The ganfeng prepayment would skew this figure somewhat. Ajm would be showing cash receipts net of funds swept by financier to amortized the prepay.
Note 16 annual report " the repayments is made as shipments are completed by returning 30% of proceeds received".
Prepayments are typically structured such that the financier providing the prepay controls cash release. Prepay financier receives 100%, 30% is applied against prepay loan, 70% released to ajm.
I'd say most of that 19% is explained by this. Just imo
AJM Reporting is Misleading, page-14
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