1. Objective and Scope

The purpose of this document is to describe the monthly process to update SIMULATION exchange rates in BFC.

SIMULATION exchange rates are used in RSB reporting category (restatement of Y-1 with Y scope and exchange rate) in the months for which there are no actual rates yet.

Every month, around D1/D2, after actual rates have been published, the Corporate Controlling team reviews the simulation of exchange rates for the next months until the end of the year.

Below are the 2 types of conversion rates updated in this monthly process:

  • TC - Closing rate 
  • TMN - Average cumulative  rate 

I

2. Quantum files 

Quantum is the Treasury system managing centrally Solvay official exchange rates and distributing them across the SAP applications.

On the last working day of the month, Quantum (through e-mail address QUANTUM-Solvay@avantgardportal.com) automatically sends 4 emails (one per each file) to BFCAdmin-ext@solvay.com with the following contents:

  • QUANTUM : YYYY.MM Rates Interface for BFC contains  YYYY.MM_BFC_Rates_Interface_FromQT.txt file 
  • QUANTUM : YYYY.MM Monthly Rates for BFC contains YYYY.MM-BFC_MonthlyRates_FromQT.xls file
  • QUANTUM : YYYY.MM Quarterly Rates for BFC contains YYYY.MM-BFC_QuarterlyRates_FromQT.xls file
  • QUANTUM : YYYY.MM Year's Rates for BFCcontains YYYY.MM-BFC_YearRates_FromQT.xls file


In case there are any issues with the files the point of contact is bilal.sleiman@solvay.com or sofia.barrias@solvay.com (in case Bilal Sleiman is not reachable) from Finance & Treasury domain in IT organization.


3. BFC upload

The file YYYY.MM_BFC_Rates_Interface_FromQT.txt received from Quantum has the correct format ready to be uploaded in BFC.


3.1 Create REEL YYYY.MM table in BFCTop

Before being able to upload YYYY.MM reel exchange rates from the txt file, creation of the table in BFC is first required.

From the previous period, do a Save as.





Save the new table  and close. 


 Open the new table


Select all lines, except the frozen rates, and press DELETE to erase previous month rates. 



3.2 Import Quantum file

Import YYYY.MM_BFC_Rates_Interface_FromQT.txt file into BFC.









6 lines expected to be rejected: Currency CNH not created in BFC table as not required in the IFRS Consolidation. 



Save the table 

3.3 Run Excel retrieval file to check consistency 

Before piloting the exchange rates table to BFCProd it is recommended to run a consistency check on the rates just uploaded into BFCTop.

Connect to BFCTop through BFC Excel Link WEB



Excel retrieval file - Exchange Rates checks.xls - is saved in this folder in the remote desktop \\Acew1ptsefcp1\BFC-SHARE\ER


The file can also be found in the Gdrive https://docs.google.com/spreadsheets/d/1uvIbkcr1y7OCtAdjnsZB0qtirU6D_4-2/edit?usp=sharing&ouid=101127428078004514097&rtpof=true&sd=true

























How to proceed with these checks:

  • Update period in cell C1
  • Connect to BFCTop and refresh the file



  • From column E to J there's a retrieve of what we've just uploaded into BFC with the interface file.



  • In columns M and N there's a comparison of TO (Opening Rate) and TMN-1 (Closing rate) with TC and TMN rates from Dec Y-1 table. No differences are expected. 




  • In columns P and Q there's a comparison of TCN-1 (Closing Rate Y-1) and TMN-1 (Aver. Rate Y-1) with TC and TMN extracted from the Y-1 table.  No differences are expected. 



  • In Columns V and W there's a calculation of the TC and TMN variations (%) compared to previous month. 
  • There's a conditional formatting in these cells: variations >= or <= 50% are highlighted in red and those cases should be communicated to GAR Conso team by email as a warning message of high currency variation.


3.4 Piloting to BFC_Production database

 Task EXPL-ADMIN has to be used to pilot REEL Exchange Rates table inserting the REEL table of the month.




4. Exchange Rates publication in Aodocs (GAR team site)

Besides BFC update, BFC Admin is also in charge of updating every month the actual (REEL) exchange rates file published in Aodocs.

The information received in the 3 files from Quantum (Monthly, Quarterly and Yearly rates) are in the exact same format as the 3 tabs in Aodocs file and therefore only a copy/paste is necessary. 


Open the Exchange Rates YYYY file in Aodocs


From Quantum file YYYY.MM-BFC_MonthlyRates_FromQT.xls copy the last column to Aodocs file tab Monthly calculation





From Quantum file YYYY.MM-BFC_QuarterlyRates_FromQT.xls copy the last column to Aodocs file tab Quarterly calculation




From YYYY.MM-BFC_YearRates_FromQT.xls copy the last 2 columns to Aodocs file tab Year rates


Once the 3 tabs of Aodocs file have been updated close the file (changes are automatically saved).

5. Communication

Once exchange rates have been piloted to BFC_Production and Aodocs file has been updated, BFC Admin should communicate to Solvay's Finance community and external partners (outsourcing companies, Solvay Actuaries, Businesses sold under TSA ...) that exchange rates are available in BFC and can be accessed through Aodocs file.

The distribution lists are updated in this file BFC exc.rates file contacts and 2 separate emails should be sent:

  • one mail to Solvay contacts & BFC Admin in cc (listed in 1st tab) 
  • one mail to external partners & BFC Admin in cc (listed in 2nd tab)

Note: When someone (external partner) asks to be added to the distribution list, BFC Admin should check with  Sonia Gonçalves or Caroline MATHIEU-STOÏSSICH as MAGD referents if the contact can be added and which is the validity period.


Mail to Solvay contacts (including the link to Aodocs file):


Mail to external partners (Aodocs file sent in attachment as they have no access to Solvay AODOC library):


END OF THIS PROCEDURE