Yes, good point. It has been a headwind and a part of the difference in the operating EBITDA vs operating Cash Flow. This has been built up over FY20 and FY21, resulting in $133m of inventory but also in FY21 we had around $43m headwind in 'finished goods growth'. They mentioned on the call though that this would be around $20m because they will need to maintain some as working capital. Also, it only gets calculated based on cost of production not revenue - otherwise you double count it with EBITDA etc.
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Yes, good point. It has been a headwind and a part of the...
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