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Changing role of the controller, Ann Desender, VP corporate finance & controlling, Barco
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Changing role of the controller, Ann Desender, VP corporate finance & controlling, Barco

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Changing role of the controller, Ann Desender, VP corporate finance & controlling, Barco

Changing role of the controller, Ann Desender, VP corporate finance & controlling, Barco

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    Changing role of the controller, Ann Desender, VP corporate finance & controlling, Barco Changing role of the controller, Ann Desender, VP corporate finance & controlling, Barco Presentation Transcript

    • Slide 1AgendaI.BARCO IN A NUTSHELLIII.THE CHANGING ROLE OF THECONTROLLERIV.Q&AII.CONTROLLING @ BARCO
    • Slide 2AgendaI.BARCO IN A NUTSHELLIIII.THE CHANGING ROLE OF THECONTROLLERIV.Q&AII.CONTROLLING @ BARCO
    • Slide 3NYSEEuronext 90 3,950 >1International companyHeadquartered in BelgiumStocklisted (BAR) onNYSE Euronext BrusselsActive in90 countriesSales by region (2012):42% EMEALA34% NA24% APACEmployees > 1.15 Billion eurosales and>13% EBITDAin 2012A global technology player emerges
    • Slide 4Company structureHEALTHCAREADVANCEDVISUALIZATION &COLLABORATIONVENTURESDEFENSE& AEROSPACEPROJECTIONFour divisions & four ventures
    • Slide 5Projection“Enchanting 10 million moviegoers every day”
    • Slide 6Digital Cinema
    • Slide 7Rental & Staging
    • Slide 8Government, business and education
    • Slide 9Healthcare“Supporting healthcare professionals a billion times a year”
    • Slide 10Digital operating room
    • Slide 11Advanced Visualization & Collaboration“Helping over 2.5 billion commuters get home safely every day”
    • Slide 12195m wide display wall for world’s largest refinery siteReliance Petroleum, Jamnagar, India
    • Slide 13Clickshare
    • Slide 14American Eagle Outfitters, New York, USA15,000 square feet of LED on Times Square
    • Slide 15AgendaI.BARCO IN A NUTSHELLIII.THE CHANGING ROLE OF THECONTROLLERIV.Q&AII.CONTROLLING @ BARCO
    • Slide 16Controlling @ Barcoo Centralized organizational structureo Corporate Finance located in Kortrijko Centralized finance & accounting teamsin Kortrijk (for BE, FR and DE), in Duluth(for all US sites) and Chinawhere feasible except for Controllingwho stay near the business (keptlocal plant controllers)o Business controlling organizationchart follows the global Barcoorganizational changeso Impact of matrix organization (divisional/ functional responsibilities)moved from divisional controlling togroup of controllers including alsooperations controlling, salescontrolling, etc• Consolidation & reporting• Financial planning & analysis• Corporate TreasuryBusiness Controlling(x persons)Corporate Finance(x persons)Finance and ControllingBusiness Controlling Accounting, Tax &Credit ControlCorporate Finance• Division controllers• Operations controllers• Demand generationcontroller• Regional controllers• Local controllers• Business analysts• Accounting• Treasury• Credit Control• Tax
    • Slide 17Strategy Finance @ BarcoProvide accurate financials, value creation insights to business-decisions through timely and insightfulreporting & analysis and a sound, innovative planning to maximize long-term profits, cash flow andshareholder return. We have at the same time the role of fiduciary conscience of the company and need toassure compliance with external regulations & duties as a stock quoted company.
    • Slide 18Strategy Finance @ BarcoStrategicgoal:Key focus areas/ principles:Strategicinitiatives:Strategicenablers:PROVIDE ACCURATE FINANCIALS AND VALUECREATION INSIGHTS TO BUSINESS DECISIONSAccounting excellence Effective & efficient financial reportingCompliance (Legal, Accounting, Tax) Forecasting & budgeting excellenceDrive shareholder value Support the business & business strategiesInitiatives1. Dedicated involvement in the OnePlatform project,both in design and roll-out phase2. Set up global aligned enterprise data management3. Optimize capital structure & WACC4. Further integrate financial & business reporting5. Optimize budgeting & forecasting6. Global tax strategy: global monitoring of tax compliance& continue tax optimizationsPeople Excellence (skills & motivation)Process & Tasks Culture & behaviourOrganization1. Robust & integrated systems2. Adequate internal controls (‘4 eye principle’)3. Standardized, harmonized processes, clear P&P1. Technical competence2. Passionate leadership3. Ability to cope with changes and complexity1. Live the Barco values and be a role model2. High performance culture3. Simplicity and TobeOne above complexity1. Back-ups for all functions2. Specialization & operational excellence throughfurther centralization
