RE:Quick look at F/SSome observations:
I think that your comparaison is not y/y but with the dec 31 balance sheet, isn't it?
Your're right to weatch closely the stock and the contracts liabilities. I look at these numbers in june 23, dec 23 and june 24.
The inventories stood at 4200 M$ in june 23 and the C/L at 3586 M$ . That tell me that these stocks are financed by the clients for 3,586M$ and by the Working/Capital for 614 M$. In dec 23, the stocks went down at 3768M$ and came back to 4344 M$ in june 24.
The C/L decreased slightly from 35 86 M$, to 3455 M$ and 3327M $.
With a backlog slightly higher, Its an indication that the deposits asked stood at an high amount decreasing only slightly.
The other observation is that the part of W/C to finance these stock increased from 614 M$ in june 23 to 1017 M$ this year. A clear indication that there a part of these stock (400 M$) are sleeping. That part is the jets in progress stalled by supply problems. They can't asked for cash advance for steps completions.
When this ''sleeping stocks'' will be delivered, we will have a strong FCF.