Sigurd Dahrendorf

Chair: Sigurd Dahrendorf, Former Treasurer, Knorr-Bremse

Sigurd Dahrendorf
Sigurd Dahrendorf Knorr-Bremse Former Treasurer

  • 9:00am
  • 9:05am
    Chair's Introduction
    Sigurd Dahrendorf

    Sigurd Dahrendorf, Former Treasurer, Knorr-Bremse

    Sigurd Dahrendorf
    Sigurd Dahrendorf Knorr-Bremse Former Treasurer

  • 9:15am
    Identifying a holistic approach to achieve working capital targets

    The focus on internal working capital as a driver of efficiency is essential even with the cost of capital at historic lows. Yet identifying and mobilising internal sources of funding requires not only an efficient treasury but also the technology to improve visibility, accelerate the cash flow process and reduce costs. New technologies and payment methods are enabling treasurers to combine solutions that streamline both receivables and payables. This is revolutionising the way you can influence different levers, at different times, to improve liquidity and price of funding, including off balance sheet structures. We hear how this company implemented a programme that has helped to change the organisational culture, free cash and improve balance sheet metrics.

    Martin Schlageter

    Martin Schlageter, Head of Treasury Operations, Roche

    Martin Schlageter
    Martin Schlageter Roche Head of Treasury Operations

    Martin joined the German entity of the Roche Group as Head of Treasury in 1993. In 1998 he became European Head of Cash & Credit Management in Switzerland for the Vitamins Division where he built up a Shared Service Center in this area. After the divestment of the Vitamins Division in 2004 he joined Roche’s Group Treasury as Head of Treasury Operations where he implemented the InHouse bank. Before joining Roche he worked several years in foreign exchange trading in Frankfurt, Singapore and Paris. M. Schlageter holds a degree of the University of Applied Sciences, Rendsburg (Germany).

    Stephan Wilckens

    Stephan Wilckens, Head of Global Procurement Productivity & Performance, Roche

    Stephan Wilckens
    Stephan Wilckens Roche Head of Global Procurement Productivity & Performance

  • 10:00am
    Working capital analytics: developing tools to measure success

    Managing a working capital programme that involves the participation of many large suppliers in multiple jurisdictions in EMEA, as well as key internal stakeholders, requires a governance framework embedded with measurable KPIs to track the effectiveness and cost benefits of the project. Managing supplier on-boarding and training, and maintaining a pipeline of suppliers, to mitigate against disruption, is essential for SCF continuity and achieving cash conversion cycle metrics and cashflow targets. In this case study, we hear how Kimberly-Clark developed analytical tools to optimise working capital and SCF programmes, whilst in parallel, trailed a dynamic discounting scheme and introduced a receivables reduction initiative to improve cashflow across the company’s EMEA operations.

    Takachida Kuhudzai

    Takachida Kuhudzai, Corporate Treasury Manager EMEA, Kimberly-Clark

    Takachida Kuhudzai
    Takachida Kuhudzai Kimberly-Clark Corporate Treasury Manager EMEA

    Takachida Kuhudzai is Corporate Treasury Manager, EMEA for Kimberly- Clark Corporation. Takachida leads strategic treasury activities for business units in Europe, Middle East & Africa covering foreign exchange risk management, capitalisation, funding, cash management and working capital. Takachida is also responsible for managing bank relationships across the EMEA region.

  • 10:40am
    Refreshment break

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  • 11:10am
    Audience Survey

    A live poll of delegate’s experiences and opinions on SCF and working capital programmes.

  • 11:20am
    Balancing working capital tools

    You might be generating a lot of cash but if low-interest rates result in low returns, a dynamic discount programme might be the solution, whilst simultaneously financing your suppliers. But what happens when your cash is needed for other priorities and business objectives? How easy is it to switch from dynamic discounting to supply chain finance? With over 25 years of treasury experience, Lars Beckman will illustrate why DD should not be overlooked as part of your working capital tool kit and how switching between funding sources doesn’t have to be a showstopper.

    Lars Beckman

    Lars Beckman, CEO, CORE Process

    Lars Beckman
    Lars Beckman CORE Process CEO

    Based in Lund, Sweden Lars brings expertise in treasury, corporate finance for the Nordic markets. With background in different previous roles as group treasurer for international corporates such as a network security corporate and a global food fat manufacturer. Today Lars is engaged in developing the fintech market and also involved in different assignments in risk- and investment committees for multinational corporates.

