Financial Management
Financial Manager, later Financial Director: Stalcor (Aug 1987 – July 1999)
Stalcor (Stainless steel Aluminium Corporation), now known as KMG Stalcor (Kulungile Metals Group) is a stockist and distributor of local and imported stainless steel and aluminium products.
- Participated as financial manager in driving growth of the company from a value of less than South African R5m to R118m over 12 years.
- Effectively managed the balance sheet, enabling the creation of a joint venture with Malbak (50/50) and later with Dorbyl (70/30).
- Managed the ongoing review of the business model, from an independent to joint venture.
- Provided financial leadership to the business and held responsibility for all financial matters, administration, and IT functions.
- Compiled strategic plans, facilitated strategy sessions, and implemented strategic initiatives.
- Managed all financial functions, incorporating budgets, tax, and reporting.
- Established an integrated financial accounting department (previously outsourced to auditors, with only bookkeeping done internally).
- Sourced, evaluated, and implemented a new computer system (Syspro Impact) for the business.
- Opened additional branches, including the set-up of systems and controls and group accounting.
- Initiated and led investigations, evaluations, feasibility studies, investment modeling, take-overs and amalgamations, incentive schemes, purchase and sale of businesses, assessed loss analyses, potential listings, franchising, and funding alternatives.
- Concluded deals and joint ventures, including the incorporation of Robor and due diligence in respect of the PlasmaCut and Metalfinish acquisitions.
- Managed JV partner expectations and delivery to partners.
- Established financial relationships and negotiated banking arrangements and funding, and contracts for operating and financial and insurance needs.
- Monitored cash flow management and borrowing reports, reviewed debtors and stock levels, and managed the working capital cycle.
- Generated adequate cash resources to maintain a strong balance sheet, and developed a cash flow model to project full balance sheet and borrowings.
- Ensured action plans were in place to meet business commitments in terms of orders, sales, EBITA, productivity, and working capital.
- Led tax planning.
- Managed foreign exchange holdings, commitments, and facilities.
- Oversaw risk management, including the identification of critical risk areas, and the establishment of an approvals framework and limits of authority, disaster recovery plans, and insurance cover.
- Exercised company secretarial functions.
- Developed strong partnership with Sales and Operations teams.
- Enlisted participation of top management and senior staff to compile a detailed competitor analysis.
- Introduced performance measures such as the DuPont model, EVA, and incentive schemes and stock upturn factors to drive business performance.
- Served as trustee of the privately administered pension fund.
- Managed HR functions (including the roll-out of a retrenchment program) and payroll until the appointment of an HR manager.