The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

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.


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.

Catherine Cledel, Thea Group_960.jpg
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.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?