How a finance team has tamed its new reporting requirements
Success story Condor Flugdienst GmbH
The aviation industry is fiercely competitive, in Germany and around the world. This makes it even more important for Condor to have robust numbers that allow reliable conclusions to be drawn on the current and future situation. By using LucaNet, the Frankfurt-based holiday airline can consolidate more quickly and more reliably than before.
How Condor uses LucaNet software:
- Consolidated financial statements in line with IFRS and German GAAP (HGB)
- Monthly reporting
- P&L, balance sheet, and cash flow planning
About the enterprise
For more than six decades, Condor has flown holiday makers to sunny destinations. Founded in 1955 as Deutsche Flugdienst GmbH, the company is now a subsidiary of Thomas Cook AG.
Use cases:
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Industry :
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Leisure and tourism
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Core Business :
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Tourism
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Headquarter city :
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Frankfurt am Main (Germany)
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Employees :
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3,000
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Website :
The challenge
Planning with Excel far too slow
Condor used to prepare only separate financial statements. Then its parent company’s reporting requirements changed. Condor now had to meet both the demands of management consolidation and company-specific needs for reporting and budget planning. On top of this, balance sheet planning, which had previously been handled using Excel, had become far too time-consuming and cumbersome. A new, better tool was needed.
The solution
One tool for every area
With LucaNet, Condor overcame the hurdles brought on by the new reporting requirements. Consolidation now takes place on a monthly basis. A specially developed Excel reporting tool makes it possible to generate all of the relevant information for the parent company at the touch of a button. Moreover, the format meets precisely the needs of the parent company to allow data to be imported into its own ERP system. Similar requirements apply to the planning, forecasts, and scenarios that the team prepares two to three times each year, with these being generated significantly faster by using LucaNet.
“It was important for us to use a software package that ensures full Excel integration (import and export), in addition to smooth data import from our own financial accounting source system. Ultimately, LucaNet was the only provider which could present everything in a single data model. We therefore quickly discarded the original idea of using two different software solutions for planning and consolidation. The exceptionally simple usability and traceability, and the resulting time savings have appeal for us”, explains Ralph Altena, Head of Accounts at Condor.
