Ann: Market Update, page-2

I was a little confused by the following part of the announcement:

"we expect, at 31 December 2014:
- A net debt position in the region of $80m, down from $89.5m at 30 June 2014
- An accounts receivable position that is $8m - $10m lower than the $55m balance at 30 June
2014"

So, management's anticipating debt will reduce by almost the same amount as the improvement in the a/c receivable position. Which leaves me wondering, what has the cash from operations been used for? and have they made no asset sales during the Dec half? I'm thinking it has to be one of the following scenarios:

1 - They have made no cash from operations during the reporting period and made no asset sales (I'd think this is unlikely).
2 - Trade Payables has been reduced significantly (I'm quite doubtful of this).

Given BOL has flagged:
- Limited capex in FY15
- reduced head count
- cost saving initiatives
I would have thought they'd have more excess cash.

Anyone got an alternate theory?