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OpusCapita® Case Automotive group Veho streamlines intercompany transactions subishi, smart, Maybach, Honda and Setra busses. In addition to the parent company Veho Group Oy Ab, the Group comprises a retail chain, trade-in car centre, two importing and marketing companies, as well as a company specialised in pre-delivery inspection and vehicle logistics. Along with these companies, operating primarily in Finland, the Group includes three international subsidiaries engaged in passenger car retail sales in Estonia, Latvia and Lithuania. 30,000 internal invoices The number of internal invoices transmitted annually between the Group's companies is nearly 30,000, their turnover amounting to some 300 million, says Sandell. It does there-fore make a difference how internal transactions are managed. "The implementation of Opus-Capita In-House Bank has substantially enhanced the efficiency of internal payments." "All our units that operate in Finland hold their own member accounts with the Veho Group Oy Ab, the parent company of the largest Finnish automotive business, Veho, introduced OpusCapita's Electronic Banking, Liquidity Management and Treasury Management solutions in its centralised treasury a couple of years ago. In-House Bank was added to the system later. "The automotive business is very capital-intensive, and the daily cash flow fluctuations are substantial. This presents a challenge to a centralised treasury and underlines the importance of efficient liquidity management and accurate forecasts in securing liquidity," says Roger Sandell, Treasurer at Veho Group. "Centralising liquid assets and payments makes cash management easier: the fewer external banking connections and financial transactions the Group's companies have, the more effective the cash management." The word `veho' comes from Latin, meaning `I carry'. In Finland, the name Veho is familiar to everyone, as are the makes imported and represented by the company Mercedes-Benz, Citroën, MitIn Veho Group, In-House Bank facilitates cash management and delivers considerable savings in terms of internal transaction costs. Treasurer Roger Sandell hopes that InHouse Bank can soon be implemented in the Baltic subsidiaries as well. Photo: Riikka Tietäväine n Published: OpusCapita Journal 2006 info@opuscapita.com · www.opuscapita.com
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