Job Purpose

• Lead Biovac's treasury function and support the CFO through disciplined cash and liquidity management, stewardship of the debt and funder portfolio, input into capital-structure decisions, management of banking and funder relationships, and management of foreign-exchange, interest-rate, counterparty and liquidity risk.

• Own the day-to-day management of a multi-currency balance sheet in which the functional and reporting currency is the South African Rand, while debt, capital commitments, supplier payments and future revenue streams create material Euro and US Dollar exposures.

• Ensure that Biovac meets all obligations under loan, grant, security, intercreditor and other funding agreements, including conditions precedent, drawdowns, repayments, interest and fees, reserve-account requirements, covenants and lender reporting.

• Support the CFO with timely treasury analysis, scenario modelling, recommendations and reporting for Exco, the Board and relevant committees.

• Maintain a strong treasury control environment and ensure compliance with applicable exchange-control, companies, financial-intelligence, tax, accounting, pharmaceutical and organisational requirements.

Minimum qualification(s)

Required:

• Bachelor's degree with Honours, or equivalent NQF 8 qualification, in Accounting, Finance, Financial Management, Economics or a related discipline.

• A recognised professional designation in good standing CA(SA), CIMA, CFA, CTP or an equivalent internationally recognised treasury or finance qualification is required.

Preferred:

• Master's degree, MBA or postgraduate qualification in Treasury, Finance, Corporate Finance or Risk Management.

• Recognition is given to Prior Learning and relevant practical experience, subject to the required professional designation.

Experience & industry knowledge

Required:

• 10+ years' relevant experience in corporate treasury, finance or banking, including at least 5 years in a senior leadership role with direct people-management accountability.

• Demonstrated experience managing material multi-currency exposures, cross-border payments and hard-currency debt in an organisation with a different functional currency.

• Experience administering complex project-finance or corporate-finance facilities involving multiple lenders, currencies, security arrangements, covenants, reserve accounts and reporting obligations

• Proven experience in liquidity planning, cash-flow forecasting, debt-service modelling, interest-rate risk, foreign-exchange risk and hedge execution.

• Experience with authorised dealers, exchange-control approvals, guarantees, letters of credit and other trade-finance instruments.

• Ability to interpret and operationalise loan, grant, security, intercreditor and supplier agreements.

• Advanced financial modelling, Excel and data-analysis capability, with proficiency in SAP and treasury or banking platforms.

Preferred:

• Experience in a pharmaceutical, manufacturing or capital-intensive project environment.

• Experience with development-finance institutions, blended-finance structures, international lenders and associated environmental, social, reporting and disbursement conditions.

• Experience with SAP FI/CO, bank integration and treasury-management-system implementation or optimisation.

• Experience supporting external audits, funder audits and hedge-accounting documentation.

Key Duties and Responsibilities

Cash Flow, Liquidity & Working Capital

• Own and maintain an integrated rolling 12-month cash-flow forecast, supported by longer-term liquidity and debt-service forecasts aligned to the five-year facility build and operating plan.

• Forecast and report cash flows by source currency and in ZAR equivalent, distinguishing operational cash, project cash, grant cash, restricted cash and available liquidity.

• Maintain minimum liquidity headroom, identify funding gaps early and recommend corrective action to the CFO.

• Coordinate forecast inputs from FP&A, project teams, Procurement, Commercial and Financial Accounting, and analyse forecast-to-actual variances.

• Oversee bank, cash, restricted-cash and debt reconciliations and the cash-flow statement disclosures supporting annual financial statements.

• Invest surplus cash within the approved mandate, taking account of liquidity, currency, counterparty, concentration and lender restrictions.

• Develop forecasting standards and build cash-management capability across relevant teams.

Debt Portfolio, Funder Compliance & Contract Execution

• Maintain a complete obligation register and reporting calendar for all loan, grant, security, intercreditor and related agreements.

• Maintain a multi-currency debt register covering commitments, availability periods, drawdowns, amortisation, interest, fees, undrawn amounts, currency, benchmark, security, reserve requirements and repayment profiles; reconcile it monthly to SAP, bank and lender records.

• Coordinate and submit drawdown requests, utilisation reports, covenant certificates, management accounts, budgets and other lender deliverables by contractual due dates.

• Monitor all conditions precedent and subsequent, undertakings and information requirements, with clear evidence of completion and audit readiness.

• Calculate and forecast covenant ratios and debt-service requirements and escalate projected breaches, shortfalls or delays early with proposed remediation.

• Lead preparation of waiver, amendment and consent requests and support the CFO in lender and agent engagement.

• Monitor financing costs, commitment fees and adviser costs against budgets and contractual terms and ensure appropriate accounting treatment.

• Maintain Debt Service Reserve Accounts and other lender-controlled or restricted accounts at the required level, with timely top-ups, reconciliations and reporting.

• Operationalise applicable cash waterfalls, security-sharing and intercreditor arrangements in collaboration with Legal and Financial Accounting.

• Support funding due diligence exercises and ensure that all Treasury and Financial Accounting deliverables are met within the required timelines.

Foreign Exchange & Multi-Currency Risk Management

• Maintain a consolidated exposure register by currency, entity, project, supplier, customer, tenor and certainty level, covering forecast and committed receipts, payments, debt service and capital expenditure.

