Reminder: Masterclass Cash Management

| 27-11-2018 | treasuryXL

Op 6 december 2018 organiseert Alex van Groningen een masterclass Cash Management. Hoe spoort u verborgen cash op en hoe speelt u het vrij? Richt een effectief cash management systeem in en optimaliseer het bedrijfsresultaat, het werkkapitaal en de liquiditeitspositie.

 

Hoe spoort u verborgen cash op en hoe speelt u het vrij?

Cash management expert Eva Borstlap onthult aan de hand van diverse actuele casussen (o.a. Blokker) maatregelen die met beperkte actie een groot positief effect op zowel de effectiviteit, het rendement als de liquiditeit van de organisatie hebben.

Onderwerpen

  • De essentie van cash management: wat is het wel en wat is het niet
  • De relevantie van een gezonde focus op cash
  • Financiële besturing; samenhang tussen de operationele-, investerings- en financieringsactiviteiten en hoe deze te meten (oa EVA/NPV, futures en SWAPS)
  • De essentie van werkkapitaal en waarom pure sturing op werkkapitaal niet zinvol is
  • Theorie vs praktijk; waarom is de praktijk weerbarstig (Blokker casus)?
  • De directe relatie tussen cash management met de operationele processen en de verborgen cash die in elke organisatie aanwezig is

Voor wie?

Dit programma is specifiek ontwikkeld voor (assistent) financial- en business controllers, financieel managers en andere financiële professionals die nieuwsgierig zijn hoe zij zelf een concrete bijdrage kunnen leveren aan het genereren van extra cash.

Programma

09:30 – 10:00 uur | Introductie

  • Introductie en verwachtingen deelnemers
  • Waarom de focus op cash essentieel is
  • Een wandeling door een Jaarrekening; relatie tussen resultaat en cash

10:00 – 11:00 uur | De essentie van Treasury

  • Groepsopdracht rondom het thema ‘resultaat en cash’
  • Theorie: De essentie van Treasury en de relatie met de operationele de bedrijfsprocessen
  • Welke rol kan/moet een financial hierin spelen?

11:00 – 11:15 uur | Koffie en thee pauze

11:15 – 12:30 uur | Financiële besturing: theorie en praktijk

  • Theorie: wat is de financiële besturing van een organisatie (operationele-, investerings- en financieringsactiviteiten)
  • Welke parameters en risico management zijn relevant (oa de werking van Futures, NPV, EVA, Swaps)
  • Theorie vs praktijk; waarom de theorie niet altijd werkt (case ABNAMRO)

12:30 – 13:00 uur | Lunch

13:00 – 15:00 uur | Verborgen cash in het werkkapitaal

  • De essentie van werkkapitaal; waarom het vooral geen ‘finance feestje’ is
  • Methoden om werkkapitaal eenvoudig en snel te kunnen beoordelen
  • Inzoomen op de verborgen cash in de operationele bedrijfsprocessen
  • Waar zit de cash ‘verstopt’?

15:00 – 15:15 uur | Koffie en thee pauze

15:15 – 16:00 uur | Opsporen van verborgen geld & Blokker

  • “Het opsporen en vrijspelen van verborgen cash” in de eigen praktijk
  • Introductie Blokker; Wat is er aan de hand; een wandeling door het Jaarverslag

16:00 – 16:45 uur | ’Hunt for cash programma’ Blokker (Case)

  • Interactief spel om te ervaren voor welke dillema’s een bedrijf als Blokker staat en waarbij de theorie en alle genoemde ervaringen in de praktijk worden gebracht

16:45 – 17:00 uur | Samenvatting, evaluatie en afsluiting

Bel voor meer informatie of een offerte met Ivo ten Hoorn op 020 639 0008.

Corporate Trade Finance Products: What is Factoring and Forfaiting

| 26 -11-2018 | by Nijay Gupta | treasuryXL |


In view of Credit & Geo-political Risk worldwide, the Corporates & Financers (mainly Bankers & Financial Institutions) are offering plenty of products to Sellers & buyers to enable them to do Trade.  The most sought after product  now a days is Factoring & Forfaiting for Domestic & International Trade.

What is Factoring & Forfaiting (Post shipment Finance)

Factoring: A sort of Financial arrangement between the Seller & Intermediary Bank, to sell its Accounts Recievable rights in favour of the Factor (intermediary bank) to collect/discount the proceeds of the bills/Invoices. A business will sometimes factor its receivable assets to meet its present and immediate  cash needs.

