Elkem AS Updates Reporting and Analysis Processes. Achieves Greater Transparency, Meets New Owner’s Comprehensive Reporting Requirements
 
 

Elkem AS Updates Reporting and Analysis Processes. Achieves Greater Transparency, Meets New Owner’s Comprehensive Reporting Requirements

  • Oracle Customer:  Elkem AS
    Location:  Oslo, Norway
    Industry:  Chemicals
    Employees:  2,400
    Annual Revenue:  $1 to $5 Billion

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Elkem AS is one of the world’s leading producers of environmentally-friendly chemical materials. Its main products are silicon, solar-grade silicon, special alloys for the foundry industry, carbon, and microsilica. Elkem AS specifically focuses on climate-related issues that drive new technology, with a big commitment to support the chemical needs of the solar industry.

In 2011, the company was wholly-acquired by a Chinese group within the chemical and material industry. As a result of the acquisition, Elkem AS had to adapt to new financial reporting and analysis requirements, in line with the new owner’s operating procedures. The company also had to collect data in several business areas that had not previously been involved in reporting or analysis. 

The company employed Oracle Hyperion Financial Management to support forecasting and reporting requirements as required by the new owner, enabling advanced analytics. As important, the company was able to easily integrate its current reporting model with the solution to ensure internal operations continued to run smoothly.

 
 

 
 

Challenges

A word from Elkem AS

  • “In the process of a demerger and following an acquisition of our company, we faced substantial new requirements for data consolidation and reporting. With Oracle Hyperion Financial Management, we have been able to manage these changes with ease and confidence. The solution enabled us to continue with our current reporting model, as well as build support for new reporting requirements into the solution, allowing us to meet tightened deadlines.” – Randi Kleven, Manager, Group Accounting, Elkem AS

  • Accomplish a due diligence process to evaluate Elkem and its assets for the acquisition
  • Customize financial reporting and analysis to the specific requirements of the new owner
  • Introduce rolling forecasts (a new budget model) to enable faster reporting, more detailed income statements and balance sheet information, and allow the company to meet the tighter reporting deadlines of the new owner
  • Enable extensive data collection across five business areas

Solutions

Oracle Product and Services

  • Deployed Oracle Hyperion Financial Management to execute a due diligence process for gathering information related to the acquisition and analyze the benefits and implications for the company
  • Introduced rolling forecasts―supported by Oracle Hyperion Financial Management―to enable faster, more flexible, and more detailed reporting, and to meet tightened reporting deadlines
  • Facilitated compliance with new reporting and analysis requirements of the new owner, while meeting the company’s own existing reporting requirements and guidelines
  • Improved data collection across multiple business areas―such as the rapidly changing markets for silicon materials, foundry products, and carbon―to enable more detailed analysis by division and to increase enterprisewide transparency, facilitating more accurate financial analyses