Ann: Media Release December 31 2018 Results, page-26

"hmm i would argue that large working capital means that any future sales growth will be partially offset by additional investment in working capital."

One of the inescapable features of SDI's business is many long,and disparate, global supply chains. For that reason it will always be a working capital intensive model.

But, that working capital intensity - measured against the level of sales (refer chart below) - is quite constant over time, makes it a somewhat unremarkable topic, I think:



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