Ann: Investor Day 2017 presentation, page-4

"Did you like the improvement in DSO? I would have preferred they collected $200m from SOEs but some better than none"

Well, they say that DSO is down 7 days since the beginning of the year.

Which might sound nice and all, really, it merely brings them in from a level that is a record high, to a level somewhere which is still in the upper quartile of the historical average.
Besides, what says that it won't move up again in subsequent financial periods?

All up, the update on this particular aspect on the company doesn't make me feel all that excited, because managing debtors properly is really a minimum requirement for doing business, as opposed to being some sort of special achievement.

I had always expected the cash lock-up, that we saw in the terrible DQ2016, to be unwound in the current half to some extent. So it should come as no surprise when the JH2017 cash flows come in strong.