Description
The strategies to manage risk typically include transferring the risk to another party, avoiding the risk, reducing the negative effect or probability of the risk, or even accepting some or all of the potential or actual consequences of a particular risk.
International conference
The 7th of December
Pre-conference master class
The 6th of December
Post-conference master class
The 8th of December
The 2nd Annual International Strategic Commodity Risk Management Conference
strategic commodity risk management
December 7th 2011 at Radisson Blu Falconer Hotel & Conference Center
The 2nd Annual International Strategic Commodity Risk Management Conference
The extreme volatility of commodity prices in recent years creates greater challenges than ever for procurement organisations trying to successfully manage cost and risk. Raw material category managers are currently facing one of the most volatile markets in history, while category managers of semi- or fully manufactured articles are experiencing sellers who forward price increases to the buyer almost instantly while maintaining high prices when the market is dropping. At the same time the insecurity about the direction of the global economy As a CPO, you must be able to answer the following questions: ?? How does the development of the global economy impact commodity markets? ?? How well is the commodity risk mitigation activities aligned with the risk management strategies of the company? ?? How well is the commodity risk management aspect integrated in your category management and sourcing processes? ?? What is your company’s exposure to commodity risk on each category? ?? What is your company’s net exposure to commodity risk at portfolio level? ?? How does leading companies go about commodity risk management? If your CEO or CFO has not yet asked you these types of questions, you can be quite sure that he or she will do so shortly – because risk management and particularly strategic commodity risk management is on top of the agenda at board level in most large companies. Risk is the mother of cost, and it is the amount and quality of the risk management efforts that determine the cost level for the years to come. If the proactive risk management efforts are insufficient, no kind of category management or sourcing activities can compensate when the prices has increased with e.g. 50-60% within a year’s time or less. Strategic commodity risk management therefore has to be integrated into your category management activities and processes in order to secure relative stability and predictability of company earnings.
strategic commodity risk management
In a broader perspective, if done successfully, it positions procurement as a real strategic value contributor at board level and ensures procurement a more significant role in the company. This year, DILF and Kairos Commodities invite you to the international “Strategic commodity risk management conference” in Copenhagen December 7th. In relation to the conference, you can attend two master classes: 6th of December Pre-master class 1: VaR ( Value at Risk) and market interaction strategies – Coherence and alignment in strategic commodity risk management 8th of December Post-conference master class 2: Commodity markets analysis Here you have a great opportunity to upgrade your skills and obtain knowledge about how your company can be in the lead within strategic commodity risk management. The conference and the master classes provide you with a unique opportunity to: ?? Get an overview of how other European companies are working with strategic commodity risk management ?? Benchmark with the most admired companies – are you a leader or a laggard? ?? Network with peers from leading European companies ?? Attend dialogues on the key issues and opportunities with peers and subject matter experts ?? Equip yourself and your organisation with leading edge concepts for strategic commodity risk management Welcome in Copenhagen!
Who should attend?
Professionals who are about to engage or are engaged in working with commodity risk management in an enterprise risk management or procurement context. The conference and master classes address professionals at both strategic and tactical/operational levels working with commodity risk at enterprise, category, and portfolio levels in the company.