  • 11:50am
    Managing factoring & reverse factoring challenges

    Technological investment brings challenges and opportunities for all companies; for mid-cap firms, digital transformation can be make or break for the treasury. In this case study we hear how treasury managed new technological investment with SCF solutions, enabling factoring and reverse factoring programmes, and funded the project with innovative financial solutions, including retail bonds. Uniquely, the SCF solutions were managed without substantial investment in financial technologies.

    Helena Ramos

    Helena Ramos, Director of Treasury & Credit Risk Management, Impresa

    Helena Ramos
    Helena Ramos Impresa Director of Treasury & Credit Risk Management

    Helena is Director of Treasury & Credit Risk Management at Impresa. Helena is responsible for various treasury functions, including the management of global cash & banking, capital planning, trade finance, risk finance strategies, liquidity solutions and funding. Helena is also responsible for the development of technology solutions to improve global treasury processes and transactions. Prior to joining Impresa in 2007, Helena held treasury positions at Brandia Central and GSK.

  • 12:20pm
    Intelligent cash forecasting: data driven AI for greater working capital visibility

    Cash forecasts have traditionally been based on past behaviour and often influenced by the intuition of individuals in charge. However, the advent of AI enables the analysis of large volumes of internal and external data (from sales, purchases and customers’ payment behaviour to macroeconomic indicators, industry trends, FX, credit risk, key suppliers, etc). This means more effective, data driven forecasts that retro-align themselves, improving accuracy as data increases. These predictions can help improve decision making and expand the reach of financial solutions. In this session, hear what Artificial Intelligence and data analytics can bring to the table to support the working capital agenda.

    Ignacio Cerro

    Ignacio Cerro, Former Finance Director Supply Chain Finance, GE Renewable Energy

    Ignacio Cerro
    Ignacio Cerro GE Renewable Energy Former Finance Director Supply Chain Finance

    Ignacio Cerro is a seasoned finance professional with a track record of over 24 years of extensive experience in multinational environments and different sectors (Pharma, Renewables, Automotive). He has held senior positions serving as CFO and Finance Directors in big corporations (Sanofi, AstraZeneca, Johnson Controls, LM Wind Power, GE) where he played a key role in several finance and supply chain projects across the organizations. Recently he has spent 2 years in Brazil as FD to turnaround the affiliate with special focus on cash generation.

  • 12:50pm
    Q&A and discussion
  • 1:00pm
    Lunch & networking
  • 2:00pm
    Sustainable supply chains - two case studies

    Sustainability has long been a core element of corporate social responsibility (CSR) programmes. More recently, investors have been examining the environmental, social and governance (ESG) performance of companies. Banks are developing sustainable and green finance products for supply chain financing, whilst rating agencies conduct ESG scoring for companies. In supply chains, the practice of responsible sourcing and sustainability performance of suppliers is being increasingly embedded in corporate brand strategies that seek to achieve higher governance standards and better brand positioning. 

    In these two case studies, we hear how firstly Barilla, a pioneer in sustainable sourcing, and secondly how Acciona, a leader in sustainable infrastructure, developed sustainable practices through the supply chain, and created financing programs to facilitate them.

    Nicola Marcheselli

    Nicola Marcheselli, Head of Treasury and Cash Management, Barilla

    Nicola Marcheselli
    Nicola Marcheselli Barilla Head of Treasury and Cash Management

    Leonardo Mirone

    Leonardo Mirone, Purchasing Director, Barilla

    Leonardo Mirone
    Leonardo Mirone Barilla Purchasing Director

    Leonardo Mirone was born in Catania, Italy, in 1970. He received the B.E. degree in Chemistry from the University of Parma, Italy, in 1994, and the Ph.D. degree in Chemistry from the University of Catania, Italy, in 1998. In 1998, he joined Barilla as Scientist within R&D as expert of Raw Materials such as meat, fish, tomato and as expert of chemical contamination along the supply chains. In 1999 became Buyer of Raw Materials, from 1999 to 2016 he has covered many roles within the Raw Materials Purchasing Department and now is the Director of the Department with global responsibility for all the Raw Materials. He also member of the Sustainability Steering Committee of Barilla, member of the Scientific Committee of the Barilla Center for Food and Nutrition Foundation (BCFN) and President of the Economic Affair Committee of the Association of Chocolate, Biscuit and Confectionery Industries of Europe (CAOBISCO).

