Luis Sarracino, C.P.A.

** ***** **** ***** ****** The Woodlands, Texas 77382

Mobil +1-713-***-**** acrth9@r.postjobfree.com

SKILLS / HIGHLIGHTS

24+ years as a results-driven financial international services leader (CFO - Finance Director - Controller - Auditing - Costs). Responsibilities encompass: general accounting and controlling, cost accounting and budgeting, A/R and A/P, credit policies, finance treasury and tax, purchasing, IT, HR

Highly skilled in maintaining regulatory compliance, accounting, reporting, cost calculation (average and STD), budgeting, business development, and enterprise risk management (ERM).

Expert in Analyzing and preparing financial statements and reports, balance sheet, income statements and cash flow according to (IFRS), US GAAP and Mexican GAAP

Experienced in M&A and due diligence. Used to manage main contact with financial institutions and insurance relations

Used to work under pressure for meeting deadlines. Experienced working under different business environments (NAFTA, Mercosur, Europe and ASIA). Knowledgably in SAP: played instrumental roles in all phases of ERP implementations. Bilingual (Spanish / English)

Highly stable and reliable; goal oriented and self-confident; proven leadership; positive and motivated by challenges; high ethics values; competitive and persistent; analytical thinking and innovative problem-solving skills. Family oriented.

EDUCATION

AD-2 High-Executive Management Program – IPADE, Campus Monterrey (2000)

M.B.A., concentration in Finance – ITESM, Campus Monterrey (1989-1990)

BA as Certified Public Accountant – ITESM, Campus Monterrey (1981-1986)

Languages: Spanish (native); English (fluent); German (basic)

Software: MS Office; SAP (experienced on implementations)

PROFESSIONAL CAREER

AZUCAR GRUPO SAENZ: México City, México

Finance Director New Business Development 03/2015 to date

Implementing actions required to save the organization from business failure and return it to operational normality and financial solvency.

Identify the underlying problems causing the current situation and understand the business’ chances of survival thorough assessment of strategy, operation, finance, infrastructure/people, commitment and capacity to change.

Provide accurate and on time financial information to stakeholder.

SOLVAY GROUP 06/1990 to 02/15

RHODIA: Commercial and HR entities Mexico City, Mexico

CFO (acting) 07/2014 – 02/15

Leading financial function ($80M USD annual revenues), as well as fiscal and planning processes in accordance with all appropriate rules and regulations (IFRS and Mexican GAAP); reporting to CEO with doted-line to the Regional Controller of parent company, acting as financial-business advisor, based on providing timely and accurate analysis on financial information. Direct responsibilities, (mentoring a team of 5 individuals), over accounting, finance, forecasting and institutional financing, ensuring appropriate financial risk management, auditing policies and procedures are properly handled; KPI’s implementation. Direct responsibility on merging 5 legal entities into one, which shall support all commercial operations in Mexico: integration of best business practices and synergies; pro-actively involved in SAP implementation for new entity. Responsible for managing all capital structure functions, including equity and secured facilities; hands-on leadership on implementing and running a reliable Job-Cost system.

Reviewed/modified intercompany “Price Ruling Application for Goods & Services”, delivering corporate’s profitability by reaching a consolidated EBIT of 40% as expected by GBU’s, reducing local tax impact by archiving an EBIT of 8% in a period of 3 months

Updating cost-accounting structure and allocation keys, inventory valuations, following business needs and product evolution, to ensure profitability, in addition to analyzing financial and non-financial data to control and review local business performance

Following corporate credit policy and implementing it, following customer’s performance and accounts receivables ageing improving working capital investment from 30% to 20%.

SOLVAY America Inc. Houston, Texas

Internal Audit Manager (assignment as Ex-Pat) 06/2009 – 04/2014

Managed audits throughout America and Europe and Asia, providing audit committee, local and central management, and external auditor with independent review and evaluation on organizational effectiveness and efficiency regarding internal control and risk management systems; make recommendations based on evaluations and follow up its implementation for safeguarding stakeholders’ interests. Compliance assurance: group decisions, policies and procedures, and government laws and regulations, as well as organizational processes and management. Planned, defined, and performed audits autonomously for all group entities, (within and outside region or functional domain), to ensure acceptance and implementation of recommendations contained in audit reports. Provided advice to management and other internal auditors regarding issues related to respective fields of expertise. Oversaw annual audit program for region or functional domain and worked cooperatively with high-end executives. Delivered innovative ideas to manage deferred tax calculations within functional domain in order to comply with IFRS

Identified and recommended areas for improvement in manufacturing and supply chain, resulting in a $3.2M USD excess in cash flow, as well as opportunities to reduce working capital by $2.5M USD by selling fixed assets no longer in use in 6 months.

Identified and documented recommendations to improve compliance with group guidelines, internal controls, risk management, and operational effectiveness in specific areas, and discussed findings with management of audited entity on a regular basis.

Proposed subjects for internal audit manual, implemented in Sep 2009, achieving a better tool for mentoring new internal auditors

Shared good practices and assisted on minimizing working capital within group, in addition to organizing KPIs by process to prepare audit assignments and potentially engage in continuous monitoring of transversal processes.

Contributed to the integration with merged company by developing internal audit manual and customer satisfaction survey for auditees. Performed quality assurance reviews to aid with investment advisor certification.

