“Tagetik CPM positively meets the needs of a complex structure like ours. With a single product, we can manage complexity comprehensively, rationally and coherently. A powerful feature is the data inquiry functionality, which improves information quality and has cut report generation time by 40-50%.”

Fininvest needed an evolved Corporate Performance Management system to manage statutory and management consolidation, closing and allocation, profit-&-loss, balancesheet and cash-flow planning, and monthly reporting in a single solution at various levels within the Group companies.

Situation analysis and specific requirements

Fininvest had decided to replace its previous solution with the objective to replace their existing platform with a system that could support the complex demands created by IASinduced changes.
Specifically, the new project had to involve seven not listed sub-holding companies in statutory consolidation and reporting and budgeting. In addition, the new solution had to facilitate data transfer from the Group's listed companies - Mediaset, Mondadori and Mediolanum - to the holding company. All of this had to be accomplished while reducing data gathering and processing times, enhancing quality and automating main processes through Corporate Performance Management functions, and cutting technical and IT maintenance costs (TCO).

Objectives

The project objectives required a single solution that:

• managed Administration and Control processes in a unified, structured and automated manner
• guarantee complete data control
• employed a single, centralized database shared by all users, and improved data quality
• accelerated data transfer from individual companies to the holding company
• met new statutory requirements

Results

Fininvest is the holding company of listed and unlisted companies that operate in a variety of sectors. The implementation of Tagetik CPM has paved the way for statutory and management consolidation in compliance with different accounting standards (local GAAP and IAS); the rationalization of consolidation processes and complete data traceability; local data loading; the reconciliation of I/Cs via web, which allows the continued oversight of data inserted by peripheral users; the automated generation of the notes to the financial statements using all data from the centralized database; the rapid, automated generation of all statutory and management reporting; the generation of alternative scenarios, assessing the forecast financial position and related forecast financial income/expense; and the drilldown analysis of reports at the individual transaction level.

The Company

Fininvest SpA is the holding company for one of the world’s largest communication groups that includes a leader in commercial television and a leading company in the cinema sector, Mediaset and its sub-holding Medusa, the publishing company Mondadori and Milan A.C. in sport.

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