Nothing sinister, it's all about contract liabilities and revenue timing. i.e if they recieve all payment up front then only pay suppliers later, we'd expect so see elevated half yearly but reduced EOY. That's looking at this in isolation though, without any consideration to new contracts that may materialise. I'd expect they haven't recieved all payments yet anyways.
Ann: WestStar Industrial Investor Webinar, page-36
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