• Develop and execute, within the approved Treasury Policy and delegated limits, a foreign-exchange strategy that considers natural hedges, currency matching, timing, forwards, swaps and other permitted instruments.

• Match funding and available cash currencies to supplier commitments, project expenditure and debt service where commercially and operationally appropriate.

• Monitor hedge coverage, hedge effectiveness, mark-to-market values, counterparty limits, settlement dates and documentation, and report breaches or exceptions immediately.

• Maintain the five-year capital-commitment forecast by currency and quantify ZAR budget exposure, rate sensitivities and contingency requirements.

• Monitor the evolving mix of USD and ZAR revenues and incorporate expected hard-currency receipts into the natural-hedging and debt-service strategy.

• Maintain source-currency bank-account structures and ensure compliance with all exchange-control approvals and permitted-use conditions.

• Maintain derivative and counterparty documentation, including applicable mandates, confirmations and ISDA or similar agreements, and coordinate hedge-accounting documentation where relevant.

• Monitor reference-rate and benchmark-transition risks across ZAR, USD and EUR facilities and ensure systems, agreements and forecasts remain operationally ready.
  

Exchange Control, Cross-Border Payments & Trade Finance

• Own the exchange-control compliance calendar and oversee annual, transaction-specific and ad hoc applications, approvals, renewals and reporting.

• Engage the authorised dealer and relevant advisers to ensure approvals are obtained before commitments or payments and that approval conditions are met.

• Monitor evidence of imports and close outstanding import, prepayment and foreign-payment documentation promptly.

• Manage guarantees, letters of credit and other trade-finance instruments required for imported equipment, materials and services.

• Coordinate with Tax and Financial Accounting on withholding tax, imported services, lender fees, transfer-pricing and other cross-border tax and accounting implications.
  

Interest Rate, Investment & Counterparty Risk

• Monitor floating-rate exposures, repricing dates and benchmark changes across the debt portfolio, and model base-rate and stress scenarios.

• Recommend and execute approved interest-rate risk mitigation within policy and delegated authority.

• Maintain approved counterparty, concentration and investment limits and report exposures and exceptions.

• Own banking and funder relationships, facility and account structures, mandates, pricing reviews and service performance.

Treasury Governance, Controls & Reporting

• Draft, maintain and obtain approval for the Treasury Policy, including liquidity, funding, foreign-exchange, interest-rate, investment, counterparty, payment, delegated-authority and exception-management requirements.

• Maintain segregation of duties across banking administration, payment capture, payment release, investment and hedge execution, with controls against fraud and unauthorised transactions.

• Oversee user access, bank mandates, FICA information, periodic access reviews and business-continuity arrangements for critical treasury processes.

• Maintain complete treasury records and support internal, external, lender and regulatory audits, ensuring timely closure of findings.

• Report regularly to the CFO, Executive Team and relevant Board committees on liquidity, debt, covenants, reserve accounts, funding conditions, FX and interest-rate exposures, hedges, counterparties and emerging risks.

• Lead treasury systems, automation, data-quality and SAP integration improvements.
  

Project Finance & Accounting Support

• Partner with the project team on funding availability, drawdown sequencing, supplier-payment timing, multi-currency commitments, contingency and cash-flow integration for the new vaccine facility.

• Provide treasury support for capital budgeting, project risk, insurance, guarantees, lender monitoring and completion requirements.

• Coordinate with Financial Accounting on the correct treatment of property, plant and equipment, intangible assets, borrowing costs, foreign-exchange differences, fees and derivatives under applicable IFRS requirements.

Technical Competencies required to perform this role:

• Corporate treasury, liquidity, debt and project-finance management.

• Multi-currency cashflow and debt-service modelling.

• Foreign-exchange and interest-rate risk management, hedging instruments and counterparty controls.

• Loan, grant, security and intercreditor agreement literacy.

• South African exchange-control requirements and authorised-dealer processes.

• IFRS 7, IFRS 9, IAS 21 and IAS 23, including hedge-accounting and borrowing-cost considerations.

• Cross-border tax awareness, including withholding tax and imported-services implications.

• Treasury-management systems, SAP FI/CO, banking platforms, advanced Excel and data analytics.

• Strong reconciliation skills across bank, cash, debt and lender records.

• Review and auditing skills, including preparation for and support of internal, external, lender and regulatory audits.

• Executive, Board, committee and lender reporting; negotiation and stakeholder management.

• People leadership, coaching, judgement, urgency and disciplined execution.

People Leadership

• Build and lead a capable treasury team with clear roles, goals, controls, performance standards and succession arrangements.

• Develop technical capability in cash forecasting, debt administration, covenant management, exchange control, FX and interest-rate risk, banking and treasury systems.

• Coach and mentor team members, ensure knowledge transfer and maintain effective back-up for all critical treasury processes.

• Promote accountability, ethical conduct, collaboration, continuous improvement and an appropriate control culture.

Technical Competencies required to perform this aspect of the role:

• Strategic goal setting methodology

• KPI development & tracking methodology

• Resource planning & capacity management

• Performance Management Methodology

• South African labour legislation

• Biovac Human Capital policies

• Communicating, leading, coaching & mentoring

• Strong understanding of organisational behaviour

Closing Date: 25 September 2026