- Creation of a single information space for parent company and subsidiaries included into the consolidated reporting package. Creation of a tool for uploading data into the system.
- Creation of a data archive accessible to PJSC LUKOIL users.
- Reflection of changes in certain reports and online updates of the consolidated package.
- Reducing the time required to generate consolidated financial statements and improve reporting quality.
The project of introducing automated international financial reporting system based on SAP HANA for subsidiaries in Russia and the parent company of the LUKOIL Group was recognized as the best SAP HANA IT application in the “Best IT projects of 2018 for the oil and gas industry” contest, according to the ComNews group.
- All tasks concerning the processing of reporting data for LUKOIL Group Russian subsidiaries for the preparation of consolidated financial statements in compliance with IFRS at PJSC LUKOIL on a quarterly basis have been solved.
- The centralized collection of reports in a unified form is provided using both the contractor corporate directory and the local directories specially designed for the system. Reporting is now generated in the fixed format (100 reporting forms in one Excel file) using SAP BO Analysis functionality).
- The transition has been made from submitting reports in MS Excel file format to downloading data to the new automated international reporting system. Data entry into the system is done simultaneously with the figure input control.
- The time taken to generate consolidated quarterly financial statements has been shortened.
- The quality of reports generated by using basic checks of analytical values and figures during data input, access to a wider range of historical data and automation of collection processes and additional calculations has been enhanced.
- Dependence on client software has been minimized, and the ability to process large data sets has been expanded. Thanks to the transition over to SAP HANA platform, a reduction in the total cost of information management system ownership is expected, as well as in the costs of developing new applications. The need to build applications to support and maintain numerous previously existing systems will also decrease.
Download information about the project
“Within the framework of the project, data processing tasks of Lukoil Group Russian subsidiaries (SIP reporting) for the purpose of preparing consolidated financial statements, in compliance with IRFS for PJSC Lukoil on a quarterly basis, have been fully solved.
Currently, we are actively using this information system and aim to continue our cooperation further in working to expand its functionality and technical development”.
Head of International Reporting, Kozyrev I.A.
*The material is available in Russian version only