Follow us: Facebook | Twitter | Linkedin | Skype
Call Us Today: H (507) 210-1990 | C (507) 6536-6711
Custom image
Vinaora Nivo SliderVinaora Nivo SliderVinaora Nivo SliderVinaora Nivo SliderVinaora Nivo SliderVinaora Nivo SliderVinaora Nivo SliderVinaora Nivo Slider

Panama City, Republic of Panama
2000-2006
CHIEF FINANCIAL OFFICER

Accounting, finance, treasury, tax, financial planning, purchasing, human resources, information systems for the leading electric energy company in Panama which reached record revenues and net income in 2002 and 2005.

Assigned as El Paso Energy International’s representative in Panama and direct report to the Chief Executive Officer appointed by Hydro Quebec. Fortuna owns a 300MW hydroelectric power plant in the Chiriqui province in western Panama. Fortuna had total assets of $523 million, revenues of $128 million, EBITDA of $98 million and net revenues of $46.3 million (2005 figures).

Assigned as El Paso Energy International’s representative in Panama and direct report to the Chief Executive Officer appointed by Hydro Quebec.

Long term debt on Fortuna’s books was guaranteed by the Government of Panama. The private owner was required to refinance the guaranteed debt after privatization. After preparing a financing prospectus and participating in a road show, the sale of $170MM bond issuance was completed in June 2002. Closing of the financing was six months ahead of project deadline contractually agreed with the Government of Panama.

Information systems at Fortuna were outdated. The assignment was to modernize the finance and accounting system and make it compatible with the maintenance system for the plant. Implemented an oracle based system that interfaced in real time with maintenance software.

Cost control initiatives, and operational efficiencies of individual areas within the company including ISO 9001:2000 certification in June 2004. Achieved operational efficiency through information systems upgrading consistent with requirements from strategic stockholders.

Fortuna did not have a policy for investment of excess cash. The assignment was to develop an investment policy with appropriate investment parameters. Developed an investment program and presented to Board of Directors for approval. Such program was implemented for restricted and unrestricted cash, which in 2005, was over $41MM.

Insurance costs increased significantly after 2001. The assignment was to reduce insurance costs based on appropriate risk parameters for the asset. Presented the risk profile for Fortuna during a road show to insurance companies and reinsurers. Result of the initiative was a reduction in insurance costs in excess of $1MM over a 3 year period.

Rate for bonds issued in 2002 was fixed. The requirement was to develop a strategy to reduce interest costs in a period of low interest rates. Completed an interest rate swap of $51MM of Senior Notes in December 2003. Resulted in a $1 million interest cost reduction in 2003 and 2004.

Employees at Fortuna could acquire 1.1% of the outstanding stock of the company. This was a provision included in the privatization process. However, employees did not have the resources to acquire the shares reserved for their benefit. The assignment was to create a vehicle that would enable employees to purchase the shares. In order to facilitate the acquisition of shares by employees a trust was established and funded by the company for the sole purpose to provide loans to employees for the purchase of shares. The loan was to be repaid with dividends from such shares. All employee shares were acquired and subsequently sold to the current owner.

Successfully negotiated with Government of Panama to resolve a pending issue relating to the government’s commitment to repair access road to the plant. Fortuna has taken over the responsibility and will be repaid from dividends that are due to the government.

- contact me -
Calle 60 Este, P.H. Vista Obarrio, Ciudad de Panamá,Republica de Panama
H (507) 210-1990 | C (507) 6536-6711
Custom image Custom image Custom image