Finance Manager
SHAMS Power Company by MASDAR Clean Energy (A MUBADALA Company)
Total des années d'expérience :24 years, 6 Mois
A member of the Senior Management team supervising the company’s Project Loan Facilities, Finance & Accounts, Auditing, VAT, Insurance, Governance, Commercial, and IT & ERP matters with direct reporting to the Head of Business/GM.
Key Responsibilities:
• Ownership of company’s P&L, Balance Sheet, and Cash Flow with Head of Business.
• Manage client relationship with EWEC (PPA buyer) & Dept. of Finance for subsidy invoices & payments.
• Attend weekly performance review meeting on power generation, O&M cost, and tracking operating KPI
• Monitor and Control Operating & Maintenance Cost and Overhead Expenditures within Budget
• Deliver monthly management reporting pack with Budget v/s Actual variance commentaries
• Present Operating and Financial Performance Report to Board of Directors during quarterly meeting.
• Present Plant’s Half Yearly Performance Report during meeting with the Lenders’ Syndicate.
• Focal point for internal controls’ Audit and Annual External Accounts Audit. (E&Y)
• Finalize and submit annual audited accounts to Shareholders, Lenders and Dept. of Energy.
• Implement Corporate Governance Model and Financial Authority Matrix
• Work closely with Asset Management team and Insurance Broker(s) for various Insurance Renewal program(s) in compliance with company’s contractual risk framework in line with the Facility Agreement.
• Lead cross-functional processes and deliver Annual Operating & Capital Budget for Operations, Maintenance, Engineering, HSE, IT/ERP, HR, and General Overheads for Board & Lenders’ approval
• Manage Loan Facilities and Key Project Agreements (EPC, O&M, PPA, GPA, Gas & Water Supply)
• Manage Engagement Contracts & deliverables of Legal & Technical Advisors (W&C, Mott Macdonald)
• Maintain relationship with Facility Agent, Onshore/Offshore Security Trustees, Syndicate of Local & International Project Lending Banks (FAB, UNB) and International (BNP Paribas, KfW, Mizuho, Natixis, Société Générale, Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi, and West LB).
• Submit financial debt covenants, and file waivers with lenders as per the facility agreement.
• Propose distribution of Shareholders’ Dividend to Board of Directors.
• Prepare Board Resolutions and Minutes of Quarterly Board Meetings.
• Supervise the ERP management system Maximo, Interphase and Oracle systems’ functions.
Responsibilities:
I was overall responsible to lead and manage commercial & financial matters for the project finance and being a cross functional role, I closely work with project accountants, engineers, procurement, legal, HR, Project advisers, Banks, ECAs, EPC, O&M, Feedstock suppliers, Off-taker, etc.
Key Achievements
• Delivered 3 consecutive consolidated annual accounts under IFRS-GAAP.
• Handled project insurance and medical insurance matters and other staff benefit plans with HR.
• Managed project financial models and run strategic business scenarios to support negotiations.
• Created project presentations, status reports, and contract documentations to facilitate due diligence.
• Presented financial model, debt memorandum, and dashboard KPIs to ECA(s) and lending banks.
• Closely worked with ECAs arranger and Export Credit Agencies for ECA covered project funding.
• Dealt with funding terms sheets, project finance capital structure & bank proposals.
• Formulated product off take pricing model with green premium with the market consultant of the project.
• Developed project plans with scope, schedule, cost assumption and estimates.
• Implemented EPC and O&M scope change and control processes.
• Reviewed project’s funding requirements with updates on billing, change orders, and late penalties
• Engagement scope implementation for the financial, legal, insurance, market consultants.
• Supported CEO in commercial terms negotiations in FEED, EPC, O&M, supply, off-take contracts.
• Produced annual operating budgets with milestone plans, capex, and progress status reports.
• Analyzed project capex spending and payment to consultants/contractors by result.
• Developed sponsor’s cash flow projections, forecasts, and budget realignments for project equity.
Key Achievements
• Re-modeled financial control and turned around Nigeria office to ensure operational effectiveness.
• Improved the reporting processes to be fast, precise, and valuable to technical and Operations team.
• Prepared technical paper on corporate accounting policy with financial procedure manual.
• Developed operating model for the newly set up catering unit for offshore accommodation barges.
• Managed credit risks, tax, liquidity, working capital cash flows, and FX forwards with banks.
• Implemented unified “Accounting Policies & Financial Control Procedures” and the group credit policy.
• Delivered monthly operating MIS with income statement, balance sheet, and cash flows.
• Contributed in business development initiatives to drive order backlog, contract renewals/ close outs.
• Supported crewing and technical functions in negotiating catering, manning, and docking contracts.
• Managed Marine, Hull & Cargo insurance matters on behalf of ship owners & medical insurance.
Key Achievements:
• Managed finance back office - credit control, accounts payable, payroll, and cash management.
• Implemented group wide accounting & reporting package and balance sheet analytical review process.
• Cut down reporting period from 15+ to 10 days through month end fast close processes.
• Assisted the CFO in managing multi-currency working capital and debt facilities. ($200m)
• Focal point for annual accounts audits and group wide financial consolidation with 20+ subsidiaries.
• Monthly performance reporting of 125+ tugboats/MSVs with commentary on key budget deviations.
• Diagnosed problems of the Yemen LNG contract for restoring profitability. (from -3% to 6% EBIT)
• Delivered 5 successive annual operating budgets over $300m.
• Developed financial model for 2 tugboats ($32m) for an offshore commercial bid in Australia.
• Assisted CFO in integration of finance processes for the acquired SMIT terminals in 2012.
• Supported the CFO in right-sizing the Equity & Debt Capital structure and raising mix of commercial and covered ATRADIUS export credit finance for the JV project entity to help acquire tugboats deployed on a long-term LNG terminal project in Yemen under the project finance structure ($80m) in 2010.
• Project’s financial model reviews as per modeling engagement with 3rd party model auditing and delivered a robust project base case with efficiency, profitability, financial leverage, and debt cover ratios for 2 MSVs for an offshore oil project in Australia.
Key Achievements:
• Translated financial results into operational plans for both road and the sea-logistics divisions.
• Delivered rolling capital budgets and operating business plans with accurate cost estimates.
• Saved 18% in insurance cost by revising coverage on assets under warranty.
• Delivered payback model to help switch move from operating to a deferred payment financial lease.
• Restructured trucking contracts between two points and saving 5% in overall cost by way of optimal payload utilization, route planning, fuel efficiency, and moving to base the cost to trips from distance.
Key Achievements:
• Advised on material taxable transactions for import duty exemption. Filed ST-3 service tax returns.
• Coordinated transfer pricing and tax audit documentations for inter-company high value service transactions between the sea, road, and rail entities of the port group. (INR 13m)
• Reconciled final tax position with income tax for refund of INR0.6m in excess tax, u/s 143(1).