JMAT reported strong figures (sales ex precious metals: +13% to £3,578m; continued operations: +3% at cc, in the year ending 31 March). EBITDA stood more or less unchanged at £670m, due to the much lower D/A (lower impairments), whereas net profit attributable to shareholders rose +18% to £385m. Operating CF clearly dropped by 40% to £523m, suffering from the invisible NWC inflow (zero after £411m) and lower D/A (£177m after £252m). Investing CF moved
