Hello, we're back here again!, page-16

Hi Autosime ... welcome back.

I'm tipping 11 -> 17m increase in working capital from March qrtly ...

A couple of things ...

~ the A$9m loan is dump truck finance and insurance funding. Not really a "loan" but rather vendor finance

~ I too couldn't get my head around cash flow from December trading results. I dismissed it back then as a foreign exchange gain, but based on the full year accounts, I don't think that was the case. I note that receivables plus inventory 2016 @ A$66m compare with previous year at around $A79m ...maybe this reduction wasn't factored in. Because GRR's c1 calculations are all over the shop, it's hard to conclude. Regardless, the annual report didn't reveal IMO any downside surprises ...

Like I said, always the optimisation and hope as we speak GRR are focusing on output maximisation... volumes I think are GRR's only weapon so lowering costs and maintaining absolute volumes. The last few qtrs suggest GRR not necessarily on board with this strategy, but we'll see soon enough...

Lastly, it bothers me a little that they publish a glossy so close to the expected qrtly ... first 1 in a couple of years. All great news and maybe just an innocent attempt at engaging more with shareholders or maybe defending its performance or maybe buttering up shareholders for a dark secret revelation ... again, time will tell