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CASH – A SCARCE RESOURCE &
ALTERNATIVE SOURCES?

Rod Holdsworth
CFO, OCS Group Limited
CASH – A SCARCE RESOURCE &
ALTERNATIVE SOURCES?

• A Scarce Resource

• Alternative Sources
• How have OCS responded
Bank lending

1400

Western European Loans Issuance: 1997 - 2013

1400

1200

1000

1000

800

800

600

600

400

400

200

200

0

0

Total Loans Volume (LH scale)

No. of Issues (RH scale)

Source: EY New Issue Review; Bloomberg

No. of issues

Amount ($bn)

1200
Cost of Bank borrowing
Pricing (Libor+bps)

250

European Investment Grade Loan Pricing (multi-year)

200
150
100
50
0

A

BBB

Source: EY New Issue Review; Bloomberg
1,200

Euro Capital Markets Pricing Indices

Issuance Spread to Benchmark (bps)

1,000
800
600
400
200
0
Mar 05

Sep 05

Mar 06

Sep 06

Mar 07

Sep 07

Mar 08

iTraxx EUR 5yr Investment Grade

Sep 08

Mar 09

Sep 09

Mar 10

Sep 10

iTraxx EUR 5yr High-Yield

Source: EY New Issue Review; Datastream

Mar 11

Sep 11

Mar 12

iTraxx EUR 5yr Mid-Cap

Sep 12

Mar 13

Sep 13
Bank lending – what's changed
•
•
•
•
•
•
•
•

Bank lending volumes have nearly halved since 2007
Banks much more choosy
Ability to repay capital and not just ‘service the debt’
Charges/Fees have increased
The extra ‘wallet’…
Asset based lending vs. cashflow lending
‘Relationship management’ tested and failed
Future for bank lending?
Funding alternatives
• Private Placements

• Bonds – Public, Retail, Convertible bonds
• Suppliers
• Customers
Company response
•
•
•
•
•
•

Reduced investment (capex, acquisitions)
Asset finance (fixed assets and stock/debtors)
Operating leases
Increase cash ‘reserves’
Disposal of non-core operations
Cost control, low/no pay rises, reduced overtime and increased parttimers
• Stretching creditors
• Ensure contract pricing reflects the cost of any extended credit terms
• Focus on credit control and cash collection – debtor days
The Future
•
•
•
•
•

UK base rates set to stay low – 2015-2016
But long term rates expected to increase
QE unwind
Be prepared for next global financial ‘shock’
Keep funding options open - Diversify funding
- And….. reduce debt dependency
Workshop Discussion -20mins
• How has your company responded to the
changes in the global banking market?
• What alternative sources of funding have you
considered?
• What has your company done to preserve or
maximise cash
Workshop Close

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Rod Holdsworth, Group Finance Director at OCS Group - Cash – A scarce resource - Alternative funding options

  • 1. CASH – A SCARCE RESOURCE & ALTERNATIVE SOURCES? Rod Holdsworth CFO, OCS Group Limited
  • 2. CASH – A SCARCE RESOURCE & ALTERNATIVE SOURCES? • A Scarce Resource • Alternative Sources • How have OCS responded
  • 3. Bank lending 1400 Western European Loans Issuance: 1997 - 2013 1400 1200 1000 1000 800 800 600 600 400 400 200 200 0 0 Total Loans Volume (LH scale) No. of Issues (RH scale) Source: EY New Issue Review; Bloomberg No. of issues Amount ($bn) 1200
  • 4. Cost of Bank borrowing Pricing (Libor+bps) 250 European Investment Grade Loan Pricing (multi-year) 200 150 100 50 0 A BBB Source: EY New Issue Review; Bloomberg
  • 5. 1,200 Euro Capital Markets Pricing Indices Issuance Spread to Benchmark (bps) 1,000 800 600 400 200 0 Mar 05 Sep 05 Mar 06 Sep 06 Mar 07 Sep 07 Mar 08 iTraxx EUR 5yr Investment Grade Sep 08 Mar 09 Sep 09 Mar 10 Sep 10 iTraxx EUR 5yr High-Yield Source: EY New Issue Review; Datastream Mar 11 Sep 11 Mar 12 iTraxx EUR 5yr Mid-Cap Sep 12 Mar 13 Sep 13
  • 6. Bank lending – what's changed • • • • • • • • Bank lending volumes have nearly halved since 2007 Banks much more choosy Ability to repay capital and not just ‘service the debt’ Charges/Fees have increased The extra ‘wallet’… Asset based lending vs. cashflow lending ‘Relationship management’ tested and failed Future for bank lending?
  • 7. Funding alternatives • Private Placements • Bonds – Public, Retail, Convertible bonds • Suppliers • Customers
  • 8. Company response • • • • • • Reduced investment (capex, acquisitions) Asset finance (fixed assets and stock/debtors) Operating leases Increase cash ‘reserves’ Disposal of non-core operations Cost control, low/no pay rises, reduced overtime and increased parttimers • Stretching creditors • Ensure contract pricing reflects the cost of any extended credit terms • Focus on credit control and cash collection – debtor days
  • 9. The Future • • • • • UK base rates set to stay low – 2015-2016 But long term rates expected to increase QE unwind Be prepared for next global financial ‘shock’ Keep funding options open - Diversify funding - And….. reduce debt dependency
  • 10. Workshop Discussion -20mins • How has your company responded to the changes in the global banking market? • What alternative sources of funding have you considered? • What has your company done to preserve or maximise cash