Ann: Appendix 4E and 2021 Annual Report, page-19

I generally agree. However as per note 10 there was a reversal of 2020 inventory write downs which is a positive and would have reduced the necessary payments to suppliers for 2021. But as you imply - inventory will need to be replenished which will cost us.

I generally see yowie as an improved business compared to previous years. Although revenue is decreasing, margins across the board have improved. Any revenue increase from here should flow through to nice earnings. Before there was excess spend on admin, marketing and write downs which indicated lifestyle spending.