Business case Porcher Industries
Porcher Industries: key information
- 2015 turnover: €302 million
- 16 consolidated entities
- Majority shareholder since June 2016: Warwick Capital, an English investment fund
- International group (present in France, Great Britain, Russia, India, China, Japan, the United States and Brazil)
- More information at: www.porcher-ind.com
The benefits – in brief
- Flexibility: the application’s easy configuration enables quick and easy integration of all new acquisitions made as part of external growth operations.
- Ergonomic: the application is easy to learn. The data entry interface is simple and efficient. Reporting statements can be created easily and quickly.
- Fast Close: the ergonomics and performance of Sigma Conso Consolidation & Reporting shorten closing times while guaranteeing high quality financial information.
About Porcher Industries
Porcher Industries was a technical textiles pioneer in the 1950s. It has grown into an international group which designs and produces innovative materials that combine textiles and chemistry for multiple industrial applications and a range of markets including aerospace, automotive, construction, industry and sport.
Innovation and research for new products and processes are ongoing. Porcher Industries creates the materials of tomorrow.
Porcher Industries used eReport for the group’s statutory consolidation. The arrival of a new shareholder demanding faster, more frequent consolidated reporting, combined with an ageing application led the finance team to issue a call for tender for unified consolidation and reporting software in early 2016.
The reasons for the choice
The Porcher Industries Group Financial Department chose Sigma Conso Consolidation & Reporting after reviewing the products available on the French market. Sigma Conso’s product provides the most complete solution for the Group’s current needs:
- Quick, error-free implementation
- An application configurable by the client for easy, flexible management of changes in the scope of consolidation, new currencies, etc.
- Fast close: the application’s meticulousness and high level of automation are significant assets for reducing close times
- Unified statutory and management consolidation: Sigma Conso’s software is very complete and delivered ready to use for statutory consolidation and reporting.
Florent Chevalier, Chief Administrative Officer Europe at Porcher Industries, stated that: ‘Choosing Sigma Conso enabled us to meet our commitments: we had only a few months to change applications and be fully operational for the September 2016 close.
The Sigma Conso application provides a meticulous framework with many controls, which is very reassuring for data quality. The application is also very user-friendly: all inputs (bundles, flows, interco, etc.) are done on the same screen. Exporting is very easy, the set of reports provided is very complete, the link to Excel is simple and very powerful and interco reconciliation is very clear.’
The finance team was autonomous after three days of training and was able to redo the June consolidation.
Sigma Conso Consolidation & Reporting meets the requirements of the Group’s new shareholder for faster, more frequent consolidations (world, Europe). The Group has moved from a monthly close at D+20 to D+12 and plans to further reduce the time to D+5.
In addition, Porcher Industries has an active external growth policy and the new application enables the quick and easy inclusion of new companies in the consolidation.
Florent Chevalier, Chief Administrative Officer Europe at Porcher Industries, adds that:
The Sigma Conso Consolidation & Reporting application perfectly meets the fast close goals and need for frequent reporting of international groups like ours.
Sigma Conso’s quality support ensures that the project will be completed on time.’