Resume. Mr. Phillip S. G. Osborne. Address: Phone: Address:

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1 Resume Name: Address: Mr. Phillip S. G. Osborne 9 Leonard Crescent Earlwood NSW 2206 Phone: Address: phillip@eventusbusinessadvisors.com Career Summary : A highly experienced and successful executive with a record of successfully managing businesses with highly leveraged and distressed Balance Sheets, sever cash flow constraints and underperforming operations. An experienced executive who has materially improved the operating performance, cash flow management and balance sheet structures of a number of businesses. In doing so exceed the mandate of the roles in delivering increased value for all stakeholders including owners, financiers, customers and employees. Experience: Extensive experience at Managing Director/ CEO and CFO levels in organisations involved in Agribusiness, Wine Industry, FMCG and Food Manufacturing, Logistics and Scientific Research. During my career I have a successful record of delivering and developing: Strategic planning Growth plans Improving Profit and shareholder returns Successful integration of major acquisitions Record of achievement in business turnaround and restructuring Managing change and company culture realignment Cost control and management Financier relationships Balance sheet restructures Cash flow management Sales and Operational Planning Enterprise Agreements Development of QA systems Exit strategies Executive mentoring I have achieved significant manufacturing process and operational improvements, sales growth and enhanced cash flow and financial management. 1

2 Work History Crescent Capital Partners Business recovery/turnaround. Appointed by Private equity Owners, to create some value in their investments) I was parachuted in this business to save it, it was in dire straights and near the point of collapse. I have achieved the objective set by the private Equity group. Current : Company: Gourmet Food Holdings CEO Operating Divisions Rosella Foods (Aust) Waterwheel Industries (Aust) Pitango Soups (NZ) Brandlines (NZ) Start /End Date: 20 th April 2009 March 2013 circa $ 100 Million Staff Responsible For: 150 Business turnaround and improved reporting Development of Business systems Strategic Direction and planning Profit performance and shareholder returns Acquisition integration Executive Mentoring Group turnaround for EBITDA of $2m to $6m year one, $8m year two, $10m Year three. Successful Sale of a subsidiary to reduce Debt by $20million Improved cash conversion to, year 1 108% and between 90 and 100% subsequent years. Successful integration of Bakery/biscuit business into the Group The Group profit performance was poor primarily in one division. This division of the group business was losing money at a run rate of $1m pa. Now profitable with a run rate of $3m pa forecast FY 12 $3.5m and FY13 $4m. 20% Production line rationalisation and efficiency improvements Introduced a formal Sales and Operational planning process with reduced Inventory levels $3m whilst improving Customer DIFOT to 98%+ Reduced operational and Procurement costs $1m pa 2

3 Reduced down time and waste by 15%. Enhanced cash flow management and financial reporting practices. Financial Reporting time lines reduced by 66% Introduced weekly KPI reporting regime Commenced a culture change program and NPD focus to the organisation Managed Business system (SAP) implementation on time and on budget Managed major capital expenditure programs to deliver expected efficiencies and production expansion. Previous Company: Aquarium Industries - CEO (A Crescent Capital Partners Company) Start /End Date: November April 2009 $ 12 Million Staff Responsible For: 60 Strategic Direction and planning Profit performance and shareholder returns Market maintenance and growth Acquisition integration Executive Mentoring Successfully managed the turnaround of this Ornamental fish business. Selling approx 1 million tails (live fish) per month throughout Australia. This business has a significant FMCG and grocery profile with 8000SKU s Customer base of approx 1000 customers a combination of small retailers and large format stores/groups Managed a complex supply chain with 70% of volume imported for Asia which included managing a Quarantine Facility. In 12 month period stabilised and turned a loss making business into a profitable one $1.2 million losses to $1.3 million profits in 12 months. Achieved 37% sales volume growth and 33% dollar growth Improved customer order fulfilment by 20% to industry highs of 98% Gross Margin improvement 24% via better sourcing, improved inventory and supply chain management. Improved stock turns for 48 days to 35 days. 3

