Think we are agreeing on the same thing? Their true debt figure...

Think we are agreeing on the same thing?

Their true debt figure has been quite stagnant for the past 2 years. From FY15 to FY17 (ignore FY16 because HepC wrecked havoc) net debt has decreased from 71m to net cash of ~7m yet facilities used has only dropped from $181m to $172m. Once you account for interest rate movements (refinancing benefits) the implied interest suggests the debt position hasn't moved that much.

The easy wins of clawing back trade payable days from community pharmacists from the haydays of FY11 has been roughly exhausted which reflects the long term debt trends. Think Sigma back then were letting some pharmacists payback their accounts in 3-6 months. Future decreases relies on API getting rid of their corporate stores which they need to hold large working capital on.