RE:RE:Quick look at F/SYes you're 100% right it was Dec. 31 2021 that I looked at for comparison. I checked the print out I made. And I wrote Y/Y. Thanks for catching that.
I'm glad you decided to break down the C/L further Temp. Now you've explained the working capital dedication a bit better too. The deposits for these orders are strong & hopefully they'll stay strong, that way we use less working capital going forward. As for the "sleeping Inventory". I think they'll collect the Revs from them in Q4. They usually have strong Reserves at the End of Q4. This year depending on their deliveries they may carry some forward to early Q1 deliveries from Q4, just to balance out the Q's going forward I hope.
I hope the supply chain keeps going the way it is, and gets stronger. Especially in the Engine supply department.
Let's wait to see what Pablo sees as well.
Tempo1 wrote: Some 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.