Business cases

Consolidation, management reporting, intercompany reconciliation: discover what our clients say

Business case Fluxys

Business cases

Fluxys: key information

The return on investment – in a few words

Current situation

The Fluxys group is a gas infrastructure company active in two main areas: natural gas transport and storage and LNG terminal management. As a result of the group’s many activities and its international presence, it has a complex structure and specific needs, such as sub-consolidation in a different currency than the group currency. In addition, the sub-consolidated entities must be fully consolidated, taking into account interest percentages which are different from the holding percentages. This implies juggling different rates for shareholders’ equity and the other balance-sheet items.

This complex structure is also reflected in the many consolidations done each year:

Fluxys operates in a very dynamic market. The Fluxys group always offers services which meet market expectations and applies competitive rates. In addition, while the market provides growth prospects, it is also very competitive.

In order to manage all of the complexities listed above and optimise group performance, Fluxys was looking for a reliable, multi-currency solution based on the latest technology. The challenge for the group was to find a flexible tool that would enable them to do the group’s consolidation and reporting fully autonomously.

The solution

Fluxys met with several software companies in 2013. Sigma Conso Consolidation & Reporting clearly met all of the requirements and the solution was selected for the following reasons:

Software implementation was completed quickly and the group became operational in just three months. A two-day training session was held for all the users of the different entities to ensure that they could also work fully autonomously from the start.

The results

The flexibility of the tool enabled the consolidation team to manage consolidation without having to call in consultants: Sigma Conso Consolidation & Reporting is very intuitive, which means that Fluxys can create its consolidated accounts autonomously. Furthermore, Sigma Conso also provides an additional support service to its customers to address consolidation and software questions.

One the major strengths of Sigma Conso Consolidation & Reporting is the software’s calculation speed, of which Fluxys takes full advantage. Better-quality consolidated accounts are produced on time with data transparency at every step of the process.

José Ghekière, Corporate Accounting Manager at Fluxys SA, adds:

“We really appreciated our collaboration with Sigma Conso and we will be able to grow a lot more with Sigma Conso Consolidation & Reporting. Our key project in the future is to reduce closing time by one to two weeks. To meet these ambitious goals, we’re going to implement Sigma Conso’s automatic interface between our accounting system and Sigma Conso Consolidation & Reporting. We’re currently also analysing the possibility of collecting data directly in the web application, and we’ve decided to take full advantage of the management reporting functionality available in the tool (KPI and other analyses by product, etc.)

We’re convinced that our consolidation process has already improved by acquiring the software and that the new functionality will help us further automate and perfect our group consolidation and reporting process.”

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