programme strategic commodity risk management
Conference start-up and dinner – December 6th 2011
17.30 – 18.00 Registration – Drinks and networking 18.00 – 19.30 Global economic outlook
The development of the global economy sets the direction and levels for most commodity markets. Therefore, it is of paramount importance that you get the big picture in the overall economy. In this presentation, Tom Bundgaard will share his view on the development in the global economy. Additional, he will provide insights on the huge value that can be extracted from the PMI’s (Purchasing Managers Indexes) in a company context but also specifically in a procurement and commodity risk management context. by Tom Bundgaard, Chief Analyst, Kairos Commodities
19.30 Networking dinner
programme strategic commodity risk management
Conference programme – December 7th 2011
08.30 – 09.00 Registration 09.00 – 09.15 Chairman’s opening remarks
by Søren Vammen, CEO, Kairos Commodities/DILF
09.15 – 10.15 Insights and outlook on commodity prices 2011/2012
? ? ? Commodity outlook 2012 The role of the market fundamentals – the regression analysis The impact of speculation in commodity prices
by Tom Bundgaard, Chief Analyst, Kairos Commodities
10.15 – 11.15 Commodity risk management for competitive advantage
Hansa Borg Breweries is the biggest Norwegian owned brewery in Norway. The company has implemented commodity risk strategy on commodities with big impact on the company. The two most important raw materials and the handling of the risks will be reviewed. Along with the practical and methodical approach that the company are using. ? ? ? ? ? Company and industry background Overview of the project The Hansa Borg way of commodity risk management Commodity cases – key learnings Next step
by Roar Bjørkeli, Procurement Manager, Hansa Borg Breweries
11.15 – 11.45 Break
programme strategic commodity risk management
11.45 – 12.45 Commodity risk management as a strategic lever in the food industry
Findus Group is a leading European food manufacturer owned by private equity company Lion Capital. In 2007, after having implemented category management and sourcing process, the focus on commodity risk management was strengthened. The results have been remarkable and have re-positioned the procurement function as a real strategic lever of the company’s competitive edge. Focus has been on entering the supply market at the right moment and with the right contract type as well as linking commodity risk management on the supply side with strategic pricing on the sell side. ?? ?? ?? ?? ?? ?? Company background From little focus to full focus on commodity risk management Governance and procedures - how to integrate with other functions Assessing the market risk Market strategies Learnings and results so far
by Frank Thorsen, Group Purchasing Director, Findus Group
12.45 – 13.45 Lunch 13.45 – 14.45 Understanding cost drivers and implementing these into category management – a complex and time consuming task
After having implemented global category management and establish ed the FLSmidth sourcing process, FLSmidth has actively been working on identifying and understanding category cost drivers at a deeper level than previously. The process of creating detailed cost break down structures involving engineering, metallurgists, procurement specialists and suppliers has proved more complex and time consuming than expected. Now, the challenge is to integrate the knowledge gained about the commodity risks of cost and availability into the daily work of category management, along with using this information for risk mitigation and contract negotiation. ?? ?? ?? ?? ?? FLSmidth and industry background Deep dive into cost drivers – process and challenges Integrating cost driver insights to the category management work How to ensure the right knowledge and competencies Next step
by Christian Alsoe, Program Manager, Group Strategic Procurement, FLSmidth A/S
14.45 – 15.15 Break
programme strategic commodity risk management
15.15 – 16.15 How to use financial instruments in commodity risk management
Commodity markets are highly volatile, and to minimize or prevent adverse price movements more and more companies include financial commodity hedging as a part of the risk management strategy. Understanding financial instruments like futures, options and swaps, and how using those can reduce price risk can be a serious contribution to any company’s success. ?? Commodity risk management ?? Financial instruments and how they work ?? Hedging strategies by Bård Andersen, Nordea Markets
16.15 – 16.30 Chairman’s closing remarks
by Søren Vammen, CEO, Kairos Commodities/DILF
16.30 End of conference, refreshments and networking
pre-master class 1
December 6th 2011 at Radisson Blu Falconer Hotel & Conference Center
Pre-master class 1: VaR (Value at Risk) and market interaction strategies – Coherence and alignment in strategic commodity risk management
The aim of this master class is two-fold
1. To provide the participants with a practical overview of and insight in the concept of VaR – Value at Risk – and the significant value the concept can contribute with when applied in a procurement context in industrial companies. 2. To deliver an in-depth understanding of the need for strong alignment of the three building blocks of a market interaction strategy applied to a given category: 1. Category sourcing levers, 2. Supplier strategy, and 3. Risk strategy. The concept of market interaction strategy will be explored and hands-on tools shared.
Format
A combination of presentations, break-out sessions and exercises.
About the master class leaders
Søren Vammen is the CEO of DILF – Danish Purchasing & Logistics Forum and the CEO of Kairos Commodities. Søren Vammen has 20 years of experience within the field of supply management and has been deeply involved in developing the supply management practice among European companies for more than two decades. Søren is currently member of the board of directors of IFPSM and is president elect 2013216. Søren is an external examiner at the master program in Industrial Marketing & Purchasing and at the Executive MBA program in Business Strategy at Copenhagen Business School. Lasse Hvid-Jørgensen is senior manager, Business Risk Services, at Kairos Commodities. He is responsible for the newly launched Kairos Risk Engine (Value at Risk Engine) and project manager of the development of Kairos 2.0 – the new version of www.kairos commodities.com. Before this, Lasse was responsible for the Danish PMI and all surveys conducted by DILF & Kairos Commodities, including “European strategic commodity risk management survey 2010-2011”. Lasse Hvid Jørgensen is educated at Copenhagen Business School in Finance and Accounting.
programme pre-master class
Programme 08.30 – 09.00 Registration 09.00 Welcome and introduction to the master class 09.15 Why should risk be measured?
