Ann: Appendix 4C - quarterly, page-36

Your analysis depends on the assumption that capital expenditure for Kaddy expansion hit the PMOC line. But how can we draw that conclusion with any certainty?

I note that increase in Receipts from Customers / PMOC this December 2021 quarter is very similar to the increase seen in the December 2020 quarter. Both times the Receipts inflow doubled and the PMOC outflow tripled.

Could it be a function of increasing logistics expenses to meet Christmas demand and then maintaining those expenses throughout the following year to let the business non-Christmas demand grow into them?