This may involve discounting of bill by the Factor Intermediary . Generally the discounting is done upto between 80 to 90% of the invoice value on Recourse basis. The factor charges, Collection, Administration, Management , Credit Protection & Financing (if done) cost to the Seller/exporter.  Generally, the Factor insist for Seller to have this arrangement for all their sales, which is generally not liked by the sellers/exporters, those are keen to give business only for the troubled countries/buyers with Geo-political & other problems. The Factor helps seller collection of Invoice proceeds thru all legal means through their world-wide branches/subsidiaries or correspondent banks network.

Forfaiting:  Forfaiting is a factoring/discounting arrangement used in Domestic/International Trade Finance by Sellers/Exporters who wish to sell their receivables  to a forfaiter (intermediary Bank, Financial Institution or a Finance Company) on without recourse basis.

This can be for short-term (1 month) to Long-term (10 years) Bills with or without LC on Without Recourse basis.  The Forfaiter collect its discounting fee upfront for the entire period and it is the best arrangement for the exporter and intermediary Forfaiter.  Its win-win for both, as exporters get the bill proceeds upfront (as all risks are passed on to the Forfaiter) on without recourse basis and gives good income upfront to the Forafaiter. Paying upfront interest to the Forfaiter is permissible  by RBI under FEMA 1999.

Many Foreign Banks in India are offering these products on aggressive basis, even to the exporters does not have account relationship with them, in order to earn comission, fee & Interest on Factoring & Forfaiting business for their buyer customers LC or without LC, in other countries. Interest Rates are at MCLR or Libor relates rates of interest with lower mark-up.  Infact, sometimes, its cheaper for the exporter to get Finance under these schemes cheaper than normal Interest rate charged by Banks to exporters under Pre-shipment or Post-shipment Finance schemes.

 

Nijay Gupta

Founder & CEO NK GUPTA Consulting

 

 

Treasurer Test, you can be one of the last peer group members!

| 22-11-2018 | by  Pieter de Kiewit |

“Under 20% of the treasury population completed a formal treasury education. And over 50% of decision makers in the recruitment of treasurers does not know about the discipline.” We are one of the launching partners of the Treasurer Test that can bring an objective measurement that can tackle problems resulting from the described issue. Others are the Vrije Universiteit (Amsterdam), the University of Applied Sciences of Utrecht, software & assessment developers and law experts.

Key element of the test is the comparison with peer groups. These groups are defined by number of years of experience in treasury of its’ members. Our role as launching partner is asking 100 relevant peer group members that will create the benchmark that future testees will be compared with. Peer group members do not pay the €595 the test will cost when ready, but only €1. We carefully invited most, but there are still a few places left, especially in the group with under 9 years’ experience. If you are interested, please contact Roy Baaten, the community manager of treasuryXL at [email protected]

When the number of 100 is reached, reports will be sent out and the Treasurer Test is ready for use. We expect a lot. At Treasurer Search we will use the test in our committed searches and many other situations, when relevant. First expectation is to further improve the match making process. Also in choosing education, coaching, outplacement, team formation and salary benchmarking the test can come in handy. Perhaps even showing a CFO about the complexity of the discipline can be done. There is a peer group “no treasury experience”.

We look forward to the analysis that can be made after a bigger group of people completed the test What will we see in the correlation between age, education level, nationality on one hand and treasury skills level on the other? We expect to further contribute in raising the level of corporate treasury and hope you will join us.

 

Pieter de Kiewit

 

 

Pieter de Kiewit
Owner Treasurer Search

 

 

Why education is (not) a great investment in your Treasury Career

| 20-11-2018 | by  Kim Vercoulen |

 

Postgraduate education is a topic that returns in many of our conversations with candidates. They wonder if it would be beneficial for them to invest in postgraduate education and if so, which ones are most likely to help them further in their career. In our perception the Register Treasurer program (in The Netherlands), the ACT courses (in Europe) and CTP (in the US) programs are the most prominent postgraduate degrees in corporate treasury. 

