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Public Relations

LSR Group Consolidating the Budget in the Extensity Performance Management System

08 September 2006

In particular, as part of the project, the data planning and preparation process was reviewed; automated report compilation forms and procedures were introduced and comprehensive user training was performed. Convenience to the Group specialists in handling the system is ensured by access to information using web or Excel interface.

«Implementation of the Extensity Performance Management enabled us to streamline and accelerate financial information compilation and consolidation processes. The Company received an efficient analytical tool and a convenient arrangement for control over reporting periods,» notes Kliment Falaleev, Deputy Financial Director at LSR Group.

An important feature of the project became automation of reporting consolidation regulations, which is of particular significance for holding companies with a considerable number of subsidiaries. Implementation of the Extensity Performance Management system enabled to accelerate reporting data planning and compilation in the Group of Companies and to make them more transparent. «The information system established in LSR Group has the set of functions required to any holding company, which enables to take into account and to automatically exclude intra-corporate transactions,» comments Dmitry Slinkov, member of the Board of Directors of KORUS Consulting. «This helps accelerate and facilitate verification and consolidation of the reports significantly.»

KORUS Consulting was selected as partner to implement the Extensity Performance Management due to its powerful expertise and extensive experience in automating budgeting at enterprises of different scale and lines of business. The company employs more than 100 advisors specializing in implementation of CRM systems. Currently the number of users of the budgeting systems implemented by KORUS Consulting exceeds 3,000 across Russia. «In implementing the project, specialists from KORUS Consulting managed to fully account for the specific features of LSR Group business and implement our requirements to reworking of the standard systemic solution. This predetermined our intention to cooperate with KORUS Consulting,» concludes Kliment Falaleev. The short-term plans of the partners include automation of processes for transformation of LSR Group financial statements from RAS to IAS.

LSR Group is the biggest association of industrial and construction enterprises of the North West of Russia. The Group consolidates enterprises involved in production ad processing of non-ore minerals, production and transportation of construction materials, construction of buildings — from large-panel mass series residential premises to ‘unique' buildings. The enterprises making part of the Group include such industry leaders as Vozrozhdenie Sankt Peterburga Construction Corporation, Gatchinsky DSK, Barrikada Production Association, Obiedinenie 45, Rudas, Granit-Kuzhechnoye, Pobeda LSR, etc.

KORUS Consulting specializes in implementation of regular management technologies. The company employs over 400 employees, of which more than 100 deal with implementation of budget management and analysis systems. KORUS Consulting is an official representative in the CIS and the Baltic states and the Platinum Certified Consulting Partner of Extensity (formerly Geac); it has the status of Golden Certified Partner of Microsoft. The Company is also a partner of Oracle for implementation of Oracle E-Business Suite. In addition, KORUS Consulting has the highest partner status of EMC — VelocityІ Content Management Premier Partner; it is an official operator of electronic exchange with commercial documents on the basis of ECOD software in Russia and the CIS and the partner of Manhattan Associates — the supplier of the WMS-system, which is recognized as the world's No. 1 solution for warehouse management.

The partner enterprises of KORUS Consulting are as follows: MIEL Nedvizhimost real estate company, KONTI construction corporation, Svyazinvest, Pulkovo airport, Severstaltrans, OK chain of hypermarkets, SPAR chain of supermarkets, PATERSON chain of department stores, DOMO trade chain, TsUM, 3PL-operator Relogix, Avtomir chain of motor salons, Kvartal convenience stores, Moldova metallurgical plant, Pervouralsky Novotrubny Zavod, Sredneuralsky Copper Melting Works, Akrikhin medical and pharmaceutical facility, KMB-Bank.

«LSR Group» discloses information on the page on the Internet of LLC Interfax-TsRKI — the news agency accredited by the Central Bank of the Russian Federation to disclosure of information.
Information is available here.



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