One spine from order to cash — the value, the conversion, the days, and the leakage at every handoff. Where a specced order turns into a ground, shipped, invoiced and collected bearing (and where it gets stuck).
SEK 4.1 bn is leaking or stuck across the 103-day quote-to-cash cycle — the largest single pool is SEK 2.4 bn at Collect. Close the billing lag and aged book to pull cash forward without selling a thing.
5 of 6 headline metrics improving vs prior · still off target: DSO (Days Sales Outstanding) 65d vs 60d, Cash Conversion Cycle 111d vs 100d, Overdue AR (>60d) SEK 2.4 bn vs SEK 1.8 bn
Gates the program go-live (restated ledger, production-line transfers & the Q4 2026 Vertevo listing window).
Each lost contract is recurring aftermarket & services revenue — the cycle-dampening spine — that won't repeat.
Aged AR >60d — shipped & billed, not collected — pure working capital sitting in the cycle, not a sales problem.
Keep separation spend inside the announced envelope; track footprint payback quarter by quarter.
Separation plus Americas footprint consolidation front-load costs (Q2 2026 IAC −1,004, roughly half separation / half footprint).
The order-to-cash cycle for the group, end to end. An order/spec becomes a booked factory order, the booked order becomes ground & assembled goods, production becomes shipped & distributed goods, a shipment becomes an invoice, and an invoice becomes cash — 103 days from order to cash, with SEK 4.1 bn leaking or stuck across the handoffs. Each stage links to the 360 that owns it and the records to work. (High-frequency distributor & aftermarket orders bill on a steadier cadence — this is the make-to-order OEM lane.)
Value flowing through each stage, the conversion from the prior stage, days in-stage, and the leakage at the handoff.
The biggest levers are manufacture/ship (grinding & production lead time) and collection (DSO) — the order handoff is instant; billing lag is the quiet one.
Each leak quantified, owned, and linked to the 360 and the records that fix it — the working-capital recovery list.
Off-platform OEM RFQs & spec churn vs governed SAP quoting
Footprint-transfer lead times & logistics during Americas consolidation
Unbilled shipments + OEM self-billing timing
Read this: the two biggest pools are SEK 2.4 bn aged AR (collect) and SEK 300 M unbilled dispatch / export-doc lag (bill) — both pure working capital. Closing the billing lag and the aged book pulls ~SEK 2.7 bn of cash forward without selling a thing.
Value, conversion, days, leakage and owner — drill to the owning 360.
| Stage | Value | Conv. from prior | Days in-stage | Leakage | Owner | Drill |
|---|---|---|---|---|---|---|
| 📐 Order / Spec | SEK 92.5 bn | — | 15d | SEK 900 M | Commercial · Landholm | → |
| 🏭 Manufacture & Grind | SEK 91.6 bn | 99% | 0d | — | Operations · Factories | → |
| 🚚 Ship / Distribute | SEK 90.6 bn | 99% | 18d | SEK 500 M | Operations & Logistics | → |
| 📄 Bill / Invoice | SEK 90.1 bn | 99% | 5d | SEK 300 M | Finance · Shared Services | → |
| 💵 Collect / Cash | SEK 87.7 bn | 97% | 65d | SEK 2.4 bn | Treasury · Collections | → |