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"JMAT’s preliminary FY figures saw sales unchanged at £3,177m (ex precious metal trading), but the operating profit dropped 21% to £419m, suffering from higher impairment and restructuring charges. Net income attributable to shareholders declined from £427m to £326m. Operating CF swelled up from £126m to £867m, predominantly forced by NWC’s swing from £-387m to £411m, which was mainly attributable to lower inventories and receivables. Investing CF (£-32m after £-154m) benefited from higher net divestment proceeds." AlphaValue's note out this morning on Research Tree
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