Transtel (Division of Transnet)Chief Financial Officer
May. 2001 - Mar. 2008Johannesburg Area, South AfricaResponsible for the entire management of the organization’s finances from financial planning, strategy and operations. Duties: • Ensuring the integrity of the general ledger and review of monthly financial reports for management and Group reporting. • Review of monthly, interim and year-end financial accounting and tax reports, for integrity and accuracy for audit and reporting to Transnet Group. • Preparing executive summary reports for management presentation to the Transtel’s management committee, audit committees and divisional board. • Coordinating the Balance Score Card information for financial, performance review analysis and interpretation of results against corporate plan targets. • Participate in the preparation of divisional and organizational business plans, and for alignment of the business plan to the budget. • Effect proper decentralization and management of the budget at cost centre levels, for enhancing responsibility and accountability of performance within business units. • Reviewing and balancing of inter/intra company transactions between business segments. (Transfer Pricing) • Capital investment planning and decision making. • Management of working capital, and optimization of the capital structure for Transtel’s Balance Sheet restructuring. • Liaising with external and internal auditors for the planning and roll out for audits, and for engagement with the Audit Committee. Projects undertaken:
• Conversion from GAAP accounting to IFRS (First time adoption – IFRS 1) in 2006.
• Implemented a turnaround strategy for optimisation of working capital from over 120 days cycle to less than 45 days cycle, and thereby re-engineering the business to a self-funding model.
• Managing the M&A process for the valuation model of the Transtel business acquisition by Neotel (Pty) Ltd/Tata Limited.
• Managing the business merger of the Transtel business model into the acquiring entity's (Neotel) business model.