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For corporate treasurer roles/functions!
Basisbeginselen Beursgang – Treasury for Non-Treasurers
| 21-03-2018 | Pieter de Kiewit |
Om maar te beginnen met waarom er zoveel aandacht voor bestaat. Dit is omdat het natuurlijk over het algemeen over heel veel geld gaat. En wat is zo’n beursgang eigenlijk? In den beginne is een bedrijf van één of enkele aandeelhouders. Dit zijn de oprichters, de familie of investeerders die een één op één deal hebben gesloten met de oprichters. Aandeelhouders besluiten zelf of en aan wie ze willen verkopen. Totdat de beursgang er is en aandelen vrij worden verhandeld op de beurs. Oprichters kunnen niet meer bepalen wie hun eigenaar is, iets dat Akzo Nobel en Unilever recent duidelijk hebben gevoeld.
Redenen die worden aangevoerd om naar de beurs te gaan zijn, niet uitputtend:
Een beursgang is niet zaligmakend. Veel van bovenstaande doelen kunnen ook via een andere manier worden bereikt: een banklening, verkopen aan een strategische partij en obligaties bij institutionele beleggers. Er komen ook zeer nadrukkelijke nadelen in beeld bij een beursgang: de rapportage eisen zijn veel hoger. Dit levert hogere kosten op. Je moet inzicht geven in je onderneming en haar plannen. Dit kan de concurrent zeker waarderen. Als je verkoopt, verlies je zeggenschap. Wie betaalt, bepaalt.
Voor treasurers is een beursgang vaak het hoogtepunt van zijn/haar loopbaan.
Weet dat als je als aandeelhouder wilt instappen, dat dit niet zonder risico is. In de hausse van beursgangen bij Facebook, AliBaba en anderen is er meer geld verloren dan verdiend. En zoals een investor laatst zei in het FD: “Waarom zou een private equity huis verkopen als de kansen voor de business case heel sterk zijn?”. Onderzoek waar je instapt en wat de motieven zijn van de verkopende partij.
Binnenkort staan er een aantal nieuwe bedrijven genoteerd aan de beurs. Ik ben benieuwd hoe de noteringen zullen verlopen. Later zullen we hier vast dieper op ingaan.
Pieter de Kiewit
[email protected] / +31 6 1111 9783
Pieter de Kiewit
Owner Treasurer Search
How To Optimize Your Cash Management – upcoming event
| 19-03-2018 | treasuryXL | TIS Treasury Intelligence Solutions |
TIS will be joined by Cashforce, at the TIS Experts Evening in Amsterdam. The main focus will be on TIS client Archroma and their presentation on the global implementation of TIS.
TIS is the leading cloud platform for the management of company-wide payments and cash flows. TIS enables companies to make more efficient, more secure and more cost-effective payment transactions while also enabling customers to make better decisions when analysing financial and operational performance in real time.
Bas Coolen, Head of Treasury at Archroma, will present challenges in his department and his key objectives for a consolidation of bank account management and an optimization of payments.
Archroma is a global colour and specialty chemicals company headquartered in Reinach near Basel, Switzerland. It operates with 3,000 employees over 35 countries and with 24 production sites.
Cashforce will inform you about the art of automating your cash forecast with minimal effort.
TIS and Cashforce are very much looking forward to stimulating discussions and ideas with their comprehensive agenda and lectures. Reports on trends, achievements and real-world examples from the industry will round up the program for this evening.
During the networking section you will have the opportunity to further exchange with Bas Coolen and the experts from Cashforce and TIS. You can take this opportunity to ask your questions about how to operate an elaborate cash management system, that offers the functionality you require.
The event is being held in the Dylan Hotel, built on the site of a famous theatre – so we can expect a good performance.
Register now for one of the last remaining seats via the following link: Expert evening Amsterdam
treasuryXL wishes everyone – both participants and attendees – a productive evening and will report back later with our findings.
Smart contracts – oxymoron or the future for business?
| 16-03-2018 | treasuryXL |
Definition
Wikipedia defines a Smart contract as “a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible”.
These contracts facilitate the transfer of goods, services, property, money – in fact anything of value – in a manner that is transparent and direct. It removes the role of an intermediary.
How they work
You draw up an agreement electronically
The agreement is encrypted and placed on a secured shared ledger accessible to the counterparty
As this is the Blockchain, the data is backed up at various other locations
Both parties perform as per the agreement
Costs are reduced by the absence of intermediaries
As both parties have agreed to the contract they are faster and less expensive to administer
Being electronic there is less possibility of errors occurring due to manual input
Advantages
You decide who can access and amend documentation
Rules that have been agreed upon define how changes can be made
Any agreed change in one document is automatically made to all relevant documents
Encryption and the methodology of the Blockchain ensures that transactions cannot be altered after being agreed and the block validated
Disadvantages
No action written in a contract can be against the law of the land
Contracts still have to be written – electronically. This entails human involvement that could lead to errors
Considerable knowledge of computer coding is required
Lawyers still need to be involved in the formation of the contracts
Costs – employing these specialists will come at a steep price
What further uses can the Blockchain provide
Digital identity – it will be possible to identify an agreed counterparty and all their static data can be stored
Proof of provenance – especially for ethical businesses, it will be possible to issue certificates proving the source of goods
Communication within the supply chain – discrepancies will show up and can be proactively addressed
Payments – removing financial intermediaries implies quicker payments and reduced costs
Ownership – Smart contracts enforced by law make it possible to register the legal owners of goods and property
Loyalty programmes – with all the details present from all transactions, it is possible to initiate programmes to reward clients/customers
The greatest savings will be seen in processing – both in time and costs. Some reports suggest savings of up to 40% can be established, together with a real-time overview of positions. However, the whole system relies on one major factor – trust. Where we previously met people, negotiated, agreed etc., now we will do more of that online. Furthermore, implementation of a Blockchain strategy will require a company to complete revaluate their current way of working, leading to considerable planning and strategic positioning.
The proposed future looks exciting – it is now up to industry to determine the road on which they wish to travel.