upward creep, page-29

I have to disagree on the comment that the consumption of cash has not shown any improvements in financials.

There is a $10 m increase in receivables (versus 5 m increase in payables) and an increase of $9m in operating cashflow over the last 6 months. Plus $4m increase in rental assets to $52m. The rental assets are not sitting in a warehouse or a showroom. They are earning 20% pa return on capital.

Funny, we both look at the same financials and see different things. So much for the EMH.