In SIBUR Holding the Single system of the reporting earned

JSC SIBUR Holding with assistance of IBS Borlas implemented the Single system of the reporting. The automated solution works based on Oracle applications of Hyperion and implements functions of preparation both the reporting under IFRS, and the management reporting.

With growth of business and emergence in structure in JSC SIBUR Holding of the new enterprises became obvious need of creation of a modern system of preparation of the reporting which would allow to prepare quickly and precisely the reporting necessary for the management of holding. The former systems of preparation of the reporting – managerial and according to the International Financial Reporting Standards (IFRS) – were not connected among themselves that complicated solving of tasks of the analysis of activity of Holding.

Based on an open tender project implementation on creation of the Single System of the Reporting (SSR) was charged to the specialists of IBS Borlas having experience of development and deployment of similar solutions for large, geographically distributed business structures.

Within this project in JSC SIBUR Holding were created:

• single system of formation and consolidation of the reporting based on Oracle Hyperion Financial Management (both the management reporting, and the reporting under IFRS);
• the solution on data collection of operational units of holding based on Hyperion Financial Data Quality Management.

Works on the project went within 15 months. The main part of works on system development was conducted at the central office of SIBUR, and then a system was replicated on a corporate structure. Now the Single system of the reporting is accepted in commercial operation and covers more than 100 operational units of holding.

Application of a single system will allow to unify information arriving from the enterprises of holding, to increase reliability of financial data, to reduce labor input and to reduce terms of preparation of the consolidated statements of JSC SIBUR Holding. The transparency of process of reporting and its quality play an important role for shareholders, investors and auditors.

As the financial controller of JSC SIBUR Holding Lyudmila Zakharova reported: "The effective objective – ensuring comparability of the management reporting and financial statements according to IFRS – is reached. It provides to the management of SIBUR management company much ampler opportunities of performance monitoring of work of child structures, the analysis of their reporting and planning on this basis of further activity of holding. A further task – creation of a full integration of ESO with the sample solution of the accounting system of 1C implemented within the project of consolidation of accounting function and creation of service center of business".

In turn, the head of practice of CPM IBS Borlas Hlevnyuk Sergey called pleasant the fact that the leading Russian companies begin to implement the solutions Corporate Performance Management (CPM). "Transition to CPM solutions allows large, geographically distributed industrial holdings to standardize collection of information from different business applications of controlled enterprises in a single system and successfully messages in it financial modeling, planning, consolidation and the reporting", – Sergey Hlevnyuk specified.

Summing up the project results, the director of the department of management of IT of JSC SIBUR Holding Gorbachev Dmitry said: "Creation of the Single system of the reporting became the next step to implementations of the IT strategy of SIBUR Holding directed to implementation in work of the enterprises of holding of advanced technologies of management. Selecting the most effective solutions in the class and improving activity of holding with their help, we approach implementation of its global mission – to gaining competitive positions in the market and to transformation into the world-class petrochemical company".