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Global Finance Transformation at Vedior

Global Finance Transformation at Vedior. Peter Rinkes Finance Director Europe Vedior. GLOBAL FINANCE TRANSFORMATION AT VEDIOR. 12 December 2007 Peter Rinkes. AGENDA. 1. INTRODUCTION VEDIOR 2. BUSINESS PERFORMANCE IMPROVEMENT 3. FINANCE FUNCTION TRANSFORMATION.

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Global Finance Transformation at Vedior

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  1. Global Finance Transformation at Vedior

  2. Peter Rinkes • Finance Director Europe Vedior

  3. GLOBAL FINANCE TRANSFORMATIONAT VEDIOR 12 December 2007 Peter Rinkes

  4. AGENDA 1. INTRODUCTION VEDIOR 2. BUSINESS PERFORMANCE IMPROVEMENT 3. FINANCE FUNCTION TRANSFORMATION

  5. VEDIORIn search of Excellence

  6. In search of excellence in: • Business Performance • Operating margin target 2008: 4.6% • Finance Function • Being a business partner

  7. INTRODUCTION VEDIOR Vedior NV, headquartered in Amsterdam, is an international staffing services company providing flexible labour. Vedior operates in 50 countries worldwide: almost the whole of Europe, North and South America, Australia and New Zealand, South Africa, Middle East and Asia

  8. VEDIOR: BUSINESS MODEL • Decentralized structure/nature • 50 countries • More than 200 entities/operating companies • Small corporate Headquarter (40 employees) • Relatively autonomous management structure • Local responsibility • Minority shareholders • Multi branding

  9. MULTI BRANDING

  10. Other • Sectors • 8% • Education • 1% • Engineering • 7% • IT 9% • Accounting • 5% • Traditional • 64% • Healthcare • 6% VEDIOR: SECTOR SPLIT A leading party in professional/executive recruitment • Revenues 2006 : EUR 7.7 billion • Net profit 2006 : EUR 186 million • Number of offices : 2.534 • Number of countries: 50

  11. VEDIOR: BUSINESS PERFORMANCE IMPROVEMENT CURRENT STRATEGY • Offer a full range of recruitment services to both local and international employers • Enlarge share of specialist recruitment services • Organic growth • Acquisitive growth • Profitability > market share

  12. VEDIOR: BUSINESS PERFORMANCE IMPROVEMENT (2) • Operating margin targeting 2008: 4.6% • Operational performance Q3-07 YTD: 4.2%

  13. VEDIOR: BUSINESS PERFORMANCE IMPROVEMENT (3) • Dynamic industry: • War for talent! • Ongoing liberalisation of labour laws • New lines of business • ZZP vs. life time employment • Fast growing global industry

  14. Fast growing global industry Number of Agency workers (daily FTE x 1,000) Forecast based on an annual average growth of 6.8% and impact of lifting restrictions (sectoral bans + reasons of use) Forecast based on an annual average growth of 6.8% (same trends as between 1998 and 2006; impact of regulation changes excluded) Source: SEO Economic Research – Amsterdam

  15. VEDIOR: BUSINESS PERFORMANCE IMPROVEMENT (4) STRATEGIC REVIEW (announced 25 October 2007) • Wide range review of business portfolio, organisational alignment and corporate roles • Mobilization of Top 100 people from across the business (13 and 14 December 2007)

  16. Vedior and Randstad:Creating an industry leader • HR service market is relatively immature, growing and consolidating • Together Randstad and Vedior will become the 2nd largest HR services company in the world • Leadership positions in key markets in Europe and the Americas • A global leader in professional segments • A leader in inhouse services • A truly diversified geographic mix • Enhanced platform for growth in attractive markets such as Eastern Europe, India and Japan • Diverse client base • Transaction beneficial for Randstad shareholders as it offers enhanced growth prospects, EPS accretion immediately after completion, attractive returns and a more balanced business profile • Transaction provides Vedior shareholders with a very attractive offer and at the same time the potential to participate in the future value creation arising from the combination

  17. FINANCE FUNCTION TRANSFORMATION (1) BEST PRACTICE: AUSTRALIA

  18. FINANCE FUNCTION TRANSFORMATION (2) • Self assesment • Internal benchmarking • Identifying and sharing best practices

  19. SESA Company Benchmarking EBIT Evolution 2001 - 2005 (%) Source: Estudios de Mercado

  20. FINANCE FUNCTION TRANSFORMATION (3) FEATURES HIGHEST RATED FINANCE FUNCTIONS • Business Partnering • High level (integrated) IT systems • Shared services for other group/sister companies

  21. FINANCE FUNCTION TRANSFORMATION (4) BUSINESS PERFORMANCE OF HIGHEST RATED FINANCE FUNCTIONS EBIT Top 3 Companies Gross Profit Top 3 Companies EBIT Worst Companies Gross Profit Worst 3 Companies

  22. FINANCE FUNCTION TRANSFORMATION (5) ISSUES • CEO commitment • ICT • Staff capability • Process of change management • ‘Control’ requirements (company structure/corporate governance)