 

Before deciding on following a postgraduate education program, I think it’s important to think about your career motivation. Based upon this you can strategize about education needed to get where you want to go. One important thing we see, is that candidates with a high intrinsic motivation and eagerness for knowledge are more likely to complete their education than the ones without. Furthermore, we also notice in our assignments that lack of postgraduate treasury education is hardly ever a deal breaker. So following a postgraduate education with the sole purpose of CV enrichment is not too smart. It does however show your interest in the field and it shows you’re motivated to expand your knowledge: it is a plus, not a must.

For some qualifications career maintenance is mandatory. For example, people with RC, RA or AA qualifications need to earn a certain amount of PE (Permanent Education) hours to maintain their basic knowledge in their field of expertise and keep up with developments in this field. And of course to keep the right to keep these letters behind their name. In treasury education, such a system does not (yet) exist. This means that keeping your treasury knowledge up to date is your own responsibility. You can do this maintenance by attending courses, visit events and invest in publishing about the field in treasury publications.

If you would like to brainstorm upon the above, please contact us and let us know what your thoughts are.

 

 

 

Kim Vercoulen

Recruitment Consultant at Treasurer Search

 

 

Ripple Report says Blockchain is reaching critical mass in global payments

| 15-11-2018 | Carlo de Meijer | treasuryXL

Recently Ripple launched its “Blockchain in Payments Report 2018”. Main finding of this Report was that global payments based on this technology is reaching critical mass this year. And on top of that organisations are already ‘looking to incorporate digital assets into payments flows’. I was wondering where these findings were based on, so this blog. But what is even more important, did they also tell the whole storey: i.e. what about the various challenges?

Blockchain and cross border payments

The Ripple report showed, a fast majority of respondents acknowledged that improvements in cross border payments can be made, especially in regards to the pre-funding system and real-time gross settlement (RTGS), and that may help expand business scope and sale.

According to Ripple, the consequence of this is, if they want RTGS for global payments ‘without any incremental costs’, the only way to achieve that is by using blockchain and digital assets to source liquidity.

Blockchain’s potential

Respondents did not only acknowledge that blockchain could bring improvements to cross border payments, they also attribute benefits such as speed and greater geographic access to this blockchain technology. Of these benefits speed ranked first (42%), followed by greater geographic access (40%), cost reduction (38%) and, improved transparency (36%).

Respondents in the financial and broker area show the strongest recognition of blockchain’s potential: 60% were very interested; followed by FinTech (47%); and, banking (46%). Based on the services provided remittance providers showed the strongest recognition of blockchain’s advantages (49%).

Nearing blockchain momentum

The findings in the Ripple Report clearly showed that blockchain is ‘moving from experiments to production’ in 2018. And acceptance of blockchain technology will accelerate in the coming five years.

There are various indicators for that. The activity of the so-called Early Majority, including innovators, early adopters and those that are running blockchain pilots or PoCs (totalling 45% of all respondents) are convincing signals that ‘we are nearing the tipping point for mass adoption of blockchain’, says the Report.

Another interesting finding is that while first movers (mostly large companies), thus those that already have started deploying blockchain technology in production as a way to survive in their markets, ‘ stand to lose most in the face of’ the smaller, more agile mid-market organisations that make of the largest part of Early Majority and Late Majority groups.

Read the full article of our expert Carlo de Meijer on LinkedIn

 

Carlo de Meijer

Economist and researcher

 

The purpose of payment transfers

| 13-11-2018 | François de Witte | TreasuryXL |

1. Purpose of payments

The payment is the act of paying money to someone or of being paid. Payment transactions (payables, disbursements) can traditionally be split along the way the way the money is transmitted. The most important transmission means are:

  • The physical cash
  • The bank transfer and its variances
  • The card payments.

We have also observed in the last years new payment forms coming up, such as the telecom payments, the mobile payments, e-wallets and the cryptocurrency payments,

Bank transfers (and its variances) can traditionally be split in:

  • Domestic transfers: payments within a country, with the currency of the country
  • Cross-border transfers: payments outside the country or using a foreign currency

In this first article on payments, we will focus on the domestic bank transfers, including the current types payments, their advantages and the attention points, and some other concepts.

2. Domestic Transfers

2.1. Bank or Credit Transfer:

If A needs to pay money to B, then he will send a payment order to his bank (ordering bank), who will in turn debits the account of company A and sends the payment order to bank of the beneficiary (B’s Bank) through the clearing, asking to B’s bank to credit the beneficiary’s account.