?? Introduction to risk management and measurement of risk ?? Discussion of current practice within European companies – Lessons from European survey and customer experience ?? The conflict between category management and risk management ?? What is VaR – Value at Risk? ?? How to calculate VaR ?? Advantages of VaR ?? Baselining the company risk at portfolio level ?? Simulation of contracting and hedging decisions ?? Reporting on risk ?? Limitations of VaR ?? ?? ?? ?? ?? ??
09.45 Introduction to VaR
11.00 Application of VaR to own procurement spend portfolio
Risk strategy – risk capacity vs. risk appetite Introduction to the Kairos Risk Management Engine Baselining your company’s net portfolio risk Simulation of different risk strategies and hedging activities on own portfolio Reporting on risk How to combine market intelligence and VaR in your source planning at portfolio level
12.45 Lunch
?? The building blocks of a successful market interaction strategy at category level: ?? Category sourcing levers – the classics of category management ?? Supplier strategies – supplier relationship management in essence ?? Risk strategies – what are the options? Risk profile of different risk strategies under different market conditions ?? How to align the three types of strategies into one market interaction strategy ?? How do your risk strategies support your strategic objectives with different supplier segments? The problem with cost plus contracts ?? Risk strategy at portfolio level ?? The problem with all-in strategies ?? Risk profile of different risk strategies under different market conditions ?? What is the answer then? How do we choose the right risk strategy under different circumstances – and how do we avoid the pitfalls?
13.30 Market interaction strategies
16.30 End of master class
post-master class 2
December 8th 2011 at Radisson Blu Falconer Hotel & Conference Center
Post-master class 2 – Commodity markets analysis
The aim of the master class
To give the participants an insight to leading edge commodity market analysis based on the proven Kairos Commodities methodology. The master class will provide an overview and hands-on experience of the different methodologies and the combination of these in order to gain a full understanding of the driving forces in different types of commodity markets.
About the master class leader
Tom Bundgaard is the chief analyst at Kairos Commodities, in charge of commodity price analysis and forecasting. His practical background is 13 years as purchasing manager, buying all kinds of commodities. His theoretical background is a progression of specialization: Academy Economist, a MSTA degree from Society of Technical Analysts in London and finally a Master of Financial Technical Analysis from the US.
programme post-master class 2
Programme
08.30 – 09.00 Registration
?? Commodity prices in a purchasing context ?? Short introduction to commodity risk management ?? ?? ?? ?? ??
09.00 – 09.45 Introduction to commodity market analysis
09.45 – 12.30 Models of commodity market analysis
Business cycle – the macro economy effect on commodities Technical analysis – the timing tool Fundamental analysis – the understanding of the market Financial speculation and the effect on commodity prices Combination of the methodologies
12.30 – 13.15 Lunch 13.15 – 14.00 A view on different commodities 14.00 – 14.45 Exercise
A run-down of how the models work with all types of commodities Participants applying the methodologies to a specific commodity
?? Hedging vs. speculation ?? Types of hedging ?? Applying hedging in a purchasing context
14.45 – 15.45 Hedging – Strategy and tools
15.15 – 16.00 Wrapping up the day 16.00 End of master class
practical information
Venue and accommodation
Conference Wednesday December 7th 2011 Pre-conference master class Tuesday December 6th 2011 Post-conference master class Thursday December 8th 2011 Radisson Blu Falconer Hotel & Conference Center Falkoner Allé 9 DK-2000 Frederiksberg Telephone: +45 3815 8020 Accomodation is not included in nor the conference or master class fee. Should you require accomodation whilst attendding the conference or master classes please contact the hotel directly.
