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J. Hahn / Head Treasury Operations, October 2014
The fast route to centralisation
Autoneum’s project POWER
Agenda
1. Autoneum at a glance
2. Project POWER: a centralized gateway
• Starting point
• Goals
• Project DRIVE: standardized business processes with SAP
• Via SAP & FIDES to the banks (and back)
3. Outlook: the years ahead
• Outlook: payment-factory roll-out until 2017
• Formats
• SAP Treasury enhancements
4. Lessons learned
5. Q & A
Agenda
1. Autoneum at a glance
2. Project POWER: a centralized gateway
• Starting point
• Goals
• Project DRIVE: standardized business processes with SAP
• Via SAP & FIDES to the banks (and back)
3. Outlook: the years ahead
• Outlook: payment-factory roll-out until 2017
• Formats
• SAP Treasury enhancements
4. Lessons learned
5. Q & A
4 Eurofinance Budapest 10/2014: - The fast route to centralisation
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1. Autoneum at a glance
Product lines
• Broad range of technologies
• Innovative materials and
processes
• Customized systems and
components
• Cost effective and lightweight
solutions
• Total vehicle optimization
• Simulation tools and
measurement systems
Engine Bay
Interior Floor
Underbody
Body
Treatment
5 Eurofinance Budapest 10/2014: - The fast route to centralisation
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1. Autoneum at a glance
Key Facts & Figures
Net Sales 2013:
2’053.3 million CHF
Represented in more
than 20 countries
About 45 locations
worldwide
Operating result before
interest and taxes* (EBIT) Some 9’600 employees
Stock listed company
(SIX Swiss Exchange)
* before one-time expenses
6 Eurofinance Budapest 10/2014: - The fast route to centralisation
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1. Autoneum at a glance
Well-diversified global customer base
* Share in net sales 2013
42%*
BG North America
Agenda
1. Autoneum at a glance
2. Project POWER: a centralized gateway
• Starting point
• Goals
• Project DRIVE: standardized business processes with SAP
• Via SAP & FIDES to the banks (and back)
3. Outlook: the years ahead
• Outlook: payment-factory roll-out until 2017
• Formats
• SAP Treasury enhancements
4. Lessons learned
5. Q & A
8 Eurofinance Budapest 10/2014: - The fast route to centralisation
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2. Project POWER: a centralized gateway
Starting point
Status Quo 2012:
• Treasury organization
• Centralized Treasury Operations
• 2 FTEs (globally); based in HQ in Winterthur
• Cash management landscape:
• Larger positions of local based cash
• Large number of bank accounts globally (> 100)
• with broad variety of banks (> 45)
• System / IT landscape:
• Out-dated Treasury Management System (TMS)
• Independent / outdated ERP landscape
• No standardization in transmission of payment files & bank statements
9 Eurofinance Budapest 10/2014: - The fast route to centralisation
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2. Project POWER: a centralized gateway
Starting point
Status Quo 2012 – execution of payments & posting of bank statement items:
• Preparation & release of payment runs
• Local
• No transparancy for HQ
• Connection to banks for transmission
• No standard approach
• Heterogeneous systems
• E.g. Mammut, e-banking portals, local solutions
• MT940 for «Electronic Bank Statement» functionality in ERP
• None
• Manual booking of bank statement items; paper
based
10 Eurofinance Budapest 10/2014: - The fast route to centralisation
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2. Project POWER: a centralized gateway
Starting point
Approach before start of project POWER
11 Eurofinance Budapest 10/2014: - The fast route to centralisation
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2. Project POWER: a centralized gateway
Goals
Goals:
• Full daily overview over cash & liquidity
• MT940 for Treasury for (major) bank accounts
• Parallel for Accounts Receivable use locally
• Better transparency of cash flows globally (…where possible)
• «review» functionality for payments executed
• Cost savings
• Choosing «the right» banks
• Reduction of number of bank accounts
• Aligned approach to connect legal units to their banks
• One interface
• Standardized process
• «Payment Factory» as target
What is
a
Payment
Factory?