4 18% improvement in productivity by improved IT and b2b trading arrangements and effective management of the supply chain. Established On line trading environment achieving 70% of customer orders on line. Assisted in negotiating a trade sale. Eventus Business Advisors Director Practical effective advise that works Accredited Associate of the Institute for Independent Business (IIB) Start /End Date: November 2005 November 2006 Activities: Eventus Business Advisors offers business and management consulting services to corporate and private sectors across a broad spectrum of disciplines. Its focus and core competencies are with small businesses, meaning those companies with 5 to 250 employees. Industry Focus: Food, Wine, Transport and Logistics, Dairy, Manufacturing, FMCG Current assignments include working with a Private Equity group in turning around one of their investments and the development and implementation of an exit strategy. Other recent assignments include organisations operating in the following sectors: Food Manufacturing, Laboratory and Scientific, Pharmaceutical, Manufacturing, Construction and Infrastructure. Areas of speciality are: Finance Company turnaround and restructuring IPO and Company Acquisitions Due Diligence Corporate Strategy Strategic Planning Change Management Cash Flow Management Cost control and cost Management Mentoring and Coaching 4

5 Evans and Tate Ltd. - Chief Operating Officer (Strategy, acquisition analysis, M& A domestic and International, supply chain efficiencies, business practice improvements, improved performance) Start /End Date: September 2001-September 2005 $ 110+Million Staff Responsible For: 330 Strategic Direction and planning Profit performance and shareholder returns Market maintenance and growth Industrial relations Shareholder Relations Acquisition integration Executive Mentoring Significantly improved Organisational performance, profitability and shareholder returns. The following was achieved over a 3 year period: Revenue increased $ 72.4 million to $110 million or 247% EBITDA has improved by $11.5 million or 139% EBIT has grown $ 7.4 million or 113% Develop sophisticated performance management and cash flow systems. Improved banking and financial relationships delivering substantial cost reductions halving the banking margins. Improved operational efficiencies and cost reductions delivering 20% operational cost reductions. Creating a formal business culture in a company that has grown from a family owned Company to a public listed company whilst at the same time honouring and maintaining those positive elements of is foundations. Identifying new business opportunities and trends in the wine industry and aligning the company to take advantage on those opportunities. Implementing a formal business planning process, which is linked to business performance and Executive KPI in a tangible sense Identified, negotiated and integrated a number of Acquisitions including the acquisition of Cranswick Premium Wines Ltd. Negotiated and acquired a USA subsidiary. Negotiated and acquired a UK and Europe subsidiary. Development of Long Term and Short Term Incentive Plans for Key Staff Managing major capital works programs delivered on time and under budget. Develop a succession plan a mentor to senior management 5

6 Phillip Osborne Consulting Pty Ltd - Director Consultant Agribusiness and mentoring to CEO and business Owners. Start /End Date: May September 2001 Consulting principally in the areas of strategy, business development and business systems principally in Agribusiness. Provide mentoring and business advice for a group of CEO's and business owners Farm Pride Foods Ltd- Managing Director (Strategy, substantial productivity improvements, IPO) Start /End Date: June 1993-May 2000 $70 Million (80% of sales to Major Retailers e.g. Coles, Safeway, Franklins etc. 20% to Industrial and Food Service Customers e.g. major food manufacturers and end users). Staff Responsible For: 100 Strategic Direction and planning Profit performance and shareholder returns Market maintenance and growth Industrial relations Shareholder relations Converting a Statutory Authority into an organisation successfully operating in a fully deregulated market. Evidenced by maintaining market share in dollars and volume at 80%+ of major chain store sales. At the time of deregulation the organisation survived on statutory levies, the business was changed to enable it to stand on its own two feet. At the time of deregulation the organisation was not profitable, this was turned around within the first year to record a profit approx. $1.5 Million. Transforming the organisation from one that had a production focus to one with a customer focus. Evidenced by the development of niche categories to meet a changing market. Convincing the owners / primary producers, (groupings of which held views that were diametrically opposed to the concept) to convert the co-operative to a public company and list on the Australian Stock Exchange. This was achieved by demonstrating to them that a co-operative was not the best organisational structure to capitalise on the opportunities that exist or fully utilise its competitive advantages in a fully deregulated market. Evidenced by a 90%+ acceptance of the recommendation. Creating a focus on profitability, efficiency and customer service with new systems to support this. Evidenced by a 30% reduction in staff numbers. Instigated B2B e-commerce solutions between Farm Pride Foods Ltd and its major customers principally designed to improve and enhance the supply chain. This project delivered tangible cost and efficiency savings for both parties. Developed a QA system that became the industry benchmark and served as the basis of an Australia wide system. Determining the future direction of the industry; the type and shape of organisation necessary to 6

