Ann: Pause in trading, page-10

NTA means nothing particularly if you can’t sell your stock. Inventory is measured at lower of cost or net realisable value, if there’s a glut of supply of wine in the market then they will have to impair their stock.

piss poor management of working capital I’m afraid. Should have focused harder on driving down working capital in the good times. Always like this, when shit hits the fan, interest rates soar, economy tanks, industry dives, poor management leads to sale of assets and whatever means to reduce gearing. Why can’t they have planned for things go sour?