Ann: Quarterly Cashflow Report, page-16

Yes good find. Note 10 of annual report:

"Current trade receivables (except China) are generally on 30–60 day terms. Chinese entities have general trading terms between 60-150 days."

Also interesting is that receivables this year and last were both around $17 million at 31 December. This year $2 million are over 60 days overdue, compared with virtually none last year. This year $1 million are more than 90 days overdue and another $1 million are over 60-90 days overdue. Note that is not days from invoicing, but days overdue. None have been impaired (ever I suspect in China).

Clearly the slowness of payment has increased. Maybe we blame covid for slower payment. But if these are Chinese debtors we are 60 or more days overdue on terms that were 60-150 to start with and then that is one hell of a lag.

I have invested before in a company (Sino Gas) that was screwed by Chinese partners not paying money owing. No point in legal action in China against SOE, you just suck it up. Having a strong balance sheet is a requirement of operating in China.