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Sheremetyevo Switches to Consolidated Reporting System
[February 22, 2021]

Sheremetyevo Switches to Consolidated Reporting System

MOSCOW, Feb. 22, 2021 /PRNewswire/ -- Sheremetyevo International Airport (SIA) has rolled out a new automated system for consolidated reporting using the SAP Financial Consolidation (FC) solution. The project was implemented jointly with experts from SAP Services CIS.

The SAP FC module makes it possible to automate two processes: preparing consolidated financial statements in accordance with IFRS requirements and generating consolidated management statements in accordance with RAS and IFRS requirements. The transition to the new solution will help reduce the time required for preparation, audit and release of reports, as well as improve quality by reducing the number of manual operations and introducing automatic monitoring.

Thanks to the use of the SAP FC module by SIA, all the main processes related to financial consolidation now are automated, from initial data accumulation from subsidiaries to calculation of business performance indicators and collection of reports.

The SAP solution supports consolidation of planned, actual and forecast data categoriesfor each reporting period. Airport specialists use consolidation tools with a built-in control system using more than 500 indicators in their work, which allows them to develop reliable reporting for internal and external use. A user-friendly graphical interface provides users with ample opportunities for independent work.

This full-featured solution, which is based on expertise and best practices in the field of finances and IT, will shorten the time required for the preparation of reports by SVO JSC and increase its auditability, which is an essential factor for auditors, creditors and investors.

Sheremetyevo Airport is among the TOP-5 airport hubs in Europe, the largest Russian airport in terms of passenger and cargo traffic. In 2020, the airport served 19 million 784 thousand passengers.

Sheremetyevo is the best airport in terms of quality of services in Europe, the absolute world leader in punctuality of flights, the recipient of the highest 5-star Skytrax rating.

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SAP is a world leader in the corporate applications market. SAP solutions and services are used by more than 440,000 customers in 180 countries around the world. In 1992, the SAP SE office was opened in Moscow, now the number of SAP CIS employees is about 1300 people, and the company is represented in all CIS countries. In 2012, a research and development center SAP Labs was opened in Moscow, it also has a branch in St. Petersburg. SAP is the only international developer with a data processing center in Russia, the company is constantly expanding its capacity.

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