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David Boyce8 Haerse AvenueChipping Norton NSW 2170 (02) 9601 1836 - Home

0438 579 142 - Mobileoz-loz@bigpond.com

Capability Statement

I am an accomplished and hands-on finance professional with strong financial and operations .experience with an excellent business and commercial acumen.

Qualifications

Certified Practicing Accountant (CPA)

Bachelor of Business (Major in Accounting)

Career Outline

FAST AND FLUID MANAGEMENT Dec 09 – June14

Financial Controller – Asia Dispensing Operations VALSPAR GROUP OF COMPANIES Oct 98 – Feb 09

Financial Controller – Australia & New Zealand Operations 2006 - 2009 Finance Director – Australia & Asia Operations 2001 - 2006Financial Controller – Australia 1998 - 2000

TNT LOGISTICS ASIA -CONTRACT ROLE 1995 - 1998

Financial Controller – China OperationsGroup Accounting ManagerSpecial Projects Accountant

GATEWAY ENGINEERING PTY LTD – CONTRACT ROLE 1994 -1995 Financial Controller

PACIFIC AVAITION PTY LTD. 1985 -1994Commercial ManagerFinance Director / Company SecretaryChief Accountant

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Career Experience

FAST AND FLUID MANAGEMENT AUSTRALIA PTY LTD

Fast and Fluid Management is a Business Unit of IDEX Corporation Inc. which is a listed on the New York Stock Exchange with corporate head office located in Chicago.

Business Overview.

The business unit has a sales budget of USD25m for 2014.

The operation until September 2011 was involved in the assembly of manual paint dispensers, shakers and mixers to a worldwide customer base and the sales, distribution of automatic paint dispensers to the Australian market. Assembly process now transition to an IDEX share manufacturing facility in China and India. Current business model is now focused on the sales service and distribution of the global dispensing product range through the Australian and Asian markets.

Key Achievements

Mentoring of senior management on understanding key business metrics Completed a due diligence review of numbers on appointment and rectified anomalies

to ensure the integrity of the financial numbers. Introduced a comprehensive budget and forecast model for use in the business. Developed a management reporting system for senior management. Previously nothing

produced. Developed sales and margin reporting from the ERP system. Previously no reporting

from the system. Oversaw the upgrade of the Australian standard cost system. Developed comprehensive reporting on Excess, Obsolete and Zero moving Inventory. Developed with the China operation a comprehensive Purchase Price Index reporting. Ensured compliance and on time reporting to the US on corporate requirements. Worked with the US tax team in developing a Dispensing B.U. transfer pricing

mechanism. Control of Purchasing, Inventory Management and Warehousing functions. Reduced stock take losses from 4% to under ½ % of total inventory through improved

controls. Obtained ASIC Class Order relief for IDEX Australian operations in 2011 resulting in

Audit Fee reductions of $100k p.a. Received highest grading acknowledgement from IDEX CEO for recent internal audit

conducted by IDEX Internal Audit team.

THE VALSPAR CORPORATION

Valspar is a leading global coatings and paint manufacturer and distributor. The Corporation is listed on the NYSE with their corporate head office based in Minneapolis. Net Sales for the year ended 2008 were USD 3,482 million with nearly 10,000 employees and operations and offices in 25 countries.

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VALSPAR AUSTRALIA AND ASIAN OPERATIONS. – FINANCE DIRECTOR 2001 - 2006

Net Sales during my tenure were USD 200million with manufacturing operations in Australia (2), China (3), Taiwan, Singapore, Malaysia, Vietnam, and warehouse and technical facilities in Japan, Indonesia, Philippines and 5 sites within Australia and New Zealand. The sales for the region over the last 10years have grown over 300% and this growth has been achieved by spin-offs from global acquisitions and organic growth. The finance team comprised 6 direct reports and total staff of 70. The position reported to the Vice President of Finance in the U.S. with a dotted line responsibility to the Regional President.

Key Achievements

Right hand man to the President of the Asia Pacific operations in delivering an integrated and profitable business that consistently met or exceeded stretch targets.

Right hand man to the President of the Asia Pacific operations in acquiring and integrating several medium sized businesses in the region.

Developed and implemented standardised forecasting, financial and manufacturing reporting framework through the region for internal stakeholders.

Project sponsor for the implementation of the Batch Master Enterprise ERP system throughout the Asian operations.

Implemented programs that reduced trade working capital levels through the Asia region. DSO reduced by 25%, DPO increased by 15% and reduced inventory turns by 15%.

Implemented structured review processes with internal stakeholders that significantly reduced risk associated with trade working capital components and highlighted areas where reduction in operating expenses were achievable.

Developed a regional finance team that performed in unison despite the various social and business cultures in the region.

Effectively managed the regional finance team and worked closely with other functional teams such as sales and marketing, in understanding our markets and customer needs.

Built strong personal and professional bridges to the Corporate and Finance and Administrative functions and managed within the corporate framework.

VALSPAR AUSTRALIA AND NEW ZEALAND OPERATIONS – FINANCIAL CONTROLLER 1998-2000 AND 2006 -2009

Acquired in 1998 by Valspar with sales of AUD 54 million the Australian surface coatings business operation achieved 2008 Sales of AUD 90 million. This growth has been achieved through a combination of organic growth and bolt on acquisitions. Profitability has increased from an initial loss position at acquisition to achieving a record operating profit of 10% on net sales in 2008. The Australian operation currently has one manufacturing facility in NSW and warehousing and technical facilities in Victoria, Queensland, Western Australia and New Zealand and five retail outlets for the DIY Polyester Resin market. The finance team comprised 10 people. The position reported to the Finance Director for Global Coatings in the U.S. with a dotted line responsibility to the Australian Managing Director. In addition to the surface coatings operations the Valspar group included a company dealing with providing warranty protection programs for the major furniture retail operators in Australia. Key Achievements

Right hand man to the Managing Director in turning around the unprofitable Australian business into a profit making enterprise.