The following drawing illustrates the flows:

2.2 Clearing:

Clearing is the system, by which an organization (the clearing house) acts as an intermediary in a transaction, to process reconcile orders between paying and receiving parties. Clearing houses provides smoother and more efficient payment markets as parties can make transfers to the clearing house rather than to each individual party with to whom they pay or from which they receive payments.

Within payments we have the difference between the gross and the net settlement:

  • Net settlement (also known under the name ACH – Automated Clearing House): This is the traditional Approach, whereby the amounts to be paid and received are netted. After agreed upon clearing cycles, the clearing house will pay a net amount to each of the participants, offsetting incoming and outgoing payments. The advantage of this clearing is that it is processed in batch payments and is less expensive. The drawback is that the finality of the payment is only at end of “clearing period”, and that it creates intra-day exposures.
    Examples: UK cheque clearing, BACS, ACH in USA, EBA Step 2 and STET for SEPA payments
  • Gross settlement (also known under the name RTGS – Real Time Gross Settlement): Each payment settles singly and bilaterally across accounts at the settlement bank, usually the central bank. The advantage of this method is that it is more rapid and eliminates settlement risk. However, it is more expensive than the ACH clearing, and hence will be used more for high value and treasury payments.
    Examples: Fedwire in the USA, CHATS in Hong Kong, TARGET in Europe, CHAPS in the UK, DEBES in Denmark, RIX in Sweden and SIX in Switzerland

 Illustration of the RTGS system:

 

2.3 Standing order (also called “recurrent payment”):

This a preauthorised payment under which an account holder instructs his bank to pay on a regular basis a fixed amount from his account to a defined beneficiary. Standing orders are used typically for recurring, fixed-amount expenses (e.g. rental payments, loan or mortgage instalments). They are cancellable at the accountholder’s request.

2.4 Direct debit: Direct Debit:

This is another type of preauthorised payment under which an account holder authorizes his bank to accept debit instructions on his account towards a defined account of a defined creditor. A direct debit is based upon a mandate which is held either by the bank of the debtor or by the creditor. Circumstances in which the funds are drawn as well as dates and amounts are agreed upon between the payee and payer.

This type of payments is typically used for recurrent payments with fluctuating amounts, such as utilities, phone, insurance, credit cards, etc. The payer can cancel the authorization for a direct debit at any time. In addition, several legislations foresee refund periods, enabling the account holder to ask a refund of the amount debited from his account (in the EU for authorized direct debits 8 weeks and for unauthorized direct debits 13 months).

2.5 Urgent versus non urgent-payments:

Most payments are processed as “non-urgent”, enabling the instructing bank to process the payment in batches through the ACH clearing and to take some float. However, for time critical payments, the instructing party can as to his bank to treat the payment order as “urgent”. Urgent payments are usually cleared through the RTGS clearing. If the ordering party respects the cut-off time of his bank (see down below), for domestic payments, the beneficiary is credited the same day with no float. Banks usually charge a higher payment commission for urgent payments.

2.6 Instant credit transfers:

Are a variance of the urgent bank transfer, whereby the money is made available within seconds on the account of the recipient, 24 hours a day, 365 days a year. In some countries, this is already possible.

Example: SEPA Credit Transfer Instant, Faster Payments Service in the UK, The RTP system which will be launched early 2019 in the US.

3. Some other concepts:

Settlement date is the date on which funds become unavailable for the paying party,  or available to the beneficiary party.

Value dating: applying a certain value date on a transaction:

  • Forward value dating (of Future dating): is the value dating at a moment which occurs after the date that the bank is notified of the transaction
  • Back value dating: is value dating which is retroactive, i.e. prior to the moment of the effective transaction.

Float: the “Bank Float” is the time that elapses between the moment that the funds are unavailable funds for the payer and the moment that the funds available to the beneficiary.

Cut-off time for payments: the point in time before which electronic payments, such as a RTGS or ACH payment, must be submitted to a processing bank for entry into the interbank clearing system. If the payment order is submitted thereafter, it will be executed the next day. The cut-off time is a function of the cut-off time of the clearing system and of the processing time of the ordering bank. In Europe, most banks foresee cut-off times around 15 p.m. for processing ACH or RTGS orders.

