One spine from order to cash — the value, the conversion, the days, and the leakage at every handoff. Where orders & specifications turn into manufactured, shipped, invoiced and collected cash (and where it gets stuck).
€420 M is leaking or stuck across the 112-day quote-to-cash cycle — the largest single pool is €150 M at Collect. Close the billing lag and aged book to pull cash forward without selling a thing.
6 of 6 headline metrics improving vs prior · still off target: Total Revenue €9.5 bn vs €10.4 bn, DSO (Days Sales Outstanding) 62d vs 55d, Cash Conversion Cycle 78d vs 70d
Aged AR >60d — shipped & billed, not collected — pure working capital sitting in the cycle, not a sales problem.
Fund the bolt-on pipeline from FCF (€1,331 M, 107% conversion); keep leverage well inside the ceiling.
Net financial debt €4,223 M (from €3,006 M) → leverage 1.9× (was ~1.5×); still investment-grade vs ~3.0× ceiling.
Natural hedging via local production (US, India, China); report ex-FX to show underlying momentum.
A stronger euro cut reported growth to +9.6% vs +13% ex-FX; ~85% of sales are international.
Each lost renewal is recurring software, services & connected revenue that won't repeat.
The order-to-cash cycle for the group, end to end. An order becomes a specification, specification becomes manufactured product, production becomes shipped goods, shipment becomes an invoice, and an invoice becomes cash — 112 days from order to cash, with €420 M leaking or stuck across the handoffs. Each stage links to the 360 that owns it and the records to work. (Distributor stock orders bill on a steady cadence; long-cycle datacenter & specified projects are the make-to-order lane.)
Value flowing through each stage, the conversion from the prior stage, days in-stage, and the leakage at the handoff.
The biggest levers are manufacture/ship (production & lead time) and collection (DSO) — the order handoff is instant; billing lag is the quiet one.
Each leak quantified, owned, and linked to the 360 and the records that fix it — the working-capital recovery list.
Inventory holding + lead-time slippage on long-cycle datacenter projects
Unbilled shipments + project-milestone billing lag
Read this: the two biggest pools are €150 M aged AR (collect) and €60 M unbilled shipments / project-milestone billing lag (bill) — both pure working capital. Closing the billing lag and the aged book pulls ~€210 M of cash forward without selling a thing.
Value, conversion, days, leakage and owner — drill to the owning 360.
| Stage | Value | Conv. from prior | Days in-stage | Leakage | Owner | Drill |
|---|---|---|---|---|---|---|
| 📐 Order / Spec | €9.8 bn | — | 22d | €120 M | Commercial · RevOps | → |
| 🏭 Manufacture | €9.5 bn | 97% | 0d | — | Operations · Plants | → |
| 🚚 Ship / Deliver | €9.3 bn | 98% | 20d | €90 M | Operations · Supply Chain | → |
| 📄 Bill / Invoice | €9.2 bn | 98% | 8d | €60 M | Finance · Billing | → |
| 💵 Collect / Cash | €9.0 bn | 98% | 62d | €150 M | Treasury · Collections | → |