Captain Dumbo, page-9

There is a page on the report which breaks down how SHJ calculates their tax obligations. I believe because the company records theoretical values on the comprehensive statement they must then 'hold' a hefty deferred tax figure as tax is only paid when it is recorded in cash.

As for the lag, not when WIP is increasing. On balance if WIP is increasing and it's reasonably valued then increasing OPEX will always precede increasing cashflow, which per one of the graphics above can come through anywhere between 0 & 4 or so years after it is recorded as revenue.