26 september 2013
GMCS has completed implementation of a budget control system for E.ON Russia

GMCS (a member of GC MAYKOR) has completed the construction of a system of budget control and management reporting under IFRS for OAO E.ON Russia.

The project based on IBM Cognos TM1 has become one of the largest in the Russian energy sector. The system IBM Cognos has organized medium-term planning process for three years, as a result of which is formed the consolidated report of profit and loss statement IFRS (P&L) and the investment program, and in the long term – the balance sheet and cash flow statement in the indirect method (CFS). In addition, the operational budget planning with details down to individual contracts is carried in IBM Cognos TM1. This allows to manage payments efficiently, control costs and the actual execution of the budget.

In 2012, E.ON Russia completed automation of accounting in accordance with IFRS in Microsoft Dynamics AX (group reporting for the holding company E.ON SE and stand-alone reporting), with systematizing and improving the technology transformation and consolidation. However, the company did not stop there and began the process of transition to management accounting under IFRS.

The budgetary system, built on the platform of IBM Cognos TM1, and a unified budget classification formed on the basis of IFRS allowed to simplify the transition to IFRS accounting management. As part of the transition there have been provided: loading of actual data of IFRS from Microsoft Dynamics AX, the construction of plan-fact reporting and reporting of financial responsibility centers on the basis of the profit and loss statement IFRS (P&L).

About E.ON Russia

E.ON Russia was founded in 2005 on the basis of five power stations. The Company incorporated Surgutskaya GRES-2, Berezovskaya GRES, Shaturskaya GRES, Smolenskaya GRES and Yaivinskaya GRES with the aggregate capacity of 10345 MW. There is one more branch of E.ON Russia- Thermal supply network of Berezovskaya GRES, which supplies thermal power to consumers in Berezovskaya GRES activity area.
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