Turnover is Vanity, Profit is Sanity & Cash Flow is Reality

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1 Turnover is Vanity, Profit is Sanity & Cash Flow is Reality MIA - MACM Joint Event Thursday 17 May Grand Hotel Excelsior, Floriana - Malta

2 Turnover is Vanity, Profit is Sanity & Cash Flow is Reality Thursday 17 May 2012 ( ) followed by a Networking Drinks Reception Grand Hotel Excelsior, Floriana Given the current market conditions, most businesses are finding it harder to make a profit and manage their cash flow. It is of utmost importance more than ever before to fully understand the definitions and relationship between turnover, profit and cash flow. This will enable you to prevent cash flow problems and develop knowledge how these can be tackled if they arise. It s not a question how much to sell or how much profit you make. It s how much cash you have available to you. Earnings are good, and profits are great but if you don t have sufficient cash flow, your business could still fail. There is an endless list of successful and profitable businesses which ended up bankrupt. Cash flow is the life blood of the organisation. The Malta Institute of Accountants (MIA) and the Malta Association of Credit Management (MACM) have teamed up together to organise a seminar to address critical matters related to the protection of cash flow. This seminar qualifies for 3 hours of structured CPE (Professional Development Competency). This seminar will be sub-divided into two parts. The first part will cover the revised EU Directive related to Late Payment in Commercial Transactions (2011/7/EU) and which should be transposed into Maltese Law by not later than March 2013 and will give you a detailed explanation on how to use the local judicial system to recoup dues from debtors. The second part will be more of an interactive session with the use of audio visuals followed by a two-way panel discussion between the proficient panel members and the delegates. The aim of this session is to create a discussion on good credit management strategies and practices that may assist firms to maintain a sound cash flow. This seminar will be of interest to business owners and directors, accountants and auditors and financial and credit practitioners. Seminar Fees MIA & MACM Member Delegates MIA & MACM Students Non-MIA & MACM Members The fee covers: 3 hours of Structured CPE, seminar literature, refreshments, free parking on a first come first served basis. Cancellation & Non-Refund Policy Cancellations taking place within 48 hours prior to the event, will incur a cancellation fee of 50%. Refunds in case of no-shows will not be entertained. Booking Information MIA members and students are requested to place their reservation through the dedicated webpage in the MIA website: MACM members and students & Non-MIA & MACM members are requested to place their reservation by completing the registration form and mail it along with payment as indicated in the form itself. Booking can be made by not later than Tuesday 15 May Contact Details for Further Information Ms. Sarah Bonello The Malta Institute of Accountants, Level 1, Tower Business Centre, Tower Street, Swatar Tel: , Fax: , info@miamalta.org, Website: Mr. Josef Busuttil Malta Association of Credit Management, 86/2, Triq Ta Mellu, Mosta Tel: /9, Fax: , info@macm.org.mt, Website:

3 The Programme MIA - MACM Joint Event Thursday 17 May 2012 ( ) Grand Hotel Excelsior, Floriana Registration MACM President s Address MIA President s Address Dr Louis Bianchi Anthony Doublet Opening Speech Hon. Dr Chris Said Recent Developments in the EU Late Payment Directive (2011/7/EU) Dr Reuben Balzan The Legal Stages for Debt Collection Dr Daphne Dodebier Q&A Session Coffee Break Audio Visual Presentation Keynote Speech Franco Azzopardi Panel Discussion Moderator: Franco Azzopardi Panel Members: Pierre Cordina, Kenneth J. Frendo, Victor Rizzo Giusti, Annette Vella, Charles Xuereb Networking Drinks Reception Wines & Cheeses The Malta Institute of Accountants Level 1, Tower Business Centre, Tower Street, Swatar Tel: (356) Fax: (356) info@miamalta.org Website: Malta Association of Credit Management 86/2 Triq Ta Mellu, Mosta MST 3785, Malta Tel : (356) , Fax : (356) info@macm.org.m Website:

4 Speakers Profiles Dr Louis Bianchi Dr Louis Bianchi graduated in BA General from the University of Malta in 1969 and later continued his studies and graduated in Doctors of Law in In 1984, he attended Salzburg Seminar Session 232. Dr Bianchi has a wealth of experience in the credit management function and the local judicial system as he has been working in the Credit Control Department of Gasan Automotive division both as its legal advisor and manager since Dr Bianchi is the President of the Malta Association of Credit Management. Anthony Doublet Anthony Doublet is the newly elected President of the Malta Institute of Accountants. Anthony s term as President will come to an end in He is a long standing elected Council member of the Institute, serving since During this time, Anthony has also been active on a number of the Institute s committees and for a number of years represented the Institute on Council of the Malta Federation of Professional Associations. Anthony was made partner of the Malta representative firm of Arthur Anderson in In 2002 the firm merged with Ernst & Young. Anthony is Ernst & Young Malta s National Professional Practice Director. Hon Dr Chris Said Dr Chris Said was born in Nadur, Gozo in He graduated from the University of Malta as Notary Public and Doctor of Laws and practiced law until he was appointed Parliamentary Secretary in He was President of the Students Council during his sixth form years, President of MZPN (the Nationalist Party s youth movement) in Gozo for almost a decade and was also involved in various other organisations. Amongst others, he headed the Gozo Football Association for almost ten years. Chris Said was elected for the first time on the Nadur Local Council in He served as Mayor of his hometown from 1999 to During his mayorship, Nadur was the first Maltese town to be awarded the European Destination of Excellence Award (EDEN). He was elected to Parliament for the first time in 2008 and was appointed Parliamentary Secretary for Public Dialogue and Information within the Office of the Prime Minister. He spearheaded the reform of Local Government in Malta, re-constituted MEUSAC (the Malta-EU Steering Action Committee), and managed to place dialogue on government s agenda. Barely two years into the legislature, Prime Minister Lawrence Gonzi entrusted Chris Said with more responsibilities, including Consumer Affairs, Competition and Industrial Relations. Chris Said successfully managed to ensure reductions in the prices of medicine and has drafted and introduced in Parliament a new bill setting up the Malta Competition and Consumer Affairs Authority. On 6 January 2012, Chris Said was appointed Minister for Justice, Dialogue and the Family. He is married to Linda nee` Attard and they have three children, Anastasia, Andrea and Benjamin. Dr Reuben Balzan Dr Reuben Balzan received his education at St Aloysius College and graduated in law from the University of Malta in He was admitted to the Bar in 1994 and has been a member of the Bar ever since. In 1998 he was elected to the Board of the Chamber of Advocates and was appointed President in He is also the head of the Maltese delegation at the Council of Bars and Law Societies of Europe (CCBE). He has served as a Board member of the Malta Communications Authority, the national regulator responsible for electronic communications, electronic commerce and the postal sector, between 2001 and Between 2009 and 2011 he has served as Chairman of the Malta Resources Authority which is the national regulator for energy, water and resources and is also responsible for oil exploration and climate change. Reuben has been in private practice since 1994 and is Managing Partner of the law firm FZD Advocates. He practises mainly in commercial and corporate law, financial services, debt recovery, data protection and consumer affairs. Dr Daphne Dodebier Dr Daphne Dodebier read law at the University of Malta and was admitted to the Bar in 2004 obtaining a warrant to practice law and make representations in the Maltese Courts. Daphne is currently in full time employment with HSBC Bank Malta p.l.c with the job title of Senior Litigation Lawyer specialising in commercial and civil litigation and dispute resolution. Her role focuses on foreclosures, liquidation of debts, security and judicial sales by auction as well as general legal advise on procedural law in civil and commercial matters and contract drafting. Prior to joining HSBC in 2005 Daphne worked with a leading Valletta law firm working mainly in the area of civil and commercial litigation. Daphne is also currently a member of the Committee of the Chamber of Advocates. On a personal note Daphne is fluent in English, Maltese, Italian and Dutch and when she is not working is a self-confessed exercise addict culminating in her participation in the London Marathon in 2011 but also enjoys relaxing with family, whilst reading fiction or taking holidays abroad.