7 develop and grow (e.g. to vertically integrate or not) and creating that organisation. Examining local and international trends and setting a course to maintain and grow the organisation s reputation as market leader. Extending the horizon of the organisation. Evidenced by the investment into farming and reducing raw material cost by 30%. Managed Capital works program which resulted in a 30% improvement in productivity (lower labour cost) and 50% improvement in product yields. Identifying consumer and consumption trends and setting in place a research and development program to capitalise on these trends. Identifying growth areas particularly in the area of prepared and semiprepared meal solutions in both retail and non-retail sectors. New product development e.g. Crepes which repaid the investment within one year. Implementing category management principals together with a Brand strategy in what is largely a commodity industry. Farm Pride maintains a branded presence approx. 60% of sales (volume) 70% by value. Typically competitors have 40% or less of volume and 45% in value of branded sales. Identifying the need to be internationally competitive and establishing a culture and work design to achieve this goal. Overhauling the industrial relations approach from confrontational to consultative. Developing an effective management team capable of carrying out the vision. Southern Egg Pty Ltd General Manager (Strategy, business turnaround, marketing enhancements) Start/End Date: Oct June 1993 $14 Million Staff Responsible For: 30 Strategy Profit performance Farmer Returns Market Share Developed a profit and a strategic focus. Began the process of converting a Statutory Authority into commercial operation by changing the focus from one that was directed towards production issues to one where the focus was on meeting customer and consumer needs. At the time of deregulation significant market share was lost. I halted this loss and commenced rebuilding market confidence and share resulting in increasing market share by 30% with the development of a co-ordinated market plan build around developing a Branded presence. I stabilised the business and set a course for future growth. Reduced employee numbers by 20%. Restoring the company to profitability whilst at the same time increasing prices to producers. 7

8 Mount Gambier Co-operative Dairy Ltd. - General Manager/ Company Secretary (Strategy, business turnaround) Start /End Date: Sept Oct $16 Million Staff Responsible For: 60 Future direction and business strategy Profit performance Sales and Marketing and key customer liaison Production control Farmer returns Liaison with regulating bodies Industrial relations and Farmer relations The business had diversified out of its core areas of expertise. The diversification was bleeding the company dry and diverting funds and resources from its key areas of competency. I restructured the business divesting non-performing business units and restoring the organisation to strong profit performance. Turned losses of approx. $2 million into Profit of $2 million per year and being able to pay bonuses to producer as a result. Once this was done I looked at the needs of the business and the direction that the dairy industry was taking and what was necessary for the business to survive and prosper. This led to the decision to look for a merger partner. A partner was identified and a deal structured. Shareholders voted 100% to accept the proposal. The business then merged with Dairy Vale co-operative. Dairy Vale embarked on an investment program, of approximately $4 million. Accompanying this was a staff reduction program of 50%. Both the capital investment and staff reduction program I successfully negotiated and managed. Scott Corporation Ltd. - Chief Financial Officer (Financial system enhancement, improved financial reporting and accountability and cash flow management) Start /End Date: June Sept Division: $80 Million Finance & accounting Staff Responsible For: Organisation 500+ people, Department 25 Statutory Compliance in all accounting and financial matters Weekly profit reporting Funding requirements and negotiations Insurance Administration & IT 8

9 The business had very poor financial and accounting systems, which lead to overdue tax and annual returns and inaccurate reporting of profit performance. I corrected this and established a weekly profit reporting system for all 14 profit centres which provided a reliable guide to the quarterly accounts. The company went through a period of rapid growth, during the period of my employment from a turnover of $18 M to $80M per annum. I was responsible to ensure that this growth could be funded and that systems were capable of monitoring and managing the growth so that is was profitable and sustainable. Responsible for cash flow management and capital expenditure funding. Turned the company from cash flow negative to cash flow positive. I developed innovative insurance arrangements, which lead to the saving of 100 s of thousands of dollars. Implemented appropriate controls and systems, which helped facilitate the listing of the company. Peat Marwick & Mitchell Supervisor Audit Start / End Date: Jan 1975-June 1981 Education/Qualifications Institution: Deakin University City: Warnambool Country: Australia Qualification: Bachelor of Business with Accounting Major Completed: 1984 Institution: City: County: Qualification: Completed: University of California Sacremento (Davis Campus) USA Wine Executive Program 2001 Professional Memberships Member Of: Australian Society of Certified Practising Accountants Year Obtained 1984 Member Of: Australian Institute of Company Directors Year Obtained