Finance team leader for the implementation of the Oracle ERP system in Australia. Reduced working capital levels in the Australian operation, DSO reduction 16%, DPO

increased by 10% and Inventory Turns by 13%. Overhauled the standard cost system for a process environment so that cost data

reflected more of a real time position and introduced sales pricing review models in association with cost model. Changes required due to the volatile nature of raw material

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costs, most raw materials oil based and the fluctuating supply cycle. Initiated expense review programs with internal stakeholders to highlight areas where

potential expense reductions could be achieved. Internal reporting cycle reduced from 10 days to 3 days. Streamlined internal reporting processes by generating reporting based on the needs of

internal stakeholders. Enhanced the integrity of financial data. Restructured and developed an efficient and effective finance team. Developed effective communication channels with non finance managers. Ensured that reporting deadlines for Local and US purposes were achieved and

developed effective communication channels with US reports. Successfully guided Australian operations through the SOX implementation.

Overall Responsibilities within the Valspar Group.

1. Ensuring the integrity of the Company’s financial data so that stakeholders of the Company can make informed business decisions.

2. An effective business partner to all levels of management within the local and overseas operations.

Specific Role Responsibilities:

External reporting: Australian, Asian and USGAAP Statutory reporting obligations. Australian and Asia Income Tax, FBT, GST, VAT lodgements USGAAP Income Tax reporting. Statutory lodgements, examples being, Annual Returns, Director changes. Government and Industry statistical returns.

Internal reporting : Monthly, Quarterly and Year End Local and US Management reporting. Reporting

covered the following areas:1 P&L – Detailed variance analysis against budget and forecast for sales, sales

deductions, covering freight and customer rebates, raw material margin performance, manufacturing performance, conversion costs and operating expenses.

2 Risk issues associated with Balance Sheet categories.3 Working Capital analysis.4 Capital Expenditure analysis.5 Treasury – forex risk.6 Raw Material and Sales Pricing.

Development of Strategic Plans, Targets and Budgets, which covered both financial and non financial KPI’s.

Management of the Monthly forecast process. Monthly cash forecasting with daily actual reports. Weekly sales, raw material margin, production performance against budget and

forecast.

Human Resource Issues : 6 monthly performance reviews with all finance team members. Development of retention policies, covering remuneration, training, career

progression planning for finance team members.

Other:

Interaction with external stakeholders, External auditors and tax advisors, Bankers,

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Insurance Brokers, Customers, Suppliers. Customer contract reviews. Ensuring compliance with SOX requirements and management of external audit

review. Member of business management team.

Senior Consulting Roles

TNT Logistics Asia – Senior Accounting Roles 1995 -1998

A TNT Australia Division established too develop Greenfield logistics operations within the Asia region based on a business model developed by McKinseys.

Achievements

Finance lead in developing greenfield logistics operation in China Developed and implemented financial processes in the China operation. Implemented P&L reporting for local and Australian management, plus contract

performance reporting. Hired and trained local staff into an effective an efficient finance team. Implementation of SUN accounting software. Worked with commercial managers in developing business solutions for customers.

Gateway Engineering Pty Ltd – Financial Controller 1994 – 1995.

Local family company involved in the engineering and maintenance of underground mining equipment acquired by US company to produce the Long Airdox battery powered underground mining equipment for the local market.

Achievements

Enhanced integrity of financial data so that management reporting reflected the underlying nature of the business.

Reviewed compliance and risk issues and undertook appropriate action to rectify where required.

Completed a total upgrade of the job cost system, WIP and Inventory management systems.

Implemented where appropriate streamlined and efficient business processes. Successfully undertook an education process with the new management on ensuring

that they understood the key business metrics for the company that drove profitability. Pacific Aviation Pty Ltd – Chief Accountant, Finance Director and Commercial Manager – 1985 – 1994.

A general aviation company initially owned by Ansett Airlines and Consolidated Press Holdings and finally by Impulse Airlines. The peak turnover for the operation was $60million and the revenue was derived from Spare Parts, Maintenance and Engineering facilities, Aircraft Sales, Aircraft Charter and Commuter Terminal Services.

Achievements Enhanced the integrity and presentation of the financial components of Board papers for

the joint Ansett / CPH Board. Developed effective and efficient Finance and IT teams. Overall responsibility for the upgrade of ERP system AS38 to AS400. Improved working capital performance. Successfully negotiatiated with distributors / manufacturers/ FAC on contract renewals,

business issues.

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Key member of acquisition and integration team for a major business acquisition. Member of senior management team.

Other Work Experience: Tyree – Westinghouse - Manufacturer of electrical transformers – Group Accounting

Manager. Hunter Douglas Ltd - Manufacturer of Building Products – Internal Audit and Divisional

Accounting roles. Chartered Accountants – involved in audits, company tax returns, company secretarial

and client accounting matters.

Personal Details Professional Memberships: CPA Australia – Membership No. – 190792

IT Knowledge: ERP Systems – TIMS, Hyperion , Oracle, BME, SUN and IMAS400 Microsoft Application – Intermediate level with Excel, Word.

Interests: Golf, Rugby League, Cricket, Reading

References: Available on request.

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