Conference fee
EUR 750,- (DKK 5.590,-) Member of DILF/Kairos subscriber/AERCE/BME EUR 680,- (DKK 5.070,-) Per extra participant from same company (member of DILF/Kairos subscriber/AERCE/BME) EUR 950,- (DKK 7.080,-) Not member of DILF/not Kairos subscriber/AERCE/BME EUR 880,- (DKK 6.560,-) Per extra participant from same company (not member of DILF/not Kairos subscriber/AERCE/BME)
Master class fee:
EUR 600,- (DKK 4.475,-) Member of DILF/Kairos subscriber/AERCE/BME EUR 533,- (DKK 3.975,-) Per extra participant from same company (member of DILF/Kairos subscriber/AERCE/BME) EUR 801,- (DKK 5.975,-) Not member of DILF/not Kairos subscriber/AERCE/BME EUR 734,- (DKK 5.475,-) Per extra participant from same company (not member of DILF/not Kairos participant/AERCE/BME) The fee is inclusive of programme materials and refreshments as stated in the programme. Full payment is required within eight days from receipt of invoice. Payment must be received prior to the conference/master class. A receipt will be issued on payment. VAT will be charged at 25% according to Danish regulation. Partial refunding can be applied for under certain ciecumstances. Applications are handled by the Danish customs. For further information please se www.skat.dk
Registration
? ? Register at www.dilf.dk/tilmelding E-mail to [email protected] (please include all contact details)
Cancellation and substitution
For cancellations received in writing no later than 30 days before the event the fee with a deduction of 10% for administration charges can be refunded. A 50% cancellation fee will be charged for cancellations received in writing no later than 14 days before the event. Cancelations received in writing later than 14 days before the event will not be refunded. Substitution is allowed at no extra charge. Please inform DILF of any substitutions.
Terms and conditions
The fee is inclusive of programme materials and refreshments as stated in the programme. Full payment is required within eight days from receipt of invoice. Payment must be received prior to the conference/master class. A receipt will be issued on payment. DILF reserves the right to change or omit event features, dates and venue. In case of changes DILF is not responsible for covering airfare, hotel or other costs incurred by delegates. In case of cancellation the paid fees are refunded, but above mentioned costs are not.
doc_478012284.pdf
The strategies to manage risk typically include transferring the risk to another party, avoiding the risk, reducing the negative effect or probability of the risk, or even accepting some or all of the potential or actual consequences of a particular risk.
International conference
The 7th of December
Pre-conference master class
The 6th of December
Post-conference master class
The 8th of December
The 2nd Annual International Strategic Commodity Risk Management Conference
strategic commodity risk management
December 7th 2011 at Radisson Blu Falconer Hotel & Conference Center
The 2nd Annual International Strategic Commodity Risk Management Conference
The extreme volatility of commodity prices in recent years creates greater challenges than ever for procurement organisations trying to successfully manage cost and risk. Raw material category managers are currently facing one of the most volatile markets in history, while category managers of semi- or fully manufactured articles are experiencing sellers who forward price increases to the buyer almost instantly while maintaining high prices when the market is dropping. At the same time the insecurity about the direction of the global economy As a CPO, you must be able to answer the following questions: ?? How does the development of the global economy impact commodity markets? ?? How well is the commodity risk mitigation activities aligned with the risk management strategies of the company? ?? How well is the commodity risk management aspect integrated in your category management and sourcing processes? ?? What is your company’s exposure to commodity risk on each category? ?? What is your company’s net exposure to commodity risk at portfolio level? ?? How does leading companies go about commodity risk management? If your CEO or CFO has not yet asked you these types of questions, you can be quite sure that he or she will do so shortly – because risk management and particularly strategic commodity risk management is on top of the agenda at board level in most large companies. Risk is the mother of cost, and it is the amount and quality of the risk management efforts that determine the cost level for the years to come. If the proactive risk management efforts are insufficient, no kind of category management or sourcing activities can compensate when the prices has increased with e.g. 50-60% within a year’s time or less. Strategic commodity risk management therefore has to be integrated into your category management activities and processes in order to secure relative stability and predictability of company earnings.
