Page 12 is explaining why operating cashflow differs from...

Page 12 is explaining why operating cashflow differs from EBITDA. In a perfect scenario EBITDA = Net Cashflow from Operations.

So what they are saying is that there was a cash outflow from working capital which explains why cash flow from operations was lower than EBITDA.

So what im saying is i dont see how they can improve working capital from their balance sheet. The numbers tell me otherwise. I didn't hear the conference but did they explain how they improve it? Cos it wont be from receivables or payables.