Project Acropolis: Building a Strategic Plan for the Treasury Function

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1 Project Acropolis: Building a Strategic Plan for the Treasury Function Klaas Springer Director Corporate Treasury EuroFinance Budapest, October 2014

2 Contents General introduction Royal FrieslandCampina Strategy process: Acropolis Deliverables: key projects and roadmap 2

3 General introduction Royal FrieslandCampina

4 4 19,000 ambitious member farmers are the owners of FrieslandCampina

5 5 The Company is owned by the Cooperative Zuivelcoöperatie FrieslandCampina U.A. holding all shares in Members Districts Member Council Royal FrieslandCampina N.V. Coöperative Council General Meeting of Shareholders Board Supervisory Board Executive board

6 13,887 member dairy farms 6

7 FrieslandCampina at a glance billion euro revenue employees Facilities in Export to over 28 countries 100 countries member dairy farmers own the Company 19,244 Every day Millions of consumers Figures

8 Worldwide Figures 2013 * in millions of euros % revenue * 167 employees 7 locations North and South America United States Brazil % 61 6,965 revenue * 13,147 employees 68 locations Europa Netherlands Germany Belgium Greece Hungary Romania Russia France Spain Italy Austria United Kingdom % 10 1,165 revenue * 1,026 employees 19 locations Africa and Middle East Nigeria Ghana United Arab Emirates Saudi Arabia 26 % 2,938 revenue * 6,846 employees 30 locations Asia en Oceania Indonesia Malaysia Singapore Thailand Vietnam Philippines China Hong Kong India Japan 8 New Zealand

9 Our position in the dairy sector Company Dairy Revenue 1. Nestlé - Switzerland Danone - France Lactalis - France Fonterra - New Zealand FrieslandCampina 5. - Netherlands Dairy Farmers of America - USA Arla Foods - Denmark/Sweden Saputo - Canada Dean Foods - USA Yili - China Unilever - Netherlands/UK Meiji - Japan DMK - Germany Mengniu - China Sodiaal - France Bongrain - France Kraft Foods - USA Müller - Germany Schreiber Foods - USA Morinaga Milk Industry - Japan 3.6 Figures 2013 in billion of euros 9 Source: Rabobank, July 2014

10 Strategy process: Acropolis

11 Key figures Corporate Treasury Treasury Net Debt 1,4 bln Interest 29 mio FX annual turnover 2,7 bln Around 3400 FX deals annually averaging 0,8 mln per deal Over 20 banks 20 institutional investors 718 bank accounts (-81) Insurance Property damage sum Liability coverage Around 10 insured 11,5 bln limit 600 mio per insurance comp. occurrence Resources Budget ,1 mio, 8,3 fte Front office: 4 fte Mid office: 2 fte Insurance: 2 fte 11

12 Project Acropolis Q Q Steering Group: CFO, Dir. Finance & Reporting, Dir. Internal Audit

13 Unanticipated Challenges Are The Normal. Fast changing regulatory environment Extreme currency moves Big financing needs Impacts of sovereign debt crisis Low interest rates Potential break-up of Euro Zone

14 With A Fast Changing Regulatory Environment SEPA EMIR Solvency II RFC BASEL III FTT MIFID

15 SWOT analysis Strengths Financing of FrieslandCampina Bank Relationships Investor Relationships Interest Rate Risk management Liquidity Risk management Skilled staff Weaknesses Internal Controls Limited resources for operational activities Control over local activities No Corporate Treasury presence in Asia Distance to the Business No clearly communicated strategy Opportunities Internal Control Framework Summit implementation 3S project: Financial Shared Service Center New Mid-Officer Internal Credit rating 3 rd party IT solutions Threats Budget cuts Highly independent Operating Companies Low quality cash forecasts Laws and Regulations, increase administrative activities Highly dependent on multiple IT systems

16 Treasury Audit Main Issues Weaknesses in internal controls regarding: Bank Account Management: e.g. visibility of contracts, source documentation, job roles, authorizations Payment Organization: E-banking Currency Management: e.g. transactions executed outside trading platform

17 How to interpret this? Call for centralization of treasury function, our peers are multinationals Central management is not enough, central control is required Confronts RFC with As Is situation which is a heritage from the past: e.g. in the corporate manual OpCo Finance Directors Must Authorize and are Responsible for: - Proxies bank accounts; - Local cash management and payments Adjusted approach will require full alignment within Finance Function

18 Deliverables: key projects and roadmap

19 The new Mission and Vision of the Corporate Treasury functions can be described as: The Mission: The Corporate Treasury Team is there to optimize the capital structure and funding of the Group, manage its financial risks in an effective and efficient way, and is centrally responsible for the operational treasury function. The Vision: To be a Treasury Team that is pro-actively supporting the future growth of the Group and placed in the top quartile compared to peers in terms of treasury infrastructure and operations by the end of 2015

20 Centralization - Visibility - Control Project Acropolis Strategic planning for the Corporate Treasury function Deliverables: vision, strategy, swot analysis, roadmap Project Jungfrau Project Vaalserberg Project K2 Central Payment solution Replace all E-banking applications by one centrally managed solution. Benefits: a) Realize cost savings b) Improve internal control measures c) Increase insight on cash flows and d) Harmonize processes Centralization of bank account opening/closing. Benefits: a) Implement a cost efficient process b) Improve internal control measures (e.g. SIBC: Standard Internal Bank Confirmation) c) Being prepared for future inhouse banking solutions Global roll out of the 360T trading platform for derivatives trading. Benefits: a) Best market prices/quotes b) Improve internal control measures c) Fully integrated with the Treasury management system d) Improved visibility of FX cash flows.

21 Reporting package 21 Roadmap Corporate Treasury

22 FrieslandCampina System Landscape Project Jungfrau Shared Service Center Head Office Subsidiaries Shared Service Center Head Office Subsidiaries Other systems Other systems Plugin Agent Agent Agent Single point of contact Central Payment Solution Host-to-host, EBICS or Swift

23 Q & A

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