FINANCIAL DIRECTOR

Based East Rand. Become part of the Executive Team of a Company that was created over 100 years ago in Europe and has been present in South Africa for 60 years. The majority of its shares are owned by a locally listed JSE Industrial Group and the remaining equity shareholding is still held by the European Holding Company. This Company is one of the most successful businesses in the local Group and imports as well as distributes their industrial equipment mainly in South Africa. It has a separate legal entity in Zambia which is small but also extremely successful. Turnover is also created by a very well run Workshop which services equipment and does repairs and maintenance. The Company also sells spares which forms an integral part of their business. A new industrial product line has recently been launched and its success has exceeded all expectations. There are 6 Sales Branches around South Africa, in addition to its Holding Company based in Johannesburg where this candidate will be based. The EXCO consists of the Managing Director (to whom the FD will report), Financial Director, Sales Director and a sales & marketing driven Branch Director. As the MD and other 2 Directors do not have a financial background, all the Executives will be dependent upon the Financial Director for financial guidance and financial advice in all areas of the business. The Company is very process driven and has strict reporting deadlines both to the local Holding Company as well as to the Shareholders in Europe. The management style of the MD is open door, very inclusive and results driven, noting that the MD joined the Company 25 years ago in a technical capacity (he has a Mechanical Engineering qualification) and then moved into sales and became the Sales Director prior to being appointed MD eight years ago.

Key Performance Areas, Inter Alia, Include

Manage, mentor and motivate a Financial Department consisting of a very competent Senior Financial Accountant who manages Debtors Department, Creditors Department, Bookkeepers ( 15 staff). In addition, manage an IT Department of 3 staff including IT Manager, Supply Chain & Logistics Manager who is responsible for Procurement, Supply Chain & Spare Parts where there are 6 Office Staff (Shipping, Importing, Exporting) and a small but efficient Warehouse of 6 staff. At this point in time, the HR Manager will also be reporting to the FD and she forms an integral part of the monthly EXCO meetings and is highly competent. It needs to be pointed out that all these staff are highly rated and perform their duties efficiently.
Manage the day to day financial functions of the Company including the daily queries that continuously need to be resolved as well as the usual bi-monthly and monthly reporting required by the Holding Company in SA and in Europe. The Company uses an ERP Package and Cognos is used as their BI tool. All templates are in place and data is extracted to an Excel Spreadsheet which the financial team uses in their reporting function. Due to Equity Accounting, some of the reports are complex. In addition, the Zambian Company has its own local laws which have to be complied with and the candidate will need to become familiar with all these statutory requirements.
There is an excellent Costing Model used for all the imported equipment and products including spare parts and it should be noted that another area of the business involves importing equipment which is assembled locally and also needs to be accurately costed and priced.
Be responsible for all statutory requirements including local tax and all SARS issues and assistance can always be obtained from the Corporate Head Office and other experts in the Group.
It should be emphasised that a separate set of monthly reports needs to be prepared for each Branch which is only used internally. It is analysed by the FD and discussed at the monthly EXCO meetings. It is expected that the FD will contribute expertly in these meetings with pertinent and meaningful financial and management information as well as financial and business advice, so as business and commercial decisions can be made.
In terms of the monthly reporting, estimates have to be provided on the 1st of each month in terms of Expenses and Profit Forecasts. In addition to the monthly reporting to Head Office, internal reports include Sales, Export, Import, Stock Management, Branch Reporting, detailed Product Line Reporting, etc.
Budgets, Bi-Annual & Annual Packs have to be prepared which are complex due to the split Shareholding. All these reports are discussed with the European Executives who visit SA once per annum for detailed discussions of the business.

Requirements

Ideally CA (SA), although a B Comm Honours or similar will be considered coupled with the relevant experience at Executive level.
If the candidate came from an Import/Distribution background in the Industrial Sector, it would certainly be recommended, noting that the Company's major customers are in the mining & construction sectors. Other Industrial Companies also use their equipment and products as well as the Workshop which generates a high revenue. Therefore, import/export experience in moving products is a key requirement in the candidate's experience.
Needless to say, as the position is a Financial Director, the candidate will have expertise in all areas of finance including reporting, cashflow, working capital management, ability to provide meaningful management information as well as business advice and direction. Knowledge of IFRS, financial and tax reporting, internal controls, internal and external auditing, fixed assets management, sales pricing, strategic thinking and direction, etc. is required.
Able to provide leadership, create meaningful interpersonal relationships across the business and with external Service Providers like Banks, overseas and local Shareholders, SARS, etc. In addition, the candidate needs to be proactive, deadline driven, strong communicator and team player.

Apply on-line or alternatively phone Gerald Lilian on [Phone Number Removed];.

Be advised that if you do not receive a response within two weeks from date of submission of your CV, then please deem your application as unsuccessful.

Desired Skills