Does anyone have thoughts on changes to the balance sheet?
Revenues 2010 to 2011 were down 5%, yet inventories are up by about 20%.
I've read elsewhere that this can be a red flag and an indicator that firms aren't able to shift their stock.
Is there a credible reason why it has gone up so much, despite sales coming down?
Also noticed that cashflow in 2011 was pretty poor - only 1.5m coming in from ops. 20m in capital investment (ongoing and tanks at end of lease) funded by new borrowings of 23m (although this will be paid back by the Loxton sale).
Thoughts on the above would be most welcome.
Thanks
increased inventory - any thoughts?
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