As I understand cash coversion is used to measure the company's ability to convert EBITDA to actual cash recieved in the period. It is a way of keeping the much used EBITDA figure more honest.
The 128m figure you mention is the cash generated before interest and tax (cash expenses), and depreciation/amortisation (non-cash).
However, only 86m cash was generated from operations due to the need for the business to pay interest and tax.
If there is a pickup in cash conversion in the second half that will likely improve cash from operations as well. Though, I don't think it will cover all that 50m+ gap I have identified.
Having said that, there may be some pre payments from ASC comming in and possibly other things going VOC's way. It could balance out, but like I said they need around A130m this half in cash for the guided core, and ASC capex.
As I understand cash coversion is used to measure the company's...
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