4. Some statistics and concluding remarks:

Each year, Cap Gemini and BNP Paribas publish a survey with interesting statistics about payment methods in the world. In their 2018 survey they point out that whilst credit transfers and direct debits remains important in Europe (46 % of the non-cash payment volumes), we see that card payments are becoming more and more important (50 % of the non-cash payment volumes in 2016).

Source: Cap Gemini and BNP World Payments Report 2018

In my next contribution I will go more in detail in the card payments and on cross border payments.

 

François de Witte

Founder & Senior Consultant at FDW Consult

Managing Director and CFO at SafeTrade Holding S.A.

Reminder: INFORMATION EVENING TREASURY MANAGEMENT & CORPORATE FINANCE

| 12-11-2018 | Vrije Universiteit Amsterdam |

On Thursday 15 November 2018 the Information Evening for the Postgraduate programs, including the Treasury Management & Corporate Finance program, will take place at the Vrije Universiteit Amsterdam.

Anyone interested in this program is welcome to get an impression and to get to know the people involved.

You are welcome as of 18.00 hours. The program for Treasury Management & Corporate Financestarts at 20.30 hours. Afterwards there will be plenty of opportunity to ask questions.

We herewith kindly request you to inform potential candidates in your office and/or your network, about this meeting.

Program Information Evening 15 November 2018:

18.00 hrs. Walk in with coffee / tea and sandwiches
18.30 hrs. Investment Management
19.30 hrs. Risk Management for Financial Institutions
20.30 hrs. Treasury Management & Corporate Finance

Location

Vrije Universiteit Amsterdam, De Boelelaan 1105, Amsterdam
Room Agora  (main building, 3rd floor)

VU Accessibility

Registration and information

Myrthe Scholze
020-598 2171
[email protected]
https://ee.sbe.vu.nl/nl/over-vu-executive-education/voorlichtingsdagen/index.aspx

Sincerely,

Herbert Rijken and Robert Dekker

SANCTIONS IN LOAN AGREEMENTS; A BORROWER’S PERSPECTIVE

| 8-11-2018 | Solusius Treasury Lawyers | treasuryXL |

Introduction

Compliance with sanction laws is an important topic in loan documentation. In view of increased sanction legislation, intensified enforcement and huge potential fines, lenders insist more and more on stringent clauses to ensure compliance with sanction laws by borrowers. While some years ago sanctions were no topic at all, lenders currently include sanction related representations, general covenants and information covenants in loan agreements. Many lenders fear reputational risk if a client violates sanctions and lenders tend to draft sanctions clauses that are more restrictive and broader than the sanction laws applicable to the borrower or even to the lender itself. Such broad sanction clauses may hamper the borrower in its ordinary course of business and increase the risk of an event of default under the loan agreement considerably. A description of sanction laws and the specific impact thereof for corporates are outside the scope of this article; here only sanction wording in loan agreements will be addressed a borrower may be confronted with.

Negotiating sanction clauses

Unfortunately, negotiating sanction wording tends to be difficult. Lenders often argue that the proposed wording is standard wording for the bank(s) and that deviations cannot be made. Although this argument is used, negotiation is always possible. It is important to bear in mind that there is no market consensus about sanction requirements; each bank has its own sanction policy and its own preferred wording in loan agreements. The standard sanction wording of the bank acting as documentation agent is often used as a starting point when drafting sanction wording. Other lenders in the syndicated or clubbed transaction may subsequently add additional requirements to comply with their internal procedures. Sanction clauses therefore may include duplicate requirements and could be rather restrictive for the borrower. However, if the suggested wording is jeopardising business opportunities or is too burdensome for the borrower, even companies with limited negotiating power can negotiate the sanction clauses to become more workable.

Sanction clauses and LMA

The Loan Market Organisation (‘LMA’) has not published recommended sanction provisions in any of its forms of facility agreement. In 2014 the LMA recommended in its Guidance Note to consider to include a representation that the borrower is not a target of sanctions and an undertaking to provide lenders with comfort that the proceeds of the loan will not be used in any way which would violate any applicable sanctions regime. The LMA states that the precise wording of any such representation and undertaking will depend on the transaction, the parties involved and the sanctions regime(s) that the parties wish to address. Unfortunately, these days many lenders incorporate much broader sanction related clauses in all loan agreements, independent of the situation of the borrower.