strategic commodity risk management
In a broader perspective, if done successfully, it positions procurement as a real strategic value contributor at board level and ensures procurement a more significant role in the company. This year, DILF and Kairos Commodities invite you to the international “Strategic commodity risk management conference” in Copenhagen December 7th. In relation to the conference, you can attend two master classes: 6th of December Pre-master class 1: VaR ( Value at Risk) and market interaction strategies – Coherence and alignment in strategic commodity risk management 8th of December Post-conference master class 2: Commodity markets analysis Here you have a great opportunity to upgrade your skills and obtain knowledge about how your company can be in the lead within strategic commodity risk management. The conference and the master classes provide you with a unique opportunity to: ?? Get an overview of how other European companies are working with strategic commodity risk management ?? Benchmark with the most admired companies – are you a leader or a laggard? ?? Network with peers from leading European companies ?? Attend dialogues on the key issues and opportunities with peers and subject matter experts ?? Equip yourself and your organisation with leading edge concepts for strategic commodity risk management Welcome in Copenhagen!
Who should attend?
Professionals who are about to engage or are engaged in working with commodity risk management in an enterprise risk management or procurement context. The conference and master classes address professionals at both strategic and tactical/operational levels working with commodity risk at enterprise, category, and portfolio levels in the company.
programme strategic commodity risk management
Conference start-up and dinner – December 6th 2011
17.30 – 18.00 Registration – Drinks and networking 18.00 – 19.30 Global economic outlook
The development of the global economy sets the direction and levels for most commodity markets. Therefore, it is of paramount importance that you get the big picture in the overall economy. In this presentation, Tom Bundgaard will share his view on the development in the global economy. Additional, he will provide insights on the huge value that can be extracted from the PMI’s (Purchasing Managers Indexes) in a company context but also specifically in a procurement and commodity risk management context. by Tom Bundgaard, Chief Analyst, Kairos Commodities
19.30 Networking dinner
programme strategic commodity risk management
Conference programme – December 7th 2011
08.30 – 09.00 Registration 09.00 – 09.15 Chairman’s opening remarks
by Søren Vammen, CEO, Kairos Commodities/DILF
09.15 – 10.15 Insights and outlook on commodity prices 2011/2012
? ? ? Commodity outlook 2012 The role of the market fundamentals – the regression analysis The impact of speculation in commodity prices
by Tom Bundgaard, Chief Analyst, Kairos Commodities
10.15 – 11.15 Commodity risk management for competitive advantage
Hansa Borg Breweries is the biggest Norwegian owned brewery in Norway. The company has implemented commodity risk strategy on commodities with big impact on the company. The two most important raw materials and the handling of the risks will be reviewed. Along with the practical and methodical approach that the company are using. ? ? ? ? ? Company and industry background Overview of the project The Hansa Borg way of commodity risk management Commodity cases – key learnings Next step
by Roar Bjørkeli, Procurement Manager, Hansa Borg Breweries
11.15 – 11.45 Break
programme strategic commodity risk management
11.45 – 12.45 Commodity risk management as a strategic lever in the food industry
Findus Group is a leading European food manufacturer owned by private equity company Lion Capital. In 2007, after having implemented category management and sourcing process, the focus on commodity risk management was strengthened. The results have been remarkable and have re-positioned the procurement function as a real strategic lever of the company’s competitive edge. Focus has been on entering the supply market at the right moment and with the right contract type as well as linking commodity risk management on the supply side with strategic pricing on the sell side. ?? ?? ?? ?? ?? ?? Company background From little focus to full focus on commodity risk management Governance and procedures - how to integrate with other functions Assessing the market risk Market strategies Learnings and results so far
by Frank Thorsen, Group Purchasing Director, Findus Group
12.45 – 13.45 Lunch 13.45 – 14.45 Understanding cost drivers and implementing these into category management – a complex and time consuming task
After having implemented global category management and establish ed the FLSmidth sourcing process, FLSmidth has actively been working on identifying and understanding category cost drivers at a deeper level than previously. The process of creating detailed cost break down structures involving engineering, metallurgists, procurement specialists and suppliers has proved more complex and time consuming than expected. Now, the challenge is to integrate the knowledge gained about the commodity risks of cost and availability into the daily work of category management, along with using this information for risk mitigation and contract negotiation. ?? ?? ?? ?? ?? FLSmidth and industry background Deep dive into cost drivers – process and challenges Integrating cost driver insights to the category management work How to ensure the right knowledge and competencies Next step
