RusHydro

Improved business management for RusHydro, Russia's largest energy holding company

Key projects:

• Import substitution of a business planning and financial reporting system – over two years, seven key information systems of the energy holding company were migrated to the Foresight.Budgeting platform. These systems support the generation of consolidated IFRS reports, the consolidation of tax information, business plans, and the automation of their generation, investment project management and long-term forecasting, and the monitoring of bank guarantees. The system has a total of approximately 2,000 users.
• Development of a medium-term business planning and financial consolidation system in accordance with IFRS (based on IBM Cognos). During the project, RAO Energy Systems of the East joined RusHydro and was integrated into a unified business planning model.
• Technical support and development of the enterprise's asset and fund management system.

Results:

• Effective import substitution. Budgeting processes were migrated to a new platform in just two years – over 300 forms and over 80 reports.
• Transparent IFRS reporting. A unique methodology for converting RAS to IFRS (calculation of individual and consolidation adjustments, reconciliation and elimination of intragroup transactions and balances, elimination of investments, calculation of minority interest).
• Simplification of business processes. A built-in mechanism for approving business plan forms (a sequential and parallel approval system, customized for each subsidiary).
• In-depth analytics. The holding's management quickly receives reporting breakdowns for strategic decisions.