  23. FINANCE FUNCTION TRANSFORMATION (6) Geneva Second Global Finance Conference Evaluation self assesment Sydney Start up fixing project Self assesment FFMG Strategic Review Vedior Paris First Global Finance Conference Kick off Start up local Excellence projects Sept 2005 June 2006 Sept 2006 Jan 2007 July 2007 Dec 2007 2008

  24. VEDIORIn search of Excellence

  25. In search of excellence in: • Business Performance • Operating margin target 2008: 4.6% • Finance Function • Being a business partner

  26. Thank you for your attention

  27. Rob Leicher • Group Controller & VP Finance OPG Group

  28. OPG Finance Finance Transformation ConferenceDecember 12, 2007Rob LeicherGroup Controller

  29. Active in 8 countries Direct and Institutional Pharmacy Norway Pharmacy, Direct and Institutional Denmark Holland Poland Germany Belgium Hungary Switzerland

  30. Key Figures 2006 X € million • Net Sales 2,281 • Operating result 130 • Net result 100 • Capital employed 701 • Number of employees at year end 6,686 30

  31. Summary of OPG Strategy • Build retail pharmacy chains • Mediq – NL, PLN, BEL • Expand home care activities • Dia Real , Kirudan, JP Medical, Other • Improve efficiency • Organisational Integration • (Pre-)Wholesale PLN • Pharmacies NL 31

  32. CONTROLLED GROWTH • More countries • Increasing complexity • More standardisation required • Best practice sharing • Back-office integration; focus on efficiency • Integration of new companies incl. synergy creation • More standardised and integrated IT • Development of new competencies required 32

  33. ROLES OF FINANCE FUNCTION AT OPG Current role ORIENTATION Aspiration CONTROL BUSINESS Short term “Controller” “Performance manager” HORIZON “Builder” “Planner” Long term 33

  34. ROLES OF FINANCE FUNCTION AT OPG ORIENTATION CONTROL BUSINESS • ‘Controller’ • Enhanced transparency and compliance • Audit Risk Matrix • Embedded Control Self Assessment • ‘Performance manager’ • Activity Based Costing and cost control • Outsourcing • Working capital reduction SHORT TERM HORIZON • ‘Planner’ • Strategic milestone tracking • Improved forecasting • Tax planning • ‘Builder’ • M&A • Business integration • Financial market communication • Financial management development LONG TERM 34

  35. Peter Mannaert • CFO Sanoma Magazines International

  36. Parallelsessie global finance transformatie Peter Mannaert, CFO Sanoma Magazines International

  37. Sanoma Magazines International ■Uitgeverij van tijdschriften■ Zusterbedrijf van Sanoma Uitgevers (libelle, margriet, donald duck, ilse, nu.nl, startpagina etc.)■ Actief in 10 landen in Centraal, Oost enZuid-Oost Europa, local player■ > 20% groei per jaar■ Fully owned dochters, maar ook veel JV’s Kengetallen Sanoma Magazines 2006:■ € 1,218.9 miljard netto omzet■ € 132.2 miljoen EBIT ■ 4.716 medewerkers■ SMI ; 2.200 fte’s wv 8 op HQ

  38. Business partner ; meedenken over strategie en organisatie Groei van de onderneming eist een meer volwassen aanpak Acquisitieplannen ; focus vs verbreding Kostenbeheersing blijft belangrijk Loonontwikkeling CEE Efficiency slagen Benchmarking, proces assesments Kennis uitwisselen/ best practice sharing Verbetering (Corporate) Performance Management Een versie van de werkelijkheid Minder excel Betere managementinfo Effectiever budgetteren Business Transformation: Uitdagingen voor CFO SMI

  39. Werkveld CFO SMI Situatieschets • Financial Accounting • Concernrapportages strak georganiseerd (Hyperion) • Management Accounting • Eigen invulling BU’s • Geen centrale CIO • Board van Divisiedirecteuren • Locale P&L verantwoordelijkheid • Doelstellingen • Groei • Professionalisering • AO/IC • Managementrapportages • IFRS • Opleidingsniveau CFO’s Dilemma’s • Groei vs KT winst • Centraal/ Decentraal ; SSC voor Admin , IT ? • Wie neemt risico’s/ investeringen • Geen gezamenlijk IT platform • BI platform of lokaal Excel • Uniformiteit in Management Acc. • Multimedia ; nwe diensten of focus • Procesoptimalisatie vs local for local • Geen gezamenlijk IT platform SM Divisies ; zelf ontwikkelen ?

  40. Een excellente finance functie is een katalysator van excellente business performance

  41. Contracten met nieuwe klanten zijn altijd resultanten van een afgewogen en evenwichtig besluitvormingsproces

  42. Een decentraal opgezette functie heeft zijn langste tijd gehad

  43. Finance is voorloper van transformaties/change

  44. Customer value en profitabilty is moeilijk integraal te benaderen

  45. De CFO moet zich meer focussen op finance en minder op andere domeinen

  46. De CFO heeft een sturende rol om andere staffuncties naar een hoger niveau te tillen

  47. Alle staffuncties zouden in een shared service omgeving beter bijdragen aan de business

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