I understand what you are getting at and it is possible that VMT...

I understand what you are getting at and it is possible that VMT exported bikes and parts to Company Owned distributorships which would be booked as an increase in Stock in the balance sheet and not sales in the P&L. They could also have shipped to client distributors on consignment with the same accounting result.


I very much doubt, when they are diligently managing costs and cash, and have already committed the lions share of their cash balance to a bunch of Capital expenditure that very much of the $34m we are talking about would be involved in building stocks but you are certainly right, there could be some.

The next set of accounts will be very interesting.