The Company

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.

Key Responsibilities

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.

Interco netting 

  • 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.

The Candidate

  • 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 craig@treasuryrecruitment.com or call +44 203 603 4448 to discuss further.

 

Apply for Role

To apply for this job email your details to craig@treasuryrecruitment.com.

Apply using webmail: Gmail / AOL / Yahoo / Outlook