While I believe your correct with this analysis, From memory I should be able to bring up several times where the company have stated that the reason for large amounts of outgoings is because of them building up inventory due to expected increases in sales or large orders (I will look for these tonight if requested).
It would be a good question for the next webinar along with payment terms (which I believe they moved to about a 30 day period ages ago from memory) it would clear a lot up.
Cheers
AJX Fundamentals thread, page-26
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