Case Study: Thai Union Group achieves faster financial consolidation and close with Lucanet

World's largest seafood producers cut its consolidation time from 10 to 1.5 days

Thai Union Group, one of the world’s largest seafood producers, faced a highly complex consolidation and fast-close challenge across overseas sub-groups, multiple currencies, and reporting under Thai GAAP, US GAAP, and IFRS. The company needed to streamline consolidation for 65 reporting entities and improve the speed and quality of monthly financial reporting, which had previously relied heavily on Excel and manual communication.

Lucanet provided its consolidation software and apps to automate intercompany eliminations, simplify reconciliation, and support custom adjustments in-house. As a result, Thai Union Group cut intercompany reconciliation from two weeks to three days, reduced the overall consolidation process from 10 days to 1.5 days, and completed monthly reporting 15 days quicker, while also improving data quality and reducing email and spreadsheet usage.

Thai Union Group

Gion Pfützner

Head of Finance IT