United Aircraft Corporation implemented the system of consolidation of financial statements

On December 18, 2015 PJSC United Aircraft Corporation announced implementing solution based on the Oracle Hyperion Financial Management platform.

Project Tasks

Prior to the beginning of the project the reporting was prepared in the MS Excel that created difficulties during the work with large volumes of data and was integrated to risks of change of algorithms of adjustments in the manual mode, it was not correct to opportunity to differentiate access rights of the child and dependent organizations to financial information. The modern tool which could lift these limits was required and it is essential to increase efficiency of process of preparation of consolidated financial statements.

Project Progress

Taking into account successful experience of application of the Oracle Hyperion platform in the course of budgeting of PJSC OAK for reporting according to IFRS the decision also to use a product of Oracle company was made. The partner of the project selected CORUS Consulting Group which already have experience with "OAK" on the project of creation and implementation of a standard budgeting system.

In the course of system implementation all steps of process of preparation of the reporting – from data collection, before formation of a complete packet of report forms of IFRS and the analysis of control tables were reviewed and optimized. Consolidation algorithms, including calculations for transfer to currency of submission of the reporting and the automatic calculation of a share of not controlling participation corresponding to complex legal structure of corporation were automated, the difficult transformational adjustments which are based on detailed analysts of packets of data collection are unified and implemented.

Project Results

Completely project works were completed in July, 2015, the release of consolidated financial statements according to IFRS in six months which are coming to an end on June 30, 2015 became the first industrial application of a system.

We estimated advantages of reporting in an automated system – efficiency, accuracy, an opportunity quickly and qualitatively to make changes and use of analytical reports. Process of preparation of the reporting will be constantly improved, there are new tasks of planning process which we also expect to implement on the Oracle platform. Natalya Korotash, director of the department of the international financial statements of PJSC OAK

At automation of difficult business processes involvement of the customer during all work progress is very important, but especially it is important if in the project – as well as in case of the project in United Aircraft Corporation – essential decisions not only regarding technical implementation, but also regarding change of the existing methodology are made. Especially the achieved result when upon termination of the project users have ideas and offers on development of a system and desire to solve both the current tasks, and harder and harder using the HFM and FDM tools is valuable. Daniil Shapirovsky, head "Financial Consolidation" of department CPM CORUS Consulting Group

We welcome cooperation increase with United Aircraft Corporation. New market situation imposes high requirements to efficiency of decision making therefore the project success is especially significant. The single platform for planning and consolidation which connected all elements of process provided PJSC OAK with a source of competitive advantages at the solution of both the current, and perspective tasks. It confirms that the professional approach of management of one of the world's largest producers of airplanes directed to increase in efficiency of internal processes of management in the conditions of cost reduction brings notable result and allows to pay back quickly the investments made in IT. Artur Hamidullin, director of the department of preproject consulting of business applications of Oracle CIS