Home >Documents >Restructuring Treasury EBN DACT Treasury Beurs Noordwijk, 11 November 2011 Jeroen Piket, Treasurer...

Restructuring Treasury EBN DACT Treasury Beurs Noordwijk, 11 November 2011 Jeroen Piket, Treasurer...

Date post:18-Dec-2015
Category:
View:214 times
Download:1 times
Share this document with a friend
Transcript:
  • Slide 1
  • Restructuring Treasury EBN DACT Treasury Beurs Noordwijk, 11 November 2011 Jeroen Piket, Treasurer [email protected] EBN B.V. Moreelsepark 48 3511 EP Utrecht http://www.ebn.nl http://www.ebn.nl
  • Slide 2
  • EBN General Wholly state owned company managing exploration, production, storage and sale of Dutch States oil and gas reserves, on-shore and off-shore EBN participates in any license to explore and produce Dutch territorial gas and oil reserves (EBN share appr. 40%) Currently approximately 176 partnerships with oil & gas companies Investment and costs are shared pro rata parte and partners separately sell their share output EBN key figures 2010 Sales 6.5 billion Net profit 2.1 billion Capital expenditure 607 million
  • Slide 3
  • EBN In 2011 5% increase in number of participations in exploration and production partnerships Capital expenditure 800 million (EBN share) Further focus on development unconventional gas projects (shale gas) Reactivation of on-shore oil production in Schoonebeek Development underground gas storage Bergermeer
  • Slide 4
  • EBN Funding Strong credit profile, stable Aaa/AAA rating, despite low equity base and high leverage Funding sources Short term: commercial paper Long term: loans and bonds (a.o. CHF public bonds, JPY private placements) Highly seasonal working capital flows a.o. following large production volumes in winter, low volumes in summer
  • Slide 5
  • EBN Treasury restructuring - background EBNs Treasury historically 100% outsourced Decision to set up own EBN Treasury taken in 2008/2009 with targeted live date 1 July 2010 Therefore: Treasurer and Cash manager hired as per 1 October 2009 Treasury accountant hired as per 1 November 2009
  • Slide 6
  • EBN Treasury restructuring - scope Scope of the project Education new Treasury staff Selection treasury management system (TMS) Implementation TMS Selection and set up other Treasury infrastructure Market data (Reuters) Counterparty risk tools (Moodys Market Implied Ratings) Electronic banking Trading portals (360T and MyTreasury) Implement new dealing mandate structure Establish new Treasury Policy
  • Slide 7
  • EBN Treasury restructuring - scope Scope of the project Education new Treasury staff Selection treasury management system (TMS) Implementation TMS Selection and set up other Treasury infrastructure Market data (Reuters) Counterparty risk tools (Moodys Market Implied Ratings) Electronic banking Trading portals (360T and MyTreasury) Implement new dealing mandate structure Establish new Treasury Policy
  • Slide 8
  • EBN Treasury restructuring - project organization Project manager (Treasurer), Cash Manager, Treasury accountant Steering group EBN Board Consultancy (Zanders, E&Y) to EBN board prior to 1 October 2009 During project: TMS-selection only Pre-live review Also involved: Legal, ICT
  • Slide 9
  • EBN Selection EBN TMS Business case: description of EBN processes, EBN system infrastructure etc. Translate this into TMS requirements Request for proposal to three pre-selected vendors Response vendors / demonstrations Three reference visits Evaluation, scoring, selection, decision EDP audit @ vendor Contract negotiation
  • Slide 10
  • EBN Selection EBN TMS Business case: description of EBN processes, EBN system infrastructure etc. Translate this into TMS requirements Request for proposal to three pre-selected vendors Response vendors / demonstrations Three reference visits Evaluation, scoring, selection, decision EDP audit @ vendor Contract negotiation
  • Slide 11
  • EBN EBNs TMS criteria related to Forecasting Cash management Implementation Pricing Reporting Deal capturing Security Static data management Support Accounting All of this in a context of single entity company, with large transaction sizes of all natures, but low transaction volumes
  • Slide 12
  • EBN Implementation Bellin tm5 at EBN Set-up / training / portfolio input: Set up of System settings (master data, entities, counterparties, users, rights, bankaccounts, currencies, etc.: 2 days Configuration and Setup of TT Contract, configuration of LMCash and LMStatus: 2 days, followed by entry ytd transactions Setting up and using LMPlanning: 2 days @ vendor Configuring TTRiskWatch training (scenario analyses): 2 days Testing, problem solving 2 weeks Pre-live review by E&Y With scope system access and authorization levels in Bellin, electronic banking systems, trading portals: 3 days Go-live
  • Slide 13
  • EBN Implementation Bellin tm5 at EBN Set-up / training / portfolio input: Set up of System settings (master data, entities, counterparties, users, rights, bankaccounts, currencies, etc.: 2 days Configuration and Setup of TT Contract, configuration of LMCash and LMStatus: 2 days, followed by entry ytd transactions Setting up and using LMPlanning: 2 days @ vendor Configuring TTRiskWatch training (scenario analyses): 2 days Testing, problem solving 2 weeks Pre-live review by E&Y With scope system access and authorization levels in Bellin, electronic banking systems, trading portals: 3 days Go-live 2 months
  • Slide 14
  • EBN What do we have now A system that facilitates: Cash planning with a.o. upload from G/L Cash reconciliation Cash positioning Deal capturing Reporting MtM valuation Scenario analyses Integrated market data (yields, exchange rates) On-line internet access (system is hosted by vendor)
  • Slide 15
  • EBN What did we choose not to implement Direct feed of bank statements (Swift MT940) Interface to accounting system Netting (not applicable) Interface with payment systems
  • Slide 16
  • EBN Lessons learned Understand your needs and focus on what you really need How much flexibility do you need? Focus on standard functionality Include case-studies in the RfPs Reference visits Create broad awareness of planning in organization and stick to it Search for the best fit, not necessarily for the best system Stay hands-on involved in implementation process, limit consultants work as much as possible to advice
  • Slide 17
  • EBN Questions
Popular Tags:

Click here to load reader

Reader Image
Embed Size (px)
Recommended