by Christian Alsoe, Program Manager, Group Strategic Procurement, FLSmidth A/S
14.45 – 15.15 Break
programme strategic commodity risk management
15.15 – 16.15 How to use financial instruments in commodity risk management
Commodity markets are highly volatile, and to minimize or prevent adverse price movements more and more companies include financial commodity hedging as a part of the risk management strategy. Understanding financial instruments like futures, options and swaps, and how using those can reduce price risk can be a serious contribution to any company’s success. ?? Commodity risk management ?? Financial instruments and how they work ?? Hedging strategies by Bård Andersen, Nordea Markets
16.15 – 16.30 Chairman’s closing remarks
by Søren Vammen, CEO, Kairos Commodities/DILF
16.30 End of conference, refreshments and networking
pre-master class 1
December 6th 2011 at Radisson Blu Falconer Hotel & Conference Center
Pre-master class 1: VaR (Value at Risk) and market interaction strategies – Coherence and alignment in strategic commodity risk management
The aim of this master class is two-fold
1. To provide the participants with a practical overview of and insight in the concept of VaR – Value at Risk – and the significant value the concept can contribute with when applied in a procurement context in industrial companies. 2. To deliver an in-depth understanding of the need for strong alignment of the three building blocks of a market interaction strategy applied to a given category: 1. Category sourcing levers, 2. Supplier strategy, and 3. Risk strategy. The concept of market interaction strategy will be explored and hands-on tools shared.
Format
A combination of presentations, break-out sessions and exercises.
About the master class leaders
Søren Vammen is the CEO of DILF – Danish Purchasing & Logistics Forum and the CEO of Kairos Commodities. Søren Vammen has 20 years of experience within the field of supply management and has been deeply involved in developing the supply management practice among European companies for more than two decades. Søren is currently member of the board of directors of IFPSM and is president elect 2013216. Søren is an external examiner at the master program in Industrial Marketing & Purchasing and at the Executive MBA program in Business Strategy at Copenhagen Business School. Lasse Hvid-Jørgensen is senior manager, Business Risk Services, at Kairos Commodities. He is responsible for the newly launched Kairos Risk Engine (Value at Risk Engine) and project manager of the development of Kairos 2.0 – the new version of www.kairos commodities.com. Before this, Lasse was responsible for the Danish PMI and all surveys conducted by DILF & Kairos Commodities, including “European strategic commodity risk management survey 2010-2011”. Lasse Hvid Jørgensen is educated at Copenhagen Business School in Finance and Accounting.
programme pre-master class
Programme 08.30 – 09.00 Registration 09.00 Welcome and introduction to the master class 09.15 Why should risk be measured?
?? Introduction to risk management and measurement of risk ?? Discussion of current practice within European companies – Lessons from European survey and customer experience ?? The conflict between category management and risk management ?? What is VaR – Value at Risk? ?? How to calculate VaR ?? Advantages of VaR ?? Baselining the company risk at portfolio level ?? Simulation of contracting and hedging decisions ?? Reporting on risk ?? Limitations of VaR ?? ?? ?? ?? ?? ??
09.45 Introduction to VaR
11.00 Application of VaR to own procurement spend portfolio
Risk strategy – risk capacity vs. risk appetite Introduction to the Kairos Risk Management Engine Baselining your company’s net portfolio risk Simulation of different risk strategies and hedging activities on own portfolio Reporting on risk How to combine market intelligence and VaR in your source planning at portfolio level
12.45 Lunch
?? The building blocks of a successful market interaction strategy at category level: ?? Category sourcing levers – the classics of category management ?? Supplier strategies – supplier relationship management in essence ?? Risk strategies – what are the options? Risk profile of different risk strategies under different market conditions ?? How to align the three types of strategies into one market interaction strategy ?? How do your risk strategies support your strategic objectives with different supplier segments? The problem with cost plus contracts ?? Risk strategy at portfolio level ?? The problem with all-in strategies ?? Risk profile of different risk strategies under different market conditions ?? What is the answer then? How do we choose the right risk strategy under different circumstances – and how do we avoid the pitfalls?
