Kongsberg’s treasury remake paid off in the crisis
Going from no overview to full view of the daily cash situation across the corporation – this was one core benefit as the treasury of Norway’s Kongsberg Automotive went through a project of centralisation, standardisation and optimisation. In Thursday’s Treasury 360° Oslo, group treasurer Abraham Geldenhuys shared his story.
The list was long as Abraham Geldenhuys ran through the impactful changes resulting from his group’s recent treasury makeover. Better cash tracking was one – or as Abraham Geldenhuys expresses it: “hitting the desk in the morning with a full overview of all your cash”. This came to prove vital very soon, as the covid-19 crisis hit this spring.
In another change to reduce headache, transfer pricing of financial transactions has been standardised – using a cloud-based transfer pricing solution from one of the big suppliers of such.
Netting cash and currency positions helped reduce payments and foreign exchange transactions. Higher quality of the cashflow forecasts from the business units was forced in a tough way: deviations could be punished by treasury withholding the release of non-planned payments.
Find the conference information here, and feel encouraged to connect with Treasury 360° on LinkedIn here.