AGROFERT is the largest Czech chemistry, agriculture and food processing group

Financial consolidation of group consisting more than 250 entities

Company website

Prague, Czech Republic

Agriculture, Chemistry, Food processing, Forestry, Media and other

Products and services
fertilizers, chemical produtcs, food, etc.

Business need
AGROFERT and our consultants were challenged to establish full IFRS and legal financial consolidation of the AGFROFERT holding - a group of more than 250 companies. Since the group hadn't been consolidating before, it was necessary to start from scratch.


  • Design of accounting, data collection and consolidation principles and methods.
  • Development of data collection infrastructure in an environment with heterogeneous primary systems.
  • Deployment of SAP Business Planning and Consolidation (SAP BPC).
  • Deployment of our proprietary web application for intercompany reconciliation.
  • Complete coverage of the consolidation process from collection and validation of individual data, through intercompany reconciliation and automatic tasks such as currency translations, eliminations of intercompany transactions or calculation of non-controlling interests, to preparation of final individual and consolidated statements and disclosure reports.
The project has been delivered by consultants of the MIBCON Group.

Key benefits

  • Faster and more accurate closings meeting IFRS and legal requirements.
  • Lower costs per consolidation cycle - both for the holding company and its subsidiaries.
  • Automatic audit trail of all data changes.
  • Full control over individual access to data.
  • Simplified data analysis and problem solving thanks to transparent structure of data with tracking of data sources, automated financial checks and advanced reporting and analytical features.
  • Elimination of manual compilation of reports.
  • Improved data quality – automated consistency checks (statements vs. notes, balances vs. flows, local accounting values vs. reported values and other), guided entries, input and import checks.

Key features

  • Preparation of individual and consolidated statements and disclosure reports according to IFRS and legal standards on quarterly basis.
  • Individual data and notes collection through imports or manual inputs, depending on individual company's decision.
  • Currency translation with FX difference calculation.
  • Intercompany reconciliation.
  • Elimination of all intercompany transactions and margins.
  • Scope-in and scope-out operations.
  • Calculation of non-controlling interests.
  • Balances carry forward.
  • Workflow management support, including step-by-step guidance of the users, process execution monitoring and multi-level approval and data locking mechanism.
  • High-performance back-end enabling fast execution of the consolidation logic.
  • Business-user orientation of the application allowing users to make common methodical changes and solution enhancements without external support, thus increasing user engagement and lowering operational expenses.