile +44 (0)

18 Presentation Gregg Morris Senior Manager Working Capital Amex

19 American Express Working Capital & Trade Payments Westcoast Ltd Case Study & Testimonial Gregg Morris Senior Manager Working Capital. American Express Global Corporate Payments Internal Use Only

20 American Express Solutions Accounts Receivables (DSO) Accounts Payable (DPO) Days Sales Outstanding - DSO Working in partnership with companies to have their customers pay them on American Express solutions. Accepting American Express at a competitive commercial rate Reducing DSO, credit collection, late payments, increase Working Capital. Supporting growth of customer spend through incremental credit lines Inventory DSO Assets A. Non Current Assets B. Current Assets i) Inventory ii) Accounts Receivable Days Payable Outstanding - DPO Providing vpayment & BIP solutions at a competitive commercial rate to increase DPO on supplier payments Liabilities A. Shareholder Equity B. Current Liabilities (i) Accounts Payable DPO Confidential

21 DPO Focus Benefits of using American Express to pay your suppliers Guarantee an extension further to your existing terms for a set one off transaction fee. Volumes, Risk profile & length of terms required, will impact potential cost. Term arrangements for either 45, 60 or 90 days extension. Supplemental credit facility. Flexible usage, no ongoing or management fees, no set up fees. Bespoke solutions built to customer requirements. Suppliers paid on the same day as American Express facility charged by customer (if payment is made before 2pm). Depending on product chosen, potentially no requirement to set up suppliers they will just receive a CHAPS payment. Multiple case study customers to review (Westcoast case study to review later). Confidential

22 Customer proposition DPO Improvement (Example) Current 30 days With American Express 120 days Month Invoice sent Payment made via Amex Payment made by Customer Payment recieved by Supplier Summary Costs Summary Days Improvement 90 Days Standard term extension of 60 days Cost to Customer WACC Equivalent xx% xx% Payment terms can be extended by up to 90 days in certain examples and dependant on applying entity risk profile WACC equivalent rate competitive to marketplace Actual commercials reviewed on confidential basis Confidential

23 DSO Your customers paying you with American Express Guarantees payment on either 3 or 5 days after American Express product charged. Credit facility from American Express can either supplement existing arrangements, or support risk mitigation by replacing existing credit insured (or uninsured) lines. Supports your customers by potentially offering extended terms compared to your major competitors (Westcoast case study), to help support winning new business & growing existing business. Commercial rate agreed based on potential opportunity size & expected annual volumes. Can replace early payment discount (EPD) structure to offer your customers a better working capital model instead of EPD. Flexible to support differing arrangements for different customers (can be bespoke for specific customers). Set up process for on boarding your customers is very straight forward (two application forms), and transition very simple. Means of differentiating your company from competitors in specific industry segments. Confidential

24 Westcoast Ltd UK Case Study Confidential

25 Westcoast Ltd UK Case Study Key points in summary Founded in 1984, Westcoast has expanded rapidly becoming the number one UK distributor for many vendors including HP, Toshiba, Samsung and many more Westcoast Objectives -To develop a significant working capital benefit for their customers, providing an unique customer proposition in the IT distribution/re-selling arena. - To reduce average DSO metrics across their 4,000 strong customer base. - To support their customers by offering additional credit facilities (in addition to Attradius insured lines). - To use our products & services themselves with major IT suppliers (Samsung, Microsoft, Lexmark), at peak periods where their existing lines from Lloyds / Macquarie are maximised. Programs started Dec 2013 (DSO / DPO) 60 DSO Clients live as at June Specific Contact strategy created with Westcoast Management team. Joint meetings conducted. Jointly prepared marketing materials associating both brands & explaining proposition to Westcoast customers. Unique proposition in the IT Distribution arena. WCO (Summary) DPO provides on average day term gain on their existing term arrangement with suppliers. Payments can be made in GBP, EURO, USD DSO Improves Westcoast working capital model by 25 days DSO Improvement. American Express credit line offered to Westcoast customers in addition to existing arrangements DPO vpayment product used Live with Samsung, Microsoft, HP, (Euro / GBP) Typical terms of days utilized. Confidential

26 Gregg Morris Senior Manager, UK Working Capital Global Corporate Payments American Express Office: Mobile: Confidential

27 The panel Chair Stephen Baseby Associate Policy and Technical Director, ACT Speakers Lloyd Gold Assistant Director, EY Gregg Morris Senior Manager Working Capital, Amex

28 Chair s closing remarks Stephen Baseby Associate Policy and Technical Director ACT

29 FORTHCOMING EVENTS ACT webinar: the impact of tax and regulatory changes on the treasury function 07 July BST ACT webinar: case studies on FX risk management 16 July BST ACT Asia Conference 02 September 2015 Hong Kong ACT Working Capital Conference 15 September 2015 London ACT Funding Conference 28 October 2015 London ACT Annual Dinner 11 November 2015 London ACT Middle East Annual Conference November 2015 Dubai treasurers.org/events

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