Cash 360

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

Siemens Gamesa Renewable Energy, S.A. · FY26 (modeled)

#1 global offshore wind OEM

26,000 employees · 7+ US sites · 81 countries

▲ Executive read· the answer, then the moves

Liquidity is sound at $900M (≈ 4 weeks cover), but $379.7M of working capital is trapped in receivables — pull DSO from 62d to 48d to self-fund the next deal rather than draw the $1092M of covenant capacity.

5 of 5 headline metrics improving vs prior · still off target: Liquidity $900M vs $1.10B, Free Cash Flow $210M vs $300M, Cash Conversion Cycle 38d vs 35d

Do now — ranked by urgency

1
SSE Renewables 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
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
Unlock $379.7M by pulling DSO to the 48d targetWatch
Why it matters
Every day of DSO above 48d ties up working capital; closing the gap releases ≈ $379.7M of one-time cash.
What's driving it
DSO 62d vs 48d target
Overdue >60d = $240.9M of $1464M AR
FYI
Normalizing lagging units to 50d DSO releases ≈ $107.3M
Owner: Treasury
Work the overdue book →▤ open the overdue receivables
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), Siemens Gamesa France (66d), SSE Renewables account (67d) lifting blended DSO.
Act →▤ open the overdue book

💎 Board Value & Margin Recovery JourneyStep 5 of 7 · cash conversion, leverage, covenant◀ Finance 360 Product & Brand 360 ▶All journeys

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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

Liquidity

$900M

≈ 4 weeks cover

Free cash flow

$210M

50% EBITDA conversion

Cash conversion cycle

38d

DSO 62 + DIO 18 − DPO 54

Working-capital unlock

$379.7M

DSO 62→48d target

Exhibit 1

13-week direct cash flow forecast

Net weekly cash (bars) and ending cash (line) vs. $20M minimum. Forecast trough: $361.95M.

Above minimum

$428.79M

Opening cash

$3072M

13-wk collections

$3033M

13-wk disbursements

$467.89M

Closing cash

Exhibit 2

EBITDA → Free cash flow

$420M EBITDA converts to $210M FCF (50%).

Exhibit 3

Cash collected

Monthly, $M.

Cash conversion cycle

Working-capital days

DSO — receivables62d

DIO — inventory18d

DPO — payables (offset)(54d)

Cash conversion cycle38d

Where cash is trapped

Working-capital cash unlock

$107.3M

Normalizing lagging units to 50-day DSO releases ~$107.3M one-time.

Digital Ventures Labs67d

$24.1M

SGRE Battery Solution61d

$22.0M

SG 14-222 DD56d

$19.9M

Siemens Gamesa France66d

$16.0M

Siemens Gamesa India60d

$12.8M

Hermes Digital Diagnostics58d

$9.4M

RecyclableBlade54d

$3.0M

Collections

AR aging

Total AR $1464M

Current days$687.32M

1-30 days$365.73M

31-60 days$170.25M

61-90 days$123.59M

90+ days$117.29M

Overdue (>60d) = $240.9M.

Exhibit 4

Collections priority

Highest DSO first.

Account	Revenue	DSO	Credit risk
SSE Renewables	$80.71M	67d	High
Enel Green Power	$162.69M	63d	Medium
Western Sahara wind project	$51.71M	59d	Medium
EDF Renewables	$179.08M	58d	Low
Moroccan wind farm operator	$90.8M	55d	Medium
IBM	$122.33M	52d	Medium
UPS	$142.51M	49d	Low

Exhibit 5

Supplier DPO

Working-capital lever.

Supplier	Spend	DPO	OTIF	Risk
Microsoft Azure	$807.13M	45d	96%	Low
IBM Consulting	$731.46M	42d	93%	Low
ReStor	$517.07M	38d	90%	Medium
Gefion Supercomputer	$340.51M	36d	89%	Medium
Tier One PV module suppliers	$290.06M	40d	95%	Low
Siemens Financial Services	$239.62M	44d	92%	Low