    Antonio Bustamante Garay

    Antonio Bustamante Garay, Director of Financial Industrial Infrastructure, Acciona

    Antonio Bustamante Garay
    Antonio Bustamante Garay Acciona Director of Financial Industrial Infrastructure

    Antonio is MSc. Business Administration from the Colegio Universitario de Estudios Financieros (CUNEF) since 2004 and an PDD from IESE in 2016. He has worked at ACCIONA for 15 years in executive and management positions, leading financial departments in both Spain and Australia. He is currently the Finance and Administration Director of ACCIONA Industrial, leading a team of more than 10 people, managing the finance matters of large EPC projects worldwide – Chile, Brasil, Dubai, Morocco, South Africa, Australia, United Kingdom and Spain.

    Ignacio Palomino

    Ignacio Palomino, Business Development Manager LATAM & Europe, Acciona

    Ignacio Palomino
    Ignacio Palomino Acciona Business Development Manager LATAM & Europe

    Ignacio Palomino is Architect from the Universidad de Alcalá de Henares since 2015. He has worked at ACCIONA for 5 years in management positions, leading the Marketing, Communication and Innovation departments of ACCIONA Industrial. He is currently the Business Development Manager for power generation projects in Latinamerica and Europe.

  • 3:00pm
    Accounting & ratings for SCF

    Accounting treatment of factoring and SCF programmes has always been controversial. Rating agencies seem to be increasingly inclined to consider them as debt. This means that even if the programmes might appear as off balance sheet and still help with liquidity and funding, they no longer help with debt levels. How do you reposition it with your rating agency?

    Imre Guba

    Imre Guba, FCCA, Director, Accounting Specialist, S&P Global Ratings

    Imre Guba
    Imre Guba S&P Global Ratings FCCA, Director, Accounting Specialist

    Imre Guba currently holds the position of Accounting Specialist for S&P Global Ratings which he assumed in 2013. In this role, Imre serves as a consultant to the EMEA based corporate credit analysts on financial and non-financial reporting, corporate governance, and S&P criteria application matters. Imre participates in S&P’s outreach initiatives to investors, intermediaries, regulators and standard setters on financial and non-financial reporting and governance matters. He publishes articles on accounting and corporate governance matters with credit analysis impact.He is a Steering Group member of the European Corporate Reporting Lab@EFRAG. Before joining S&P Global, Imre had a variety of roles in PwC. Imre earned his degree in Economics and Accounting from Debrecen University, Hungary. He is a fellow member of the Association of Chartered Certified Accountants.

    Ivan Palacios

    Ivan Palacios, Associate Managing Director, CFG, Moody's

    Ivan Palacios
    Ivan Palacios Moody's Associate Managing Director, CFG

    Iván Palacios is an Associate Managing Director within Moody’s Corporate Finance Group and he has responsibility for a team of analysts in Madrid and Milan covering the TMT, consumer goods, food and beverage sectors in the EMEA region. Iván joined Moody’s in 2002 and he has worked in Madrid and Singapore. Prior to joining Moody’s, Iván worked for Goldman Sachs in London. Iván has a Bachelor’s in Business Administration from Colegio Universitario de Estudios Financieros in Madrid.

  • 3:40pm
    Refreshments & networking
  • 4:00pm
    Evaluating working capital & SCF solutions

    When choosing a working capital or SCF solution, there are several issues to consider. Can your solution partner fit into your treasury operations where you need them? Can all suppliers be included in the programme? Can the solution grow with the business? What resources are required to implement the solution in the treasury? In this session providers present solutions and answer questions from treasurers.


    • Taulia
      David Venables, Director
      Your working capital needs change over time, but suppliers will always need certainty over their cash flow. By moving flexibly between Supply Chain Finance and Dynamic Discounting you will meet the ongoing needs of your business, whilst fostering long-term strength in your supply chain.
    • C2FO
      Karel Krejci, Director of Working Capital Advisory
    • Mizuho
      Kieran O’Regan, Head of working Capital Solutions EMEA
    • Falcon Group
      Kamel Alzarka, Chairman and Founder
      Accounting rules can promote stock on balance sheets. Yet reducing inventory can free up cash, cut costs and strengthen working capital. What are the options to take inventory off the balance sheet and how does this solution compare with other funding options?


    • Hitomi Ishiguro, Cash and Working Capital Manager, Group Financing and Treasury, Air Liquide
    • Stanka Jokanovic, Treasury Specialist, Corporate Finance, Group Treasury, Vestas
    • Sigurd Dahrendorf, former Treasurer, Knorr-Bremse

    David Venables

    David Venables, Director, Taulia

    David Venables
    David Venables Taulia Director

    David has been a member of the Taulia family since February 2019 and is responsible for corporate sales in the UK & Ireland. David joined Taulia from LiquidX, an AR financing and working capital optimisation platform, prior to which he worked in corporate banking at a number of global banks including J.P. Morgan, Barclays and Lloyds. During his time at those institutions, David held a number of senior client coverage roles, with a primary focus on Investment Grade and High Yield corporate clients in the Diversified Industrials sector. His responsibilities encompassed corporate finance, trade finance, treasury services and risk management. David holds a BA (Hons) in Hispanic Studies from the University of Manchester.

