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Cash 360

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

Syngenta · FY25 (modeled)

Top 3 global crop science company

49,000 employees · 12+ US sites · 100 countries

▲ Executive read· the answer, then the moves

Liquidity is sound at $3200M (≈ 8 weeks cover), but $652.1M of working capital is trapped in receivables — pull DSO from 62d to 48d to self-fund the next deal rather than draw the $11329M of covenant capacity.

5 of 5 headline metrics improving vs prior · still off target: Liquidity $3.20B vs $3.50B, Free Cash Flow $1.25B vs $1.30B, Cash Conversion Cycle 76d vs 72d

Do now — ranked by urgency

1
Simplot 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 $652.1M by pulling DSO to the 48d targetWatch
Why it matters
Every day of DSO above 48d ties up working capital; closing the gap releases ≈ $652.1M of one-time cash.
What's driving it
DSO 62d vs 48d target
Overdue >60d = $413.6M of $2514M AR
FYI
Normalizing laggard brands to 50d DSO releases ≈ $184.2M
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), Syngenta Flowers (66d), Simplot 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

$3200M

≈ 8 weeks cover

Free cash flow

$1250M

38% EBITDA conversion

Cash conversion cycle

76d

DSO 62 + DIO 18 − DPO 54

Working-capital unlock

$652.1M

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: $621.53M.

Above minimum

$736.31M

Opening cash

$5275M

13-wk collections

$5208M

13-wk disbursements

$803.44M

Closing cash

Exhibit 2

EBITDA → Free cash flow

$3332M EBITDA converts to $1250M FCF (38%).

Exhibit 3

Cash collected

Monthly, $M.

Cash conversion cycle

Working-capital days

DSO — receivables62d

DIO — inventory18d

DPO — payables (offset)(54d)

Cash conversion cycle76d

Where cash is trapped

Working-capital cash unlock

$184.2M

Normalizing laggard brands to 50-day DSO releases ~$184.2M one-time.

Lawn & Garden67d

$41.4M

Syngenta Group China61d

$37.9M

Syngenta Crop Protection56d

$34.2M

Syngenta Flowers66d

$27.5M

Cropwise60d

$22.0M

Syngenta Seeds58d

$16.1M

Adama54d

$5.2M

Collections

AR aging

Total AR $2514M

Current days$1180.25M

1-30 days$628.03M

31-60 days$292.36M

61-90 days$212.23M

90+ days$201.4M

Overdue (>60d) = $413.6M.

Exhibit 4

Collections priority

Highest DSO first.

Account	Revenue	DSO	Credit risk
Simplot	$138.6M	67d	High
ADM	$279.36M	63d	Medium
AgriSompo	$88.79M	59d	Medium
Ferme du Rhône	$307.52M	58d	Low
Land O'Lakes	$155.92M	55d	Medium
IBM	$210.06M	52d	Medium
UPS	$244.71M	49d	Low

Exhibit 5

Supplier DPO

Working-capital lever.

Supplier	Spend	DPO	OTIF	Risk
SAP	$1385.99M	45d	96%	Low
3PL Logistics Partner	$1256.05M	42d	93%	Low
Yangnong Chemical	$887.9M	38d	90%	Medium
Production Growers (90,000+)	$584.71M	36d	89%	Medium
Regulatory Consulting Partner	$498.09M	40d	95%	Low
Annam.AI	$411.46M	44d	92%	Low