Cash flow stabilised for robust solvency and business development

- Historic receipts and payments were processed by customers, suppliers, cost blocks and repayments – directly from balance sheet, P&L and accounting. - Cost characteristics (frequency, periodicity etc.) were assigned to clear categories. - A rolling 13-week cash flow forecast was introduced as central instrument for cash flow management and liquidity planning. - Result figures (EBIT, EBITDA) were reconciled with actual cash flows to clearly see gaps between "profit" and liquidity.

- Receivables management was rebuilt: clear payment terms, active follow-up, use of early payment discounts, DSO reduction and where sensible factoring solutions examined. - Supplier liabilities were consciously controlled – not on the edge, but in the tension between liquidity, terms and delivery reliability. - As CFO function, cash conversion cycle, working capital and liquidity were anchored as fixed components of monthly management reporting. Fewer metrics – clear statements and control instruments.

- Together with purchasing and logistics, order quantities, delivery intervals and safety stocks were adjusted so less capital is unnecessarily tied up in inventory. - Obsolescence risks, excess stocks and "dead" items were systematically identified and reduced – with clear rules on what may even still be reordered. - Through improved logistics processes (delivery times, bundling of transports, sensible warehouse locations) service level was simultaneously maintained and cash flow relieved.

- Fixed costs and variable cost blocks were examined for liquidity effect; non-critical expenditures reduced or stretched temporally. - Investment projects were prioritised by cash flow profile and ROI, with clearly defined go/no-go thresholds from CFO perspective. - Credit lines, covenants and repayment profiles were restructured in dialogue with banks on basis of new liquidity planning.

- Lean, CFO-suitable liquidity reporting was established: DSO, DPO, inventory ranges, working capital, 13-week cash status. - Regular cash meetings with purchasing, sales, logistics and finance ensure cash flow optimisation doesn't remain a pure finance project. - Clear accountabilities were defined: who decides on payment terms, order quantities, approvals and exceptions – always with view to stabilising cash flow and securing liquidity.