5 Franco Azzopardi Franco Azzopardi is a Certified Public Accountant. After spending twenty seven years working in public practice, he moved out of the profession to contribute more in the strategic direction of companies. He specialises in corporate finance, reading also for an MSc and today sits on the Board and Audit Committees of various companies, both local and international, in the banking sector, software, venture capital and media, amongst others. As part of his social responsibility he also contributes towards the development of the Malta Institute of Accountants and towards the research of creativity in business through participation in the Oikonomos Foundation. Pierre Cordina Pierre Cordina has spent the best years of secondary and post secondary education at St. Aloysuis College in B kara and with a passion for Accounts and Management graduated in B. Accountancy Hons at the University of Malta in Rather than opting for experience in the audit field, Pierre decided to enter the industry straight from University and spent the first two years as an accountant with Tumas Group at Portomaso in St. Julians. After implementing an operations system for accounting of the ongoing activity at Portomaso, he decided to search for a wider accounting knowledge at Go plc where he was responsible for the related parties department consisting of 12 subsidiary companies and 2 associate companies. After gathering knowledge in the consolidation field he was promoted to Financial Controller at Innovate Group, a group with parent company Go plc, whereby he was responsible for the overall administration of internal accounting and financial matters for Innovate Ltd. and Innovate Software Ltd. He was also responsible for the administrative and HR Support to the Information Systems Division s management and employees. After two and ½ years of working in a software company, Pierre opted to enter in the beverage industry and served as a Financial Controller of Master Group whereby he was responsible of the Finance and HR function of the group focusing mainly on Credit Control that was a priority at time of recruitment. After 4 ½ years of working at Master Group whereby he re-organized the Finance and Administration Department, Pierre decided to move to a new challenge and at present he is the Financial Controller of Eurobridge Shipping Services Ltd. He is today responsible for accounting of all the operations of the company and assists the General Manager in the management of an ever-growing industry in Malta. Kenneth J. Frendo Kenneth J. Frendo, the Chief Financial Officer of Miller Distributors Limited, graduated as a Financial Accountant from the Institute of Financial Accountants in He continued with his studies in the management field and in 1998 he attained a post-graduate Diploma in Management Studies from Henley Management College. Kenneth extended further his studies specializing in Strategic Financial Management and in 1999 he completed with success a programme of study leading to the degree of Master of Business Administration awarded by Brunel University. Kenneth specialized further in the Financial Management field by pursuing a programme of study through The University of Leicester and in 2004 he graduated Master of Science in Finance. Kenneth J. Frendo is a Chartered Manager, a Fellow Member of the Institute of Financial Accountants and a Fellow Member of the Chartered Management Institute. Victor Rizzo Giusti Victor Rizzo Giusti has been engaged in the banking sector for over the past 37 years. In 1987, after completing his banking studies, he was elected an Associate of the UK Chartered Institute of Bankers (later known as the Institute of Financial Services UK). In 2002 he obtained a Certificate in Financial Services (CEFA), also awarded by the same Institute. His career in banking involved exposure to local and international banks. His last post in the banking sector was that of General Manager of a credit institution where the main areas of responsibilities covered both personal and corporate lending together with Treasury operations. In January 2012 after retiring from this executive position, he set up his own consultancy firm to provide training and education in the financial sector as well as management support services to small and medium sized companies. He has also been an active member of the committee of the Malta Institute of Financial Services (ifs Malta), for a number of years where the last post held was that of Vice President. He also served for two separate one year terms as Chairman of the Malta Bankers Association. Annette Vella Annette Vella has been a journalist for the past 24 years. She started her career writing for The Democrat and eventually writing for In-Nazzjon and il-mument. Later she also became a correspondent for Net TV where for the past 10 years she has managed the financial news program Net Ekonomija. In 1991 she was the winner of the BPC Award to Journalists. In the past three years she held the position of Stakeholder Relations Officer with the Malta Resources Authority. Presently she is working with the online news portal Charles Xuereb Charles Xuereb is a graduate of the University of Malta, a Fellow of the Institute of Accountants and holds the professional warrant to practise as a certified public accountant and auditor. He started his career at PricewaterhouseCoopers prior to joining Farsons Group as Chief Accountant of the Food Chain Group. He was then appointed Group Financial Services Manager and assumed the role of Financial Controller of Quintano Foods Limited. In 2005 he was appointed Chief Financial Officer responsible for the overall financial management of the Farsons Group. He is a council member and Deputy President (Education and Finance Affairs) of the Malta Association of Credit Management. Best Print Co. Ltd., Qrendi Tel:

6 Registration Form Turnover is Vanity, Profit is Sanity & Cash Flow is Reality Thursday 17 May 2012 ( ) Grand Hotel Excelsior, Floriana Seminar Fees MIA & MACM Member Delegates MIA & MACM Students Non-MIA & MACM Members Companies who send more than 5 delegates will benefit from a 10% discount. Please fill in this registration form and send it along with payment to The Malta Institute of Accountants, Level 1, Tower Business Centre, Tower Street, Swatar. Cancellations taking place within 48 hours prior to the event, will incur a cancellation fee of 50%. Refunds in case of no-shows will not be entertained. Company: Address: Tel: address: Name of Delegate(s): ID Number of Delegate(s): Cheque no: Date of cheque: Amount: Kindly tick as appropriate: APS BOV Lombard HSBC Other Signature: Date Applications should be sent by not later than Tuesday 15 May The Malta Institute of Accountants Level 1, Tower Business Centre, Tower Street, Swatar Tel: (356) Fax: (356) info@miamalta.org Website: Malta Association of Credit Management 86/2 Triq Ta Mellu, Mosta MST 3785, Malta Tel : (356) , Fax : (356) info@macm.org.m Website:

present Market Abuse Directive II

& present Market Abuse Directive II Date: Tuesday, 12 April 2016 Time: Registration 13:45 Venue: Marina Hotel Corinthia Beach Resort, St George s Bay, St. Julians Price: EUR40 (regular) EUR20 (students)