13.30 Market interaction strategies
16.30 End of master class
post-master class 2
December 8th 2011 at Radisson Blu Falconer Hotel & Conference Center
Post-master class 2 – Commodity markets analysis
The aim of the master class
To give the participants an insight to leading edge commodity market analysis based on the proven Kairos Commodities methodology. The master class will provide an overview and hands-on experience of the different methodologies and the combination of these in order to gain a full understanding of the driving forces in different types of commodity markets.
About the master class leader
Tom Bundgaard is the chief analyst at Kairos Commodities, in charge of commodity price analysis and forecasting. His practical background is 13 years as purchasing manager, buying all kinds of commodities. His theoretical background is a progression of specialization: Academy Economist, a MSTA degree from Society of Technical Analysts in London and finally a Master of Financial Technical Analysis from the US.
programme post-master class 2
Programme
08.30 – 09.00 Registration
?? Commodity prices in a purchasing context ?? Short introduction to commodity risk management ?? ?? ?? ?? ??
09.00 – 09.45 Introduction to commodity market analysis
09.45 – 12.30 Models of commodity market analysis
Business cycle – the macro economy effect on commodities Technical analysis – the timing tool Fundamental analysis – the understanding of the market Financial speculation and the effect on commodity prices Combination of the methodologies
12.30 – 13.15 Lunch 13.15 – 14.00 A view on different commodities 14.00 – 14.45 Exercise
A run-down of how the models work with all types of commodities Participants applying the methodologies to a specific commodity
?? Hedging vs. speculation ?? Types of hedging ?? Applying hedging in a purchasing context
14.45 – 15.45 Hedging – Strategy and tools
15.15 – 16.00 Wrapping up the day 16.00 End of master class
practical information
Venue and accommodation
Conference Wednesday December 7th 2011 Pre-conference master class Tuesday December 6th 2011 Post-conference master class Thursday December 8th 2011 Radisson Blu Falconer Hotel & Conference Center Falkoner Allé 9 DK-2000 Frederiksberg Telephone: +45 3815 8020 Accomodation is not included in nor the conference or master class fee. Should you require accomodation whilst attendding the conference or master classes please contact the hotel directly.
Conference fee
EUR 750,- (DKK 5.590,-) Member of DILF/Kairos subscriber/AERCE/BME EUR 680,- (DKK 5.070,-) Per extra participant from same company (member of DILF/Kairos subscriber/AERCE/BME) EUR 950,- (DKK 7.080,-) Not member of DILF/not Kairos subscriber/AERCE/BME EUR 880,- (DKK 6.560,-) Per extra participant from same company (not member of DILF/not Kairos subscriber/AERCE/BME)
Master class fee:
EUR 600,- (DKK 4.475,-) Member of DILF/Kairos subscriber/AERCE/BME EUR 533,- (DKK 3.975,-) Per extra participant from same company (member of DILF/Kairos subscriber/AERCE/BME) EUR 801,- (DKK 5.975,-) Not member of DILF/not Kairos subscriber/AERCE/BME EUR 734,- (DKK 5.475,-) Per extra participant from same company (not member of DILF/not Kairos participant/AERCE/BME) The fee is inclusive of programme materials and refreshments as stated in the programme. Full payment is required within eight days from receipt of invoice. Payment must be received prior to the conference/master class. A receipt will be issued on payment. VAT will be charged at 25% according to Danish regulation. Partial refunding can be applied for under certain ciecumstances. Applications are handled by the Danish customs. For further information please se www.skat.dk
Registration
? ? Register at www.dilf.dk/tilmelding E-mail to [email protected] (please include all contact details)
Cancellation and substitution
For cancellations received in writing no later than 30 days before the event the fee with a deduction of 10% for administration charges can be refunded. A 50% cancellation fee will be charged for cancellations received in writing no later than 14 days before the event. Cancelations received in writing later than 14 days before the event will not be refunded. Substitution is allowed at no extra charge. Please inform DILF of any substitutions.
Terms and conditions
The fee is inclusive of programme materials and refreshments as stated in the programme. Full payment is required within eight days from receipt of invoice. Payment must be received prior to the conference/master class. A receipt will be issued on payment. DILF reserves the right to change or omit event features, dates and venue. In case of changes DILF is not responsible for covering airfare, hotel or other costs incurred by delegates. In case of cancellation the paid fees are refunded, but above mentioned costs are not.
doc_478012284.pdf