EuroFinance

Roche

Roche Treasury faced challenges with cross-border payments due to fragmented data and limited transparency. To overcome these obstacles, Roche adopted Swift’s corporate strategy, integrating a direct, bank-agnostic API for real-time data submission and payment visibility. Additionally, an advanced dashboard was developed for comprehensive tracking and analytics, resulting in significant cost savings and operational efficiency. This strategic overhaul set a new industry standard for transparency and efficiency in treasury operations, ensuring that the company remains financially robust while pursuing cutting-edge healthcare solutions for patients.

This strategic transformation established a new industry benchmark for transparency and efficiency in treasury operations. Roche’s innovative use of technology positions them as a worthy recipient of the EuroFinance Treasury Excellence Award.

Winner: Spotify

Digital music-streaming services company, Spotify, faced challenges in managing account receivables across its 180+ markets. With premium customers paying in local currencies, the treasury team encountered high FX costs and operational complexity, especially in minor currencies where in-house management was challenging.

To address this, Spotify implemented a virtual account setup that allows the collection of funds in more local currencies through payment service providers (PSPs). This forward-thinking approach by the treasury team not only meets immediate needs but also positions Spotify to adapt to global challenges, demonstrating its strategic foresight and commitment to operational excellence.

Highly commended: Marelli

Marelli, a leading name in the automotive industry, has adeptly managed recent industry challenges, including supply chain disruptions and market volatility. The company’s treasury team played a pivotal role in overcoming these hurdles by implementing a cutting-edge cash management system. This strategic solution has significantly improved Marelli’s liquidity management and cash flow optimization. By leveraging advanced financial technologies and enhancing operational efficiency, Marelli’s treasury team has successfully navigated market uncertainties, demonstrating the vital role of effective treasury management in driving stability and growth.

Winner: Bristol Myers Squibb

Bristol Myers Squibb (BMS) has effectively navigated a challenging landscape marked by regulatory changes and increased competition. The company responded with strategic acquisitions, including Karuna Therapeutics and RayzeBio, to bolster its portfolio and address high unmet medical needs. BMS’s Treasury team played a crucial role by designing and executing a $16 billion financing plan, including a notable $4.5 billion debt offering. Their strategic foresight and adept management of cash flow and liquidity underscore BMS’s capability to maintain financial stability and support long-term growth despite evolving industry pressures.

Highly commended: Sodexo

Sodexo, the world’s second-largest provider of on-site food and facility management services, faced a complex challenge in 2023 with the spin-off of its Benefits & Rewards business, now known as Pluxee. The Group Treasury team played a pivotal role in ensuring that Sodexo’s strong credit rating and attractive financing terms were retained, in addition to raising new financing at Pluxee. This achievement not only created significant shareholder value but also positioned both Sodexo and Pluxee for robust future growth with strong balance sheets, setting a new standard for successful corporate restructurings.

Winner: DEME

DEME, a global leader in dredging, marine engineering, and environmental solutions, continues to demonstrate exceptional resilience in managing the complex risks inherent in its operations. The company’s proactive risk management strategies, combined with cutting-edge technologies and sustainable practices, enable DEME to navigate environmental uncertainties and stringent regulatory demands effectively. Central to this resilience is DEME’s treasury team, which plays a critical role in ensuring financial stability and liquidity. Through strategic cash flow management and careful financial planning, the treasury team supports DEME’s ability to deliver on ambitious projects, even in challenging conditions, underscoring the company’s leadership in both operational and financial resilience.

Winner: Crocs, Inc.

Crocs, Inc., renowned for its iconic footwear, has undergone significant strategic changes to adapt to evolving market demands and consumer preferences. In recent years, the company has diversified its product offerings, expanded its digital presence, and embraced sustainability initiatives, all while maintaining its brand identity. Crocs’ treasury team has played a vital role in this transformation, ensuring financial stability and providing the flexibility needed for strategic investments. These efforts have revitalised the brand, enabling Crocs to tap into new customer segments and position itself for sustained success in a competitive retail environment. The company has also focused on collaborations and limited-edition releases to create buzz and tap into new customer segments. 

Highly commended: Salesforce

Salesforce, a cloud-based CRM software, is redefining its strategic direction to meet the demands of a rapidly evolving digital economy. Recognizing the need to offer more than just CRM, Salesforce has aggressively expanded into new territories like artificial intelligence, data-driven insights, and industry-specific platforms. The acquisition of Slack marked a bold step towards transforming how organisations collaborate in the digital workspace, signalling Salesforce’s shift towards becoming a comprehensive business solutions provider. Salesforce’s treasury team has been pivotal in managing the financial complexities, from optimising capital allocation to securing liquidity for major investments. Their strategic oversight has ensured that Salesforce can pursue growth opportunities while maintaining financial stability. Alongside these initiatives, Salesforce has committed to ambitious sustainability goals, reinforcing its intent to shape the future of digital business.

Joint winner: GE Healthcare

GE Healthcare is at the forefront of a technology transformation that is reshaping the medical imaging landscape. Leveraging advancements in artificial intelligence, machine learning, and data analytics, the company is redefining how healthcare providers diagnose and treat patients. GE Healthcare’s innovative platforms, such as the Edison Intelligence Platform, integrate AI into imaging equipment, enabling faster and more accurate diagnostics. GE Healthcare’s treasury team has tailored its approach to manage the complexities of funding high-tech projects. By creating innovative financing structures and securing strategic partnerships, the treasury team has ensured that the company can continuously invest in cutting-edge technology without compromising financial health.  This transformation extends beyond imaging, as GE Healthcare is also enhancing its digital health solutions, improving patient outcomes, and streamlining clinical workflows. By embracing cutting-edge technologies, GE Healthcare is not only improving the quality of care but also setting new standards in the healthcare industry.

Joint winner: UNHCR

UNHCR, the UN Refugee Agency, has been recognized for its innovative use of financial technology to enhance Treasury Management Systems (TMS), improving support for refugees in over 130 countries. Key achievements include standardizing of core treasury management of liquidity, foreign exchange and investment, including integrated banking connectivity, adopting real-time financial reporting and data analytics, and implementing next generation technology for transparent aid disbursements. The agency’s efforts have streamlined centralised core Treasury Management  together with enhancing aid distribution through cash-based programs using advanced digital platforms, setting a new standard in the humanitarian sector.

Cash is the lifeblood at the heart of treasury – this award is for the superfit treasury that has optimised cash flow to the business, through excellence in cash management and forecasting innovation, by improving accuracy, efficiency and real time visibility, enabling the business to win.

In a challenging rate environment, treasury solutions to generate liquidity have come into sharp focus; this award recognises the financing finesse and skills of the treasurer in increasing liquidity whilst reducing overall financing costs.

Economic upheaval in recent years has seen inflation and prices spike, elevated rates, demand rise and fall, and supply disrupted. In treasury, alarms have sounded as forecasts and hedging strategies have come under urgent review. This award recognises strategic risk management interventions by treasury to manage economic volatility and enable their companies to thrive.

As businesses adapt to economic and technological changes to stay relevant, treasury is fundamental in supporting and enabling that strategic change. The winner of this award is the treasury team that have worked closely with business partners to drive and support change, by adapting treasury models, managing risks, and enabling business to evolve.

Treasury has become a driver in joining up disparate systems and making data available for real-time analysis. This award recognises treasury’s role in reducing complexity, simplifying systems, and increasing visibility and insight, by efficiently connecting treasury to the business in ways that are both transformative and innovative.