Taking a bite at SFH, page-31

You really don’t want to get it, do you?

Noni B had a Working Capital deficit of -6.5m$ at Dec 31st 2017, but their Free Cash Flow in HY2018 was a positive +10.36m$ (+13.36m$ underlying, actually, once you add back up one-off items). Therefore, assuming they can sustain their current rate of FCF generation, Noni B could roll their WC deficit without borrowing a single extra dollar.

On the other hand, SFH are starting from a WC deficit of -20.5m$ at Dec 31st 2017 and have an expected negative FCF of roughly -8.5m$ at Jun 30th 2018 (which you did agree with). Therefore, either they manage to generate strong positive FCF in DH2018, or they will likely need extra funding beyond their reduced credit availability at Jun 30th 2018.