Right, sorry.I'd say the operating cashflow is a reflection of...

Right, sorry.

I'd say the operating cashflow is a reflection of EBITDA with the difference due to timing (EBITDA is acrual).

From there you take out financing costs (P&I), PP&E capex, tax paid and add in proceeds from equity raisings and debt drawdown to get to free cash flow (net cashflow)

So net cashflow is lower than NPAT (reported profit)becuase of the low depreciation charge and high capex (and the fact they they have to repay some debt)