Programme


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Plenary - Tuesday 7 November 2017

Just when Brazil seemed to be emerging from the recession, new scandals surfaced, shaking the fragile stability and further eroding investors´ confidence.   Uncertainty and FX volatility took centre stage again and cost of funding could rise.  But Brazil´s internal situation is not the only concern.  Price of commodities, geopolitical risk such as the impact of Trump´s administration, Brexit and terrorism are creating instability around the world. What can we expect for the future? What are the major key events to prepare for? How will currencies behave? Will Brazil manage to push through the necessary reforms to reignite economic growth?

 Fernando Honorato, Economista-Chefe e Diretor do Departamento de Pesquisas e Estudos Econômicos do Bradesco

In the midst of one of the worst crises Brazil has ever experienced, companies are reducing costs, structures and selling assets. Collections have not been immune to the economic downturn and days outstanding have been increasing. Projects are scarce and liquidity is a concern.  How are companies coping to keep adequate levels of activity and what support can treasury give them?   Are treasuries taking positions in markets to make a profit? Or are their activities exclusively oriented to support the business? What role can banks play?

 Lívia Cavalcanti, Tesoureira Executiva, Sodexo Benefícios e Incentivos
 Luís Maurício Bressan Freire, Diretor Financeiro, Carrefour Comercio e Indústria
 Marcelo Habibe, CFO, Omega Energia
 Ivo Katz, Diretor, Head of Cash Management Brazil, BNP Paribas

Having coherent policies across markets and centralised execution boosts treasury controls and efficiency while reducing costs.  But, how do you deal with specific requirements in Latin American countries that defy standard corporate procedures?  Standardising bank relations, credit facilities, hedging and cash management can be problematic. There are also philosophical considerations. A fast growing company might prefer to promote entrepreneurship and let each country be run like an independent business.  Centralization could hinder their growth.  For others who need to reduce external financing and leverage in house cash, visibility is key.  In those cases, what is the best way to collate data? What are the regional solutions available and where to centralise? What tax issues should be considered in each market?  Is outsourcing to a third party a good solution? In this panel, companies with different views and strategies share their experience in Latin America.

 Claudio Jose de Souza Rosa, Diretor Financeiro Adjunto, Saint-Gobain
 Claudio Taka, Gerente Financeiro & Tesouraria, Grupo Accor
 Raul Conrado Bock, Gerente de Tesouraria Corporativa, thyssenkrupp

This year’s volatility has highlighted the need for strong hedging policies.  The speculative use of derivatives by Brazilian firms during the 2008 financial crisis proved dangerous. To avoid any such risks, multinational companies tend to calculate exposures locally but hedge centrally, from the corporate treasury.  At a consolidated level this works well and local losses are absorbed in the statutory books. However, hedging off shore can impact liquidity and country results.   For this reason, treasuries in Brazil often demand to hedge locally.  A panel discusses the pros and cons of both strategies.  How can HQs keep control? What are the costs and tax implications?

 Fernando Lobo, Gerente de Tesouraria para América Latina, BASF
 Roberto Souza, Finance Director - Brazil, Johnson Electric
 Silvia Mello, Gerente Senior de Tesouraria e Seguros, Heineken Brasil
 2:30 PM
What is the most efficient funding mechanism for you? 

Thoroughly assessing funding options can be a cumbersome process.  However, it is essential to minimise risk and cost of capital.  Taking funding in Brazil can help strengthen local bank relations and mitigate currency risk. Intercompany loans may be cheaper but can attract withholding tax.  The capital markets are another option. What is the most efficient mechanism? This company has developed a simulator that enables them to analyse best funding tools for every occasion.  Weighing length and terms of borrowing, impact of cross currency swaps and tax regulation, it assesses all possible scenarios.  Learn how you too can optimise funding decisions.

 Yosymar Vásquez, Head of Treasury LatAm, AkzoNobel, Brasil
 Pablo Gastaldi, Gerente de Tesouraria para América Latina, AkzoNobel

The securitization market has been growing in Brazil. With relatively high yields and some tax exemptions for foreign investors, trade receivables-backed funds, the so called Fundos de Investimento em Direitos Creditórios (FIDCs), have become increasingly attractive.  The Certificados do receibivais do agronegocio (CRAs) have also proved very popular within the agribusiness sector.  Securitisation in this and the real estate sector provides tax benefits to certain investors. We hear how to structure these funds, the costs, benefits and tax implications from companies from different sectors.  What other options are there in the capital markets? What changes are necessary to widen the investors ‘pool?

