Coral (formerly known as Apios) is one of Croatia’s biggest gas wholesale and retail companies with 40 gas stations in retail chain. The company was recently acquired by Motor Oil Hellas and will continue operating under Shell brand.
One of Coral's (formerly Apios) gas stations
Planning of costs and revenue in Coral was done quarterly in several spreadsheets by a small team in controlling and finance departments, with a lot of manual tasks in creating reports.
Coral needed a solution that would lower the workload of finance and controlling departments, but at the same time enable line and shop managers to plan P&L on a monthly basis.
Considering the volatility of gas prices Coral was in dire need for an integrated scenario planning solution. Usually, some scenarios were performed in spreadsheets but it was impossible to run multiple scenarios at the same time and get the information about the impact on the entire company.
“We replaced Excel completely and we do all our financial planning and reporting in Farseer” Bruno Oštrić, Coral Head of Controlling
In Coral Farseer replaced Excel completely as a central cloud-based financial planning and reporting system. The planning process is faster, less centralized and more accurate. It covers P&L, Cash-flow and Balance sheet planning, which would be very difficult to achieve in Excel. Daily reports and automatic forecasts help steer the business better.
With Farseer, Coral managed to create and compare complex scenarios with multiple drivers in a week. By simply changing variables on the dashboard, users can immediately see changes and their impacts on the financial KPIs.
Farseer is used by 10 people, and the plan is to distribute the planning responsibility even more throughout the organization.