12 Eurofinance Budapest 10/2014: - The fast route to centralisation
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2. Project POWER: a centralized gateway
Goals
Definition payment factory:
• Centralization of payment flows for Treasury & AP payments
• Process:
• Transmission from legal unit ERP system to
central connectivity solution
• Centralized execution of file transfers in a cost &
process optimized approach
• Transfer via one central bank connection /
interface to appropriate bank relation & bank
account
13 Eurofinance Budapest 10/2014: - The fast route to centralisation
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2. Project POWER: a centralized gateway
Project DRIVE: standardized business processes with SAP
July 2012: Board decision for global project («DRIVE») of process re-engineering by using SAP as instrument (global roll-out of SAP FI, CO, SD, MM, etc)
Agenda: 2 – 3 Roll-Outs / year, starting with CH Legal units time frame until 2017 for Project DRIVE
Group Treasury – Project POWER:
• TMS evaluation 2nd half of 2012, SAP TRM selected as new TMS in 11/2012
• In-House Cash licensed for future use
Benefit of integration into DRIVE landscape
Consulting partner for SAP Treasury: EPROX Consulting, Switzerland
Key changes / requirements short term:
• Centralized transmission of payment runs & bank statements
• Single gateway to the banks & local benefits of SAP TRM use
14 Eurofinance Budapest 10/2014: - The fast route to centralisation
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2. Project POWER: a centralized gateway
Via SAP & FIDES to the banks (and back)
Status Quo:
• FIDES already in place
• Daily collection of MT940 & MT942
Potential approach for payments:
• SWIFT connectivity for non-CH / non-EUR zone Go-Lives
• Potentially EBICS where available avoid SWIFT
• Profiting from choosing «the right format»: ISO 20022 / XML
Evaluation:
• Comparison of a few service providers (e.g. «classical» SWIFT Service
Bureaus)
• Alternative: would SWIFT solution «Alliance Light» fit to our needs?
15 Eurofinance Budapest 10/2014: - The fast route to centralisation
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2. Project POWER: a centralized gateway
Via SAP & FIDES to the banks (and back)
Alliance Light:
• Offers easy and cloud based linkage to the SWIFT network
• No complex and expensive IT investments required
• Allows independence from 3rd party providers
Assessment Autoneum: approach ideal if
• only a few banks to be connected
• utilization of single standard file format possible (e.g. only MT101)
• inhouse capacity to maintain format variations if necessary
• limited number of countries approached for payments
16 Eurofinance Budapest 10/2014: - The fast route to centralisation
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2. Project POWER: a centralized gateway
Via SAP & FIDES to the banks (and back)
Autoneum case:
• Broad(er) variety of banks
• Complete bank landscape not yet known at project start
• Global roll-out: includes banks in «complex» countries
• (Potential) variety of formats
• Limited SAP business analyst capacity in-house
Doubts if Alliance Light «plug-in» would work for us
Unknown consulting costs for implementation
Decision to go for «hybrid Service Bureau» approach provided by FIDES
17 Eurofinance Budapest 10/2014: - The fast route to centralisation
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2. Project POWER: a centralized gateway
Via SAP & FIDES to the banks (and back)
New approach with using SAP / BCM & FIDES
Middle-
ware
18 Eurofinance Budapest 10/2014: - The fast route to centralisation
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2. Project POWER: a centralized gateway
Via SAP & FIDES to the banks (and back)
Payment factory roll-out until 10/2014:
2013 (CH):
• Pilot entities: 3 x Headquarter / management entities
• 1 x operational entity
2014:
• USA
• CA
Connectivity via FIDES:
• CH banks (3) via EBICS
• USA & CA: Autoneum BIC
Agenda
1. Autoneum at a glance
2. Project POWER: a centralized gateway
• Starting point
