Automated currency management proves an effective pandemic response
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Treasury

Automated currency management proves an effective pandemic response

Digitalizing and automating its FX risk management has enabled one French independent pharmaceutical company to notably improve the efficiency of its treasury function.

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Théa is an independent pharmaceutical company that specializes in the research, development and commercialization of eyecare products. Headquartered in France, the group has 35 subsidiaries across Europe, Russia, north and sub-Saharan Africa, and South America, and also works with distributors in other regions.

In 2021, Théa Group generated revenues of €683 million, of which one third was through its subsidiary in France.

Group treasurer Catherine Cledel manages a small treasury team with cash, treasury and risk-management responsibilities across the group’s global footprint. Until 2016, it was using spreadsheets and manual processes to manage these activities, before putting in place a new software solution to support more centralized operations.

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Catherine Cledel, Théa Group

In last year’s Journeys to Treasury report, Cledel explained how the pandemic had emphasized the value of further enhancements to process efficiency and controls. So how has the company done this?

With operations in 70 countries and exposures in 30 currencies resulting from both purchasing and sales, FX risk management is a significant treasury activity for Théa Group. Each subsidiary invoices customers in local currency, and FX risk is managed centrally in group treasury.

“To

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