Simply fast - target and performance figures at a glance
Headquarters: Frankfurt am Main (Germany)
Employees: about 3,000
Project: introduction of a professional software which meets the requirements of management consolidation and specific demands of the company as regards reporting issues and budget planning; replacement of Excel tables
Modules: LucaNet.Financial Consolidation, LucaNet.Planner, LucaNet.Importer
In order to put an end to time-consuming and uncomfortable Excel-based spreadsheets, Condor has used the software solutions of LucaNet since the beginning of 2008. High transparency, maximum reliability and considerable cost-savings are only some of the reasons why the airline company has opted for LucaNet.
Condor Flugdienst GmbH was established by four different shareholders in 1955 under the name of Deutsche Flugdienst GmbH. Nowadays, Condor is a subsidiary of Thomas Cook. Under the slogan "Born to fly", Condor pilots 35,000 flights annually to 70 destinations worldwide.
Until the introduction of LucaNet, Condor had drawn up only individual financial statements. Due to a change in reporting requirements of the parent company, which had also required a sub-consolidated financial statement since January 2008, Condor had to quickly find the software which would be suitable both for the demands of management consolidation and the specific reporting requirements of the company (balance sheet, profit and loss account, statement) and budget planning (including, scenario planning). Moreover, it had to facilitate the introduction of a solution within a relatively short period because of the time pressure present at that stage.
After the implementation of LucaNet, Excel reporting was developed on the basis of a monthly financial reporting consolidation. Excel reporting generated all relevant information for the parent company at a push of a button. Moreover, the format corresponded with the requirements of the parent company, that is, the possibility to import data in its ERP system. Similar specifications applied to planning, forecasts and scenarios (including plan consolidation), which had to be reported twice to three times per year. Because of the above-described requirements, it was especially important for Condor to use the software, which ensured full Excel integration (import and export), apart from smooth data import from its own financial accounting source systems. Ultimately, LucaNet was the only provider which could reproduce it all within a data model.
"Having seen the fully integrated and complete solution of LucaNet, we have quickly discarded the original idea to apply two different software solutions for planning and consolidation. Exceptionally simple operation and clarity, as well as the resulting time-savings appeal to us in particular", explains Ralph Altena, Head of Accounts at Condor.
Quick decision to opt for LucaNet
Of course, there were also other software providers to choose from, but after in-depth consultations and checking the specifications, Condor decided to opt for LucaNet within a few days. The functionalities of the software were simply convincing: Only LucaNet offered a profit and loss account, balance sheet and cash flow planning integrated in one data model. Moreover, we were convinced by the uncomplicated data transfer from financial accounting source systems and enormous flexibility of creating the key figures and statistic information. These advantages combined with the intuitive operation and user-friendliness finally tipped the scales for LucaNet.
"Our working structures have been simplified in many respects since the introduction of LucaNet. We have gained time thanks to the evaluation possibilities and comfortable data recording based on interfaces to SAP and Excel. A good value for money as regards our requirements, a very high user-friendliness and the possibility to perform customization overall by ourselves, have also convinced us to select LucaNet."
Ralph Altena, Head of Accounts
Condor Flugdienst GmbH