Did you read the previous financial reports? This one is pretty much as expected, write-downs are non-cash and what counts is the working capital deficit. It was higher in the past... take a look at the last annual, the working capital deficit was $24m, now decreased by $10m within 6 months and that was with only one normal quarter and one quarter without production from Smarts.
Ann: Half Year Accounts to 31 December 2018, page-27
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