• Goals
• Project DRIVE: standardized business processes with SAP
• Via SAP & FIDES to the banks (and back)
3. Outlook: the years ahead
• Outlook: payment-factory roll-out until 2017
• Formats
• SAP Treasury enhancements
4. Lessons learned
5. Q & A
20 Eurofinance Budapest 10/2014: - The fast route to centralisation
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3. Outlook: the years ahead
Payment factory roll-out until 2017
Payment factory roll-out until 2017:
2015:
• EUR: France, Spain Portugal
• Others: Poland
2016:
• EUR: Belgium, Germany
• Others: UK, Brasil, Argentina, China, Czech Republic
Bank strategy:
• one bank for EUR countries & SEPA payments
• (potentially) same bank for Poland & Czech Republic
• Brazil, Argentina & China: TBD
21 Eurofinance Budapest 10/2014: - The fast route to centralisation
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3. Outlook: the years ahead
Formats
Bank Statements:
• Move from MT940 / MT942 to CAMT.053 / CAMT.052
• Currently not an option due to missing bank readiness
Payments:
• Evaluate change to CGI (Common Global Implementation)
• Depending on acceptance by banks
ACK/NAKs (pain.002):
• Currently received from FIDES by e-mail
• Target to implement into SAP BCM
Timeline for implementation of ACK/NAKs: Q4/2014 (depends on FIDES)
22 Eurofinance Budapest 10/2014: - The fast route to centralisation
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3. Outlook: the years ahead
SAP Treasury enhancements
Automated confirmation of FX Deals with the banks via MT300 (SAP TRM /
New Correspondence Framework)
Treasury «Cockpit» for easier navigation across the Treasury Transactions in
SAP
EMIR & FinfraG compliance (Dodd-Frank TBD)
Graphical analysis of data & improved reports: SAP LUMIRA
Timeline for implementing further Enhancements: Q4/2014 – Q3/2015
Agenda
1. Autoneum at a glance
2. Project POWER: a centralized gateway
• Starting point
• Goals
• Project DRIVE: standardized business processes with SAP
• Via SAP & FIDES to the banks (and back)
3. Outlook: the years ahead
• Outlook: payment-factory roll-out until 2017
• Formats
• SAP Treasury enhancements
4. Lessons learned
5. Q & A
24 Eurofinance Budapest 10/2014: - The fast route to centralisation
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4. Lessons learned
Go-Live CH Legal Units 2013 (bank-connectivity)
Manage external dependencies
• FIDES (e.g. testing windows, converter settings)
• Banks - format definitions
• Knowledge of FI consultants in regards to Treasury needs
Manage internal dependencies
• Accounting team (e.g. creation of test files)
• Manage setup of several developement and testing mandates & impact on bank connectivity in SAP (e.g. middleware configuration)
Correct and uniform Masterdata is key for successful payment execution
Thorough training of ALL people involved well in advance (IT, Accounting, etc) clear definition of processes (Treasury as «black-box» for other teams)
25 Eurofinance Budapest 10/2014: - The fast route to centralisation
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4. Lessons learned
Go-Live preparation USA & CA 2014 (formats)
Sufficient time calculated for preparation / planning / testphases
• US/CA project involved 2 timezones and 4 different parties (bank, FIDES, Autoneum team and SAP consultants) multiplication of time needed due to complexity
• Bank internal project guidelines lead to additional time needs (e.g. several UAT cycles, testing freeze, cheque Go-Live schedules)
• Definition of ACH formats (CTX, CCD, PPD, etc.)
• MT940 used for statements – BAI2 can be avoided!
Don’t rely on local knowledge: ACH requirements («don’t know, we always paid by cheque»)
Hypercare phase must not be underestimated
Complexity to get reduction of cheques agreed on vs. timing to get reduction of cheque payments implemented
26 Eurofinance Budapest 10/2014: - The fast route to centralisation
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5. Q & A
Contact details:
Janko Hahn
Head Treasury Operations
Autoneum Management AG
T +41 52 244 82 13