Kingspan Group

Firma poszukiwała systemu, który zautomatyzuje proces konsolidacji wielu podmiotów, różnych pod kontem lokalizacji, walut czy profilu działalności.

Solution category

• Consolidation and Reporting

The Kingspan Group is a leading manufacturer of solutions for the construction industry. The Group's core activities include the design and manufacture of solutions for walls and roofs, façades and curtain walling, solutions for controlled environments, polyurethane and phenolic foams or environmental solutions, renewable fuels, water storage solutions and hot water systems.

Challenge

The financial consolidation process at Kingspan was based on Excel files. The smooth running of the consolidation process and the provision of accurate and timely information for management or regulatory purposes was very labour intensive and required a very high level of effort.

Tasks such as determining intra-group differences, eliminating intra-group transactions, reconciling accounting and management results, eliminating investments, standard adjustments/accounting, and auditing the process were not automated causing much inconvenience and delay.

Over the past few years, Kingspan has grown rapidly through overseas expansions and acquisitions. Using an Excel-based financial consolidation system, adapting to the scale of the challenge became increasingly difficult.

Solution

Kingspan Group began using Infor software for management reporting, replacing a wide range of reporting systems both at group and branch level with one central solution. The next step of development was the launch of a project whose main objective was to implement a financial consolidation system that would be flexible, increase efficiency and accuracy while reducing the amount of time spent on the entire process. The consolidation system implemented by Codec, made it possible to meet all these requirements.

The new system is fully compliant with IAS requirements. The consolidation covers all companies of the group (about 200 entities) belonging to 5 product divisions. The system ensures the possibility of reconciliation and elimination of internal settlements, conversion of separate financial statements to the group's functional currency (along with automatic calculation of exchange rate differences) and automatic elimination of shares in related entities and capital. The process of consolidation of the entire group is the responsibility of three people in the head office and individual employees in each division.

Results