Business case Porcher Industries
Porcher Industries: key information
|Business sector:||Development and manufacturing of technical materials|
|Company status:||Owned by Warwick European Opportunities Fund Inc.|
|Headquarters:||Lyon, Badinieres (France)|
|2019 Revenues:||€ 328 million|
Summary of benefits perceived by the customer
The benefits – in brief
- Flexible: the application’s simple configuration enables quick and easy integration of all new acquisitions
- User-friendly: the application is intelligible, and the user-interface is simple and clear. Reporting statements can be generated effortlessly and efficiently.
- Fast Close: the ergonomics and performance of Sigma Conso Consolidation & Reporting shorten closing times while guaranteeing high quality financial information.
Starting from the specialization in the weaving of natural silk in 1912, Porcher Industries evolved to become a pioneer in technical materials in the 1950s. The company has grown into an international group, combining textiles with chemistry that enable their cutting-edge clients in the fields of aerospace and defence, automotive, construction, energy and sport, to anticipate technical and functional evolutions relative to the most complex textile, technical and composite materials.
At Porcher Industries, the innovation centre is continuously researching new products and processes, creating the materials of the future.
With the arrival of a new shareholder who was demanding faster consolidated reports at a higher frequency, Porcher Industries judged their consolidation software as inadequate and not fit for purpose.
Following a call for tenders, Porcher Industries selected Sigma Conso Consolidation and Reporting as their software of choice, since it provided the most complete solution for their needs:
- Quick, error-free implementation
- Autonomous configurability allowing for simple, flexible management of changes in consolidation scope, new currencies, etc.
- Fast close: the application’s accurate algorithms and high level of automation are significant assets for reducing financial close times
- Unified statutory and management consolidation: Sigma Conso’s software is a complete statutory consolidation and reporting solution.
Florent Chevalier, Chief Administrative Officer Europe at Porcher Industries, states 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 next close.
The Sigma Conso application provides a comprehensive framework with many built-in checks 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 straightforward, the set of reports provided is complete, the link to Excel is simple and powerful and interco reconciliation is crystal clear.”
The finance team was autonomous after three days of training and was able to redo the latest consolidation.
Sigma Conso Consolidation & Reporting meets the requirements of the Group’s new shareholder for faster, more frequent consolidations (at a European level and at a global level). The Group has moved from a monthly close at D+20 to D+12 and to and there are plans in place to reduce this to D+5.
Additionally, Porcher Industries has an active external growth policy and the new application simplifies the rapid inclusion of the new entities into the consolidation process.
Florent Chevalier adds that:
“The Sigma Conso Consolidation & Reporting application perfectly meets the fast close goals and the need for frequent reporting of international groups like ours.”