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GKN DRIVES IMPROVED REPORTING AND CONSOLIDATION PROCESSES WITH HYPERION
… provides platform for meeting future performance management needs…
LONDON, UK – 5th February, 2003 – GKN plc, a leading global supplier to the world's automotive and aerospace manufacturers, with sales of £4.5 billion and profit of £267 million in 2002, plans to use technology solutions from Hyperion, (Nasdaq: HYSL) the global leader in Business Performance Management software, to improve its financial reporting and consolidation processes, as well as use it to build a platform for strategic planning, performance management and performance scorecarding.
GKN provides technology-based, highly engineered products requiring complex manufacturing to virtually all of the world's major producers of automotive vehicles, military and civil aircraft and aero engines. GKN operates in more than 30 countries and employs 35,700 people in its subsidiaries. Its joint ventures, the largest of which is AgustaWestland, employ 12,900 people.
After evaluating a number of possible solutions for its financial reporting and consolidation needs, GKN chose Hyperion Financial Management. GKN has a very devolved organisational structure and Hyperion needed to convince personnel at both a Group and Operating entity level. Hyperion showed commitment in the sales process and gave GKN confidence of ongoing support.
According to Bill Curral, Group Financial Controller at GKN plc: “As a large global organisation, with nearly 200 operating subsidiaries, we realised that we needed to completely overhaul our approach to financial reporting and consolidation. We needed financial consolidation, reporting and analysis in a single scaleable application to meet our needs. The application needed to provide financial information to managers and executives irrespective of location. Very importantly we needed to be confident that we could build on this to further improve our processes in other areas such as strategic planning, performance management and performance scorecarding. Hyperion Financial Management can meet our objectives for financial consolidation and the Hyperion portfolio gives us the potential for meeting any foreseeable performance management requirements. Hyperion's market leadership and global presence gives us the confidence to make long term strategic plans for GKN, knowing that
there is a software vendor in place able to support that strategy.”
Says Curral: “. We chose Hyperion Financial Management because of its web-based functionality, which offered us much more than our existing systems and will support much greater process improvement and monitoring. We also liked Hyperion’s ability to provide support globally, as well as its focus on customer service. The information contained in Hyperion Financial Management is intended to be used by both finance and senior commercial executives throughout the organisation and on a global basis.”
Hyperion showed an ability to listen to and respond to customer needs - not just sell technology. GKN were very encouraged by Hyperion’s approach, suggesting it would be able to develop a long term partnership with the company.
Concludes Curral: “Hyperion Financial Management will provide both finance and senior management personnel globally with better quality information in order to make better informed business decisions. More time will be spent on analysing information rather than gathering information. The application will also provide financial information to managers and executives irrespective of their location. This is very important to us. The very nature of our business means that our senior executives are by default, highly mobile and require access to information anytime, anywhere. With our previous systems, they had to rely on a variety of different reports and in a mainly hard copy format. With Hyperion Financial Management, if someone needs to know something at 3am in Bangkok, they can now do that.”
Around 50 finance personnel and 50 senior commercial executives worldwide will be using the Hyperion solution.
About GKN plc
GKN plc is a leading global supplier to the world's automotive and aerospace manufacturers. GKN provides technology-based, highly engineered products requiring complex manufacturing to virtually all of the world's major producers of automotive vehicles, military and civil aircraft and aero engines. GKN operates in more than 30 countries and employs 35,700 people in its subsidiaries. Its joint ventures, the largest of which is AgustaWestland, employ 12,900 people. In 2002 GKN achieved sales of £4.5 billion and profit of £267 million.
Hyperion is the global leader in Business Performance Management software. More than 9,000 customers – including 91 of the FORTUNE 100 – rely on Hyperion software to translate strategies into plans, monitor execution and provide insight to improve financial and operational performance. Hyperion combines the most complete set of interoperable applications with the leading business intelligence platform to support and create Business Performance Management solutions. A network of more than 600 partners provides the company’s innovative and specialized solutions and services.
Named one of the FORTUNE 100 Best Companies to Work For 2004, Hyperion employs approximately 2,600 people in 20 countries. Distributors represent Hyperion in an additional 25 countries. Headquartered in Sunnyvale, California, Hyperion – together with recently acquired Brio Software Inc. – generated combined annual revenues of $612 million for the 12 months ending June 30, 2003. Hyperion is traded under the Nasdaq symbol HYSL. For more information, please visit www.hyperion.com or call 01784 228015.
Safe Harbor Statement
Statements in this press release other than statements of historical fact are forward-looking statements, including, but not limited to, statements concerning the potential success of anticipated product features, the anticipated product offerings and the potential market opportunities for business performance management software. Such statements constitute anticipated outcomes and do not assure results. Actual results may differ materially from those anticipated by the forward-looking statements due to a variety of factors, including, but not limited to the company's ability to retain and attract key employees, the successful and timely development of new products, the impact of competitive products and pricing, customer demand, and technological shifts. For a more detailed discussion of factors that could affect the company's performance and cause actual results to differ materially from those anticipated in the forward-looking statements, interested parties should review the company's filings with the Securities and Exchange Commission, including the Report on Form 10-K filed on August 13, 2003 and the Report on From 10-Q filed on November 7, 2003. The company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
Hyperion is a registered trademark of Hyperion Solutions Corporation. All other trademarks and company names mentioned are the property of their respective owners
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