Effective Supply Chain Finance

Wednesday 3 June 2015 Hilton Amsterdam Amsterdam, The Netherlands Effective Supply Chain Finance Achieving robust supply chain finance: Your adaptable tool kit Never has it been more important to be aware of the potential of your global corporate supply chains. With regulations such as Basel III putting bank funding under pressure, a low interest rate environment and uncertain global growth, corporates are looking at their own supply chains in new ways. Supply chain finance (SCF) is an umbrella term covering a suite of tools ranging from financing suppliers through trade and receivables finance and discounts to buyer funding Treasury is uniquely placed to understand the range of financing programmes that are available and what is needed to finance your company, your customer or your supplier efficiently. Where in the chain needs finance and what needs working capital and where are the risks and opportunities? What technologies and tools can be used to make the best of visibility, reconciliation, reporting and liquidity management? But treasury doesn t work alone. Procurement is a critical partner in the success of any supply chain finance agenda. While often driven by cost reduction metrics, canny buyers are aware that relentlessly driving down costs can risk alienating core suppliers and disrupting the supply chain. SCF must be looked at as an array of tools to ensure integrity of suppliers which can also embrace good corporate citizenship within the context of achieving optimum working capital and funding along the whole chain. This agenda examines how best to make SCF work, what the pitfalls and challenges are, and how regulations and technology will affect the future. What s on the agenda? Learn about the latest regulations Find out how procurement and treasury can work best together to create successful programmes Learn how to make SCF a part of an adaptable working capital toolset Find out how SCF can be used not just for operational capital but for long term capital projects Learn how to get the long tail of smaller companies engaged in SCF programmes Decide what works best and find out how suppliers can have more choice of when to pay Understand how SCF technologies will evolve in the future Who should attend? Treasurers who are responsible for their financial supply chain and who want to understand how to enhance working capital, increase liquidity and mitigate risks Procurement professionals working with treasurers Banks, technology and platform providers who want to meet with procurement and treasury professionals to understand the challenges they face Official sponsors Technology sponsors Global sponsor

Effective Supply Chain Finance Wednesday 3 June 2015 Chaired by: Peter Green, Senior EuroFinance Tutor & Director, TransactionBanking.com, UK 08:00 Registration, refreshments and exhibition opens 09:00 Regulation insights: Spotlight on the real risks for late payers globally One key driver for many SCF programmes is extending payment terms. However, regulators worldwide are focusing on late payers. There s the rub. The European Late Payments Directive and the US SupplierPay initiative are two such plans. Punitive threats for late payers abound (the threatened 1% of turnover fines in the supermarket sector in the UK from the new groceries regulator is just one example). Negative publicity of being branded a late payer shows it s not good for the company s brand either as naming and shaming has become more common in the media. Sometimes SCF programmes can be hit by such publicity, and sometimes they are caught erroneously in the crossfire. What is the real state of global late payments regulation? What s the accountants response? Should corporates start accruing against potential claims from suppliers and fines, as one accounting firm suggests? Could it be fatal for suppliers to pursue late payments via the regulators? Is it still a policy to move procurement away from hotspots where the regulation has turned? In short, what are the real risks for late payers and what will be the impact on SCF? Michiel Steeman, Professorship Supply Chain Finance, Windesheim University of Applied Sciences, The Netherlands 09:40 SCF as part of an adaptable working capital toolset As the economic cycle begins to turn in certain markets, having the flexibility of moving from a cash heavy position to cash light (and back) can be key. Effective working capital management highlights the kind of liquidity that can be pushed out to generate cash, or used. It s not an either/or situation. The good thing about having a SCF programme in place is that you can use internal funding when you choose. That all sounds nice in principle, but what does it mean in practice? This company has embraced SCF as part of its tool set for funding. What challenges has it faced and how has it overcome