1、450.000.000.001.450.001.450%0 FCE6BSP Processing22.000.000.601.9019.500.0023.9329%293 FCW6BSP Processing8.000.002.001.005.000.0011.544%0 FCC7Cash Receipting2.000.000.000.002.000.002.000%0 FCE7Cash Receipting4.950.000.101.003.850.005.647%66 FCW7Cash Receipting9.000.000.000.009.000.009.005%0 FCC8Clien
2、t Financial Services0.000.000.000.000.000.000.000%0 FCE8Client Financial Services0.000.000.000.000.000.000.000%0 FCW8Client Financial Services28.000.002.0025.001.000.0044.5015%0 FCC9Control Reconciliations19.650.002.508.508.650.0027.990%0 FCE9Control Reconciliations16.250.000.301.5014.450.0017.5122%
3、217 FCW9Control Reconciliations0.000.000.000.000.000.000.000%0 FCC10Data Maintenance0.000.000.000.000.000.000.000%0 FCE10Data Maintenance0.000.000.000.000.000.000.000%0 FCW10Data Maintenance5.000.000.004.001.000.007.163%0 FCC11External Statement Billing0.000.000.000.000.000.000.000%0 FCE11External S
4、tatement Billing0.000.000.000.000.000.000.000%0 FCW11External Statement Billing2.000.000.000.002.000.002.001%0 FCC12Fee Allocator0.000.000.000.000.000.000.000%0 FCE12Fee Allocator0.000.000.000.000.000.000.000%0 FCW12Fee Allocator3.000.000.000.003.000.003.002%0 FCC13 Group Events / Meeting & Incentiv
5、es 10.530.000.331.009.200.0011.570%0 FCE13 Group Events / Meeting & Incentives 0.000.000.000.000.000.000.000%0 FCW13 Group Events / Meeting & Incentives 1.000.000.000.001.000.001.001%0 FCC14Help Desk0.000.000.000.000.000.000.000%0 FCE14Help Desk0.000.000.000.000.000.000.000%0 FCW14Help Desk6.000.001
6、.000.005.000.007.503%0 FCC15Management Fee & Override4.330.000.331.003.000.005.370%0 FCE15Management Fee & Override0.150.000.000.050.100.000.180%2 FCW15Management Fee & Override0.000.000.000.000.000.000.000%0 FCC16Non Air/Rail Supplier Payments26.640.000.000.0023.643.0026.640%0 FCE16Non Air/Rail Sup
7、plier Payments7.200.000.201.006.000.008.0410%96 FCW16Non Air/Rail Supplier Payments9.000.001.000.008.000.0010.505%0 FCC17 Performance Management & Internal MI 2.000.000.002.000.000.003.080%0 FCE17 Performance Management & Internal MI 2.600.000.300.002.300.003.053%35 FCW17 Performance Management & In
8、ternal MI 15.000.001.0014.000.000.0024.068%0 FCC18Process Travel Document0.500.000.000.000.500.000.500%248,000 FCE18Process Travel Document3.900.000.000.003.900.003.905%52 FCW18Process Travel Document0.000.000.000.000.000.000.000%0 FCC19Quality Control0.000.000.000.000.000.000.000%0 FCE19Quality Con
9、trol10.600.000.101.009.500.0011.2914%141 FCW19Quality Control8.000.000.007.001.000.0011.784%0 FCC20Recon / Settle Rail1.660.000.000.001.660.001.660%0 Travel Back Office Data Gathering Form - Consolidated Page 5ed8ea603-e379-4f3b-8f5a-860e8aef328a.xls Section BSection CSection D FTE CountSMR Line All
10、ocation FTE3.732.51.5411 Weighted FTERef #Process Total Band 40+ Band 35 Band 30 Band 25 Temp Staff Legal, Audit & Prof. % FCE20Recon / Settle Rail0.000.000.000.000.000.000.000%0 FCW20Recon / Settle Rail0.000.000.000.000.000.000.000%0 FCC21Service Control and Deliver7.000.001. executive board, Heine
11、ken, N.V., gave the following presentation at The Conference Boards Finance Forum hosted by Credit Suisse in Zurich, June 1993. In the long term every company needs growth, first to cover costs and second, but most important, to act as a internal stimulus. Without growth, managements capabilities te
12、nd to be focused only on re-orientating products and cost cutting. While these things must be done, they are not enough. Heineken is convinced that growth can lead to economies of scale, better market opportunities, and innovation. Growth can come from exporting, licensing or acquiring a minority or
13、 majority shareholding in another company. I intend to concentrate on growth by acquisition and mainly acquisitions of majority shareholdings. Heineken takes a majority shareholding when the market concerned is fully developed and when market share and economies of scale are expected to play a major
14、 part in achieving financial success. In the past decade, Heinekens growth of about 10 % a year has been mostly through acquisitions. Without them growth would have been little more than 2% annually, roughly the average growth of the worlds beer companies. The role of the chief financial officer in
15、the acquisition process is not an easy one to define. No two acquisitions are exactly the same, and the CFOs role in the acquisition of a listed company is very different from that in the acquisition of small family-owned business. The CFO is sometimes totally involved in negotiations and, at other
