FREEDOM FOODS
Freedom Foods Group Limited (ASX:FNP) is an ASX Public Company providing for specialized needs in the food industry. Their mission is on making food better.
“We believe that people’s needs have moved towards safer, nutrient rich, longer
life convenient foods. All our products have a purpose of bringing value
to consumers lives through best nutrition and innovative convenience”.
The Company has consumer brands with leading or growing market shares and our operating activities comprise:
Freedom Foods
An integrated leading brand manufacturer of allergen free cereals and snacks
Pactum Australia and Pactum Dairy Group
A leading contract manufacturer of UHT (aseptic) food and beverages for branded and private label customers
Specialty Seafood
THE ROLE
Position Title
Treasury Manager
Reports To
Group Financial Officer – Campbell Nicholas
Reason for the Position
To effectively manage the business risks associated with credit, currency, procurement, capital investment and operational activity.
Key Challenges
Freedom Foods is now a top 300 business listed on the ASX. There is an ongoing push for growth to capitalise on the strategic initiatives Freedom Foods has driven to position itself as a supplier of quality food and beverage products to Australia and the Asia Pacific Region. The drive for scalability to enable the business to be well positioned for growth both generic and through acquisition is essential. This is also driving the need for the Treasury team to deliver systemic improvements in the way Freedom Foods manages risk.
There is a need to implement the right processes and control mechanisms for booking foreign exchange contracts along with a general need to improve the quality of the three-way cash flow reporting system (a cash flow forecast integrated with a balance sheet and a profit & loss). Currently no medium to long term cash flow forecasting is available. Ongoing capital investment is driving a need to adequately report implications to cash flow.
There is a need to reassess facilities with the banks, review the best way to structure these facilities from the bank and to assess the best structure given the current business activity.
Control mechanisms are required such as current policies and procedures and authority levels. Approvals of capital expenditure processes need to be reviewed and developed.
This position will be managing accounts receivable and accounts payable functions comprising of a team of six people. Culturally the team consists of a traditional clerical workforce and have more of a “processing” mentality that does not lend itself to thinking or acting more innovatively. There is some uncertainty around the implementation for the QAD system and its impact on this department (concern around a headcount reduction). There will be a need to inject some energy into the team and to connect them to a broader vision for the finance team. To succeed in the Treasury Manager will need solid people management and leadership skills.
The majority of sales collections are coming through Woolworths, Coles and Aldi. Sales to China need to be reviewed and some standards need to be agreed and implemented regarding a position on export sales.
NEXT STEP
Interested?
Then we'd like to hear from you. To arrange a confidential interview to discuss the role in greater detail please complete the form opposite or call the MetaPeople office.
See more at: www.ffgl.com.au/about
Paramount and Brunswick brands operating in canned sardines and salmon.
The Company’s brands and products are positioned in the “free from” market segments comprising food and beverage products manufactured to be free from key allergens such as gluten, wheat, nuts and dairy while also maintaining a superior nutritional profile.
The market for “free from” products continues to expand in Australia and internationally reflecting the rising prevalence of food allergies and intolerances and the increasing consumer demand for health conscious products that eliminate potentially unhealthy ingredients.
FNP has a strong market presence in Australia and New Zealand, with an increasing export focus to North America (for Freedom) and China and SE Asia (for Pactum through supply of high quality UHT dairy milk products of branded and private label customers).
Key customers in China for export of dairy include Bright Dairies and Shenzhen JLL, a group associated with creation of the Wang Lao Ji Herbal Tea Brand. Shenzhen JLL has licensed a Freedom Foods brand “Australia Own” for dairy product sales into China under a 25 year license agreement.
The two groups along with other key business partners such as Bumble Bee Foods (North America) and Blue Diamond Almond Growers (USA) form a network of key collaborative partners focused on developing key category and product channels with the Freedom Foods Group.
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