Investor Presentaiton
Working capital
RHI MAGNESITA
Disciplined reduction in inventory and receivables contributes €123 million release of working
capital in base business
Working capital balances
Inventory
% of L3M annualised revenue
33.6%
23.3%
25.4%
23.0%
24.2%
29.0%
24.3%
24.8%
1,232
1,272
997
1,092
977
1,049
677
918
974
320
314
794
298
2021
837
996
2022
2023 excluding M&A
2023
298
2021
2022
2023 excluding M&A
2023
Accounts Receivable¹
Working capital after deducting
working capital finance
Working capital finance -
factoring and forfeiting
% of L3M annualised revenue
12.0%
10.4%
10.6%
% of L3M annualised revenue
11.9%
Inventory excluding M&A reduced through lower volume and costs
349
375
2021
2022
366
2023 excluding M&A
477
2023
1,049
103
159
996
85
Accounts Payable²
% of L3M annualised revenue
22.3%
25
14.0%
11.8%
12.4%
Dec 22 Volume/Mix
Inventory
Cost
FX
M&A
Dec 23
Inventory
Investor Presentation | March 2024
649
507
2021
2022
409
498
2023 excluding M&A
2023
1. Accounts receivable calculated as trade receivables plus contract assets less contract liabilities, as per financial statements
2. Accounts payable refers to trade payables, as per financial statements
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