Working Capital

• All initiatives are NET of associated P&L expenses and impact on other working capital components. 
• All working capital initiatives should lead to YOY improvements.
• For DPO improvements, only in changes actual payments days should be used for calculations. A change in contract days does not always equate to an improvement in OCF, if payment terms had not previously been adhered to. 
• Following are out-of-scope for working capital Productivity: Changes in Inventory Reserves and Receivables allowance, write-back of AP balances, other accrued liabilities, intercompany liabilities and receivables​