Consolidated financial statements that run like clockwork

Case Study Doppelmayr Seilbahnen GmbH

Doppelmayr is a complex group with multiple subgroups. Nevertheless, it wants to produce its consolidated financial statements coherently, transparently, and efficiently – an aim that proved impossible with its old consolidation tool, which burned through the group’s time and resources. LucaNet helped Doppelmayr turn things around.

Project

  • Introduction of intuitive consolidation software
  • Faster preparation of consolidated financial statements in accordance with IFRS
  • Global access to the centralized data

Doppelmayr Seilbahnen GmbH

Industry:
Production / Industry
Core Business:
Transport and logistics; automotive, machines and systems
Headquarter city:
Wolfurt (Austria)
Employees:
2,700
https://www.doppelmayr.com
logo doppelmayr

About the company

No company in the world builds more cable cars than Doppelmayr. Established in 1892, the Austrian enterprise covers around 60 percent of the global market in its field and is a constant presence on ski slopes from Bavaria to China.

The enterprise is also active in urban projects, and in 2012 built a cable car line across the Thames, connecting London’s Greenwich district to the Royal Docks.

doppelmayr mountains ski lift

The goal: To cut the time spent on consolidated financial statements

Doppelmayr has production sites and sales and service branches in more than 40 different countries. The software system it had previously used for its group consolidation was unable to cope with all these subsidiaries and investment interests. Michael Köb, who is in charge of group accounting and international taxes at Doppelmayr, explained: “Maintenance was no longer being provided for the software system that we were using before, and it could no longer handle our requirements. It was obvious that we needed a new consolidation tool to deal with the increase in workload. We knew that we wanted software that could map a complex group with multiple subgroups and make our process for generating consolidated financial statements more efficient.”

THREE EXAMPLES OF THE VALUE ADDED FOR DOPPELMAYR:
  • Faster closes
  • High-quality expert consultation
  • Easy to use, even without IT knowledge

Global access to centralized data

One factor that makes life much easier for Doppelmayr is the LucaNet software’s intuitive interface. Even employees with minimal IT skills quickly get used to operating it and can carry out consolidation without any additional help once they have received the initial training. “What makes LucaNet special is its reliability when used in an international context,” Michael Köb explained.


LucaNet allows enterprises to flexibly incorporate international subsidiaries and investments, so existing financial data can be accessed from any group branch. It also comes with another benefit: In addition to drawing up financial statements according to various accounting standards, such as IFRS, it offers automatic currency translation and multiple language settings for its user interface. All these advantages have helped Doppelmayr achieve its goal, as Michael Köb describes: “In just a short time, our group data had become coherent and transparent.”

100% flexibility and transparency: With LucaNet software, we have significantly simplified our consolidation process. Complex relationships between companies can be represented at the press of a button in a manner that saves on time and costs. This allows for the necessary transparency and clarity and is essential in allowing us to concentrate 100% on our core business as an enterprise.

Michael Köb

Group accounting and international taxes

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