SKE went through an even worse period during the GFC where...

SKE went through an even worse period during the GFC where receivables got even worse than the 2007/08 figures.

I agree that receivables performance is not great and would be very disappointing if the improvements seen to date are not extended in this past half. I am seeing it as a turning point. Please feel free to give the CFO a slap on my behalf when you talk.

(I think your 25% figure is wrong, maybe derived from 1/2 year revenue, not full year? Or maybe I have the wrong end of the stick. The measure I use is Debtor days outstanding)

I am using the most recent figures (once again on the back of my envelope)

Dec half 2010
Rev: $905 mil
AR: $240 mil
DD: 47.7 days

Dec half 2011
Rev: $932 mil
AR: $230 mil
DD: 44.4 days

I would expect to see continuing improvement as 44 debtor days outstanding is still pretty awful.