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Marc Verkuil DACT meetingSr Director, Treasury & Tax November 12, 2010
SEQUENCE OF EVENTS
Jun 2008: spin-off (MBO)
Nov 2008: merger
Jan 2010: asset saleFeb 2010:
establishment of new stand-alone business
50/50% JV
APPLIED BIOSYSTEMS – INVITROGEN MERGER
> highly leveraged with funding from >30 banks
> different business, fiscal, and legal models
> different ERP systems
> Invitrogen management and culture leading
> RBS (EMEA), Citi (APJ), JPM (US) > BofA (EMEA), HSBC (APJ), BofA (US)
> zero-balance cash pooling in EMEA and APJ > principally no pooling
> global in-house bank model & system > no in-house banking
> structured cash flow hedging program> B/S exposures principally consolidated with in-house bank
> opportunistic cash flow hedging program> B/S exposures with multiple entities
> standard, international straight-through processing > limited straight-through processing
APPLIED BIOSYSTEMS – INVITROGEN MERGER
EUR Cash
EUR ZBA
EUR ZBA
EUR ZBAEUR
ZBA
EUR ZBA
EUR ZBAEUR
ZBAEUR ZBA
EUR ZBA
GBP ZBA
GBP Cash
DKK Cash
SEK Cash
CZK Cash
HUF Cash
NOK Cash
CHF ZBA
NOK ZBA
DKK ZBA
SEK ZBA
CZK ZBA
HUF ZBA
USD Cash
USD ZBA
USD ZBA
USD ZBA
Zero cash balances local
entities
CHF Cash
External cash balances finance
company
RUB
PLN
ZAR
APPLIED BIOSYSTEMS – INVITROGEN MERGER
EUR Cash
EUR IHB
EUR IHB
EUR IHBEUR
IHB
EUR IHB
EUR IHBEUR
IHBEUR IHB
EUR IHB
GBP IHB
GBP Cash
DKK Cash
SEK Cash
CZK Cash
HUF Cash
NOK Cash
CHF IHB
NOK IHB
DKK IHB
SEK IHB
CZK IHB
HUF IHB
USD Cash
USD IHB
USD IHB
USD IHB
In-house cash balances local
entities
CHF Cash
External cash balances finance
company
DUTCH FINANCE COMPANY FUNCTIONS
CHF IHB
PLN IHB
CZK IHB
HUF IHB
SEK IHB
NOK IHB
DKK IHB
GBP IHB
USD IHB
In-House Bank & Netting Center
Product (& Service) Receivables
Payables Center (SAP upload)
USD ZBA
CNY
SGD ZBA
AUD ZBA
NZD ZBA
JPY ZBA
KRW
(EMEA only)
(Europe, EMEA, Japan, APAC, x-border North-America)
TWD
AUD IHB
NZD IHB
KRW CNY TWDJPY IHB
Manufacturing Operations US Manufacturing Operations SG
Cash Management Center
FX Management Center
HUF ZBA
NOK ZBA
EUR ZBA
SEK ZBA
DKK ZBA
CHF ZBA
PLN
USD ZBA
GBP ZBA
CZK ZBA
Royal
Bank
of
Scot land
Ci t ibank
Dutch finance company
ZAR
PLNTHB
THB
APPLIED BIOSYSTEMS – INVITROGEN MERGER
EUR Cash
EUR ZBA
EUR ZBA
EUR ZBAEUR
ZBA
EUR ZBA
EUR ZBAEUR
ZBAEUR ZBA
EUR ZBA
GBP ZBA
GBP Cash
DKK Cash
SEK Cash
CZK Cash
HUF Cash
NOK Cash
CHF ZBA
NOK ZBA
DKK ZBA
SEK ZBA
CZK ZBA
HUF ZBA
USD Cash
USD ZBA
USD ZBA
USD ZBA
Zero cash balances local
entities
CHF Cash
External cash balances finance
company
RUB
PLN
ZAR
APPLIED BIOSYSTEMS – INVITROGEN MERGER
EUR Cash
EUR ZBA
EUR ZBA
EUR ZBAEUR
ZBA
EUR ZBA
EUR ZBAEUR
ZBAEUR ZBA
EUR ZBA
GBP ZBA
GBP Cash
DKK Cash
SEK Cash
CZK Cash
HUF Cash
NOK Cash
CHF ZBA
NOK ZBA
DKK ZBA
SEK ZBA
CZK ZBA
HUF ZBA
USD Cash
USD ZBA
USD ZBA
USD ZBA
Zero cash balances local
entities
CHF Cash
External cash balances finance
company
RUB
PLN
ZAR
EUR Cash
EUR Cash
GBP Cash
EUR Cash
EUR Cash
EUR Cash
CHF Cash USD
Cash
DKK Cash
NOK Cash
SEK Cash
EUR Cash
EUR Cash
CHF Cash
SEK Cash
DKK Cash
NOK Cash
GBP Cash
USD Cash
EUR Cash
EUR Cash
APPLIED BIOSYSTEMS – INVITROGEN MERGER
EUR Cash
EUR ZBA
EUR ZBA
EUR ZBAEUR
