Status Reports

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Work Stream Status: Integration – Finance

Overall Progress

• Conducted two-day face to face workshop to complete/align financial reporting requirements on both sides.

• Overview on insurance policy completed.

•  Integration work on financial system underway.

Achievements past 2 weeks

• Financial system integration -  build up on new legal entities in development environment underway. Test scripts in progress.   

• Conducted face to face workshop this week. Further progress made on financial close and reporting requirements (Acquirer and Acquired Co. data entry tool for close), and finalized GAAP differences (& PPA adjustments), as well as management reporting, and introduction of Acquired Co. global tax tool. Products hierarchy mapping in progress. 

• Insurance review completed by Acquired Co. team and shared with Acquirer HQ.

• Started a summary of sensitive information. Plan in place to separate info/data relating to Australia for confidentiality concerns.

• Initial review of existing Acquirer limits of authority (LOA) completed.

• NewCo budget in progress. 

Key Deliverables

• Complete building of legal entities for NewCo in system development environment. Revise workplan timeline to incorporate testing and training/knowledge transfer. 

• Follow up on action points from  February workshop in ongoing weekly calls on financial reporting and management reporting requirements (incl. NewCo budget).

• Subsequent review of limits of authority.

• To continue to build separate folder for sensitive information.

Key Issues

Reporting requirements to Spain may commence immediately after close – 30 days earlier than expected. Readiness for this will be challenging

Key Risks

• Readiness for reporting to Acquired Co..

• Dealing with historical data on UK business – particularly operational information. Need to balance practicality vs legal / commercial requirements.