them? How does it measure its success? Jose Antonio Soto, Finance Director, Abengoa Bioenergy, Spain Bertrand de Comminges, Global Head of Structured Solutions, Global Trade & Receivalbes Finance, HSBC, UK 10:30 Refreshment break 11:00 Procurement and treasury at the top table: Mobilising at all levels Championing and communicating a SCF programme means you need to make a clear internal business case. The practicalities of making that case and clarifying it with all parties from board level downwards or from procurement upwards are challenging. Procurement is a key link in the whole supply chain finance process. Successful programmes must engage procurement, sales and inventory management with the right incentives and metrics to make sure that suppliers are truly part of the chain. What are the fault lines between treasury and other business functions, and how can they be overcome? Any programme must ensure that offering finance is not simply dependent on extending credit terms. If linkage is overt or implied, then accounting rules may force reclassification from accounts payable to debt. It s important to mobilise accounting and audit at an early stage and align key performance indicators. Hear a candid discussion between procurement and treasury and a focus on a procurement-led initiative and a treasury-driven one. Daniel Lozano, Chief Financial Officer, Adveo Group, Spain Mike Mattacola, Global Director Commodity Procurement, MBBP & Continuous Improvement, Johnson Controls, UK 11:40 Engaging SCF as a capex tool Traditionally, SCF has been looked at as a way of looking at funding operational capital but suppliers of large capital items can be brought under the umbrella of a programme. Here is the evidence. This company wanted to improve the strength of its supply chain and also standardise payment terms at the same time to improve working capital. Indeed, those terms have been brought out to up to 360 days. How has it achieved the rollout of two SCF programmes in rapid succession (three months and six weeks respectively with 95% of targeted suppliers onboard)? And how has it managed to do so when it turns the standard argument for SCF on its head it is not the best rated credit in the chain? Fabrice Legoux, Director Operational Finance, Liberty Global, The Netherlands Adriaan Bellaart, VP, Working Capital Solutions, ING, The Netherlands 12:20 Lunch 14:00 Reverse factoring techniques to suit you Reverse factoring programmes allow suppliers to get paid on an invoice faster/ immediately for a discount. This company is using such supplier financing to increase days payable outstanding (DPO) as part of an extensive long-range working capital management programme while supporting its smaller suppliers and improving internal processes. They have a long experience in on-boarding suppliers into such a solution on a multinational approach and the programme has already had an impact on the robustness of its supply chain and its smaller suppliers. What are the techniques that better suit the solution for the suppliers? Laura Baravalle, Trade Finance Manager, Telecom Italia, Italy Enrique Jimenez Lopez, Head of Trade & Supply Chain Finance Continental Europe, Banco Santander, Spain 14:40 Flexible payment terms to reinforce relationships with your suppliers Giving your suppliers a choice of when to pay can help reinforce relationships. Many companies typically see SCF as a blunt instrument to make a terms extension more palatable to suppliers. And often, traditional SCF only reaches the largest 25-50 suppliers along the chain. Are static payment terms becoming old fashioned? Not only that but also companies are under increasing regulatory pressure from, among others, the Late Payments Directive. Developments in e-invoicing have meant that companies can now have a smarter payment relationship with all suppliers. Companies can put suppliers on dynamic payment terms, which allows faster access to cash for them, and also commercial benefits for the buyer. In addition, enabled by e-invoicing, buyers can opt to use third-party finance to pay suppliers (either on time or early to reduce DPOs). By separating the technology platform provider and the funding provider, companies may be able to gain extra flexibility. Matthew Stammers, European Marketing Director, Taulia, UK John Luu, Managing Director, Greensill Capital, UK 15:20 Refreshment break 15:50 All about the long tail: SCF for smaller companies SCF has traditionally been the preserve of larger MNCs, but there can also be a case for smaller companies. Short term financing whereby suppliers get paid earlier by a bank while the buyer can extend payment terms is certainly a draw. But banks hitherto haven t been that keen on the long tail going far down the proverbial food chain of companies and towards lower-rated and (albeit generally mid-sized rather than SME) smaller