FR

Gaumont Pathe Movies Theatres

"Our choosing Fidry’s was down to the high quality of the platform’s services alongside the quality of the  practical solutions that were proposed to us.

The flexibility of layout allows sound coherence with our internal procedures, which is far beyond what we are typically offered by competitors.”

Aurélien Viard
Treasurer of Gaumont Pathé Movie Theater

 
 
About Pathé

Pathé is one of the first theater companies in Europe, present in various production areas (including France & UK), distribution areas (France, UK, Switzerland), and operating through its subsidiary “Les Cinémas Gaumont Pathé”, it is the first projection theater chain in France, the Netherlands and Switzerland with 969 screens in 104 cinemas.

Les Cinémas Gaumont Pathé continually improve the quality of their facilities and their services and are deeply engaged in the offering of 4K digital projection, the new IMAX projection system and IMAX 3D. They are constantly innovative, demonstrated by being the first network cinemas to offer electronic tickets.

The challenges of change for Pathé based on the implementation of a common tool of communicative banking, cashflow management and third party payments meets the needs of the group and also liquidity management issues and monitoring risks (foreign exchange, investment, finance & rate) of the head office.

The end of Etebac and the implementation of SEPA were the catalysts for the realization of the project in late 2011.

The retention period of migration was in April / May 2012.

 

The major features expected by Pathé must allow the:

  • Faster share of financial information between companies in the Pathé group and the Pathé society
  • Development of instant and provisional cash control. Ability to monitor bank charges
  • Security of intragroup and out payment transactions
  • Definition and configuration of the rules of internal validations on the entire perimeter to meet the internal procedures
  • Automation of exchanges with banks and internal SI
  • Facilitation of everyone’s tasks through customized reporting
  • Traceability of all managed information
  • Outsourcing the solution. The supplier is responsible for the functional and technical updates and the daily maintenance.
  • Ensure an administrator role of the software Pathé Cash Service

Once the project is completed, to meet future needs:

  • management of an automatic bank cash pooling
  • Implementation of the bank reconciliation for accountants.
 
 
The Fidrys Treasury response

Fidrys was chosen after a call for bids launched in March 2011.

Migration tools "eCash" and "eBank" for Head Office needed to be ready within 1 month.

By late May, the cash office and monitoring of cash positions of the subsidiaries were suitably operational to meet the daily treasury functions, sending leveling operations in EBICS TS (signature 3SKey).

The shipping procedures of third transfer files, transfers of salaries (EBICS T) and confirmation letters (synthesis for the bank and detailed for accounting) are reviewed to address the establishment of a single procedure for all subsidiaries, completed by an updated prevision from real time.

The implementation of revised cash flow prevision (if imported) or seized by the subsidiaries provides immediate visibility into the financial state of the Pathé society. In addition, each subsidiary has instant access to past information within the bank as well as its current account position with respect to the central treasury.

The scales of intra-group interest are generated by head office, and then validated by the subsidiaries before posting.


 
 
Distinguishing factors

The validation of workflow configuration between parent and subsidiaries’ home security monitoring and complete traceability of internal procedures previously impossible with other traditional tools. Fidrys adapts its management procedures to customer requirements; not the opposite.

Once the procedures are validated, the implementation and training of sixty subsidiaries are performed in less than 15 days, thus ensuring visibility of finance of the group which was previously impossible

The basket of tasks simplifies the use of the product by a population of "non-treasurers".

Fidrys Treasury guaranteed on a single platform:

- The cash and liquidity management of the group - investment management and financing

- Seizing and monitoring the hedging of currency and interest rate alongside immediate monitoring of the impact on liquidity positions

- Reporting tailored to the monitoring of risks managed by the Group Treasury.