Supply Chain Finance. 16 June 2009 Brussels

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1 Supply Chain Finance 16 June 2009 Brussels

2 2 Avarina Miller Senior Vice President Demica Ltd, London

3 3 About Demica UK based specialist in working capital solutions with current focus on trade receivables loans and securitisation, supply chain finance and invoice discounting Enables clients to arrange and execute optimal financing structures based on real-time processing of asset data Has implemented solutions for leading European and US banks and corporates Combines IT, project management and finance expertise 100% owned by J M Huber Corporation, $3bn annual revenue company headquartered in USA

4 4 Supply chain finance Traditional invoice finance designed for supply chains Physical supply chain shadowed by a financial supply chain (payments, credits profiles, liquidity) Collaborative funding designed to reduce pressures on working capital and cashflow of both Buyer and their suppliers Case study: Cilab Sweden

5 5 Buyer - supplier financial relationship Invoice Goods 500,00 30 days Payment days Buyer

6 6 Assigning invoice for early cash Invoice Goods 500,00 30 days Payment days Invoice Goods 500,00 30 days Payment days Invoice Goods 500,00 30 days Bank Buyer

7 7 Traditional forms of invoice /asset finance Factoring Invoice discounting Asset based lending Forfaiting Confirming Trade receivables securitisation

8 8 Credit risk profile in traditional invoice finance Invoic Invoic e e Goods Goods 500,0 500, days days Payment invoice values-% 5 days Invoic Payment 500,00 e Invoic e Goods 500,0 Goods 0 500, days 30 days Payment Invoice 500,00 Payment Goods Invoice 500,00 500,00 Payment 30 days Goods Invoice 500,00 500,00 Payment 30 days Goods Invoice 500,00 500,00 Payment 30 days Goods Invoice 500,00 500,00 Payment 30 days Goods Invoice 500,00 500,00 30 days Goods 500,00 30 days Bank Buyers

9 9 SCF reverses traditional invoice finance Invoice Goods Invoice 500,00 30 days Goods Invoice 500,00 30 days Goods Invoice 500,00 30 days Goods Invoice 500,00 30 days Goods Invoice 500,00 30 days Goods 500,00 30 days Payment invoice values-% 5 days Payment Invoic 500,00 e Invoic e Goods 500,0 Goods 0 500, days 60 days Payment invoice values 60 days Invoic e Invoic e Goods 500,0 Goods 0 500, days 60 days Bank Buyer s

10 10 Diversified vs single credit / payment risk Multiple debtors/buyers Single debtor/buyer Payment risk Payment risk

11 11 Supply chains consist of discrete credits uribor+100 uribor+150 uribor+250 uribor+300 uribor+550 uribor+1000 uribor+150 s Buyer

12 12 Payment / financial risk resides in the Buyer Supply chain uribor+100 uribor+150 uribor+250 uribor+300 uribor+550 uribor+1000 uribor+150 Physical /delivery risk Payment/ financial risk

13 Liquidity provided by third party on buyer credit 13 uribor+100 uribor+150 uribor+250 uribor+300 uribor+550 uribor+1000 uribor+150 s liquidity Bank exposure Buyer

14 14 Win/lose vs win/win terms Pre SCF Post SCF AR vs AP AR & AP bears liquidity cost of extended terms Buyer bears suppliers liquidity cost in increased supplier prices Access to SCF enables supplier to extend terms without increasing pricing Extended terms releases Buyer cashflow to the benefit of its suppliers

15 Buyer & supplier negotiate terms on basis of SCF funding 15 uribor+100 uribor+150 uribor+250 uribor+300 uribor+550 uribor+1000 terms uribor+150 s liquidity Bank exposure Buyer

16 16 Supply chain finance uribor+180 Supply chain

17 17 Concept Summary Receivables financing enables suppliers to extend terms to buyers without bearing the liquidity cost Financial institution funds or buys receivables in advance of invoice due dates; reduces supplier DSO; increases buyer DPO Cash flow release for buyer and their suppliers; reducing working capital requirement; reducing cost of growth; improving core ratios Buyers and suppliers focus on core business instead of trading liquidity Buyer s financial and purchasing strategies aligned Buyer supplier credit arbitrage for financial institution; capital efficiency from secured lending While traditional trade funding is based on independent credit, scf is linked to the supply chain Automated processing minimises administration and error