ITAMEX Mexico City, México

CFO 04/2005 – 05/2009

Financial team leader ($75M USD annual revenues and 400 FTE’s) and key player during company’s due diligence and acquisition processes; fiscal and planning processes in accordance with all appropriate rules and regulations (IFRS and Mexican GAAP); report to CEO with doted-line to CFO at HQs in Hannover, Germany. Member of the Executive Management team, assuming a strategic role in the company’s overall management, based on providing timely and accurate analysis on financial information. Direct responsibilities (teamwork of 15 individuals): accounting, cost accounting and controlling, finance, forecasting and institutional financing, ensuring appropriate financial risk management, auditing policies and procedures were properly handled; KPI’s implementation. Responsible over capital structure functions of $3.8 MUSD/Yr., CAPEX, including equity and secured facilities; hands-on leadership on implementing and running a reliable Job-Cost system for manufacturing and commercial operations; main contact with external auditors, insurance companies and legal authorities

Directed financial operations of companies with annual revenues of $75M USD and net results of 15%, possessing total assets of $25 MUSD and more than 400 employees, always fulfilling corporate requirements of 20% ROI.

Supported engineering department on managing fixed assets procedure (including CAPEX structure), ensuring the application of depreciation rules and implemented Contribute-Through transfer price policies, generating net results of 48%, equivalent to $27 MUSD after company’s acquisition.

Key player on increasing revenues from $24 MUSD to $75 MUSD in record time of 4 years (43% below corporate’s time expectations), through the successful launching and marketing of new products and implementing cost control and analysis systems

Negotiated service-level agreements totaling $1.3 MUSD annually that contributed on profitability management to adjust transfer price reducing local taxes.

Established a complete corporate finance architecture and philosophy for a start-up of affiliate, designing and implementing standard cost calculations for manufacturing and operations.

Participated in M&A: due-diligence process for acquisition of company worth of $56 MUSD and successfully contributed to payback in half of the time (2 years) below corporate’s expectation, through implementing transfer pricing and being at arm’s length, as well as anticipating dividends of $12 MUSD to shareholders within 4 year period when expectations were in seven years.

Oversaw treasury of $4 MUSD, implementing cash pooling for reducing local cash position and increasing cash position at corporate level, decreasing exchange fluctuation risk which resulted in a benefit of $150 KUSD of interest gained per year

Helped decrease working capital from 24% to 18%, reducing days of sales outstanding from 59 to 50 from in 4 years through implementation of credit policy, managing raw material and spare parts inventory and negotiating with vendors extended credits.

SOLVAY Química y Minera Monterrey, México

Financial Manager and Controller (Ex-Pat assignment in Germany and Belgium between 1991-1992) 06/1990 – 03/2005

Financial team leader ($25M USD annual revenues and 120 FTE’s); fiscal and planning processes in accordance with all appropriate rules and regulations (IFRS, US GAAP and Mexican GAAP); report to CEO with doted-line to CFO at HQs in Hannover, Germany and Houston, TX. Member of the Executive Management team, assuming a strategic role in the company’s overall management, based on providing timely and accurate analysis on financial information. Direct responsibilities (teamwork of 7 individuals): accounting, cost accounting and controlling, finance, purchasing, IT, forecasting and institutional financing, ensuring appropriate financial risk management, auditing policies and procedures are properly handled; KPI’s implementation. Responsible over capital structure functions, including equity and secured facilities; hands-on leadership on implementing and running a reliable Job-Cost system for manufacturing operations.

Developed financial statements and analyzed business trends and daily operations (KPI’s), in addition to offering reporting and budgeting support, advising business management on mitigating performance issues. SAP leader implementation

Managed treasury of $2 MUSD, reduced company’s debt by $10 MUSD throughout purchase of hedging instruments in 1995

By implementing a cost structure and accounting system, coordinated and organized strategic and operating forecast, budget and a 5 year plan process for local site, driven by group s strategic business objectives.

Implemented controls and procedures to manage working capital efficiently by implementing credit policy of a domestic and international portfolio worth of $7 MUSD and managing inventories of $5 MUSD (max/min and reorder point), achieving a reduction of working capital in almost a half, from 30% of sales to a record of 18%.

Instituted electronic banking system in company for cash disbursements and initiated payroll payment once per month to reduce processing costs and increase security, issuing electronic payments to employees with savings of $50 KUSD/Yr.

Negotiated administrative management of affiliates, increasing local results by $60 KUSD/Yr. and saving affiliate $100 KUSD/Yr.

Conferred with local income tax authorities, external and internal auditors, insurance companies, banks and shareholders and board members at meetings to assure compliance with internal and external procedures and regulations.

MATERIAS PRIMAS MONTERREY (Vitro Group affiliate) Monterrey, México

Production Cost & Controllership 06/1986 – 03/1990

Responsibility for two production facilities; elaborated short and long term operational forecast, budget, and plan. Planned and executed monthly meetings to review production cost and manufacturing expenses of each plant with plant manager and operational team. Explained deviations and proposed immediate action to make corrections. Interacted with accounting to review production costs and correct mistakes and discrepancies. Delivered monthly cost analysis by cost center, pinpointing both total and unit costs to measure efficiency of operations. Implemented (KPI’s) to monitor performance of production sites and help implementing OEE management

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