    • Slide 19AgendaI.BARCO IN A NUTSHELLIII.THE CHANGING ROLE OF THECONTROLLERIV.Q&AII.CONTROLLING @ BARCO
    • Slide 20 Split of accounting and controlling in order to increase consistency and efficiency in accounting andincrease time and focus of controllers to business support (division reporting, forecasting, businessprojects) Moved from accountant/controller focus to business support focus Roll out fast closing process: monthly closing actuals in 5 days (incl P/L and B/S) iso > 15 days Professionalized management reporting (executive dashboards, templates business review meeting andmonthly working capital meeting, etc) Introduced cash flow and ROCE concepts and management of related KPI’s through reporting &forecasting and working capital meetings Secured financing group & contributed to Entertainment strategy via various vendor financing projects Integrated multiple acquisitions Roll-out global impairment testing and reporting both on goodwill and on capitalized development costs Roll-out global transfer pricing P&P, enhancing compliance and resulting in major tax optimizations Roll-out finance policies & procedures (revenue recognition, R&D, inventories, warranty,product costing, etc) Integration of strategic planning and budgeting process through financial scorecards, calcul financialimpacts of strategic initiatives, target P/L as start of budget process, etc EtcLooking back – key changes past 5 years impacting the role of the controller
    • Slide 21Barco job description controllerPurpose of the job Proactively guides the management team of the unit towards long term profitable growth & value creation Responsible (and/or active role in) for business support, financial analysis, planning and reporting for theunderlying area of responsibility (unit).Main accountabilities In charge of and/or working on all activities related to planning: budgeting and forecasting of both incomestatement (and costs) and cash flows, as well as playing an important role in the strategic planning process (Key) role in the preparation and presentation of the business review meetings, including valuable insights onthe results of the unit, key initiatives and priorities Proactively support the management team with profitability, cost and investment analysis Financial analysis, including but not limited to the tracking of key performance measures Cost & capex (incl. R&D) controlling, reporting Proactively guides the division towards reaching the cash flow & working capital goals Sparring partner of the management team, able to handle correctly diverse financial and management reportingrelated questions Financial advisory role for the unit, working close with the (corporate) specialists such as tax, legal, treasury, etc Active role in diverse projects eg related to the due diligence or integration of acquisitions Ensures & controls compliance of the unit to internal & external policies, procedures and regulations
    • Slide 22Barco job description controller (cont’d)Competencies Strong analytical and business problem solving skills, helping to understand the business, its value creationmodel, its financial context Ability to frame complex business decisions, model them and present them in terms of key parameters anddecision drivers Ability to support business planning and development: ability to establish financial goals, support strategydevelopment and coordinate forecasting, budgeting and financial planning Systems and process savvy, able to find his/her way around the multitude of Barco processes an systems Proficient in Barco accounting rules (IFRS) Strong interpersonal skills, able to work in a global team environment with a lot of cultural and internationaldiversity Ability to manage projects and lead people Good presentation and business writing skills Ability to work well with all levels of management
    • Slide 23AgendaI.BARCO IN A NUTSHELLIII.THE CHANGING ROLE OF THECONTROLLERV.Q&AII.CONTROLLING @ BARCOAgenda
    • Slide 24Thank you!