PwC and SCM Group Optimised the System of Consolidated Financial Statements Preparation

16 December 2008

The experts of PricewaterhouseCoopers consulting service and Financial and Management Accounting Department of SCM Group have finalised the optimisation project of consolidated financial statements preparation for the SCM Group.

Within the framework of this project, PricewaterhouseCoopers and SCM experts have updated the accounting and reporting methodologies and implemented a system of data gathering from the Group enterprises as well as the system of the consolidated financial statements preparation in the head office.

The solution implemented allows preparing the quarterly IFRS financial statements in a transparent and auditable manner.

The new data gathering system helps the Group enterprises independently control the quality of data provided and releases the head office from this control task.

The 2007 financial statements data have been automatically prepared by the newly implemented Financial Consolidation Hub system developed by Oracle company. The solution provides for the preparation of multi-level consolidated financial statements, which will radically minimise the labour expenses of the company. Kvazar-Micro was engaged as the system integrator.

“The implementation of this project has brought us up to a new quality level of the financial statements preparation” , says Roman Vodolazskiy, SCM Finance Director. “We ensured a significant increase in the efficiency of the whole process of financial statements preparation, from the enhancement of financial responsibilities of the Group companies and all the way to the reduction of the timing and labour efforts needed for the financial statements preparation in the head office. We believe this project is a major success of our practice” .

“The companies that obtain a new efficiency level will gain the possibility to significantly improve their competitive position in the current crisis. Supporting them on their way to these goals is a current priority of our company's consulting projects ”, says Boris Krasnyansky, Managing Partner of PricewaterhouseCoopers Ukraine.

Notes for the Editor

For additional information please call Natalia Blotskaya, PwC Ukraine Marketing and Communications Manager, at (044) 490 6 777 or e-mail to: natalia.blotskaya@ua.pwc.com

PricewaterhouseCoopers

PricewaterhouseCoopers provides industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 155,000 people in 153 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice.

“PricewaterhouseCoopers” refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity

SCM Group

SCM is a professional investor that owns and manages assets in the mining, energy, telecommunications, banking, insurance and mass media areas as well as in the retail and property spheres.

The SCM Group includes Metinvest Holding, DTEK, Vega telecommunication group, Segodnia Multimedia, TRK Ukraina, ESTA Holding, Ukrainian Retail etc.

90% of shares in ZAO SCM belong to Rinat Akhmetov.