My suggestions: 1. Pull all the cash flow statements together 2....

My suggestions:

1. Pull all the cash flow statements together

2. Substitute the net operating cash flow (NOCF) presentation on the face of the cash flow statement with the NPAT to NOCF reconciliation in the notes to the accounts

3. Reconfigure the cash flow statement so that you reconcile to cash + debt rather than just cash

4. Look at the income tax expense notes for inventory obsolescence provision and compare this to the value of inventory at each balance date (only available in annual reports). You need to add the provision back to the inventory figure on the balance sheet to get a 'gross' inventory value

Should see that while additional cash flow was coming from the roll-out of new stores (NPAT + add back of non-cash items) that operating cash flow was being used more and more to invest in working capital (mainly inventory and creditors). It will also show the company never had any free cash flow (following investment in store PPE) to pay dividends - it was being paid from drawdowns on cash holdings and debt.

You should also see the inventory obsolescence provision was constantly being drawn down and didn't exist at Jun-15 (was a negative number) - not a conservative approach to inventory valuation IMHO given no other objective numbers in the report to drawn upon and analyse.