Ann: HIL Financial Year 2016 Results-HIL.AX, page-17

mr Market probably got excited re not going out the back door........

looks like an aweful lot of inventory got moved............and this is why the debt went down.

given one needs stuff to sell ........it will be important to see if this is a once off (re recievables securitisation), and how much was discountinued lines ........not disclosed in the accounts.

without the sale of (excess) ?? inventory - c/flows would have been strongly -ve (I suspect).

I applaud the reduction in GG&A .........imho - more needs to be done in head office ........

watching closely

rgds
V_H