Simply mobile – Global player in ropeway products sector implements IFRS consolidation efficiently and transparently with LucaNet
Industry: Transport and logistics; automotive, machines and systems
Headquarters: Wolfurt (Austria)
Employees: approximately 2,400
Project: Implement an intuitive consolidation software solution, accelerate preparation of IFRS-compliant consolidated financial statements; enable global access to central data, support international use, wizard-assisted processes
Module: LucaNet.Financial Consolidation
LucaNet's consolidation software brings clarity to the Austrian company's complex consolidated financial data. After a swift implementation phase, Doppelmayr can now prepare consolidated financial statements with greater transparency and efficiency.
The history of Doppelmayr, a family-owned business, goes all the way back to the late 19th century. In 1892, Konrad Doppelmayr laid the groundwork for the company's future success when he purchased a blacksmith's and machine shop. Today Doppelmayr is a leader in the ropeway technology market, with production facilities as well as sales and service subsidiaries in more than 35 countries around the world. Customers in 88 countries are benefiting from over 14,500 ropeway systems manufactured by the company. The installations are used in regions with summer and winter tourism as well as for public transport applications. Further products include material transport systems and ropeways for preventive avalanche blasting.
Faster consolidated reporting
"Our previous software system was no longer being maintained and could no longer meet today's more demanding requirements. So we decided not to keep using that system. Our requirements for the new consolidation tool were straightforward. The software had to be able to map a complex group of companies with multiple sub-groups", says Michael Köb, who is responsible for consolidated financial statements and international taxation at Doppelmayr Seilbahnen. "Our ultimate objective was to prepare consolidated financial statements more efficiently. And thanks to LucaNet, we've accomplished that goal. We can now obtain coherent and transparent consolidated data in no time."
The software implementation process was very structured. A key part of this process is the expert support provided by LucaNet consultants, who are always available to answer any questions. Balances for each general ledger account, and data on cost centres and cost units are imported into the LucaNet system via Excel Reporting Packages. The company also plans to implement an interface to the source system IFS.
Worldwide access to central data
LucaNet's software is highly intuitive. It is extremely easy to use thanks to uniform and clear menu navigation. Even colleagues with limited IT skills can learn the system quickly and prepare consolidated reports on their own after a single training session. "What's special about the LucaNet software is that it is reliable in an international setting. This feature is especially important to us because Doppelmayr has so many subsidiaries around the world", says Michael Köb.
LucaNet meets Doppelmayr's global needs in every way and enables easy integration of international subsidiaries and partners. As a result, current financial data can now be accessed from every subsidiary. Another advantage: LucaNet not only enables preparation of financial statements in accordance with different accounting standards such as IFRS, it also features a multilingual user interface and automated currency conversion function.
Integrated wizards for expense and revenue consolidation accelerate the multi-level consolidation process by taking into account five sub-groups and various minority shareholdings. Doppelmayr Seilbahnen also uses the software's posting wizard for minority shareholding consolidations.
LucaNet is used for showing the most recent consolidated financial statement, the cash flow report, various indicators and analyses as well as additional disclosures in accordance with IFRS accounting standards.
"100 % flexibility and transparency: With LucaNet software, we have significantly simplified our consolidation process. Complex relationships between companies can be represented at the push of a button in a cost- and time-saving manner. This allows for the necessary review and clarity, and is a precondition for us being able to concentrate 100% on our core business as a company."
Michael Köb, Group accounting and international taxes
Doppelmayr Seilbahnen GmbH