September 04, 2001 in Social Responsibility News

Samsung SDS completes settlement system for European affiliates

As Europe becomes a single monetary unit with the Euro in March next year, Samsung SDS has completed construction of a settlement system for Euro for European affiliates of Samsung Group and has begun updating currency-related systems of domestic companies who have operations in Europe.

Samsung SDS (CEO Hong-Ki Kim) announced on Aug 30th that it has completed changing the legal monetary unit and updating data for 7 European affiliates of Samsung Group as well as opening SAP R/3 system based on the legal monetary unit of the Euro at the end of August.

Samsung SDS' European affiliate SDSE (Samsung SDS Europe) and Samsung Electronics have led the "Conversion to Euro Project" for more than 3 months from May to mid-August to strengthen its operational base in Europe. Samsung Electronics has converted its systems to Euro 6 months before the transaction of Euro begins in March 2002. Samsung Electronics' affiliates that converted to Euro include affiliates in 7 of the 12 countries of the EMU (European Monetary Union) SEG (Germany), SEF (France), SEI (Italy), SESA (Spain), SEP (Portugal), SEBN (the Netherlands) and the logistics affiliate in the Netherlands.

Samsung SDS explained that the framework of Samsung Group companies' strategy is based on: ▶system integration, ▶financial integration, and ▶logistics integration. Based on this framework, basic infrastructure has already been constructed in a series with payment network, integrated currency management and European logistics system.

Kyu-Bong Oh, President of Samsung SDS' European affiliate SDSE said, "It is true that the Euro would bind entire Europe as a single economic unit with clear benefits of reduced financial cost and foreign exchange exposure. However, it would make logistics all the more important and the market transparency would increase to create a more difficult business environment for domestic companies operating in Europe." He added that they would need a comprehensive consulting on management including marketing strategy, accounting and finance for the new monetary system.
He further went on to comment, "Our long-term plan is to expand the project to Euro strategies for companies in non-EMU member countries such as Great Britain after accurate analysis of the impact of the Euro on the European economy."


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