companies. The ratings issue has been a concern in the Basel III environment. But ratings aren t a total block and increasingly, the buyer s rating doesn t have to be higher than its suppliers. Also, new trade finance structures may offer a more practical operational tool for smaller companies who want to extend payment terms and don t want to use unwieldy/expensive letters of credit. Using deferred payment Bank Payment Obligations (BPOs) may help bridge the gap between supplier and buyer expectations and solve some of the risks of open account trade. What have been the experiences and how do these offer ways to improve financing for smaller companies? Moderated by: Andre Casterman, Global Head of Corporate & Supply Chain Markets, SWIFT, Shailesh Shankar Gothal, Chief Technology Officer, Gemini Corporation, Ural Inal, Finance & Purchasing Director, TEMSA, Turkey Urs Kern, Senior Sales Manager, Corporate Business EMEA, SWIFT, Germany 16:30 Under the skin: Technologies and challenges for tomorrow s SCF Understanding the financing processes that will be available to corporates in the future along the supply chain is a challenge. Disruptive innovations from the increasingly familiar e-invoicing through to big data and the developments in blockchain architecture are all actual, or potential, enablers of improvements in supply chain financing infrastructure. But what do corporates with supply chain finance programmes in place themselves actually want from tomorrow s technology? Will new technology providers and banks be vying for your business or will a turn in interest rates make other financing structures more appealing? What are the potential risks and opportunities for tomorrow s cloud and web-based SCF and what will it all mean for tomorrow s corporates and finance providers? This panel and open discussion looks to the future. Ad van der Poel, Senior Vice President Financial Services, Basware Corporation, UK Shailesh Shankar Gothal, Chief Technology Officer, Gemini Corporation, 17:10 Conference adjourns to networking reception

2014 in numbers Registered delegates in 2014: 147 From the coporate sector: 75% Delegate seniority: Head/Treasurer/Director 61% VP/Deputy 9% Manager 25% Analyst 5% A focus on Supply Chain Finance for a conference was a great idea! Please set up a follow-up conference! A very useful conference with great insight into SCF problems and opportunities. A lively and interesting presentation with a good balance of banking and corporate viewpoints. Our delegates came from: Austria Denmark Estonia Finland France Germany Iceland Ireland Italy Lebanon Liechtenstein Monaco Norway Poland Portugal Spain Sweden UK USA Netherlands Switzerland Follow us on Twitter twitter.com/eurofinance @EuroFinance Join our LinkedIn group eurofinance.com/linkedin Join the Supply Chain Finance Group Exclusively for corporate treasury and finance professionals, the group is a unique knowledge sharing, problem solving and ideas generation service. Members take part in benchmarking surveys, group discussions and expert briefings on improving working capital and using supply chain finance effectively. Membership is currently free of charge. Supported by www.eurofinance.com/ectn

Sponsors and exhibitors Official Sponsors ING Commercial Banking meets all of the banking needs of corporations and large multinationals, as well as financial institutions. With a history that stretches back some 200 years, we have made a name for ourselves by helping clients build successful businesses. We do this by ensuring we understand their unique needs, by being a trusted advisor to them for the long term and by proactively creating innovative solutions and executing them flawlessly. Delivering on this promise to our clients has helped ING Commercial Banking become one of Europe s leading commercial and corporate banks and an important international player. In addition to the basic banking services of lending, payments and cash management and treasury, we provide tailored banking solutions in areas including corporate finance, leasing, structured finance, commercial finance (factoring), equity markets and debt capital markets. In short, we can finance your growth, manage your day-to-day banking needs and provide you with a full range of banking solutions to help you achieve your business goals. We can help you manage your business risks more effectively, and grow with more confidence. We are a truly international team of more than 11,000 banking professionals with local knowledge and a presence in 40 countries. www.ingcb.com Oliver Petersen Global Head of Supply Chain Finance, Transaction Services Working Capital Solutions oliver.petersen@ingbank.com T: +31 20 57 68177 M: +31 6 5262 5061 Jan-Jaap Atema Transaction Services Working Capital Solutions jan-jaap.atema@ing.nl T: +31 20 563 4246 M: +31 6 5787 4288 Technology Sponsors