November 16, 2007 IBS commenced building an automated system for restating and consolidation of financial statements according to the IFRS for Prodimex Group, one of the biggest granulated sugar producers and suppliers in the Russian market.
Prodimex Group provides its shareholders and investors with financial statements according to the international standards on a regular basis. Until now, the Group's IFRS statements have been generated in Microsoft Excel spreadsheets. Given the large number of enterprises included in the Group, the reporting consolidation process has been quite time consuming and labor intensive.
This is why the Group's management decided to boost transparency and reduce the amount of time and effort involved in preparing IFRS statements, thus improving manageability of the entire business, by using advanced information technologies and the services of experienced professionals in that field.
Based on the results of a bidding process, the project of building the automated system for restating and consolidation of financial statements according to the IFRS was awarded to IBS, a company with extensive experience of building such solutions. The system provides restatement of Russian Accounting Standards reported data from Russian accounting systems and subsequent automatic consolidation of statements according to the IFRS. SAP SEM-BCS was selected as the platform for building the system.
Dina Vladimirovna Usanova, Deputy General Director in charge of corporate reporting, said: "Having had all procedures of restating and consolidating statements according to the IFRS formalized and automated within this project, we will be able to improve the precision and speed of preparing the statements, which are important for managerial decision-making. We commenced this project jointly with IBS as we find that the company's successful project experience, especially in building consolidation systems, is very valuable."
The project started in September 2007 and is planned for completion in March 2008. The system will be installed at the management company, which will consolidate information from all enterprises within the Group. The system is expected to have about 15 users.
Profiles of the companies:
Prodimex Group, established in 1992, is one of the biggest granulated sugar producers and suppliers in the Russian market. The Group imports raw sugar, preserves sugar beet, produces sugar at its own facilities and sells products through its own distribution network. In 2006, Prodimex Group revenue was USD 596.1 million. Enterprises within the Group produced over 1.1 million tons of sugar from sugar beet and raw sugar. Prodimex Group includes 15 sugar plants located in Voronezh, Belgorod, Tula and Penza regions, Krasnodar krai, Stavropol krai and the Republic of Bashkortostan. The Group's plants produce approximately 18 per cent of Russian sugar.
IBS is Russia’s leading player in the IT and consulting market. It was formed through the merger of IBS and Borlas Consulting Group. It is part of IBS Group Holding Limited, along with Luxoft and Depo Computers (in Russian). Its core lines of business are management consulting, business applications implementation, IT outsourcing and IT infrastructure. IBS headcount exceeds 3,400 employees including over 1,500 certified consultants. 84 of Russia’s top 100 companies are customers of IBS.
IBS is the first Russian company to become Local Service Alliance Partner (the top partner level) of SAP AG, and the first SAP partner for business analytics solutions. In 2005 IBS was named the best Local Service Partner of SAP AG in Russia and the CIS. IDC, the global market research firm, named IBS team of SAP implementation consultants one of the best in Russia.
For detailed information about the corporate management systems practice of IBS, including descriptions of products, technologies, operating principles and projects completed, please visit http://www.mis.IBS.ru (in Russian).
For further information on IBS please contact Lada Scherbakova, PR Director. Phone: +7 (495) 967-80-80, e-mail: lada@IBS.ru.
| 
