Consolidated financial statements that run like clockwork
Doppelmayr Seilbahnen GmbH
ProjectIntroduction of intuitive consolidation software; faster preparation of consolidated financial statements in accordance with IFRS; global access to the centralized data; international compatibility; wizards to assist with work
100% flexibility and transparency: With LucaNet software, we have significantly simplified our consolidation process. Complex relationships between companies can be represented at the press of a button in a manner that saves on time and costs. This allows for the necessary transparency and clarity, and is essential in allowing us to concentrate 100% on our core business as an enterprise.
About the company
- Transport and logistics; vehicles, machinery and systems
- Wolfurt - Austria
- 2.700 (worldwide)
Doppelmayr is a complex group with multiple subgroups. Nevertheless, it wants to produce its consolidated financial statements coherently, transparently, and efficiently – an aim that proved impossible with its old consolidation tool, which burned through the Group’s time and resources. LucaNet helped Doppelmayr turn things around.
No company in the world builds more cable cars than Doppelmayr. Established in 1892, the Austrian enterprise covers around 60 percent of the global market in its field and is a constant presence on ski slopes from Bavaria to China. The enterprise is also active in urban projects, and in 2012 built a cable car line across the Thames, connecting London’s Greenwich district to the Royal Docks.
The goal: To cut the time spent on consolidated financial statements
Doppelmayr has production sites and sales and service branches in more than 40 different countries. The software system it had previously used for its group consolidation was unable to cope with all these subsidiaries and investment interests, as Michael Köb, who is charge of Group accounting and international taxes at Doppelmayr, explained: “Maintenance was no longer being provided for the software system we were using before, and it could no longer handle our requirements. It was obvious that we needed a new consolidation tool to deal with the increase in workload. We knew that we wanted software that could map a complex group with multiple subgroups and make our process for generating consolidated financial statements more efficient.”
Global access to centralized data
One factor that makes life much easier for Doppelmayr is the LucaNet software’s intuitive interface. Even employees with minimal IT skills quickly get used to operating it, and can carry out consolidation without any additional help once they have received the initial training. “What makes LucaNet special is its reliability when used in an international context,” Michael Köb explained. LucaNet allows enterprises to flexibly incorporate international subsidiaries and investments, so existing financial data can be accessed from any Group branch. It also comes with another benefit: As well as drawing up financial statements according to various accounting standards, such as IFRS, it offers automatic currency translation and multiple language settings for its user interface. All these advantages have helped Doppelmayr achieve its goal, as Michael Köb explained: “In just a short time, our Group data had become coherent and transparent.”