Taulia, the fastest growing SaaS platform for Supplier Financing, transforms every invoice into a revenue opportunity through automating and maximising supplier discounts. Regardless of whether the early payment is funded by the buying organisation, bank, or third-party financier, Taulia ensures that all invoices are always available for early payment and discount revenue is always adding to the bottom line. Some of the most innovative brands in the world rely on Taulia, including Coca-Cola Bottling Co. Consolidated, Pfizer, Hallmark, and many other Global 2000 companies. For more information, visit: www.taulia.com Basware is the global leader in providing purchase-topay and e-invoicing solutions in the world of commerce. We empower companies to unlock value across their financial operations by simplifying and streamlining key financial processes. Our Basware Commerce Network, the largest open business network in the world, connects 1 million companies across 100 countries and enables easy collaboration between buyers and suppliers of all sizes. Through this network, leading companies around the world achieve new levels of spend control, efficiency and closer relations with their suppliers. With Basware, businesses can introduce completely new ways of buying and selling to achieve significant cost savings and boost their cash flow. Find out how Basware helps money move more easily and lets commerce flow at: www. basware.com Trade has been the foundation of HSBC since 1865. Today, we are a leading provider of international trade and supply chain finance solutions to businesses of all types and sizes. With over 5,800 professionals helping customers trade across more than 56 countries, our local presence and global footprint gives us access to 87%* of the world s trade flows and unrivalled experience in solving today s most complex trade challenges. Global sponsor Processing over USD 1 million worth of trade turnover every minute*, we also deliver the superior technology and platforms necessary to make it easier for businesses to connect to new markets and trade partners around the world. By working in partnership with our customers, we help them make better informed trade and business decisions. Our comprehensive suite of products and services can be combined into global solutions that help make it easier for businesses to manage trade risk, process trade transactions and fund trade activities. To find out how we can help your business, contact your local HSBC office, or visit: www.hsbcnet.com/trade *HSBC network analysis, Global Insights, UNCTAD July 2014 Exhibitors Banco Santander is a retail and commercial bank, based in Spain, with a presence in 10 main markets. Santander is the largest bank in the euro zone by market capitalization. Founded in 1857, Santander had EUR 1.43 trillion in managed funds, 12,950 branches - more than any other international bank - and 185,400 employees at the close of 2014. It is the largest financial group in Spain and Latin America. It also has significant positions in the United Kingdom, Portugal, Germany, Poland and the northeast United States. In 2014 Santander made an attributable profit of EUR 5,816 million, 39% more than the previous year. Santander Global Banking & Markets is the global division for corporate clients and institutions that require specially-tailored services or value-added wholesale products. The business is structured in one customer coverage unit and three product areas: Global Transaction Banking: includes cash management, trade finance, lending and custody. Financing Solutions & Advisory: includes origination and distribution of corporate loans and structured financings, bond and securitisation origination, corporate finance and Asset &Capital Structuring. Global Markets: includes the sale and distribution of fixed income, equity, interest rate and inflation derivatives; trading and hedging of foreign exchange and short-term money markets; distribution of bonds and brokerage of equities and derivatives for investment and hedging solutions. Media partners SWIFT is a member-owned cooperative through which the financial world conducts its business operations with speed, certainty and confidence. More than 10,800 financial institutions and corporations in over 200 countries trust SWIFT every day to exchange millions of standardised financial messages. These institutions include corporates, fund managers, broker-dealers, market infrastructures, market data providers, retail, wholesale and custodian banks. Many of these institutions are also shareholders of SWIFT. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest. Sponsorship and exhibition opportunities There are a limited number of exhibition slots available. If you want to showcase your solutions, please email: edvirtue@eurofinance.com

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