Investor Presentaiton
Controlled Net Working Capital use
6.4%
Net working capital as a % of revenues
5.3%
282
250
6.6%
440
* eurofins
Key Highlights
Net working capital back to 2019
mid-year levels, at 6.6% of revenues,
as temporary postponements of
social charges and tax payments put
in place by some governments in
2020 reversed in 2021
• DSOs¹ and DPOS² stable at
58 days and 52 days respectively
Stable inventory at 2.5% of
revenues, largely related to the
ramp-up in response to COVID-19
H1 2019
H1 2020
Net working capital (NWC) Єm
H1 2021
NWC/Revenues (Last Q*4)
1 DSOS: Days of Sales Outstanding: Trade account receivables excluding VAT, accrued sales, WIP, less Advanced payments and Deferred revenues by external sales of last three months multiplied by 90 days
2 DPOs: Days of Payables Outstanding: Trade account payables excluding VAT less prepaid expenses and deferred charges by purchases and Capex of last three months multiplied by 90 days
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