ZBA
EUR ZBA
EUR ZBAEUR
ZBAEUR ZBA
EUR ZBA
GBP ZBA
GBP Cash
DKK Cash
SEK Cash
CZK Cash
HUF Cash
NOK Cash
CHF ZBA
NOK ZBA
DKK ZBA
SEK ZBA
CZK ZBA
HUF ZBA
USD Cash
USD ZBA
USD ZBA
USD ZBA
Zero cash balances local
entities
CHF Cash
External cash balances finance
company
RUB
PLN
ZAR
EUR ZBA
EUR ZBA
GBP ZBA
EUR ZBA
EUR ZBA
EUR ZBA
CHF ZBA USD
ZBA
DKK ZBA
NOK ZBA
SEK ZBA
EUR ZBA
EUR ZBA
CHF Cash
SEK Cash
DKK Cash
NOK Cash
GBP Cash
USD Cash
EUR Cash
EUR ZBA
APPLIED BIOSYSTEMS – INVITROGEN MERGER
EUR Cash
EUR IHB
EUR IHB
EUR ZBAEUR
IHB
EUR IHB
EUR IHBEUR
IHBEUR IHB
EUR IHB
GBP IHB
GBP Cash
DKK Cash
SEK Cash
CZK Cash
HUF Cash
NOK Cash
CHF ZBA
NOK IHB
DKK IHB
SEK IHB
CZK IHB
HUF IHB
USD Cash
USD IHB
USD IHB
USD IHB
In-house cash balances local
entities
CHF Cash
External cash balances finance
company
EUR IHB
EUR IHB
GBP IHB
EUR ZBA
EUR IHB
EUR IHB
CHF IHB USD
IHB
DKK IHB
NOK IHB
SEK IHB
EUR IHB
EUR IHB
CHF Cash
SEK Cash
DKK Cash
NOK Cash
GBP Cash
USD Cash
EUR Cash
EUR IHB
DUTCH FINANCE COMPANY FUNCTIONS
CHF IHB
PLN IHB
CZK IHB
HUF IHB
SEK IHB
NOK IHB
DKK IHB
GBP IHB
USD IHB
In-House Bank & Netting Center
Product (& Service) Receivables
Payables Center (SAP upload)
USD ZBA
CNY
SGD ZBA
AUD ZBA
NZD ZBA
JPY ZBA
KRW
(EMEA only)
(Europe, EMEA, Japan, APAC, x-border North-America)
TWD
AUD IHB
NZD IHB
KRW CNY TWDJPY IHB
Manufacturing Operations US Manufacturing Operations SG
Cash Management Center
FX Management Center
HUF ZBA
NOK ZBA
EUR ZBA
SEK ZBA
DKK ZBA
CHF ZBA
PLN
USD ZBA
GBP ZBA
CZK ZBA
RBS
CI T I
Dutch finance company
USD ZBA
SGD ZBA
AUD ZBA
NZD ZBA
JPY ZBA
NOK ZBA
EUR ZBA
SEK ZBA
DKK ZBA
CHF ZBA
USD ZBA
GBP ZBAD
B
HSBC
USD IHB
GBP IHB
SEK IHB
NOK IHB
DKK IHB
CHF IHB
JPY IHB
AUD IHB
NZD IHB
THBTHB
ZAR
SEQUENCE OF EVENTS
Jun 2008: spin-off (MBO)
Nov 2008: merger
Jan 2010: asset saleFeb 2010:
establishment of new stand-alone business
50/50% JV
DANAHER ASSET DEAL: AB SCIEX VENTURE
> only assets & liabilities acquired, all dedicated manufacturing, R&D, sales, service & support associates transferred (plus a small group of others)
> no legal entities, no registrations, no IT (no systems), no finance, no HR, no distribution, no offices, etc
> transitional services agreements with Life Technologies (and MDS)
> RBS (EMEA), Citi (APJ), JPM (US) > wide range of banks
> zero-balance cash pooling in EMEA and APJ > primarily notional cash pooling with multiple local banks
> global in-house bank model & system > no in-house banking
> B/S exposures principally consolidated with in-house bank
> no hedging at all
> two former JV partners: different ERP systems, different teams/cultures, different processes, etc
> uniform, international straight-through processing > limited straight-through processing
EUR Cash
EUR ZBA
EUR ZBA
EUR ZBAEUR
ZBA
EUR ZBA
EUR ZBAEUR
ZBAEUR ZBA
EUR ZBA
GBP ZBA
GBP Cash
DKK Cash
SEK Cash
CZK Cash
HUF Cash
NOK Cash
CHF ZBA
NOK ZBA
DKK ZBA
SEK ZBA
CZK ZBA
HUF ZBA
USD Cash
USD ZBA
USD ZBA
USD ZBA
Zero cash balances local
entities
CHF Cash
External cash balances finance
company
RUB
PLN
ZAR
EUR Cash
GBPCash
USDCash
Notional pool balances finance
company
DANAHER ASSET DEAL: AB SCIEX VENTURE
Marc Verkuil DACT meetingSr Director, Treasury & Tax November 12, 2010