Although there is no market consensus about sanction wording in loan agreements, there are many similarities between the sanction wording required by lenders. Sanction wording is generally included in the following (LMA) sections of the loan agreement: definitions, representations, general covenants, information covenants and event of default. When negotiating sanction wording the following elements may need to be negotiated: applicable sanctions, scope of compliance, sanctioned person, sanction investigation, use of loans, use of bank accounts, compliance procedures, materiality and consequence of breach of sanction obligations. In the paragraphs below each of these topics will be addressed.

The full article can be read on the website of Solusius Treasury Lawyers.

Maarten Steyerberg – Founder and Senior Legal Counsel Solusius

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Bank Relationship Management solutions by Vallstein

| 6-11-2018 | Vallstein | treasuryXL |

Vallstein is the leading provider of Bank Relationship Management (BRM) solutions with a simple mission: no more black box but instead provide the full transparency that enables development of long term sustainable banking relationships.

Founded in 2000, Vallstein has a multinational team of experts dedicated to developing and implementing cutting edge financial technology solutions to help corporations constantly improve their BRM.

Having calculated and analyzed thousands of Wallets over 18 years, Vallstein brings together a unique combination of big data, innovation, analytical capabilities and banking knowledge. This provides the best practice in the optimization of bank relationships.

Bank Relationship Management

BRM is nowadays an integral part of sound financial management, just like finance and liquidity planning.

The fundamental benefit of professional BRM is to reduce uncertainty and inefficiency. Independent and objective insight into the relevance of each bank relationship is essential to make informed, fact-based decisions on the selection of banks or other providers of financial services, and allocation of banking transactions volumes to individual banks.

Pro-active management of bank relationships mandates being a level player, understanding the core principles of the Basel Rules that drive bank behavior and being able to assess accurately the implications for each individual bank relationship.

WalletSizing®

No more black box. Transparency in terms of how much banking revenues a corporate client generates for the bank(s) and how profitable this revenue actually is for the bank. Welcome to WalletSizing® – the best practice in BRM.

Vallstein software solutions enable ongoing monitoring, reporting and reconciliation of banking costs, ensuring embedded pro-active control and compliance with a company‘s banking policies. The WalletSizing® system provides a complete data view and in-depth analysis on all banking relationships.

This insight is essential in order to be able to achieve constructive optimization of a banking landscape and establish a true win-win for you and your banks, in which the banks will benefit from relationships that are based on stable, transparent and strategic partnerships with a fair, but not excessive, return.

The depth and quality of a WalletSizing® approach is fundamentally more comprehensive than an analysis that is just based on assessing banking costs and fees and awarded transaction volumes only. Taking into account hidden revenues and associated capital requirements under the applicable Basel Rules, across all banking products and services used, and including relevant Wallet-benchmarks in the analysis is what truly differentiates WalletSizing® from more traditional treasury consulting or spreadsheet-based comparison of bank conditions.

Winner best BRM Solutions 2018 global

The CFI.co judging panel declared Vallstein winner of the 2018 Best Bank Relationship Management Solutions Global Award.

For more information about the solutions Vallstein offers you can contact Salco Herschberg at [email protected] or visit their website.

 

Salco Herschberg – Country Head at Vallstein 

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In 8 stappen naar een optimale financiering van uw onderneming

| 15-10-2018 | ICC Consultants | treasuryXL |

In 8 stappen naar een optimale financiering van uw onderneming Heeft u extra financieringsruimte nodig voor uw investeringsplannen? Sluit uw huidige financiering niet (meer) goed aan bij de strategie van uw onderneming? Bespreekt u binnenkort uw financieringsvoorwaarden met uw bank? Zorg dat u van tevoren weet welke financieringsstructuur het beste past, hoeveel u maximaal kunt lenen en waar uw onderhandelingsruimte ligt. U bespaart tijd en geld en behaalt een veel beter resultaat. Lees hoe u dit aanpakt.

1 BEPAAL RISICOPROFIEL EN RATING

Uw risicoprofiel bepaalt hoe de bank naar uw bedrijf kijkt en hoeveel kapitaal moet worden aangehouden. Hoe lager uw risicoprofiel, hoe beter uw onderhandelingspositie. Als u van uw bank geen inzicht krijgt in uw risicoprofiel dan kunt u ook een onafhankelijke PD rating (‘Probability of Default’) laten uitvoeren door ICC Consultants.