18 18 Benefits of SCF for all participants Buyer Positive cash flow effect (expect at least 10% release) Continued growth with less additional capital Potential to improve profitability Improve key ratios Improve relationship with suppliers; preferred customer status Alignment of procurement and finance DSO reduction Competitive and predictable cost of funds Sales growth with less capital Funding source diversification Potential for off balance sheet treatment Simple administration with secure, fully automated processing Financier High financing volume potential Margin on buyer risk Strengthened relationship with Buyer and/or Opportunity to attract new customers Risk mitigated through granularity and transparency of data and transaction processing Efficient allocation of finance & business focus

19 19 Typical SCF structure invoice invoice invoice Goods/services invoice invoice invoice Buyer Approved supplier receivables Bank Buyer

20 20 Case study: Cilab Buyer: retail consumer cooperative; low margin high volume; 2.6bn annual spend Optimise terms without increased pricing relationship s Optimise cash Remove receivables from balance sheet to improve financial ratios Bank Minimise capital cost of retaining relationship

21 21 Key Considerations Feasibility analysis required to assess value and plan implementation strategy Implementation requires planning and coordination Administrative simplicity for suppliers encourages their support Maximum automation to minimise manual processing errors and maximise integrity of data flow Flexibility to enable optimum finance structures Access limits and processes do not jeopardise classification of payables for Buyer Automated dilutions management Independent platform provides flexibility for all parties

22 22 Citadel SCF automated SCF processing Goods/services Invoice Invoice Credit note Invoice Invoice Credit note Approved supplier receivables Bank Account Full invoice amt Buyer Bank Account

23 23 Step 1: collection of invoice data submits invoice to buyer Goods/services Invoice Invoice Credit note Invoice Invoice Credit note Buyer enters invoice into ERP / accounting system Buyer approves invoice in their ERP / accounting system

24 Step 2: approved invoices and funding eligibility 24 Goods/services Invoice Invoice Credit note Invoice Invoice Credit note Approved supplier receivables Automatic accounts payable daily download into Citadel Citadel automatically captures all open item data including approved status of invoice and dilutions Applies eligibility and selection criteria as agreed in funding contract and terms plus rates and discount Applies dilutions adjustments

25 25 Step 3: supplier funding request Processed data displayed in Citadel to users in accordance with access rules s select from eligible invoices those they wish to sell/fund Approved supplier receivables Buyer can access but does not see invoices discounted or pricing (as they are not the beneficiary of payables funding)

26 26 Step 4: bank purchase and payment Bank reviews batches of invoices selected by supplier Bank confirms purchase Citadel transmits instructions to transfer funds to supplier s bank account Approved supplier receivables Bank Account

27 27 Step 5: buyer settlement Relevant payment instructions are attached to each invoice and transmitted to relevant bank according to whether or not invoice is selected for discounting by supplier and confirmed for purchase by bank Citadel transmits instructions to debit funds from Buyer account to pay Bank on maturity date Approved supplier receivables Bank Account Full invoice amt Buyer Bank Account

28 Processing & funding cycle according to agreement with each supplier 28 Goods/services Invoice Invoice Credit note Invoice Invoice Credit note Approved supplier receivables Bank Account Bank Account Full invoice amt Buyer Bank Account

29 29 Documentation invoice invoice invoice invoice invoice invoice Processing platform agreement Approved supplier receivables Transferable, irrevocable obligations to pay 3. Processing platform agreement Receivables purchase agreement Processing platform agreement 1. Invoices, once approved by Buyer, are obligations to pay 2. RPA agreement between Nordea and suppliers contains funding (invoice purchase) terms and conditions 3. Platform agreement between Demica, Buyer, s and Nordea contains processing terms and conditions

