Chief Financial Officer
FFBL Power Company Limited
Total years of experience :17 years, 7 months
• Being head of finance, established corporate finance and financial reporting department for the project.
• Review, negotiate and finalize financing and security documents for achieving financial close of the project for financing of PKR 21.8 billion with consortium of 12 local banks.
• Negotiate and finalize PPA (Power Purchase Agreement), SSA (Steam Supply Agreement) and FSA for coal.
• Tariff modeling and finalization of tariff with NEPRA (National Electric Power Regulatory Authority).
• Review and adhere regulatory requirements applicable during project development and construction phases.
• Instrumental in devising company strategies by contributing financial & accounting information, analysis, recommendations and establishing functional objectives in line with company’s business priorities.
• Advisory role in the finalization of Company’s Tariff, periodic review/preparation of managerial reports.
• Monitor all Treasury and cash management functions, Insurance, Taxation and Accounting functions of the company.
• Finalize operating budgets and financial reports and present to the BOD for approval.
• Identification and evaluation of business opportunities, future expansion planning, cost control, production planning, analysis and evaluation of financial statements.
• Studying long-term economic trends and project company’s prospects for future growth in overall market share and opportunities for acquisitions or expansion into new areas.
• Working in SAP environment, implemented in 2018.
• Tariff modeling and finalization of project tariff with NEPRA (National Electric Power Regulatory Authority), including verification of project cost incurred in light of project contracts, NEPRA determinations and all the regulatory requirements applicable in project development and construction phases.
• Leading/Advisory role in the finalization of Company’s Tariff at COD, periodic review/preparation of managerial reports.
• Responsible for review and finalization of the invoices for the export of electricity to CPPA as per the Power Purchase Agreement Responsible for compliance with Fuel Supply Agreements i.e. GSA and Diesel.
• Verification of O&M invoices and compliance with O&M agreement.
• Management reporting on operational performance of the project i.e. variance analysis and KPIs.
• Obtain approvals w.r.t indexation under tariff from NEPRA and regulatory compliance.
• Responsible for compliance with financing covenants.
• Post COD settlement of payment / claim issues with EPC Contractor.
• Lead and develop financial controls for the organization in line with the best practices. Contributes to the development, monitoring and evaluation of the overall strategy, providing financial insights to facilitate decisions.
• Instrumental in devising company strategies by contributing financial & accounting information, analysis, recommendations and establishing functional objectives in line with company’s business priorities.
• Development of new projects, working and identification of potential investment opportunities in Power sector.
Leadership & direction for financial decisions by establishing and monitoring various policies and procedures.
•Budget Preparation by establishing schedules; collecting, analyzing, and consolidating financial data; recommending plans.
•Complying with local legal requirements by studying existing and new legislation; anticipating future legislation; enforcing adherence to requirements; filing financial reports; advising management on actions.
•Executing the daily operation of the company’s Finance activities, including budgeting, auditing, tax, accounting, risk management, long-term forecasting and investments activities.
•Devising forecasting model for various products and eliminating non-moving items, thereby creating manufacturing efficiencies.
•Completed ownership for Financial Accounting and Group Reporting including reviewed of general ledger, accounts payable and accounts receivable, preparation of reports as part of the month close process, adherence to Local Accounting, Audit and tax compliances.
•Monitoring the filing of Income Tax/ Sales Tax returns and ensuring that any amendment in the Tax Laws has been properly implemented at all levels. POC for resolving matters with income tax and sales tax authorities.
•Budget preparation, budget / actual analysis, reporting variance, spend analysis, opportunity identification for cost savings and cost productivity.
•Implementing Internal Controls: Evaluation of various operating processes & providing suggestions to improvise on the same. Built internal checks and controls into the systems to safeguard the assets and ensured the accuracy of financial information.
•Coached, mentored and developed of staffs in a team of 22 to achieve their targets for Operational efficiency
Centre of Excellence for Accounts in a new composite unit of Knitted Garments. Manage the preparation, in coordination with operating and supporting divisions, of the Opex, Capex, Cash and Corporate budgets; control spending against set budgets, and providing variance analysis reports to executive management.
•Management and Financial reporting on monthly, quarterly and annually basis as well as timely submission of corporate taxation, sales tax and import duty exemption matter's. Reviewing variance reporting and reporting of any issues, risks & opportunities, flash reporting.
•Monitoring capital expenditure, collection, cash flow, loan and finance, treasury and investments.
•Preparation of monthly, quarterly, and annual accounts as per the requirements of the management and IFRSs.
•Internal Controls, SOP’s, and Risk Management including proper insurance for company’s assets and currency strategies for the company business.
•Instrumental in developing highly skilled accounting team to achieve established objectives.
Articleship May’02 - May’06
Anjum Asim Shahid Rahman (member firm of Grant Thornton International)
•Preparation, examination, analysis and review of financial statements including cash flows and consolidated financial statements in maximum four unit’s environment.
•Implemented Grant Thornton International’s new worldwide Horizon Audit approach in a fully computerized environment using electronic audit software of GTI.
•Prepared fixed asset register as team member of a listed textile company of 12 years. Verified compliance of secretarial matters on public issue and on routine matters of a listed concern.
•Involved in time and resource planning for prospective and present consultancy & audit projects.
•Planning execution and completion of audit assignments including analysis of existing organizational, internal control and accounting structure of clients, evaluating risks and advising management of remedial action.
•Successfully completed the training courses on Grant Thornton International’s new worldwide Horizon Audit approach and its implementation using the Audit Software GTI Explorer