Le magazine du trésorier - n°66 - 2ème trimestre 2009 - (Page 6)

Interview with… Thierry Cairus, Global Treasury Operations, Director Japan Tobacco International Could you present us briefly your company? Japan Tobacco International is the international tobacco division of Japan Tobacco Inc., the third largest global tobacco company, with a global market share of 11% and market capitalization of approximately $32bn as of end of December 2008. We are headquartered in Geneva, Switzerland. Our Executive Committee consists of 16 members of 11 nationalities. We are a truly international and multicultural business, employing 23,000 people around the world. Our eight Global Flagship Brands constitute the core of JTI’s brand portfolio, which includes three of the top five worldwide cigarette brands: Winston – the no. 2 brand worldwide, Mild Seven – the top-selling charcoal filter cigarette, and Camel – the original American blend cigarette, dating back to 1913. How is organized the Treasury department? Group Treasury, of Japan Tobacco International, is lead by the Assistant Group Treasurer who is based in Geneva and reports to the Group Treasurer based in Tokyo. Our department is split into 3 functions: Treasury Planning and Analysis also acting as middle office Regional Treasury Management, which we often refer to as our “diplomats” and who work in very close relationship with the local entities Global Treasury Operations is split itself in 3 teams: in-house bank, cash Management & treasury Systems and Financial Risk Management G G G INTERVIEW Treasury division covers all four businesses and therefore the Group Treasurer is based in Tokyo reporting to the Chief Financial Officer of JT Inc. Do you have Treasury procedures? Could you describe the main principles? Our treasury activities are governed by policies and procedures (P&Ps). The main concepts of these P&Ps is that all treasury activities are centralized in Geneva to the extent possible with as little local operations as achievable and conservative when it comes to risks in order to focus on our core business. Since all our processes, and not only treasury, are mapped from a system and procedure standpoint we were able to implement an online approval request tool which enables us to improve clarity and corporate governance. Have you set up a cash pooling (or euro-cross border)? We have a multi-currency ZBA (zero balance agreement) structure in place.The main currencies of our global cash pool are GBP, USD and EUR but we also pool in CHF, SGD and other currencies. The back-office function is located in our shared service centers in Manchester, St-Petersburg and Kuala Lumpur. We are a centralized treasury with all members based in Geneva and Tokyo. All treasury operations are done in Geneva provided that local regulations allow it. Is there a real dedicated treasurer? Japan Tobacco Inc.’s business is divided into four core businesses: food, pharmaceutical, domestic tobacco and international tobacco. 6

Table des matières de la publication Le magazine du trésorier - n°66 - 2ème trimestre 2009

COUVERTURE
SOMMAIRE
EDITORIAL
FINANCIAL HIGHLIGHTS
INTERVIEW
FOCUS
FORUM OF ADVERTISERS
TREASURERS’ ASSOCIATIONS
NEWS

Le magazine du trésorier - n°66 - 2ème trimestre 2009