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Hydro - financial consolidation and reporting

Hydro needed to replace its financial consolidation and reporting solution, and conducted a thorough investigation of the tools and suppliers that were available. The solution it chose was Hyperion Financial Management (HFM) along with its accompanying integration tools.

Hydro needed to replace its financial consolidation and reporting solution, and conducted a thorough investigation of the tools and suppliers that were available. The solution it chose was Hyperion Financial Management (HFM) along with its accompanying integration tools.

EVRY was selected to design and implement the new solution because of its high level of expertise in consolidated financial statements and experience from similar projects.

"We use the solution to consolidate Hydro’s group accounts, and it provides the basis of the financial reports that Hydro submits to the stock exchange and to the authorities, as well as those that are used by the group’s executive management team. In the group accounting team, we find that the solution makes the process of preparing the group accounts efficient. It also ensures that our reporting is of a high quality", comments Svenn Sundgot, Head of Corporate Accounting at Hydro.

A functional solution
Hydro is a group that has several business areas and many units in a range of countries, and operates several different enterprise resource planning (ERP) systems. It was particularly important for Hydro to have a solution that could efficiently support the company’s key reporting processes:

  • Continuous consolidation of the income statement and balance sheet with accompanying support for notes in accordance with IFRS for Hydro and the company’s business areas
  • Processing of translation effects in general and cumulatively in relation to the company’s equity
  • Reporting to management about relevant metrics across the group
  • Business plans and on-going forecasts for the group and the various business areas
  • End-of-year tax calculations for the group’s legal units which, following consolidation, constitute Hydro’s tax liabilities and balance sheet entries
  • Reporting for Norwegian legal entities that apply Norwegian accounting standards and generally accepted accounting practice 

"EVRY has delivered a very user-friendly solution that covers all the elements involved in the reporting process, from the automatic importing of data from our ERP systems to the consolidated income statement and balance sheet. Our experience of working with EVRY was excellent; they had a sound understanding of our needs, skilled and expert consultants, and a strongly customer-oriented culture", comments Svenn Sundgot.

A decentralised process
The company’s numerous reporting units upload and register their data in the consolidation solution every month, with the business areas and corporate accounting team being responsible for the consolidation process itself. The solution consolidates 350 units and is used by 250 users in 50 countries, so it is essential for it to be user-friendly and able to support the reporting process effectively. This is achieved in part by the fact that the company’s reporting units are consolidated into different structures to meet the various reporting requirements.

"We thought introducing an entirely new consolidation solution with a completely new interface would initially cause our users a range of problems. However, the first reporting process using the new solution went smoothly, and so offered a welcome confirmation of the success of this project", concludes Svenn Sundgot.

 

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