Business case Rent-A-Port
Rent-A-Port Group: key information
- Business sector: design and implementation of port projects
- Company created in 2006
- Shareholders: Ackermans & Van Haaren (listed company), CFE (listed company) and the management team
- Headquarters: Antwerp
- About twenty entities to consolidate
- More information: rentaport.com
The return on investment – in a few words
- Rapidity and cost efficiency with respect to the reporting
- Flexibility of the software: Excel Add-In links
- Possibility for multi-dimensional analysis for the projects of the group
Rent-A-Port is under no legal obligation to produce consolidated accounts at this time. On the other hand, the group must produce management reports in different formats for its two major shareholders.
The reports were being done with a spread sheet, resulting in:
- Too many manual operations
- Little flexibility
- Poor traceability
- Specific aspects in consolidation and intercompany transactions couldn’t be handled
De Financial Direction of the group was looking for a reliable software who could replace the use of Excel and set up an effective process for both consolidation and management reporting. This way, the group also wanted to avoid the risk of inconsistencies between their different systems.
Consolidation & Reporting was chosen in 2010 and the implementation of the management reporting was completed in a few weeks (creation of structures, test phase, report creation …).
Next to the quick implementation, Rent-A-Port needed a solution that was:
- Upgradeable, to keep up with the group’s expansion
- Able to consistently provide analytical and operational information
- Compatible with IFRS standards
- Able to record packages both on-line and off-line
- Flexible, to adapt to the different types of holdings
- Able to facilitate the management of consolidation perimeter changes
Implementation of Consolidation & Reporting made the production of consolidated accounts far more reliable, and this at a lower cost. The group also benefits from the different functionalities that are built in the system. For example, the use of the analytical dimensions enables the group to perform a multidimensional analysis by project and by geographical zone.
Valentijn Maussen, CFO at Rent A Port Group explains:
“With Consolidation & Reporting, we get the right figures in the most straightforward way possible. The reporting tools provided in Consolidation & Reporting offer Excel’s complete freedom together with the power and reliability of an excellent consolidation and reporting software package.”