Aquasea, I think I can agree with you. But this is speculation...

Aquasea, I think I can agree with you. But this is speculation on my part:

The purchase of Deloraine would be for inventory and capital goods - an accountant would have split it up. It would explain the increase in inventory by $16m (note C.2 on page 82 of the annual report) and the acquisition expense or $16m in 2019 (Payments for subsidiaries net of cash acquired on page 67 of the AR); totalling $32m for Deloraine (roughly calculated, since there was another payment for Deloraine of $2.2m).

So in comparative terms, half of the past 2020 turnover is already acquired in terms of raw material and finished goods, waiting to be sold.

On a different note, if you scrutinize page 67 of the annual report, you see that BUB received cash injections from CRs of combined $67m whilst having a combined turnover for the years 2019 and 2020 of $105m. This - I think - can only mean for BUB: GROW or PERISH