2 BEREKEN DE BANCAIRE INKOMSTEN

Tegenover het aanhouden van kapitaal dienen voor de bank inkomsten te staan. Weet welk rendement uw bank op u maakt. Zet alle inkomsten voor de bank op een rij. Denk ook aan de inkomsten uit rentederivaten (vaak hoog!), betalingsverkeer, vreemde valutatransacties, etc. Check of deze inkomsten voldoen aan de rendementsdoelstellingen van de bank.

3 KIES UW FINANCIERINGSSTRUCTUUR

Bedenk welke financiering uw ondernemingsstrategie het beste ondersteunt. Wilt u snel kunnen groeien? Zoek dan naar een structuur die u maximale ruimte en flexibiliteit biedt. Wilt u een maximaal rendement of gaat u voor cost-leadership? Stuur dan op de laagste kosten. Wilt u minder risico lopen? Ga voor een financiering met lang commitment en minder strak gestelde ratio’s. Het is geen keuze voor het één of het ander, maar alle voordelen in één financiering kan ook niet. Wel zijn allerlei combinatievormen mogelijk.

4 BEPAAL UW BANKSTRATEGIE

Blijft u bij uw huisbank? Of kijkt u verder? In de regel kan een herfinanciering bij de huisbank wat sneller, maar krijgt u zonder concurrentie niet de beste voorwaarden. Nieuwe financiers geven u nieuwe inzichten en gaan verder om u als klant binnen te halen. Betreft het een (her)financiering groter dan 40- 50 miljoen euro dan komt u al snel uit bij een clubdeal met twee (of meer) banken. Juist dan is een goede strategie belangrijk.

5 STAP IN ‘THE DRIVERS SEAT’

Vraag de bank(en) niet zo maar om een kredietvoorstel, maar geef duidelijk aan hoe u het wilt hebben. Maak een op bancaire leest geschoeide en realistische termsheet en stuur alle relevante cijfers mee. Een complete aanvraag bespoedigt het proces aanzienlijk. Bedenk van te voren hoe u uw onderneming gaat presenteren (dat is anders dan aan klanten, prospects of investeerders!)

6 VERGELIJK EN ONDERHANDEL

U gaat van indicatieve termsheets (ITS) naar committed termsheets (CTS) en er zullen banken moeten afvallen. Kies niet alleen op gevoel of op de scherpste kredietmarge, maar beoordeel steeds het totaalplaatje. Elke bank zal zijn eigen inbreng proberen te geven aan de structuur en voorwaarden. Dit geeft u nieuwe waardevolle inzichten. Zet alle voor- stellen overzichtelijk op een rij om een goede vergelijking te kunnen maken.

7 ONDERSCHAT DOCUMENTATIE NIET

Heeft u uw financier(s) gekozen dan gaat u omvangrijke kredietdocumentatie ontvangen. Ook hier geldt; ‘The devil is in the details’. Zeker bij Engelstalige LMA documentatie kunt u naar onze mening niet zonder specialisten. Let op clausules die u verplichten uw renterisico af te dekken. We zien vaak dat de bank een scherpe financiering ‘compenseert’ door u een renteswap te verkopen tegen veel te hoge bankmarges.

8 CHECK MINIMAAL ÉÉN KEER PER JAAR

U sluit een financieringsovereenkomst voor enige jaren. In die periode verandert uw bedrijf, uw performance, uw bank en ook de financieringsmarkt. Dit heeft impact op uw rating en ook op uw financieringsmogelijkheden. Gaat het goed met uw onderneming, dan kunt u tussentijds zaken verbeteren. Gaat het minder dan verwacht, dan is de juiste communicatie van belang.

Wat kan ICC voor u betekenen?

U wilt ruimte om te ondernemen. Een goed passende financiering met scherpe voorwaarden en een goede relatie met uw bank helpt daarbij. Met onze ervaring, systemen, rating modellen en actuele benchmarks kunnen we samen met u de best mogelijke financiering realiseren. Gewoon bij uw huisbank of indien gewenst bij alternatieve financiers. Heeft u vragen over uw financiering? Wilt u inzicht in uw risicoprofiel en rating? Neem contact op voor een vrijblijvende kennismaking met onze financierings-specialisten op 030- 8201221 of mail ons voor een afspraak via [email protected].

Arian Ververs – Managing Director at ICC Consultants

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