That's a very good point. I think we have the same problem of interpretation now with their strong cash flow for April/May 2020. Reason why I am curious to see their cash at the end of June. My understanding : they pay the artists and fulfillers with around 1 month delay, so we need to relate the receipt of 1 months with the cash payment for the next month. Their June quarter may be interesting as it should include 3 months of strong sales (and payment) with 2 months of related high payments.
Ann: Investor Update - Half Year Report & Accounts, page-7
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