Yes I think that’s part of it but surely cannot account for the full $3m difference. Maybe just got stuck with an overhang of hybrids after the subsidies finished? I’m not concerned, just trying to figure out true operating cashflows.
By memory last year they finished with $8m inventory so it’s quite incredible how they have pumped that up to $13m and managed to pay out a huge dividend and remain in a net cash position. Just goes to show how much cash this business generates.
Nb. They are still collecting cash from the old loan book being repaid