 Fernando Monaro, Gerente de Finanças Estruradas, Syngenta
 Gustavo Ribeiro Bakai, Gerente Financeiro, Ibema
 Leandro Henrique de Pádua, Gerente de Tesouraria, Martins Comércio e Serviços de Distribuição S.A

In the current competitive environment, working capital has become a key metric.  Tight credit conditions mean that companies are increasingly looking for ways of unlocking liquidity trapped in their accounts receivables as well as in their payables and inventories positions.  The advent of innovative technologies and new funding sources has increased discussion around payment terms between buyers and suppliers. These allow for greater financial efficiency and open up opportunities for including smaller suppliers. Although the benefits of supply chain finance are clear, the number of solutions and providers available, stakeholders involved along with regulatory considerations makes implementing these programmes complex.

 Gilson Carvalho, CFO, Entrevias S/A
 José Henrique Simões Camargo, Superintendente Departamento de Empréstimos e Financiamentos, Bradesco

FX market trends and regulatory changes will reshape the banks‘outlook on their clients, impacting how they value and price them.  Additionally, the new global code of conduct and MiFid II will have consequences not only for banks but for treasurers around the world as well. The former sets up 7 pillars that all the FX market participants will have to follow, depending on how regional regulators adopt them. Corporates will need to adjust their governance policies and processes to comply.  MiFID II derivatives rules will not only apply to financial institutions either. Extending the stricter trade reporting requirements to OTC instruments will have an effect on corporates.  In this session we present market structure trends that will impact you and how to manage them.

 Daniela Souza, Treasury Manager, Norsk Hydro Brasil
 Pedro Morais, Treasury Manager, CSI Leasing Brasil
 Aaron Fairchild, Head of FX Market Development, Global Growth & Operations, Thomson Reuters, Dubai
 Bart Joris, Head of FX Sell-Side trading, Proposition Management, Thomson Reuters, UK
 Luiz Braga, Head of New Business, Thomson Reuters

When Nokia acquired its rival Alcatel Lucent for $16.6 billion, treasury knew that not only earnings, market cap and growth opportunities had multiplied. Challenges too.  Eliminating complexity and costs of two separate corporate treasury structures while managing risks, maintaining stability and operations flowing, would be no easy task.  Aligning treasury cultures and standard operating procedures as well as the implementation of an In-House Bank’s payment factory for acquired subsidiaries were some of the challenges.  Treasury also oversaw the consolidation of bank relations and rationalization of bank accounts, the centralization of bank guarantees and surety bonds issuance as well as the consolidation of Supply Chain financing programs. We hear the Latin American Regional Treasury perspective and the lessons learnt.

 Marcelo Charifker, Tesoureiro Chefe para America Latina, Nokia
 4:20 PM
ERP implementation: Managing the cultural change 

Being in the business of implementing ERPs for their clients, this company was ideally placed to set up their own ERP. However, when faced with their own implementation, technology proved to be the least of their concerns, even when local requirements mean a lot customization.  ERPs are tools for controlling and this is not always an easy sell.  Managers resisted the tool´s lack of flexibility and it was soon clear that culture and processes were obstacles.  How do you make people adapt to new technology? This company invested heavily in communication involving users in the decision process.  Hear how to effectively align technology with the new processes required and get peoples’ buy in.

 Saulo Cesar Silva, Diretor Financeiro, SONDA Brasil
Plenary - Wednesday 8 November 2017
 9:00 AM
The turbulence of transition: A survival guide  

For people, societies and businesses, the world seems an unstable place. Political and economic certainties are being swept away; globalisation and democracy seem under threat; new technologies are undermining traditional notions of the company, the job and even the government. But are we getting carried away by connectivity and digitalisation? Are we instead going back to an era of hard power, the nation state and zero-sum game competition? And in a de-globalising, protectionist world, does business need to re-learn old methods? In this session we look at whether the future will be shaped less by countries than by connectivity or if  globalisation has gone too far and whether we are entering an era of resource conflicts. How will Brazil and Latin America fare? Although we can’t predict the future, insights into the key big-picture trends of the present will give you pause for thought.

