Corio: Quick and Transparent Consolidation with SAP BPC and CPMview

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1 SAP Customer Success Story Real Estate Corio Corio Utrecht, The Netherlands Used with permission. Corio: Quick and Transparent Consolidation with SAP BPC and CPMview Corio is one of the largest listed real estate mutual funds with a retail focus in Europe. The 7.1 billion portfolio spans scores of shopping centers with the emphasis on favorite meeting places where friends can hang out or get something to eat or drink. Together with CPMview, Corio used SAP Business Planning & Consolidation (BPC) to streamline its financial information process.

2 2 SAP Customer Success Story Real Estate Corio Company or Organization Corio Headquarters or Location Utrecht (the Netherlands) Industry Real Estate Products and Services Retail Property Company Employees 580 FTEs (2012) Revenue or Budget 500 million (2012) Website Implementation Partner CPMview BUSINESS TRANSFORMATION : Boost the efficiency of the financial accounting process Transparent audit trail for all financial reports Automatic checks & balances Solution: SAP Business Planning & Consolidation (BPC) CPMview standard consolidation implementation method Key : Faster consolidation and reporting Audit trails for changes: by whom, when and which ones Accounting integration of more than a hundred business entities in six countries Basic data can also be used for other business processes, such as forecasting TOP BENEFITS ACHIEVED Time savings Audit trail SAP BPC gives us faster reports, a transparent audit trail and higher efficiency. The time that we save can be used to run our results through better analyses and to improve the quality of our reports. Michel Hoogervorst, Group Controller, Corio Higher quality of reports

3 3 SAP Customer Success Story Real Estate Corio High-Performance Retail Real Estate Corio is one of the largest listed real estate mutual funds in Europe focusing on retail, with 99% of the 7.1 billion portfolio consisting of shopping centers. Corio manages its shopping centers in the Netherlands, France, Italy, Spain, Germany and Turkey in-house. The aim is to maximize returns for investors with shopping centers of the highest quality. Based on SAP BPC, Corio and SAP partner CPMview streamlined the consolidation of financial information from more than a hundred business entities in six countries. The improved quality and extra time gained will help Corio make its business processes more effective and efficient. Thanks to clear reports with audit trails on who made what changes and when, Corio now has the control data it needs to deliver fast and transparent financial information to management, stockholders, regulators and other stakeholders. CPMview has expertise in consolidation processes, SAP BPC and its implementation. That makes for the best combination by far. Michel Hoogervorst, Group Controller, Corio

4 4 SAP Customer Success Story Real Estate Corio Structured Consolidation, Transparent Audit Trails As an AEX listed company, Corio is required to comply with complex regulations from various institutions such as the Dutch Authority for the Financial Markets and the Dutch central bank. At its head office in Utrecht, Corio has to consolidate the financial information of more than a hundred organizational entities, from six countries, into holding company data. Corio previously used Excel for this purpose. Michel Hoogervorst, Group Controller at Corio: Each quarter, we sent special Excel files to the business entities for use in reporting their financial information. The financial department on the holding company level then checked the data received to make sure it was complete and accurate. > 100 Consolidating More than 100 Entities Next, we merged the data into reports to give the management the necessary information for maximizing returns on our real estate portfolio of more than 7 billion. That was all done by hand (read: prone to error). Plus, it was hard to see who had made which changes and when. We sought a solution that could help us streamline this process, automate it on a structured basis and obtain transparent audit trails. CPMview worked with a team at Corio to create a blueprint for highly regimented implementation and completed everything on time and within budget. Together, we trained key users for each country, and experienced personnel from CPMview and the holding company were on site during the go-live phase to provide end-users immediate answers to their questions. That helped us minimize the risks. CPMview and SAP BPC really delivered the goods.

5 5 SAP Customer Success Story Real Estate Corio Efficient Consolidation and Time Savings In order to make a selection without losing too much time, Corio limited its comparison of consolidation solutions to the three market leaders. Those global vendors offer standard products that are based on best practices and in compliance with international and local laws, which make them viable for all our locations. After an RFI, two systems remained; so then we went in search of implementation partners who were willing to give a demo based on a description of our reports. The demonstration by CPMview, implementation partner for SAP, was the best by far. They really did their homework on our specific situation. As a result, we understood almost immediately what their solution could do for us. Our end-users gave an average score of eight for the entire implementation project. That high score goes for the practical experiences with SAP BPC as well as the process and the support from CPMview and Corio personnel. KEY BENEFITS Financial information consolidated from six countries Live within six months Transparent audit trails

6 6 SAP Customer Success Story Real Estate Corio Automatic Checks & Balances, i.e. Greater Control Corio ultimately went with SAP because of its user-friendliness and good implementation partner CPMview. Hoogervorst: SAP BPC was an easy choice because CPMview understood where we wanted to go with the solution. Plus, we consider SAP more user-friendly. Corio personnel will, of course, have to get used to the new system; but since our business entities now report their information in a structured way and we can always trace who made what changes when, we are sure to gain time, says Hoogervorst. The most important thing for Corio is that our basic data is of a higher quality and we can catch data-entry errors earlier than before. Thanks to a link to the source data, it takes much less time to correct errors as we automatically build in checks and balances. The efficiency of our financial processes will increase by leaps and bounds because we won t have to spend as much time performing checks. Since the holding company reports can also be split up into information on the national and local level, the business entities can also use data from SAP BPC in the future to customize reports for their national regulators. Plus, now Corio is also guaranteed it will get transparent audit trails. That will also save our auditors a lot of time, which will probably also save us money.

7 7 Real Estate Corio Basic Data for Other Departments Since Corio personnel were closely involved in its selection and implementation, they really got to know the system. We already had in mind the idea of using SAP to generate other analyses such as monthly reports. We need to be able to keep pace with trends in our industry, which makes entering monthly reports in SAP an attractive option. Not so far down the road, the rest of the company will be able to use the basic data that Corio is collecting at this time. Other departments have already told us they want that basic data in order to improve their forecasts. That s a good sign. It means we can recoup our investment in SAP BPC through lots of channels. Thanks to the active and intensive role played by Corio personnel in its implementation, Corio is capable of using and maintaining the system on its own. And in case of major changes, I m also glad that CPMview has the expertise to guarantee the quality of SAP BPC at Corio company-wide. Especially since CPMview and SAP are completely on top of the best practices in financial processes and are always incorporating them into new SAP BPC releases, Hoogervorst is pleased to report. Corio Utrecht, The Netherlands Used with permission.

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