Full transparency of financial data
Success story Tengelmann Holding
As part of a strategic realignment, Tengelmann Holding restructured Group consolidation and reporting. With LucaNet, Tengelmann significantly improved flexibility and transparency in the area of finance and controlling.
I'm a huge fan of the software. With LucaNet, we have transparency of the numbers, that is simply unbeatable.
How Tengelmann uses LucaNet software
- Automated consolidation
- Capital consolidation according to HGB
- Monthly reporting
- Plan-actual comparisons
About the company
The Tengelmann Group is one of the most important retail companies. The group of companies includes the textile discounter KiK, the OBI home improvement stores, and babymarkt.de. Also part of the Group are the real estate company Trei Real Estate and the investment companies Emil Capital Partners in the United States and Tengelmann Ventures in Germany, which have been investing in start-up companies for several years.
Use cases
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Industry :
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Trade
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Headquarter city :
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Munich (Germany)
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Employees :
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70,000
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Website :
The challenge
Fast and flexibly to transparent financial data
With the strategic realignment of the Tengelmann Group's investment portfolio, the holding company's operating business was also streamlined and restructured. For the new requirements in the area of consolidation and reporting, Tengelmann was looking for new software that could be used flexibly, was easy to use, and, above all, ensured transparency of the key financial figures. That should be the be-all and end-all. The reason for that is, that despite the realignment of the Group, there are still around 60 reporting entities, including three pre-consolidated subgroups, which are consolidated by the holding company. With LucaNet, they found exactly the right partner for this. The most important areas of application that LucaNet software covers for Tengelmann today are consolidated financial statements, quarterly financial statements, and reporting.
The solution
Consolidation at the click of a button
"Our portfolio companies do their own financial statements and then deliver them to us at the holding company via a reporting package. We then consolidate everything in the software into the overall group," Melanie Naglschmidt, Finance Manager at Tengelmann and key user of LucaNet, explains. "The consolidation in LucaNet is almost completely automated and we can subsequently generate all the reports we need, for example, bank reporting or management reporting.” The advantages are clear for Tengelmann. Firstly, there is a cost advantage in comparison to the previous software. In addition, the user-friendliness is much higher and, most importantly, the team in the holding company has a clear overview and transparency concerning the numbers. "We can look at our financials over time in LucaNet and have reliable consolidation at the click of a button. We are all happy that we chose LucaNet," says Naglschmidt.
Less work thanks to cloud solution
Another important thing that Naglschmidt appreciates about LucaNet is the cloud solution it offers. "We don't want to host any software ourselves, but rather purchase everything as a service. And LucaNet.Cloud is perfect for that. This way we don't have to install updates or administer the system. It also makes specifically my work easier, because I can use LucaNet at any time and access it from anywhere. On top of that, the performance is great."
