Finance Manager

Role Overview

• Manage the financial reporting for all local entities and project companies
• Custodian of all financial records
• Handle external and internal reporting
• Oversee construction budget and reporting
• Manage treasury and local tax reporting and compliance
• Support local Business Development unit in finance tax related matters
• Provide support in the preparation, construction and operation phases of projects
• Other ad hoc finance related tasks

Requirements

• Projects under construction phase
• Prepare a detailed construction budget and ensure the same is updated on a monthly basis capturing all the transactions.
• Establish a Work Breakdown Structure to be uploaded in IFS (Globeleq’s ERP with all the cost elements as per the Financial Model with all the activities during the construction phase
• Ensure that all transactions are recorded in the IFS during the construction phase and the monthly construction report issued from the system
• Prepare the project report showing actual cash spent to date, cash forecasts and narrative in line with all project documents
• Prepare and produce lender drawdown requests, in accordance with lending document requirements, to satisfy future forecast spending, and ensure debt is disbursed in time according to project needs
• Manage and process all invoices due by the project company to external parties (including but not limited to the EPC contractor)
• Manage all tax and custom duty processes related to the construction activities
• Prepare all financial reporting to lenders and ensure that they are shared on time and with the required quality
• Take the lead in the transition period from the construction phase into the operation phase and ensure that the work-in progress has been distributed correctly to form the fixed asset register.
• In coordination with the construction and O&M team, ensure the project achieves project financial completion date under the financing agreements.
• Financial reporting
• Maintenance and responsibility for the accuracy and timeliness of the books and records, including general ledgers and any other reporting
• Run month end closing routines as per the month end closing instructions for all the entities
• Maintenance of the fixed asset ledgers for all the entities
• Preparation and sign-off of annual audited accounts/financial statements preparation in accordance with IFRS/appropriate accounting standards
• Liaison with lenders and auditors to ensure compliance with all filing requirements and assist in the resolution of new accounting issues
• Ensure that the Group Procurement policies are adopted and applied at local level
• Take ownership of the approved AOP budget and keep track of the business performance during the year tracking down any variances.
• Be the custodian of the local Risk Register and ensure regular review of all the risk and mitigation strategies.
• Ensure accurate invoices are issued monthly to ZESCO (or any other off-taker) and the same are posted in the system.
• Financial systems
• Ensure fully up to date general ledgers are maintained in the accounting system with no entries being recorded outside of the system.
• Regular review of chart of accounts to ensure that each entity has the relevant GL to record transaction which are in line with the Group chart of accounts
• Review and approve creation of new suppliers in the IFS system
• Be the custodian of the local procurement procedures in line with the Group policies and ensure that adequate approval matrix is designed and uploaded in IFS for each entity
• Lender reporting
• Prepare all financial reporting to lenders, with the required quality, and share with lenders within the deadlines set in the financing agreements
• Ensure that lenders are well updated on how the business is operating, invoicing and payments by the Buyer
• In the instances where the project company requires waivers from the lenders, ensure that waiver letters are requested on time
• Prepare cash flow statements and sensitivity analysis to assess timely repayment of the debt and meeting other obligations
• Ensure that the project remains compliant with the requirements in the Lending documents at all times (including financial covenants). Ensure potential non-compliance is identified, remedies discussed and communicated well in advance
• Internal Controls
• Ensure that Globeleq accounting policies and procedures, as well as external reporting standards, are established and observed
• Design a robust set of internal procedures and controls and ensure ongoing compliance
• Take the lead to support the internal audit department in any of the tasks being performed in the country by ensuring that they receive all the relevant information on time.
• Shareholder reporting
• Monitor all Group reporting requirements, deadlines and status. This will include reporting of monthly actual and project forecast information through the man pack
• Agreeing intercompany transactions with Globeleq Group and other related parties
• Ensure monthly intercompany balance reconciliation takes place to address any unreconciling balances.
• Provide respective financial models update with most recent actuals, budgets and post-budget period forecast.
• Treasury planning and operations
• Cash management responsibility, ensuring cash use is maximised for all the local entities and all lender covenant requirements are met
• Process payments to suppliers in time and in accordance with project milestones and contractual arrangements for projects under construction
• Timely cash reporting and forecasting
• Maintain treasury banking relationships, including primary day
• to-day interface with operational bank providers
• Maintain bank accounts, master bank files, signatory listings
• Monitor bank accounts for unusual/unauthorised activities and ensure all activities are recorded appropriately
• Review of bank reconciliations
• Tax Compliance
• Working closely with the Group tax manager, manage all local tax issues for all the Zambian entities
• Ensure tax compliance requirements are met, including preparing all corporation tax, VAT and WHT returns
• Manage external tax advisors and coordinate advice as required
• Manage the process of obtaining tax clearance certificates and any advanced rulings that are deemed necessary
• Lead the response to all tax audits, liaising with local tax advisors as required
• Other
• Following up with ZESCO or any other off-taker(s) for payment of generation invoices
• Leading any negotiations as required with ZESCO or any other offtaker(s) or the regulator in conjunction with the Managing Director
• Company secretarial filings and other local administration matters
• Ad hoc finance responsibilities as appropriate
• Support the Business Development team in both financial and tax due diligence process for the new projects
• Support the Business Development team in securing finance and/or tax certificates for the projects under development
• Take a leading role in the country during the Annual Operating Process (AOP) and ensure that accurate and timely reports are prepared and shared on time for review Skills
• Support in any potential post-COD discussions/negotiations with the EPC contractors and the offtakers including litigations, liquidated damages, amicable settlements.

Tech Stack

• ERP

Benefits

• Qualified accountant with appropriate construction or project management experience:
• Minimum experience of 7-8 years as financial manager
• Exposure and/or knowledge of the energy or infrastructure industry, project finance and/or public private partnerships is required
• Successful understanding of detailed project documentation. Strong knowledge and familiarity with the critical aspects of major project agreements such as Power Purchase Agreements, Engineering Procurement & Construction contract, Financing Agreements and their interrelationships to each other is desirable
• Strong network within the Zambian energy sector is a plus.
• Treasury experience in preparing cash reports and drawdowns under facility documents
• Detailed accounting/reporting knowledge with experience of all aspects of financial accounting and tax
• Ability to travel internationally for short periods
• Advanced Microsoft Excel skills, Proficient knowledge of Microsoft Word and Power Point