16、times, hardly involved at all. But in both cases, an acquisition process should be followed although the sequence of steps in the process may vary.External RelationshipsConducting an active acquisition policy requires good relationships with people. Contacts with shareholders, with other brewers and
17、 their managers and executives, and with investment and merchant bankers are of paramount importance. Trust and reliability are essential. Secrecy is also very important because rumors may damage market positions. When conducting talks with enterprises listed on the stock exchange it is the CFOs res
18、ponsibility, working with legal experts, to ensure that proper procedures are followed. In practice, however, secrecy is getting more and more difficult to maintain, and it is advisable to draw up a contingency plan early on outlining a course of action should information be leaked prematurely.I am
19、intentionally not discussing the very early, exploratory talks about a possible acquisition. This is the process that perhaps starts with a telephone call between CEOs, a diner engagement, or a chance meeting in Greenland. At this stage, the CFOs influence and presence is limited.TeamworkOnly if the
20、se talks succeed does the real work start. At Heineken a small unit, called the Business Development Department is responsible for managing the overall acquisition process. The Business Development manager begins by setting up a team in which the financial discipline (planning, treasury and fiscal a
21、ffairs) is represented and, in major acquisitions and risk acquisitions in developing countries, has an important role.The team also has a strong input from sales and marketing, and from the technical people. Because Heineken is brand-driven, in any acquisition the company considers the potential fo
22、r selling and producing Heineken in the home market of the takeover target. Many opportunities for acquisitions, especially in eastern Europe, are rejected because the company knows that it will not be able to establish production facilities within 5 or 10 years.For small, non-risky acquisitions (e.
23、g., the acquisition of European wholesale operations), the work is carried out locally according to head office guidelines. Final approval for the acquisition has to be given by the head office.The work involved in any acquisition and its allocation to internal or external resources depends so much
24、on the type of acquisition. In 1991, for example, when Heineken acquired 51 percent of Koma Romi, a brewing company in Hungary, Credit Suisse First Boston Group handled a large part of t he job. But in the acquisition of our U.S. distributor, Van Munching, which also took place in 1991, there was no
25、 intermediary merchant banker. In this case, the people involved had known each other for 40 years and within a month the chief executive officers of the two companies had reached an agreement.But I do recognize the need for a more structured approach to acquisitions. In general, there are a number
26、of different phases through which most acquisitions progress. The first phase is the initial discussion, the second is the research phase, the third is the formal takeover and contract phase, and the fourth is the post-acquisition process.Pre-Acquisition ResearchThe first phase has already been disc
27、ussed briefly. The second the research phase, has four steps. It must, first of all, determine whether or not he potential acquisition makes sense in the context of Heinekens current strategy. This is followed by a more detailed strategic evaluation by a team of people including one experienced oper
28、ations-oriented executive. The value and conditions of the acquisition are explored in the third step and , in the fourth step a proposal is completed and discussed in-depth with at least one member of the board.In the research phase, the CFO is contacted frequently and has an important role to play
29、. One of the CFOs first task is to be aware of excessive optimism: talk of synergies and amazing improvements in efficiency and sales that will result from the acquisition. The CFO must be a realist.Other tasks for the CFO include:providing insight into profitability assessments and valuation method
30、s;selecting local consultants (e.g., fiscal experts, banks, or auditors);helping select a consultant for a major acquisition; andwatching over legal obligations (e.g., stock exchange rules).It is crucial at the end of the research period that the company knows what it is acquiring. This may not be p
31、roblematic in Europe or in the United Stated, but in China or Vietnam it can be very difficult. In these difficult cases, it is imperative to call on financial and legal specialists and sometimes the auditors. The best thing is to use local know-how. In Hungary, for example, we used the local Credit
