Landewyck chooses Sigma Conso for the Group’s Lux Gaap consolidated reporting
Luxembourg, 7 April 2016 – Sigma Conso, an international supplier of corporate performance management software announced today that the Landewyck Group is using its application for the group’s statutory consolidation and reporting.
Landewyck is a Luxembourg group founded in 1847 and active in the production and distribution of tobacco products. With more than thirty companies in nine countries, the group wanted to implement strict internal audit tools, be able to monitor the group’s strategic control and structure the financial processes of its subsidiaries.
Christophe Bertin, Group Controller at Landewyck explains: “Rather than use a consolidation and reporting solution supplied with our ERP system, we preferred to opt for Mona Group Reporting from Sigma Conso. It’s a quick solution which is easy and inexpensive to implement. It’s reliable and provides a complete solution to end-users. The application standardises collection of the financial information of the Group whose subsidiaries all work on different accounting systems.
The application was installed in a day and the previous period’s consolidation was entered in two days. One more day was required to customise parameters (chart of accounts, journals, points of view, etc.) to the specific needs of the Landewyck Group.
The application is intuitive and easy to master. The Excel and Word extensions are very powerful. They save us a great deal of precious time by enabling quick processing and sharing of key financial performance indicators. We can immediately take any required corrective action or share good practices when one of our entities has made significant progress.
We’re ready for the future with Mona Group Reporting: we’ll soon be implementing consolidated management reporting for analytical aspects. We also do sub-consolidations of our operating units which provide us with different points of view. We’re currently doing a quarterly management consolidation, but will move to a monthly pace next year. The tool is very flexible and upgradable to meet the changing needs of the group.”
Annie Frère, Director at Sigma Conso Luxembourg adds: “One of Mona Group Reporting’s strengths is the ability users have to configure the application themselves: chart of accounts, definition of the scope, configuration of restitution reports, etc. This means that the application is perfectly suited to the needs of the group at all times, and at a lesser cost, because everything can be done in-house.
Thanks to our presence in Luxembourg, we can provide local support and monitor changes in legal requirements. We’re proud to work with leading Luxembourg companies like CFL, Post Luxembourg, IEE, and now, Landewyck.”
About the Landewyck Group
The Landewyck Group produces and sells tobacco products. Its head office is located in Luxembourg. The group has 32 entities, including six production facilities (Luxembourg, Germany, Belgium, Hungary and the Canary Islands) and distribution subsidiaries, primarily in Western Europe. The Landewyck Group exports its products to over 40 countries. 2014 revenue: €3.16 billion; 1865 employees.