30 30 Citadel SCF

31 31 home page Summary eligible A/R and payment forecast information displayed by currency Outstanding receivables analysis displayed by currency and by SCF status: approved by buyer or unapproved, eligible or ineligible, funded

32 32 accounts receivables overview A/R overview by currency displaying SCF eligible amounts and payment forecast

33 33 receivables analysis All accounts receivable with various menu options for display selection Summary information on every invoice that meets the display selection criteria Automated dilutions management: certified amount=invoice-dilution Click on the invoice number for detailed information on an individual invoice, including its SCF processing history

34 34 Invoice detail Individual invoice detail SCF processing history of invoice including initial entry, buyer s approval and SCF funding. Where relevant, application of dilutions included also

35 35 adjustment analysis All dilutions items (credit notes) displayed in Adjustment Analysis page, with various menu options for display selection Summary information on every credit note that meets the display selection criteria Click on the item number for detailed information on an individual credit note including its SCF processing history

36 36 funding request Display outstanding invoices. Select display based on buyer entity, currency, amount, maturity date, status The supplier can select which invoices to sell in order to raise the required cash. (Alternatively, if an automatic setup is selected, all eligible invoices will be sold automatically)

37 37 funding request history Funding request history by batch Bank approval status indicates bank confirmation processing status Click on batch number for details of invoices in batch All displayed information can be exported to other formats for ad hoc reports and easy distribution or connectivity with other information management systems

38 38 reports Regular reports, such as settlement report and credit note application reports, configured and generated according to programme requirements and schedules

39 39 Buyer home page Data for single buyer or multiple related entities if buyer subsidiaries operate individual spend. User access & display based on user authorisation Notification of all events of interest for the buyer A complete overview of all upcoming payment obligations by currency, period and amounts Payables summary by currency and by approval and SCF eligibility status

40 40 Buyer payables analysis Any individual or group of invoices - past, present or future - can be located for a single buyer or a buying entity (a related buyer group such as parent and subsidiaries) and for all suppliers Click on an individual invoice number for full invoice information and history of that invoice Payables summary by currency

41 41 Buyer spend analysis The buying entity can retrieve full information on past invoices All displayed information can be exported to other formats for ad hoc reporting and easy distribution or connectivity with other information management systems Summarised information on every supplier by group and subsidiary where relevant, participant status, spend, DPO, dilutions and invoice approval timing

42 42 Buyer adjustment analysis The buying entity can retrieve information on any and all adjustments (credit notes) made to any invoice from any supplier Drill down and get full information on any individual credit note Citadel automatically applies credit notes to relevant invoices or against unfunded eligible invoices if the relevant invoice is already funded

43 43 Bank home page A complete overview of all upcoming payments from buyers by currency, time period and outstanding total amounts Notification of all events of interest to the bank A complete overview of all current and upcoming payment obligations by currency and supplier

44 44 Bank purchase approval Bank confirms purchase of invoice batches selected for sale by supplier Click on batch number for individual invoice detail

45 45 Bank purchased receivables analysis Detailed information on all purchased invoices All invoices that fit the display selection criteria are displayed Click on an individual invoice to see detailed information on an individual invoice including its SCF processing history

46 46 Rates and discounts Citadel will automatically apply relevant rates and discount based on configuration and feeds from base rate provider. Bank can also apply or alter manually

47 47 Citadel automated demonstration Automated demonstrations of each of the Citadel platforms are available in the Demica website at Select For Citadel SCF demonstration click here Enter User ID and passwords (case sensitive): Citadel User ID Password SCF demoscf orangescf There is a demo for each of, Buyer and Bank user and choice of format in which to view the demo (Flash, Windows media or standalone file)

48 48 Confidentiality This document and the information contained in it is highly confidential and is the valuable commercial property of Demica. It is provided to EuroCoop on the basis that it is kept confidential. Any reproduction, dissemination, disclosure, modification or publication is prohibited.

49 Further information Avarina Miller Demica Limited, Crowne House, Southwark Street, London SE1 UN tel +44 (0) fax+44 (0)

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