Hindustan Unilever Limited (HUL) is India’s largest Fast Moving Consumer Goods company with a heritage of over 80 years in India. On any given day, nine out of ten Indian households use our products to feel good, look good and get more out of life – giving us a unique opportunity to build a brighter future.
HUL works to create a better future every day and helps people feel good, look good and get more out of life with brands and services that are good for them and good for others.
With over 35 brands spanning 20 distinct categories such as soaps, detergents, shampoos, skin care, toothpastes, deodorants, cosmetics, tea, coffee, packaged foods, ice cream, and water purifiers, the Company is a part of the everyday life of millions of consumers across India. Its portfolio includes leading household brands such as Lux, Lifebuoy, Surf Excel, Rin, Wheel, Glow & Lovely, Pond’s, Vaseline, Lakmé, Dove, Clinic Plus, Sunsilk, Pepsodent, Closeup, Axe, Brooke Bond, Bru, Knorr, Kissan, Kwality Wall’s and Pureit.
The Company has about 21,000 employees and has sales of INR 38,273 crores (the financial year 2019-20). HUL is a subsidiary of Unilever, one of the world’s leading suppliers of Food, Home Care, Personal Care and Refreshment products with sales in over 190 countries and an annual sales turnover of €52 billion in 2019. Unilever has over 67% shareholding in HUL.
|Company Name||Hindustan Unilever Limited (HUL)|
|Post Name||Senior Executive FCCR Treasury|
|Experience||02 To 04 Years|
JOB DESCRIPTION :-
Unilever is a leading fast-moving consumer goods company, having its operations all over the globe and touching more than 2 billion lives a day.
Within Unilever, Enterprise & Technology Solutions (ETS) is a global team that brings together the synergy between services, technology, and information & analytics to improve effectiveness of employees, drive efficiency and generate sustainable growth.
The mission of the ETS organization is
- To provide excellent services globally which enable Unilever to win in the market by putting the business’ goals at the heart of what we do.
- Leveraging cost-effective, best practice, global solutions across Unilever to meet users’ needs
- Making continuous improvement in both cost and service an integral part of our way of working.
- Building a professional services organisation that enables our people to give their best
- Developing win-win relationships with selected providers to meet our current and future requirements
Within the service catalogue of ETS, Business & Finance Services organisation is responsible for the management and delivery of Finance Services globally, both through third-party outsourced providers and through in-sourced operations.
Key activities summary:
- Responsible for identification and measurement of foreign exchange exposure arising from AR/AP processes on entities balance sheet in multiple currencies.
- Engage with treasury dealers in Unilever Group treasury based out of Switzerland, to hedge FX exposures using vanilla FX derivatives such as FX forwards and swaps in accordance with hedging polices.
- Responsible on daily basis to track and ensure Balance sheet FX exposure appropriately hedged
- MIS on Hedging activities enabling senior management to make right decisions on the hedge book.
- Support in Treasury related activities for Financial Central Cost Recovery (FCCR) process across Unilever
- Subject matter expertise in Indirect accounting (both financial and management) accounting operations
- Establishing good network with Stakeholders in Group Controllers Department, country finance teams, tax team and master data team.
- Excellent service delivery.
Main purpose of role
Unilever is a global company where costs of an “international;” or “regional” nature are incurred by several countries across the globe. The beneficiaries of these costs are either all countries across Unilever, or a group of specific countries. While we have a process in place for Financial Central Cost Recovery (FCCR), there is scope for improvement. The main purpose of this role is to play a key part in designing and implementing one end to end process for accounting and reporting of FCCR costs for Enterprise and Technology Solutions (ETS). This new process should ensure that the right costs are accounted in the right place and at the same time ensure tax benefits for Unilever are protected.
- Ensure 100% overage of exposures on account of FCCR balances.
- Work with FCCR and Central Treasury team to hedge the invoice values 100% by taking the needful hedges.
- Effectively manage the hedges (Creation, Roll forward, Unwind etc)
- Monitor, action, and report on a daily basis the exposures.
- Manage the hedge costs on a monthly basis.
- Responsible for FX on FCCR line items and prepare MIS reporting the FX created in P&L.
FCCR and P&H Process
- Understand the FCCR process and policy guidelines
- Network well with other P&H and ComEx teams (E.g. Inter co team, P2P team)
- Work on continuous improvement projects and achieve efficiencies.
- Work closely with Central Treasury, FCCR Team, Group Controllers Dept, and Country treasury team, seek clarifications to ensure that policies and guidelines are met
- Co-ordinate with Country teams and Intercompany team
- Maintain relationship with the third-party services provider and ensure that all deliverables are met
- Work with IT team to ensure that tools function as required
- Effective management of hedges, exposures.
- Ensure minimum P&L gain/loss due to FCCR transactions.
- Preparation and reporting – FX performances for Global Performance Mgmt. team.
- Play a key role in new projects
- Support adhoc reporting requirements of Treasury, Tax team/other stakeholders
- Provide suggestions for continuous improvement.
- Improve service levels, quality, KPIs and targets.
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