Ann: Appendix 4C December Quarter 2014, page-13

Hi, I am interested in your thoughts, but it is not quite clear to me what your first and third points are trying to say - maybe could you please have another go explaining what you are trying to say?

In relation to your second point, yes the Dec CF incudes a prepayment (potentially of up to $250k) from a Chinese order, and yes, Europe sales are likely to be weaker than Management budgeted for, but they only comprised 15% of FY14 sales.

Surely if the CF statement shows that they are CF positive for the 6 months, and Management say they will be CF positive for the rest of the year, it is reasonable to assume they are indeed CF positive, and do not "pay suppliers more than they receive from customers"

If you look at the last 8 half years, WRR's Gross margin has consistently been between 30% and 45% per half.....so WRR's product pricing looks OK to me. the question for me is what will the GO sales do to the first half margin this year?