Head of Finance
Frigoglass
Total years of experience :25 years, 5 Months
At Frigoglass Group, global leader in the beverage coolers market and a major supplier of glass bottles and packaging solutions for major beverage brands & Blue Chip customers throughout the world, with annual turnover of €500m, listed on Athens Stock Exchange since 1999 after a spin out from Coca Cola Hellenic.
• Business Strategy: Teamed in developing long-term strategy for growing profitably glass business in both Dubai and Nigeria. Successful “Road Show” representation of glass business in relation to the process of Frigoglass SA seeking strong financial and strategic investors for its Glass operations. Followed the completion of the due diligence process lead by PwC the business unit was valued at US$400m
• Process & Business restructuring: Being the first Head of Finance for the Glass business unit, consolidated the glass operations, financial management, cost control & team building, lead to the most profitable year ever.
• Value creation: Played an instrumental role in Dubai operations achieving improvement in profitability by US$7m on an annual basis by driving cost reductions along all P&L lines, implementing energy cost saving initiatives, raw material sourcing & OPEX savings.
• Crisis Management: Proactively managed Nigeria operations through hard currency crisis and ensured business continuity by executing risk mitigation plans, rationalising SKUs and efficiently managing cash flow improving the WC/NTS by 350 basis points. Initiated putting in place long term agreements with 3 major customers (Coca Cola, Heineken & Diageo).
• Process Improvement: Revamped budgeting process resulting in improving forecasting accuracy, and reducing month closing timing by 2 days. Implemented monthly performance review process by operating entity that lead to efficiency improvement.
• Mergers & Acquisitions: Evaluation of investment opportunities in Nigeria & Ethiopia for acquisition of glass plants. Business plans & feasibility studies following by meetings with key customers, suppliers on ground for validating key assumptions. Five year plans and valuations prepared enabling the buyout of the minority shareholder in Dubai.
• Change Management: Played a leader ship role in successful implementation of ERP Microsoft Dynamics going live within 6 months of joining used as a tool for better monitoring of the financial performance by profit and cost centre leading to improvement in profitability as well as cash flow management.
• CAPEX Management: Evaluating, controlling and successfully managing the cash flow planning of capital expenditure of the glass operations. Major projects include the successful furnace rebuilt in Nigeria in 2015 completed in 49 days (World record) despite hard currency crisis in the country.
Business Strategy: setting up new joint ventures in various industries with global leaders capitalising on the strong local brand name of the group, experience and presence throughout the country as well as the global credibility of its major shareholders and associated companies, capitalising on the 4 year experience as Finance Director for the group.
New ventures set up: JV set up with Druckfarben SA (Greek leader in manufacturing of ink for flexible packaging) had a payback period of less than two years with NPV in excess of 70%. Hands on approach on the operation as the GM had a direct reporting line to GBDD. Set up of a JV with Chryssafidis SA for the supply of pipes, fittings, valves, pressure reducers / safety valves and related equipment to industrial, technical and engineering companies in the territories of West Africa
Mining project: Joining forces with S&B Industrial Minerals SA for evaluating the opportunity for exploration, mining, processing and trading of Barite in the territories of Nigeria and West Africa. Mining licenses obtained end of 2012 and exploration started in 2013.
Unlocking the real estate value worth US$150m: Evaluation of alternative tactical and strategic options for unlocking the value of the group together with Stanbic IBTC Bank Plc. Proposal for restructuring of A.G. Leventis (Nigeria) Plc by carving out the non-real estate businesses into a separate company. Seek eek of a strategic partner to provide capital and technical expertise and plans for a share buyback or capital reduction.
Agro processing projects: Feasibility studies for the investment in a cassava processing plant, eventually acquired by Flour Mills of Nigeria Plc. Evaluating options of revamping the operations of Weppa farm in Benin for farming and processing rice and palm oil as well as Cassava for Fructose.
A member of Board of Directors, Executive Committee & Audit Committee
A.G. Leventis Nigeria Plc, Listed on the Nigerian Stock Exchange under the conglomerate sector, the company is engaged in the Real Estate sector, trading of commercial vehicles (Volkswagen & Mercedes), construction and agricultural equipment (JCB), head office services provision as well as haulage and transportation services. The group operates a number of joint ventures with global leaders in various industries such as power generation with
Being responsible for the finance and accounting functions of the company, as well as for the maintenance and development of the internal control and reporting structures and procedures. The company was one of the leading importers and distributors of food items in Cyprus servicing all the supermarkets hotels and restaurants in the country as well as being the sole distributor of Burger King. Additionally, keeping close relationships with key accounts and involved in creating long term partnerships.
Audit and management consulting manager reporting directly to the partners. Manager in charge of various audits of banks, hotels, shipping and manufacturing companies in Cyprus, Russia & Middle East. Preparation of feasibility studies and business plans for customers as well as in charge of various due diligence projects.
Starting as an associate within a few months became a supervisor in the International business services department of PWC was responsible for a number of international customers with operations in Cyprus, UK and Russia. Preparation of monthly management accounts as well as managing the cash flow of major clients. Preparing the financial statements in accordance with IFRS and the local jurisdiction applicable per client
Being a fellow member of the ACCA for 18 years