Yes this certainly is not a good look. However, Net debt is a...

Yes this certainly is not a good look.

However, Net debt is a funny number because it doesnt take into account receivables and payables.

We dont know the timing of the inflows and outflows. We know how they look like in dec and jun but not on a monthly basis.

For example the last business i was in the cash flow was such that the first half generated operating cash flow in excess of full year ebitda as payables build up and then second half OCF becomes negative as payables are being paid, all purly because of seasonality.

This could be just due to timing of rent, tax, employee costs, especially around times such as Christmas as that is when payables tend to build up as businesses and banks shut and gets paid over jan and feb. This would certainly lower the ocf of q3