 Prof. Marcos Troyjo, Diretor BRICLab, Columbia University, EUA
 9:40 AM
Special focus on Brazilian companies becoming true multinationals  

Given volatile local economics, an increasing number of Brazilian companies are looking further afield for growth. To succeed, these corporates face an extremely steep learning curve and need to build out a substantial internal and external infrastructure to support expansion. In this session our corporate treasury guests will share their international expansion stories with you – the good, the bad and the ugly – and they will explain how they went about planning for growth in the following areas:

• Ensuring the domestic set-up is robust enough to support the investment in growth

• The key steps in ensuring funding stability and credit availability for international growth.

• Building the key local/regional bank relationships necessary. Are your current bank partners present in the places where you want to be? Do the local ones know your business?

• Acquisition is a key driver of international growth. Who comes up with the target list? How is treasury involved in the M&A program?

• What about competitor analysis? Can treasury help?

• What are the key decisions on treasury structure?

• How do you ensure the best possible tax structures for subsidiaries and expected cashflows?

• Have you got the tools to cope with multinational accounting and reporting requirements?

 Alexandre Bittencourt, International Cash Manager, Petrobras
 Caio Moraes, Diretor de Corporate Finance e Relações com Investidores, Iochpe-Maxion S.A.
 Luiz Aguiar, Diretor Financeiro, Stefanini
 Vinicius Bacellar Martinez, Gerente Financeiro, Citrosuco

In times when cash and credit facilities are tight and you depend on internal funding, predicting cash positions is key to making efficient investment, borrowing and hedging decisions. However, whether treasuries use a crystal ball, excel sheets or sophisticated software, cash flow forecasting remains a challenge.  Being too ambitious in terms of time and scope often hinders accuracy.  Should you have different targeted forecasts? Defining objectives and how you gather and use the information is important. How accurate does a forecast need to be? Payables are of course easier to forecast than collections. What tools are available in the market to help? How far into the future can you go?

 Gustavo Gontijo, Tesoureiro para América do Sul, Ford Motors

In an attempt to regain foreign investor´s confidence, Brazil’s government has recently launched a series of initiatives to comply with some OECD procedures. These include the standardization of Double Taxation Treaties following OECD guidelines, as well as efforts to implement a local legislation on transfer pricing documentation, following the Normative Instruction on BEPS’ Action 13. What could be the impact for treasuries in Brazil? The treatment and interpretation of hedges and the prospect of a change in the IOF rate that could impact cost of credit are also sources of concern.  Hear an update on all the tax regulations that you will need to take into account to manage treasury more efficiently.

 Pedro Custodio, Sócio - Tributário, Demarest Advogados
 Flavio Mifano, Partner, Mattos Filho
Stream 1: New Technologies
 2:00 PM
Achieving excellence in in-house-banking  

Many global treasuries are seeking to achieve greater applicability of their in-house-banking. This is often achievable through greater operational and systems centralisation. British American Tobacco has invested in a single global technology infrastructure and a single financial shared service centre and is able to realise a very high level of efficiency in its global treasury operations.  At the head of this initiative is the company’s in-house bank which for some time has acted as the principle corporate entity for automated inter-company lending and foreign exchange contracts. More recently the company’s in-house-bank has become the primary agent for centralised payables and receivables, utilising bank technology to simplify processes and reduce cost.  Hear their experience  in Latin America and Brazil.

 Leonardo Cortes, Corporate Controller, Souza Cruz
 Tatiana Coimbra Castello Branco, Tesoureira Chefe, Souza Cruz

Until recently, once a buyer had negotiated payment terms with a supplier, they could put the contract to bed and forget about it. The bank would be in charge of paying on the agreed date with a discount.  New technologies mean that there is no need to have fixed payments any more. You can offer your suppliers earlier payment on demand and with whatever funds you chose, including your own.  FinTechs and insurance companies have appeared on the scene, offering different business models and value propositions to companies and their suppliers.  This involves an entire change of mentality. Where is the market headed?  Who will be responsible for funding and what will payments look like in the future? Hear what to expect and how the roles of technology, financial institutions and corporates are changing.

