I can’t be bothered to argue about the same things anymore, cash is always at its lowest in H1. Management’s estimate was 2-3 million in obsolete inventory related to inventory optimization, and even from those, something will still be recovered. (This is pretty much in line with my own view)
The result is pretty much around zero/slightly negative, when you consider the depreciations that are not cash flow affecting in a historically weak market and conditions, and during the weakest quarters of the year, which I think is a good performance. (I expected bigger losses)
This has also been discussed here; the value of the inventory has not decreased from a year ago, because the end season for winter products fizzled out. (The money from those isn’t lost either, they can be sold next season)