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Cash 360

The treasury cockpit — 13-week cash, EBITDA-to-FCF conversion, working-capital unlock, receivables, liquidity and covenant headroom.

L'Oréal Groupe · FY25 (reported)
No.1 most innovative company in Europe (Fortune)
95,000 employees · 22+ US sites · 150 countries
▲ Executive read· the answer, then the moves

Liquidity is sound at $6500M (≈ 6 weeks cover), but $120.7M of working capital is trapped in receivables — pull DSO from 49d to 48d to self-fund the next deal rather than draw the $49200M of covenant capacity.

5 of 5 headline metrics improving vs prior · still off target: Liquidity $6.50B vs $7.00B, Free Cash Flow $6.10B vs $6.50B, Cash Conversion Cycle 35d vs 32d

Do now — ranked by urgency
  1. 1
    Amazon credit exposureAct now
    Why it matters

    Move to credit hold pending paydown; reforecast ARR net of likely churn.

    What's driving it
    • Overdue AR
    • Signal: Alert
    FYI

    Distress filings + overdue AR; churn risk High on $6.4M account.

    Act →▤ open the overdue book
  2. 2
    Covenant headroom 0.9× (lev 4.6× vs 5.5×)Act now
    Why it matters

    Sets deal capacity and refinancing risk.

    What's driving it
    • Q1 (act)
    • Signal: Threshold
    FYI
    • Net-debt/EBITDA 4.6× against a 5.5× ceiling.
    • Owner: CFO · Treasury
    Act →
  3. 3
    Unlock $120.7M by pulling DSO to the 48d targetWatch
    Why it matters

    Every day of DSO above 48d ties up working capital; closing the gap releases ≈ $120.7M of one-time cash.

    What's driving it
    • DSO 49d vs 48d target
    • Overdue >60d = $1071.8M of $6515M AR
    FYI
    • Normalizing laggard brands to 50d DSO releases ≈ $477.4M
    • Owner: Treasury
    Work the overdue book →▤ open the overdue receivables
  4. 4
    3 brands running DSO > 65 daysWatch
    Why it matters

    Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.

    What's driving it
    • DSO
    • Signal: Alert
    FYI

    ISC (67d), Vichy (66d), Amazon account (67d) lifting blended DSO.

    Act →▤ open the overdue book
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↗ Where this connects — act / drill across
▤Evidence· open the overdue-invoice list🧩Customer Master· term conflicts driving AR👥Customer 360· DSO by account🚪Exit Readiness· debt & deleverage path
Liquidity
$6500M
≈ 6 weeks cover
Free cash flow
$6100M
60% EBITDA conversion
Cash conversion cycle
35d
DSO 49 + DIO 18 − DPO 69
Working-capital unlock
$120.7M
DSO 49→48d target
Exhibit 1

13-week direct cash flow forecast

Net weekly cash (bars) and ending cash (line) vs. $20M minimum. Forecast trough: $1610.49M.

Above minimum
$1907.9M
Opening cash
$13670M
13-wk collections
$13496M
13-wk disbursements
$2081.85M
Closing cash
Exhibit 2

EBITDA → Free cash flow

$10250M EBITDA converts to $6100M FCF (60%).

Exhibit 3

Cash collected

Monthly, $M.

Cash conversion cycle

Working-capital days

DSO — receivables49d
DIO — inventory18d
DPO — payables (offset)(69d)
Cash conversion cycle35d
Where cash is trapped

Working-capital cash unlock

$477.4M

Normalizing laggard brands to 50-day DSO releases ~$477.4M one-time.

Kérastase67d
$107.2M
La Roche-Posay61d
$98.1M
L'Oréal Paris56d
$88.6M
Vichy66d
$71.3M
Maybelline New York60d
$56.9M
Lancôme58d
$41.8M
Garnier54d
$13.5M
Collections

AR aging

Total AR $6515M

Current days$3058.25M
1-30 days$1627.32M
31-60 days$757.55M
61-90 days$549.92M
90+ days$521.87M

Overdue (>60d) = $1071.8M.

Exhibit 4

Collections priority

Highest DSO first.

AccountRevenueDSOCredit risk
Amazon$359.13M67dHigh
Sephora$723.88M63dMedium
Douglas$230.07M59dMedium
Carrefour$796.83M58dLow
Target$404.03M55dMedium
IBM$544.31M52dMedium
UPS$634.1M49dLow
Exhibit 5

Supplier DPO

Working-capital lever.

SupplierSpendDPOOTIFRisk
Givaudan$3591.34M45d96%Low
Firmenich$3254.65M42d93%Low
BASF$2300.7M38d90%Medium
Dow$1515.1M36d89%Medium
Symrise$1290.64M40d95%Low
Clariant$1066.18M44d92%Low
Exhibit 6

Leverage runway vs. covenant

Headroom = firepower

Deal capacity

Net-debt capacity to 5.5x
$49200M
≈ $4920M acquirable EBITDA @ ~10x
Net Debt / EBITDA0.7x
DSCR4.5x
Covenant Headroom40.0x
Cash Collected97.0%
Act on it

Where to go next

One click into the owning view — each reads the same live governed dataset.

🔄
Quote-to-Cash

The order-to-cash cycle — where cash is stuck.

Walk →
▤
Overdue AR

Open the aged invoice list to work the call sheet.

Work list →
🎛
Cash Scenario

Model DSO / DPO levers on working capital.

Forecast →
🚪
Exit & Debt

Deleveraging path and the equity bridge.

Open →