Our client is a world leader in the home improvement and construction industry, encompassing some of the most highly respected brands in their market. They have a thriving culture of innovation and have a strong commitment to Research and Development. With annual sales reaching $1.8bn, spread across 25+ subsidiaries & 12 currencies. We are supporting in their search campaign for a new Group Treasurer with a focus on the EMEA portion of the business.
Foreign exchange risk management & contro
- Liaise with Commercial Finance to quantify FX exposure by month and by entity.
- Advise EMEA CFO how to mitigate FX risk using estimated needs, uncovered amounts, forward rates, variance to spot & variance to PY effective rate.
- Pay a constant close attention to FX rate movements.
- Place forward contracts with banks, at best rates possible in a timely manner.
- Document the forward contracts, so that they qualify for hedge accounting.
- Ensure forward contracts are settled on maturity.
- Set budget FX rates.
Cash flow forecasting & control
- Consolidate & review a weekly +12 week rolling cash flow forecast and send to HK Treasury.
- Consolidate & review a monthly YTG cash flow forecast, ensuring each entities YTG Balance Sheet and P&L movements translate into cash.
- Set cash targets for each subsidiary, in advance of each half & full year.
Subsidiary working capital management & control
- Set targets for each subsidiary’s DSO level’s, monitor & review during the year.
- Set & review interco payment terms between EMEA subsidiaries.
- Monitor overdue AR by subsidiary at each month end.
- Set customer cash collection targets, in advance of each half & full year.
- Document interco loans between companies, to address any long terms cash needs.
- Ensure interest on interco loans is settled on time.
- Control CashPro access – new users, accounts able to view, payment authority.
- Operate both a physical & notional multi-currency cash pool.
- Operate the netting centre during the monthly interco netting cycle, ensuring that all trading interco debt is paid on time.
- Ensure that forward contracts are correctly entered into the netting platform.
- Control the CoProcess database – new users, access rights, bank details.
- Sell any surplus currencies for EUR via FX trades.
- Raise the netting centre payments & ensure it is paid by each netting participant.
Monthly reporting and forecasting
- Calculate hedge accounting entries for the local entities Financial Accounting team.
- Explain the hedge accounting entries to the local entity.
- Review an entity’s YTD realised & unrealised FX, to ensure it is correct.
- Provide an estimate of YTG FX, by subsidiary, to the Commercial Finance team.
- Prepare a consolidated YTD cash flow in USD to the Commercial Finance team.
- Prepare a detailed monthly ‘’Ops review’’ for discussion with the EMEA CFO.
Insurance – global & local policies
- Be the EMEA point of contact with our Insurance Brokers.
- Ensure that the annual insurance renewal completes & that EMEA is not over or under insured.
- Advise EMEA Legal department whether any new contract terms that refer to insurances are acceptable.
- Ensure that all claims are reported to insurers.
- Professional Accounting Qualification – such as Chartered Accountant
- 5 to 10 years Treasury management experience in an international HQ coordinating multiple countries, multi-currencies (none banking or insurance background preferred)
- In depth knowledge of IFRS 9 hedge accounting.
- Experience of a receivable driven interco netting system.
- Experience of multi-currency cash pooling – notional & physical.
- FMCG background desirable.
Skills & Competencies
- Hands on and autonomous.
- Possesses highly developed management, influencing & leadership skills.
- Able to engage effectively with a wide range of stakeholders.
- An enthusiastic & collaborative team member.
- Proactive rather than reactive.
- Able to be an ambassador for EMEA HQ & provide excellent service & support to the BU’s.
- Experience with a major ERP (SAP, Oracle, etc)
How to Apply
If you are interested in being considered for this opportunity, please email your CV to Craig Perkins via email@example.com or call +44 203 603 4448 to discuss further.