 Camilo Telles, CEO & Founder, Antecipa
 Simcha H. Neumark, CEO, Work Capital
 Tomás Lanzillotta, Country Manager, InvoiNet

Blockchain is one of the big hopes for treasuries and their bank partners. Distributed ledgers can change the way financial transactions are recorded, reconciled and reported with the additional benefit of improved security and lower costs. More efficient clearing and settlement could help treasuries improve cash flow and risk management as well as liquidity planning. The Central Bank of Brazil and Febraban are already testing how Blockchain could be applied in the Brazilian market.  Are there companies adopting it already? What is necessary for Blockchain to become more widely used and how will treasuries benefit? Are there any risks?

 Aristides Andrade Cavalcante Neto, Chefe Adjunto do Departamento de Tecnologia da Informação, Banco Central do Brasil
 Helena Margarido, Blockchain & Cryptocurrencies Evangelista, Investora, Advisor & Sócia na SuM Law
 Patricia Sousa, Gerente de Canais Eletrônicos para America Latina, J.P. Morgan

Cyber attacks mirror the growth of the internet and the “commercialization" of cyber crime has contributed to relentless incidents that compromise companies´ data, business continuity, reputation and cash. Treasuries need to identify main risks and weaknesses to implement the correct security measures and a crisis response plan.  However, cyber crime is constantly evolving. What are the emerging risks and what can treasury do to protect assets? What risks should you avoid, which ones keep and control and which ones can you transfer?

 Alberto Favero, Diretor de Segurança da Informação e Risco Cibernético, IBM Brasil
 Leonardo Scudere, Diretor Executivo para Américas, Secure System Corp.
 Tatiane Mendonça, Gerente de Tesouraria, Avianca
Stream 2: All about payments
 2:00 PM
Innovations in the cross border payments space 

Cross border payments have always been problematic in LATAM and straight through processing almost impossible.  However, this is about to change with new levels of speed, transparency and end to end tracking of cross border transactions. The adoption of ISO 20022, with common messaging and standards between financial institutions, will help promote interoperability between domestic payment systems.  This means greater treasury efficiency and enhanced payment service from their banks. New solutions like Blockchain and bitcoin are also expected to contribute to ease payment flows. How will all this work and what can we expect for the future?

 Lucio Hellery Holanda Oliveira, Chefe da Consultoria de Regulação do Mercado de Câmbio do Departamento de Regulação Prudencial e Cambial, Banco Central do Brasil
 Thiago Augusto Ramos Cesar, CEO, Bit.One

At a time when growing a business can be highly dependent on the ability to provide funding and longer terms to customers, banks are struggling to provide credit. This company has found an alternative source, implementing a programme that enables them to sell their receivables to a non bank third party and transfer client risk in an off balance sheet operation.  This helps the company improve working capital, selling cash at sight while they extend payment terms to clients.  What does the implementation involve and what are the costs? We hear their experience.

 Vinicius Guidotti, Supervisor de Tesouraria, Monsanto do Brasil

Physical and virtual worlds are converging: warehouse, distribution and finance need to be integrated. If your client wants to buy on line, collect in store, return by post or any combination, the systems must be in place to allow it. Otherwise apart from customer experience, cash flows and identity authentication will be affected. You need to be agile to adopt new technologies but making developments to accept them can be a long and costly process. Is there any cheap way to test and implement new payment methods? How do you integrate on line and in store systems? We hear a company with a gateway that allows them to connect their existing payments infrastructure with new methods instead of having to make developments for each.

 Alexandre Scortecci, Treasury Manager, Decathlon Brasil

How do you integrate new payment methods with your acquiring system? L ocal payment ecosystems differ from country to country and few customers have cards that allow them to make international purchases. Local regulation and authorizations mean you have to accept different types of cards and payment methods in different countries. There is no pan Latin America mobile payment offering or a standard instant payment solution. Card fees for their part are so diverse that are almost impossible to control. This is of course, far from ideal when you are trying to centralize and standardise collections and there are no global players. Who are the best partners with the largest geographical presence? New payment service providers are now enabling merchants to access local Latin American acquirers without having to set up local entities Is it possible to set up a gateway to centralise card acquiring? Here is a look into the future.

  Camilla Aidar Gomes Ferreira, Gerente Comercial, Vindi
  Fernanda Zago, Gerente de Operações, dLocal
  Juan Pablo D'Antiochia, Diretor Geral para América Latina, WorldPay