32、 Suisse First Boston. What should emerge is a comprehensive survey of the assets and the business to be acquired, including any commitments. This then becomes the reference for the financial settlement at the time of the actual transfer.Some examples of the types of information that can be determine
33、d during acquisition include future investments and commitments, cash flow analysis, asset valuation and the basis for that valuation, the future cost of a reorganization possible pollution claims, and so on. Once all these items are evaluated, adjustments can be made to the proposed acquisition pri
34、ce. While the acquisition is occurring, the companys treasurer will be considering the method of payment for the takeover and in conjunction with the fiscal expert, the future financing of the acquired company as well as a suitable plan to finalize the transaction. The CFO listens at this stage unti
35、l the final proposal is reach.Agreeing on a PriceAfter the proposal is discussed and approved by the board, negotiations start ( or continue). Often an acquisition price will have been mentioned in the first round of talks but this may vary from the valuation in the proposal. Usually Heineken calls
36、in external experts to determine as objectively as possible the value of the acquisition.To evaluate assets, Heineken uses replacement values. To check the financial results, it produces a balance sheet and profit and loss account using Heinekens accounting procedures. This exercise is essential and
37、, in many cases, will reveal conside. Arthur Andersen Leaders in the Hospitality Industry III. Hospitality Industry Services1. Hotel Chains, Franchises and Independent Hotels2. Gaming Industry3. Golf Industry4. ResortsIV. Representative ClientsV. Representative EngagementsVI. About the Real Estate S
38、ervices GroupVII. The Arthur Andersen Worldwide OrganizationVIII.Appendices - HOST Highlights, Hospitality Executive Report, appropriate reprintsI.ARTHUR ANDERSEN AND THE HOSPITALITY INDUSTRYFew industries are as competitive, as fast-paced or as susceptible to economic variables as the lodging indus
39、try. In order to survive and thrive today, hotel owners, lenders and operators must pay constant attention to the performance, productivity and profitability of their properties. Their need for objective, independent, informed advice has never been greater. The Arthur Andersen organization is one of
40、 the hospitality industrys largest providers of audit, operational consulting and financial advisory services in the world. Our worldwide team of professionals provide business advisory services to more than 150 hotel clients, including developers, owners, operators, lenders and investors. Arthur An
41、dersen provides a full range of business and financial advisory services to more major U.S. hotel chains than any other firm, currently serving as principal auditor to 9 out of the top 25 hotel companies and to 22 out of the top 100. We have a strong real estate and hospitality presence in all major
42、 European countries and have advised a number of European governments on privatization of their hotels. Our Japanese and Australian practices are particularly strong, and we are the dominant professional services firm serving real estate and hospitality clients in Latin America and the Caribbean. Ar
43、thur Andersen is recognized as the leader in professional services to the gaming industry, providing accounting, systems consulting and tax advisory services to approximately 30 percent of all U.S. gaming companies. We serve more publicly-traded casino gaming companies than any other public accounti
44、ng firm, as well as numerous privately-owned hotels and casinos. Size is just one indication of our firms capabilities. Our hospitality consultants have hands-on experience in the development, management and marketing of hotels. They understand the range of issues facing hospitality businesses today
45、 - from property development to computer systems to marketing. In addition, our staff and managers undergo a rigorous and comprehensive training program that is developed and conducted by our experienced, in-house hoteliers. As a firm, we do more than follow the hotel industry; we participate in the financial, operational and real estate decisions facing industry leaders around the world.The Arthur Andersen hospitality practice is an international network of experienced, creative problem solvers who can provide effective, innovative solutions to the challenges fa
