Loviisan Lämpö group streamlined reporting, budgeting and group accounting with Finadeck
Energy
Loviisan Lämpö Oy is a local energy company that produces responsible and customer-oriented district heating solutions in the areas of Loviisa, Pukkila, Pornainen, Lappohja and Pyhtää. The company has six district heating networks with a total of seven main production plants and two backup production plants. In total, there are approximately four hundred district heating customers. The Loviisan Lämpö Group also includes the parent company Loviisan Lämpöholding Oy and the subsidiary Heatly Oy, which specializes in owning heating plants. Heatly's main product is the Ground Source Heat as a Service concept, and Heatly has approximately 140 ground source heat plants in use by customers across Finland.
The Loviisan Lämpö Group employs 5 full-time staff and had revenue of €8.5 million in 2024. Annual energy production is approximately 100 GWh and the group is part of infrastructure investor CapMan Infra's portfolio.
In recent years, the Loviisan Lämpö Group has invested heavily in utilizing digital tools and modernizing processes, especially in financial management and management reporting. This need was addressed by implementing Finadeck's modern consolidation, reporting, budgeting and forecasting software.
Reporting software that brings accuracy and saves time
The Loviisan Lämpö Group wanted to modernize group accounting processes and improve the efficiency of management reporting. The previous process involved a lot of manual work. As their own and private equity company CapMan Infra's reporting requirements grew, it became clear that a more modern solution was needed. With Finadeck's reporting software, the group gained access to automated and visual reports that update automatically and are distributed to management and the board by email, without extra manual work.
Asset management and investment planning in the same tool
As an energy company, Loviisan Lämpö continuously makes significant investments in networks and equipment. With Finadeck, asset management is now smoother: investment planning, asset acquisitions, depreciation and cash flow impacts can be modeled and budgeted in one tool, as part of comprehensive financial planning.
"Finadeck provides us with an accurate view of the long-term impacts of investments and effectively supports risk management," summarizes Juha Vesikansa, Business Controller at Loviisan Lämpö.
"It was nice to notice that Finadeck listened to our needs and was willing to demonstrate the software's benefits for consolidation already during the trial period"
Budgeting and forecasting software, everything in one system
Finadeck's budgeting and forecasting functions enable financial planning for the Loviisan Lämpö Group that takes into account the entire business: operational budgeting, forecasting and cash flow management. Loan interest costs, repayments and new required financing solutions are easily included in forecasts and cash flow calculations.
"With Finadeck's software, we can model different scenarios and assess their impacts on the entire group's finances, this brings confidence and predictability to decision-making," says Juha Vesikansa, Business Controller at Loviisan Lämpö Oy.
Group accounting easily and reliably
Finadeck's group accounting software automates the elimination of intercompany transactions, consolidation and preparation of consolidated financial statements. This speeds up the financial statement process and significantly reduces the risk of errors. Additionally, Finadeck makes the work of the group accountant and auditor easier when all data is centralized in one software, from which intercompany transaction eliminations and entries in the elimination company can be easily verified.
Turnkey implementation: fast and smooth
Finadeck's implementation was carried out for Loviisan Lämpö on a turnkey basis. All necessary integrations and platforms were built ready for the group's needs:
- Consolidated financial statement requirements and internal transactions were modeled as automatic eliminations and necessary elimination entries were entered into the elimination environment
- Financial and operational metrics as well as management reporting views were implemented ready
- Asset management and loan data were imported automatically using import templates
- Budgeting and forecasting models were customized according to the group structure
- Implementation training provided the organization with the skills and capabilities to build reporting independently in the future (KPIs, report templates, etc.)
"We immediately got ready report templates, budgeting tools and through integration all necessary data including history transferred to Finadeck effortlessly, implementation went quickly and without surprises," say Mikko Paajanen, CEO and Juha Vesikansa, Business Controller at Loviisan Lämpö Oy.
Results: better financial management and faster decision-making
After implementing Finadeck, the Loviisan Lämpö Group has gained a clearer grip on financial management. Asset management, budgeting, reporting and group accounting are now centralized in one visual and real-time system.
"One platform that brings together everything essential, that has been a decisive improvement for us. Finadeck has enabled efficient and proactive financial planning," summarize Mikko Paajanen, CEO and Juha Vesikansa, Business Controller at Loviisan Lämpö Oy.
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