STIEBEL ELTRON, with its 25 subsidiaries and five manufacturing plants in 18 countries and sales organizations agencies in 120 countries, belongs to the leading corporations in the market of renewable energies and HVAC. The corporation employs about 3,000 people and achieved a turnover of EUR 460 million in 2013. STIEBEL ELTRON has evolved to one of the biggest heating market suppliers and into the world leader in flow heaters.
Head of Corporate Treasury, STIEBEL ELTRON GmbH & Co. KG
STIEBEL ELTRON is a classic medium-sized company with many subsidiaries and a decentralized structure. The company was becoming increasingly more international, with higher foreign sales. They were also growing in complexity, therefore, management decided to centralize certain areas. The Corporate Treasury Department was formed to centrally govern corporate finance, cash management and risk management. They required a treasury management system capable of managing all processes in a clear and structured way that could be maintained by the headquarters in Germany.
The Solution: Learn from the System
In a thorough selection process, it became clear from BELLIN’s process-driven advice that the treasury management system tm5 met all of STIEBEL ELTRON’s requirements and could be implemented quickly with minimal consequential costs. The self-explanatory and user-friendly interface of the system played an important role in the decision to implement tm5, which successively shall be used in all subsidiaries worldwide. First, the processes of the individual companies were adjusted and integrated according to the system. To connect the individual accounts to tm5, bank communication was set up via EBICS. In a very short timeframe, the contracts were entered and the cash pool clearing accounts created. This simplified liquidity planning and management, allowing for more effective risk management and the ability to display the company’s financial status in real time. The two-man department was able to develop comprehensive reporting quickly and with minimal effort. In the future, STIEBEL ELTRON has plans to use tm5 to fulfill the reporting requirements of EMIR.
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