    Karel Krejci

    Karel Krejci, Director of Working Capital Advisory, C2FO

    Karel Krejci
    Karel Krejci C2FO Director of Working Capital Advisory

    Karel recently joined C2FO as the EMEA Working Capital Advisory Director. Prior to C2FO, Karel served as Director of Working Capital Solutions in Central & Eastern Europe at Ernst & Young, advising corporates on working capital management best practices, products, technology, bank negotiation & accounting treatment. He has over 10 years of experience in implementing dozens of working capital solutions and programmes for corporates within various sectors.

    Kieran O’Regan

    Kieran O’Regan, Head of Working Capital Solutions EMEA, Mizuho Bank

    Kieran O’Regan
    Kieran O’Regan Mizuho Bank Head of Working Capital Solutions EMEA

    Kieran joined Mizuho Bank in 2019 and is EMEA Head of Working Capital Solutions based in London. Prior to Mizuho, Kieran worked for a number of global banks in senior roles, including Citibank, JP Morgan and SMBC where he specialised in deploying working capital and trade finance solutions for both corporate and financial institution clients. Kieran began his career in treasury and financial advisory in the oil industry working for Shell and Enterprise Oil plc. Kieran holds a B.Comm form University College Cork, is a member of the Association of Corporate Treasurers in the UK as well as the Chartered Institute of Management Accountants (ACMA, CGMA).

    Kamel Alzarka

    Kamel Alzarka, Chairman and Founder, Falcon Group

    Kamel Alzarka
    Kamel Alzarka Falcon Group Chairman and Founder

    Kamel Alzarka is the Chairman and Founder of Falcon Group – having founded the company in 1994. Today, the company is a leading specialist inventory management solutions company, present in 20 countries having deployed US$8 billion in the past three years, and offices in eight cities globally. With over 25 years’ experience in the finance industry, Kamel is responsible for the overall strategic direction and promotion of Falcon Group.

    Hitomi Ishiguro

    Hitomi Ishiguro, Group Cash and WCR Manager, Air Liquide

    Hitomi Ishiguro
    Hitomi Ishiguro Air Liquide Group Cash and WCR Manager

    Hitomi Ishiguro is Group Cash and WCR Manager at Air Liquide Group. Hitomi leads WCR optimization initiatives with hundreds of affiliates globally. In addition to business oriented actions such as Customer & Supplier payment term negotiations, Credit & Collection management, Inventory control, Air Liquide has enlarged domain of actions in financial solutions. SCF is one of key subjects where Hitomi continues focusing on since 2018.

    Stanka Jokanovic

    Stanka Jokanovic, Treasury Specialist, Vestas

    Stanka Jokanovic
    Stanka Jokanovic Vestas Treasury Specialist

    Stanka Jokanovic is a Treasury Specialist at Vestas Wind Systems A/S within the Group Treasury & Insurance department, based in Copenhagen, Denmark. Stanka is an experienced finance professional with a demonstrated history of working in the Renewables & Environment industry. She joined the Group Treasury team beginning of 2019, but has started her Vestas career back in 2008. She brings skills in Cash Management, InHouse Bank & Cash Pool Solutions, Sales & Construction Controlling, Business Performance Management, Procurement and Shared Service Operations. In addition to her regular treasury responsibilities, she is responsible for and is leading the global implementation of the Supply Chain Finance solution at Vestas.

    Sigurd Dahrendorf

    Sigurd Dahrendorf, Former Treasurer, Knorr-Bremse

    Sigurd Dahrendorf
    Sigurd Dahrendorf Knorr-Bremse Former Treasurer

  • 4:45pm
    Top five takeaways

    We highlight your top 5 takeaways from the conference sessions.

  • 4:55pm
    Chairman's closing remarks
    Sigurd Dahrendorf

    Sigurd Dahrendorf, Former Treasurer, Knorr-Bremse

    Sigurd Dahrendorf
    Sigurd Dahrendorf Knorr-Bremse Former Treasurer

  • 5:00pm
    Networking reception
  • 7:00pm
    Conference concludes