That would be the tiniest amount. Lets run a hypotethical...

That would be the tiniest amount. Lets run a hypotethical scenario to see what would happen to cash flow if working capital remained the same.

If EBITDA improves from $366m FY17 to $390m in FY18 that adds $24m in cashflow with no change in working capital as you say. ASC costs more than $24m.

Lets say EBITDA is $370m then, improvement to cashflow is $370m - $366 = $4m with all other variables remaining constant.

In either scenario, still not enough cash for the ASC. Do you honestly believe this company is a cash cow? It's not adding up.