Ann: Appendix 4C - quarterly, page-15

Are you sure?

Me having an E-commerce business in Australia, revenue is not cash received. Revenue depends on sales made.

Though it could vary for XPD, since they may record the revenue when selling in bulk to the distributors (while the cash is received after some months), but then how quickly the distributors subsequently sell the shoes is not reflected in the revenue or cash until the time comes for them to restock.

Reduction in revenue to me means - sales to distributors are down. They previously mentioned increased competition. Cashflow was delayed because of lengthening credit terms, but then future cashflow should be down too if revenue is down. Though they claim that margins are being maintained, so it should remain positive cashflow.

Not like Myer or similar - if their sales fall, their margins normally crash.